260630.mbx

260630.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, June 30, 2026, Vol. 30, No. 181 Headlines 1-800-DOCTORS: Section 341(a) Meeting of Creditors on July 23 121 NORTH: Initiates Chapter 11 Bankruptcy in Massachusetts 1211 PITTSTON: Hires Berkshire Hathaway as Real Estate Broker 1211 PITTSTON: Seeks to Hire Ted Mozes PLLC as Counsel 1318 EAST: Seeks Chapter 11 Bankruptcy in New York 137 FALMOUTH: Updates Unsecured Claims Details; Plan Hearing July 2 15 CODMAN: To Sell Roxbury Property to Vincent Rietdyk for $2.1MM 16 WARREN: Amends NY Property Sale to Tensor Living Trust 2235 CASTOR: Lender Seeks Chapter 11 Trustee Appointment 2762 KINGSBRIDGE: Gets Interim OK to Use Cash Collateral 3229 S. HARLEM: Hires Weissberg and Khanna Ltd. as Attorney 335 RUSHMORE: Samuel Dawidowicz Named Subchapter V Trustee 407 SMILEY: Amends Newburyport Bank Claim Pay Details 407 SMILEY: Aug. 19 Hearing Set for Disclosure Statement Approval 414 EAST 115: Salvatore LaMonica Named Subchapter V Trustee 568 REALTY: Amends SBA Loan & Bainbridge House Secured Claims Pay 57 CONCRETE: Committee Hires HMP Advisory as Financial Advisor 7243 APRIL: Hires Betty R. Joyner Realty as Real Estate Broker 948-52 W. WEBSTER: Seeks Chapter 11 Bankruptcy in Illinois A BEAUTIFUL LIVING: Seeks Cash Collateral Access A&C AUTOWORKS: Taps Onsager Fletcher Johnson as Legal Counsel ABRAHAM EYE: Richard Furtek Named Subchapter V Trustee ACADEMY AT PENGUIN: Court Set to Hear Origen Stipulation on July 12 ADDISON DENTAL: John Whaley Named Subchapter V Trustee ADVANCED JOINTS: Hires Davis Ermis & Roberts P.C. as Attorney AGA REAL: Seeks to Hire Fallon Law as General Bankruptcy Counsel AI AQUA: Moody's Rates New Sec. First Lien Credit Facilities 'B2' ALGORHYTHM HOLDINGS: Second SemiCab Forbearance Extends to July 16 ALPHA SURFACES: Gets Interim OK to Use Cash Collateral ALTAMAHA D.M.E.: Seeks to Extend Plan Exclusivity to Oct. 22 AM LOGISTICS: Seeks to Tap KC Cohen Lawyer PC as Bankruptcy Counsel AQUABOUNTY TECHNOLOGIES: Stockholders OK Reverse Split Proposal ARCOSA INC: Moody's Ups CFR to Ba1 & Alters Outlook to Positive ASATOR GLOBAL: Section 341(a) Meeting of Creditors on July 28 ASHWOOD FOOD: Hires KLR Client Accounting Services as Bookkeeper ASPIRA WOMENS: CEO Departs, Board Chair Named Interim CEO ATLANTIC HOME: Commences Chapter 11 Bankruptcy in Florida BAXSTO LLC: Plan Confirmation Hearing Scheduled for Aug. 6 BAXSTO LLC: Updates Unsecured Claims Pay; Amends Plan BEACON LIGHT: Hires Lugenbuhl Wheaton Peck Rankin as Counsel BETTER BATH: Hires Kaplan Johnson Abate & Bird LLP as Attorney BEYOND AIR: Stockholders OK 1-for-20 Reverse Stock Split BIRDSBORO POWER: Moody's Rates New Secured Credit Facilities 'B1' BONNIE MAULDIN: Gets Interim OK to Use Cash Collateral BOOTLEGGER'S BREWERY: To Sell Equipment to Ambitious Ales for $13K BRIGHT STAR: Claims to be Paid from Disposable Income BURKE VENTURES: Seeks Chapter 11 Bankruptcy in Wisconsin C & S RESTAURANT: Claims to be Paid from Available Cash & Income CANDESCENT: Fitch Alters Outlook on 'B+' LongTerm IDR to Negative CANNON'S CLASSIC: Seeks to Hire Tax-Launch as Accountant CAROLINA FITNESS: Court Extends Cash Collateral Access to July 25 CARPENTER FAMILY: Darlington Property Sale to CFF LLC OK'd CELSIUS NETWORK: Former Exec Seeks Portion of D&O Defense Fund CENTRO DE ENVEJECIENTES: Objections to Government Claims Tossed CHS FL: Seeks Court Approval to Hire Polsinelli as Legal Counsel CLEARLY AMAZING: Joseph DiOrio Named Subchapter V Trustee COMMERCIAL JANITORIAL: Seeks Subchapter V Bankruptcy in Virginia CONNECTM TECHNOLOGY: Says Blue Cloud Progress Backs Share Swap CONROE CORRAL: Catherine Stone Curtis Named Subchapter V Trustee COOL FREAKIN': Updates Unsecured Claims Pay Details COOL LIFE: Ashley Rusher Named Subchapter V Trustee COOL LIFE: Hires Ivey McClellan Siegmund as Bankruptcy Counsel CORE & MAIN: Moody's Affirms Ba2 CFR & Alters Outlook to Positive COUNTRY AIR: Unsecureds Will Get 25% via Quarterly Payments CREDIVALORES-CREDISERVICIOS:Trustee Says Shareholders Took Millions CROSBY MARINE: Seeks to Hire Ordinary Course Professionals CROWN BOILER: Seeks to Extend Plan Exclusivity to Sept. 23 D WOOD: To Sell Hotel Property to Max Patel for $6MM D&M KITCHEN: Gets Final OK to Use Cash Collateral DAN LEPORE & SONS: Court Extends Cash Collateral Access to Aug. 2 DAVE & BUSTER'S: S&P Alters Outlook to Negative, Affirms 'B-' ICR DEALER TIRE: Moody's Rates New 1st Lien Revolver Loan 'B1' DIOCESE OF BURLINGTON: Faces Possible Bankruptcy Dismissal DYNAMIC AEROSPACE: Sells Shares, Warrants for $75,000 DYNASTY FAB: Hires Schafer and Weiner as Bankruptcy Counsel EEW AMERICAN: Seeks to Hire Plant & Machinery Inc. as Appraiser EFFICIENT IRRIGATION: Hires Lane Law Firm PLLC as Counsel ELONG POWER: Issues Class B Shares to Settle Liu Debt FAIRFAX BEST: Employs Lindauer & Vaughn as Legal Counsel FAIRFAX INVESTORS: Employs Lindauer & Vaughn as Attorneys FB CRESCENT: Section 341(a) Meeting of Creditors on July 29 FB EMERALD: Commences Chapter 11 Bankruptcy in California FIREFLY NEUROSCIENCE: Appoints Gil Issachar Head of AI/Neuroscience FIRST BRANDS: Receives Court OK to Appoint Retiree Committee FIRSTLIGHT SECURED: Fitch Gives 'BB-(EXP)sf' Rating on Cl. C Notes FLEUR DE LIS: Unsecureds to Get $360 per Month over 60 Months FORDHAM FULTON: Seeks to Hire Pick & Zabicki LLP as Counsel FUND FOR SANDY: Hires Lewis Alligood & Associates as Appraiser GENESIS HEALTHCARE: Insider Deal Losses Spur Lawsuit GGAM MASTER: Fitch Assigns 'BB-(EXP)sf' Rating on Class Y Notes GIBSONIA CONTRACTING: Hires Steidl and Steinberg as Counsel GLEN ARBOR: Seeks to Hire Abundant CPA Services LLC as Accountant GOLDENPEAKS POLAND: Brookfield in Fight Over Missing Cash GREATER LOS ANGELES: Case Summary & 12 Unsecured Creditors GUNSTOCK RANCH: Hires Fresh Start Business as Tax Professional GURU HOLDING: Claims Will be Paid from Property Sale/Refinance GVS HOSPITALITY: Seeks to Hire BFSNG Law Group LLP as Attorney HCEC EQUITIES: Section 341(a) Meeting of Creditors on July 20 HEARTLAND ELECTRIC: Alexandra Garrett Named Subchapter V Trustee HI SIGN BREWING: Seeks to Hire Barron & Newburger as Counsel HIGHLAND HOMES: Gets Interim OK to Use Cash Collateral Until Aug. 5 HILCORP ENERGY: S&P Alters Outlook to Stable, Affirms 'BB+' ICR HOPSCOTCH HEALTH: Court Administratively Closes PNC Bank Case HUDSON PACIFIC: Andrew Wattula Resigns as Chief Operating Officer HUNDAL FARMS: Hires Wanger Jones Helsley as Bankruptcy Counsel HYDROFARM HOLDINGS: Receives Nasdaq Compliance Extension INNSUITES HOSPITALITY: Debts Exceed Assets by $0.9M at April 30 INOTIV INC: Hire Hunton Andrews Kurth as Bankruptcy Co-Counsel INOTIV INC: Hires Perella Weinberg Partners as Investment Banker INOTIV INC: Seeks to Hire FTI Consulting Inc as Financial Advisor INOTIV INC: Seeks to Hire Ropes & Gray LLP as Attorney INTEGRIS EQUIPMENT: Taps Gleichenhaus Marchese as Legal Counsel IRON MOUNTAIN: Available Cash & Rental Income to Fund Plan J&J VENTURES: Moody's Affirms 'B2' CFR & Alters Outlook to Stable J.L.E.T. ENTERPRISES: Hires Fortmanspann LLC as Special Counsel JAGUAR HEALTH: Calls Conversion of Series O Preferred JOBEE EXPRESS: Seeks Court Approval to Hire Blossom Law as Counsel KARBON-X CORP: Senegal Blue Carbon Project Gets Verra Nod KASEYA INC: S&P Downgrades ICR to 'B-', Outlook Stable KASTER MOVING: Hires Zeisler & Zeisler P.C. as Counsel KASTER MOVING: Retains Singh Law Firm as Bankruptcy Counsel KEY POINT: Seeks Cash Collateral Access KNOWLTON DEVELOPMENT: Fitch Alters Outlook on 'B-' IDR to Positive KRCM ASTORIA: Seeks to Hire Pick & Zabicki LLP as Counsel KROSKOB BROS: Gets Final OK to Use Cash Collateral Until Dec. 31 KV TOOLING: James LaMontagne Named Subchapter V Trustee LAYLA CONSULTING: Seeks Subchapter V Bankruptcy in New York LMC CONSTRUCTION: Seeks Subchapter V Bankruptcy in Illinois LUGANO DIAMONDS: Ex-CEO Sued in Alleged Embezzlement Scheme MAIN STREET MOTEL: Seeks Chapter 11 Bankruptcy in New York MARELLI AUTOMOTIVE: OPmobility Seeks Docs in Trade Secrets Suit MARK J. PAMER: Hearing Today on Bid to Use Cash Collateral MARK J. PAMER: Seeks to Tap Malinda L. Hayes as Bankruptcy Counsel MARY JANES: Seeks to Hire Robert C. Newark III as Attorney MBA INVESTMENTS: James Cross Named Subchapter V Trustee MEMORY SUITES: Commences Chapter 11 Bankruptcy in New York MI WINDOWS: S&P Cuts ICR to 'B' on Increased Leverage, Outlook Neg MIDWEST PHYSICIAN: Moody's Ups CFR to B3, Outlook Stable MIRACLE TEMPLE: To Sell Washington Property to Jones & Mitchell MODERN LAVENDER: Seeks Ch. 11 Bankruptcy After Closure of 2 Stores MODIVCARE INC: ModivCare TopCo Loses Bid to Stay Fee Escrow Order MORNING LAVENDER: Arturo Cisneros Named Subchapter V Trustee MUDARRI MOTORSPORTS: Hires Cairncross & Hempelmann as Counsel NATURAL FOUNTAINS: Seeks Chapter 11 Bankruptcy in Texas NELLIS CAB: Taxicab Business Asset Sale to Peteglo LLC OK'd NEW FORTRESS: NFE Brazil Issues $973.5M Secured Notes NORTH ATLANTA HOME: Case Summary & 18 Unsecured Creditors NORTH TEXAS BEHAVIORAL: Chapter 11 Plan Due September 21 NORTHERN HOSPITAL: Moody's Reviews 'Caa1' Issuer Rating for Upgrade NUVEI CORP: Payoneer Deal No Impact on Moody's 'B1' CFR NYC OF PIERMONT: Yann Geron Named Subchapter V Trustee OAK-BARK CORP: Taps Law Offices of George Oliver as Counsel ODOZI LLC: Commences Chapter 11 Bankruptcy in Florida OLENOX INDUSTRIES: Acquires CS Digital Venture for Over $30M ORTHO MATTRESS: Hires Levene Neale Bender as Bankruptcy Counsel ORTHO MATTRESS: Hires Nahai Law Group as Special Counsel ORTHO MATTRESS: Hires Pegasus Asset Management as Consultant OZ ROOFING: Hires Bradford Law Offices as Bankruptcy Counsel PARAMOUNT ROOFING: Seeks Cash Collateral Access Thru Sept 30 PARK RIVER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable PARK RIVER: New $150MM Loan Add-on No Impact on Moody's 'B3' CFR PC LEARNING: Unsecured Creditors Will Get 1% of Claim in Plan PHASE TO PHASE: Unsecureds Will Get 8.83% of Claims over 5 Years PLANET FINANCIAL: $75MM Loan Add-on No Impact on Moody's 'B2' CFR PLANO HOLDCO: Fitch Lowers IDR to 'B', Outlook Stable PLATES RESTAURANT: Seeks to Tap Schumacher Group as Broker PLURI INC: Elects Four Directors at Annual Meeting PLURI INC: Secures $1.25 Million Advance Subscription PLUTUS PROPERTIES: To Sell Corpus Christi Properties to S. Duval PORTERO COMMERCIAL: Seeks Chapter 11 Bankruptcy in California PREMIER REAL: Seeks Chapter 11 Bankruptcy in New Jersey PRESBYTERIAN RETIREMENT: Fitch Affirms 'BB' IDR, Outlook Stable PRESIDENTIAL MOUNTAIN: Starts Chapter 11 Bankruptcy in New York PUERTO RICO: Personal-Capacity Claims Not Discharged by Plan PUERTO RICO: Sued by Private Utility Co. Amid Legal Fight PUTNAM PULMONARY: Unsecureds to Get Share of $39K over 3 Years RAGUSE FAMILY: Committee Hires Tucker Ellis LLP as Counsel RAGUSE FAMILY: Committee Taps Fredrikson & Byron Local Counsel RELEASE WELL-BEING: To Hire Freiman Law Offices as Legal Counsel RIIMIC LLC: Seeks to Hire Bast Amron LLP as Bankruptcy Counsel ROBERTS CHEVROLET: Bid Rule for Automobile Dealership Biz Sale OK'd ROCKPOINT GROUP: Metlife Seeks Receivership for Miracle Mile Tower ROMANOV GROUP: Section 341(a) Meeting of Creditors on July 27 ROTARY AIRLOCK: Hires Hampilos & Associates as Special Counsel ROTARY AIRLOCK: Seeks to Hire Davis Gisi as Accountant ROUTE 2 LLC: Taps May Potenza Baran of Gillespie as Legal Counsel RTB DIGITAL: Completes Common Stock Issuance Under Merger Agreement RUSSELLVILLE DENTAL LAB: Gets Interim OK to Use Cash Collateral S & S MASONRY: Joseph Richard Moore Named Subchapter V Trustee SABLE OFFSHORE: Exxon Loan Maturity Extended to July 24 SAFETY-KLEEN CORP: Court Affirms Grant of Motions in Limine SAKS GLOBAL: Exits Chapter 11 Under Exemplar Luxury Group SALT TECHNOLOGIES: Section 341(a) Meeting of Creditors on July 15 SAMYS OC: Seeks to Extend Plan Exclusivity to Aug. 24 SANGAMO THERAPEUTICS: June 30 Deadline for Panel Questionnaires SEABREEZE ROOFING: Case Summary & 20 Largest Unsecured Creditors SHALOM GERIATRIC: Kansas City Plans to Put Co. in Receivership SHERMANS MOTEL: Seeks Chapter 11 Bankruptcy in New York SHIFT4 PAYMENTS: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable SHIV POOJA: Gets Interim OK to Use Cash Collateral SHORELINE JUNK: Unsecureds to Split $40K Dividend in Plan SIDE YARD: Court Confirms Amended Subchapter V Plan SILVER STAR: BSPRT CRE, et al., Case Referred to Bankruptcy Court SIMAD HOLDINGS: Court OKs Bid Rules for Summer Camp Asset Sale SIMAD HOLDINGS: Seeks OK For $180M Financing in Chapter 11 Cases SISTERS OF ST. ANN: Seeks to Sell School Assets to Highest Bid SLEEP NUMBER: Taps Kroll Restructuring as Claims and Noticing Agent SMITHFIELD FOODS: Moody's Alters Outlook on 'Ba1' CFR to Positive SONORA HOLDINGS: Seeks Cash Collateral Access Thru Aug 30 SORRENTO THERAPEUTICS: M3, et al., Win Bid to Enforce Joint Plan STEINMETZ PLUMBING: Court Vacates Lane Law Firm's Retention Order STRATTO LLC: Hires Bankruptcy Law Center as Bankruptcy Counsel SUN GIR: Brad Sharp's Appointment as Chapter 11 Trustee OK'd SUNRISE ABA: Closes Lovely Day, To File for Ch. 11 Bankruptcy SUNRISE ABA: Jennifer Lyday Named Subchapter V Trustee SUNSHINE HEALING: Seeks Subchapter V Trustee in Florida SUZANNE'S SERENITY: Gets Interim OK to Use Cash Collateral SVETNESS CORP: Seeks to Hire Nelson Mullins as Special Counsel SYSTEMATIC AUDIO: Gets Interim OK to Use Cash Collateral SYSTEMATIC AUDIO: Seeks to Hire Epiq as Claims and Noticing Agent TAEHYUN HOLDINGS: To Sell DeKalb Property to Titanic Furniture TAWR PROPERTY: Affiliate Seeks $2.6MM DIP Loan THOMAS TRIO: Available Cash & Continued Operations to Fund Plan TIDAL WASTE: S&P Downgrades ICR to 'B' on Elevated Leverage TOUCHSTONE LOGISTICS: Gets Interim OK to Use Cash Collateral TRI-STATE ENVIRONMENTAL: Gets Interim OK to Use Cash Collateral TRUE BELIEVERS: Seeks to Hire Your Virtual Keepers as Accountant TUCKER BOYZ: Seeks Chapter 11 Bankruptcy to Reorganize Finances TUTOR PERINI: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable TUTOR PERINI: Moody's Rates New $350MM 1st Lien Revolver Loan 'Ba1' UMZU LLC: Hires RHM Law LLP as General Bankruptcy Counsel VIANT MEDICAL: S&P Alters Outlook to Negative, Affirms 'B-' ICR VICTORIA'S KITCHEN: Fine-Tunes Plan Documents VIKING BAKED: Moody's Rates New $300MM Secured Notes Add-on 'B2' VIVOS THERAPEUTICS: Reaches Deal to Extend $2.6M Financing Deadline WAND NEWCO 3: Moody's Upgrades CFR to B2 & Alters Outlook to Stable WESTCOAST EVOLUTIONS: Unsecureds Will Get 5% over 60 Months WISER SOLUTIONS: Court OKs CL Mateo-A as Highest Bidder WOODLAND OAKS: Seeks Approval to Hire Lindauer & Vaughn as Counsel WOODLAND OAKS: Seeks to Tap Lindauer & Vaughn as Legal Counsel WORKSPORT LTD: Reports Strong Margin and Distribution Gains WORLD OF DISCOVERY: Seeks Bankruptcy After Mayfair Litigation Y & Q HOME: Case Summary & 13 Unsecured Creditors YESCARE CORP: Liquidation Exposes Limits of Bankruptcy Shield YONDR JK 1: Fitch Assigns 'BB(EXP)' LongTerm IDR, Outlook Stable [] South Dakota Chapter 11 Filings Down, Chapter 12 Filings Rose ********* 1-800-DOCTORS: Section 341(a) Meeting of Creditors on July 23 ------------------------------------------------------------- On June 19, 2026, 1-800-Doctors, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports approximately $92.5 million in debt and indicates that funds will be available for distribution to unsecured creditors. A meeting of creditors under Section 341(a) to be Held on July 23, 2026 at 09:00 AM by TELEPHONE About 1-800-Doctors, Inc. 1-800-Doctors, Inc. is a Palm Beach Gardens, Florida-based national medical concierge and physician referral service that connects patients with healthcare providers across the United States. 1-800-Doctors, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-18090) on June 19, 2026. In its petition, the debtor reported estimated assets of approximately $568,200 and estimated liabilities of approximately $92.5 million. The Honorable Bankruptcy Judge assigned to the case has not yet been identified in the court docket. The debtor is represented by Brian K. McMahon of Brian K. McMahon, PA. 121 NORTH: Initiates Chapter 11 Bankruptcy in Massachusetts ----------------------------------------------------------- On June 24, 2026, 121 North Common LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports $500,000 to $1 million in liabilities owed to 1–49 creditors. Bankruptcy filings state that the company continues operating its property while restructuring under Chapter 11. The company previously filed a Chapter 11 case that was dismissed in July 2025 and was also named in a 2024 breach of contract action brought by Eastern Bank. About 121 North Common LLC 121 North Common LLC is a Lynn, Massachusetts-based congregate housing lessor. Its principal asset is a 14-room congregate housing facility totaling approximately 4,982 square feet. 121 North Common LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-11510) on June 24, 2026. The Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Michael Walsh, Esq. of Walsh & Walsh LLP. 1211 PITTSTON: Hires Berkshire Hathaway as Real Estate Broker ------------------------------------------------------------- 1211 Pittston LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Berkshire Hathaway R E as exclusive real estate broker. The firm will market and sell the Debtors' real property located at 1211 Pittston LLC, 409 Prospect, and 423 River ST LLC. The firm will be paid at a commission of 3 percent of the total purchase price of the Property. Colleen Weissman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Colleen Weissman Berkshire Hathaway R E 721 South State Street Clarks Summit, PA 18411 Tel: (570) 535-3533 About 1211 Pittston LLC 1211 Pittston LLC and affiliates filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Lead Case No. 26-22095) on Jan. 29, 2026. The Debtor hires Ted Mozes PLLC as counsel. 1211 PITTSTON: Seeks to Hire Ted Mozes PLLC as Counsel ------------------------------------------------------ 1211 Pittston LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Ted Mozes PLLC as counsel. The firm's services include: a. providing advice to the Debtor with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; b. negotiating with creditors of the Debtor, preparing a plan for the orderly reorganization or liquidation via sale of Debtors' properties and taking the necessary legal steps to consummate such a plan, including, if necessary, negotiations with creditors; c. working with other professionals on Debtor's behalf; d. preparing, on the Debtor's behalf, necessary applications, motions answers, replies, discovery requests, forms of orders, reports and other pleadings and legal documents; e. appearing before this Court to protect the interests of the Debtor and its estate, and representing the Debtor in all matters pending before this Court; and f. performing all other legal services for the Debtor that may be necessary herein. Ted Mozes, the attorney handling the case will be paid at the rate of $450 per hour. The firm received a retainer in the amount of $ $15,000, inclusive of the filing fee. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Mozes disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ted Mozes Ted Mozes PLLC 16 Gladwyne Court, Spring Valley NY 10977 Tel: (845) 362-6951 About 1211 Pittston LLC 1211 Pittston LLC and affiliates filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Lead Case No. 26-22095) on Jan. 29, 2026. The Debtor hires Ted Mozes PLLC as counsel. 1318 EAST: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On June 24, 2026, 1318 East 10th Realty LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors filed by the Office of the United States Trustee under 341(a) to be held on July 20, 2026 at 02:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6980165. Chapter 11 Small Business Plan and Disclosure Statement are due by December 21, 2026. About 1318 East 10th Realty LLC 1318 East 10th Realty LLC is a Brooklyn, New York-based single asset real estate company. The company's principal asset is a two-family residential property located at 1318 East 10th Street, Brooklyn, a 2,308-square-foot dwelling identified in 2024. 1318 East 10th Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43093) on June 24, 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 Elizabeth S. Stong handles the case. 137 FALMOUTH: Updates Unsecured Claims Details; Plan Hearing July 2 ------------------------------------------------------------------- 137 Falmouth Street LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Liquidating Plan dated June 18, 2026. The Debtor, 137 Falmouth Street LLC, is the title owner of the residential real property located at 137 Falmouth Street, Brooklyn, New York 11235 (Block 08749, Lot 0311) (the "Property"). The Property has been the long-time residence of Esther Dweck, the principal and managing member of the Debtor. The Debtor was formed solely to hold title to Dweck's home, and it has no business operations apart from ownership and maintenance of the Property. The Debtor proposes to sell the Property pursuant to a sale implemented under, and in accordance with, the Debtor's confirmed Chapter 11 Plan. The Plan expressly provides for the sale of the Property for $1.6 million, and the transfer of title shall occur only after entry of the Confirmation Order and in consummation of the Plan. Upon closing of the sale of the Property, the Debtor intends to pay in full the Allowed Secured Claim, together with all allowed administrative expenses and professional fees, and to satisfy any other allowed claims, if any, in accordance with the confirmed Chapter 11 Plan. To the extent that any allowed general unsecured claims exist, distributions, if any, shall be made from the net sale proceeds in accordance with the priority and treatment provisions of the Plan. The sale proceeds are sufficient to pay in full the secured mortgage debt, all closing and administrative expenses, and all Allowed Claims, including Allowed General Unsecured Claims. Only after payment in full of all Allowed Claims will any remaining net proceeds be distributed to equity and made available to address Dweck's ongoing medical care, home-care assistance, and reasonable living needs, consistent with the absolute priority rule and the best interests of the estate. The Debtor is submitting this Disclosure Statement together with the accompanying Chapter 11 Liquidating Plan, which provides for the orderly liquidation of the Debtor's assets through a court-approved sale of its sole real property asset and the satisfaction of its secured debt obligations. Under the Plan, and upon entry of the Confirmation Order, the Debtor shall transfer title to the Property to an unrelated third-party purchaser (the "Purchaser") for a gross purchase price of $1,600,000.00, free and clear of all liens, claims, interests, and encumbrances, other than Permitted Encumbrances. The Plan contemplates the full satisfaction of the Allowed Secured Claim classified in Class 1. The Lender filed Claim No. 2 on January 30, 2026, asserting a secured claim in the amount of $1,211,135.32. The Debtor is not aware of any other claims as of the date hereof other than the claims reflected on the claims register. The Sale Proceeds shall be used to pay, in full, all Allowed Administrative Claims, including professional fees and expenses approved by the Bankruptcy Court, and all Allowed Priority Claims, including both tax and non-tax priority claims. The Sale Proceeds shall also be used to satisfy the Allowed Secured Claim(s) in accordance with applicable lien priorities and the terms of the Plan. Any remaining Sale Proceeds, after payment in full of all Allowed Administrative, Priority, and Secured Claims, shall be distributed to holders of Allowed General Unsecured Claims, which are expected to be paid in full under the Plan. Class 1 consists of the Allowed Secured Claim of Abacus Federal Savings Bank (the "Lender"), which is secured by a first-priority mortgage lien on the Property. The Lender filed Claim No. 2 on January 30, 2026, asserting a secured claim in the amount of $1,211,135.32, secured by a first-priority mortgage lien on the Property, subject to reconciliation and allowance. Under the Plan, the Allowed Secured Claim shall be paid in full from the Sale Proceeds on the Effective Date or at such other time as provided in the Plan, including all post-judgment interest accruing at the statutory rate through the date of payment to which the Lender is entitled as an oversecured creditor pursuant to section 506(b) of the Bankruptcy Code. Accordingly, Class 1 is Unimpaired, and the Lender is conclusively presumed to accept the Plan. Class 2 consists of all Allowed General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive payment in full, in Cash, from the Sale Proceeds remaining after satisfaction of all senior classes of Claims, including Allowed Secured Claims, Allowed Administrative Claims, and Allowed Priority Tax Claims, in accordance with the Plan. The sole General Unsecured Claim filed as of the date hereof is that of United American Land, LLC (Claim No. 3) in the amount of $150,000.00. Based on the Debtor's current projections, sufficient Sale Proceeds are expected to be available to satisfy Allowed General Unsecured Claims in full. Accordingly, the treatment of Class 2 satisfies the "best interests of creditors" test under Section 1129(a)(7), as holders of Allowed General Unsecured Claims will receive not less than they would receive in a hypothetical chapter 7 liquidation. Equity Interests in the Debtor shall be retained under the Plan. Holders of Equity Interests shall not receive or retain any property on account of such Interests unless and until all Allowed Claims are paid in full in accordance with the Plan. To the extent any residual Sale Proceeds remain after payment in full of all Allowed Administrative Claims, Allowed Priority Claims, Allowed Secured Claims, and Allowed General Unsecured Claims, such residual proceeds may be distributed to holders of Equity Interests in accordance with the Plan. The Debtor has determined that the most effective means to implement the Plan and satisfy all Allowed Claims is through a court-approved sale of its sole real property asset pursuant to sections 363(b) and 363(f) of the Bankruptcy Code, as incorporated into the confirmed Chapter 11 Plan. The Property constitutes the Debtor's only material asset, and the proposed sale represents the sole funding source for the Plan. Under the terms of the proposed sale, the Property is being sold pursuant to a Contract of Sale with an unrelated third-party purchaser for a gross purchase price of $1.6 million, subject to Bankruptcy Court approval. The Purchaser has received mortgage loan approval and is prepared to close immediately upon entry of the required Court approvals. The sale is not subject to an auction or overbid process and was negotiated at arm's length based upon market conditions and the unique circumstances of the Property. Pursuant to Section 1128 of the Bankruptcy Code, the Bankruptcy Court has scheduled a combined hearing (the "Confirmation Hearing") to consider approval of this Disclosure Statement and confirmation of the Plan on July 2, 2026, at 10:30 a.m., or the first available date thereafter that the Court may schedule, before the Honorable Elizabeth S. Stong, United States Bankruptcy Judge, in the United States Bankruptcy Court for the Eastern District of New York. A full-text copy of the Disclosure Statement dated June 18, 2026 is available at https://urlcurt.com/u?l=WsjoTY from PacerMonitor.com at no charge. Counsel to the Debtor: Charles Wertman, Esq. Law Offices Of Charles Wertman P.C. 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 E-mail: charles@cwertmanlaw.com About 137 Falmouth Street 137 Falmouth Street LLC is a real estate lessor that owns a single-family residence at 137 Falmouth Street in Brooklyn, New York, listed as Block 8749 Lot 311. The property is currently valued at $1.3 million. 137 Falmouth Street sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43810) on Aug. 6, 2025. In its petition, the Debtor reported total assets of $1,300,016 and total liabilities of $1,281,790. Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Charles Wertman, Esq. at LAW OFFICES OF CHARLES WERTMAN P.C. 15 CODMAN: To Sell Roxbury Property to Vincent Rietdyk for $2.1MM ----------------------------------------------------------------- 15 Codman Park LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Massachusetts, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 15 Codman Park, Roxbury, Massachusetts 02119. The Debtor's principal asset is the Property, a multi-family residential property. The Property is subject to Purchase and Sale Agreement dated May 22, 2026, between the debtor and the Buyer, Vincent Rietdyk or his nominee. The Buyer agreed to purchase the Property for $2,125,000. The closing date will be on July 22, 2026. The Purchase Agreement provides that the Property is to be conveyed by quitclaim deed. The Property will be sold in "as is" condition, without warranty, express or implied. The Debtor submits that the proposed sale is supported by sound business judgment and a good business reason and is in the best interests of the estate and creditors. About 15 Codman Park LLC 15 Codman Park LLC is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). 15 Codman Park sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.Mass. Case No.: 26-11458) on June 19, 2026. In the petition signed by essica Acevedo as authorized representative, the Debtor disclosed an estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Judge Janet E. Bostwick presides over the case. Laurel E. Bretta at Bretta Law Advisors, P.C., represents the Debtor as legal counsel. 16 WARREN: Amends NY Property Sale to Tensor Living Trust --------------------------------------------------------- 16 Warren Street PH, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York, in a supplemental motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 16 Warren Street, Unit PH, New York, NY 10007. The Debtor is a "single asset real estate" debtor and the owner of the Property, which is one of six residential units of Tribeca Townhouses at 16 Warren Street Condominium. The Property includes three floors of living space and a fourth-floor roof deck with a hot tub, 3 bedrooms, 3 ½ bathrooms, a private elevator and oversized glass windows overlooking the heart of Tribeca. The Debtor possesses 34.29 percentage of the interests in the common elements. The supplemental is submitted to modify the name of the purchaser of the Property from Aadil Bhor to the Tensor Living Trust and provide the Court with Amendment to Contract of Sale dated May 26, 2026. The Debtor submits that the notice is adequate and proper. The Debtor respectfully request that the Court grant the relief sought in the Motion, as modified by the Supplement. About 16 Warren Street PH LLC 16 Warren Street PH LLC is a single asset real estate company. 16 Warren Street PH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12953) on December 31, 2025. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge David S. Jones oversees the case. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. 2235 CASTOR: Lender Seeks Chapter 11 Trustee Appointment -------------------------------------------------------- 2235 Castor Owner, LLC filed a motion seeking the appointment of a Chapter 11 trustee to take over 2235 Castor, LLC's bankruptcy case. In its motion, the secured lender asked the U.S. Bankruptcy Court for the Southern District of New York to appoint an independent trustee if the court denies its request to lift the automatic stay, dismiss the case or excuse the court-appointed receiver from turnover under Section 543(d) of the Bankruptcy Code. The lender holds an unsatisfied $17.4 million foreclosure judgment against the company's sole asset, with interest accruing at $9,066.67 per day. This asset is a vacant industrial warehouse located in Philadelphia. Michael Yellin, Esq., the lender's attorney, described the company's Chapter 11 filing as a "classic hallmark of a bad-faith filing." Mr. Yellin said 2235 Castor filed its bankruptcy case on the eve of a sheriff’s sale to invoke the stay and delay the lender's foreclosure of the property. "Every recognized bad faith factor is present," the attorney said. Mr. Yellin also argued that the company has no equity, the property is unnecessary for an effective reorganization, and the lender's position continues to deteriorate without adequate protection, warranting stay relief or dismissal. "If the court declines to grant stay relief or dismissal, control of the property should remain with the receiver or with a Chapter 11 trustee, not with [2235 Castor]," the attorney said. A court hearing is scheduled for July 14. Mr. Yellin may be reached through: Cole Schotz P.C. Michael R. Yellin, Esq. 1325 Avenue of the Americas, 19th Floor New York, NY 10019 Phone: (212) 752-8000 / (201) 525- 6258 Fax: (212) 752-8393 myellin@coleschotz.com About 2235 Castor LLC 2235 Castor, LLC is a real estate company that owns and manages a single income-generating property. 2235 Castor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-11321) on June 1, 2026, with between $10 million and $50 million in both assets and liabilities. David Ebrahimzadeh, managing member, signed the petition. H. Bruce Bronson, Esq., at Bronson Law Offices, PC represents the Debtor as legal counsel. 2762 KINGSBRIDGE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- 2762 Kingsbridge Terrace, LLC received interim approval from the U.S. Bankruptcy Court to use cash collateral through July 10 pursuant to a stipulation with its secured lender, Toorak Capital Partners LLC. The Debtor, which owns and manages a 12-unit residential property in Bronx, New York, may use up to $21,610 in cash collateral in accordance with an approved budget, with flexibility of up to 10% per budget line item. As adequate protection, Toorak Capital Partners was granted replacement liens on the Debtor's post-petition collateral to the same extent, validity, and priority as its pre-petition liens. These replacement liens do not apply to avoidance actions or their proceeds and survive any future conversion or dismissal of the Debtor's Chapter 11 case, or appointment of a trustee. The lender reserves its right to assert a superpriority administrative claim. Additional safeguards include maintaining insurance coverage on the lender's collateral, providing the lender access to books and records upon notice, and complying with the approved budget. The stipulation includes a carveout protecting payment of U.S. Trustee fees, up to $60,000 of approved professional fees for the Debtor's bankruptcy counsel and chief restructuring officer, and up to $10,000 for a Chapter 7 trustee's fees and expenses. Failing to perform obligations under the stipulation, exceeding 110% of the budget and other specified defaults may trigger termination of cash collateral authority after notice and an opportunity to cure. 2762 Kingsbridge Terrace acknowledged the validity, enforceability, and amount of the lender's approximately $2.23 million secured loan obligations and waived its right to challenge the lender's claims and liens. The stipulation establishes challenge procedures for any creditors' committee or other parties in interest, requiring any lien or claim challenge to be timely commenced before a specified challenge deadline. If no successful challenge is brought, the lender's claims and liens will be deemed fully valid, perfected, enforceable, and immune from further attack in the bankruptcy case. The order is available at http://bankrupt.com/misc/2762Kingsbridge_Stip19.pdf A final hearing is scheduled for July 9. About 2762 Kingsbridge Terrace LLC 2762 Kingsbridge Terrace, LLC manages residential building. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-11313) on June 1, 2026. In the petition signed by David Goldwasser, chief restructuring officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Lisa G. Beckerman oversees the case. Avrum J. Rosen, Esq., at Rosen, Tsionis & Pizzo, PLLC, represents the Debtor as legal counsel. 3229 S. HARLEM: Hires Weissberg and Khanna Ltd. as Attorney ----------------------------------------------------------- 3229 S. Harlem, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Weissberg and Khanna, Ltd. as attorney. The firm will provide these services: a. give the Debtor legal advice and assistance with respect to its powers and duties as a debtor-in-possession; b. assist the Debtor in the negotiation, formulation and drafting of a Plan of Reorganization and Disclosure Statement and to represent Debtor in the confirmation process; c. examine claims asserted against Debtor; d. take such action as may be necessary with reference to claims that may be asserted against Debtor, and to prepare, on behalf of Debtor, such applications, motions, complaints, orders, reports and other legal papers as may be necessary in connection with this proceeding and to perform all other legal services for Debtor which may be required; e. assist and represent Debtor in all adversary proceedings and contested matters, including motions for the use of cash collateral, for the sale of real and personal property, to modify the automatic stay, for the approval of DIP financing and to appoint professionals; f. represent the Debtor in its dealings with the Office of the United States Trustee and with creditors of the estate; g. assist and represent the Debtor in litigation in the State and Federal courts, where Debtor is a party or seeking to become a party, or otherwise become involved to protect Debtor's interests and rights. Ariel Weissberg, Esq., the attorney handling the case will be paid at $550 per hour. The firm agreed to accept a pre-petition advanced payment retainer in the amount of $9,238. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Weissbergdisclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ariel Weissberg, Esq. Weissberg and Khanna, Ltd. 125 South Wacker Drive, Suite 300 Chicago, Illinois 60606 Tel: (312) 663-0004 Fax: (312) 663-1514 Email: ariel@weissberglaw.com About 3229 S. Harlem, Inc. 3229 S. Harlem, Inc. is a single asset real estate company. 3229 S. Harlem, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-08429) on May 14, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by Ariel Weissberg, Esq. of Weissberg and Associates, Ltd. 335 RUSHMORE: Samuel Dawidowicz Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for 335 Rushmore Inc. Mr. Dawidowicz will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About 335 Rushmore Inc. 335 Rushmore Inc. is a privately held corporate entity operating in New York. The bankruptcy filing provides limited public detail regarding the company's underlying business operations. 335 Rushmore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22584) on June 11, 2026, with between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. 407 SMILEY: Amends Newburyport Bank Claim Pay Details ----------------------------------------------------- 407 Smiley Crossing LLC, submitted a Disclosure Statement for the Amended Plan of Reorganization dated June 18, 2026. The Plan is for the Debtor to reorganize and pay all Allowed Claims, cancel its pre-petition equity interests and issue new equity to New Members who will agree to financially support the Plan as necessary. The Plan will be funded with available Cash, future rental income and, as necessary, back up funding by New Members. The Plan proposes to pay the Allowed Claim of Newburyport Bank with interest only payments for 36 months at the rate of 5% per annum with a balloon payment of the entire balance due Newburyport Bank at the end of that 36 month period and to pay tax municipality secured claims in full, with interest, on the Effective Date and to pay the claims of general unsecured creditors in full, but without interest, late fees, additional charges of any kind, upon the later of the Effective Date or when the Claim is Allowed. Class 2 consists of Newburyport Bank Claim. Payment of the Allowed Claim of Newburyport Bank with interest only payments for 24 months at the rate of 6% per annum and with a balloon payment of the entire balance of its Allowed Claim due Newburyport Bank at the end of that 24-month period. Class 3 consists of General Unsecured Claims. In full and complete satisfaction, settlement, release and discharge of the Class 3 Claims, each holder of the Class 3 Claim shall receive the amount of such holder's Allowed Claim in Cash payment on the later of: (i) the Effective Date, and (ii) as soon as practicable after the General Unsecured Claim is Allowed; but without interest, late fees or additional charges of any kind. The Plan will be funded by use of the Debtor's Cash on hand on the Effective Date plus, for payments to be made thereafter (to Newburyport Bank) from the Debtor's rental income after the Effective Date plus supplemental contributions from New Members of the $66,140.75 needed to fund interest payments to Newburyport Bank per the Debtor's plan projections, with the first year's amount fully funded into an escrow account solely for payment of Bank interest on the Effective Date and the second year funded, in advance, on the first anniversary of the Effective Date. The Debtor and, after the Effective Date, the Reorganized Debtor will exclusively retain and may enforce, and the Debtor expressly reserves and preserves for these purposes, in accordance with section 1123(a)(5)(A) of the Bankruptcy Code, any Claims, demands, rights and Causes of Action or Avoidance Actions that the Debtor or its estate may hold against any Person or Entity. No preclusion doctrine, including, without limitation, the doctrines of res judicata, collateral estoppel, issue preclusion, claim preclusion, estoppel (judicial, equitable or otherwise) or laches shall apply to such claims by virtue of or in connection with the confirmation, consummation of effectiveness of the Plan. A full-text copy of the Disclosure Statement dated June 18, 2026 is available at https://urlcurt.com/u?l=NWIica from PacerMonitor.com at no charge. 407 Smiley Crossing LLC is represented by: Stephen F. Gordon, Esq. The Gordon Law Firm LLP 57 River Street, Suite 200 Wellesley MA 02481 Tel: (617) 456-1270 E-mail: sgordon@gordinfirm.com About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. 407 SMILEY: Aug. 19 Hearing Set for Disclosure Statement Approval ----------------------------------------------------------------- Judge Janet E. Bostwick of the U.S. Bankruptcy Court for the District of Massachusetts will continue on Aug. 19 the hearing on the motion filed by 407 Smiley Crossing LLC for an order: (i) approving the adequacy of the disclosures in the Disclosure Statement, (ii) establishing procedures for the solicitation and tabulation of votes to accept or reject the Plan of Reorganization, (iii) scheduling the confirmation hearing and deadline for filing objections, and (iv) granting related relief (including shortening of notice) As shared by the Troubled Company Reporter, 407 Smiley Crossing LLC, filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement describing its Plan of Reorganization dated April 30, 2026. The Debtor's property at 407-411 Washington Street, Downtown Crossing, Boston was acquired in 2012 by the Debtor. It had been leased to Strawberry Records and was in a bad physical shape. The GAP signed a lease with the Debtor in 2014 and opened in April 2015. The original lease was for 10 years with two 5-year extensions. The value of the Debtor's Real Property is a crucial issue in its Chapter 11 case. There have been four professional appraisals of the Debtor's Property starting in 2022. In 2022, Newburyport Bank commissioned a professional appraisal which valued the Property at $22,300, 000. In 2025, Newburyport Bank commissioned a professional appraisal which valued the Debtor's Property at $14,400,000. In 2026, Newburyport Bank commissioned a professional appraisal of the Debtor's Property which valued Property at $13,300,000. Also in 2026, the Debtor commissioned a professional appraisal which valued its Property at $15,700,000. There is presently scheduled before the Bankruptcy Court an evidentiary hearing on May 7, 2026 at which time Newburyport Bank and the Debtor will present evidence regarding the value of the Debtor's real property. Thereafter, the Bankruptcy Judge will make a determination of value and that determination will have a significant impact on the Debtor's Chapter 11 case and the confirmation of its Plan of Reorganization. The Plan is for the Debtor to reorganize and pay all Allowed Claims, cancel its pre-petition equity interests and issue new equity to New Members who will agree to financially support the Plan as necessary. The Plan will be funded with available Cash, future rental income and, as necessary, back up funding by New Members. The Plan proposes to pay the Allowed Claim of Newburyport Bank with interest only payments for 36 months at the rate of 5% per annum with a balloon payment of the entire balance due Newburyport Bank at the end of that 36 month period and to pay tax municipality secured claims in full, with interest, on the Effective Date and to pay the claims of general unsecured creditors in full, but without interest, late fees, additional charges of any kind, upon the later of the Effective Date or when the Claim is Allowed. Class 3 consists of General Unsecured Claims. In full and complete satisfaction, settlement, release and discharge of the Class 3 Claims, each holder of the Class 3 Claim shall receive the amount of such holder's Allowed Claim in Cash payment on the later of: (i) the Effective Date, and (ii) as soon as practicable after the General Unsecured Claim is Allowed; but without interest, late fees or additional charges of any kind. The holders of Class 4 Interests will have such Interests in the Debtor cancelled. The Plan will be funded by use of the Debtor's Cash on hand on the Effective Date plus, for payments to be made thereafter (to Newburyport Bank) from the Debtor's rental income after the Effective Date plus supplemental contributions from New Members as needed to fund interest payments to Newburyport Bank. The Debtor and, after the Effective Date, the Reorganized Debtor will exclusively retain and may enforce, and the Debtor expressly reserves and preserves for these purposes, in accordance with section 1123(a)(5)(A) of the Bankruptcy Code, any Claims, demands, rights and Causes of Action or Avoidance Actions that the Debtor or its estate may hold against any Person or Entity. No preclusion doctrine, including, without limitation, the doctrines of res judicata, collateral estoppel, issue preclusion, claim preclusion, estoppel (judicial, equitable or otherwise) or laches shall apply to such claims by virtue of or in connection with the confirmation, consummation of effectiveness of the Plan. A full-text copy of the Disclosure Statement dated April 30, 2026 is available at https://urlcurt.com/u?l=KNCzFW from PacerMonitor.com at no charge. 407 Smiley Crossing LLC is represented by: Stephen F. Gordon, Esq. The Gordon Law Firm LLP 57 River Street, Suite 200 Wellesley MA 02481 Tel: (617) 456-1270 E-mail: sgordon@gordinfirm.com About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a Massachusetts limited liability company with two members, an individual, David Pogorelc, an active real estate investor and developer in the Boston area who holds a 20% membership interest in the Debtor and a limited liability company, AM Project 407 Washington LLC which holds the other 80% of the membership interests in the Debtor. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. 414 EAST 115: Salvatore LaMonica Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for 414 East 115, LLC. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About 414 East 115 LLC 414 East 115, LLC, also known as Ilan Tavor, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-42921) on June 15, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Jil Mazer-Marino presides over the case. 568 REALTY: Amends SBA Loan & Bainbridge House Secured Claims Pay ----------------------------------------------------------------- 568 Realty, LLC, submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated June 19, 2026. The Plan is designed as a mechanism for the reorganization of Debtor. The Debtor is the owner of nine cooperative units located at 325 East 201 Street, Bronx, NY 10458. Debtor's offices are located at 469 7th Avenue, Suite 105, New York, NY. The Debtor was in dispute with the cooperative board represented by the management company Bainbridge House, Inc. regarding, among other issues: (1) SCRIE payments that were not remitted to Debtor, (2) failure to maintain the common areas, (3) discriminatory practices by charging late fees only to Debtor and no other unit holders, (4) illegal repair charges, (5) failure to credit Debtor with senior citizen rent increase abatements, (6) rent withheld by tenants of Debtor directly related to poor conditions caused by Bainbridge, and (7) failure to make timely insurance claims for losses and property that would have inured to the benefit of Debtor. The Debtor filed an adversary proceeding (Adv. Pro. No.:25-01122) (the "Adversary Proceeding") making the above claims against Bainbridge which has been dismissed by the Court. Debtor's Plan will pay the Bainbridge Claim with interest at the Till rate of 8.5% over five years. The Debtor reserves the right to object to the Bainbridge Claim. The Debtor will continue to own and rent the Co-op Units. The Co-op Units are valuable assets that should increase in value over time. Once the dispute with Bainbridge is settled, the Debtor expects to only encounter normal business issues, and a refiling is not likely or necessary. The Debtor's Plan in this case is simple with relatively modest claims that the Debtor proposes to pay through the Plan. Even if the Debtor is unsuccessful in eliminating or reducing the Bainbridge Claim, the risk to the Creditors with respect to this Plan would be minimal given the Debtor's income and assets. However, the Debtor has removed any risk to the creditors because to the extent the Debtor is unable to meet any of its obligations under the Plan the Debtor's principal, Marc Fishman, has personally guaranteed to personally fund the Plan payments which are modest. The personal financial statement of Marc Fishman attached to his Declaration and Guarantee in connection with the Plan demonstrates that Marc Fishman has the financial ability to make the payments proposed by the Plan. Class 2 consists of Allowed Secured Claims. The Allowed Secured Claims consist of (1) the SBA Loan; and (2) Bainbridge House, Inc.'s claim in the amount of $74,6001 (the "Bainbridge Claim"). Debtor will pay all SBA Loan arrears if any owed as of the Effective date including principal and interest (the "SBA Loan Arrears"). Thereafter, Debtor will comply with all terms of the the SBA Loan Note and Security Agreement, including by making the required monthly payments ($166 per month) for the remainder of the repayment period (thirty years from the date of the Note) until the SBA Loan is repaid in full with all applicable interest. amount The Bainbridge Claim amount is disputed in part and an objection to the claim may be brought by the Debtor. The allowed secured portion of the Bainbridge Claim will be paid in full with interest at the Till rate of 8.5% over five years. Like in the prior iteration of the Plan, the Allowed Class 3 Unsecured Claims shall be paid over a two-year period in equal monthly installments. Because the Class 3 Claims do not bear interest, they may be considered to be impaired. On the Effective Date the Debtor will pay the Administrative Claims, Joel Fishman will contribute $5,000 in cash to the Debtor and the first installment on any payments owed under the Plan will be made. As stated, to the extent the Debtor should be unable to make any of the proposed payments under the plan, its principal, Marc Fishman personally guarantees the payments and will make the Plan payments on behalf of the Debtor. A full-text copy of the Second Amended Disclosure Statement dated June 19, 2026 is available at https://urlcurt.com/u?l=z1jdGv from PacerMonitor.com at no charge. Counsel for the Debtor: H. Bruce Bronson, Esq. Bronson Law Offices P.C. 94 Hudson Park Road New Rochelle, NY 10801 Tel: (914) 269-2530 Fax: (888) 908-6906 Email: hbbronson@bronsonlaw.net About 568 Realty LLC 568 Realty LLC is primarily engaged in renting and leasing real estate properties. 568 Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11890) on Oct. 31, 2024. In the petition filed by Joel Fishman, as managing member, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Carlos J. Cuevas, Esq. 57 CONCRETE: Committee Hires HMP Advisory as Financial Advisor -------------------------------------------------------------- The official committee of unsecured creditors of 57 Concrete LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ HMP Advisory Holdings, LLC, dba Harney Partners as financial advisor. The firm will provide these services: a. assistance in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; b. assistance with the assessment and monitoring of the Debtors' short-term cash flow, liquidity, and operating results; c. assistance with the review of the Debtors' proposed employee compensation and benefits programs; d. assistance with the review of the Debtors' potential disposition or liquidation of both core and non-core assets; e. assistance with the review of the Debtors' cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases; f. assistance with the review of the Debtors' identification of potential cost savings, including overhead and operating expense reductions and efficiency improvements; g. assistance with review of any tax issues associated with, but not limited to, claims/stock trading, preservation of net operating losses, refunds due to the Debtors, plans of reorganization and asset sales; h. assistance in the review of the claims reconciliation and estimation process; i. assistance in the review of other financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; j. attendance at meetings and assistance in discussions with the Debtors, potential investors, banks, other secured lenders, the Committee and any other official committees organized in these Chapter 11 Cases, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; k. assistance in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in these Chapter 11 Cases; l. assistance in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; m. assistance in the prosecution of Committee responses/objections to the Debtors' motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee; and n. render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other Committee professionals in these Chapter 11 Cases. The firm will be paid at these rates: President/EVP $700 to 900 per hour Managing Directors $550 to 750 per hour Senior Manager/Director $450 to 600 per hour Manager $350 to 500 per hour Senior Consultant $300 to 400 per hour Support Staff $180 to 250 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Patterson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bill Patterson HMP ADVISORY HOLDINGS, LLC, dba HARNEY PARTNERS Westech 360 8911 North Capital of Texas Highway, Suite 2120 Austin, TX 78759 Telephone: (512) 592-7740 Facsimile: (734) 494-2160 About 57 Concrete LLC 57 Concrete LLC is a Texas-based concrete contracting company that provides concrete construction services for residential, commercial, and infrastructure projects. The company's operations typically include concrete pouring, finishing, and related site work for building and development projects across the region. 57 Concrete sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90818) on Dec. 19, 2025. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher M. Lopez presides over the case. The Debtor is represented by Charles Michael Rubio, Esq., and Lenard M. Parkins, Esq., at Parkins & Rubio, LLP. On January 26, 2026, the United States Trustee for the Southern District of Texas appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Grable Martin PLLC as its counsel. 7243 APRIL: Hires Betty R. Joyner Realty as Real Estate Broker -------------------------------------------------------------- 7243 April Court, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Betty R. Joyner Realty & Investments as real estate broker. The firm will market and sell the Debtor's real property located at 7246 April Court, Morrow, Georgia 30260. The firm will be paid a commission of 6 percent of the gross sales price of the property. Stan Willis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stan Willis Betty R. Joyner Realty & Investments 2835 Foxlair Trail College Park, GA 30349 Tel: (678) 410-6478 About 7243 April Court, LLC 7243 April Court, LLC is a Georgia limited liability company. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60025) on September 1, 2025, listing up to $50,000 in assets and $50,001 to $100,000 in liabilities. Will B. Geer, Esq., at Rountree Leitman Klein & Geer LLC, is the Debtor's counsel. 948-52 W. WEBSTER: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------------- On June 23, 2026, 948-52 W. Webster, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the debtor reports between $1 million and $10 million in debt owed to approximately 1 to 49 creditors. About 948-52 W. Webster, LLC 948-52 W. Webster, LLC is a limited liability company that owns and manages real estate assets. 948-52 W. Webster, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10520) on June 23, 2026. In its petition, the debtor reported estimated assets and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The debtor is represented by E. Philip Groben III of Gensburg Calandriello & Kanter, P.C. A BEAUTIFUL LIVING: Seeks Cash Collateral Access ------------------------------------------------ A Beautiful Living Adult Family Home, LLC asks the U.S. Bankruptcy Court for the Western District of Washington, at Seattle, for authority to use cash collateral and provide adequate protection. The Debtor's financial distress began during the COVID-19 pandemic, when approximately 80% of its residents were lost due to deaths and related health complications, causing severe and sustained revenue decline while fixed expenses such as payroll, mortgages, utilities, insurance, and licensing continued. To stabilize operations, ABL obtained a $1.345 million COVID-19 EIDL loan. However, beginning in 2025, the business suffered additional occupancy and revenue losses due to further resident deaths, hospitalizations, and family-related disruptions, leading it to rely on merchant cash advances, business loans, and personal financing. Over time, the Debtor became overleveraged, particularly due to substantial SBA debt service obligations and rising operating costs that exceeded incoming resident revenue, though it maintains that the underlying business remains viable with potential for stabilization through restructuring and improved occupancy. At filing, ABL held approximately $18,996 in cash and had no accounts receivable or other cash equivalents, meaning its available cash collateral was limited. The primary secured creditor is the U.S. Small Business Administration, which holds a perfected security interest in substantially all of the Debtor's assets under a loan originally for $500,000 and later increased to approximately $1.365 million, with an outstanding balance of roughly $1.53 million. The SBA is described as the only in-the-money secured creditor and has consented to the use of cash collateral. The Debtor also lists eight additional secured creditors with recorded liens, though each is asserted to have no equity in the collateral. The Debtor seeks authorization to use cash collateral in accordance with a proposed 20-week budget to fund essential expenses necessary to maintain operations, including payroll, insurance, utilities, medical supplies, and facility maintenance. It argues that without access to cash collateral, it would be unable to operate or provide resident care, effectively forcing a shutdown and eliminating any going-concern value. As adequate protection, the Debtor proposes granting the SBA a replacement lien in post-petition assets, cash, accounts receivable, and proceeds to the same extent and priority as its prepetition liens, limited to the amount of cash collateral used. It also proposes regular reporting obligations and asserts that creditor collateral value will not be diminished because cash collateral will be used solely to generate revenue and sustain operations. The Debtor further contends that continued operations will enhance or preserve the value of secured creditors interests, citing bankruptcy authority supporting use of cash collateral where it maintains going-concern value. A copy of the motion is available at https://urlcurt.com/u?l=6Z80DY from PacerMonitor.com. About A Beautiful Living Adult Family Home, LLC A Beautiful Living Adult Family Home, LLC is a Lynnwood, Washington-based senior residential care provider that operates adult family homes offering assisted living, dementia and mental-health care, medication management, daily-living assistance and related services for elderly residents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W. D. Wash. Case No. 26-11896) on June 9, 2026. In the petition signed by Virginia C. Yanos, owner, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at CAIRNCROSS & HEMPELMANN, P.S., represents the Debtor as legal counsel. A&C AUTOWORKS: Taps Onsager Fletcher Johnson as Legal Counsel ------------------------------------------------------------- A&C Autoworks Inc. seeks approval from the United States Bankruptcy Court for the District of Colorado to hire Onsager| Fletcher | Johnson | Palmer LLC to serve as legal counsel. OFJP will provide these services: (a) provide legal advice with respect to Debtor's rights and duties as a debtor-in-possession and continued business operations; (b) assist, advise and represent Debtor in any manner relevant to preserving and protecting Debtor's estate; (c) prepare on Debtor's behalf all necessary applications, motions, answers, orders, reports, plans, disclosure statements and other legal papers that may be required; (d) appear in Court and protect Debtor's interests before the Court; (e) assist in the winding up and closure of the bankruptcy proceedings of Debtor, post-confirmation; (f) assist Debtor in administrative matters; and (g) perform all other legal services for Debtor which may be necessary and proper in these proceedings. OFJP's attorneys will receive hourly rates ranging from $375 to $600. The firm's paralegals/legal assistants will be billed at the rate of $150 per hour. OFJP received a prepetition retainer in the aggregate amount of $20,000 from Debtor on June 12, 2026. OFJP applied a portion of the Retainer to Debtor's filing fees in the amount of $1,738. Prior to the Petition Date, OFJP's fees were $10,305, and OFJP will seek approval of the remaining $7,957 portion of the Retainer by separate motion. OFJP is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14), as it is not a creditor, equity security holder or insider. OFJP is not and was not an employee of Debtor and does not have an interest materially adverse to the estate or any class of creditors or equity security holders. The firm can be reached at: Andrew D. Johnson ONSAGER | FLETCHER | JOHNSON | PALMER LLC 1801 California St., Suite 2400 Denver, CO 80202 Telephone: (720) 457-7061 E-mail: ajohnson@OFJlaw.com About A&C Autoworks Inc. A & C Autoworks is a family-owned and operated auto repair shop based in Thornton, Colorado. The company provides vehicle repair and maintenance services including oil changes, alignments, tune-ups, diagnostics, brake service, engine and transmission repair, suspension and steering service, A/C system service, tire service, and fleet maintenance. It services domestic and foreign vehicles, including cars, trucks, SUVs, commercial and light-duty truck fleets, and has a Subaru specialist on staff. A&C Autoworks Inc. sought protection under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-14422) on June 18, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Michael E. Romero oversees the case. ONSAGER|FLETCHER|JOHNSON|PALMER LLC is Debtor's legal counsel. ABRAHAM EYE: Richard Furtek Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of Furtek & Associates, LLC as Subchapter V trustee for Abraham Eye Associates, LLC. Mr. Furtek will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Furtek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard E. Furtek Furtek & Associates, LLC Lindenwood Corporate Center 101 Lindenwood Drive, Suite 225 Malvern, PA 19355 Phone: (215) 768-8030 Email: rfurtek@furtekassociates.com About Abraham Eye Associates LLC Abraham Eye Associates, LLC, doing business as Aegis Eyecare, provides eye care services from locations in Villanova and Newtown Square, Pennsylvania. Founded by Dr. Mark J. Abraham in 2014, the practice offers eye exams, contact lens services, myopia management, emergency eye care, dry eye treatment, eye disease management, aesthetic services, and eyewear. Its disease management services include care for conditions such as glaucoma, cataracts, diabetic retinopathy, keratoconus, binocular vision dysfunction, low vision, and computer vision syndrome. Abraham Eye Associates filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-12591) on June 16, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Judge Patricia M. Mayer presides over the case. David B. Smith, Esq., at Smith Kane Holman, LLC represents the Debtor as legal counsel. ACADEMY AT PENGUIN: Court Set to Hear Origen Stipulation on July 12 ------------------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts will continue on July 21 the hearing on the motion filed by the Official Committee of Unsecured Creditors of The Academy at Penguin Hall Inc. to approve the stipulation entered into between the Creditors' Committee and Origen Wenham, LLC. The Debtor owns certain real property consisting of an approximately 50-acre campus and 115,000 square foot building known and numbered at 36 Essex Street, Wenham, Massachusetts (the "Property"). As of the Petition Date, the Debtor owed Origen approximately $8,526,364.04, which is a secured by a valid and perfected first mortgage against the Property. On August 21, 2025, Origen filed its Motion for Relief From the Automatic Stay With Respect to 36 Essex Street, Wenham, Massachusetts (the "Stay Relief Motion"), pursuant to which Origen seeks relief from the automatic stay to permit it to foreclose its mortgage against the Property. On January 8, 2026, the Debtor filed its Motion for (A) Expedited Approval of Break-Up Fee and (B) Authority to Sell 36 Essex Street, Wenham, Massachusetts Free and Clear of Liens, Claims, Encumbrances and Interests (the "Sale Motion") pursuant to which the Debtor seeks to sell the Property to Cabot, Cabot & Forbes ("CC&F"). On April 18, 2026, the Debtor filed a Sixth Amendment to the Purchase and Sale Agreement which is the subject of the Sale Motion which, among other things, reduces the proposed purchase price for the Property from $17,750,000 to $12,870,000 (the "Supplement"). Following arm's length negotiations, the Parties have reached an agreement. The Parties stipulate and agree as follows: 1. Origen shall make a payment of three hundred and fifty thousand dollars ($350,000.00) for the benefit of the Debtor's unsecured creditors (the "Creditor Payment") pursuant to the terms described herein, provided that (a) the Committee opposes the Sale Motion and supports the Stay Relief Motion at the Hearing and any subsequent hearings thereon; (b) the Sale Motion is denied by the Bankruptcy Court; and (c) Origen is granted relief from the automatic stay to foreclose against the Property. 2. Once each of the conditions set forth in Paragraph 2 have been satisfied, Origen shall make the Creditor Payment upon the earliest of any of the following events: i) within ten (10) days of Origen taking the Property back at the foreclosure (i.e. Origen is the highest bidder at the foreclosure auction); ii) within ten (10) days of Origen closing on the foreclosure sale to a third party buyer; or iii) ninety (90) days following entry of a final order granting the Stay Relief Motion. Origen shall cooperate in providing the Committee all reasonable documentation requests to establish the timing of the foreclosure sale and ensure the Creditor Payment is timely made. 3. The Creditor Payment shall be solely for the benefit of the Debtor's unsecured creditors, and the professionals they employ and no portion of the Creditor Payment shall be deemed to be the collateral proceeds of any secured creditor, and shall not be permitted to be used to pay any administrative claim asserted against the Debtor's estate (other than the Committee's professionals), whether payable pursuant to Bankruptcy Code Sec. 503, Sec. 364(c)(1) or otherwise, provided that a portion of the Creditor Payment not to exceed $25,000 may be used to pay the actual, reasonable and necessary expenses incurred in determining the allowance, disallowance and priority status of unsecured creditor claims entitled to a distribution from the Creditor Payment. 4. In the event the Debtor's bankruptcy case remains pending at the time the Creditor Payment is due, the Creditor Payment shall be paid to a court appointed trustee, if applicable, or if no trustee has been appointed then to the Committee's counsel, to be held in a separate trust account. 5. The Creditor Payment shall be distributed to the Debtor's unsecured creditors pro rata in the amounts and order of priority set forth in Bankruptcy Code Sec. 507(a)(4)-(10). Prior to making a distribution of the Creditor Payment, the trustee or Committee counsel, as applicable, shall file a motion with the Bankruptcy Court for approval of the proposed distribution. A copy of the Stipulation is available at http://urlcurt.com/u?l=dE37Z4from Pacermonitor.com. About The Academy at Penguin Hall The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. ADDISON DENTAL: John Whaley Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed John Whaley of John T. Whaley, CPA, LLC as Subchapter V trustee for Addison Dental Associates PC. Mr. Whaley will be paid an hourly fee of $440 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA JOHN T. WHALEY, CPA, LLC P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Addison Dental Associates PC Addison Dental Associates, PC, a dental practice in Smyrna, Georgia, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-57885) on June 16, 2026, with between $1 million and $10 million in both assets and liabilities. Sims W. Gordon, Jr., Esq., at The Gordon Law Firm PC represents the Debtor as bankruptcy counsel. ADVANCED JOINTS: Hires Davis Ermis & Roberts P.C. as Attorney ------------------------------------------------------------- Advanced Joints Chiropractic, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Davis, Ermis & Roberts, P.C. as attorney. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-In-Possession in the continued operation of the business and management of its property; b. prepare on behalf of the Debtor, as Debtor-In-Possession, necessary applications, orders, answers, reports, and other legal papers; c. perform all other legal services for the Debtor, as Debtor-In-Possession, which may be necessary herein. The firm will be paid at these rates: Craig D. Davis $650 per hour Legal assistants $120 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Davis disclosed in a court filing that the firm is a "disintereste d person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Craig D. Davis Davis, Ermis & Roberts, P.C. 2000 E. Lamar Blvd., Suite 780 Arlington, TX 76006 Tel: (972) 263-5922 Fax: (817) 262-3264 Email: davisdavisandroberts@yahoo.com About Advanced Joints Chiropractic LLC Advanced Joints Chiropractic, LLC is a chiropractic and neuropathy care clinic in Crowley, Texas. The clinic provides non-invasive neuropathy care, chiropractic adjustments, pain management therapies, laser therapy, spinal decompression, joints rejuvenation therapy, and non-invasive electro nerve blocks. Its care is listed for conditions including diabetic neuropathy, chemotherapy-related peripheral neuropathy, idiopathic neuropathy, chronic nerve pain, tingling, numbness, and musculoskeletal pain conditions. Advanced Joints Chiropractic LLC, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 26-42590) on June 11, 2026, listing $22,816 in assets and $3,646,006 in liabilities. Can Ho, president of Advanced Joints Chiropractic LLC, signed the petition. Judge Mark X Mullin oversees the case. Craig D. Davis, Esq. of Davis, Ermis & Roberts, P.C. serve as the Debtor's legal counsel. AGA REAL: Seeks to Hire Fallon Law as General Bankruptcy Counsel ---------------------------------------------------------------- AGA Real Estate Security, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Fallon Law PC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) represent the Debtor in connection with its use of cash collateral and any related adequate-protection, financing, and lien-priority matters; (d) assist in the examination and resolution of the claims of creditors; (e) investigate and, where appropriate, prosecute claims belonging to the estate; (f) negotiate with creditors or their counsel regarding applicable bankruptcy matters; (g) assist with the formulation, preparation, confirmation, and consummation of the Debtor's plan of reorganization; and (h) perform all other legal services for the Debtor that may be necessary. The firm will be paid at these hourly rates: Brad Fallon, Attorney $350 Paralegals $125 The firm received a prepetition retainer of $7,500, plus $1,738 for the filing fee, which was paid on the Debtor's behalf by its principal. Mr. Fallon disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brad Fallon, Esq. Fallon Law PC 1201 W. Peachtree St. NW, Suite 2300 Atlanta, GA 30309 Telephone: (404) 849-2199 Facsimile: (470) 994-0579 Email: brad@fallonbusinesslaw.com About AGA Real Estate Security LLC AGA Real Estate Security, LLC is a real estate-focused entity engaged in property investment, asset management, and related financial services. AGA Real Estate Security, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-10552) on April 5, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtor is represented by Brad Fallon, Esq., at Fallon Law PC. AI AQUA: Moody's Rates New Sec. First Lien Credit Facilities 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to AI Aqua Merger Sub, Inc.'s ("Culligan" or the "company") proposed $4,125 million senior secured first lien term loan B due 2033. Moody's also assigned a B2 rating to the proposed EUR1,000 million senior secured first lien term loan B due 2033 and the proposed $700 million senior secured first lien revolving credit facility due 2031 to be issued by Osmosis Buyer Limited, which is an intermediate holding company of AI Aqua Merger Sub, Inc. The company's existing ratings, including its B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating (PDR), are unchanged. The outlook assigned for Osmosis Buyer Limited is stable and the outlook for Culligan remains stable. Culligan will use the proceeds to refinance its existing senior secured first lien term loan due 2028, repay a portion of its outstanding revolver balance, and pay transaction related fees. The company is also refinancing and upsizing its existing $580 million revolver due 2029 to a new $700 million revolver due 2031. Moody's expects to withdraw the B2 ratings on the company's existing senior secured first lien term loan and revolving credit facility upon closing of the transaction. The transaction results in a modest increase in gross debt, with Moody's adjusted debt-to-EBITDA leverage increasing slightly to 6.5x from 6.4x as of March 31, 2026. The proposed financing is credit positive because it enhances the company's already good liquidity by extending debt maturities and increasing revolver availability. Pro forma for the transaction, the company will have approximately $642 million of revolver availability as of March 31, 2026, net of expected drawings, and approximately $133 million of cash. The transaction does not affect the company's B2 CFR as debt-to-EBITDA leverage remains within Moody's expectations for the current rating. Moody's also expects leverage and free cash flow to improve over the next 12–18 months, supported by sustained organic revenue and EBITDA growth. Moody's projects Moody's adjusted debt-to-EBITDA leverage to decline to around 6x over the next 12-18 months. The revolver and term loans will be guaranteed by all material direct and indirect subsidiaries of Osmosis Buyer Limited organized in the United States, England, Wales and Australia including AI Aqua Merger Sub, Inc. The facilities will also be guaranteed by Osmosis Funding Limited (OFL), which is an intermediate holding company of Osmosis Buyer Limited. With the exception that the new EUR-denominated term loan being issued by Osmosis Buyer Limited and the addition of OFL as a guarantor for the credit facility, the structure is the same as the existing credit facility. RATINGS RATIONALE Culligan's B2 CFR reflects the company's elevated financial leverage and acquisitive growth strategy, balanced by improving operating earnings, free cash flow and credit metrics. Culligan acquired Waterlogic Group Holdings Limited in October 2022 and Primo Europe in December 2023, with the integration of these businesses leading to service upgrades and cost savings that have since translated to earnings growth. As Culligan moves beyond these large-scale integrations and shifts toward smaller tuck-in acquisitions, Moody's expects a growing earnings base and more consistent, positive free cash flow generation. Continued revenue and EBITDA growth, alongside improved earnings quality, should support positive free cash flow over the next 12–18 months. Culligan's credit profile benefits from the company's large and growing scale, strong market position, good segment diversification, and high level of recurring revenue. The company's good geographic and product diversification helps to mitigate revenue and earnings volatility. Culligan also benefits from strong market positions in the residential and commercial drinking water markets with favorable long-term consumer demand trends driven by increased consumer focus on health and safety through clean water, the aging municipal water infrastructure, and consumer focus on sustainability including reducing plastic waste. The company also occasionally receives support from its financial sponsors through meaningful equity funding of acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Culligan will continue to profitably grow organic sales and maintain good liquidity over the next 12–18 months. Moody's also assumes in the stable outlook that the company will generate positive free cash flow and pursue acquisitions in a manner consistent with keeping leverage below 6.5x. A rating upgrade could occur if the company maintains organic revenue and EBITDA growth leading to improved financial metrics. An upgrade would also require consistent and improving positive free cash flow generation, maintenance of good liquidity, debt-to-EBITDA sustained below 5.5x on Moody's adjusted basis, and financial strategies that support credit metrics at those levels. A rating downgrade could occur if the company's operating earnings weaken due to factors such as declining installations, pricing pressure or cost increases. The inability to maintain positive free cash flow, deterioration in liquidity, or a more aggressive financial policy such that debt-to-EBITDA is sustained above 6.5x could also lead to a downgrade. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in February 2026. COMPANY PROFILE Headquartered in Rosemont, Illinois, AI Aqua Merger Sub, Inc. (dba Culligan) through its subsidiaries operates as a global producer and distributor of consumer water products and services to household, commercial drinking water, and commercial solutions end-markets. Since 2021, the company is majority owned by BDT & MSD Partners, and it does not publicly disclose its financial information. Culligan's revenue for the 12 months ended March 31, 2026 was $3.5 billion. ALGORHYTHM HOLDINGS: Second SemiCab Forbearance Extends to July 16 ------------------------------------------------------------------ Algorhythm Holdings, Inc. announced in a regulatory filing that the Company and seller SemiCab, Inc., a Delaware corporation entered into a second forbearance agreement pursuant to which: (i) the Seller irrevocably waived any default or event of default that was or will be caused under the Promissory Note as a result of the Company's failure to pay the Initial Payment to the Seller on May 2, 2026, and (ii) the Seller will forbear from taking action with respect to any defaults or events of default arising after date of the forbearance agreement with respect to the Company's failure to make such payment that occur at any time on or prior to July 16, 2026. Background On May 2, 2025, the Company issued a promissory note in the principal amount of $1,750,000 to SemiCab, pursuant to an equity purchase agreement among the Company and its subsidiary, SemiCab Holdings, LLC, a Nevada limited liability company, and the Seller. The Promissory Note provides that $1,500,000 is due and payable by the Company on the first anniversary of the date of issuance, or May 2, 2026, and the remaining $250,000 is due and payable by the Company on the 18-month anniversary of the date of issuance, or November 2, 2026. On May 9, 2026, the Company and the Seller entered into a forbearance agreement pursuant to which: (i) the Seller irrevocably waived any default or event of default that was or will be caused under the Promissory Note as a result of the Company's failure to pay the Initial Payment to the Seller on May 2, 2026, and (ii) the Seller will forbear from taking action with respect to any defaults or events of default arising after the date of the forbearance agreement with respect to the Company's failure to make such payment that occur at any time on or prior to June 16, 2026. About Algorhythm Holdings, Inc. Algorhythm Holdings, Inc. (NASDAQ: RIME) is an artificial intelligence technology company focused on the growth and development of SemiCab, an AI-enabled software logistics and distribution business that utilizes the Company's SemiCab technology platform to enable retailers, brands and transportation providers to address common supply chain problems globally. The Company operates the SemiCab business through its subsidiary, SemiCab Holdings, LLC. The Woodlands, TX-based M&K CPAS, PLLC, the Company's auditor since 2025, 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 suffered a net loss from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $18.456 million in total assets, $15.29 million in total liabilities, and $3.17 million in total shareholders' equity. ALPHA SURFACES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Alpha Surfaces, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral for court-authorized payments and operating expenses included in its budget, with up to a 10% variance for each budget line item. Additional expenditures require written approval from secured lender Synovus Bank. The authorization remains effective until further court order. The Debtor estimates that its cash and accounts receivable, primarily receivables less than 90 days old, are worth approximately $65,000. These receivables are property of the bankruptcy estate but remain subject to pre-petition security interests held by Synovus and other creditors. Prior to bankruptcy, the Debtor executed loan and security agreements with Synovus, granting liens on substantially all business assets, including equipment, inventory, chattel paper, accounts receivable, cash, and bank accounts. Synovus holds two delinquent secured loans filed in February 2025. In addition, On Deck Financing holds a lien on all assets under a filing made in February 2026, which is also delinquent. As adequate protection, Synovus and other secured creditors will receive replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens. Synovus will also receive a monthly payment of $1,500, beginning July 1, without prejudice to a later determination of the lender's secured status. Additional safeguards include insurance coverage and access to business records and premises upon request. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/oSmu8 from PacerMonitor.com. About Alpha Surfaces LLC Alpha Surfaces, LLC, doing business as Aloha Flooring, is a Daytona Beach, Florida-based specialty contractor that provides flooring and surface products and services, including carpet, tile, vinyl, laminate and wood flooring, as well as related installation, coating, countertop and finish services for residential, commercial, healthcare and institutional customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-11984) on June 12, 2026. In the petition signed by Jessica Smith, authorized member, the Debtor disclosed $114,161 in total assets and $1,774,647 in total liabilities. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP, represents the Debtor as legal counsel. ALTAMAHA D.M.E.: Seeks to Extend Plan Exclusivity to Oct. 22 ------------------------------------------------------------ Altamaha D.M.E., Inc., asked the U.S. Bankruptcy Court for the Southern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 22 and Dec. 21, 2026, respectively. The Debtor believes its efforts will have a significant impact on its ability to successfully reorganize. Debtor believes it has reasonable prospects for filing a viable plan. However, it needs additional time to formulate and negotiate a plan and prepare the required adequate information. Debtor's request for additional time is warranted as Debtor has proven to be an active and effective debtor-in-possession. Debtor should be entitled to retain control over the reorganization process. The Debtor states that it is generally paying its post-petition debts as they come due and believes it will have sufficient cash to continue paying its post-petition obligations as they come due. Debtor is continuing to work on ensuring it prepares fully accurate and complete monthly operating reports. Debtor's performance in this regard supports its request for extension, further reducing potential risk to the reorganization process (and administrative creditors) if the extensions are granted. The Debtor asserts that it does not seek the extension to delay the reorganization or to pressure the creditors to accede to a plan that they might find unacceptable. To the contrary, Debtor seeks the extension to provide itself with time to attempt to reach a consensus on a confirmable plan of reorganization and the creation of viable, sustainable reorganized Debtor. At this early stage, a relatively short extension of the Exclusive Periods will not harm or prejudice any party-in-interest. The Debtor further asserts that the relief requested will allow company to continue focusing on preserving and enhancing going concern values and restructuring its financial conditions and operations to achieve a competitive and sustainable enterprise and, thus, achieve the ultimate objective of Chapter 11, a successful rehabilitation. Altamaha D.M.E., Inc. is represented by: David L. Bury, Jr., Esq. Thomas B. Norton, Esq. E. Tate Crymes, Esq. Stone & Baxter, LLP 577 Third Street Macon, GA 31201 Tel: (478) 750-9898 Fax: (478) 750-9899 Email: dbury@stoneandbaxter.com tnorton@stoneandbaxter.com tcrymes@stoneandbaxter.com About Altamaha D.M.E. Inc. Altamaha D.M.E., Inc., operates a medical device sales business with three storefront locations in Jesup, Brunswick, and Pooler, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 26-20053-MJK) on Feb. 24, 2026. In the petition signed by Teresa L. Brake, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michele J. Kim oversees the case. Thomas B. Norton, Esq., at Stone & Baxter, LLP, is serving as the Debtor's legal counsel. AM LOGISTICS: Seeks to Tap KC Cohen Lawyer PC as Bankruptcy Counsel ------------------------------------------------------------------- AM Logistics, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire KC Cohen, Lawyer, PC as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its duties, powers, and responsibilities in this case; (b) investigate and pursue any actions on behalf of the estate in order to recover assets for or best enable this estate to reorganize fairly; (c) represent the Debtor in these proceedings in an effort to maximize the value of the assets available herein, and to pursue confirmation of a successful Plan of Reorganization; and (d) perform such other legal services as may be required and in the interest of the estate. The firm will be paid at these rates: Christopher J. McElwee $325 per hour Nicholas J Wildeman $275 per hour Bobby H Macias (paralegal) $125 per hour The firm received a retainer in the amount of $11,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. KC Cohen, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: KC Cohen, Esq. KC Cohen, Lawyer, PC 1915 Broad Ripple Ave. Indianapolis, IN 46220 Telephone: (317) 715-1845 Facsimile: (317) 636-8686 Email: kc@smallbusiness11.com About AM Logistics Inc. AM Logistics, Inc., a logistics service provider, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-03372) on May 27, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Andrew Manville, president of AM Logistics, signed the petition. Judge Jeffrey J. Graham oversees the case. KC Cohen, Esq., at KC Cohen, Lawyer, PC, represents the Debtor as bankruptcy counsel. AQUABOUNTY TECHNOLOGIES: Stockholders OK Reverse Split Proposal --------------------------------------------------------------- AquaBounty Technologies, Inc., stockholders approved at the company's June 23 annual meeting a proposal to amend its certificate of incorporation to effect a reverse stock split, according to a Form 8-K filing with the Securities and Exchange Commission. The amendment grants the company's board of directors discretion to to effect a reverse split at a ratio from 1-for-5 to 1-for-20 by July 31. AquaBounty said 7.9 million votes were present or represented by proxy, or about 75.8% of the voting power entitled to vote as of the April 24 record date. Stockholders elected Graydon Bensler, Braeden Lichti, Rick Sterling and Sylvia A. Wulf to one-year terms and ratified Deloitte & Touche LLP as auditor for the fiscal year ending Dec. 31, 2026. They also approved executive compensation on an advisory basis and an adjournment proposal, though no adjournment was needed. About Aquabounty Technologies AquaBounty Technologies, Inc. is a Massachusetts-based company that historically developed land-based aquaculture operations using recirculating aquaculture systems for genetically engineered Atlantic salmon. The company sold its Indiana farm in 2024 and sold its Canadian subsidiary and related intellectual property in 2025. AquaBounty's primary remaining asset is its Ohio Farm Project, and the company has maintained a reduced core staff. In an audit report dated March 31, 2026, Deloitte & Touche LLP issued a going-concern explanatory paragraph, citing limited operating assets and cumulative net losses. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Aquabounty Technologies reported total assets of $10.25 million, total liabilities of $12.38 million, and a stockholders' deficit of $2.13 million. ARCOSA INC: Moody's Ups CFR to Ba1 & Alters Outlook to Positive --------------------------------------------------------------- Moody's Ratings upgraded Arcosa, Inc.'s (Arcosa) corporate family rating to Ba1 from Ba2, the probability of default rating to Ba1-PD from Ba2-PD, and the rating on the company's senior secured first lien bank credit facility to Baa3 from Ba1. Moody's also upgraded Arcosa's senior unsecured debt rating to Ba2 from Ba3 and the speculative grade liquidity rating (SGL) to SGL-1 from SGL-2. Moody's changed the outlook to positive from stable. The upgrade of Arcosa's CFR to Ba1 reflects Moody's expectations that Arcosa will continue to maintain good credit metrics through the cycle with leverage remaining below 3x debt/EBITDA and improved liquidity. Also supporting the upgrade is Arcosa's recent business simplification which will provide more margin stability. On April 01, 2026, Arcosa completed the sale of its lower margin transportation segment for $450 million. Arcosa is using the proceeds for general corporate purposes, including debt reduction and bolt-on acquisitions. The change in outlook to positive follows CRH plc's (Baa1 stable) announcement on June 22, 2026 that it will acquire Arcosa at a total enterprise value of about $8.5 billion. CRH is much bigger based on revenue and better capitalized than Arcosa. This transaction will give CRH the capacity to produce annually 265 million tons of aggregates within the US. The Change of Control provisions within Arcosa's debt agreements will be triggered, resulting in the high likelihood that all of Arcosa's debt ($1.5 billion outstanding as of March 31, 2026) would be repaid fully at closing. Closing is anticipated in Q1 2027. In that case, Arcosa's ratings will be withdrawn at that time. Governance risk considerations are material to the rating action, since Arcosa's board of directors have already approved the sale to CRH and considering the high likelihood that all of Arcosa's outstanding debt will be repaid at closing of the transaction. RATINGS RATIONALE Arcosa's Ba1 CFR reflects Moody's expectations of continued good operating performance and cash flow generation, demonstrated by adjusted EBITDA margin remaining around 21%, revenue approaching $2.8 billion and retained cash flow/ net debt in the range of 40%-45% in 2027. Constraining credit factors include the inherent cyclicality of demand in the US construction industry, which accounts for about half of Arcosa's total revenue. Residential new construction is currently experiencing soft demand. However, this is partially offset by significant investments in data center construction across the US and resilient public infrastructure investments. Intense competition in the sector limits organic growth and increases the company's reliance on potentially large debt-financed acquisitions. The company's liquidity is a strength. Arcosa's SGL-1 rating reflects Moody's views that the company will maintain very good liquidity over the next 18 months. Moody's expects the company will generate $100 million in free cash flow in 2026 and close to $200 million in 2027. Arcosa has access to a $700 million revolving credit facility (RCF) due 2028. At March 31, 2026, the company had no borrowing under its RCF and $150 million cash on hand. The Baa3 rating of Arcosa's senior secured bank credit facility, which is one notch above the Ba1 CFR, reflects its priority of payment relative to the company's senior unsecured debt. The bank credit facility consists of a $700 million RCF due August 2028 and a $535 million (as of March 31, 2026) term loan due October 2031. The RCF and the term loan are pari passu with each other. Both have a first lien on all of Arcosa's domestic assets. The Ba2 rating of the senior unsecured debt is one notch below the Ba1 CFR because of its subordination to the sizable bank credit facility. The senior unsecured debt is comprised of the $400 million senior unsecured notes due April 2029 and $600 million senior unsecured notes due August 2032. The unsecured notes are pari passu to each other. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade could occur if end markets remain supportive of organic growth such that debt/EBITDA is sustained below 2.5x and EBIT/interest expense is sustained above 4.5x. Greater scale, while maintaining conservative financial policies, preservation of very good liquidity and an unsecured capital structure would also support an upgrade. Stabilization of the rating would ensue if the acquisition of Arcosa by CRH fails to close. A ratings downgrade could occur if debt/EBITDA is sustained above 3.5x, operating performance erodes on a sustained basis, deterioration in liquidity, or adoption of aggressive acquisitions or financial policies. Arcosa (NYSE: ACA), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions serving construction end markets and engineered structures, which include steel utility poles and wind towers, in the US. Arcosa's revenue for the 12 months ended March 31, 2026 was about $2.9 billion. The principal methodology used in these ratings was Building Materials 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. ASATOR GLOBAL: Section 341(a) Meeting of Creditors on July 28 ------------------------------------------------------------- On June 23, 2026, Asator Global Technologies LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the debtor reports between $10 million and $50 million in debt owed to creditors and indicates that funds will be available for distribution to unsecured creditors. A meeting of creditors under Section 341(a) to be held on July 28, 2026 at 09:45 AM via Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. About Asator Global Technologies LLC Asator Global Technologies LLC is a Mesa, Arizona-based technology company specializing in grid solutions and scientific research and development. Asator Global Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-06163) on June 23, 2026. In its petition, the debtor reported estimated assets and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Brenda K. Martin handles the case. The debtor is represented by Philip J. Giles of Allen, Jones & Giles, PLC. ASHWOOD FOOD: Hires KLR Client Accounting Services as Bookkeeper ---------------------------------------------------------------- Ashwood Food Service Inc seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ KLR Client Accounting Services as bookkeeper. The firm will provide bookkeeping and general accounting services. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Garcia, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael L. Garcia KLR Client Accounting Services 951 N. Main Street Providence, RI 02904 Tel: (401) 274-2001 About Ashwood Food Service Inc Ashwood Food Service, Inc. manages a full-service, 153-seat restaurant in Harwich Port and a second location at the Cranberry Valley municipal golf course. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-11320) on June 3, 2026. In the petition signed by Peter D. Klaus, president, the Debtor disclosed up to $10 million in both assets and liabilities. Andrea O'Connor, Esq., at Shatz, Schwartz & Fentin, P.C., represents the Debtor as legal counsel. ASPIRA WOMENS: CEO Departs, Board Chair Named Interim CEO --------------------------------------------------------- Aspira Women's Health Inc. announced in a regulatory filing that Michael Buhle ceased serving as Chief Executive Officer and the board of directors appointed John Fraser, the Company's current Chairman of the Board, to serve as its Interim Chief Executive Officer while a search of internal and external candidates is conducted. Mr. Fraser will also serve as the Company's Principal Executive Officer. Mr. Buhle's departure was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. The Company and Mr. Buhle are discussing a separation agreement in connection with his departure, but the terms have not been finalized as of the date of this Current Report on Form 8-K. The Company will amend this Current Report on Form 8-K to disclose any additional information required by Item 5.02, including the material terms of any separation agreement, within four business days after such information is determined or becomes available. Mr. Fraser, age 66, is the co-founder and co-portfolio manager of Seamark Capital, a fundamentals-based proprietary research growth equities asset management advisor. Mr. Fraser holds a B.S. in Business Administration with emphasis in Economics from Bowling Green State University, and an MBA with emphasis in Finance from The Ohio State University. There are no arrangements or understandings between Mr. Fraser and any other persons pursuant to which he was appointed to his positions with the Company. There are no family relationships between Mr. Fraser and any director or executive officer of the Company. 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 December 31, 2025, the Company had $5.46 million in total assets, $12.39 million in total liabilities, and $6.93 million in total stockholders' deficit. ATLANTIC HOME: Commences Chapter 11 Bankruptcy in Florida --------------------------------------------------------- On June 25, 2026, Atlantic Home FL, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1–49 creditors. Meeting of Creditors to be Held on July 30, 2026 at 09:00 AM by TELEPHONE. Corporate Ownership Statement and List of Equity Security Holders are due by July 9, 2026. About Atlantic Home FL, LLC Atlantic Home FL, LLC is a Palm Beach Gardens, Florida-based residential real estate investment and leasing company that manages a portfolio of single-family and multi-unit properties. The company's operations are currently focused on addressing ongoing litigation and an adversary proceeding filed in early 2025 involving allegations of fraud and false pretenses. Atlantic Home FL, LLC was reinstated as an active Florida entity in October 2025 following a period of administrative inactivity. Atlantic Home FL, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18318) on June 25, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $500,000 to $1 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Kevin Comer, Esq. BAXSTO LLC: Plan Confirmation Hearing Scheduled for Aug. 6 ---------------------------------------------------------- Judge Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas approved the Disclosure Statement for the Amended Plan of Reorganization of Baxsto LLC. The confirmation hearing on the Amended Plan will be held on Aug. 6, 2026. July 30, 2026, at 5:00 p.m. (CT) is fixed as the last day for holders of claims and interests to accept or reject the amended plan by submitting a ballot. July 30, 2026, at 5:00 p.m. (CT) is also fixed, pursuant to Federal Rule of Bankruptcy Procedure 3020(b)(1), as the last day for filing and serving written objections to confirmation of the amended plan. According to the Disclosure Statement, the Debtor filed its Chapter 11 case to regain control of its finances and to prevent one creditor from dissipating its assets. On April 2, 2026, the Debtor commenced a mediation with Lea County State Bank, Valley Bank of Commerce and Diversified Lenders, Inc. The mediation did not result in an agreement. The parties have agreed to resume mediation at a later date. The Debtor proposes to continue to operate its oil and gas interests and to pursue litigation which will bring funds into the estate. The Debtor has compiled a list of its oil and gas interests which comprises approximately 2,900 entries and runs the over 200 pages. The Debtor investigated whether to obtain a professional valuation of its oil and gas interests. The Debtor received an estimate from Charles M. Tomblin, P.E. dated April 23, 2026 that a valuation of the Debtor's interests would cost between $210,150-$523,375. The Debtor's Chief Restructuring Officer has prepared an estimate that minerals would be valued at $5,164,000. The Debtor received an offer from Caddo Minerals dated April 10, 2026 to purchase its Texas holdings for $4,045,303. The Plan relies on a combination of operating the Debtor's oil and gas properties and pursuing litigation to generate proceeds for payment of creditors. Class 6 shall consist of the holders of Allowed General Unsecured Claims. There are twenty unsecured creditors holding claims in the amount of $30,511,415.90. The Debtor disputes many of the claims and will be filing objections to claims. The amount that Debtor does not dispute is approximately $1,574,321,34. The Class 6 creditors shall receive a payment on December 15 of each year beginning December 15, 2026 of Debtor's net cash less a reserve of $100,000 for payment of expenses going forward. The Debtor shall provide unsecured creditors with a statement of the projected distribution by November 1 of each year. If any unsecured creditor disagrees with the proposed distribution, it may seek a determination from the court. In addition to the regular distributions from operating income, unsecured creditors shall receive Additional Payments within 30 days after receipt by the Debtor. Additional Payments shall consist of the following: (i) amounts received by the Debtor from sale of assets and (ii) recoveries from litigation less contingent fees, if applicable. Payments to unsecured creditors shall continue until unsecured creditors have received a total of $3,000,000 or 100% of the amount of Allowed Claims, whichever is less. The Debtor's projections indicate that $1,765,000 will be payable through 2030 with approximately $400,000 per year payable in subsequent years. The Debtor also intends to liquidate non-core assets. The Birch Operations litigation could result in a distribution to the Debtor of approximately $500,00-$700,000 if successful. Class 6 is impaired. A full-text copy of the Disclosure Statement dated April 29, 2026 is available at https://urlcurt.com/u?l=pQxVTu from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen W. Sather, Esq. David N. Stern, Esq. BARRON & NEWBURGER, P.C. 7320 N. Mopac Expwy, Suite 400 Austin, Texas 78701 (512) 476-9103 A copy of the Court's Order dated June 24, 2026, is available at https://urlcurt.com/u?l=IImzUW from PacerMonitor.com. About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on Aug. 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, at BARRON & NEWBURGER, P.C. BAXSTO LLC: Updates Unsecured Claims Pay; Amends Plan ----------------------------------------------------- Baxsto LLC submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated June 19, 2026. The Debtor proposes to continue to operate its oil and gas interests and to pursue litigation which will bring funds into the estate. The Debtor also intends to liquidate non-core assets. The Debtor will continue to be owned and managed by Ashley Baxter Stout. The Debtor will continue to receive advice from James B. Smith, CPA as requested. Cole Stout will not have a formal role in operation of the Debtor. However, he is expected to remain married to Ashley Baxster Stout. On April 16, 2026, the Debtor filed an objection to claim of Equity Bank. This objection was sustained on May 22, 2026. On April 29, 2026, the Debtor filed objections to the claims filed by Pegaso Energy and Sand Separation Solutions. These objections remain pending. On June 17, 2026, Debtor's counsel filed its Second Interim Application for Approval of Attorney's Fees for Barron & Newburger, P.C. The application requested fees of $20,810.00 and expenses of $584.94. The Debtor's budget for the year period from 2026 to 2030 is attached as Exhibit A. The income and expense projections were originally prepared by Angelo DeCaro and revised by James B. Smith in consultation with Debtor's management. The payments to creditors were calculated by Debtor's counsel. The Debtor's projections assume collections of $960,000 per year. This projection was based on the Debtor's collections during the bankruptcy proceeding. By contrast, the Debtor collected $2,155,114-$2,360,414 during years 2022-2024. During 2025, which included periods both before and after bankruptcy, the Debtor collected $1,239,050. The Debtor believes that its receipts have been depressed by the intervention of the Receiver which caused some revenues to be placed in suspense. The Debtor's collections have shown an upward trend during the bankruptcy case. For the months of September-December 2025, collections averaged $85,597. For the months of January-May 2026, collections have averaged $99,401. The Plan relies on a combination of operating the Debtor's oil and gas properties and pursuing litigation to generate proceeds for payment of creditors. Class 6 shall consist of the holders of Allowed General Unsecured Claims. There are twenty-one unsecured creditors holding claims in the amount of $14,351,072.39 (after denial of the claim of Equity Bank). The Debtor disputes many of the claims and will be filing objections to claims. The Debtor has objected to the claims of Pegaso Energy Services and Sand Separation Solutions in the collective amount of $7,187,715.97. Additionally, the claim of Diversified Lenders in the amount of $3,321,758.13 is the subject of a pending appeal. The amount that Debtor does not dispute is approximately $1,574,321,34. The Class 6 creditors shall receive a payment on December 15 of each year beginning December 15, 2026 of Debtor's net cash less a reserve of $50,000 for payment of expenses going forward. The Debtor believes that it would be irresponsible to distribute all of its cash on hand since this would not leave the Debtor with any funds to pay expenses going forward. The sum of $50,000 is approximately two months of regular expenses without factoring in non-recurring amounts such as attorney's fees. The Debtor shall provide unsecured creditors with a statement of the projected distribution by November 1 of each year. If any unsecured creditor disagrees with the proposed distribution, it may seek a determination from the court. In addition to the regular distributions from operating income, unsecured creditors shall receive Additional Payments within 30 days after receipt by the Debtor. Additional Payments shall consist of the following: (i) amounts received by the Debtor from sale of assets and (ii) recoveries from litigation less contingent fees, if applicable. Payments to unsecured creditors shall continue until unsecured creditors have received 100% of the amount of Allowed Claims. Because of the absolute priority rule, the Debtor must either (i) obtain approval from the class of unsecured claims, (ii) pay creditors the amount of their Allowed Claims or (iii) provide that no junior class will receive or retain any property on account of their interests. The Debtor's projections indicate that $$1,765,000 will be payable through 2030 with approximately $400,000 per year payable in subsequent years. The Debtor also intends to liquidate non-core assets. The Birch Operations litigation could result in a distribution to the Debtor of approximately $500,00-$700,000 if successful. Creditors will be paid their pro rata share of the funds to be distributed. If claims are subject to a pending objection at the time of distribution, their share of the distribution will be escrowed until the claims objection or appeal is decided. Once the objection or appeal was resolved, the Debtor would distribute the escrowed funds based upon the outcome of the dispute. A full-text copy of the Amended Disclosure Statement dated June 19, 2026 is available at https://urlcurt.com/u?l=VVQTbP from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen W. Sather, Esq. David N. Stern, Esq. BARRON & NEWBURGER, P.C. 7320 N. Mopac Expwy, Suite 400 Austin, Texas 78701 Tel: (512) 476-9103 About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on Aug. 21, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, at BARRON & NEWBURGER, P.C. BEACON LIGHT: Hires Lugenbuhl Wheaton Peck Rankin as Counsel ------------------------------------------------------------ Beacon Light Missionary Baptist Church, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) as counsel. The firm's services include: i. advising the Debtor with respect to its rights, powers and duties as Debtor and Debtor-in-possession in the continued operation and management of the business and property; ii. preparing and pursuing confirmation of a plan of reorganization as a Debtor and pursuing approval of the disclosure statement and plan confirmation; iii. preparing, on behalf of the Debtor, all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; iv. advising the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other documents which may be filed by other parties herein; v. appearing in Court to protect the interests of the Debtor; vi. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; vii. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; viii. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; ix. investigating and advising the Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtor's estate; x. advising and assisting the Debtor in connection with any potential property dispositions; xi. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; xii. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; xiii. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and xiv. performing all other legal services for the Debtor which may be necessary and proper in this case. The firm will be paid at these rates: Attorney $450 to $700 per hour Paralegals $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Draper disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Douglas S. Draper, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) 601 Poydras Street, Suite 2755 New Orleans, LA 70130 Telephone: (504) 568-1990 Facsimile: (504) 310-9195 Email: ddraper@lawla.com About Beacon Light Missionary Baptist Church Inc. Beacon Light Missionary Baptist Church Inc. is a Christian church providing worship services and community programs from its location at 1937 Mirabeau Avenue in New Orleans, Louisiana. Beacon Light sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10789) on April 1, 2026. In its petition, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by James A. Graham, Jr., Esq., at Graham Law & Associates, LLC. BETTER BATH: Hires Kaplan Johnson Abate & Bird LLP as Attorney -------------------------------------------------------------- Better Bath Better Body, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire Kaplan Johnson Abate & Bird LLP as its attorney. The firm will render these services: a. give legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued management of its financial affairs and estate assets; b. take all necessary action to protect and preserve the estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning all litigation in which Debtor is involved, if any, and examination of proofs of claims; c. prepare on behalf of the Debtor all necessary motions, answers, orders, reports and other legal papers in connection with the administration of the estate; and d. perform any and all other legal services for the Debtor in connection with this chapter 11 case and the formulation and implementation of Debtor's chapter 11 plan. The firm will charge rates of $225 to $625 for its services. The firm received a retainer in the amount of $15,000. As disclosed in the court filing, Kaplan Johnson Abate & Bird LLP is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charity S. Bird, Esq. Tyler R. Yeager, Esq. Kaplan Johnson Abate & Bird LLP 710 W. Main St., 4th Floor Louisville, KY 40202 Telephone: (502) 416-1630 Email: cbird@kaplanjohnsonlaw.com tyeager@kaplanjohnsonlaw.com About Better Bath Better Body LLC Better Bath Better Body LLC markets bath products primarily through Amazon, operates an office in Louisville and a fulfillment warehouse in Shelbyville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Kent. Case No. 26-31525-mbn) on June 3, 2026. In the petition signed by Jason Clegg, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Mary Elisabeth Naumann oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird LLP, represents the Debtor as legal counsel. BEYOND AIR: Stockholders OK 1-for-20 Reverse Stock Split -------------------------------------------------------- Beyond Air, Inc. has announced the results of its special meeting of stockholders. On April 20, 2026, the record date for stockholders entitled to notice of, and to vote at, the Special Meeting, 12,692,684 shares of the Company's common stock were outstanding. The holders of 6,487,760 shares of Common Stock were present at the Special Meeting, either in person or represented by proxy, constituting a quorum. The following matters were considered at the Special Meeting: Proposal 1. Reverse Stock Split Proposal The Company's stockholders granted the board of directors authority, in its sole discretion, prior to the one-year anniversary of the Special Meeting, to effect a reverse stock split of the outstanding shares of the Company's Common Stock, at a reverse split ratio of between 1-for-2 and 1-for-20 as determined by the Board, whereby every 2 to 20 shares of the issued and outstanding Common Stock shall be combined into one share of issued and outstanding Common Stock. The Reverse Stock Split will not change the number of authorized shares of the Company's capital stock. The voting results were as follows: For: 5,177,506 Against: 1,222,793 Abstain: 87,461 Broker Non-Vote: 0 The Reverse Stock Split proposal was approved by the Company's stockholders. The results reported above are final voting results. No other matters were considered or voted upon at the meeting, except a proposal to adjourn the Special Meeting of Stockholders to a later date, if necessary, to permit further solicitation and vote proxies in the event there were not sufficient votes in favor of the Reverse Stock Split Proposal. Based upon the voting results, the latter was not applicable. Immediately following the receipt of stockholder approval at the Special Meeting, the Board approved a reverse stock split ratio of 1-for-20, whereby every 20 shares of the issued and outstanding Common Stock shall be combined into one share of issued and outstanding Common Stock. The Company expects to effect the Reverse Stock Split at the Approved Ratio at such time as determined by the Company's Board, subject to the filing and effectiveness of a certificate of amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware. The Company intends to implement the Reverse Stock Split to raise the per share bid price of the Common Stock above $1.00 per share for at least ten trading days and bring the Company back into compliance with Nasdaq Listing Rule 5550(a)(2). As previously disclosed, the Company must demonstrate compliance with the Bid Price Rule on or before July 31, 2026. The Company cannot provide assurance that the Reverse Stock Split will be implemented at the Approved Ratio, implemented in a timely manner or at all, or that if implemented, that it will achieve the desired effects. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $36.8 million in total assets, against $28.5 million in total liabilities. BIRDSBORO POWER: Moody's Rates New Secured Credit Facilities 'B1' ----------------------------------------------------------------- Moody's Ratings has assigned a B1 rating to Birdsboro Power LLC's (Birdsboro) proposed $450 million senior secured first lien term loan B due 2033, $45 million senior secured first lien revolving credit facility due 2031 and $25 million senior secured letter of credit facility due 2031 (collectively, the new credit facilities). The outlook is stable. The proceeds will be used to refinance the existing senior secured indebtedness, to fund Strategic Value Partner's acquisition of remaining 66.6% ownership stake in the project that they do not own, and pay transaction costs. Moody's intend to withdraw the Ba3 ratings assigned to Birdsboro's existing $325 million senior secured term loan due 2032, its $36 million senior secured revolving credit facility due 2030 and its $24 million senior secured letter of credit facility due 2030 upon the closing of the new credit facilities. RATINGS RATIONALE Birdsboro's B1 rating reflects the project's competitiveness as an efficient baseload plant, favorable power market fundamentals, and project finance lender protections. Project finance features include a 1st lien on assets, a six month debt service reserve, and a 75% excess cash sweep that steps down based on net debt to EBITDA. The cash sweep will step up to 100% during the last 6 quarters of the tenor of the proposed loan. However, such strengths are counterbalanced by the project's high financial leverage, inherent exposure to wholesale merchant power market, single shaft system and basis-related nodal risk. The project's cash flows benefit from elevated PJM capacity prices, underpinned by cleared price of $270/MW-day for the 2025/26 delivery year (June 2025-May 2026), $329/MW-day for 2026/27 and $333/MW-day for 2027/28. The project has also realized improved energy margins since 2023. The higher energy margins and capacity prices are due to electricity demand growth across the region coupled with limited supply additions. However, the rating further considers its high opening financial leverage given the significant amount of incremental debt. The project's leverage at financial close will be about $928/kW, which is substantially higher than most other merchant power projects in PJM. Although Birdsboro has a stronger excess cash sweep provision under its proposed financing, the project will likely take around 3 to 5 years to paydown the proposed incremental increase to its debt. Moody's also considers its ongoing exposure to volatile wholesale merchant power market. At the same time, the project is exposed to the risk of greater adverse consequences from an operational problem given its reliance on one single shaft system. That said, the project has historically shown strong operating performance, except in 2022 when the plant had a warranty issue that is resolved, and has exhibited a competitive heat rate leading to a high capacity factor of nearly 80% in 2025. Under the project's management case, Birdsboro expects Project CFO to Debt averaging around 17% and debt service coverage ratio (DSCR) averaging 2.6x over the next three years. Under a more conservative Moody's case, Birdsboro is forecasted to have an average Project CFO to debt of around 8% and DSCR averaging 1.7x over the same time period. For 2027, the project's financial performance is expected to be negatively impacted by a scheduled major maintenance leading to low financial metrics. Once its major maintenance is complete, Birdsboro expects its financial metrics will improve as cash flow increases and debt is reduced. RATING OUTLOOK The stable outlook reflects Moody's expectations that Birdsboro's financial metrics remain adequate for the current rating level, supported by favorable market fundamentals offset by its high financial leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if its CFO/debt and DSCR exceeds 12% and 2.0x, respectively, on a sustained basis. The ratings could be downgraded if the project experiences prolonged operational disruptions or market conditions deteriorate considerably, resulting in its CFO/debt or DSCR falling below 6% and 1.5x, respectively, on a sustained basis. PROFILE Birdsboro Power LLC owns and operates a 485MW (nameplate) combined cycle natural gas-fired generation facility, which is located in Birdsboro, Pennsylvania, within PJM's MAAC capacity zone. The equipment includes 1x1 GE 7HA.02-Series (H-Class) Single Shaft. The facility commissioned its operations in May 2019. The project is currently owned 33.3% by Strategic Value Partners (SVP), an alternative investment firm, 33.3% by Tokyo Gas Co., Ltd. (A1 stable), and 33.3% by Sojitz Corporation. In May 2026, SVP entered into a definitive agreement to acquire the remaining equity interest in the project from the other shareholders. LIST OF AFFECTED RATINGS Issuer: Birdsboro Power LLC Assignments: Senior Secured Bank Credit Facility, Assigned B1 The principal methodology used in these ratings was Power Generation Projects published in May 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. BONNIE MAULDIN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The Bonnie Mauldin Group, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral from June 24 through the final hearing based on a court-approved budget. The next hearing is set for July 22. The Debtor needs access to cash collateral to maintain daily operations, meet payroll, satisfy vendor and supplier obligations, preserve customer relationships, and retain employees. Several creditors including American Coradius International LLC, the U.S. Small Business Administration, Investa Services LLC, SouthState Bank, N.A., and Stripe Servicing, Inc. may claim security interests in the Debtor's cash collateral. To provide adequate protection for any secured interests, the Debtor offers granting replacement liens on post-petition collateral that mirror the nature, scope, validity, and priority of any existing pre-petition liens. These replacement liens would not prime senior liens or attach to Chapter 5 avoidance actions without further court approval. The order is available at http://bankrupt.com/misc/BonnieMauldin_ICCOrder19.pdf About The Bonnie Mauldin Group LLC The Bonnie Mauldin Group, LLC is a small-business digital marketing agency. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-57807) on June 15, 2026. In the petition signed by Bonnie Mauldin, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Lisa Ritchey Craig oversees the case. Michael Pugh, Esq., at Thompson, O'Brien, Kappler & Nasuti, P.C., represents the Debtor as legal counsel. BOOTLEGGER'S BREWERY: To Sell Equipment to Ambitious Ales for $13K ------------------------------------------------------------------ Bootlegger's Brewery LLC seeks permission from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to sell Equipment and Property, free and clear of liens, claims, interests, and encumbrances. The Equipment and personal property are more fully described in Exhibit A.https://urlcurt.com/u?l=BKYveR The Debtor accepts an offer from Ambitious Ales LLC to purchase the Property for the total amount of $13,500, subject to overbid. The Debtor believes that the proposed sale for $13,500 is for fair market value. The Buyer acknowledges that it is buying the Property "as is" and "where is" without warranties of any kind, express or implied, being given by the Debtor or its agents concerning the Property's condition. The Debtor proposes that the offer be subject to overbid. The initial overbid must exceed the original Offer by a minimum of $5,000. Each subsequent bid must be in increments of at least $2,500. Each bid must be all cash, non-contingent, and on the same terms and conditions, other than price. Should bidder fail to qualify for financing or timely close escrow, the $10,000 deposit is non-refundable. The proceeds from the sale of the Property will be used for Debtor's ongoing business operations. There are no creditors that hold liens against the Property. There is no relationship between the Debtor and Ambitious Ales, and Ambitious Ales is not an insider of the Debtor or its principals. The proposed sale is an arms-length transaction and is in good faith. About Bootlegger's Brewery LLC Bootlegger's Brewery, LLC, a company in Fullerton, Calif., produces a range of craft beers, including year-round and seasonal varieties. Founded in 2008, it serves both on-site visitors and local consumers in North Orange County. Its operations focus on brewing, tastings, and community engagement within the alcoholic beverages industry. Bootlegger's Brewery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12907) on October 15, 2025, with $156,358 in assets and $1,865,389 in liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge Mark D. Houle presides over the case. Andrew Bisom, Esq., at the Law Office of Andrew S. Bisom represents the Debtor as bankruptcy counsel. BRIGHT STAR: Claims to be Paid from Disposable Income ----------------------------------------------------- Bright Star Early Learning, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan of Reorganization dated June 18, 2026. The Debtor is a corporation that was formed under the laws of the State of Maryland on April 7, 2014, to provide high-quality early childhood education and childcare related services to families in Baltimore County and surrounding communities. Since its formation, the Debtor, through its sole Member, Elizabeth Roziak, has operated multiple licensed childcare locations serving infants, toddlers, and preschool-aged children, with a focus on safe environments, early learning readiness, nutrition, and family support services. As reflected in the Debtor's Schedules filed in this bankruptcy case, the $29,228.23 value of the Debtor's assets is substantially less than the amount owed to National Funding, leaving Forward Financing as completely unsecured. The Debtor consulted with bankruptcy counsel and ultimately made the decision to seek to reorganize under Chapter 11. On March 20, 2026, the Debtor's bankruptcy case was filed. Since that time, and with the consent of National Funding, the Debtor sought, and obtained authority to use its cash and future receivables operate its business. By limiting the amounts due to National Funding and eliminating the obligation to Forward Financing, the debtor has been able to operate profitably in the course of the bankruptcy case. To the best of the Debtor's knowledge, there are no priority tax claims. The Debtor has made arrangements to pay National Funding the sum of $29,228.23, on account of its secured claim in monthly installments of $2,435.55. The balance of its claim will be treated as unsecured and the entire Forward Financing claim will be treated as unsecured. Beyond that, and as set out in more detail in the Plan, the Debtor only has unsecured claims and proposes to pay those claims from the disposable income from its operations. To date, the Debtor has not received communications of any sort from its creditors suggesting that the Debtor would have any problem confirming its Plan and the Debtor it is confident that it will be able to maintain operations during the course of this case and that it will complete its reorganization as proposed in this Plan. Class 4 consists of Allowed General Unsecured Claims. In full and complete satisfaction, discharge and release of the Class 4 Claims, the Debtor shall pay the Holders of Allowed Class 4 Claims, without interest, their pro-rata shares of all available projected Disposable Income, as supplemented from proceeds of Avoidance Actions, if any, paid semi-annually beginning sixty days after all allowed Administrative Claims and Class 1 Claims, if any, have been paid in full. The payments will continue during the term of this Plan. Class 4 is impaired and therefore the Holders of Class 4 Claims are entitled to vote to accept or reject the Plan. Class 5 consists of Equity Interests. On the Effective Date, the legal, equitable and contractual rights of the Debtor in its assets and properties shall be retained unaltered. Class 5 is Unimpaired. As a result, pursuant to Section 1126(f) of the Bankruptcy Code, the holders of the equity interests in the Debtor are conclusively deemed to have accepted the Plan and, therefore, are not entitled to vote to accept or reject the Plan. Except as otherwise provided in this Plan or the Confirmation Order, all property of the Debtor's estate shall, pursuant to Sections 1141(b) and 1141(c) of the Bankruptcy Code, vest in the Debtor as of the Effective Date free and clear of any Claim of any Creditor provided for by this Plan, except that the SBA shall retain its lien on the Debtor's assets until its Claim has been paid in full or released. Upon the Effective Date, the day-to-day operations of the Debtor shall continue to be overseen by Dr. Malinsky as its sole shareholder. To the extent applicable to a case under Subchapter V, the Debtor will amend its governing documents to comply with the provisions of Section 1123(a)(6) of the Bankruptcy Code. In the ordinary course of its business, the Debtor receives funds from, and for the benefit of, the families for whose children services are provided. In the course of its operations, those sources have included private pay tuition, Maryland childcare scholarship program receipts, state reimbursement program receipts and subsidies for reimbursement of food costs through the Child and Adult Care Food Program (CACFP) that is run by the U.S. Department of Agriculture. During the term of this Plan, the Debtor shall pay all Disposable Income from operational receipts. The amount of the Disposable Income will depend upon the enrollment numbers that the Debtor maintains from time to time, the Debtor's ability to obtain payment in full from those enrolled in its programs, continued receipt of government funding and subsidies, and the amount of Extraordinary Expenditures, if any, incurred during that period. A full-text copy of the Subchapter V Plan dated June 18, 2026 is available at https://urlcurt.com/u?l=fIEh1R from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road Rockville, MD 20850 Telephone: (310) 250-7232 About Bright Star Early Learning LLC Bright Star Early Learning, LLC, is a childcare provider operating multiple locations in Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-12988) on March 20, 2026. In the petition signed by Elizabeth Rosiak, owner and director, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Nancy V. Alquist oversees the case. Jeffrey Orenstein, at Wolff & Orenstein LLC, is the Debtor's legal counsel. BURKE VENTURES: Seeks Chapter 11 Bankruptcy in Wisconsin -------------------------------------------------------- On June 24, 2026, Burke Ventures LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Wisconsin. According to court filings, the Debtor reports between $500,000 and $1 million in debt owed to 1–49 creditors. The Chapter 11 filing follows a 2025 contract dispute lawsuit filed by Live Oak Banking Company in the U.S. District Court for the Western District of Wisconsin. About Burke Ventures LLC Burke Ventures LLC is a Madison, Wisconsin-based portable storage container rental and self-storage services provider. The company offers portable storage and moving solutions throughout Madison, Milwaukee, Appleton, and Oshkosh. Burke Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. not disclosed) on June 24, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $500,000 to $1 million. The Debtor is represented by John W. Menn, Esq. of Swanson Sweet LLP. C & S RESTAURANT: Claims to be Paid from Available Cash & Income ---------------------------------------------------------------- C & S Restaurant Group, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Second Amended Plan of Reorganization for Small Business under Subchapter V dated June 19, 2026. The Debtor is a Florida limited liability corporation that was formed on 2014. The Debtor operates a sports bar and restaurant named C & S Restaurant Group, LLC. which operates under the fictitious name Buster's Sports Tavern. The Debtor's business was affected by the Hurricane Ian which stuck Fort Myers in September 2022 and caused significant flooding and damage to the area of Fort Myers in which the business operates. The business suffered flooding damage which required major repairs and caused the business to close for several months. The Debtor's business was further harmed by hurricanes the struck Fort Myers in 2024. The Hurricanes resulted in the Debtor incurring significant reduction in business revenue. In order to keep the business, open the Scott Iannelli used us his retirement savings and then resorted to MCA Loans and other high interest debt to cover the overhead. The Debtor fell behind on its payments and sought bankruptcy protection. Class 4 consists of all Unsecured Non-Priority Claims. The total amount of liquidated, scheduled and filed Class 3 Claims are $432,955.27, which is subject to change depending on claim objections and the Bankruptcy Court's determination of the claims that allege secured status. Class 4 is impaired by the Plan. Each holder of an Allowed Class 4 Claim will receive a pro-rata share of unencumbered proceeds without interest after the payment of allowed administrative expense claims, allowed priority tax claims, allowed priority claims, and allowed secured claims as calculated from the Effective Date of the Plan. Quarterly Payments as set forth in Exhibit B shall commence on July 31 2027 and be due on the last day of the First Month of Each Calendar Quarter until three years from the Effective Date of the Plan. Class 5 is comprised of all equity interests in the Debtor, which are owned by Scott Iannelli and his wife, Elizabeth Marcantonio who filed Claim No. 14 in the case. The Holders of Class 6 shall not receive a payment under the plan and are not allowed to vote on the Plan. Holders of Class 4 interests shall retain their full equity interest in the same amounts, percentages, manner, and structure as existed on the Petition Date. Payments required under the Plan will be funded from: (i) existing cash on hand on the Effective Date; and (ii) projected disposable income remaining after the payment of operating expenses. On the Effective Date, except as otherwise expressly provided in the Plan or in the Bankruptcy Code, all assets of the Debtor's estate shall vest in the Debtor, free and clear of any and all liens, debts, obligations, claims, cure claims, liabilities, encumbrances, and all other interests of every kind and nature, and the Confirmation Order shall so provide. A full-text copy of the Second Amended Plan dated June 19, 2026 is available at https://urlcurt.com/u?l=qmRsQ9 from PacerMonitor.com at no charge. Counsel to the Debtor: Joseph Trunkett, Esq. Gulf Coast Bankruptcy Law Firm 1533 Hendry St., Suite 300 Fort Myer, FL 33901 Telephone: (239) 790-4529 Email: jtrunkett@trunkettlaw.com About C & S Restaurant Group C & S Restaurant Group LLC operates Buster's Sports Tavern, a casual full-service restaurant and sports tavern in Fort Myers, Florida, offering made-to-order meals, alcoholic beverages, and a sports-oriented dining experience. The company is registered in Florida as a limited liability company and manages its restaurant operations from its main location on McGregor Boulevard. C & S Restaurant Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00517) on March 6, 2026. In its petition signed by Scott T. Iannelli, managing member, the Debtor disclosed $70,681 in total assets and $1,528,291 in liabilities. Judge Luis Ernesto Rivera II handles the case. Joseph Trunkett, at Gulf Coast Bankruptcy Law Firm, serves as the Debtor's counsel. CANDESCENT: Fitch Alters Outlook on 'B+' LongTerm IDR to Negative ----------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Dragon Buyer, Inc. and Dragon Midco Inc. (d/b/a Candescent) at 'B+'. The Rating Outlook has been revised to Negative from Stable. Fitch has affirmed Candescent's first lien term loan and revolver at 'BB' with a Recovery Rating of 'RR2'. The Negative Outlook is driven by the delay in normalization of cash flows, which are expected to stay outside of Fitch's negative rating sensitivity in 2026. The completion of the separation from NCR Voyix in April 2026, while a significant operational milestone, has been accompanied by weaker-than-anticipated revenue and EBITDA performance in 2026 as the business continues to absorb transition-related costs. Fitch now expects FCF conversion rates to normalize in 2027 as one-time separation costs fully subside, the go-to-market reorganization gains further traction, and revenue and EBITDA return to a more stable trajectory. Key Rating Drivers Delayed Cash Flow Normalization: While the FCF generated by Candescent's core operations remains fundamentally sound, near-term cash flow metrics continue to be impacted by transition-related costs and softer revenue and EBITDA performance in 2026 following the completion of the separation from NCR Voyix Corporation in April 2026. Fitch expects cash flow metrics to recover in 2027 as exceptional items subside and the business normalizes. In the interim, liquidity remains adequate supported by a fully undrawn $200 million revolving credit facility and a cash balance of approximately $153 million. 2026 Performance Reflects Transitional Dynamics: Fitch views 2026 as a transitional year for Candescent, with near-term operating performance pressured by post-separation dynamics and deliberate strategic investment. Candescent's 2026 revenue is budgeted to be essentially flat year on year, as elevated customer attrition experienced in 2025 following the NCR Voyix separation takes nine to 12 months to cycle through before the benefit of strong new bookings is felt. EBITDA margins are expected to compress in 2026, reflecting deliberate surge investments in Sales and Marketing and Product Engineering, before recovering in 2027. Elevated Leverage with Deleveraging Capacity: Fitch-calculated EBITDA leverage, adjusted by expensing capitalized software development costs, was 6.1x in 2025 (4.4x on an unadjusted basis). For 2025, EBITDA net leverage was 5.1x (3.6x on an unadjusted basis). Leverage is projected to increase in 2026, driven by near-term EBITDA margin compression, before gradually declining thereafter through a combination of cost savings and operating efficiencies. However, execution risk remains. Candescent's private equity ownership would likely prioritize return on equity optimization over voluntary debt prepayment, and deleveraging could be offset by debt-funded acquisitions to broaden the company's market position. Highly Recurring Revenue: Candescent's revenue is highly recurring with more than 90% of revenue being subscription-based with high net retention rates. This results in a highly predictable operating profile for the company. It also operates under multiyear contracts with an average contract length of five years, thereby providing further revenue visibility. Elevated customer churn experienced in 2025 is viewed by Fitch as largely attributable to uncertainty surrounding the separation from NCR Voyix. Diversified, Stable Customer Base: Candescent's offerings are deployed across over 1,300 customers including banks, credit unions and other financial institutions. Given the highly integrated nature of its products into customers' core banking systems and the mission-critical nature of Candescent's solutions, Fitch views the revenue structure as resilient. Subscription fee revenues account for majority of revenues and are expected to remain at similar levels going forward. End-Market Concentration: Candescent derives nearly all its revenue from financial institutions and could be impacted over time by fluctuations in banking activity. Sector concentration also exposes Candescent to consolidation trends underway in financial institutions. Offsetting industry concentration risk is product diversification and limited customer concentration. Limited Technology Disruption Risk: Candescent operates in a highly regulated, mission-critical environment that Fitch views as a meaningful structural barrier to rapid AI-driven disruption. Stringent regulatory oversight makes adoption of unproven technology into core banking infrastructure particularly challenging, while deep system integrations, high switching costs, and long-term contracts further reinforce customer retention. Fitch notes that Candescent is also investing in AI-enabled capabilities, reflecting its efforts to adapt its product offering to an evolving technology landscape. Peer Analysis Fitch rates Candescent relative to other software companies such as Finastra Limited (B/Stable), Project Everest Ultimate Parent, LLC (d/b/a Conga; B+/Stable) and ConnectWise Holdings, LLC (B+/Stable). Finastra provides financial software in areas such as lending and retail banking, among others. Conga provides SaaS-based revenue lifecycle management products. ConnectWise provides software solutions primarily for technology solution providers and managed service providers. Compared to Finastra, which is also a SaaS provider to financial institutions, Candescent operates at a smaller scale but has a better coverage ratio and stronger projected cash flow generation. Conga operates at a similar scale as Candescent, has a similar coverage profile and higher (CFO-capex)/debt ratio. ConnectWise operates at a larger scale and has better credit metrics compared to Candescent. All four entities carry elevated leverage consistent with sponsor-owned software companies. Fitch’s Key Rating-Case Assumptions - Slight decline in revenue in 2026 and low single-digit revenue growth thereafter; - EBITDA margins (adjusted for capitalized software development costs) to compress in 2026, improving gradually to the low to mid-20s range driven by cost savings; - Capex is projected to be about $1 million for projection horizon; - Fitch assumes excess cash flow to be used primarily for tuck-in acquisitions during the forecast period; - Gross EBITDA leverage (adjusted for capitalized software development costs) increases to slightly over 8x in 2026 gradually declining to 5.5x by 2029; - Floating rate debt assumes a secured overnight financing rate of 4.25% for 2026, 4.00% for 2027 and 3.50% for 2028-2029. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb-, Lower), sector characteristics (bbb-, Moderate), market and competitive positioning (bb, Moderate), diversification and asset quality (b+, Higher), company operational characteristics (bbb-, Lower), profitability (bb+, Lower), financial structure (b, Higher), 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 The recovery analysis assumes that the issuer would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. A 10% administrative claim is assumed and the revolver is assumed to be fully drawn. GC Approach GC EBITDA: Fitch assumes a bankruptcy scenario where the company experiences higher customer churn leading to declining revenue. Candescent could lose its top customers and downsell to other existing customers, leading to a decline in revenue from normalized 2027 levels. There could be more cost reductions in the reorganization process, leading to a GC EBITDA margin in the low 20% range. $135 million is used as the GC EBITDA. Enterprise Valuation (EV) Multiple: The EV/EBITDA multiple used in this recovery analysis for Candescent is 7.0x. Fitch believes that the multiple is supported by the following: Comparable Reorganizations: In its "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median TMT multiple of reorganization EV/EBITDA is approximately 5.9x. Of these companies, five were in the software sector: Allen Systems Group, Inc. (8.4x), Avaya, Inc. (7.5x in 2023 and 8.1x in 2017), Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x), and Riverbed Technology Software (8.3x). Comparable Recovery Assumptions: The multiple has been between 5.5x and 7.0x for 'B'/'CCC' rated software as a service peers with similar products/services and operating profiles as providers of specialty software to client bases where market shares are defensible. Business Profile: The company has highly recurring revenue model providing significant revenue visibility. It benefits from exposure to a diverse and stable customer base. All these business profile factors support a high EV multiple. The GC EBITDA of $135 million and recovery multiple of 7.0x result in a post-reorganization enterprise value of approximately $851 million after the deduction of administrative claims, resulting in an 'RR2' Recovery Rating and 'BB' rating for the 1L senior secured revolver and TL, two notches above the issuer's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 5.5x on a sustained basis; - (CFO-capex)/debt ratio below 5.0% on a sustained basis; - Significant acquisitions largely funded with debt that pressure credit metrics or other changes in financial policies that weaken the credit profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 4.0x; - (CFO-capex)/debt ratio at 7.5% or higher; - Significant improvement in operating fundamentals reflected by growth of revenue and EBITDA. Factors that Could, Individually or Collectively, Lead to Stable Outlook - Improved operating profile with (CFO-capex)/debt ratio sustained above 5.0%. Liquidity and Debt Structure Candescent's liquidity is supported by cash on the balance sheet of $152.8 million as of March 31, 2026, projected FCF generation from 2027 onward and full availability under its revolver. The debt structure comprises of $1 billion first lien secured term loan ($988 million outstanding as of March 31, 2026) and $200 million revolver (fully undrawn). The term loan matures in September 2031 and the company has access to the revolver until September 2029. Issuer Profile Candescent provides SaaS-based solutions that power and connect account opening, digital banking and branch solutions for banks and credit unions. The company, owned by Veritas, was formed to acquire the digital banking business spun off from NCR Voyix. 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 Candescent. 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 ----------- ------ -------- ----- Dragon Midco Inc. LT IDR B+ Affirmed B+ Dragon Buyer, Inc. LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB CANNON'S CLASSIC: Seeks to Hire Tax-Launch as Accountant -------------------------------------------------------- Cannon's Classic Cars LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Tax-Launch as accountant. The Debtor requires the assistance of an accountant to compile its books and records in order to prepare accurate financial statements and tax filings. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Bringhurst disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Casey Bringhurst Tax-Launch 1563 Mountain View Drive Spanish Fork, UT 84660 Tel: (385) 231-6476 Email: caseybringhurstcpa@tax-launch.com About Cannon's Classic Cars LLC Cannon's Classic Cars LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 26-22970) on May 19, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge David H Leigh presides over the case. T. Edward Cundick, Esq. at Workman Nydegger serves as the Debtor's counsel. CAROLINA FITNESS: Court Extends Cash Collateral Access to July 25 ----------------------------------------------------------------- Carolina Fitness Equipment, LLC received another extension from the U.S. Bankruptcy Court for the Western District of North Carolina to use cash collateral to fund operations. The court entered an interim order authorizing the Debtor to use cash collateral through July 25 to pay expenses outlined in an approved budget. Compliance with the budget is maintained so long as spending does not exceed budgeted amounts by more than 10% per line item. The court recognized that Regions Bank asserts a first-priority lien on the Debtor's cash collateral, while the U.S. Small Business Administration asserts a second-priority lien. As adequate protection for the use of their cash collateral, Regions Bank, the SBA, and any other holders of pre-petition cash collateral liens will be granted replacement liens on post-petition cash collateral with the same priority and extent as their pre-petition interests. Regions Bank and the SBA will also receive payments in accordance with the budget as additional protection. The order preserves all parties' rights to challenge the validity, priority, or extent of asserted liens and to object to any use of cash collateral beyond the interim period. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/jcEzC from PacerMonitor.com. A further hearing is scheduled for July 22. Regions Bank, as secured creditor, is represented by: Jay R. Bender, Esq. Bradley Arant Boult Cummings, LLP 214 North Tryon Street, Suite 3700 Charlotte, NC 28202 Telephone: (704) 338-6035 jbender@bradley.com About Carolina Fitness Equipment LLC Carolina Fitness Equipment, LLC sells new and used commercial and residential fitness equipment and provides installation, delivery, and maintenance services from its Belmont, North Carolina location to customers throughout the Carolinas and nearby areas. Carolina Fitness Equipment, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-30091) on January 25, 2026. The company reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laura T. Beyer oversees the case. The Debtor is represented by Cole Hayes, Esq. CARPENTER FAMILY: Darlington Property Sale to CFF LLC OK'd ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, has granted Carpenter Family Farms LLC and Benjamin Carpenter, and its affiliate B & L Land LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. Ben, together with his estranged wife, Lauren Carpenter, own real property located at 7525 N. Sugar Creek Township, Montgomery County, Darlington, Indiana containing Ben's residence along with farm buildings, situated on 9.731 acres (Residence). B&L owns real property containing land and a grain bin facility on approximately 1.78 acres in Montgomery County, Indiana, including the Sukup grain bin and all related equipment, improvements and fixtures comprising the grain facility. The Court has authorized the Debtor to sell the Residence to CFF LLC, an Indiana limited liability company for the purchase price of $2,487,275. Proper and sufficient notice on the Sale Motion has been served on all creditors and parties in interest in respect of the Sale Motion and the notice on the Sale Motion. If the Sale does not close by June 30, 2026 so that the gross sale prices is not actually received by FFB&T on or before June 30, 2026, then the Sale is no longer authorized. At the Sale, the Property may be transferred to the Purchaser free and clear of all Interest, with such Interest to attach to the proceeds of the sale of the Property in the order of their priority with the same validity, force, and effect as they now have against the Property. The Purchase Agreement and any related agreements, documents, or other instruments may be notified, amended or supplemented by the parties in accordance with the terms without further Order of the Court. About Carpenter Family Farms LLC Carpenter Family Farms, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on Sept. 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Andrea K. Mccord presides over the case. Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC, is the Debtor's legal counsel. About Carpenter Family Farms LLC. CELSIUS NETWORK: Former Exec Seeks Portion of D&O Defense Fund -------------------------------------------------------------- Danielle Ferguson of Law360 Bankruptcy authority reports that a former Celsius Network LLC executive has urged a federal court in New York to rule that he is entitled to receive D&O insurance proceeds to cover legal expenses arising from the criminal prosecution in which he admitted to manipulating the cryptocurrency lender's CEL token. He maintains that the insurers must honor their obligation to advance defense costs under the policy. The filing comes amid an ongoing battle over the company's D&O insurance coverage, with former officers, directors, and the bankruptcy estate competing for access to the remaining policy limits. According to the executive, the insurance contracts provide coverage for defense costs regardless of the outcome of the criminal proceedings, making him eligible for reimbursement, the report states. Celsius entered Chapter 11 bankruptcy in 2022 following the crypto market downturn. Its former leadership has since been targeted by federal prosecutors, regulators, and private plaintiffs, increasing pressure on the limited D&O insurance proceeds available to fund legal defenses, according to Law360. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CENTRO DE ENVEJECIENTES: Objections to Government Claims Tossed --------------------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico denied the objections of Centro de Envejecientes Jardin Dorado, Inc. to the Puerto Rico Department of Labor's proofs of claim. The Puerto Rico Department of Labor filed Proof of Claim No. 1 in the amount of $70,670.80 for unemployment insurance with an amount of $31,668.54 classified as a priority, pursuant to 11 U.S.C. Sec. 507(a)(8). The Department of Labor also filed Proof of Claim No. 2 in the amount of $5,949.29 for disability insurance with an amount of $3,632.42 classified as a priority, pursuant to 11 U.S.C. Sec. 507(a)(8). The Debtor filed objections to both claims. In its objection to Claim Number 1, the Debtor challenges the priority status afforded to monies owed for unemployment insurance by alleging that it is not a "tax." This unemployment insurance is a government mandated unemployment insurance program for all employees established by the Act. No. 74 of June 21, 1956. The Debtor does not dispute the amounts asserted in the claim. As to its objection to Claim Number 2, the Debtor challenges the priority status afforded to monies owed for government mandated disability insurance by alleging that it is not a "tax." This disability insurance was established by the Act. No. 139 of June 26, 1968, also known as the Temporary Disability Benefit Act (or "SINOT" by its Spanish acronym). The Debtor does not dispute the amounts asserted in the claim. The Court finds given that both contributions made under the Puerto Rico Employment Act and the Temporary Disability Benefit Act are taxes on wages, pursuant to 29 L.P.R.A, Sec. 708(b) and 11 L.P.R.A. Sec. 208, respectively, they qualify for priority status under Sec. 507(a)(8)(D) of the Bankruptcy Code. Consequently, objections to Proof of Claim Numbers 1 and 2 are denied. A copy of the Court's Opinion and Order dated June 22, 2026, is available at http://urlcurt.com/u?l=NpJjZWfrom PacerMonitor.com. About Centro de Envejecientes Jardin Dorado, Inc. Centro de Envejecientes Jardin Dorado, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-05865) on December 29, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Jesus E. Batista Sanchez, Esq. at The Batista Law Group, Psc serves as the Debtor's counsel. CHS FL: Seeks Court Approval to Hire Polsinelli as Legal Counsel ---------------------------------------------------------------- CHS FL, LLC and its affiliates filed an amended application seeking approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Polsinelli PC to serve as legal counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the estates of the Debtors, including prosecution and defense of actions, negotiation of disputes, and preparation of objections to claims filed against the Debtors' estates; (b) provide legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business; (c) prepare on behalf of the Debtors necessary motions, applications, answers, orders, reports, and other legal papers in connection with the administration of the estates; (d) appear in court and protect the interests of the Debtors before the Bankruptcy Court; (e) assist with any disposition of the Debtors' assets, by sale or otherwise; (f) take actions in connection with any plan of reorganization and related disclosure statement and documents; (g) review all pleadings filed in the Chapter 11 cases; and (h) perform all other legal services in connection with the Chapter 11 cases as may reasonably be required. Polsinelli PC will receive hourly rates ranging from $700 to $1,495 for shareholders, $485 to $700 for associates, and $450 for paraprofessionals. Polsinelli received an initial retainer of $225,000. Polsinelli PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeremy R. Johnson, Esq. POLSINELLI PC 600 Third Avenue, 42nd Floor New York, NY 10016 About CHS FL, LLC, et al. CHS FL, LLC, et al. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 2:26-bk-01087-FMR) on May 8 and May 13, 2026. At the time of the filing, the Debtors had estimated assets of between $50,000,001 and $100 million and liabilities of between $100,000,001 and $500 million. Judge Luis Ernesto Rivera II oversees the case. Dal Lago Law is Debtor's legal counsel. CLEARLY AMAZING: Joseph DiOrio Named Subchapter V Trustee --------------------------------------------------------- William Harrington, the U.S. Trustee for Region 1, appointed Joseph DiOrio of Pannone Lopes Devereaux & O'Gara LLC as Subchapter V trustee for Clearly Amazing Outlook, LLC. Mr. DiOrio will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. DiOrio declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached: Joseph M. DiOrio Pannone Lopes Devereaux & O'Gara LLC Northwoods Office Park, Suite 215 N 1301 Atwood Avenue Johnston, RI 02919 401.824.5180 Email: jdiorio@pldolaw.com About Clearly Amazing Outlook LLC Clearly Amazing Outlook LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. 26-10545) on June 10, 2026, with $1 million to $10 million in both assets and liabilities. Richard J. Land, Esq. at Chace Ruttenberg & Freedman, LLP represents the Debtor as legal counsel. COMMERCIAL JANITORIAL: Seeks Subchapter V Bankruptcy in Virginia ---------------------------------------------------------------- On June 24, 2026, Commercial Janitorial Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. According to court filings, the Debtor reports between $500,000 and $1 million in debt owed to 1–49 creditors. About Commercial Janitorial Inc. Commercial Janitorial Inc. is a Williamsburg, Virginia-based commercial janitorial services provider. The company provides commercial cleaning services, with operations centered in the Richmond metropolitan area. Court filings do not specify the reasons for the Chapter 11 filing. Commercial Janitorial Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-50633) on June 24, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $500,000 to $1 million. The Debtor is represented by Robert S. Westermann, Esq. of Spotts Fain PC. CONNECTM TECHNOLOGY: Says Blue Cloud Progress Backs Share Swap -------------------------------------------------------------- ConnectM Technology Solutions, Inc., said Blue Cloud Softech Solutions Ltd.'s integration of Global Impx assets supports a previously announced share swap, according to a press release furnished as an exhibit to a Form 8-K filed with the Securities and Exchange Commission. The company received 160 million Blue Cloud shares in April in a non-cash share exchange for its 94.11% interest in Global Impx Inc. ConnectM retained about a 17.3% post-issue stake in Blue Cloud after the transaction. The Marlborough, Massachusetts, company said Blue Cloud is integrating Global Impx's energy, mobility, software and infrastructure capabilities. ConnectM said the response to the integration supports discussions with customers and prospective partners. About ConnectM Technology ConnectM Technology Solutions, Inc., provides energy storage, distributed energy, last-mile delivery, mobility, and AI infrastructure solutions. The company operates through six segments: Owned Service Network, Managed Solutions, Distributed Energy & Renewables, Transportation, Logistics, and Corporate & Strategic Assets. Based in Marlborough, Massachusetts, ConnectM serves customers worldwide with AI-enabled electrification, Industrial Internet of Things, energy management, equipment, and mobility asset solutions. In an audit report dated Aug. 4, 2025, Adeptus Partners, LLC, issued a going-concern audit report for ConnectM, citing a net loss from operations, negative operating cash flows and an accumulated deficit. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, ConnectM Technology Solutions, Inc. reported total assets of $39.82 million, total liabilities of $37.86 million, and stockholders' equity of $1.96 million. CONROE CORRAL: Catherine Stone Curtis Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Catherine Stone Curtis as Subchapter V trustee for Conroe Corral Murphy, LLC. Ms. Curtis 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. Curtis declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Catherine Stone Curtis MCGINNIS LOCHRIDGE P.O. Box 720788 McAllen, TX 78504 Ph: (956) 489-5958 Fax: (956) 331-2304 Email: ccurtis@mcginnislaw.com About Conroe Corral Murphy LLC Conroe Corral Murphy, LLC is a privately held limited liability company engaged in commercial business operations in Texas. The filing provides limited public information regarding the company's specific operations and financial structure. Conroe Corral Murphy filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-34166) on June 10, 2026. In its petition, the Debtor reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Alex Olmedo Acosta, Esq., at Acosta Law, P.C. COOL FREAKIN': Updates Unsecured Claims Pay Details --------------------------------------------------- Cool Freakin' Genius LLC submitted a First Amended Plan of Reorganization under Subchapter V dated June 18, 2026. This Plan provides for a reorganization of the Debtor to preserve its going concern value and future business. Under this Plan, the Debtor will (i) pay all of its Professional Fee Claims and Priority Claims in full on the Effective Date of the Plan, (ii) pay the B. Mascolo Trust Claim interest for the five-year term of the Plan and thereafter until its maturity in 2035, and (iii) pay the claims of holders of Allowed General Unsecured Claims on a pro rata basis in an amount equal to the next five years of the Debtor's Projected Disposable Income. Because the Debtor's business is to develop and sell CFG Branded Products, the Debtor's continued operations depend on it being able to produce, market, and distribute its cosmetic and hair care products to professional salons. However, due to the preliminary injunction issued by the District Court in the TIGI Case, the Debtor has been stayed from selling and distributing its products. To enable to the Debtor to continue to operate during this Chapter 11 Case and to progress the redesign of CFG Branded Products, the B. Mascolo Trust has provided the Debtor with unsecured loans in the amount of approximately $400,000 since the Petition Date. The Debtor expects to require further unsecured loans from the B. Mascolo Trust to enable it to achieve confirmation of this Plan and to facilitate its operations during a portion of the Plan term. To that end, the Debtor anticipates entering into the B. Mascolo Trust Letter of Credit to govern the terms of repayment of the B. Mascolo Trust Claim and the Debtor's go-forward financing needs until it can operate at a profit. The Debtor anticipates that the B. Mascolo Trust Letter of Credit will be payable at an interest rate of 3.7% and that the Debtor will be required to make annual interest only payments though the 2035 maturity date when all principal and interest shall become due and payable. Class 2 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each Holder shall, in exchange for full and final satisfaction, settlement, and release of such Claim, receive its pro rata portion of the Debtor's Projected Disposable Income, as projected in Exhibit 3, for a period of five years after the Effective Date. The Debtor shall make distributions on a quarterly basis (on the 15th day of March, June, September, and December) through the five-year term of the Plan, but only to the extent that Projected Disposable Income is available for distribution. The Debtor's Projected Disposable Income shows that no payments will be made until year 4. In year 4, holders of Allowed General Unsecured Claims will receive their pro rata share of 54,011.88 on a quarterly basis. In year 5, holders of Allowed General Unsecured Claims will receive their pro rata share of $45,886.88 on a quarterly basis. Once the Debtor has made all such quarterly payments, all obligations to Class 2 General Unsecured Creditors under this Plan are fully satisfied. Class 2 is Impaired and all Holders of Class 2 Claims are entitled to vote on the Plan. The allowed unsecured claims total $1,975,000 to $2,550,000. All payments and distributions under this Plan will be made using cash on hand at the Effective Date, the Debtor's Projected Disposable Income for the next five years, and amounts that will be paid to the Reorganized Debtor pursuant to the terms of the B. Mascolo Trust Letter of Credit. The Reorganized Debtor will continue to operate with the primary purpose of producing and selling CFG Branded Products to professional salons. The Reorganized Debtor will continue to be managed by Kyara Mascolo. On the Effective Date, Kyara Mascolo will remain the manager of the Reorganized Debtor. A full-text copy of the First Amended Plan dated June 18, 2026 is available at https://urlcurt.com/u?l=R6WDGk from PacerMonitor.com at no charge. Counsel to the Debtor: Bernard R. Given, II, Esq. Loeb & Loeb LLP 10100 Santa Monica Boulevard, Suite 2200 Los Angeles, CA 90067 Telephone: (310) 282-2000 Facsimile: (310) 282-2200 Bethany D. Simmons, Esq. Loeb & Loeb LLP 345 Park Avenue New York, NY 10154 Telephone: 212.407.4000 About Cool Freakin' Genius LLC Cool Freakin' Genius LLC, based in Los Angeles, California, develops, markets, and sells hair-care products including shampoos, conditioners, styling treatments, and related personal care items through its direct-to-consumer website and professional salon channels, operating within the cosmetics and hair-care industry. Cool Freakin' Genius LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11023) on Feb. 3, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Kyara Mascolo as manager. Bernard R. Given, II, at LOEB & LOEB LLP, is the Debtor's counsel. COOL LIFE: Ashley Rusher Named Subchapter V Trustee --------------------------------------------------- The U.S. Bankruptcy Administrator for the Middle District of North Carolina appointed Ashley Rusher as Subchapter V trustee for Cool Life CRM, Inc. Ms. Rusher will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Ms. Rusher declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Cool Life CRM Inc. Cool Life CRM, Inc. is a Sanford, North Carolina-based provider of CRM and virtual data room software. The company's platform supports relationship and transaction tracking, communication history management, document permission controls, workflow automation, reporting, billing, integrations, and API connectivity. Cool Life serves contexts including M&A, business brokerage, private equity, financial services, legal, audit, accounting, tax, pharma, research, association, and nonprofit workflows. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C Case No. 26-80195) on June 16, 2026, with $141,356 in assets and $2,176,085 in liabilities. David Cummings, president, signed the petition. Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. COOL LIFE: Hires Ivey McClellan Siegmund as Bankruptcy Counsel -------------------------------------------------------------- Cool Life CRM, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP as bankruptcy counsel. The firm will provide these services: a. represent the Debtor in a Chapter 11 bankruptcy; b. determine the rights and priorities of lienholders, if any; c. advise in preserving the Debtor's properties and assets; and d. generally assist the Debtor in administering its estate. The firm will be paid at these rates: Samantha K. Brumbaugh $475 per hour Dirk W. Siegmund $475 per hour Charles M. Ivey, III $550 per hour Darren A. McDonough $475 per hour Melissa M. Murrell $150 per hour Tabitha D. Harper $150 per hour Janice Childers $125 per hour The firm received a retainer in the amount of $5,015.50 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Samantha K. Brumbaugh, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Samantha K. Brumbaugh, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP P.O. Box 3324 305 Blandwood Ave. Greensboro, NC 27402 Telephone: (336) 274-4658 Email: skb@iveymcclellan.com About Cool Life CRM, Inc. Cool Life is a Sanford, North Carolina-based provider of CRM and virtual data room software. The company's platform supports relationship and transaction tracking, communication history management, document permission controls, workflow automation, reporting, billing, integrations, and API connectivity. Cool Life serves contexts including M&A, business brokerage, private equity, financial services, legal, audit, accounting, tax, pharma, research, association, and nonprofit workflows. Cool Life CRM, Inc., filed its voluntary petition for Chapter 11 protection (Bankr. M.D.N.C. Case No. 26-80195) on June 16, 2026, listing $141,356 in assets and $2,176,085 in liabilities. David Cummings, president of Cool Life CRM, Inc., signed the petition. Samantha K. Brumbaugh, Esq. of Ivey, McClellan, Siegmund, Brumbaugh & Mcdonough, LLP serve as the Debtor's legal counsel. CORE & MAIN: Moody's Affirms Ba2 CFR & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings affirmed Core & Main LP's Ba2 corporate family rating and Ba2-PD probability of default rating. Moody's also upgraded the ratings on the company's existing senior secured term loans due 2028 and 2031 to Ba2 from Ba3. At the same time, Moody's assigned a Ba2 rating to the proposed $800 million senior secured term loan B due 2033. The company's speculative grade liquidity (SGL) rating remains unchanged at SGL-1. The outlook was revised to positive from stable. Debt proceeds from the new term loan will be used to partially repay the existing first lien term loan due 2028. The CFR affirmation reflects strong operating performance and Moody's expectations that the company will continue to perform well, particularly in its municipal segment, despite sluggish new construction activity in both residential and many non-residential end markets. The positive outlook reflects Moody's expectations that Core & Main will continue to maintain conservative financial strategies and low leverage along with robust profitability as it executes its growth strategy. The upgrade of the company's existing term loan ratings to Ba2 from Ba3 reflects the preponderance of secured debt in the capital structure and the support that will be provided by the expected unsecured debt and by other unsecured claims such as trade payables and operating leases. RATINGS RATIONALE Core & Main's Ba2 CFR reflects its position as one of the largest distributors of water products in the US, with a national presence in a highly fragmented market. The company's size, scale, large customer base and a wide array of product offerings provide a distinct competitive advantage. Operating performance continues to be strong resulting in debt/EBITDA of about 2.4x at May 03, 2026 and relatively strong profit margins compared to peers. Moody's forecasts leverage to remain relatively stable, including if there are potential tuck-in acquisitions, over the next 12 to 18 months, supported by the company's public leverage target of 1.5x - 3x net debt/EBITDA. The rating is further supported by Core & Main's significant free cash flow generation. The rating is constrained by the cyclical nature of the company's end markets, which can be directly and indirectly impacted by new housing construction. Changes in commodity pricing, specifically those used to produce PVC pipe products, can create cash flow volatility. Acquisitive nature also presents risks, however, the company has a good track record of integrations. Moody's expects Core & Main will maintain very good liquidity over the next 12 to 15 months, generating over $500 million of free cash flow per year during the next two years, and sustaining ample availability on its $1.25 billion ABL expiring in 2031. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require debt-to-EBITDA sustained below 2.5x, preservation of very good liquidity and maintenance of conservative financial strategies. A ratings downgrade could result if Moody's adjusted debt-to-EBITDA is sustained above 3.5x, if financial strategies become more aggressive, or if there is a deterioration in liquidity. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. Core & Main's Ba2 rating is two notches below the scorecard-indicated outcome of Baa3 for the last twelve months period ending May 03, 2026 and for Moody's forward-looking view in 2027. The assigned rating reflects the company's acquisitive growth strategy which adds integration risk and leveraging event risk, and exposure to the cyclical end markets. Core & Main LP, headquartered in Saint Louis, Missouri, is a national distributor of water, sewage, drainage, stormwater and fire protection products serving mainly the nonresidential, residential and municipal end markets. The company has a broad base of over 60,000 customers including municipalities, private water companies and professional contractors. Revenue for the 12 months ended May 03, 2026 was about $7.6 billion. The holding company of the group, Core & Main, Inc., is listed on the New York Stock Exchange under the "CNM" ticker symbol. COUNTRY AIR: Unsecureds Will Get 25% via Quarterly Payments ----------------------------------------------------------- Country Air and Refrigeration LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Second Amended Subchapter V Plan dated June 18, 2026. The Company was founded in May 2021, specializing in commercial refrigeration services. Initial operations focused on third-party facilities management, notably through City Facilities, which managed the 7-Eleven account. Through high-performance standards and technical expertise, the Company quickly expanded its footprint, eventually securing a service relationship with Walmart. In late 2024, the Company was designated by 7-Eleven as the exclusive service contractor for an entire geographic region. To meet the requirements of this exclusivity and ensure adequate response times, the Company undertook significant capital expansion. These growth initiatives were funded through a combination of operational cash flow and external financing. In 2025, 7-Eleven underwent a sudden strategic pivot, reallocating resources to an internal "in-house" service model designed to minimize the use of outside contractors. This unexpected reduction in volume left the Company over-leveraged, as the debt service on the newly acquired assets and the increased payroll exceeded the adjusted revenue stream. Amidst this financial strain, a disagreement regarding the Company's future led to a management separation. The founding partner elected to exit the business, leaving the current owner as the sole principal. The Company is filing this petition to restructure its existing debt, right-size its balance sheet, and preserve its valuable relationships with its remaining client base to ensure long-term viability. Class VII consists of General Unsecured Creditors. This class is impaired. Unsecured claims, are estimated to be approximately $180000, but is subject to change as the various claims objections pending in this case are adjudicated. Unsecured creditors shall be paid an unsecured dividend and shall receive a collective dividend of $750 per month but to be distributed quarterly, for a period of 20 calendar quarters, and commencing with first payment on the first day of the first calendar quarter following the effective date of the plan. The dividend shall be pro-rated such that each unsecured creditor shall be paid in proportion that each creditor's allowed claim amount is to the total amount of allowed unsecured claims. Based on the total proposed dividend, and the anticipated collective body of allowed claims, the unsecured creditors will be receiving an estimated dividend of approximately 25%. If the plan is confirmed on a nonconsensual basis, the Subchapter V trustee will make all such payments in accordance with Section 6(2), unless the Court allows the Debtor to make the payments. If the Court does not so allow, then in such event the Subchapter V trustee will be entitled to additional administrative fees, and these payments will diminish the dividend to unsecured creditors. The sole equity interest holder of the Debtor is Brandon Malmberg, who will retain his interest and is unimpaired. The Debtor has the capacity to apply its net disposable income for 5 years toward a payment to its creditors, or if necessary, to the supervision and control of the Subchapter V trustee for execution of the plan. A full-text copy of the Second Amended Plan dated June 18, 2026 is available at https://urlcurt.com/u?l=W18c4X from PacerMonitor.com at no charge. About Country Air and Refrigeration Country Air and Refrigeration LLC was founded in May 2021, specializing in commercial refrigeration services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-12197) on Feb. 23, 2026, with $100,001 to $500,000 in assets and liabilities. Judge Mindy A. Mora presides over the case. Julianne R. Frank is serving as the Debtor's legal counsel. CREDIVALORES-CREDISERVICIOS:Trustee Says Shareholders Took Millions ------------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a Chapter 7 trustee has alleged that the U.S. shareholders of Colombian consumer finance company Credivalores-Crediservicios improperly moved tens of millions of dollars in cash and loan portfolios shortly before and after the company entered bankruptcy. The trustee claims the transfers were fraudulent because they shifted valuable assets away from the reach of creditors during the lender's financial collapse. The complaint seeks to void the transactions and recover the assets for inclusion in the bankruptcy estate, the report states. According to the trustee, the shareholders and affiliated entities benefited from the transfers while creditors were left with diminished assets to satisfy outstanding claims. The litigation is aimed at restoring value to the estate for creditor distributions. About Credivalores-Crediservicios SAS Credivalores-Crediservicios SAS operates as a financial services company. The Company provides credit cards, micro lending, and corporate loans. Credivalores-Crediservicios serves customers in Colombia. Credivalores-Crediservicios SAS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10837) on May 16, 2024. In its petition, the Debtor estimated assets and liabilities up to $500 million. Baker Mckenzie LLP is the Debtor's counsel. CROSBY MARINE: Seeks to Hire Ordinary Course Professionals ---------------------------------------------------------- Crosby Marine Transportation, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ and compensate certain ordinary course professionals. The OCPS include Phelps Dunbar, LLP, DLS Marine Survey and Appraisal, Matt Miller and Miller Sullivan & DeMarcay, LLC, and Jefferson Tillery at Jones Walker which will be utilized in the ordinary course of the Debtors' businesses. The professionals will provide these services: (a) assist the Debtors in carrying out their assigned responsibilities in the ordinary course of business; (b) provide general commercial and corporate advice; (c) handle labor and employment matters; (d) provide advice on and handle U.S. Coast Guard issues and investigations; (e) respond to third-party subpoenas; (f) provide advice on and handle commercial transactions; (g) prepare Master Services Agreements, Master Charter Agreements, and other such blanket contracts; (h) prepare and/or review other contracts and commercial documents submitted to the Debtors by existing and prospective customers before execution; and (i) handle settlements and preparation of settlement documents for property damage claims falling within the companies' insurance deductibles. The Debtors do not believe that any of the ordinary course professionals have an interest materially adverse to the Debtors, their creditors, or other parties in interest. The Debtors stated that none would be retained who do not meet, if applicable, the special counsel retention requirement of Section 327(e) of the Bankruptcy Code. The OCPs can be reached at: Phelps Dunbar, LLP Canal Place, 365 Canal Street, Suite 2000 New Orleans, LA 70130 Telephone: (504) 566-1311 E-mail: info@phelps.com DLS Marine Survey and Appraisal Louisiana Office: 3017 Lime St. Metairie, LA 70006 Virginia Office: 4772 Euclid Road, Suite B Virginia Beach, VA 23462 Telephone: (504) 835-8505 E-mail: info@dlsmarine.com Miller Sullivan & DeMarcay, LLC 1100 Poydras Street, Suite 1515 New Orleans, LA 70163 Telephone: (504) 708-1300 E-mail: info@msdnola.com Matthew P. Miller c/o Miller Sullivan & DeMarcay, LLC 1100 Poydras Street, Suite 1515 New Orleans, LA 70163 Telephone: (504) 708-1300 E-mail: info@msdnola.com Jefferson R. Tillery JONES WALKER LLP 201 St. Charles Ave., Suite 5100 New Orleans, LA 70170-5100 Telephone: (504) 582-8616 Facsimile: (504) 582-8015 E-mail: jtillery@joneswalker.com About Crosby Marine Transportation Crosby Marine Transportation, LLC, through its affiliates, provides marine transportation, dredging and marine construction services along the Gulf Coast, operating a fleet of about 200 vessels and marine equipment, including tugs, barges and dredging assets, from Golden Meadow and Houma, Louisiana. Founded in 1977 by Vinton and Kurt Crosby, the company serves commercial, government and energy customers, employs about 850 full-time workers and holds a 49.9% interest in Luhr Crosby, which provides rock and marine construction services. Crosby Marine Transportation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10678) on Mar. 23, 2026. In the petitions signed by Lawrence Perkins, chief restructuring officer, Crosby Marine disclosed up to $500 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. The Debtors tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as counsel; Aymond James & Associates, Inc. as investment banker; and Stretto, Inc. as claims, noticing, and solicitation agent. CROWN BOILER: Seeks to Extend Plan Exclusivity to Sept. 23 ---------------------------------------------------------- Crown Boiler Co., LLC, asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 23 and Nov. 22, 2026, respectively. On June 10, 2026, the Debtor, the Official Committee of Unsecured Creditors (the "Committee"), and Burnham Holdings, Inc. ("BHI"), filed a Joint Motion for Adjournment of Certain Hearing Dates and Deadlines and requested this Court set an Aug. 5, 2026 status conference, during which adjournment the parties intend to discuss a more consensual posture to the course of this case, rather than its prior adversarial nature. As set forth in the Adjournment Motion, while the Debtor could timely file a plan, doing so may be premature and counterproductive if done so before interested parties have a meaningful opportunity to negotiate the terms of a Chapter 11 plan. Doing so under the current status of the case has been difficult given the adversarial posture the parties have found themselves in regarding first day motions and discovery. Further, the factors set forth support extending the exclusivity period, including the size and complexity of the case, necessity for sufficient additional time to negotiate and prepare adequate information for the Plan, good faith progress towards a plan, reasonable prospects for filing a viable plan (whether including a Section 524(g) trust or otherwise), and the relatively short time the case has been pending. Moreover, this motion is not filed to pressure creditors, and will not prejudice creditors. Lead Counsel for the Debtor: Steven M. Berman, Esq. SHUMAKER, LOOP & KENDRICK, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Telephone: (813) 229-7600 E-mail: sberman@shumaker.com Local Counsel to the Debtor: Salene Kraemer, Esq. MAZURKRAEMER LAW GROUP 314 Old Farm Rd. Pittsburgh PA 15228 Telephone: (412) 427-7075 E-mail: salene@mazurkraemer.com About Crown Boiler Co., LLC Crown Boiler Co., incorporated in 1958 and based in Pennsylvania, manufactures and distributes residential and commercial hydronic heating products, including cast iron boilers, oil burners, and operating controls, serving customers across the United States through a network of regional wholesalers. Crown Boiler Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-20515) on Feb. 25, 2026. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. The petition was signed by Nick Ribich as vice president and chief financial officer. The Debtor is represented by Salene Kraemer, at MAZURKRAEMER LAW GROUP. D WOOD: To Sell Hotel Property to Max Patel for $6MM ---------------------------------------------------- D Wood Hotel, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's primary bankruptcy estate asset is real property that it operates as a hotel named "Super 8 by Wyndham Woods Cross/Salt Lake City North" located at 2433 South 800 West Woods Cross, UT 84087 (Hotel Real Property). Furthermore, the Debtor owns various room supplies, bed sheets, towels, linens, office equipment, yard machinery, and other Hotel furnishings that is required for the hotel’s continued operations (Hotel Personal Property). The Debtor seeks to sell both the Hotel Real Property and the Hotel Personal Property. The Debtor employs Brian Brockman of Bang Realty and Corina Palekar with Hotel Brokers of America to market the Hotel most effectively and sell the Hotel for the best and highest price. The lienholders of the Property are Utah State Tax Commission and Matt Brady, Davis County Treasurer, Northwest Bank, Abbas Consulting Inc., GreenLake Real Estate Finance LLC, RMRS Capital Lender, LLC, Stabilis Lending, LLC, Chipman Glasser, LLC, ACHAL, LLC, and DM Funding LLC. The Debtor receives an offer to purchase the Hotel by Max Patel and/or its assigns in the amount of $6,000,000. The Buyer is a third party who is not connected to the Debtor. Furthermore, the State of Utah Department of Transportation (UDOT) has approached the Debtor with an offer to purchase a portion of the Hotel Real Property, specifically 9,223 square feet or approximately 0.212 acre of the Hotel, in order to widen highway I15/Veterans Memorial Highway with certain expenses and obligations to be borne by the owner of the Hotel in consideration of $825,000.00. The Buyer is aware of the proposed offers provided by UDOT and because the proposed compensation is given to the "Owner" of the Hotel for expenses borne by the Buyer when UDOT commences the Project. The Debtor requests authority to sell and assign any and all rights in the offers under the Real Estate Contract, Deed, and Temporary Easement to the Buyer along with the Proposed Sale. In the event the Buyer fails to close on the Hotel, defaults prior to closing, or otherwise becomes unable or unwilling to consummate the Proposed Sale, the Debtor seeks authority to designate Prakash Patel and/or his assigns as the back-up purchaser for the Hotel on substantially the same terms set forth in this Motion, for consideration in the amount of $5,800,000. About D Wood Hotel, LLC D Wood Hotel, LLC owns and operates the Super 8 by Wyndham Woods Cross/Salt Lake City North at 2433 South 800 West, Woods Cross, Utah, providing economy-style lodging services in the hospitality industry. The property functions as a motel offering accommodations, basic amenities, and guest services to travelers in the Salt Lake City metropolitan area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43559) on November 24, 2025. In the petition signed Larry Williams, corporate representative, the Debtor disclosed up to $10 million in assets and up to $100 million in liabilities. Judge Brenda T. Rhoades oversees the case. John Paul Stanford, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C., represents the Debtor as legal counsel. D&M KITCHEN: Gets Final OK to Use Cash Collateral ------------------------------------------------- D&M Kitchen and Bath Supply Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of California to use cash collateral until confirmation of a Chapter 11 reorganization plan. Under the final order, the Debtor is authorized to use cash collateral in accordance with a court-approved budget, allowing it to maintain operations while pursuing its restructuring efforts. As adequate protection, secured creditors were granted replacement liens on the Debtor's pre-petition and post-petition assets, with the same validity and priority as their existing pre-petition liens. These replacement liens do not apply to Chapter 5 avoidance actions and are automatically perfected without the need for additional filings or actions. The creditors asserting secured interests in the Debtor's proceeds and cash collateral through filed UCC financing statements are Newtek Bank, National Association, which filed a UCC-1 financing statement on May 1, 2023, later amended on June 2, 2023; CIITD Company, which filed a UCC-1 on February 9, 2024; and Nebula Financing LLC, which filed a UCC-1 on September 30, 2024. The final order preserves all rights of the secured creditors to assert protections and benefits available under Sections 506 and 552 of the Bankruptcy Code. The order is available at http://bankrupt.com/misc/DMandKitchen_ICCOrder63.pdf About D&M Kitchen and Bath Supply Inc. D&M Kitchen and Bath Supply Inc. is a licensed general contractor based in Stockton, California. The company provides kitchen and bathroom remodeling services, including cabinetry, flooring, and countertop installation, for residential customers in Stockton and surrounding Northern California communities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-22570) on May 4, 2026.In the petition signed by Dennis Almeida, chief executive officer, the Debtor disclosed $3,304,500 in total assets and $5,607,643 in total liabilities. Judge Christopher D. Jaime oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. DAN LEPORE & SONS: Court Extends Cash Collateral Access to Aug. 2 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania approved a fifth extension of Dan Lepore & Sons Company's stipulation with Wells Fargo Bank, allowing it to continue using the bank's cash collateral to fund its operations. The Debtor lacks sufficient unencumbered funds and needs access to cash collateral to continue operating. Wells Fargo agreed to the extension subject to the terms of the stipulation and the revised operating budget. Under the stipulation, the Debtor's authority to use cash collateral has been extended from June 21 to August 2. The stipulation also updates the status of Wells Fargo's secured claim. After application of all prior adequate protection payments, the parties acknowledged an outstanding balance of approximately $891,882.58, consisting primarily of line-of-credit advances, letter-of-credit advances, and contingent obligations related to undrawn letters of credit. As additional adequate protection, Wells Fargo is authorized to apply certain proceeds received by the Debtor, including proceeds from asset sales and completed projects toward reduction of the outstanding pre-petition debt and related letter-of-credit obligations. Wells Fargo must provide the Debtor with an accounting of its claim and all adequate protection payments received through July 31 by August 14. Except for the latest modifications, all provisions of the prior cash collateral agreements and interim orders remain in full force and effect. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hGiOb from PacerMonitor.com. A further hearing is scheduled for July 22 to determine whether the use of cash collateral should be extended beyond August 2. Wells Fargo Bank, as secured creditor, is represented by: Christine L. Barba, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 barbac@ballardspahr.com About Dan Lepore & Sons Company Dan Lepore & Sons Company provides construction and restoration services through divisions focused on stonework, unit masonry, and restoration, offering design and build capabilities along with rigging and scaffolding. It specializes in new building construction, maintenance, dismantlement, reconstruction, and the preservation of historic structures for industrial, commercial, and institutional clients across the United States. Dan Lepore & Sons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14757) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Gregory J. Lepore, president of Dan Lepore & Sons, signed the petitions. Judge Ashely M. Chan oversees the case. Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as legal counsel. DAVE & BUSTER'S: S&P Alters Outlook to Negative, Affirms 'B-' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on entertainment and dining operator Dave & Buster's Inc. (D&B) to negative from stable and affirmed all its ratings, including the 'B-' issuer credit rating. The negative outlook reflects the potential that persistent SSS declines will lead S&P to believe the company is unlikely to improve its sales, rendering its capital structure unsustainable. D&B underperformed S&P Global Ratings' expectations in the first quarter of 2026 by reporting a 5.4% decline in its same-store sales (SSS), which indicated a reversal in its recent trend of slowing declines. S&P thinks the company could face challenges in increasing its SSS due to its highly discretionary offering and the potential for greater economic uncertainty. At the same time, D&B continues to invest in new locations and renovations to keep its revenue relatively flat, leading to negative free operating cash flow (FOCF) generation and increasing lease liabilities. The company's S&P Global Ratings-adjusted EBITDA margins also continue to contract due to its partially fixed-cost base. The risk that sales will not sufficiently recover and competitive position is permanently weakened has risen. The first quarter of 2026 marked D&B's thirteenth consecutive quarter of declining SSS. The 5.4% decline in the first quarter was more pronounced than the 3.3% contraction the company reported in the previous quarter (a 1.5% contraction when adjusted for January's winter storms) and contradicted our previous expectation for an improving sales trajectory throughout 2026. S&P said, "D&B has continued to lap periods of weaker sales, thus we think this indicates an increasing risk that its concept is permanently losing customer interest to other forms of entertainment. Furthermore, we believe the company lacks the capacity to materially reduce its expenses without compromising the customer experience. Consequently, we anticipate a continued erosion in its SSS would likely exert further downward pressure on its margins, leading to an unsustainable capital structure." S&P said, "We forecast negative FOCF for the year. The company generated approximately $8 million of FOCF in the quarter, which incorporated a benefit of about $32 million from lower accounts receivables and higher accounts payable, which we do not view as a sustainable source of cash flow because they represent temporary working capital fluctuations rather than an improvement in its core operational profitability. Excluding changes in its working capital, D&B reported a FOCF deficit of $16 million for the quarter. The company's FOCF also benefited from a significant reduction in its capital expenditure (capex) during the quarter, to $105 million from $155 million the year prior, due to a lower number of new store openings and a shift toward simpler renovations. "We forecast D&B will report a FOCF deficit of $40 million in 2026, which would mark an improvement from the $100 million deficit it experienced the prior fiscal year, supported by the lower gross capex ($300 million, down $90 million year over year) from its moderated expansion and lower-cost remodels. However, we expect continued traffic softness amid consumer budgetary pressures will lead to a low-single-digit percent decline in the company's SSS in 2026, which will cause its S&P Global Ratings-adjusted EBITDA margin to contract by an additional 140 basis points. This earnings weakness will partially offset the benefits from the reduced capex on its reported FOCF. While D&B's projected $100 million of sale-leaseback proceeds would more than offset its FOCF deficit, we exclude these inflows from our calculation of its FOCF because we view them as debt financing." The company used its cash flow in the latest quarter to reduce its adjusted debt by $3 million, reflecting the net effect of repaying $20 million of revolver borrowings and the receipt of $16.8 million of proceeds from sales-leaseback transactions. S&P said, "Our base case assumes D&B's turnaround plan will likely stabilize its sales in 2027, supported by its maintenance of sufficient liquidity to execute its strategic objectives. While poor weather and geopolitical instability negatively impacted consumer behavior during the quarter, we anticipate an improvement in these conditions throughout 2026 could ease the pressures that negatively affected the company's visitations in the last quarter. "Our base case assumes that ongoing remodels, a refined marketing strategy, and an enhanced value proposition will help stabilize D&B's SSS in 2027 as these initiatives gain traction. Following the underperformance of its "$1-per-day" promotion, the company has adopted a more-disciplined approach by focusing its messaging on its expanded game selection and major events, such as the World Cup. Given the 20% year-over-year increase in its number of playable games, we believe D&B is better positioned to compete for value-conscious customers. Despite this increase in game time, the company's average customer spend remains flat due to the benefit to its food and beverage sales from longer dwell times." Nonetheless, the negative outlook reflects the execution risks related to D&B's turnaround, given that the benefits from its new promotional strategies may fall short of expectations. Additionally, while major events like the World Cup may provide a temporary sales lift, such growth may prove unsustainable. The negative outlook reflects S&P could lower its rating on D&B over the next 12 months if persistent negative SSS lead us to believe it is unlikely to improve its sales and that its capital structure will become unsustainable due to sustained contractions in its S&P Global Ratings-adjusted EBITDA and cash flow from operations. S&P could lower its rating on D&B if S&P believes its capital structure is unsustainable. This could occur if: -- The company faces persistent SSS declines and its S&P Global Ratings-adjusted EBITDA margins continue to contract, leading to weakened credit metrics and constrained liquidity. This would likely occur due to weakening economic conditions and a pullback in consumer discretionary purchases. In addition, the company's revived marketing efforts could fail to grab the attention of cautious, and discerning value-oriented consumers. Under this scenario, S&P would expect a continued contraction in D&B's S&P Global Ratings-adjusted EBITDA that would likely necessitate a reduction in its remodel and unit-growth capex to mitigate its cash flow deficits. S&P could revise its outlook on D&B to stable if: -- It establishes a track record of sustained positive SSS growth and consistent or improving S&P Global Ratings-adjusted EBITDA margins; and -- It maintains sufficient operating cash flow to fully fund both its maintenance and remodel capex. Under this scenario, S&P assumes the company's marketing efforts and recent remodels improve its traffic and revitalize the brand. If economic conditions improve, it would view the increases in its traffic as more sustainable than amid the current challenging environment. DEALER TIRE: Moody's Rates New 1st Lien Revolver Loan 'B1' ---------------------------------------------------------- Moody's Ratings assigned a B1 rating to the new backed senior secured first lien revolving credit facility (RCF) and a Caa1 rating to the new senior unsecured notes of Dealer Tire Financial, LLC (Dealer Tire). The company's other ratings, including the B2 corporate family rating, B2-PD probability of default rating, the B1 ratings on the senior secured term loan and existing RCF, and the Caa1 rating on the existing senior unsecured notes, are unaffected. The outlook remains negative. Moody's expects the refinancing to be broadly leverage neutral, as proceeds from the new RCF and senior unsecured notes will primarily refinance Dealer Tire's existing RCF and unsecured notes. However, the transaction extends the company's debt maturities, with the nearest material maturity now in 2031. The negative outlook reflects Moody's expectations of modest revenue growth and continued margin pressure amid softer demand, keeping leverage elevated over the next 12–18 months. RATINGS RATIONALE Dealer Tire's B2 CFR reflects its niche position as a leading tire distributor serving the automotive dealer channel, supported by exclusive, long-term relationships with many premium-brand auto manufacturers. The company sources tires from a broad network of manufacturers, enabling a diverse product offering for its sizeable customer base. Operations are geographically diversified, and revenues benefit from contributions from adjacent segments, including Simple Tire and the Dent Wizard reconditioning platform. However, the credit profile is constrained by the company's moderate scale and a business model characterized by elevated customer and supplier concentration, with a significant portion of revenue and purchases derived from a limited number of counterparties. The ratings also reflect Moody's expectations that debt-to-EBITDA leverage will remain high, at around 7.0x through the end of 2026. Moody's expects Dealer Tire's liquidity to be adequate, supported by cash on hand of $79 million and $142 million of availability under the RCF as of March 31, 2026. Moody's expects the company to continue to generate positive free cash flow, broadly in line with prior years, supported by low capital expenditure requirements. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Dealer Tire generates positive free cash flow on a consistent basis and debt-to-EBITDA leverage approaches 4.5x or lower. An upgrade could also occur if EBITA-to-interest exceeds 2.0x. Maintenance of good liquidity would also be a basis for a ratings upgrade. The ratings could be downgraded if debt-to-EBITDA leverage is expected to be above 6.0x or EBITA-to-interest is below 1.5x. Negative free cash flow on a sustained basis could also result in a ratings downgrade. A lower rating could also result from changing industry dynamics leading to declining market share, including the loss of a key customer or supplier. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. Headquartered in Cleveland, Ohio, Dealer Tire Financial, LLC is engaged primarily in the business of distributing replacement tires through alliance relationships with automobile OEMs and their dealership networks in the US. Other platforms include Simple Tire, Dent Wizard and Sonsio Vehicle Protection. Dealer Tire is majority owned by Bain Capital Private Equity, L.P. and generated about $3.9 billion in revenue for the twelve month period ended March 31, 2026. DIOCESE OF BURLINGTON: Faces Possible Bankruptcy Dismissal ---------------------------------------------------------- Kevin O'Connor of vtdigger reports that a federal bankruptcy judge has cautioned the Roman Catholic Diocese of Burlington that its Chapter 11 proceedings may be dismissed if the church does not present an acceptable restructuring plan soon. The diocese sought bankruptcy protection in 2024 after clergy abuse settlements sharply reduced its financial resources. Court filings show its reported assets declined to roughly $35 million, while more than $2 million has already been spent on bankruptcy-related legal costs, the report states. As part of its effort to raise cash, the diocese has agreed to sell its South Burlington headquarters for $3.13 million to Northeast Territories LLC. The transaction will allow church leadership to relocate administrative offices to Saint Michael's College, vtdigger reports. Judge Heather Cooper ordered the parties to return in September to address whether the bankruptcy remains workable and whether existing leadership retains the confidence of stakeholders. Without significant progress, the court may convert or dismiss the case, potentially reopening abuse litigation currently stayed by the bankruptcy, according to report. About Roman Catholic Diocese of Burlington Vermont The Roman Catholic Diocese of Burlington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 24-10205) on Sept. 30, 2024. In the petition signed by Reverend John Joseph McDermott, bishop, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Heather Z. Cooper oversees the case. The Debtor tapped James Baillie, Esq., at Fredrikson & Byron, PA as bankruptcy counsel and Obuchowski Law Office as local counsel. DYNAMIC AEROSPACE: Sells Shares, Warrants for $75,000 ----------------------------------------------------- Dynamic Aerospace Systems Corp sold common shares and warrants to The Aeon Group, Inc. for $75,000 in the initial closing of a private placement, according to a Form 8-K filing with the Securities and Exchange Commission. The company said it sold 357,143 common shares and warrants to purchase up to 535,715 common shares. The warrants have an exercise price of 30 cents a share and a two-year term. They may be exercised on a cashless basis under certain conditions. Dynamic Aerospace said the private placement contemplates the sale of up to $750,000 of common shares and warrants to purchase 1.5 shares for each share sold, with pricing for each tranche determined with investors. The company said the issuance relied on the registration exemption under Section 4(a)(2) of the Securities Act. About Dynamic Aerospace Dynamic Aerospace Systems Corp is an Ann Arbor, Michigan-based company focused on unmanned aerial vehicles and autonomous logistics, focusing on advanced vertical-takeoff-and-landing drones and electric rotorcraft, including the G1 VTOL and US-1 platforms. The company serves government, defense and commercial markets with applications including logistics, surveillance, reconnaissance and other mission-critical operations. In an audit report dated April 15, 2026, RBSM LLP raised substantial doubt about the company's ability to continue as a going concern. The auditor cited recurring losses from operations, negative operating cash flows and an accumulated deficit. As of March 31, 2026, Dynamic Aerospace reported total assets of $13.25 million, total liabilities of $3.12 million, and stockholders' equity of $10.13 million. DYNASTY FAB: Hires Schafer and Weiner as Bankruptcy Counsel ----------------------------------------------------------- Dynasty Fab, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Schafer and Weiner, PLLC as general bankruptcy counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) represent the Debtor in any adversary proceeding and all other matters as it relates to the Chapter 11 proceedings. The firm will be paid at these rates: Daniel J. Weiner $675 per hour Howard Borin $510 per hour Joseph K. Grekin $510 per hour John J. Stockdale, Jr. $495 per hour Kim Hillary $445 per hour Jeffery J. Sattler $405 per hour Leon N. Mayer $375 per hour Brandi M. Blasses $355 per hour Aubrey L. Carr $275 per hour Kate W. Wigent $275 per hour Legal Assistant/Law Clerk $185 per hour Michael E. Baum (of Counsel) $735 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Schafer and Weiner, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: John J. Stockdale, Jr., Esq. Schafer And Weiner, PLLC 40950 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 Telephone: (248) 540-3340 E-mail: jstockdale@schaferandweiner.com About Dynasty Fab, LLC Dynasty Fab is a fabrication, machining, and specialty welding company founded in 2017. The company operates in Roseville, Fraser, and Detroit, Michigan, and Chickasaw, Alabama. It provides services including titanium welding, large machining, turnkey solutions, and 3-axis and 5-axis machine shop capabilities. Dynasty Fab serves industries and project areas including aerospace, defense, automation, infrastructure, maritime, gas and oil, R&D, agricultural, prototypes, telescope builds, and automotive. Dynasty Fab, LLC in Roseville, MI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 26-46909) on June 17, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Zachary M. Jeakle as president, signed the petition. Judge Paul R. Hage oversees the case. Schafer And Weiner, PLLC serve as the Debtor's legal counsel. EEW AMERICAN: Seeks to Hire Plant & Machinery Inc. as Appraiser --------------------------------------------------------------- EEW American Offshore Structures Inc. and EEW AOS Paulsboro Urban Renewal, LLC, seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Plant & Machinery, Inc. as appraiser. The professional services include inspection and valuation of commercial/industrial equipment located at 100 Offshore Drive, Paulsboro, NJ 08066 and preparation of reports. The firm will receive a flat fee of $5,000, plus reasonable travel costs and expenses. As disclosed in the court filings, Plant & Machinery, Inc. is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Robert Brundage Plant & Machinery Inc. 1304 Langham Creek Drive, Suite 454 Houston, TX 77218 Telephone: (713) 691-4401 Facsimile: (713) 672-7905 Email: pmi@pmi-auction.com About EEW American Offshore Structures Inc. EEW American Offshore Structures Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-13901-JNP) on April 8, 2026. In the petition signed by Tom Pratt, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. Brett S. Theisen, Esq., at Connell Foley LLP, represents the Debtor as legal counsel. DiScho Vermogensverwaltung GmbH & Co. KG, as DIP Lender, is represented by: Ericka F. Johnson, Esq. Daniel N. Brogan, Esq. Steven D. Adler, Esq. BAYARD, P.A. 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 E-mail: ejohnson@bayardlaw.com dbrogan@bayardlaw.com sadler@bayardlaw.com EFFICIENT IRRIGATION: Hires Lane Law Firm PLLC as Counsel --------------------------------------------------------- Efficient Irrigation Systems, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Lane Law Firm, PLLC as counsel. The firm will provide these services: a. assist, advise and represent the Debtor relative to the administration of the chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and g. perform all other necessary legal services in these cases. The firm will be paid at these rates: Robert "Chip" Lane, Managing Partner $725 per hour Joshua Gordon, Partner $700 per hour Matthew Bourda, Senior attorney $700 per hour Zachary Casas, Attorney $625 per hour Kyle K. Garza, Attorney $600 per hour Paraprofessionals $250 per hour The firm received a retainer in the amount of $35,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com About Efficient Irrigation Systems, LLC Efficient Irrigation Systems is a Plano, Texas-based company that provides irrigation, drainage, and landscape lighting services. The company's services include sprinkler repair and installation, drip irrigation, French drains, and sump pumps. It serves residential and commercial clients in Grayson and Collin County, Texas. Efficient Irrigation Systems, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Tex., Case No. 26-42078) on June 16, 2026, listing $376,485 in assets and $1,738,134 in liabilities. Aston Hannah, president of Efficient Irrigation Systems, LLC, signed the petition. Robert C. Lane, Esq. of The Lane Law Firm serve as the Debtor's legal counsel. ELONG POWER: Issues Class B Shares to Settle Liu Debt ----------------------------------------------------- Elong Power Holding Ltd. issued Class B ordinary shares to settle $33,000 of debt owed to Xiaodan Liu, according to a Form 6-K filing with the Securities and Exchange Commission. The company said Liu, a director, chief executive officer and chairwoman, loaned Elong $1.38 million in 2025 at 8% annual interest, payable on demand. The outstanding balance was $33,000 as of June 23. Under a debt settlement and mutual release agreement, Elong agreed to issue 33,881 Class B ordinary shares to Gracedan Co. Ltd., an entity controlled by Liu. The shares were valued at 97.4 cents each, based on the June 22 closing price of the company's Class A ordinary shares, and were issued June 24. Elong also entered a securities purchase agreement with Gracedan to issue and sell 66,119 additional Class B ordinary shares at 97.4 cents each. Those shares were also issued June 24. The company said the transactions relied on Section 4(a)(2) of the Securities Act and Regulation S. About Elong Power Holding Ltd. Elong Power Holding Ltd. is a Beijing-based company operating in the battery energy storage industry. The company develops and supplies energy-storage products and equipment, including systems used in commercial and industrial energy applications. Enrome LLP's audit report dated April 20, 2026, contained a going-concern paragraph stating that the company incurred a net loss from continuing operations of $2.10 million and a loss from discontinued operations of $3.47 million, resulting in a total net loss of $5.57 million; had negative operating cash flows of $2.66 million; and, as of Dec. 31, 2025, had a working capital deficit of $14.0 million, a shareholders' deficit of $22.74 million and an accumulated deficit of $74.47 million. These events or conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. As of Dec. 31, 2025, Elong Power Holding Ltd. reported total assets of $27.74 million, total liabilities of $50.49 million, and a stockholders' deficit of $22.74 million. FAIRFAX BEST: Employs Lindauer & Vaughn as Legal Counsel -------------------------------------------------------- Fairfax Best Living, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Lindauer & Vaughn to serve as legal counsel. The firm will provide these services: (a) render legal advice regarding the powers and duties of the Debtor in the continued operation and management of its property as debtor in possession; (b) take all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor, and the negotiation of disputes in which the Debtor is involved; (c) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate, and appear before the Court on the Debtor’s behalf; (d) negotiate, prepare, and file a plan of reorganization and related disclosure statement and all related documents, and otherwise promote the financial rehabilitation of the Debtor; and (e) perform all other necessary legal services in connection with the prosecution of this chapter 11 case. Joyce W. Lindauer,. Esq. of Lindauer & Vaughn will receive an hourly rate of $625, and Dian Gwinnup will also receive an hourly rate of $250 for paralegal services. The Firm has been paid a retainer of $9,000.00 in connection with this proceeding, which included the filing fees of $1,738.00 and which was paid by Vesta Landscaping, a related party. Lindauer & Vaughn does not hold or represent any interest adverse to the Debtor or its estate and is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b), according to court filings. The firm can be reached at: Joyce W. Lindauer, Esq. Lindauer & Vaughn 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Fairfax Best Living, LLC Fairfax Best Living, LLC is a privately held limited liability company. The bankruptcy filing provides limited disclosure regarding its operations and underlying business activities. Fairfax Best Living, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11985) on June 12, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities both in the range of $10 million to $50 million. The Debtor is represented by Joyce W. Lindauer, Esq. of Lindauer & Vaughn. FAIRFAX INVESTORS: Employs Lindauer & Vaughn as Attorneys --------------------------------------------------------- Fairfax Investors, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Lindauer & Vaughn as its attorneys. The firm will provide these services: (a) render legal advice regarding the powers and duties of the Debtor in the continued operation and management of its property as debtor in possession; (b) take all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor, and the negotiation of disputes in which the Debtor is involved; (c) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor’s estate, and appear before the Court on the Debtor's behalf; (d) negotiate, prepare, and file a plan of reorganization and related disclosure statement and all related documents, and otherwise promote the financial rehabilitation of the Debtor; and (e) perform all other necessary legal services in connection with the prosecution of this chapter 11 case. Joyce W. Lindauer, Esq. of Lindauer & Vaughn will receive an hourly rate of $625, and Dian Gwinnup will receive an hourly rate of $250 for paralegal services. The Firm has been paid a retainer of $9,000 in connection with this proceeding, which included the filing fees of $1,738 and which was paid by Vesta Landscaping, a related party. Lindauer & Vaughn does not hold or represent any interest adverse to the Debtor or its estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b), according to court filings. The firm can be reached at: Joyce W. Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Fairfax Investors, LLC Fairfax Investors, LLC is a limited liability company based in Oklahoma. Public information regarding its operations is limited, but the company appears to function as an investment and asset-holding entity. Fairfax Investors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11984) on June 12, 2026. In its petition, the Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The Debtor is represented by Joyce W. Lindauer, Esq. of Lindauer & Vaughn. FB CRESCENT: Section 341(a) Meeting of Creditors on July 29 ----------------------------------------------------------- On June 23, 2026, FB Crescent Cove LLC, a Delaware LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on July 29, 2026 at 10:30 AM at UST-SA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5453743. Disclosure of Compensation of Attorney for Debtor (Form 2030) and all Incomplete Filings must be submitted by July 7, 2026. About FB Crescent Cove LLC, a Delaware LLC FB Crescent Cove LLC, a Delaware LLC is a Delaware-organized limited liability company that owns and manages real estate assets. FB Crescent Cove LLC, a Delaware LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11935) on June 23, 2026. In its petition, the debtor reported estimated assets and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The debtor is represented by J. Scott Williams, Esq. FB EMERALD: Commences Chapter 11 Bankruptcy in California --------------------------------------------------------- On June 23, 2026, FB Emerald Bay LLC, a Delaware LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) meeting to be held on July 29, 2026 at 10:30 AM at UST-SA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5453743. About FB Emerald Bay FB Emerald Bay LLC, a Delaware LLC is a limited liability company organized under Delaware law. FB Emerald Bay LLC, a Delaware LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11934) on June 23, 2026. In its petition, the debtor reports estimated assets and liabilities both in the range of $1 million to $10 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The debtor is represented by J. Scott Williams, Esq. FIREFLY NEUROSCIENCE: Appoints Gil Issachar Head of AI/Neuroscience ------------------------------------------------------------------- Firefly Neuroscience, Inc. announced in a regulatory filing that Deel Innovation Ltd., which provides consulting services to the Company, entered into an employment agreement with Gil Issachar, formerly the Chief Technology Officer of the Company, pursuant to which Issachar now serves as the Head of AI and Neuroscience of the Company. The Issachar Employment Agreement supersedes any prior terms and conditions of any employment agreement between the Company and Issachar. In connection with Issachar's role change, the board of directors of the Company determined that effective June 18, 2026, Issachar is no longer classified as a Section 16 officer or executive officer of the Company. A full text copy of the Addendum is available at https://tinyurl.com/3w6tmb6c About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario-based CBIZ Canada LLP, the Company's auditor since 2024, 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 significant losses and accumulated deficit and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $10.91 million in total assets, $2.47 million in total liabilities, and $8.44 million in total stockholders' equity. FIRST BRANDS: Receives Court OK to Appoint Retiree Committee ------------------------------------------------------------ Natalie Weger of Bloomberg Law reports that bankrupt auto-parts supplier First Brands Group LLC won court authorization to appoint a committee for non-union retirees as it works to implement a liquidation plan that may eliminate retiree health and welfare benefits. Under Thursday's, June 25, 2026, order from the U.S. Bankruptcy Court for the Southern District of Texas, the committee will include retirees receiving benefits who were not represented by a union at the time of their retirement, the report relays. First Brands told the court that immediate approval was necessary because any delay could disrupt the timeline for its restructuring efforts and complicate planned actions involving retiree benefits. The committee will serve as the retirees' official representative in discussions over proposed benefit changes, a process required under the Bankruptcy Code before such benefits can be modified or terminated, according to Bloomberg. About First Brands Group First Brands Group, LLC, is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on Sept. 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FIRSTLIGHT SECURED: Fitch Gives 'BB-(EXP)sf' Rating on Cl. C Notes ------------------------------------------------------------------ Fitch Ratings expects to rate FirstLight Secured Communications System Revenue Notes, series 2026-1 issued by FirstLight Issuer, LLC as follows: - $40,000,000 series 2026-1, class A-1-L, 'A-(EXP)sf'/Outlook Stable; - $150,000,000 series 2026-1, class A-1-V, 'A-(EXP)sf'/Outlook Stable; - $672,000,000 series 2026-1, class A-2, 'A-(EXP)sf'/Outlook Stable; - $78,000,000 series 2026-1, class B 'BBB (EXP)sf'/Outlook Stable; - $200,000,000 series 2026-1, class C 'BB-(EXP)sf'/Outlook Stable. The class A-1-V variable funding note (VFN) has a maximum commitment of $150 million contingent on leverage consistent with the class A-2 notes at close as well as debt service coverage ratio (DSCR) conditions. Entity/Debt Rating ----------- ------ FirstLight Fiber 2026-1 A-1 V LT A-(EXP)sf Expected Rating A-1-L LT A-(EXP)sf Expected Rating A-2 LT A-(EXP)sf Expected Rating B LT BBB(EXP)sf Expected Rating C LT BB-(EXP)sf Expected Rating Transaction Summary FirstLight Secured Communications System Revenue, Series 2026-1, is a $1,140,000,000 securitization of contract payments derived from metro and regional long-haul fiber networks, operated by FirstLight Fiber, Inc.. The transaction is backed by a first-priority security interest in the underlying fiber network infrastructure, current or future customer contracts, transaction accounts, other non-fiber assets and a pledge of equity interests in the asset entities. Certain Broadband Technology Opportunities Program (BTOP) funded assets remain subject and subordinate to a federal interest for the remainder of their estimated useful lives, which are scheduled to lapse in 2032- 2033. The cash flows are supported by a regional fiber network that primarily provides data services to a diversified mix of enterprise and wholesale customers. FirstLight operates an enterprise fiber business offering lit services, dark fiber and infrastructure solutions, consisting of long-haul, middle-mile and last-mile fiber services primarily for wholesale, enterprise, wireless carrier, and other large and medium size customers. The company currently operates in six states (Maine, New York, Massachusetts, Pennsylvania, Vermont and New Hampshire) with approximately 20,000 fiber route miles. Of that 20,000, approximately 16,500 miles are wholly owned by FirstLight. The remaining 3,500 miles are contracted under indefeasible right of use leases. The total mileage makes FirstLight the largest independent fiber provider in the Northeast. The transaction reflects an anticipated repayment date (ARD) structure, whereby the offered notes will be interest-only until their five-year, soft bullet maturities, after which, all excess cash flow will be swept to pay down outstanding principal balances through the 30-year legal final maturity date. Losses will be borne reverse sequentially and the transaction will reflect an IIPPIP structure, with deferable interest on class C. The transaction is also expected to be structured with a liquidity reserve account and triggers. The transaction includes a class A-1 liquidity funding notes (LFN) that can be drawn to fund liquidity funding advances, subject to the satisfaction of certain conditions. The notes may be drawn to a maximum amount of $40 million. The transaction also includes class A-1 variable funding notes (VFNs), subject to draw conditions with a maximum commitment of $150 million. At close, both the A-1-L and the A-1-V notes will be undrawn. The ratings reflect a structured finance cash flow analysis of the ownership interest in the underlying fiber optic network, rather than an assessment of the corporate default risk of the ultimate parent, FirstLight Fiber, Inc. KEY RATING DRIVERS Net Cash Flow and Leverage: Fitch Ratings' net cash flow (NCF) on the pool is $89.6 million, implying a 21.8% haircut to issuer NCF. The debt multiple relative to Fitch's NCF on the rated classes is 10.6x, versus the debt/issuer NCF leverage of 8.3x. Inclusive of a full draw on the VFN, Fitch NCF on the pool is $108.1 million, implying a 22.8% haircut to issuer NCF. The debt multiple relative to Fitch's NCF on the rated classes is 10.2x, compared with the debt/issuer NCF leverage of 7.9x. Based on the Fitch NCF and following the transaction's ARD, the notes would be repaid approximately 11 years from closing. Credit Risk Factors: The major factors affecting Fitch's determination of cash flow and maximum potential leverage include the: high quality of the underlying collateral networks, which are 100% fiber; low historical churn rates compared to peers; low market and industry concentration; strong competitive positioning; seasoned markets with adequate operating history; capability of the operator; and transaction structure. Technology-Dependent Credit: Due to the specialized nature of the collateral and potential for changes in technology to affect long-term demand for digital infrastructure, the senior classes of this transaction do not achieve ratings above 'Asf'. The securities have a rated final payment date 30 years after closing, and the long-term tenor of the securities increases the risk that an alternative technology, rendering obsolete the current transmission of data through fiber optic cables, will be developed. Fiber optic cable networks are currently the fastest and most reliable means to transmit information, and data providers continue to invest in and utilize this technology. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Declining cash flow because of higher expenses, customer churn, contract amendments, declining contract rates or the development of an alternative technology for the transmission of data could lead to downgrades. - Fitch's base case NCF is 21.8% below the issuer's underwritten cash flow. A further 10% decline in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A-2 to 'BBB-sf' from 'A-sf', class B to 'BB+sf' from 'BBBsf', and class C to 'B-sf from 'BB-sf''. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increasing cash flow from rate increases, additional customers, lower expenses or contract amendments could lead to upgrades. - A 10% increase in Fitch's base case NCF indicates the following ratings based on Fitch's determination of MPL: class A-2 to 'Asf' from 'A-sf', class B to 'A-sf' from 'BBBsf', and class C to 'BBsf' from 'BB-sf'; - Upgrades are unlikely for these transactions given the provision for the issuer to issue additional notes, which rank pari passu or subordinate to existing notes, without the benefit of additional collateral. In addition, the transaction is capped in the 'Asf' category, given the risk of technological obsolescence. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. FLEUR DE LIS: Unsecureds to Get $360 per Month over 60 Months ------------------------------------------------------------- Fleur De Lis Whole Healthcare LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Plan of Reorganization under Subchapter V dated June 19, 2026. The Debtor is a Louisiana limited liability company with its principal place of business in New Orleans, Louisiana. The Debtor operates a physician-owned healthcare practice providing concierge medicine, primary care services, telehealth consultations, hormone replacement therapy, chronic disease management, prevented healthcare services, and medical weight-loss programs. The Debtor is owned and managed by Dr. Courtney Washington. The Debtor filed this Chapter 11 Subchapter V case to reorganize its financial affairs while continuing to provide uninterrupted healthcare services to its patients. Prior to filing, the Debtor experienced liquidity constraints arising from multiple loan obligations owed to Hancock Whitney Bank, credit care debt, and other business liabilities. These obligations limited the Debtor's ability to reinvest in operations and continue growing the practice. Class 3 consists of all Allowed General Unsecured Claims, including but not limited to the unsecured deficiency portion of the claims of Hancock Whitney Bank, JPMorgan Chase Bank, American Express, Louisiana Workforce Commission, trade creditors, vendors, credit card creditors, and all other holders of Allowed General Unsecured Claims. For purposes of this Plan, the unsecured deficiency portion of Hancock Whitney Bank's claims shall consist of the amount of Hancock Whitney Bank's allowed claims exceeding the allowed secured claim of $91,500.00 established under Class 1. Holders of Allowed General Unsecured Claims shall receive pro rata distributions funded from the Debtor’s projected disposable income as follows: Months 1 through 60: $360.00 per month All distributions shall be made on a pro rata basis among holders of Allowed General Unsecured Claims. In addition, any excess disposable income, recoveries from retained causes of action, settlements, or other extraordinary recoveries received by the Debtor may be distributed to holders of Allowed General Unsecured Claims in the Debtor's discretion or as required by further order of the Court. Class 4 consists of the equity interests in the Debtor. All equity interests shall be retained. The Debtor shall implement this Plan through projected disposable income generated from the continued operation of its medical practice, including concierge medicine services, primary care services, telehealth services, hormone replacement therapy, chronic disease management, preventative healthcare services, and medical weight-loss programs. The Debtor projects sufficient disposable income to fund all Plan obligations, including secured claim payments, administrative claims, and distributions to holders of Allowed General Unsecured Claims as set forth herein. Upon the Effective Date of the Plan, all property of the Estate shall vest in the Debtor, except as otherwise provided by the Bankruptcy Code or Confirmation Order. The Debtor shall fund this Plan through the continued operation of its healthcare practice, including concierge medicine services, primary care services, telehealth consultations, hormone replacement therapy, chronic disease management, preventative healthcare services, and medical weight-loss programs. A full-text copy of the Plan of Reorganization dated June 19, 2026 is available at https://urlcurt.com/u?l=O3A7Ep from PacerMonitor.com at no charge. Counsel to the Debtor: Ralph Bickham, Esq. Bickham Law Practice LLC 650 Poydras St. New Orleans, LA 70130 Telephone: (504) 584-5730 About Fleur De Lis Whole Healthcare Fleur De Lis Whole Healthcare LLC, is a Louisiana limited liability company with its principal place of business in New Orleans, Louisiana. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D. La., Case No. 26-10688) on March 24, 2026. The Debtor hires Bickham Law Practice LLC as counsel. FORDHAM FULTON: Seeks to Hire Pick & Zabicki LLP as Counsel ----------------------------------------------------------- Fordham Fulton Realty Corp seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Pick & Zabicki LLP as counsel. The firm will provide these services: a. advise the Debtor with respect to its rights and duties as a debtor-in-possession; b. assist and advise the Debtor in the preparation of its financial statements, schedules of assets and liabilities, statement of financial affairs and other reports and documentation required pursuant to the Bankruptcy Code and the Bankruptcy Rules; c. represent the Debtor at all hearings and other proceedings relating to its affairs as a chapter 11 debtor; d. prosecute and defend litigated matters that may arise during this chapter 11 case; e. assist the Debtor in the formulation and negotiation of a plan of reorganization and all related transactions; f. assist the Debtor in analyzing the claims of creditors and in negotiating with such creditors; g. prepare any and all necessary motions, applications, answers, orders, reports and papers in connection with the administration and prosecution of the Debtor's Chapter 11 case; and h. perform such other legal services as may be required and/or deemed to be in the interest of the Debtor in accordance with its powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Partners $475 to 565 per hour Associates $250 to 385 per hour Paraprofessionals $$125 per hour The firm received retainer in the amount of $50,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Pick disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Douglas J. Pick Pick & Zabicki, LLP 369 Lexington Avenue, 12thFloor New York, NY 10017 Tel: (212) 695 600 About Fordham Fulton Realty Corp. Fordham Fulton Realty, Corp. owns two residential apartment buildings at 480-490 E. 188th St. and 530-530 E. 169th St., Bronx, NY, with a combined current value of $40 million, and provides services related to real estate, including property management, appraisal, and other support services. Fordham Fulton Realty, Corp. in Bronx, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 25-45747) on Nov. 28, 2025, listing $52,801,506 in assets and $84,426,499 in liabilities. Karan Singh as vice president, signed the petition. Judge Elizabeth S Stong oversees the case. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP serve as the Debtor's legal counsel. FUND FOR SANDY: Hires Lewis Alligood & Associates as Appraiser -------------------------------------------------------------- Fund For Sandy Point North Carolina LP seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Lewis, Alligood & Associates, LLC as appraiser. The firm will assist with inspecting and appraising of the Debtor's property located at 215 Sandy Point Road, Edenton, Chowan County, North Carolina, Parcel Nos. 783300124627 and 783300557887. The firm will be paid at $3,500 for the appraisal plus $400 per hour for trial and preparation time. Mr. Alligood disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas C. Alligood Lewis, Alligood & Associates, LLC 4016 Barrett Drive, Suite 202 Raleigh, NC 27609 Tel: (919) 782-5652 About The Fund for Sandy Point North Carolina LP The Fund for Sandy Point North Carolina LP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01339) on March 25, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge David M. Warren oversees the case. Hendren, Redwine & Malone, PLLC is Debtor's legal counsel. GENESIS HEALTHCARE: Insider Deal Losses Spur Lawsuit ---------------------------------------------------- Natalie Weger of Bloomberg Law reports that bankrupt nursing home operator Genesis Healthcare Inc. has filed a lawsuit alleging it suffered at least $50 million in losses from two insider transactions involving the sublease of 22 Pennsylvania nursing facilities. The complaint, filed Thursday in the U.S. Bankruptcy Court for the Northern District of Texas, accuses former insider Joel Landau and several associates of orchestrating transactions that reduced the value of the company's leasehold interests before its 2025 Chapter 11 filing. According to the complaint, Integra Healthcare, a company owned by Landau and co-defendant David Gefner, served as the master tenant and subleased the facilities to Genesis. Under the lease structure, Integra was obligated to perform under the master lease if Genesis defaulted, but the company alleges the defendants manipulated the arrangement to shift valuable rights away from Genesis while insulating themselves from financial exposure. Genesis contends the insider transactions were designed to benefit Landau, Gefner, and affiliated entities at the expense of the debtor and its creditors. The company alleges the transfers diminished the value of its estate and left it with significant financial losses as it entered bankruptcy protection. Through the adversary proceeding, Genesis is seeking to recover damages exceeding $50 million, avoid the challenged transfers, and obtain additional relief under federal bankruptcy and state law. The litigation is part of the company's broader effort to maximize recoveries for creditors during its Chapter 11 restructuring, the report states. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GGAM MASTER: Fitch Assigns 'BB-(EXP)sf' Rating on Class Y Notes --------------------------------------------------------------- Fitch Ratings expects to assign ratings to the series 2026-1 class A and Y notes co-issued by GGAM Master Trust International, Ltd. (GGAMMT Cayman) and GGAM Master Trust US LLC (GGAMMT US; together with GGAMMT Cayman, GGAMMT or the co-issuers) as follows: - $495,000,000 series 2026-1 class A notes 'A-(EXP)sf'/Outlook Stable; - $73,000,000 series 2026-1 class Y notes 'BB-(EXP)sf'/Outlook Stable. The ratings of the series 2025-1 class A and Y notes are subject to affirmation concurrent with the transaction close and the assignment of final ratings. Entity/Debt Rating ----------- ------ GGAMMT Series 2026-1 Class A LT A-(EXP)sf Expected Rating Class Y LT BB-(EXP)sf Expected Rating Transaction Summary Series 2026-1 is the second series of notes issued under the base indenture. Proceeds from the notes will be used to acquire the subject aircraft from the sellers; fund aircraft acquisition sub-accounts, the maintenance reserve account, the security deposit account, the expense account and the class Y interest reserve account; and pay transaction fees and expenses related to the offering. The series 2025-1 class A and Y notes, which were co-issued on Oct. 31, 2025, remain outstanding at closing. Together, the series 2025-1 and series 2026-1 notes will be secured by a pool of 41 passenger aircraft operated by 28 lessees across 20 countries, with an aggregate appraised value of approximately $1.86 billion as of May 31, 2026. Griffin Global Asset Management (servicer) LLC and Griffin Global Asset Management DAC (together, GGAM or the servicer) will be responsible for managing the aircraft including leasing, maintenance and disposition. The issuers may issue additional series of class A or class Y notes after the closing date. Notes of the same class generally rank pari passu regardless of series, though subsequent notes may carry materially different terms, which could increase risk to existing noteholders. Conditions for new issuance include: i) rating agency confirmation for each continuing series; ii) a pro forma class A LTV not exceeding 80%; iii) any additional class A notes must receive an investment-grade rating; and iv) an amortization schedule no faster than a 10-year straight-line (or equivalent mortgage-style) profile, among others. See the offering memorandum for a full list of conditions for issuance. KEY RATING DRIVERS Asset Quality and Tiering (Positive): Series 2026-1 adds 18 narrowbody (NB) aircraft to the master trust, comprising 2x 737 MAX 9, 3x A320neo, 1x A321neo, 4x 737-800, 6x A320ceo and 2x A321ceo. Based on maintenance-adjusted base value (MABV), the additions are 54.7% new-technology and 45.3% prior-generation, with a weighted average (WA) age of 7.2 years and tiering of 73.0% Tier 1 and 27.0% Tier 2 with no Tier 3 exposure. These additions improve the portfolio's overall liquidity profile and increase Tier 1 concentration from 66.4% to 68.5%. While new-technology concentration declines from 85.9% to 76.2% and WA age increases from 5.3 to 5.9 years, both metrics remain among the strongest observed across recent aviation ABS issuances. The all-NB additions of the new issuance lower the overall portfolio's widebody (WB) concentration to 33.4% of MABV. However, this remains somewhat elevated relative to recent transactions. While WBs are typically less liquid than NBs, a key mitigating factor is that all five assets are high-demand, new-technology aircraft types benefiting from significant OEM production constraints, enhancing re-leasing and remarketing prospects for the WB types in this master trust. The elevated WB concentration and illiquidity risk is further mitigated by the 49.6% of WB exposure leased to investment-grade (IG) lessees. Pool Concentration (Neutral): The new issuance adds 18 aircraft leased to 12 airlines, introducing 10 new lessees to the portfolio and bringing the total lessee count to 28. With the additions, United Airlines (12.4%) and JetSmart (10.7%) are the only two lessees exceeding 10% of MABV, with British Airways rounding out the top three at 9.0%, collectively representing 32.1% of the combined portfolio. Geographic diversity is further enhanced with the addition of five new jurisdictions, with the three largest country exposures across the combined portfolio being the UK (15.1%), U.S. (14.2%) and Chile (10.7%), together accounting for 40.1% of MABV. These concentration levels are in line with those observed across aviation ABS transactions rated by Fitch, reflecting reasonable diversification by both obligor and geography. Lessee Credit Risk (Neutral): The new issuance's 12 lessees have a WA credit rating of approximately 'CCC+' to 'B-', bringing the combined portfolio WA credit rating marginally lower to between 'B-' and 'B', compared with a solid 'B' for the prior issuance. However, this remains consistent with the typical range observed across aviation ABS transactions. The portfolio benefits from three IG anchor lessees representing 18.0% of the combined portfolio's MABV, providing a degree of credit quality support for the pool. All assets are on-lease. As of June 12, 2026, two lessees had lease payments past due for 30 days or more. Operational and Servicing Risk (Neutral): Fitch has found GGAM to be an effective servicer based on the management team's depth, experience and track record managing aviation assets, combined with the benefits of Bain Capital Credit, LP ownership. Fitch rates Griffin Global Asset Management Holdings, Ltd. 'BB' with a Positive Outlook. Transaction Structure (Neutral): Leverage of 79.1% on the class A notes seems elevated on a headline basis. However, GGAMMT's capital structure does not include a traditional subordinated B note and instead has a deeply subordinated class Y note. The class A notes therefore encompass both the senior and subordinated layers of a conventional two-tranche structure, bringing leverage broadly in line with peers on a like-for-like basis. The class A notes follow a 14-year mortgage-style amortization profile, which is at the slower end relative to recent transactions. This is partially mitigated by the portfolio's relatively young WA age of 5.9 years, as the assets' long remaining useful lives support the amortization profile. The class Y notes, with an LTV of 88.8%, are not subject to a prescribed amortization schedule and are instead repaid through excess cash flows after satisfaction of all senior ranking obligations. Structural Protections (Positive): The transaction incorporates standard protective features, including debt service coverage ratio (DSCR) cash trap and DSCR-triggered rapid amortization event (RAE), as well as minimum utilization and asset count triggers. GGAMMT's revolving master trust framework does not contemplate a fixed anticipated refinancing date (ARD), and accordingly the structure does not include a post-ARD RAE. Although this represents a structural distinction relative to term ABS peers, its significance for class A noteholders is limited due to the deeply subordinated class Y notes, which provide a meaningful structural buffer that reduces reliance on the post-ARD deleveraging mechanisms typical of conventional two-tranche structures. The class Y notes benefit from an $11 million interest reserve account funded at closing and replenished through the priority of payments to 12 months of interest. While interest reserves on deeply subordinated notes are not unprecedented, the replenishment feature is less common at this level of the capital structure and provides incremental support to class Y noteholders by helping mitigate the risk of interest deferral and associated interest-on-interest compounding. In addition, there is a class Y LTV trigger that requires net sales proceeds from any aircraft disposition to be applied to class Y principal to the extent necessary to bring the class Y LTV below 90%. Rating Cap of 'Asf': Fitch limits aircraft operating lease ratings to a maximum of 'Asf'. For further details, refer to Fitch's "Global Structured Finance Rating Criteria" and "Aircraft Operating Lease ABS Rating Criteria." RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Given the number of variables when evaluating operating lease securitizations, Fitch conducts a number of model runs with varying assumptions. Fitch determines on a transaction-by-transaction basis which scenarios are most insightful. Future Lessee Credit Stress Sensitivity: The central scenario assumes future lessees are either 'B' or 'CCC' credits, based on the tier and age of the aircraft at lease expiration. Given the historical volatility and cyclicality of the commercial aviation industry, Fitch typically runs one- and two-category downgrade sensitivities on assumed future lessee ratings. Weaker assumed future lessee credit quality results in more frequent repossessions, which increase aircraft downtime and the number of transitions, leading to a reduction in rental revenue and an increase in expenses, thereby lowering net cash flows to the transaction. There is a probable one-notch downgrade under the one-category downgrade scenario, and a probable two-notch downgrade under the two-category downgrade scenario. Value Stress Sensitivity: Fitch ran sensitivities applying a 10% or 20% haircut to the starting FV of prior-generation aircraft, considering the historical volatility and cyclicality of commercial aircraft values, especially for models that have been replaced by newer technology. This value sensitivity decreased gross cash flows as the lower starting FV drove lower future lease rates and disposition proceeds. There is a probable one- to three-notch downgrade under the 10% FV decline scenario and a probable three- to five-notch downgrade under the 20% FV decline scenario. Middle East Exposure Default and Extended Downtime Sensitivity: Due to uncertainty around the duration of the conflict affecting the Middle East, Fitch ran a scenario in which non-IG exposure in the Middle East defaults. Fitch also assumed extended downtime for the related aircraft due to difficulties repossessing an aircraft grounded in a conflict-affected region, followed by remarketing at a lower stressed lease rate. There is a probable zero- to one-notch downgrade under the Middle East downtime sensitivity. Current Lessee Credit Stress Sensitivity: Given the current high fuel price environment and potential fuel shortages, Fitch ran a sensitivity assuming current lessees in the pool are one and two notches lower than their current ratings. This sensitivity affects the lessee default probability and cash flow forecast. There is a probable one-notch downgrade under the one-notch current lessee rating downgrade scenario and a probable one- to two-notch downgrade under the two-notch current lessee rating downgrade scenarios. EOL Sensitivity: Fitch relies on maintenance cash flow forecasts provided by Alton to evaluate maintenance- related collections and expenditures, including EOL payments that Alton haircuts using Fitch's cumulative probability of default assumptions associated with each lessees' credit assumption. Given the inherent volatility in the magnitude and timing of EOLs over long time horizons (through, for example, renegotiation of redelivery requirements, lease extensions that defer EOL payments and the general difficulty of forecasting the precise aircraft maintenance condition at end of lease), Fitch typically runs an EOL sensitivity. Under this sensitivity, an additional 20% haircut was applied to the central scenario EOLs, resulting in a probable zero- to one-notch downgrade. The haircut applied for this sensitivity varies by transaction, based on the ratio of reserve and EOL payers, credit rating of lessees and other factors. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade If contractual lease rates outperform modeled cash flows or lessee credit quality improves materially, this may lead to an upgrade. Similarly, if assets in the pool display higher values and stronger rent generation than Fitch's stressed scenarios, this may also lead to an upgrade. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. GIBSONIA CONTRACTING: Hires Steidl and Steinberg as Counsel ----------------------------------------------------------- Gibsonia Contracting LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Steidl and Steinberg, P.C. as counsel to handle its Chapter 11 case. Christopher M. Frye, the attorney handling the case will be paid at $400 per hour. The firm received a retainer in the amount of $10,000, plus the filing fee of $1,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Frye disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher M. Frye, Esq. Steidl & Steinberg Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Tel: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Gibsonia Contracting LLC Gibsonia Contracting LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 26-21618) on June 10, 2026. The Debtor hires Steidl and Steinberg, P.C. as counsel. GLEN ARBOR: Seeks to Hire Abundant CPA Services LLC as Accountant ----------------------------------------------------------------- Glen Arbor, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Abundant CPA Services, LLC as accountant. The firm will prepare the Debtor's federal, state, and local corporate income tax returns, for the preparation and compilation of financial reports, accounting, bookkeeping, and consulting services as requested. The firm intends to charge an hourly rate of $175. The firm and its members are disinterested parties as defined in 11 U.S.C. Sec. 101(14), representing no interest adverse to the Debtor or the Debtor's estate on the matters upon which they are to be engaged, according to court filings. The firm can be reached through: Alex Gray, CPA Abundant CPA Services, LLC 8400 NE 97th St. Kansas City, MO 64157 Phone: (816) 419-5610 www.abundantcpaservices.com About Glen Arbor LLC Glen Arbor, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40837) on May 12, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Brian T. Fenimore presides over the case. Colin N. Gotham, Esq. at Evans & Mullinix, P.A. represents the Debtor as legal counsel. GOLDENPEAKS POLAND: Brookfield in Fight Over Missing Cash --------------------------------------------------------- Donal Griffin, Silas Brown, and Irene García Pérez of Bloomberg News report that a restructuring battle has emerged between Joh. Berenberg, Gossler & Co. KG and Brookfield Asset Management Ltd. over bankrupt solar developer GoldenPeaks, which accumulated roughly $1.5 billion in debt while developing renewable energy projects across Europe. Several affiliated entities entered Chapter 11 bankruptcy in the United States last month. Brookfield has agreed to extend more than $250 million in bankruptcy financing to keep the business operating during the restructuring. The proposed debtor-in-possession loan is designed to provide liquidity while the company works to reorganize its obligations and preserve its solar generation assets, the report states. Berenberg has objected to the financing arrangement, contending that Brookfield is attempting to obtain priority over creditors with superior claims. The bank further argues that the debtors improperly created U.S. bankruptcy jurisdiction to facilitate Brookfield's restructuring plan, according to court filings submitted on June 25, 2026, according to Bloomberg. The objections highlight growing tensions among GoldenPeaks' lenders as the company seeks court approval for its restructuring. The outcome of the dispute could significantly influence recoveries for creditors and the future ownership of the renewable energy business, the report cites. About GoldenPeaks Poland LLC GoldenPeaks Poland LLC is a European renewable energy developer. GoldenPeaks Poland LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90558) on May 29, 2026. In its petition, the Debtor reports assets between $1 billion and $10 billion and liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Benjamin Lawrence Wallen, Esq. of Pachulski Stang Ziehl & Jones LLP. GREATER LOS ANGELES: Case Summary & 12 Unsecured Creditors ---------------------------------------------------------- Debtor: Greater Los Angeles Zoological Association 655 N. Central Avenue, 17th Floor Glendale, CA 91203 Business Description: Greater Los Angeles Zoological Association is a Glendale, California-based nonprofit organization founded in 1963 that historically supported the Los Angeles Zoo through fundraising, membership programs, special events, site rentals, publications, marketing and volunteer management. Chapter 11 Petition Date: June 26, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-16410 Judge: Hon. Deborah J. Saltzman Debtor's Counsel: Marc A. Lieberman, Esq. RLF LAW GROUP LLP 1875 Century Park East, Ste 2230 Los Angeles, CA 90067 Tel: (310) 284-7350 E-mail: marc.lieberman@flpllp.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dawn Petersen-Amend as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BY2ZUXA/Greater_Los_Angeles_Zoological__cacbke-26-16410__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 12 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Angela Collier Foundation Donor $1,075,000 Attn: Mohammad Virani 16530 Ventura Blvd. #306 Encino, CA 91436 2. Antropy Inc. IT Consulting $271 10535 Jordan Ave. Chatsworth, CA 91311 3. Blackbaud/Raisers Edge Software $57,233 65 Fairchild Street Services Charleston, SC 29492 4. Ernest Prete, Jr. Foundation Donor $300,000 Attn: Mohammad Virani 16530 Ventura Blvd. #306 Encino, CA 91436-4595 5. Loeb & Loeb LLP Legal Fees $318,279 10100 Santa Monica Blvd. & Costs Suite 2200 Los Angeles, CA 90067 6. SHI-Adobe Software $768 290 Davidson Ave. Services Somerset, NJ 08873 7. Singer Lewak Accountant $886 10960 Wilshire Blvd. Suite 1100 Los Angeles, CA 90024 8. Spectrum Internet $32,153 1900 Blue Crest Ln. Service San Antonio, TX 78247 9. The City of Los Angeles Reimbursement $1,021,784 c/o Los Angeles Zoo 5333 Zoo Drive Los Angeles, CA 90027 10. The City of Los Angeles Lawsuit $0 c/o Office of the Los Angeles City Attorney 201 N. Figueroa Street, Suite 1300 Los Angeles, CA 90012 11. U.S. Bank Credit Card $1,712 PO Box 108 Saint Louis, MO 63166-9801 12. Unemployment Services Trust Benefits $13,878 300 E. Esplanade Dr., Ste. 2010 Oxnard, CA 93036 GUNSTOCK RANCH: Hires Fresh Start Business as Tax Professional -------------------------------------------------------------- Gunstock Ranch Inc. seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Fresh Start Business Service, LLC as its tax professional. The firm will prepare the Debtor's 2025 income tax return. CPA is charging a flat fee of $7,500. As disclosed in the court filings, Fresh Start Business Service, LLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Eukeethia Barnes Fresh Start Business Service, LLC 1266 W Paces Ferry Rd NW Atlanta, GA 30327 Phone: (678) 329-9241 About Gunstock Ranch Inc. Gunstock Ranch Inc. is a Hawaii-based company engaged in ranching and agricultural operations. The company manages livestock and related agricultural activities and is privately held. Gunstock Ranch Inc. sought protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 26-00019) on January 10, 2026, with $500,001 to $1 million in assets and liabilities. Judge Robert J. Faris presides over the case. Allison A. Ito, Esq., at Choi & Ito represents the Debtor as legal counsel. GURU HOLDING: Claims Will be Paid from Property Sale/Refinance -------------------------------------------------------------- Guru Holding, LLC, filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Reorganization dated June 18, 2026. The Debtor's primary asset is a 76-unit mid-rise apartment building at 942-960 Avenue Saint John, Bronx, New York 10455 (the "Property"). Wilmington Trust, National Association, as Trustee for the benefit of the Holders of COMM 2015-CCRE25 Mortgage Trust Commercial Pass Through Certificates ("Mortgagee") asserts against the Debtor in the principal amount of approximately $7,600,000, secured by a mortgage on the Property (the "Mortgage"). The Debtor is a party to a pending Article 78 proceeding in the Supreme Court of the State of New York, Bronx County, commenced on October 10, 2025, seeking judicial review of a determination of the New York State Division of Housing and Community Renewal ("DHCR") under Docket No. LW-610004-UC ("DHCR Action"). The proceeding challenges DHCR's denial of Debtor's application for a substantial rehabilitation exemption and its determination that the Property remains subject to the Rent Stabilization Law pursuant to Section 608 of the Private Housing Finance Law. The outcome of the proceeding will determine whether the Property is permanently exempt from rent stabilization or subject to ongoing regulation, which may affect potential rent rollback or overcharge exposure. The Mortgagee commenced a foreclosure action in the New York County Supreme Court in January 2026 and the Supreme Court entered an order appointing a receiver on February 11, 2026 ("Receiver Order"). The Debtor filed this case to restructure the Mortgage and pay all creditors in full with interest under a Chapter 11 plan. Class 5 consists of General Unsecured Claims. Claims total approximately $1,483,111. In the event of a refinancing of the Property, payment in full in Cash of the Allowed Amount of each Class 5 Claim, with interest at the Legal Rate accruing from the Petition Date through the date of payment, from the proceeds of such refinancing at closing. In the event of a sale of the Property, payment of Available Funds up to the Allowed Amount of each Class 5 Claim with interest at the Legal Rate through the date of payment, after payment of Allowed Administrative Expenses, Statutory Fees, Class 1 Claims, the Allowed Class 2 Claim, Class 3 Claims and Class 4 Claims. For the avoidance of doubt, to the extent net proceeds are insufficient to pay all Class 5 Claims in full, holders of Allowed Class 5 Claims shall share pro rata in the net proceeds available for distribution to Class 5. This Class is impaired. Class 6 consists of Interests Holders. The Interest Holders shall retain their Interests in the reorganized Debtor. In the event of a sale of the Property, the Interest Holders shall receive any Available Funds remaining after payment in full of Allowed Administrative Expenses, Statutory Fees, Class 1 Claims, the Allowed Class 2 Claim, Class 3 Claims, Class 4 Claims and Class 5 Claims. Payments under the Plan will be primarily funded either from a Property Refinancing or a Property Sale. In the event of a refinancing of the Property closed on or before the end of the Refinancing Period, payments under the Plan shall be funded from the proceeds of such refinancing in an amount sufficient to pay all Allowed Claims in full in Cash. Upon such payment, the Plan shall be deemed fully consummated, the sale process described below shall be terminated, and the Property shall be retained by the Debtor free and clear of all Liens, Claims and encumbrances other than the Lien securing the new refinancing. In the event the Debtor does not close such a refinancing on or before the end of the Refinancing Period, payments under the Plan shall be funded from the Property Sale Proceeds. The sale of the Property shall be implemented pursuant to the Bidding and Auction Procedures annexed as Exhibit A to the Plan. On the Effective Date of the sale, the Property shall be sold to the Purchaser free and clear of all Liens, Claims, and encumbrances, with any such Liens, Claims, and encumbrances to attach to the Property Sale Proceeds and disbursed in accordance with the provisions of the Plan. A full-text copy of the Disclosure Statement dated June 18, 2026 is available at https://urlcurt.com/u?l=aey8gN from PacerMonitor.com at no charge. Counsel to the Debtor: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Tel: (212) 593-1100 About Guru Holding Guru Holding LLC is a New York-based real estate holding company that owns and leases a 76-unit mid-rise residential apartment building at 942-960 Avenue Saint John in the Bronx, NY, with the property estimated at $17 million. Guru Holding LLC in Bronx, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 26-10346) on Feb. 18, 2026, listing $18,099,311 in assets and $10,754,139 in liabilities. Emmanuel Ku as managing member, signed the petition. Judge John P Mastando III oversees the case. BACKENROTH FRANKEL & KRINSKY, LLP serve as the Debtor's legal counsel. GVS HOSPITALITY: Seeks to Hire BFSNG Law Group LLP as Attorney -------------------------------------------------------------- GVS Hospitality Hall, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire BFSNG Law Group LLP as attorney. The firm will provide these services: a. legal advice with respect to the powers and duties of the Debtor-in-Possession in the continued management of its business and property; b. representing the Debtor before the Bankruptcy Court at all hearings on matters pertaining to its affairs, as Debtor-in-Possession, including prosecuting and defending litigated matters as they may arise during the Chapter 11 case; c. advising and assisting the Debtor in the preparation and negotiation of a Plan of reorganization with its creditors; d. preparing all necessary or desirable applications, answers, orders, reports, documents and other legal papers; and e. performing all other legal services for the Debtor which may be desirable and necessary. The firm will be paid at these rates: Partners $600 to $725 per hour Associates $500 to 550 per hour Paralegals $210 per hour The firm will be paid a retainer in the amount of $17,500, plus $1,738 filing fee. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Heath S. Berger, Esq. of BFSNG Law Group disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Heath S. Berger, Esq. BFSNG Law Group, LLP 6901 Jericho Turnpike, Suite 230 Syosset, NY 11791 Telephone: (516) 747-1136 About GVS Hospitality Hall LLC GVS Hospitality Hall, LLC is a hospitality-focused limited liability company based in New York. Its name suggests involvement in banquet facilities, event spaces, restaurants, or related hospitality services. GVS Hospitality Hall filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11236) on May 26, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. The case has been assigned to Judge Philip Bentley. The Debtor is represented by Heath S. Berger, Esq., BFSNG Law Group, LLP. HCEC EQUITIES: Section 341(a) Meeting of Creditors on July 20 ------------------------------------------------------------- On June 22, 2026, HCEC Equities, LLC filed for Chapter 11 protection in the Eastern District of New York bankruptcy court. According to court filings, the debtor reports between $10 million and $50 million in assets, with liabilities ranging from $0 to $100,000, and approximately 1 to 49 creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on July 20, 2026 at 01:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6980165. Deadline for the Chapter 11 Small Business Plan and the Small Business Disclosure Statement is December 21, 2026. About HCEC Equities, LLC HCEC Equities, LLC is a privately held investment entity. HCEC Equities, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42985) on June 22, 2026. The filing reflects substantial assets and minimal liabilities. Honorable Judge Jil Mazer-Marino is presiding over the case. The debtor is represented by Elliot S. Schlissel of Schlissel Decorpo LLP. HEARTLAND ELECTRIC: Alexandra Garrett Named Subchapter V Trustee ---------------------------------------------------------------- Mark S. Zimlich, the U.S. Bankruptcy Administrator for the Southern District of Alabama, appointed Alexandra K. Garrett as Subchapter V trustee for Heartland Electric LLC. About Heartland Electric LLC Heartland Electric, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-11710) on June 11, 2026, with between $100,001 and $500,000 in both assets and liabilities. Judge Henry A. Callaway oversees the case. Barry A. Friedman, Esq., at Barry A Friedman & Associates, PC represents the Debtor as legal counsel. HI SIGN BREWING: Seeks to Hire Barron & Newburger as Counsel ------------------------------------------------------------ Hi Sign Brewing, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger as counsel. The firm's services include: a. advising Debtor of its rights, powers, and duties as a debtor-in-possession continuing to manage its assets; b. reviewing the nature and validity of claims asserted against the property of Debtor and advising Debtor concerning the enforceability of such claims; c. preparing on behalf of Debtor, all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in the chapter 11 case; d. advising Debtor concerning and preparing responses to, applications, motions, complaints, pleadings, notices, and other papers which may be filed in the chapter 11 case; e. counseling Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; f. performing all other legal services for and on behalf of Debtor which may be necessary and appropriate in the administration of the chapter 11 case and Debtor's business; and g. working with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for Debtor. The firm will be paid at these rates: Stephen Sather $650 per hour Senior attorneys $400 to $675 per hour. Junior Attorneys $250 to $450 per hour Support Staff $40 to 100 per hour The firm received a retainer in the amount of $20,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Sather disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stephen W. Sather, Esq. Barron & Newburger, P.C. 7320 N. MoPac Expwy., Suite 400 Austin, TX 78731 Tel: (512) 476-9103 About Hi Sign Brewing, LLC Hi Sign Brewing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-11027-cgb) on May 31, 2026. In the petition signed by Mark Phillippe, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Christopher G. Bradley oversees the case. Stephen W Sather, Esq., at Barron & Newburger, P.C., represents the Debtor as legal counsel. HIGHLAND HOMES: Gets Interim OK to Use Cash Collateral Until Aug. 5 ------------------------------------------------------------------- Highland Homes of Sebastian, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through August 5 for court-authorized payments and current expenses listed on its budget. The Debtor's cash collateral consists primarily of cash on hand and proceeds generated from ongoing sales and business operations. As of the petition date, the Debtor estimated it held approximately $80,645 in cash collateral, including bank balances, cash on hand, and two checks awaiting deposit, while accounts receivable were estimated to have no current value. BankUnited, N.A. is the Debtor's primary creditor that may hold a security interest in the cash collateral. BankUnited will be granted adequate protection through a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-petition lien. Additional safeguards include insurance coverage and access to business records and premises upon request. The order is available at http://bankrupt.com/misc/HighlandHomes_ICCOrder31.pdf The next hearing is scheduled for August 5. According to the Debtor, operations are expected to remain profitable and generate more cash collateral than is consumed during the reorganization process. The Debtor said that continued business operations will maximize the value of the estate and improve recoveries for creditors compared to a liquidation scenario. About Highland Homes of Sebastian Inc. Highland Homes of Sebastian, Inc operates as a roofing contractor providing a broad range of services, including roof installation, repairs, replacements, inspections, metal and tile roofing, gutters, skylights, flat roofing, and storm damage restoration. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17749-EPK) on June 13, 2026. In the petition signed by Francois Pelletier, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Paul N. Mascia, Esq., at Nardella & Nardella, PLLC, represents the Debtor as legal counsel. HILCORP ENERGY: S&P Alters Outlook to Stable, Affirms 'BB+' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issuer credit rating and revised its outlook to stable from negative on Hilcorp Energy I L.P. S&P's 'BBB-' issue-level ratings on Hilcorp's senior secured term loan B due in 2030 and 'BB+' issue-level rating on its senior unsecured debt are unchanged. The stable outlook reflects S&P's expectation that credit measures will remain appropriate for the rating over the next two years, supported by Hilcorp's continued focus on debt reduction and supportive commodity prices. S&P revised its outlook to stable from negative because of Hilcorp's deleveraging progress. Having completed acquisitions in 2024 and early 2025, Hilcorp's S&P Global Ratings-adjusted leverage--which incorporates asset retirement obligations and contingent earnout liabilities--was 3x at year-end 2025. Since then, Hilcorp has repaid about $624 million of debt and debt-like obligations, including about $450 million drawn under its reserve-based lending (RBL) credit facility, $171 million of contingent earn-out payments (with an estimated $345 million remaining), and term loan amortization. As of May 29, 2026, Hilcorp had approximately $960 million outstanding on its $3 billion RBL facility due in November 2030. S&P said, "We forecast the company will allocate most of its excess free cash flow--after distributions and contingent earn-out payments--toward debt repayment, consistent with its leverage target below 2x. Management has stated a commitment to refrain from material acquisitions in the near term. Based on our commodity price assumptions, we estimate Hilcorp will pay $200 million-$250 million in owner dividends this year and $1 billion-$1.1 billion in 2027, including both owner dividend and tax distributions. Based on our commodity price assumptions, we forecast funds from operations (FFO) to debt will average 55%-60% over the next two years, with debt to EBITDA below 2x." Hilcorp faces no meaningful maturities until 2028 and maintains a minimum liquidity target of approximately $800 million under its credit facility. Following further repayment of RBL borrowings, S&P expects the company to shift its focus toward reducing its term loan balance and addressing its 2028 and 2029 notes as they become callable. S&P said, "We expect Hilcorp to continue to increase its production base this year. In the first quarter of 2026, the company's daily production averaged about 434,000 barrels of oil equivalent per day (boe/d) on an equity basis, and we expect full-year 2026 production to average 460,000-475,000 boe/d (about 52% liquids). This growth is supported by several developments in Alaska, including the Point Thomson well coming online in June 2026, continued progress at the Milne Point asset, and incremental volumes from ongoing workover activity at Prudhoe Bay. In Lower 48, the previously announced asset exchange in the Permian Basin adds a net 16,000 boe/d with no material incremental capital requirements. Several additional developments--including the nine-well pad in the Utica Basin, two Mancos shale pads in the San Juan Basin, and active Permian workover program--will contribute incremental volumes in the second half of this year. Together, these initiatives provide a clear near-term pathway toward the company's production target of 500,000 boe/d by year-end, which we view as achievable. Improved size and scale of operations support a satisfactory business risk profile. As of year-end 2025, Hilcorp reported about 3.35 billion boe of proved reserves, operations across multiple basins, and production approaching 500,000 boe/d. Accordingly, S&P now assesses its business risk profile as satisfactory, positioning it stronger than peers such as Range Resources Corp. and Murphy Oil Corp. Hilcorp also benefits from a relatively diverse commodity mix, with approximately 49% liquids and 51% natural gas, as well as exposure to Alaskan oil pricing, which more closely tracks Brent. While this supports higher realized pricing, it is partially offset by a higher cost structure. At the same time, the company's asset base is largely conventional and more mature than that of many peers. This results in lower decline rates and modest maintenance capital requirements, but also limits longer-term growth opportunities. Hilcorp's properties carry higher asset retirement obligations than those of U.S. onshore peers, reflecting the late-in-life nature of its assets. Hilcorp has a history of funding acquisitions primarily with debt. Its acquire-and-exploit business model requires continuous acquisitions to sustain and expand production given the natural decline profile of its late-in-life conventional assets. The company has historically funded these acquisitions primarily with debt, such as the BP Alaska assets in 2020, San Juan Basin assets in 2022, and 2024-2025 Alaska and Permian transactions. As a result, Hilcorp typically increases leverage to or above the upper end of the range for a 'BB+' rating before shifting its focus to debt reduction. Before upgrading, S&P would require a sustained track record of transparent and conservative financial policy consistent with those of investment-grade peers. S&P said, "The stable outlook on Hilcorp reflects our expectation that credit measures will remain appropriate for the rating over the next two years, supported by a continued focus on debt reduction and supportive commodity prices. We anticipate FFO to debt will average 55%-60% and debt to EBITDA below 2x for the next two years as the company continues to prioritize deleveraging toward its target below 2x, while refraining from sizable debt-funded acquisitions." S&P could lower ratings if it expects FFO to debt below 30% on a sustained basis. This would most likely occur if: -- Commodity prices decline materially below our current assumptions and the company does not adjust spending accordingly; or -- The company undertakes debt-funded acquisitions or makes materially larger-than-expected distributions to its parent. While unlikely over the next 1-2 years, S&P could raise the rating on Hilcorp if it: -- Brings FFO to debt comfortably above 60% for a sustained period, including under our marginal price assumptions of $50 per barrel of West Texas Intermediate (WTI) crude oil and $2.75 per million Btu of Henry Hub natural gas; and -- Demonstrates a conservative and transparent financial policy consistent with those of investment-grade peers. HOPSCOTCH HEALTH: Court Administratively Closes PNC Bank Case ------------------------------------------------------------- Judge Jason Pulliam of the U.S. District Court for the Western District of Texas administratively closed the case captioned as PNC BANK, NATIONAL ASSOCIATION, AS SUCCESSOR TO BBVA USA; Plaintiff, v. HOPSCOTCH PROPERTIES, LLC, HOPSCOTCH HEALTH, LLC, ESTEBAN R LOPEZ, Defendants, Case No. SA-25-CV-00912-JKP (W.D. Tex.). PNC Bank National Association's motion for default judgment is dismissed subject to refiling. Plaintiff PNC Bank National Association filed suit upon the originally-named Defendants, Hopscotch Properties, Hopscotch Health, Hopscotch Health Children's Urgent Care, and Esteban Lopez. In the Complaint, PNC Bank alleges that on April 28, 2021, Hopscotch Properties, Hopscotch Urgent Care, and Hopscotch Health (collectively, the "Borrowers"), executed a U.S. Small Business Administration Note (the "Note"), whereby PNC Bank was the lender. In conjunction with the Note, Esteban Lopez provided an Unconditional Guarantee, under which Lopez became unconditionally liable for the full payment and performance of all of the Borrowers' debts and obligations to PNC under the Note. In support of the Note, Hopscotch Properties and PNC Bank executed a Deed of Trust with Security Agreement (the "Hopscotch Deed of Trust") whereby Hopscotch Properties granted PNC Bank a secured interest in specific real property (the "Hopscotch Real Property"). The Borrowers failed to timely pay all payments as they became due and thereby defaulted on their obligations under the Note and Lopez's Unconditional Guarantee. Additionally, the Borrowers failed to pay taxes on the Hopscotch Real Property when due and failed to avoid liens for past due taxes, each constituting multiple events of default under the Hopscotch Deed of Trust and the Note. Consequently, PNC Bank accelerated maturity on the Note and filed this suit against the Borrowers and Lopez. Following the filing of this suit, a single Borrower, Hopscotch Health Children's Urgent Care (Hopscotch Children's), filed a suggestion of bankruptcy. On October 27, 2025, PNC Bank responded that a court may extend the bankruptcy stay to non-debtors only when: (1) the debtor absolutely indemnifies the non-debtor, or (2) the litigation affects the debtor's property under Sec. 362(a)(3). PNC Bank stated that, to its' knowledge, there is no indemnification agreement between Hopscotch Children's and the remaining Borrowers or Lopez, and the current litigation against the remaining Borrowers does not affect Hopscotch Children's property. Specifically, the real properties at issue in the litigation are owned by Hopscotch Properties and Lopez. In addition, PNC Bank argued the remaining Borrowers and Hopscotch Children's do not enjoy such an identity of interests such that a lawsuit against the remaining Borrowers is essentially a lawsuit against Hopscotch Children's. PNC Bank continued to litigate this matter with Hopscotch Children's as a Defendant and without serving summons, until February 27, 2026, when it dismissed Hopscotch Children's as a Defendant and moved for entry of default against the remaining Borrowers and against Lopez. PNC Bank obtained entry of default against the remaining Borrowers and Lopez and filed the pending Motion for Default Judgment against these parties. Upon Hopscotch Children's Suggestion of Bankruptcy, it became entitled to all of the rights, privileges and protections of the automatic stay afforded under 11 U.S.C. Sec. 362, including a stay of this proceeding. Upon consideration of PNC Bank's response, the Court finds administrative closure of this matter to be appropriate. The Note that is the subject of this lawsuit involves the remaining Borrowers and Hopscotch Children's as borrowers and PNC Bank as lender, as well as Defendant Lopez's Unconditional Guarantee. These parties' default on the Note and Lopez's guarantee is a matter that is the subject of Hopscotch Children's Chapter 11 bankruptcy proceeding, during which this debt could be restructured or otherwise modified. Any default judgment on liability on the Note and the Unconditional Guarantee issued by this Court would be a final adjudication of liability on the same Note that is the subject of Hopscotch Children's bankruptcy proceeding. Based upon this procedural posture and potential for conflicting findings and judgment, the Court finds a formal or contractual relationship between Hopscotch Children's and the non-debtor remaining Borrowers such that a judgment against one would be a judgment against the other. The Court finds staying this proceeding against the remaining Borrowers and Lopez to be in the interests of justice and would facilitate efficient control of the Court's docket. For these reasons, this action is stayed pending resolution of the bankruptcy proceeding involving Hopscotch Children's. When a case is subject to an indefinite or lengthy stay, it is appropriate for administrative closure. The Court finds administrative closure is warranted. A copy of the Court's Order dated June 16, 2026, is available at http://urlcurt.com/u?l=tz0GcOfrom PacerMonitor.com. About Hopscotch Health Children's Urgent Care Hopscotch Health Children's Urgent Care, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52216-cag) on September 24, 2025. In the petition signed by Esteban Lopez, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Craig A. Gargotta oversees the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents the Debtor as legal counsel. HUDSON PACIFIC: Andrew Wattula Resigns as Chief Operating Officer ----------------------------------------------------------------- Hudson Pacific Properties, Inc. announced in a regulatory filing that Andrew Wattula resigned as Chief Operating Officer. Mr. Wattula joined the Company in 2017 and previously served in prior roles at the Company before being appointed Chief Operating Officer in 2021. Mr. Wattula's decision to resign is not related to any financial or accounting issue or any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Wattula's duties and responsibilities have been reassigned to existing executive officers and other management personnel at the Company while the Company considers potentially backfilling his role. About Hudson Pacific Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009, as a fully integrated, self-administered and self-managed real estate investment trust. Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. * * * In October 2025, S&P Global Ratings affirmed its 'CCC' issue-level rating on Hudson Pacific Properties Inc.'s (HPP) preferred stock. S&P said, "We revised the outlook to stable from negative, reflecting our view of the company's improved liquidity position and eased refinancing concerns. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged despite improved leasing activity. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." HPP's recent refinancing efforts have reduced its near-term refinancing risk and improved its liquidity position. HUNDAL FARMS: Hires Wanger Jones Helsley as Bankruptcy Counsel -------------------------------------------------------------- Hundal Farms, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Wanger Jones Helsley as counsel. The firm will render these services: a. take all necessary actions to protect, preserve and represent the Debtor in Possession; b. prepare on behalf of the Debtor in Possession, all necessary applications, motions, answers, orders, briefs, reports and other papers in connection with the administration of the estate; c. develop, negotiate and promulgate a plan; and d. perform other legal services as requested. The firm will be paid at these rates: Attorneys $275 to $695 per hour Paralegals $185 to $275 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Prior to filing the petition, the Debtors in Possession paid a retainer to Wanger Jones Helsley. The retainer remaining on the Petition Date was placed in the WJH Attorney Trust Account bringing the trust account balance to $140,791.02 as of Petition Date. Ian Quinn, Esq., a partner at Wanger Jones Helsley, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Riley C. Walter, Esq. Ian J. Quinn, Esq. Wanger Jones Helsley 265 E. River Park Circle, Suite 310 Fresno, CA 93720 Phone: (559) 233-4800 Email: rwalter@wjhattorneys.com iquinn@wjhattorneys.com About Hundal Farms Inc. Hundal Farms, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-12348) on May 21, 2026. In the petition signed by Parvinder S. Hundal, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $100 million in liabilities. Judge Rene Lastreto II oversees the case. Riley C. Walter, Esq., at Wanger Jones Helsley represents the Debtor as legal counsel. HYDROFARM HOLDINGS: Receives Nasdaq Compliance Extension -------------------------------------------------------- Hydrofarm Holdings Group, Inc. announced in a regulatory filing that it received a letter from The Nasdaq Stock Market LLC indicating that, based on Nasdaq's review of the Company's plan submitted on May 18, 2026 and related materials submitted on June 8, 2026, Nasdaq has granted the Company an extension to regain compliance with Nasdaq Listing Rule 5550(b). The Rule requires a company to maintain a minimum of $2,500,000 in stockholders' equity, a market value of listed securities of at least $35,000,000, or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. Nasdaq stated that if the Company fails to evidence compliance with the Rule upon filing its periodic report for the three months ended September 30, 2026 with the Securities and Exchange Commission and Nasdaq, the Company may be subject to delisting. In such event, Nasdaq rules permit the Company to appeal any delisting determination to a Nasdaq Hearings Panel. Nasdaq's extension is conditioned among other things on the Company entering into definitive agreements for effecting certain strategic transactions, and furnishing to the SEC and Nasdaq a publicly available report that includes certain disclosures regarding the deficiency and the transaction or event that the Company believes enabled it to satisfy the stockholders' equity requirement for continued listing. Nasdaq's letter provides that the Company may be required to include, as applicable, a balance sheet no older than 60 days with pro forma adjustments evidencing compliance with the stockholders' equity requirement. The Nasdaq extension is conditioned upon meeting certain specified timeframes to evidence compliance with the Rule. There can be no assurance that the Company will be able to regain compliance with the Rule, or maintain compliance thereafter, or that Nasdaq will continue to grant the Company additional time to regain compliance. About Hydrofarm Holdings Hydrofarm Holdings Group, Inc. is an independent manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, including grow lights, climate control solutions, grow media and nutrients, as well as a broad portfolio of innovative, proprietary branded products. Products offered include agricultural lighting devices, indoor climate control equipment, nutrients, and plant additives used to grow, farm and cultivate cannabis, flowers, fruits, plants, vegetables, grains and herbs in controlled environment settings that allow end users to control key farming variables including temperature, humidity, CO2, light intensity and color, nutrient concentration and pH. Minneapolis, Minnesota-based Deloitte & Touche LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2026, attached to the Company's Annual Report for the fiscal year ended December 31, 2025, citing the Company has incurred recurring operating losses, negative cash flows from operations, and has significant debt obligations due within the next 12 months, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $123.8 million in total assets, $187.1 million in total liabilities, and $63.3 million in total stockholders' deficit. INNSUITES HOSPITALITY: Debts Exceed Assets by $0.9M at April 30 --------------------------------------------------------------- InnSuites Hospitality Trust's stockholder's deficit was US$0.9 million at April 30, 2026. The stockholder's deficit was US$1.0 million at Jan. 31, 2026. At April 30, 2026, the Company had total assets of US$13.6 million and total liabilities of US$14.5 million. At Jan. 31, 2026, the Company had total assets of US$14.0 million and total liabilities of US$15.0 million. As of April 30, 2026, the Trust had a related party Demand/Revolving Line of Credit/Promissory Note with an amount payable of approximately $2.5 million. The Demand/Revolving Line of Credit/Promissory Note interest at 7.0% per annum, requiring interest only payments, has been paused. The Demand/Revolving Line of Credit/Promissory Note has a maximum borrowing capacity of approximately $2,500,000, which automatically renews annually. This is a two-way Line of Credit, with both the Trust and an Affiliate lender having access to draw on the credit amount of up to approximately $2,500,000 for either party. As of April 30, 2026, the Trust had three Revolving lines of Credit totaling $250,000 with the Pima Federal Credit Union. The lines had a zero balance as of April 30, 2026. With approximately $41,000 of cash, as of April 30, 2026, the availability of the combined $2,500,000 Advance to Affiliate credit facilities, and the $250,000 Revolving Line of Credit with Pima Federal Credit Union, the Trust believes that it has and will have enough cash on hand to meet all of the financial obligations as they become due for twelve months from the date of filing the Trust's 10-Q. In addition, the Trust says management is analyzing other strategic options available to the Trust, including the sale or refinance of one or both Hotel properties, one or more reverse merger opportunities, or benefits from diversified investments. However, such transactions may not be available on terms that are favorable to the Trust, or at all. There can be no assurance that the Trust will be successful in a reverse merger, selling properties, merging, refinancing, benefiting from diversified investments, or raising additional or replacement funds, or that these funds may be available on terms that are favorable to it. If the Trust is unable to raise additional or replacement funds, it may be required to sell or refinance certain of our assets to meet liquidity needs, which may not be on terms that are favorable. As of April 30, 2026, the Trust had a $200,000 unsecured note payable with an individual lender. The promissory note is payable 90 days with notice, or in August 2026, whichever occurs first, and renews annually. The loan accrues interest at 5% and interest only payments shall be made monthly. The Trust may pay all of part of this note without any repayment penalties. The total principal amount of this loan is $200,000 as of April 30, 2026. On July 1, 2019, the Trust and the Partnership together entered into an unsecured loan totaling $270,000 with an individual investor at 5%, interest only, payable monthly. The loan has been subsequently extended to May 2026, and renews annually. The Trust may pay all or part of this note without any repayment penalties. The total principal amount of this loan is $270,000 as of April 30, 2026, and Jan. 31, 2026, respectively. In an effort to remediate past deficiencies and enhance the Trust's internal control over financial reporting, the Trust previously increased its technical accounting expertise through an increasingly seasoned Chief Financial Officer, and in Fiscal Years 2023/2024 promoting its Corporate Controller, and employing one or more full-time Senior Staff Accountants to assist with the Trust's technical accounting and internal control issues. The CFO has extensive public company reporting experience, to further assist with the Trust's technical accounting and internal controls. The Trust says it has taken several appropriate and reasonable additional steps to make the necessary improvements to its Accounting staff and internal control over financial reporting, which resulted in management providing the support previously needed with the additional hiring and training of sufficient personnel with appropriate training and expertise in accounting principles generally accepted in the United States. This additional staffing and training has allowed it to make the necessary improvements, including in continuing to update the documentation of its internal control processes. The Trust said: "InnSuites Hospitality Trust Fiscal Year 2026 was its second Fiscal Year with a loss in the last five Fiscal Years, dating back to Fiscal Year ended 1/31/21. Going forward, IHT is focused on cost cutting at a time of increased tariff/economic uncertainty. For example, hotel insurance rates have been reduced. Modest improvements in total hotel revenue, improved operating profits due to cost cutting measures, the potential of the aforementioned various diversification opportunities, and being listed on the NYSE-American, with a potential of a reverse merger, provide positive equitable assets, and all bode well for the continued success of the Trust. The most recent First Fiscal Quarter of IHT was once again profitable, up from a loss compared to the First Fiscal Quarter of the prior Fiscal Year. We believe that the Trust will once again be profitable in future years, especially with the potential success of and maturing of diversification investments, as well as reverse merger potential." A full-text copy of the Form 10-Q is available at https://tinyurl.com/4wpj47ae. About InnSuites Hospitality Trust InnSuites Hospitality Trust is a publicly traded unincorporated Ohio real estate investment trust (REIT) with two hotels that IHT has an ownership interest in and manages. The Trust and its shareholders directly in and through a Partnership, own interests in two hotels with an aggregate of 270 hotel suites in Arizona and New Mexico. Both are operated under the federally trademarked name "InnSuites", as well as operating under the brand name "Best Western." INOTIV INC: Hire Hunton Andrews Kurth as Bankruptcy Co-Counsel -------------------------------------------------------------- Inotiv Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Hunton Andrews Kurth as bankruptcy co-counsel. The firm will provide these services: a. advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their business; b. advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; 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, including prosecuting actions on the Debtors' behalf, defending any actions commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including prosecuting objections to claims filed against the Debtors' estates; e. prepare pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, draft orders, reports and other documents necessary or otherwise beneficial to the administration of the Debtors' estates; f. represent the Debtors in connection with obtaining authority to use cash collateral and postpetition financing; g. appear before the Court and any appellate courts to represent the interests of the Debtors' estates; h. take any necessary actions on behalf of the Debtors to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a chapter 11 plan of reorganization and all documents related thereto; i. advise the Debtors in connection with any sale of assets; j. provide non-bankruptcy services to the Debtors to the extent requested by the Debtors; and k. perform all other necessary legal services for the Debtors in connection with the Chapter 11 Cases, which may include (i) the analysis of the Debtors' leases and executory contracts and the assumption, rejection or assignment thereof, (ii) the analysis of the validity of liens against the Debtors, and (iii) advice on corporate and litigation matters, including both pending and threatened litigation and the administration and resolution of claims. The firm will be paid at these rates: Partners $975 to $2,095 per hour Counsel $810 to $2,230 per hour Associates $400 to $1,225 per hour Paraprofessionals $310 to $610 per hour The firm received a retainer in the amount of $283,022. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Davidson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Timothy A. Davidson II, Esq. Hunton Andrews Kurth LLP 951 East Byrd Street Richmond, VA 23219 Tel: (804) 788-8200 About Inotiv, Inc Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Ind.-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. West Lafayette, Ind.-based Inotiv, Inc. and several affiliates filed for Chapter 11 bankruptcy (Bankr. S.D. Texas Lead Case No. 26-bk-90601) on June 3, 2026. The Hon. Christopher M Lopez presides over the case. In their petitions, the Debtors listed estimated assets and liabilities of $500 million to $1 billion. As of Dec.31, 2025, Inotiv reported $734.3 million in total assets, $625.3 million in total liabilities, and $109 million in total equity. The Debtors hired Ropes & Gray LLP as general bankruptcy counsel; Hunton Andrews Kurth LLP, as co-bankruptcy counsel; Perella Weinberg Partners, as investment banker; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration LLC, as notice, claims, solicitation and balloting agent. Acquiom Agency Services LLC, serves as the administrative agent and collateral agent for a syndicate of lenders providing DIP financing. Davis Polk & Wardwell LLP and Haynes and Boone, LLP represent the First Lien Ad Hoc Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cole Schotz, P.C. represent the Ad Hoc Noteholder Group of the Prepetition PIK Notes and Prepetition Convertible Notes. INOTIV INC: Hires Perella Weinberg Partners as Investment Banker ---------------------------------------------------------------- Inotiv, Inc and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Perella Weinberg Partners LP as investment banker. The firm will provide these services: a. General Financial Advisory and Investment Banking Services i. familiarize itself with the business, operations, properties, financial condition and prospects of the Debtors; ii. review the Debtors' financial condition and outlook; iii. assist in the development of financial data and presentations to the Debtors' Board of Directors, various creditors, and other parties; iv. analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; v. evaluate the Debtors' debt capacity and alternative capital structures; vi. participate in negotiations among the Debtors and their creditors, suppliers, lessors and other interested parties with respect to any of the transactions contemplated by the Engagement Letter; vii. advise the Debtors and negotiate with lenders with respect to potential waivers or amendments of various credit facilities; and viii. provide such other advisory services as are customarily provided in connection with the analysis and negotiation of any of the transactions contemplated by the Engagement Letter, as requested and mutually agreed. b. Restructuring Services i. analyze various Restructuring (as defined in the Engagement Letter) scenarios and the potential impact of those scenarios on the value of the Debtors and the recoveries of those stakeholders impacted by such transactions; ii. provide strategic advice with regard to restructuring or refinancing the Debtors' obligations; iii. provide financial advice and assistance to the Debtors in developing a Restructuring; iv. in connection therewith, provide financial advice and assistance to the Debtors in structuring any new securities to be issued under a Restructuring; and v. assist the Debtors and/or participate in negotiations with entities or groups affected by the Restructuring. c. Financing Services i. provide financial advice to the Debtors in structuring and effecting a Financing (as defined in the Engagement Letter), identify potential Investors (as defined in the Engagement Letter), and, at the Debtors' request, contact and solicit such Investors; ii. assist in the arranging of a Financing, including identifying potential sources of capital, assisting in the due diligence process, and negotiating the terms of any proposed Financing, as requested; and iii. coordinate and/or co-advise with capital markets advisors of the Debtors to structure and solicit interest in new equity or equity linked capital, including support in identifying potential sources of capital, assisting with and facilitating due diligence, and assisting with structuring and negotiating the terms of any proposed equity Financing. d. Sale Services i. provide financial advice to the Debtors in structuring, evaluating and effecting a Sale (as defined in the Engagement Letter), identify potential acquirers and, at the Debtors' request, contact and solicit potential acquirers; and ii. assist in the arranging and executing a Sale (as defined in the Engagement Letter), including identifying potential buyers or parties in interest, assisting in the due diligence process, and negotiating the terms of any proposed Sale, as requested. The firm will be paid as follows: (1) Monthly Fee A monthly financial advisory fee of $175,000 (the "Monthly Fee"), commencing on April 10, 2026 and due and payable on the first day of each month during the engagement (and prorated for any partial month); provided that, 100% of the first two Monthly Fees paid (to the extent paid and without duplication) shall be credited against and subtracted from any Restructuring Fee, Sale Fee, or Financing Fee (as such terms are defined below) that becomes payable pursuant to the Engagement Letter; plus (2) Restructuring Fee. A Restructuring Fee equal to $4,000,000, payable promptly upon consummation of any Restructuring; plus (3) Financing Fee A Financing Fee equal to 1.00% of the gross total principal amount of any new senior secured debt raised (including, but not limited to, debtor-in-possession financing), which shall be payable promptly upon consummation of any such Financing transaction; provided, however, that PWP shall only be entitled to a Financing Fee associated with the "new money" component of such Financing (i.e., the cash proceeds actually advanced to the Debtors in excess of the amount required to refinance or replace the existing revolving credit facility (including but not limited to all fees, accrued interest, and any other amounts with respect thereto)); provided further that, 50% of the portion of any Financing Fee attributable to gross total principal contributed by any of the Debtors' existing senior secured lenders (to the extent paid and without duplication) shall be credited against and subtracted from any Restructuring Fee or Sale Fee (but such subtraction shall in no event result in a fee of less than zero). Notwithstanding anything to the contrary in the Engagement Letter, any bridge financing or debtor-in-possession financing shall only be permitted to qualify as a "Financing" and shall not constitute a "Sale" or "Restructuring" under any circumstance. Notwithstanding anything to the contrary in the Engagement Letter, in the case of any Financing provided by the Debtors' existing senior lenders following any debtor-in-possession financing (including, but not limited to, any exit financing in connection with a Sale or Restructuring), a Financing Fee shall only be payable under the Engagement Letter if PWP is asked by the Debtors to provide services in connection with such Financing; plus (4) Sale Fee A Sale Fee equal to the sum of (i) 1.50% of the Transaction Value (as defined in the Engagement Letter) up to a total Transaction Value of $330,000,000, plus (ii) 5.00% of the total Transaction Value in excess of $330,000,000, payable promptly upon consummation of such Sale directly from the proceeds of such Sale. Notwithstanding anything to the contrary in the Engagement Letter, a credit bid pursuant to section 363(k) of the Bankruptcy Code or otherwise (a "Credit Bid") by any of the Debtors' existing senior secured lenders (or any of their affiliates) or by any acquisition vehicle established by the senior secured lenders or the collateral agent thereto to make a credit bid, shall be deemed a "Sale" and shall result in a Sale Fee of $4,000,000, payable promptly upon consummation of such Sale. John Cesarz, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John Cesarz Perella Weinberg Partners LP 767 Fifth Avenue New York, NY 10153 Telephone: (212) 287-320 About Inotiv, Inc Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Ind.-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. West Lafayette, Ind.-based Inotiv, Inc. and several affiliates filed for Chapter 11 bankruptcy (Bankr. S.D. Texas Lead Case No. 26-bk-90601) on June 3, 2026. The Hon. Christopher M Lopez presides over the case. In their petitions, the Debtors listed estimated assets and liabilities of $500 million to $1 billion. As of Dec.31, 2025, Inotiv reported $734.3 million in total assets, $625.3 million in total liabilities, and $109 million in total equity. The Debtors hired Ropes & Gray LLP as general bankruptcy counsel; Hunton Andrews Kurth LLP, as co-bankruptcy counsel; Perella Weinberg Partners, as investment banker; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration LLC, as notice, claims, solicitation and balloting agent. Acquiom Agency Services LLC, serves as the administrative agent and collateral agent for a syndicate of lenders providing DIP financing. Davis Polk & Wardwell LLP and Haynes and Boone, LLP represent the First Lien Ad Hoc Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cole Schotz, P.C. represent the Ad Hoc Noteholder Group of the Prepetition PIK Notes and Prepetition Convertible Notes. INOTIV INC: Seeks to Hire FTI Consulting Inc as Financial Advisor ----------------------------------------------------------------- Inotiv Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ FTI Consulting Inc as financial advisor. The firm will provide these services: a. evaluate existing liquidity forecasts and methodology, as well as historical activity to determine major drivers of liquidity and cash flow; b. review / refine the Debtors' 13-week cash forecast / DIP model; c. review the Debtors' current business outlook and near-term business plan for purposes of cash flow modeling; d. identify risks and opportunities in near- and long-term forecasts; e. review status of operations and relationships with critical customers and vendors; f. assist in negotiating the cash collateral order and any debtor in possession financing; g. assist in the preparation of the chapter 11 petitions, creditor matrix, list of top 30 creditors, and declarations; h. assist in the preparation of all first day motions and applications; i. assist the Debtors in working with the creditor groups and their counsel to prepare for the filing; j. assist the Debtors in analysis of restructuring plans and preparation and negotiation of any restructuring support agreements; k. assist in the development of management and employee incentive and/or retention plans, including a Key Employee Incentive Plan, if needed; l. assist with required cash management and cash reporting for a chapter 11 process; m. assist the Debtors, their counsel and other professionals with any other work necessary to prepare for the commencement of chapter 11; n. provide strategic communications advice for internal and external communications in coordination with the Debtors' management and counsel; o. assist with developing accounting and operating procedures to segregate prepetition and post-petition business transactions; p. assist the Debtors in implementing all first day motions; q. assist the Debtors and counsel in preparing required motions throughout the course of the cases; r. respond to all creditor groups throughout the restructuring process, as directed by the Debtors; s. assist the Debtors in detailed analysis of restructuring plans, development of required support for any plan of reorganization and assistance in implementation of such plans as determined by the Debtors; t. assist legal counsel in drafting all plan documents, including a disclosure statement, liquidation analysis, projections and supporting declarations; u. provide testimony and other litigation support requested by the Debtors or their counsel; and v. provide other services as requested by the Debtors. The firm will be paid at these rates: Senior Managing Directors $1,270 to 1,580 per hour Directors / Senior Directors / Managing Directors $940 to 1,195 per hour Consultants/Senior Consultants $535 to 850 per hour Administrative / Paraprofessionals $195 to 395 per hour The firm received an advance payment retainer of $250,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Del Genio disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert Del Genio FTI Consulting, Inc. 1166 Avenue of the Americas, 15th Floor New York, NY 10036 Tel: (212) 247-1010 Email: robert.delgenio@fticonsulting.com About Inotiv, Inc Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Ind.-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. West Lafayette, Ind.-based Inotiv, Inc. and several affiliates filed for Chapter 11 bankruptcy (Bankr. S.D. Texas Lead Case No. 26-bk-90601) on June 3, 2026. The Hon. Christopher M Lopez presides over the case. In their petitions, the Debtors listed estimated assets and liabilities of $500 million to $1 billion. As of Dec.31, 2025, Inotiv reported $734.3 million in total assets, $625.3 million in total liabilities, and $109 million in total equity. The Debtors hired Ropes & Gray LLP as general bankruptcy counsel; Hunton Andrews Kurth LLP, as co-bankruptcy counsel; Perella Weinberg Partners, as investment banker; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration LLC, as notice, claims, solicitation and balloting agent. Acquiom Agency Services LLC, serves as the administrative agent and collateral agent for a syndicate of lenders providing DIP financing. Davis Polk & Wardwell LLP and Haynes and Boone, LLP represent the First Lien Ad Hoc Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cole Schotz, P.C. represent the Ad Hoc Noteholder Group of the Prepetition PIK Notes and Prepetition Convertible Notes. INOTIV INC: Seeks to Hire Ropes & Gray LLP as Attorney ------------------------------------------------------ Inotiv Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Ropes & Gray LLP as attorney. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. advising the Debtors regarding tax matters; d. taking any necessary action on behalf of the Debtors to obtain approval of their proposed chapter 11 plan, disclosure statement, and all documents related thereto; e. representing the Debtors in connection with obtaining authority to use cash collateral and postpetition financing; f. responding to and attending meetings and negotiating with representatives of creditors and other parties in interest; g. taking all necessary actions to protect and preserve the Debtor's estates, including, if and as needed, prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtor; h. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estates; i. appearing before the Court and any appellate courts to represent the interest of the Debtors' estates; and performing all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases, including preparing documentation in connection with their emergence from Chapter 11. The firm will be paid at these rates: Partners $1,975 to $3,000 per hour Counsels $1,400 to $2,350 per hour Associates $995 to $1,820 per hour Paraprofessionals $430 to $795 per hour The firm received an advance payment retainer in the amount of $200,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Cristine Pirro Schwarz, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Cristine Pirro Schwarz, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, NY US 10036-8704 Telephone: (212) 596 9000 Facsimile: (212) 596 9090 Email: Cristine.Schwarzman@ropesgray.com About Inotiv, Inc. Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Ind.-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. West Lafayette, Ind.-based Inotiv, Inc. and several affiliates filed for Chapter 11 bankruptcy (Bankr. S.D. Texas Lead Case No. 26-bk-90601) on June 3, 2026. The Hon. Christopher M Lopez presides over the case. In their petitions, the Debtors listed estimated assets and liabilities of $500 million to $1 billion. As of Dec.31, 2025, Inotiv reported $734.3 million in total assets, $625.3 million in total liabilities, and $109 million in total equity. The Debtors hired Ropes & Gray LLP as general bankruptcy counsel; Hunton Andrews Kurth LLP, as co-bankruptcy counsel; Perella Weinberg Partners, as investment banker; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration LLC, as notice, claims, solicitation and balloting agent. Acquiom Agency Services LLC, serves as the administrative agent and collateral agent for a syndicate of lenders providing DIP financing. Davis Polk & Wardwell LLP and Haynes and Boone, LLP represent the First Lien Ad Hoc Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cole Schotz, P.C. represent the Ad Hoc Noteholder Group of the Prepetition PIK Notes and Prepetition Convertible Notes. INTEGRIS EQUIPMENT: Taps Gleichenhaus Marchese as Legal Counsel --------------------------------------------------------------- Integris Equipment, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Gleichenhaus, Marchese & Weishaar, PC as its general bankruptcy counsel. The firm's services include: a. advising the Debtor of their rights, powers, and duties as a debtor and debtor-in-possession in the continued operation of their business and the management of their property; b. preparing on behalf of the Debtor any and all necessary motions, applications, answers, draft orders, other legal pleadings, notices, schedules and other documents, and reviewing financial and other reports to be filed in the Bankruptcy Case; c. advising the Debtor concerning, and preparing responses to, applications, motions, other pleadings, notices and other papers that may be filed and served in the Bankruptcy Case; d. advising the Debtor and assisting in the negotiation and documentation of financing agreements, debt and cash collateral orders, and related transactions; e. advising and counseling the Debtor with respect to any sales of assets and negotiating and preparing the agreements, pleadings, and other documents related thereto; f. reviewing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; g. advising the Debtor regarding their ability to initiate actions to collect and recover property for the benefit of the estate; h. counseling the Debtor in connection with the formulation, negotiation, and drafting of an anticipated plan of reorganization and related documents; i. advising the Debtor concerning executory contracts and unexpired lease assumptions, assignments, and rejections and lease restructurings; j. assisting the Debtor in reviewing, estimating, and resolving claims asserted against the Debtor's estate; k. advising the Debtor with respect to all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's estate, or otherwise further the goals of completing the Debtor's successful reorganization; l. providing general litigation and other non-bankruptcy legal services as requested by the Debtor; m. appearing in Court on behalf of the Debtor, as needed, in connection with this Bankruptcy Case; and n. providing such other services to the Debtor as may be necessary in these Bankruptcy Cases or any related proceeding(s). The firm will be paid at these rates: Partners $350 to $495 per hour Associates $250 to $335 per hour Law Clerks $175 to $235 per hour Paralegals $150 to $210 per hour The firm received a prepetition retainer in the aggregate amount of $65,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Scott Bogucki, Esq., a partner at Gleichenhaus, Marchese & Weishaar, PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott J. Bogucki, Esq. Gleichenhaus, Marchese & Weishaar, PC 43 Court Street, Suite 930 Buffalo, NY 14202 Tel: (716) 846-6446 About Integris Equipment LLC Integris Equipment, LLC provides new and refurbished medical equipment, including patient monitors, anesthesia machines, AEDs/defibrillators, EKG machines, and related medical accessories. It offers medical equipment rentals for short-term and long-term use and also buys or trades used equipment. Integris Equipment operates an in-house biomed and refurbishing department and performs quality assurance checks on equipment sold. Integris Equipment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 26-10689) on May 29, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Carl L. Bucki presides over the case. Scott J. Bogucki, Esq., at Gleichenhaus, Marchese & Weishaar, PC represents the Debtor as legal counsel. IRON MOUNTAIN: Available Cash & Rental Income to Fund Plan ---------------------------------------------------------- Iron Mountain Holdings LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement describing Chapter 11 Plan dated June 19, 2026. The Debtor is a Texas limited liability company whose business is centered on the ownership and operation of real property and related assets. The Debtor does not primarily generate revenue through the sale of goods or services to the general public. Instead, the Debtor's business model depends on the use, leasing, and continued operation of its real property, including the property associated with 5000 Bell Springs Road, Dripping Springs, Texas 78620. The Debtor's assets include its real property, cash, receivables, and other personal property held in the Debtor's debtor-in-possession account. On or about January 26, 2023, the Debtor granted a Deed of Trust, Security Agreement, Financing Statement, and Fixture Filing in favor of TXN Bank as lender. The related Promissory Note was issued by the Debtor in favor of TXN Bank. As a result, the Debtor's reorganization depends in large part on preserving the value and use of the real property, maintaining sufficient income from the property, and restructuring the obligations owed to TXN Bank and other creditors under the Plan. The Debtor's revenue stream is tied to the Commercial Lease between the Debtor and Over Yonder Nature School. The OYNS Lease Agreement commenced on February 15, 2023, and expires on February 15, 2028. Over Yonder Nature School is an affiliate of the Debtor and operates a child-care and school-related business from the Debtor's property. The Debtor's role is to own and operate the real-property assets and collect lease revenue from Over Yonder Nature School. That lease revenue is the foundation of the Debtor's ability to reorganize. The Plan provides for the payment and/or satisfaction of the Allowed Claims of Administrative Claimants, ad valorem taxing authorities with Allowed Secured Claims, Priority Claimants with Allowed Claims, Secured Creditors with Allowed Claims, and Unsecured Creditors with Allowed Claims. The proposed distributions will be funded by the Revested Debtor's cash on hand at Confirmation, rental income from operation of the Assets, and, if necessary, financing and/or capital contributions provided by Equity Security or Interest Holders. In broad summary, the Plan provides for the payment and/or satisfaction of Allowed Administrative Claims, Allowed Priority Claims, Allowed Secured Claims, and Allowed Unsecured Claims from the revenues of the Revested Debtor and, if necessary, financing and/or capital contributions provided by its equity holders. The Debtor's restructuring is based on preserving the real property, maintaining the lease relationship with Over Yonder Nature School, and modifying that lease so that the property generates sufficient revenue to fund Plan payments and ongoing operations. Class 4 consists of Jackson Walker, LLP to the extent it holds an Allowed Unsecured Claim against the Debtor. The Revested Debtor shall pay JW its Allowed Claim in full in 60 equal consecutive monthly installments beginning on the Plan Payment Commencement Date. The distributions and payments provided for in the Plan shall be funded by the Revested Debtor's cash on hand at Confirmation, rental income from operation of the Assets by Revested Debtor, and, if necessary, financing and/or capital contributions provided by its Equity Security or Holders or any of them. A full-text copy of the Disclosure Statement dated June 19, 2026 is available at https://urlcurt.com/u?l=jIajji from PacerMonitor.com at no charge. Counsel to the Debtor: Paul S. Hacker HACKER LAW FIRM 3355 Cherry Ridge, Ste. 214 San Antonio, TX 78230 Telephone: (210) 595-2045 Facsimile: (210) 595-2037 About Iron Mountain Holdings Iron Mountain Holdings, LLC, is a Texas-based company engaged in energy and natural resource operations. Iron Mountain Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10372) on March 2, 2026. In its petition, the Debtor estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Bankruptcy Judge Shad M. Robinson handles the case. The Debtor is represented by Paul S. Hacker, of Hacker Law Firm. J&J VENTURES: Moody's Affirms 'B2' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings affirmed J&J Ventures Gaming, LLC's ("J&J") ratings, including its Corporate Family Rating at B2, Probability of Default Rating at B2-PD, and Senior Secured Revolving Credit Facility and Senior Secured Term Loans at B2. The outlook was changed to stable from negative. The change in outlook reflects J&J's revenue and EBITDA growth, which will result in a reduction in leverage over the next 12 to 18 months. The company's leverage and coverage ratios had weakened because of previous debt financed acquisitions. Moody's forecasts that leverage will improve to about 5 times and coverage will strengthen, with continued revenue growth and EBITDA margin expansion, driven from improved revenue share terms and incremental contribution from prior acquisitions. RATINGS RATIONALE J&J's ratings reflect its stable free cash flow because of the contractual nature of revenue and earnings, the diversity in its customer roster, its mostly variable expense structure and private equity ownership which may favor a shareholder-friendly financial policy. The credit profile benefits from its experienced management team in video gaming terminal (VGT) management and its strong market positioning as the largest terminal operator in Illinois. The ratings are constrained by J&J's aggressive growth strategy through debt-funded acquisitions, which has resulted in high leverage and a relatively narrow range of product offerings in VGT. J&J also remains inherently exposed to potential adverse regulatory changes, including higher tax rates. J&J's debt-to-EBITDA has remained elevated following the completion of its acquisitions of Golden Entertainment's distributed assets in Nevada and Montana and the acquisition of Curo. These acquisitions enhanced J&J's size and scale while reducing its geographic concentration in Illinois, where it remains the market leader. The transactions also positioned J&J as the market leader in Nevada and the second-largest operator in Montana. Moreover, while the acquisition of Curo will further strengthen J&J's scale and market position in Illinois. The stable outlook reflects Moody's expectations that J&J will have a prudent approach to growth and capital management and maintain good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if J&J's debt/EBITDA remains well above 5.0x or if EBIT/Interest Expense remains below 1.2x. A deterioration in liquidity or additional debt financed acquisitions or shareholder returns could also lead to a downgrade. J&J's ratings could be upgraded if it were to generate consistent and positive free cash flow and maintain debt-to-EBITDA at or below 4.0x. J&J Ventures Gaming, LLC ("JJVG") is a licensed video gaming terminal ("VGT") route operator active in Illinois, Nevada, Montana, Nebraska, and Wyoming. The company installs, operates, and services VGTs in licensed third-party venues (restaurants, bars, taverns, gaming cafes, convenience stores, truck stops). As of 1Q26, company operated 14,493 VGTs across 2,538 sites in Illinois, 8,021 VGTs across 654 sites in Nevada, 4,233 VGTs across 348 sites in Montana, and 1,950 VGTs across 537 sites in Nebraska and others. Oaktree Capital Management, L.P. owns approximately 56% of J&J with management-related entities owning the remaining minority position. For the LTM ended March 31, 2026, revenue was approximately $1.5 billion. The principal methodology used in these ratings was Gaming 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. J.L.E.T. ENTERPRISES: Hires Fortmanspann LLC as Special Counsel --------------------------------------------------------------- J.L.E.T. Enterprises seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ FortmanSpann, LLC as special counsel. The Debtor needs the firm's legal assistance in connection with the ongoing litigation in the United States District Court of Missouri, Three Dog Bakery, LLC v. JLET Enterprises et.al. Case Nos. 4:25-cv-00442 and 4:25-cv-00504, consolidated under Three Dog Bakery, LLC, v. CRIT, Inc. et al Case No. 4:25-cv-00217-DGC. The firm will be paid at these rates: Kelly Spann $350 per hour paraprofessional $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Spann disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kelly Spann, Esq. FortmanSpann, LLC 250 St. Catherine St. Florissant, MO 63031 Tel: (314) 522-2312 About J.L.E.T. Enterprises LLC J.L.E.T. Enterprises, LLC is a North Port, Fla.-based company operating in the pet care and retail industry. It offers dog-focused products including specialty frozen and cooked foods, toys, grooming tools, and accessories. J.L.E.T. conducts business under the names Lucy's Dog Bakery & Spa, Three Dog Bakery & Grooming, and Diversified Services SWF. J.L.E.T. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00096) on January 15, 2026. In its petition, the Debtor reported total assets of $51,687 and total liabilities of $1,163,778. Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Michael Dal Lago, Esq., at Dal Lago Law. JAGUAR HEALTH: Calls Conversion of Series O Preferred ----------------------------------------------------- Jaguar Health, Inc., called the conversion of its Series O Convertible Preferred Stock into voting common stock, according to a Form 8-K filing with the Securities and Exchange Commission. Each preferred share converts into 3.209 common shares at noon Eastern time June 25 under Section 6(a) of the certificate of designation, the company said. Jaguar said no action by holders is required and no fractional shares will be issued. Holders entitled to fractional shares will receive cash based on the June 24 closing price of $2.68 per share. The company said the Series O preferred stock was part of a special stock dividend announced Feb. 18, with a March 2 record date, and that no additional dividends have been authorized or contemplated. Jaguar also disclosed that Napo Pharmaceuticals, Inc., its wholly owned subsidiary, and Jaguar amended a manufacturing and supply agreement with Woodward Specialty LLC to clarify product-inventory title transfer and temporary inventory-management responsibilities while Woodward completes operational and licensing transitions. About Jaguar Health Jaguar Health, Inc., is a San Francisco-based commercial-stage pharmaceutical company focused on plant-based prescription medicines. Its Napo Pharmaceuticals subsidiary develops and commercializes gastrointestinal products, including crofelemer-based therapies. The company also works on rare-disease and intestinal-failure indications through Napo Therapeutics and related development programs. In an audit report dated April 7, 2026, RBSM LLP included a going-concern explanatory paragraph, citing an accumulated deficit, recurring losses and expected continuing future losses. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Jaguar Health reported total assets of $37.43 million, total liabilities of $53.19 million and stockholders' deficit of $15.75 million. JOBEE EXPRESS: Seeks Court Approval to Hire Blossom Law as Counsel ------------------------------------------------------------------ Jobee Express, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Blossom Law PLLC to handle its Chapter 11 case. Rashad Blossom, Esq., the primary attorney in this representation, will be billed at his hourly rate of $400, plus reimbursement. Mr. Blossom 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: Rashad Blossom, Esq. Blossom Law PLLC 126 N. McDowell St., 2nd Floor Charlotte, NC 28204 Telephone: (704) 256-7766 Facsimile: (704) 486-5952 About Jobee Express LLC Jobee Express, LLC is an interstate freight trucking company based in Pineville, North Carolina, that provides general freight transportation services across state lines, operating a fleet of trucks and drivers under federal authority. Jobee Express sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-31361) on Dec. 17, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Jorge Nunez Silveira, president, signed the petition. Judge Laura T. Beyer oversees the case. Rashad Blossom, Esq., at Blossom Law, PLLC represents the Debtor as counsel. KARBON-X CORP: Senegal Blue Carbon Project Gets Verra Nod --------------------------------------------------------- Karbon-X Corp.'s Senegal Blue Carbon Mangrove Project received registration under Verra standards, according to a press release furnished as an exhibit to a Form 8-K filed with the Securities and Exchange Commission. The company said the project was registered under Verra's Verified Carbon Standard and Climate, Community & Biodiversity Standards and is the second project globally registered under Verra's VM0033 methodology. The project covers about 7,500 hectares in Senegal's Sine Saloum Delta and Casamance Estuary. Karbon-X said the project is expected to generate about 2.2 million tonnes of carbon dioxide equivalent reductions over a 40-year crediting period through 2062. The company said registration moves the project into long-term implementation, monitoring and verification. About Karbon-X Corp. Karbon-X Corp. develops carbon-market products and services tied to verified emissions reductions. The company provides access to carbon offsets through a subscription-based application and supports projects such as solar, wind, methane capture, reforestation and other emission-reduction activities. Its business model includes carbon-credit origination, project participation and retail access to verified offset markets. In an audit report dated Sept. 15, 2025, Fruci & Associates II, PLLC issued a going-concern audit report for Karbon-X, citing minimal revenue from business operations and operating losses since inception. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Feb. 28, 2026, Karbon-X Corp. reported total assets of $20.4 million, total liabilities of $27.3 million, and a stockholders' deficit of $6.9 million. KASEYA INC: S&P Downgrades ICR to 'B-', Outlook Stable ------------------------------------------------------ S&P Global Ratings lowered the issuer credit rating on Kaseya Inc. to 'B-' from 'B', lowered the issue-level ratings on its first-lien credit facilities to 'B-' from 'B', and downgraded the second-lien term loan to 'CCC' from 'CCC+'. The stable outlook reflects S&P's view that Kaseya maintains a healthy liquidity cushion and long-dated maturities, and there is a path toward margin expansion and deleveraging as these one-time transformation costs roll off in 2027. The company's liquidity also provides sufficient flexibility to execute its operational transformation. Kaseya Inc.'s leverage will remain high in the near term as the company undergoes a comprehensive, multiyear strategic pivot and organizational transformation. The immediate financial impact of this transformation also includes compressed EBITDA margins, weaker cash flow generation, and elevated debt-to-EBITDA ratios. Kaseya's credit metrics will remain weak over the next 12-18 months as it changes in its operational strategy, shifting from a founder-led growth model characterized by aggressive acquisitions to an enterprise-led model focused on platform integration and organic scalability. The company's strategic vision centers on three core pillars: IT service management, cyber-resilience (primarily its backup business), and cybersecurity. S&P said, "We note that Kaseya derives more than half of its revenue from its backup business, which should provide a stable foundation as the company seeks to upsell more complex cybersecurity and automation tools. The launch of "Kaseya Intelligence" in April 2026 aims to unify proprietary data across help desk tickets, security alerts, and patching. We anticipate that this shift toward a unified, automated platform will resonate among Managed Service Providers (MSPs) who want to deploy more AI/agentic features in their workflow. While the recent go-to-market (GTM) reorganization--moving from a one-size-fits-all model to segmented coverage for larger aggregators--caused some temporary disruption in early 2026, we expect sales productivity will continue to grow through 2026 and support a more stable revenue growth trajectory in 2027 and 2028. We expect revenue growth will decelerate to mid-single-digit percentages in 2026, from low-teen percentages in 2024 and 2025, primarily driven by disruptions caused by the operational transformation, as well as recent leadership changes across the organization, increasing competition, and macroeconomic uncertainty." The intensive capital allocation required for its transformation will leave the company's financial profile more volatile and its leverage elevated over the next 18 to 24 months. S&P said, "We expect increased R&D spending, hiring of various senior leadership roles, remaining enterprise transformation (primary system upgrades and other one-time operational initiatives across the company), legal expenses, and acquisitions-related earnout payments will leave S&P Global Ratings-adjusted EBITDA margins relatively constrained at approximately 30%, and adjusted leverage at 11.6x in 2026 (including preferred equity as debt [high dividend rate and future step-ups create an incentive for redemption]; 9.4x excluding preferred equity). However, we anticipate a meaningful improvement in profitability in 2027, with margins expanding to the 33%-34% range as these one-time expenses subside. As a result, we expect leverage to trend downward into the low-10x area (or 8x excluding preferred equity) in 2027. Furthermore, we expect the S&P Global Ratings-adjusted funds from operations (FFO)/cash interest coverage to improve from 1.4x in 2026 to 1.8x in 2027 and free operating cash flow (FOCF)/debt to improve from closer to 0% in 2026 to 2% in 2027, reflecting the anticipated recovery in cash flow generation." S&P said, "Despite near-term constraints, we expect Kaseya's liquidity to support operational needs during its transformation. We expect reported FOCF to be modestly negative in 2026, primarily due to the impact of one-time expenses and increase in capital expenditures (capex) to support investments in infrastructure and security hardening. Despite these headwinds, we expect a recovery in cash flow generation starting in the second half of 2026, with FOCF reaching $90 million-$100 million in 2027 as one-time expenses roll off. As of March 31, 2026, the company held approximately $64 million in cash and maintained $535 million in full availability under its revolving credit facility (RCF), bringing total liquidity to roughly $600 million. We believe the company can comfortably fund its operational requirements and debt service obligations even if 2026 FOCF remains slightly below break-even." Looking forward, Kaseya's credit stability will depend on its ability to convert its new AI-driven capabilities into tangible customer productivity gains. S&P said, "While gross retention rates (GRR) remain stable at 97%, we are monitoring net retention rates (NRR), which saw a slight decline to 106% due to GTM disruption; we expect this to recover as the new segmented sales model matures. We anticipate higher consumption-based SKU adoption and increased stickiness within the MSP ecosystem. If Kaseya successfully manages its capital allocation to balance intensive R&D spend with prudent cash flow management, we expect the credit metrics to stabilize and improve in 2027. Conversely, any significant delays in its platform integration or further unexpected one-time costs could pressure the current stable outlook. Ultimately, we believe that if the company achieves its goal of becoming the "infrastructure layer" for IT services and cybersecurity among MSPs, it will gradually restore its credit profile." S&P said, "The company has long-dates maturities and low spreads, which we view favorably for now. But as maturities approach we could view its below-market spreads as a risk if it doesn't have enough cash flow to remain cash flow positive at market-rate spreads. "The stable rating outlook on Kaseya reflects our view that the company's leverage will decline modestly to about 10x over the next 12-18 months. While we expect credit metrics to improve gradually over time because of continued revenue growth and one-time expenses rolling off in 2027, we believe execution risks remain as the company continues to implement its transformation plan (across products, GTM motion, internal systems upgrades) and reaccelerate revenue growth amid macroeconomic uncertainties and increasing market competitions." S&P could downgrade Kaseya over the next 12 months if: -- The company fails to expand EBITDA due to challenges with sales executions, missteps during its transformation, or weaker customer demand due to macroeconomic headwinds and/or competitive pressures, such that leverage stays elevated and S&P questions sustainability of its capital structure; or -- Significant one-time costs continue to hamper cash generation such that reported FOCF after debt amortization continues to be close to break-even or negative in 2027. An upgrade is unlikely over the next 12 months because of Kaseya's elevated leverage. S&P said, "We could upgrade the company if it sustains leverage below 9.5x (including the preferred equity that we treat as debt per our criteria), FOCF/debt ratio approaching 3%, and FFO/cash interest ratio close to 2x after incorporating its debt-funded acquisitions or shareholder returns." KASTER MOVING: Hires Zeisler & Zeisler P.C. as Counsel ------------------------------------------------------ Kaster Moving Co., LLC seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Zeisler & Zeisler, P.C. as counsel. The firm's services include: a. advising the Debtor of its rights, powers and duties as Debtor and Debtor-in-possession continuing to operate and manage its business and property; b. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, debt restructuring, cash collateral orders and related transactions; c. reviewing the nature and validity of liens asserted against the property of the Debtor and the advising the Debtor concerning the enforceability of such liens; d. advising the Debtor concerning the actions that it might take to collect and to recover property for the benefit of the Debtor's estate; e. preparing on behalf of the Debtor certain necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules and other documents, and reviewing all financial and other reports to be filed in this chapter 11 case; f. advising the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other papers which will be filed and served in this Chapter 11 case; g. counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; and h. performing all other legal services for and on behalf of the Debtor which will be necessary or appropriate in the administration of this Chapter 11 case The firm will charge the Debtor for its legal services on an hourly basis in accordance with its ordinary and customary hourly rates in effect on the date services are rendered. The firm received a retainer of $12,500 and the filing fee of $1,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Beatman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew K. Beatman, Esq. Zeisler & Zeisler, P.C. 10 Middle Street, 15th Floor Bridgeport, CT 06604 Tel: (203) 368-4234 Fax: (203) 368-5475 Email: mbeatman@zeislaw.com About Kaster Moving Co LLC Kaster Moving Co LLC, operating as Kaster Moving & Storage, is a moving and storage company based in Stamford, Connecticut. Founded in 1977, the company provides residential, commercial, local, long-distance, specialized, and storage-related moving services, including trade show shipping and white-glove moving. Kaster Moving & Storage serves homeowners and businesses in the Stamford region, Fairfield County, and nearby New York communities. Kaster Moving Co LLC, filed its voluntary petition for Chapter 11 protection (Bankr. D.Conn. Case No. 26-30549) on June 17, 2026, listing $1 million to $10 million in assets and $1 million to $10 million in liabilities. Gideon Asemnor, president of Kaster Moving Co., LLC, signed the petition. Judge Ann M Nevins oversees the case. Matthew K. Beatman, Esq., Zeisler & Zeisler, P.C. serve as the Debtor's legal counsel. KASTER MOVING: Retains Singh Law Firm as Bankruptcy Counsel ----------------------------------------------------------- Kaster Moving Co., LLC seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to retain Singh Law Firm, P.A. to serve as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers and duties as Debtor and Debtor-in-possession continuing to operate and manage its business and property; (b) advise the Debtor concerning and assist in the negotiation and documentation of financing agreements, debt restructuring, cash collateral orders and related transactions; (c) review the nature and validity of liens asserted against the property of the Debtor and advise the Debtor concerning the enforceability of such liens; (d) advise the Debtor concerning the actions that it might take to collect and to recover property for the benefit of the Debtor's estate; (e) prepare on behalf of the Debtor certain necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules and other documents, and review all financial and other reports to be filed in this chapter 11 case; (f) advise the Debtor concerning, and prepare responses to, applications, motions, pleadings, notices and other papers which will be filed and served in this Chapter 11 case; (g) counsel the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; and (h) perform all other legal services for and on behalf of the Debtor which will be necessary or appropriate in the administration of this Chapter 11 case. The firm's current hourly rates are $550 per hour for the Managing Partner, $350 per hour for Attorneys, and $175 per hour for Paralegals and Legal Assistants. Jaitegh Singh, Esq.'s current hourly rate is $550 per hour. Singh Law Firm, P.A. is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14) and does not hold or represent an interest adverse to the Debtor or its estate with respect to the matters upon which it is proposed to be retained, according to court filings. The firm can be reached at: Jaitegh Singh, Esq. SINGH LAW FIRM, P.A. 8045 Leesburg Pike, Suite 510 Tysons, VA 22182 About Kaster Moving Co., LLC Kaster Moving Co LLC, operating as Kaster Moving & Storage, is a moving and storage company based in Stamford, Connecticut. Founded in 1977, the company provides residential, commercial, local, long-distance, specialized, and storage-related moving services, including trade show shipping and white-glove moving. Kaster Moving & Storage serves homeowners and businesses in the Stamford region, Fairfield County, and nearby New York communities. Kaster Moving Co., LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 26-30549) on June 17, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Ann M Nevins oversees the case. Singh Law Firm, P.A. is Debtor's bankruptcy counsel. KEY POINT: Seeks Cash Collateral Access --------------------------------------- Key Point Arkansas, LLC asks the U.S. Bankruptcy Court for the Eastern District of Arkansas for authority to use cash collateral and provide adequate protection. The company's primary business consists of leasing two residential properties, and its principal source of income is rental revenue. Under the Bankruptcy Code, these rents, accounts receivable, and related proceeds constitute cash collateral because they are subject to the rights of secured creditors. The Debtor identifies Cornerstone Servicing and Fay Servicing as the only creditors believed to have potential interests in the cash collateral for which no agreement regarding its use has been reached. The company argues that access to rental income is essential for paying staffing costs, operating expenses, property maintenance, administrative expenses, insurance, taxes, utilities, and other costs necessary to manage and preserve the rental properties. Without court authorization to use these funds, the Debtor contends that it would suffer immediate and irreparable harm because it has no alternative source of funding. The Debtor that it has been unable to obtain replacement financing through unsecured or secured credit arrangements under the Bankruptcy Code. Due to its financial condition, lenders are unwilling to extend additional credit, leaving the company dependent on its existing rental income. If access to cash collateral is denied, the Debtor warns that it would be unable to maintain the properties that serve as collateral for secured creditors, potentially diminishing the value of those assets and undermining prospects for a successful reorganization. As a form of adequate protection for secured creditors, the Debtor argues that an “equity cushion” exists because the aggregate value of the real estate collateral exceeds the total amount of the secured debt. According to the Debtor, this excess value protects creditors from any decline resulting from the proposed use of cash collateral. The company also proposes safeguards, including monthly accounting of all collections and expenditures through required operating reports submitted to the U.S. Trustee. It will retain sufficient funds in debtor-in-possession accounts to meet operating requirements and will accumulate any unused cash collateral in a separate operational account until distributions are authorized under a confirmed reorganization plan or further court order. The Debtor further agrees that cash collateral will not be used to pay prepetition debts without specific court authorization. The requested authority would automatically terminate upon conversion of the case to Chapter 7, confirmation of a final and non-appealable reorganization plan (unless continued use of rents is contemplated), or another order of the court. A court hearing is scheduled for July 14. A copy of the motion is available at https://urlcurt.com/u?l=1dio7L from PacerMonitor.com. About Key Point Arkansas LLC Key Point Arkansas, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-12265) on June 8, 2026, with up to $500,000 in both assets and liabilities. Anh-Thu Cecille Doan, Esq., at the Law Offices Of Cecille Doan represents the Debtor as bankruptcy counsel. KNOWLTON DEVELOPMENT: Fitch Alters Outlook on 'B-' IDR to Positive ------------------------------------------------------------------ Fitch Ratings has affirmed Knowlton Development Corporation, Inc.'s (KDC), KDC US Holdings, Inc.'s and kdc/one Development Corporation, Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'B-'. The Rating Outlooks have been revised to Positive from Stable. KDC's 'B-' IDR reflects its position as a global leader in custom formulation, packaging and manufacturing solutions for beauty, personal care and home care brands, supported by a diverse product portfolio and long-term customer relationships. The Positive Outlook reflects KDC's good operating momentum. Fitch expects fiscal 2027 EBITDA leverage of about 6x, a stronger FCF profile and interest coverage in the low-2x range. Fitch may upgrade KDC if revenue momentum and organic EBITDA growth support sustainable positive FCF, while disciplined capital allocation keeps leverage below 7x and interest coverage above 2x on a sustained basis. Key Rating Drivers Strong 4Q, 2027 Momentum: KDC delivered a strong fiscal 2026 fourth quarter ended in April, with revenue rising more than 10%, driven by new business wins, particularly in the Scented & Living Solutions (SLS) segment. EBITDA grew more than 20%, with most product categories showing gains. This followed weaker EBITDA in Q2 and Q3 as customers adjusted inventory air care category inventories, Beauty & Body Solutions (BBS) faced weaker product mix and KDC investments increased to support business expansion. In fiscal 2026, revenue rose by mid-single digits, while EBITDA was roughly flat compared to fiscal 2025. The new business wins in SLS and BBS support good visibility into operating momentum in fiscal 2027. Fitch projects low double-digit revenue growth for KDC. Revenue growth will also reflect the first full year of a recent acquisition, while Fitch assumes KDC's core business will grow in the low single digits. KDC's global operations offer broad capabilities at a wide range of price points, helping it manages risks from consumer-related pressures that could reduce discretionary consumer spending and lower volumes. Fitch forecasts EBITDA in the high single digits, supported by revenue gains and cost savings from footprint optimization. Defensible Competitive Advantage: KDC is a leading outsourced provider of formulation, packaging and manufacturing solutions for beauty, personal care and home care brands, with 31 facilities worldwide. In the BBS segment, the company's customers range from indie brands to major consumer packaged goods companies, providing a natural hedge to rapidly changing industry dynamics. Customer concentration is moderate, with the company serving approximately 800 customers worldwide across over 1,000 brands. KDC's business model helps build long-term customer relationships with low churn and high switching costs by developing products and bringing them to market quickly. Investment in R&D, technology and product expertise supports global turnkey solutions and share gains. The model also allows tariff and raw material cost pass-through, limiting input volatility because about half of revenue reflects pass-through costs. FCF Turning Positive: Fitch expects FCF to improve over the next two years after deficits in four of the past five years, including a moderate deficit in fiscal 2026. Past deficits were driven by growth-related capital investments, including capacity expansion, new product capabilities, and automation, and high interest costs. Fitch forecasts modestly positive FCF in fiscal 2027, supported by higher EBITDA and lower capex as growth related investments moderate, partly offset by working capital use. FCF should rise further in fiscal 2028 on higher EBITDA and stable capex levels. Interest coverage is forecast to strengthen toward the mid-2x range. Leverage Around 6x: Fitch expects EBITDA leverage to trend to around 6x in fiscal 2027 from 6.3x in fiscal 2026 on EBITDA growth. Leverage in fiscal 2026 increased by about 0.5x due to higher debt primarily related to the Barony Universal acquisition. EBITDA leverage beyond fiscal 2027 could trend lower on higher EBITDA. Fitch's projections over forecast period assume modest bolt-on acquisitions. KDC's acquisitive strategy and a debt-financed shareholder distribution in the past has led to periods of higher leverage partly offset by sponsor equity contributions. Relatively Stable End Markets: KDC benefits from end markets where demand is relatively stable, even during recessionary conditions, as personal care sales are supported by low price points and daily use of health and beauty products. KDC can experience order variability, as customers reduce purchases to align inventory with demand, which occurred after the pandemic from the supply chain disruptions and more recently during the second and third fiscal quarters in the air care segment. Its flexible manufacturing base also enables KDC to leverage its footprint and shift capacity as needed. Acquisitive Strategy: KDC's acquisition strategy supports organic growth by adding capabilities in adjacent markets, enabling the company to capitalize on cross-selling opportunities within its customer base. KDC has acquired 13 companies since 2019, increasing its global presence and expanding scale in Europe and Asia. When combined with organic growth, sales are around $3 billion, up from $1 billion in fiscal 2020. Acquisitions completed during fiscal 2026 were modest. Fitch's forecast assumes KDC will pursue bolt-on acquisitions, with potential for larger transactions that could enhance the company's capabilities, operational efficiencies or long-term growth. Peer Analysis KDC's credit profile is comparable to other rated consumer product companies like Central Garden & Pet Company (BB/Stable) and ACCO Brands Corporation (BB-/Negative). KDC has higher financial leverage and a smaller operating scale than Central. ACCO's BB-' rating reflects its leverage sustained above 3.5x over the next several years, and its significant decline in scale over the past several years from secular challenges, balanced by consistent FCF generation and good profitability. The Negative Outlook is driven by concerns that the company may not be able to stabilize its operations over the next 12-24 months while maintaining leverage below 4.0x. Central's ratings reflect its strong market positions in the pet, lawn, and garden segments, stable margins supported by its focus on costs, and ample liquidity supported by strong cash on balance sheet and robust annual FCF. Fitch expects EBITDA leverage to remain in the low-3x range in fiscal 2026 (ending September), absent any acquisitions. These strengths are moderated by Fitch's expectation that CENT's revenues could decline in the low single-digit range in fiscal 2026, its limited scale with EBITDA expected to be in the mid to high $300 million range, and modest customer concentration risk. Fitch’s Key Rating-Case Assumptions - Low double-digit revenue growth in fiscal 2027 driven by new business wins in SLS and BBS segments, low-single digits growth in KDC's core business and full year of a recent acquisition. In fiscal 2028, revenue growth in the mid-single digits due to low-to-mid single digit growth in SLS and BBS segments and bolt-on M&A; - EBITDA to rise in the high-single digits in fiscal 2027, supported by revenue gains and cost savings from footprint optimization. In fiscal 2028, EBITDA growth in the low-to-mid single digits; - KDC has exposure to variable interest rates through its revolver and term loans. Fitch assumes 3.75% to 4.0% annualized base rates for SOFR; - Capex declining in fiscal 2027 as growth related capex moderates. Capex remains at a similar level in fiscal 2028; - Modestly positive FCF in fiscal 2027, supported by higher EBITDA and lower capex, partly offset by working capital use. FCF should rise further in fiscal 2028 on higher EBITDA and stable capex levels; - EBITDA leverage to trend to around 6x in fiscal 2027 driven by EBITDA growth. Fitch expects EBITDA leverage to remain in a similar range in fiscal 2028, reflecting modestly higher EBITDA and debt levels; - Interest coverage metrics trend to the mid-2x over forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Lower), sector characteristics ('bbb-', Moderate), market and competitive positioning ('bb-', Moderate), diversification and asset quality ('bb+', Moderate), company operational characteristics ('bbb', Lower), profitability ('b+', Moderate), financial structure ('b-', Higher), and financial flexibility ('b+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year FY26, 40% for the forecast year FY27 and 40% for the forecast year FY28. B+ to CC considerations apply in its analysis and results in an adjustment of -1 notch(es). The governance assessment of 'good' has no impact. The operating environment assessment of 'a' 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 issuers with 'B+' IDRs and below, Fitch performs a recovery analysis for each class of obligations of the issuer. The issue ratings are derived from the IDR, the relevant Recovery Rating and prescribed notching. The recovery analysis assumes that KDC would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch assumes a material loss in revenue from existing customers or some customer attrition resulting in a loss of revenue around 15% from projected fiscal 2025 levels with EBITDA margins in the 9% area. The GC EBITDA estimate of $240 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch applies a 6.0x enterprise value/EBITDA multiple, modestly below the 6.3x median multiple for Food, Beverage and Consumer bankruptcy reorganizations analyzed by Fitch. The multiple reflects the company's leading position in its formulation, packaging and manufacturing businesses, its diverse and sticky customer relationships, modestly offset by its lack of consumer brand recognition. After deducting 10% for administrative claims, KDC's first lien secured debt is expected to have good recovery prospects (51%-70%), which corresponds to 'B'/'RR3' ratings. The secured debt is secured by a first priority interest in substantially all assets of the borrowers (kdc/one Development Corporation, Inc and KDC US Holdings, Inc.) and the guarantors (material direct and indirect wholly-owned U.S. subsidiaries) RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A negative rating action could occur if a pullback in discretionary consumer spending leads to top-line weakness or EBITDA declines, persistent negative FCF, or if an acceleration of the company's acquisition strategy or any debt-financed transaction such as special shareholder distributions results in sustained EBITDA leverage over 8x and interest coverage approaching 1.5x, leading to concerns around the viability of the company's capital structure. - The Rating Outlook could be revised to Stable if EBITDA declines due to a pullback in discretionary consumer spending or operational missteps, or if the company pursues material debt financed acquisitions, such that debt to EBITDA is sustained above 7x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action could occur if KDC's operating trajectory, business investments along with acquisitions meets Fitch's expectations for continued revenue and EBITDA growth, sustained positive FCF and a commitment or demonstrated record that increases confidence in KDC sustaining EBITDA leverage under 7x and interest coverage above 2.0x. Liquidity and Debt Structure KDC's liquidity as of April 30, 2026, exceeded $400 million. Liquidity consists of around $146 million in cash and $332 million in availability under its $360 million revolving credit facility (RCF). KDC's RCF and term loans mature in 2028. Issuer Profile KDC is a global leader in custom formulation and manufacturing solutions for beauty, personal care and home care brands. It provides services from product ideation and formulation to design, packaging and manufacturing. KDC serves approximately 800 customers globally across 1,000+ brands. Summary of Financial Adjustments Fitch adjusted historical EBITDA for stock-based compensation, acquisition related costs, litigation and other legal fees, severance related costs, business transformation costs and reorganizational and restructuring costs associated with the closure of Lynchburg facility. 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 Knowlton Development Corporation, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Zobele Mexico, S.A. de C.V. senior secured LT B Affirmed RR3 B KDC US Holdings, Inc. LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B kdc/one Development Corporation, Inc. LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B Knowlton Development Corporation, Inc. LT IDR B- Affirmed B- KRCM ASTORIA: Seeks to Hire Pick & Zabicki LLP as Counsel --------------------------------------------------------- KRCM Astoria Portfolio Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Pick & Zabicki LLP as counsel. The firm will provide these services: a. advise the Debtor with respect to its rights and duties as a Debtor-in-possession; b. assist and advise the Debtor in the preparation of its financial statements, schedules of assets and liabilities, statement of financial affairs and other reports and documentation required pursuant to the Bankruptcy Code and the Bankruptcy Rules; c. represent the Debtor at all hearings and other proceedings relating to its affairs as a chapter 11 debtor; d. prosecute and defend litigated matters that may arise during this chapter 11 case; e. assist the Debtor in the formulation and negotiation of a plan of reorganization and all related transactions; f. assist the Debtor in analyzing the claims of creditors and in negotiating with such creditors; g. prepare any and all necessary motions, applications, answers, orders, reports and papers in connection with the administration and prosecution of the Debtor's Chapter 11 case; and h. perform such other legal services as may be required and/or deemed to be in the interest of the Debtor in accordance with its powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Partners $475 to 565 per hour Associates $250 to 385 per hour Paraprofessionals $$125 per hour The firm received a retainer in the amount of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Pick, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Douglas J. Pick Pick & Zabicki, LLP 369 Lexington Avenue, 12thFloor New York, NY 10017 Tel: (212) 695 600 About KRCM Astoria Portfolio Corp. KRCM Astoria Portfolio Corp. is a real estate company. KRCM Astoria Portfolio Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44859) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by J Ted Donovan, Esq. of Goldberg Weprin Finkel Goldstein LLP. KROSKOB BROS: Gets Final OK to Use Cash Collateral Until Dec. 31 ---------------------------------------------------------------- Kroskob Bros Farms & Trucking, Inc. received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The Debtor said it has no unencumbered funds or alternative financing sources, making cash collateral its only viable source of liquidity. Under the final order, the Debtor is authorized to use cash collateral in accordance with its budget from June 1 through Dec. 31. Budget variances are limited to 5% in the aggregate, increasing to 10% if supported by additional operating revenue. Larger variances require Mountain Valley Bank's written consent. Mountain Valley Bank, the Debtor's primary secured lender, holds about $11.8 million in secured debt, backed by liens on substantially all of the Debtor's assets, including cash collateral. As adequate protection, Mountain Valley Bank received replacement liens on substantially all post-petition receipts, revenues, accounts, inventory, and proceeds, excluding Chapter 5 avoidance actions. In case of any diminution in the value of its collateral, the lender will receive a superpriority administrative claim. The Debtor's authority to use cash collateral ends on Dec. 31, or upon an event of default, including budget noncompliance; failure to meet obligations; appointment of a trustee or examiner with expanded powers; case conversion or dismissal; stay relief for assets or obligations over $25,000; granting senior or equal liens on collateral to anyone other than the lender; and any plan or order that modifies the lender's rights. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/uQkR0 from PacerMonitor.com. Kroskob, a Colorado-based farming and trucking business, filed for bankruptcy on April 22 and continues to operate its business under court supervision. Its operations are highly cash-intensive and seasonal, requiring ongoing expenditures for payroll, fuel, agricultural inputs, equipment maintenance, insurance, and logistics. Mountain Valley Bank, as secured lender, is represented by: Chad S. Caby, Esq. Womble Bond Dickinson (US), LLP 1601 19th Street, Suite 1000 Denver, CO 80202 Tel: 303-628-9583 Fax: 303-623-9222 Chad.Caby@wbd-us.com About Kroskob Bros Farms & Trucking Inc. Kroskob Bros Farms & Trucking, Inc. operates an agricultural business focused on hay and crop production along with trucking services supporting farm logistics. The company manages cultivation and transportation of agricultural products through its farm and trucking operations. Kroskob sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-12777) on April 22, 2026, with up to $50 million in both assets and liabilities. Kroskob President Brandon Kroskob signed the petition. Judge Thomas B. McNamara oversees the case. Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, represents the Debtor as legal counsel. KV TOOLING: James LaMontagne Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for KV Tooling Systems, LLC. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About KV Tooling Systems LLC KV Tooling Systems LLC is an Augusta, Maine-based manufacturer and reconditioner of rotary cutting tools for the machining and industrial manufacturing trades. Founded in 2003 by Brian Beland, the company produces carbide cutting tools, including its X Flute MAX cutting tool line launched in 2024. Its tools are used in aerospace, power generation, oil exploration, medical, and automotive applications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 26-10111) on June 18, 2026, with $716,778 in assets and $2,037,804 in liabilities. Brian J. Beland, sole member, signed the petition. Judge Peter G. Cary presides over the case. Tanya Sambatakos, Esq., at Molleur Law Office represents the Debtor as bankruptcy counsel. LAYLA CONSULTING: Seeks Subchapter V Bankruptcy in New York ----------------------------------------------------------- On June 24, 2026, Layla Consulting Center Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,000 and $500,000 in debt owed to 1–49 creditors. Deadline to file the Corporate Disclosure Statement under FBR 1073-3 is June 24, 2026, while the Small Business Balance Sheet is due July 1, 2026. About Layla Consulting Center Inc. Layla Consulting Center Inc. is a Jackson Heights, New York-based healthcare practitioner business providing healthcare-related professional and consulting services. The company operates within the healthcare services sector, serving patients and clients in the New York metropolitan area. Layla Consulting Center Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. not disclosed) on June 24, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $100,000 to $500,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Christal Cammock, Esq. of Christal A. Cammock, P.C. LMC CONSTRUCTION: Seeks Subchapter V Bankruptcy in Illinois ----------------------------------------------------------- On June 23, 2026, LMC Construction Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. Court records do not specify the reason for the Chapter 11 filing, although the petition reflects liabilities that substantially exceed the company's reported assets. About LMC Construction Inc. LMC Construction Inc. is a Bensenville, Illinois-based masonry and general building restoration contractor. The company specializes in masonry restoration, historic preservation, facade repair, and structural integrity projects, serving commercial and institutional clients. LMC Construction Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-10512) on June 23, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. The Debtor is represented by Ben L. Schneider, Esq. of Schneider & Stone. LUGANO DIAMONDS: Ex-CEO Sued in Alleged Embezzlement Scheme ----------------------------------------------------------- James Nani of Bloomberg Law reports that luxury jeweler Lugano Diamonds & Jewelry Inc. has filed an adversary proceeding against former CEO Mordechai , accusing him of executing a fraudulent accounting scheme that left the company with more than $100 million in hidden obligations and contributed to its bankruptcy. The complaint alleges Ferder used undisclosed side agreements with affluent customers, disguising them as ordinary jewelry sales to inflate Lugano's revenue and financial performance while masking substantial liabilities that were not reflected in the company's records, the report relays. Lugano also seeks to block Ferder's $36 million bankruptcy claim, asserting that the purported loans underlying the claim were connected to the alleged fraud and therefore should not be allowed in the Chapter 11 proceedings, according to report. The lawsuit further seeks monetary damages and other remedies, contending Ferder violated his fiduciary obligations and caused significant financial harm to the company, its estate and creditors, Bloomberg reports. About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry, Inc. designs, manufactures, and retails high-end jewelry, offering rings, necklaces, earrings, bracelets, and brooches produced through an in-house workshop and a network of specialized vendors. It operates boutiques in affluent and destination markets such as Newport Beach, Aspen, Houston, Palm Beach, Chicago, and Ocala, and also sells through equestrian events and pop-up showrooms. Lugano Diamonds & Jewelry and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12055) on November 16, 2025. The affiliates that filed for Chapter 11 separately are Lugano Buyer Inc. (Case No. 25-12052), K.L.D. Jewelry LLC (Case No. 25-12053), Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). In its petition, Lugano Diamonds & Jewelry reported assets of between $100 million and $500 million and liabilities of between $500 million and $1 billion. J. Michael Issa, chief restructuring officer, signed the petition. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Keller Benvenutti Kim, LLP as bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as restructuring advisor; and Armory Securities, LLC as investment banker. Omni Agent Solutions, Inc. is the Debtors' claims, noticing and administrative agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel and Force Ten Partners, LLC as financial advisor. MAIN STREET MOTEL: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------------- On June 24, 2026, Main Street Motel LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on July 20, 2026 at 01:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. The Chapter 11 plan and disclosure statement are both due October 22, 2026. About Main Street Motel LLC Main Street Motel LLC is a Brooklyn, New York-based hospitality and resort lodging operator. The company operates the Main Street Motel in Bar Harbor, Maine, a 44-room property that remains fully active as of June 2026. The hotel continues to serve guests during peak season, with nightly rates ranging between $289 and $319. Main Street Motel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43097) on June 24, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Charles Wertman, Esq. of Law Offices Of Charles Wertman P.C. MARELLI AUTOMOTIVE: OPmobility Seeks Docs in Trade Secrets Suit --------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that OPmobility is asking a US court to help it secure documents from France for its case against bankrupt competitor Marelli Automotive. The request was submitted Tuesday, June 23, 2026, under the Hague Convention on Taking Evidence Abroad in Civil or Commercial Matters, the report cites. The materials are tied to litigation filed in Delaware bankruptcy court last week. OPmobility alleges trade secret misappropriation and tortious interference after Marelli recruited former top executive Laurent Favre, with an investor group led by Strategic Value Partners also named in the broader dispute, Bloomberg reports. About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11, 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. MARK J. PAMER: Hearing Today on Bid to Use Cash Collateral ---------------------------------------------------------- U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, is set to hold a hearing today to consider extending Mark J. Pamer, D.O., LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's June 23 interim order expires today. The June 23 order granted the Debtor interim approval to use cash collateral to fund its operations in accordance with a court-approved budget. The order granted secured creditors, McKesson Corporation and the U.S. Small Business Administration, replacement liens on the Debtor's post-petition assets similar to their pre-petition collateral. McKesson claims a first-priority security interest in the Debtor's assets, including cash accounts and accounts receivable, based on a UCC financing statement filed in 2016. The Debtor also owes approximately $150,000 on a Small Business Administration Economic Injury Disaster Loan obtained in 2020 during the COVID-19 pandemic. The SBA claims a second-priority lien on the Debtor's assets through a UCC filing recorded in June 2020. The Debtor's bankruptcy filing was largely precipitated by a significant legal dispute involving McKesson. In 2019, the Debtor entered into an agreement with Intrafusion GP LLC, a McKesson affiliate, under which Intrafusion managed the Debtor's infusion center, including medication purchases, drug pricing negotiations, and billing operations. Although the infusion center was closed by October 2024 and the agreement terminated, McKesson later filed a federal lawsuit against the Debtor in November 2025, seeking more than $1.7 million for pharmaceutical purchases made through the Debtor's account. The Debtor disputes liability and has filed a third-party complaint against Intrafusion, arguing that any obligation to McKesson is closely tied to Intrafusion's conduct and responsibilities under the management agreement. The combined burden of expensive litigation, debt service obligations, and rising operating costs made the bankruptcy filing necessary. The Debtor continues to generate revenue and believes it can successfully reorganize if it is allowed to use its cash collateral. 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. 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. In the petition signed by Mark J. Pamer, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Mindy A. Mora oversees the case. Malinda L. Hayes, Esq., at the Law Offices of Malinda L. Hayes, represents the Debtor as bankruptcy counsel. MARK J. PAMER: Seeks to Tap Malinda L. Hayes as Bankruptcy Counsel ------------------------------------------------------------------ Mark J. Pamer D.O. LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the Law Offices of Malinda L. Hayes as counsel. The Debtor requires legal counsel to: (a) give advice with respect to the Debtor's powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. The firm holds a retainer in the amount of $17,000. Attorney fees will be billed at the reduced rate of $500 per hour, and $125 per hour for paralegal support. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in court filings, the Law Offices of Malinda L. Hayes is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Malinda Hayes, Esq. Law Offices of Malinda L. Hayes 378 Northlake Blvd Suite 218 North Palm Beach, FL 33408 Tel: (561) 537-3796 Email: malinda@mlhlawoffices.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. MARY JANES: Seeks to Hire Robert C. Newark III as Attorney ---------------------------------------------------------- Mary Janes Secret Garden, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Robert C. Newark, III, a professional practicing law, to serve as attorney. Mr. Newark will provide these services: (a) render legal advice regarding the powers and duties of debtors that continue to operate their business as debtors in possession; (b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; (c) prepare on behalf of the Debtor, as a debtor in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate and appear on the Debtor's behalf at all hearings regarding the Debtor's case; (d) negotiate, prepare, and file requests for the sale of assets of the Debtor's estate; (e) negotiate, prepare, and file a plan of reorganization and related disclosure statements and all related documents, and otherwise promote the financial rehabilitation of the Debtor; and (f) perform all other necessary legal services in connection with the prosecution of this Chapter 11 case. Mr. Newark will receive an hourly rate of $400, and law clerks and paralegals may work on the case at the rate of $100 per hour. Attorney received a prepetition retainer in the total amount of $10,000 from the Debtor, from which Attorney was paid $7,500 for pre-petition services, costs, and taxes, including the $1,738 Chapter 11 filing fee. Robert C. Newark, III stated that he is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code. The firm can be reached at: Robert C. Newark, III NEWARK 1019 Waterwood Pkwy, Ste C Edmond, OK 73034 Telephone: (866) 230-7236 Facsimile: (888) 316-3398 E-mail: robert@newarkfirm.com About Mary Janes Secret Garden, LLC Mary Janes Secret Garden, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-12031) on June 17, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $0 to $50,000. Judge Janice D. Loyd oversees the case. Robert C. Newark, III, Esq., at NEWARK is Debtor's legal counsel. MBA INVESTMENTS: James Cross Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 14 appointed James Cross, Esq., at Cross Law Firm, PLC as Subchapter V trustee for MBA Investments, LLC. Mr. Cross will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cross declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Cross, Esq. Cross Law Firm, PLC P.O. Box 45469 Phoenix, AZ 85064 Phone: 602-412-4422 Email: jcross@crosslawaz.com About MBA Investments LLC MBA Investments, LLC is an investment and asset management company engaged in business and financial investment activities. MBA Investments filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-05919) on June 16, 2026. In its petition, the Debtor reported assets of up to $100,000 and liabilities of between $100,001 and $1 million. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Allan D. Newdelman, Esq., at Allan D. Newdelman PC. MEMORY SUITES: Commences Chapter 11 Bankruptcy in New York ---------------------------------------------------------- On June 24, 2026, Memory Suites LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. A meeting of creditors filed by the Office of the United States Trustee under 341(a) to be held on July 20, 2026 at 01:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. The Chapter 11 plan and disclosure statement are both due October 22, 2026. About Memory Suites LLC Memory Suites LLC is a Brooklyn, New York-based resort and traveler accommodation provider. The company operates in the hospitality sector, offering short-term lodging services for travelers and guests. Memory Suites LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43098) on June 24, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Charles Wertman, Esq. of Law Offices of Charles Wertman P.C. MI WINDOWS: S&P Cuts ICR to 'B' on Increased Leverage, Outlook Neg ------------------------------------------------------------------ S&P Global Ratings lowered our issuer credit rating on Pennsylvania-based manufacturer MI Windows And Doors LLC (MIWD) to 'B' from 'B+', its issue-level rating on its secured debt to 'B+' from 'BB-', and its issue-level rating on its unsecured debt to 'CCC+' from 'B-'. S&P's '2' recovery rating on the secured debt and '6' recovery rating on the unsecured debt are unchanged. The negative outlook reflects S&P's expectation that MIWD's adjusted debt to EBITDA will remain above 7x over the next 12 months. Pennsylvania-based manufacturer MI Windows And Doors LLC (MIWD) has sustained elevated leverage amid continued soft macroeconomic and business conditions. S&P Global Ratings expects the company's adjusted debt to EBITDA will remain above 7x in 2026. S&P said, "We expect MIWD's adjusted leverage will remain above 7x. We forecast the company's leverage will remain elevated over the next 6-12 months as it faces continued weak revenue amid ongoing end-market weakness." MIWD's revenue decreased by about 9% during the first three months of fiscal year 2026 (ended March 28, 2026), relative to the same period in fiscal year 2025, due to volume softness amid bad weather in its key markets and persistently weak activity in the new residential construction and repair and remodel (R&R) markets. For the rolling-12-months (RTM) ended March 28, 2026, the company's S&P Global Ratings-adjusted leverage and EBITDA interest coverage stood at 6.5x and 2.6x, respectively, which compares with 5.7x and 2.8x during the same period in March 2025. S&P said, "We expect MIWD will face continued softness in its new construction and R&R volumes over the next several quarters, as well as pressures on its margins from elevated input costs. We believe this combination of softer demand and pressured margins will cause the company to sustain elevated adjusted leverage through 2026." S&P said, "We forecast adjusted EBITDA margins will remain pressured in 2026. For the RTM ended March 28, 2026, the company generated an S&P Global Ratings-adjusted EBITDA margin of near 17%, which compares with near 19% during the same period in 2025, as weaker demand and higher input costs (for aluminum, oil, and vinyl [resin]) compressed its gross margins. MIWD has implemented actions to partially offset its rising costs through pricing and internal restructuring initiatives. Nevertheless, we expect the company's margin will contract further in 2026 (by 50 basis points-60 basis points), though we see an opportunity for marginal EBITDA margin expansion in 2027 if its end-market demand improves. "We expect the company will generate positive free operating cash flow (FOCF) over the next 12 months. MIWD's FOCF to debt was approximately 4% for the RTM ended March 28, 2026, which was down from 7% during the same period in March 2025. Despite a challenging operating environment and pressured EBITDA margins, we believe the company remains committed to disciplined capital expenditure (capex) spending while maintaining positive FOCF. Over the next 12 months, we expect MIWD's FOCF to debt will be in the 3.5%-4.0% range in 2026 and rise above 5.0% in 2027 as its end-market demand improves." The company has a formidable market position as one of the largest providers of vinyl, aluminum, and fiberglass windows and patio doors in the U.S. MIWD's acquisition of PGT in 2024 solidified its position as the third-largest provider of vinyl windows while deepening its footprint in the Florida market, which benefits from storm-driven demand. At the same time, S&P believes the company's less-diverse portfolio, concentration in cyclical residential construction markets, and exposure to volatile input costs (such as for vinyl, glass and aluminum) could contribute to unpredictability in its credit ratios. However, MIWD's exposure to more-predictable R&R spending and increasing specialty mix could somewhat offset this unpredictability. S&P said, "The negative outlook reflects our expectation that MIWD's S&P Global Ratings-adjusted debt to EBITDA will remain above 7x over the next 12 months due to persistently soft end-market demand. "We could lower the rating on MIWD over the next 12 months if its S&P Global Ratings-adjusted debt to EBITDA approaches 8x on a sustained basis." This could occur if: -- The company's S&P Global Ratings-adjusted earnings underperform S&P's base-case forecast by 15%, potentially because of a further weakening in the demand for its products; or -- It adopts a more-aggressive financial policy than anticipated and undertakes large, debt-financed acquisitions. S&P said, "We could revise our outlook on MIWD to stable if it improves its S&P Global Ratings-adjusted earnings faster than forecast, supported by increasing demand, such that its leverage declines below 7x and we view the improvement as sustainable through most market conditions." MIDWEST PHYSICIAN: Moody's Ups CFR to B3, Outlook Stable -------------------------------------------------------- Moody's Ratings upgraded the ratings of Midwest Physician Admin Svcs, LLC (a core operating company of DMG Practice Management Solutions, LLC, referred to herein as "Duly") including the Corporate Family Rating to B3 from Caa1 and the Probability of Default Rating to B3-PD from Caa1-PD. Moody's also assigned B3 ratings to the company's new $570 million senior secured first lien term loan and new $100 million senior secured revolving credit facility. The outlook is stable. The new 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 follows the recent transaction in which the company received $325 million in preferred equity which will be used for debt repayment. The transaction also includes an extension of the debt maturities. Pro forma for the transaction, Duly's Debt/EBITDA is 7.4x for the last twelve months ended March 31, 2026. The transaction will enhance liquidity by fully repaying outstanding borrowings under the revolving credit facility and partially repaying the existing accounts receivable securitization facility. Moody's expects Duly to further reduce leverage through earnings growth over the next 12 to 18 months, supported by improved reimbursement rates, volume growth and reduction in cash adjustments to EBITDA. Governance considerations are material to the rating action. Debt repayment and the resulting lower leverage and improved liquidity and maturity profile provide the company with a path to further improve its credit metrics. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Duly's B3 CFR reflects Moody's expectations that the company's leverage will improve pro forma the debt paydown from preferred equity issuance but remain moderately high, in the 6x range, over the next 12 to 18 months. The rating also reflects Moody's expectations of improved quality of earnings, improving free cash flow and adequate liquidity. Moody's views Duly's geographic footprint as concentrated, with the vast majority of revenue generated in Illinois. The company's limited geography also impacts revenue by payor, which results in material exposure to Blue Cross Blue Shield of Illinois. The rating benefits from Duly's diverse offering of medical services and physician providers. The company's integrated approach involving physicians across various specialties allows Duly to benefit from cross-referrals and cost efficiencies. The company has meaningful scale in its markets and has successfully executed an organic and acquisition-led growth strategy. A strong market presence in the Chicagoland area additionally supports the ratings. Moody's expects Duly to maintain adequate liquidity over the next 12 to 18 months pro forma debt paydown. Liquidity is supported by $20 million of cash pro forma the transaction as well as $100 million of revolver availability, and $100 million of accounts receivable securitization facility availability, less a $20 million minimum liquidity requirement under the accounts receivable securitization facility. Moody's expects Duly to generate breakeven to moderately positive free cash flow in the next 12 – 18 months given earnings growth, reduction in one-time cash items, lower interest cost, and lower capital investment following the completion of the new Schaumburg, IL medical office. New $570 million term loan matures in 2031 and new $100 million revolving credit facility expires in 2031. The revolving credit facility would be subject to a springing maturity provision that would accelerate its maturity to 91 days prior to the term loan maturity. The stable outlook reflects Moody's views that Duly's leverage will be below 6.5x by year-end 2026 and that the company will generate breakeven to modestly positive free cash flow in the next 12 - 18 months. The senior secured first lien term loan and senior secured revolving credit facility are rated B3, the same as the corporate family rating as these instruments represent the preponderance of debt in the capital structure, but have a diminished collateral pool due to the presence of the accounts receivable securitization facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains good liquidity and continues to improve its operating performance evidenced by improving margins and sustained generation of positive free cash flow. Quantitatively, the ratings could be upgraded if adjusted debt/EBITDA is sustained below 5.5x. The ratings could be downgraded if Duly's earnings decline, reducing profitability and declining margins, or if liquidity deteriorates such that the company fails to sustain positive free cashflow or relies on external sources for liquidity. Additionally, ratings could be downgraded if financial policies become more aggressive, including pursuing shareholder dividend or a large debt funded acquisition. Duly is a large, independent multi-specialty physician group with approximately 1,800 employed clinicians based in over 190 locations in Illinois, Indiana, Iowa and Missouri. The company, through its clinical entities, and value based network handles over 9.5 million patient encounters annually. The company generated around $2.7 billion of revenue LTM March 31, 2026. The company is owned by affiliates of Ares Management, L.P., management and physicians of the company. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. MIRACLE TEMPLE: To Sell Washington Property to Jones & Mitchell --------------------------------------------------------------- Miracle Temple Non-Denominational Church, Inc. seeks permission from the U.S. Bankruptcy Court for the District of Columbia, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a nonstock corporation formed under the laws of the District of Columbia, and recognized as a nonprofit, charitable organization. The Debtor operates an evangelistic outreach ministry located at 5219 Call Place, SE Washington, DC 20019. The Debtor's mission is to create an environment for spiritual growth, worldwide evangelism, and opportunities for effective ministry. The Debtor's mission was founded in August 1968 by Bertha L. Shepard who spread the Debtor's mission in the neighborhood of Ward 5 in the District of Columbia and its local hospitals and its correctional facilities. These efforts culminated in the forming of the Debtor in 1969. In 2021, Reverend Judie Shepherd-Gore was installed as the church's Pastor. The Debtor's day-to-day operations include holding services for members of its community, conducting outreach efforts, participating in community service projects, and creating ministry partnerships. Along with the Pastor, the Debtor's board of trustees oversees the Debtor's financial and administrative affairs. The Debtor has recently experienced financial difficulty, resulting in decreased cash flow and failure to make timely payments to its secured lender, Fulton Bank. In May 2026, the Debtor and Blessin Jones and Cortavious Mitchell (Proposed Buyers) executed that certain Residential Contract of Sale, for the sale of the Debtor's real property located at 4541 Akron Street, Temple Hills, MD 20748. The lienholder of the Property is Fulton Bank, N.A. On March 1, 2026, the Debtor entered into monthly rental agreement for the Property with Reginal Simmons pursuant to that certain Maryland Month-To-Month Lease. The Debtor believes that the sale of the Property is in the best interest of the Debtor, the Debtor's estate, and its creditors, as it will satisfy significant obligations and generate proceeds for the benefit of the Debtor's creditors, particularly the Lender. The Debtor anticipates that the Lender will consent to the proposed sale as it will generate cash to satisfy loan obligations to the Lender. In the event that the Lender refuses to provide consent for the sale of the Property, the economic value of their interest is being paid in full such that the sale would be permitted under non-bankruptcy law free and clear such interest. About Miracle Temple Non-Denominational Church Inc. Miracle Temple Non-Denominational Church Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00310) on June 14, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge Elizabeth L. Gunn presides over the case. Joseph Selba, Esq. at Tydings & Rosenberg LLP represents the Debtor as legal counsel. MODERN LAVENDER: Seeks Ch. 11 Bankruptcy After Closure of 2 Stores ------------------------------------------------------------------ Kirk O'Neil of The Street reports that Morning Lavender LLC, a California-based women's apparel retailer, has sought Chapter 11 protection following the closure of two retail locations as it shifts its focus to its flagship Tustin boutique, café, and online store. The company filed for Subchapter V bankruptcy on June 16 in the Central District of California, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The bankruptcy filing comes after the retailer streamlined its brick-and-mortar operations but continued serving customers through its Tustin headquarters and e-commerce platform. Morning Lavender did not disclose a specific cause for seeking bankruptcy protection in its court filings, the report relays. Bankruptcy records identify the company's largest creditors as Bank of America, JPMorgan Chase Bank, Shopify, and American Express, with combined claims exceeding $1.1 million. The obligations primarily consist of business financing, credit facilities, and commercial operating expenses. Earlier this 2026, Morning Lavender closed its Solana Beach location after owner Kim Le Pham acknowledged financial challenges stemming from construction delays and weaker-than-expected performance. The retailer also shuttered its Huntington Beach store at Pacific City without a formal public announcement, completing its transition to a single-store operating model. About Morning Lavender LLC Morning Lavender LLC is a Tustin, California-based women's fashion and lifestyle retailer. Morning Lavender LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11858) on June 16, 2026. In its petition, the Debtor reports $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The Debtor is represented by Thomas J. Polis, Esq. of Polis & Associates, Aplc. MODIVCARE INC: ModivCare TopCo Loses Bid to Stay Fee Escrow Order ----------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas denied ModivCare TopCo, LLC's motion to stay pending appeal of the order requiring the Reorganized Debtor to escrow the difference in AlixPartners, LLP and White & White & Case, LLP's disputed fees in the bankruptcy case with the registry of the Court. On February 11, 2026, AlixPartners filed its Final Fee Application for Allowance and Compensation for Professional Services Rendered and Reimbursement of Expenses (the "AlixPartners Fee Application"). On February 12, 2026, White & Case filed its Final Application for Allowance of Compensation and Reimbursement of Expenses (the "White & Case Fee Application" and together with the AlixPartners Fee Application, the "Objected Fee Applications"). On March 4, 2026, ModivCare TopCo, LLC ("TopCo") filed Objections to the AlixPartners Fee Application and the White & Case Fee Application (together, the "Fee Application Objections") on behalf of the Reorganized Debtors. On April 6, the Court held a status conference on the Objected Fee Applications. During the status conference, the Court ordered the Parties to meet and confer regarding a proposed form of order bifurcating the Fee Application Objections into separate legal and factual components. The Court also suggested it may order that the Reorganized Debtor escrow the difference in AlixPartners' and White & Case's disputed fees with the registry of the Court, based on concerning allegations raised by another estate professional regarding the Reorganized Debtors' theretofore compliance with the Confirmation Order which, inter alia, requires the Reorganized Debtor to establish a bona fide professional fee escrow account and adequately fund the same. On April 9, 2026, TopCo filed the Emergency Motion for Reconsideration of (I) Order Bifurcating Legal and Factual Issues and (II) Order Requiring Deposit of Funds Into Court's Registry (the "Motion to Reconsider"). In the Motion to Reconsider, TopCo sought reconsideration of this Court's (i) sua sponte order that the Parties work on a proposed form of order to bifurcate the Fee Application Objections, and (ii) suggestion it may require TopCo escrow the delta in disputed fees. On April 30, 2026, the Court held a status conference regarding the Fee Application Objections and Motion to Reconsider. During the status conference, the Court ruled it would (i) order the Reorganized Debtor to escrow the disputed fees, (ii) enter the proposed bifurcation order previously filed by White & Case, and (iii) carry the Motion to Reconsider as an objection. The Court entered the Order Requiring the Reorganized Debtors to Deposit Funds in Escrow With the Court (the "Escrow Order") the same day. On May 1, 2026, TopCo filed an appeal of the Escrow Order. A stay pending appeal is an equitable remedy committed to the Court's discretion. The following four factors guide the Court's discretion: (1) Whether the movant has made a showing of likelihood of success on the merits; (2) Whether the movant has made a showing of irreparable injury if the stay is not granted; (3) Whether the granting of the stay would substantially harm the other parties; and (4) Whether the granting of the stay would serve the public interest. With respect to the first and most important factor, likelihood of success on the merits, TopCo argues this factor weighs in its favor and that TopCo is likely to succeed on its challenge of the Escrow Order because: (i) the necessary factual elements and procedure for issuing mandatory injunctive relief were not established, (ii) the Escrow Order lacks statutory authority, (iii) the Escrow Order required the Reorganized Debtor to transfer its own property into the Court's registry without due process because it was raised and entered on a sua sponte basis without notice and an opportunity to be heard, (iv) the Escrow Order improperly expands the Reorganized Debtors' potential fee liability, and (v) the Escrow Order was impossible to comply with because it contained a retroactive compliance deadline. White & Case argues to the contrary: (i) TopCo's arguments are fundamentally misplaced because they operate off the false assumption that the funds at issue are the Reorganized Debtors' property, (ii) the Plan affirmatively provides funds earmarked for professionals must be held in an escrow account, and no Plan provision or alternative agreement grants the Reorganized Debtors authority over the manner in which that account is maintained, (iii) the standards and procedural protections in place for a mandatory injunction are not applicable because the Escrow Order merely enforces the Court's prior Confirmation Order, and (iv) the Escrow Order does not lack statutory authority because the Court has continuous authority to enforce its own orders, such as the Confirmation Order, and the Escrow Order falls within this Court's broad powers under 11 U.S.C. Sec. 105(a). The Court agrees with White & Case's position, and concludes TopCo has not sufficiently demonstrated a likelihood of success in challenging the Escrow Order on appeal. TopCo's argument the Reorganized Debtors retain a "present, non-contingent property interest in the administration of the escrow account itself," is similarly unavailing. TopCo mistakes the Reorganized Debtors' obligation to establish, maintain, and adequately fund the professional fee escrow account with a property interest. The Escrow Order was borne out of allegations raised by White & Case -- and the Court's due concern -- that the Reorganized Debtors had failed to comply with and were in violation of the Confirmation Order. According to the Court, the Escrow Order by requiring that the disputed funds be deposited with the Court's registry does not affect a property interest of the Reorganized Debtors, regardless of the truth of White & Case's allegations. With respect to element two, irreparable injury, TopCo provides two arguments: (i) the forced transfer of $1.644 million from the Reorganized Debtors' control into the Court's registry prior to any adjudication of the Objected Fee Applications constitutes irreparable harm in and of itself, and (ii) the deprivation of the Reorganized Debtors' ability to manage or otherwise control its property during the pendency of its appeal of the Escrow Order constitutes harm which cannot be fully remedied after the fact. White & Case argues TopCo's limited arguments with respect to "loss of control" over the disputed funds does not satisfy the burden of proving irreparable harm. According to White & Case, TopCo cannot suffer irreparable harm from losing control over funds it does not own and may not be entitled to. According to White & Case, the Escrow Order's mere transfer of the disputed funds from one purported custodial arrangement to another does not constitute a cognizable injury, let alone an irreparable one. White & Case also states TopCo failed to identify any business disruption, operational harm, or injury beyond the purported loss of control over the disputed funds. The Court agrees with White & Case. With respect to the third element, White & Case argues that professionals hold beneficial interests in the disputed funds, that a stay of the Escrow Order risks their dissipation, commingling, or otherwise unavailability, and that the only burden TopCo faces is the prior obligation to fund the professional fee escrow. The Court agrees the balance of harms favors White & Case's position. A copy of the Court's Memorandum Opinion dated June 21, 2026, is available at http://urlcurt.com/u?l=vZ7XE8from PacerMonitor.com. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MORNING LAVENDER: Arturo Cisneros Named Subchapter V Trustee ------------------------------------------------------------ Peter Anderson, the U.S. Trustee for Region 17, appointed Arturo Cisneros as Subchapter V trustee for Morning Lavender, LLC. Mr. Cisneros will be paid an hourly fee of $600 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Trustee administrator and Sub law clerk charge $200 per hour. Mr. Cisneros declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Arturo M. Cisneros 3403 10th Street, Suite 714 Riverside, California 92501 About Morning Lavender LLC Founded in 2014 and based in Tustin, California, Morning Lavender, LLC operates a women's apparel and accessories boutique and cafe concept, selling feminine dresses, tops and related items online and through Southern California stores while offering coffee, tea, light bites, afternoon tea and private tea-party services at its Tustin flagship. Morning Lavender filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-11858) on June 16, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Thomas J. Polis, Esq., at Polis & Associates, Aplc represents the Debtor as legal counsel. MUDARRI MOTORSPORTS: Hires Cairncross & Hempelmann as Counsel ------------------------------------------------------------- Mudarri Motorsports Co seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Cairncross & Hempelmann, P.S. as counsel. The firm's services include: a. assisting the Debtor in the investigation of the financial affairs of the estate; b. providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; c. preparing all pleadings necessary for proceedings arising under this case; and d. performing all necessary legal services for the estate in relation to this case. The firm will be paid at these rates: Steven M. Palmer $650 per hour Associates will charge $415 per hour Paralegals will charge $275 per hour The firm received a retainer in the amount of $20,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Palmer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steven M. Palmer, Esq. Cairncross & Hempelmann, P.S. 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 E-mail: spalmer@cairncross.com About Mudarri Motorsports Co Mudarri Motorsports Co sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Was. Case No. 26-11413) with $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Maximillian Mudarri as president. Judge Hon. Christopher M Alston oversees the case. The Debtor is represented by Steven M. Palmer, Esq. of Cairncross & Hempelmann, P.S. NATURAL FOUNTAINS: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On June 24, 2026, Natural Fountains Properties, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The company is pursuing a financial restructuring while defending multiple wrongful death lawsuits, and the approximately 725-acre property remains under a judicial preservation order. About Natural Fountains Properties, Inc. Natural Fountains Properties, Inc. is a Hunt, Texas-based recreational and vacation camp real estate holding company. The company serves as the real estate holding entity for the Camp Mystic Guadalupe River campgrounds. The property has remained closed for the 2026 season following a fatal incident in late 2025 that resulted in 27 deaths. Natural Fountains Properties, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90622) on June 24, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $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. NELLIS CAB: Taxicab Business Asset Sale to Peteglo LLC OK'd ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada has granted Nellis LLC and its affiliate Sun Cab Inc., to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors retain Michelle Langille and Adam Meislik of Force Ten Advisors, LLC as investment bankers and financial advisors. The Debtor is a series limited liability company formed in the State of Nevada. Nellis is authorized and licensed to act as taxicab operator in the State of Nevada. Over the last several months, the Debtors worked closely with Force 10 and the Debtors' professionals in collective and ongoing efforts aimed towards maximizing the value of the Purchased Assets. The Court has authorized the Debtor to sell the Property to Peteglo, LLC for the purchase price of $4.575 million. The Debtors have demonstrated a sufficient basis and compelling circumstances for a sale of the Purchased Assets to the Buyer pursuant to the terms and conditions of the Purchase Agreement as a valid exercise of Debtor' business judgment The Debtors and their professionals marketed the Purchased Assets appropriately and conducted the marketing and sale process in good faith without collusion. The Purchase Agreement memorializing the results of the Auction constitutes the highest and best offer for the Purchased Assets and constitutes a valid and sound exercise of the Debtors' business judgment. The Purchase Agreement and the Sale have been negotiated by the Debtors and the Buyer (and their respective affiliates and representatives) in good faith, at arm's length, and without collusion or fraud. The Buyer has acted in good faith in its negotiations with the Debtors and in submitting and pursuing its bid at the May 5, 2026 Auction and will be acting in good faith, consummating the Sale in accordance with the laws of the State of Nevada after entry of the Sale Order. The Purchase Agreement reflecting the results of the Auction is approved and authorized in all respects and shall be deemed in full force and effect, and the Debtors and Buyer are hereby authorized, empowered and directed to fully perform under, consummate, and implement the terms of the Purchase Agreement About Nellis Cab LLC Nellis Cab LLC provides taxi transportation services in Las Vegas, Nevada, and has been operating in the region for more than 60 years. Nellis Cab LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-17375) on Dec. 5, 2025, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petition was signed by Michelle Langille as manager. Judge August B Landis presides over the case. Samuel A. Schwartz, at SCHWARTZ LAW, PLLC, is the Debtor's counsel. NEW FORTRESS: NFE Brazil Issues $973.5M Secured Notes ----------------------------------------------------- NFE Brazil Financing Limited issued $973.5 million of 12% senior secured notes due 2029, according to a Form 8-K filed by New Fortress Energy Inc. with the Securities and Exchange Commission. NFE Brazil, a subsidiary of New Fortress Energy, issued the notes June 19 under an indenture with guarantors and Wilmington Savings Fund Society, FSB, as trustee and collateral agent. The notes bear interest in kind at 12% per year, payable semiannually on May 15 and Nov. 15, beginning Nov. 15, 2026. They mature Nov. 15, 2029. The notes are guaranteed by current and future NFE Brazil subsidiaries. NFE Brazil said proceeds will be used to refinance about $477 million of existing debt, with remaining proceeds available for operations, capital expenditures, working capital, letters of credit and similar requirements, restructuring costs and trade payables owed to other subsidiaries. About New Fortress Energy New Fortress Energy Inc. is a New York-based energy infrastructure company. The company develops, owns and operates natural gas and liquefied natural gas infrastructure, including terminals, power-generation assets and related logistics operations. Its business focuses on delivering gas-to-power and LNG solutions in markets served by its terminals and downstream energy assets. In an audit report dated April 13, 2026, Ernst & Young LLP issued a going-concern audit doubt, citing losses from operations and events of default under debt agreements. The conditions raised substantial doubt about the company's ability to continue as a going concern, E&Y said. As of March 31, 2026, New Fortress reported total assets of $10.39 billion, total liabilities of $10.45 billion, and a stockholders' deficit of $55.04 million. NORTH ATLANTA HOME: Case Summary & 18 Unsecured Creditors --------------------------------------------------------- Debtor: North Atlanta Home Services Inc. d/b/a Outdoor Lighting Perspectives of Atlanta d/b/a Outdoor Lighting Perspectives of Charlotte 122 Blake Lane Winder GA 30680 Business Description: North Atlanta Home Services Inc., doing business as Outdoor Lighting Perspectives of Atlanta, is a Winder, Georgia-based outdoor lighting contractor that designs, installs and maintains low-voltage LED landscape, architectural, holiday, roofline, deck, patio, pathway and commercial lighting systems for residential and commercial customers in the Atlanta metro area. Chapter 11 Petition Date: June 25, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-21004 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Butler as sole shareholder/CEO. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RM7SUVY/North_Atlanta_Home_Services_Inc__ganbke-26-21004__0001.0.pdf?mcid=tGE4TAMA NORTH TEXAS BEHAVIORAL: Chapter 11 Plan Due September 21 -------------------------------------------------------- On June 23, 2026, North Texas Behavioral Clinic, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on July 28, 2026 at 08:30 AM by TELEPHONE. The deadline to file the Subchapter V Chapter 11 Small Business Plan is September 21, 2026. About North Texas Behavioral Clinic, LLC North Texas Behavioral Clinic, LLC is an Arlington, 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. North Texas Behavioral Clinic, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. not disclosed) on June 23, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. The Debtor is represented by Gregory Wayne Mitchell, Esq. of The Mitchell Law Firm, L.P. NORTHERN HOSPITAL: Moody's Reviews 'Caa1' Issuer Rating for Upgrade ------------------------------------------------------------------- Moody's Ratings has placed Northern Hospital District of Surry County, NC's (NHSC) Caa1 issuer and revenue ratings under review for upgrade; previously the outlook was negative. Following a sizeable recent debt repayment, NHSC has approximately $13M of debt outstanding. The review for upgrade follows the County approval for NHSC to be acquired by Novant Health, (A1 Stable) which Moody's anticipates would provide credit strengthening to NHSC upon closing. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus primarily on the likelihood of transaction completion, including the receipt of required regulatory approvals. The Surry County Commissioners approved the asset purchase on June 15, 2026, and the transaction is expected to close in fall 2026, subject to approvals. Upon closing, Novant Health will become the sole owner of Northern Regional Hospital's assets, with full operational and strategic control, and the hospital will be fully integrated into Novant Health's Triad Region. If completed as contemplated, the transaction would likely strengthen NHSC's credit profile. The anticipated improvement reflects Novant Health's commitment to invest approximately $135 million in capital and operating support over 10 years, including routine and strategic capital and implementation of Novant Health's IT platform. Additional investment is expected to support expansion of key clinical programs through increased provider capacity, infrastructure upgrades, and enhanced technology, with the goal of maintaining services and keeping care local. The transaction is also expected to yield operating efficiencies and provide access to system-wide resources. The current ratings continue to reflect execution risk, given the need for regulatory approvals and the possibility that the transaction does not close as planned. PROFILE Northern Hospital District of Surry County is a public stand-alone hospital, comprised of 133 beds and located in Mount Airy in Surry County, NC serving Surry County in North Carolina as well as Carroll and Patrick Counties in Virginia. The organization includes The Northern Surry Foundation for Better Health, Inc. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in May 2026. NUVEI CORP: Payoneer Deal No Impact on Moody's 'B1' CFR ------------------------------------------------------- Moody's Ratings commented that Nuvei Corporation's (B1, stable) (Nuvei) announcement of an all-cash acquisition of Payoneer Global Inc. (Payoneer) does not currently affect Nuvei's ratings, including its B1 corporate family rating, B1-PD probability of default rating and B1 ratings on Nuvei's backed senior secured bank credit facilities. The final capital structure and liquidity profile are still to be determined and will be important considerations for the ratings. Strategically, the acquisition is highly complementary and positions Nuvei as a more vertically integrated global payments infrastructure provider. The combination brings together Nuvei's merchant acquiring, e-commerce and alternative payment method capabilities with Payoneer's cross-border payouts, multi-currency accounts, and marketplace-focused platform. Nuvei's improved scale and competitive profile offset a near-term increase in financial leverage. The transaction involves Nuvei acquiring all of the issued and outstanding shares of common stock of Payoneer Global Inc. for $7.40 per share and is supported by a committed financing package including new secured debt alongside incremental revolver and bridge facilities. Moody's expects that pro forma the transaction leverage, on a Moody's adjusted basis, would decline to about 5.2x at the end of 2027. The step-change in leverage reflects a largely debt-funded structure and weakens financial flexibility in the near term, particularly given execution risks ahead of the expected closing in the middle of 2027. However, Nuvei maintains strong free cash flow generation (Moody's expectations is around $200 million in 2026) that provides significant additional deleveraging upside that if based on Moody's expectation is utilized for additional deleveraging could bring 2027 leverage down to 4.9x. Payoneer's business is heavily weighted toward marketplaces and operates a global platform facilitating payouts for major digital platforms and SMBs, supported by multi-currency accounts and compliance infrastructure across key jurisdictions. The combination deepens Nuvei's presence in APAC and emerging markets and provides access to licenses in markets such as China and India, which are difficult to replicate organically. Management also anticipates significant synergies, which Moody's views as moderate given the size and scale of both businesses and past history with other acquisitions. Revenue upside from cross-selling acquiring services into Payoneer's marketplace base and expanding payout and banking solutions to Nuvei's merchant customers also supports their expectation. Externally, the acquisition aligns with broader industry consolidation, where combining payment acceptance with payout capabilities is considered essential to support full transaction lifecycle services across global commerce. Nuvei expects the combined entity to process more than $500 billion in payment volume annually for more than 2.4 million customers and generate approximately $3 billion of revenue, underscoring its scale and competitive positioning. The transaction is expected to close in the middle of 2027, pending approval by Payoneer's shareholders, required regulatory approvals and other customary closing conditions. Nuvei Corporation is a leading global payments technology provider. The company operates in over 200 markets, with local acquiring in 52 markets, 150 currencies and over 720 alternative payment methods. The company was taken private in late 2024 after Advent International, L.P. entered into an agreement to acquire the company with Philip Fayer, certain investment funds managed by Novacap Management Inc., and CDPQ. NYC OF PIERMONT: Yann Geron Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron Legal Advisors, LLC as Subchapter V trustee for NYC of Piermont, LLC. Mr. Geron will be paid an hourly fee of $975 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geron declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About NYC of Piermont LLC NYC of Piermont, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-22620) on June 17, 2026. At the time of the filing, the Debtor reported assets of between $50,001 and $100,000 and liabilities of between $1 million and $10 million. OAK-BARK CORP: Taps Law Offices of George Oliver as Counsel ----------------------------------------------------------- Oak-Bark Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire The Law Offices of George Oliver, PLLC as counsel. The firm will represent and assist the Debtor in carrying out its duties under the provisions of Chapter 11 of the Bankruptcy Code, and to represent the estate generally throughout the administration of this Chapter 11 proceeding. The firm will be compensated on an hourly basis. The Debtor charged a retainer in the amount of $57,650.50. The Law Offices of George Oliver, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC PO Box 1548 New Bern, NC 28563 Telephone: (252) 633-1933 Facsimile: (252) 635-1950 Email: george@georgeoliverlaw.com About Oak-Bark Corporation Oak-Bark Corporation is associated with former and retained chemical-manufacturing site assets in Riegelwood, North Carolina. The company acquired the property and retained ownership or operational responsibility for certain site assets. Portions of the property have also been owned, leased, or operated by chemical manufacturers including Hexion, Entegris, and Koch Sulfur Products. Oak-Bark filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02352) on May 26, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge Joseph N. Callaway presides over the case. George M. Oliver, Esq. at The Law Offices of George Oliver, PLLC represents the Debtor as legal counsel. ODOZI LLC: Commences Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On June 24, 2026, Odozi, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. Winter Haven medical office building, its main asset, is currently entangled in foreclosure litigation dating back to 2025. About Odozi, LLC Odozi, LLC is a Winter Haven, Florida-based lessor of nonresidential medical office properties. The company operates as a real estate holding entity for healthcare-related facilities, including the Vascular Health Institute and the Keyhole Surgery Center. Odozi, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. not disclosed) on June 24, 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 Tiffany P. Geyer handles the case. The Debtor is represented by Owei Zidforodi Belleh, Esq. of The Belleh Law Group, PLLC. OLENOX INDUSTRIES: Acquires CS Digital Venture for Over $30M ------------------------------------------------------------ Olenox Industries Inc. announced in a regulatory filing that the Company completed the acquisition of 100% of the issued and outstanding membership interests of CS Digital Ventures, LLC, a Delaware limited liability company, pursuant to an Amended and Restated Membership Interest Purchase Agreement with CS Digital, the members of CS Digital, and Bernardo Schucman, as seller representative. As a result of the closing of the acquisition, CS Digital became a wholly owned subsidiary of the Company. CS Digital is a digital infrastructure company focused on the development and operation of energy-intensive data centers, including bitcoin mining and high-density compute deployments. As of the closing date, CS Digital had approximately 35 megawatts of installed power capacity currently in operation. Aggregate Consideration The aggregate consideration payable by the Company under the Amended Purchase Agreement consists of: (i) $30,000,000 in upfront consideration, payable at closing, comprised of: (a) $14,000,000 in newly issued shares of the Company's Series E Convertible Preferred Stock, par value $1.00 per share, issued at a stated value of $100.00 per share, and (b) $16,000,000 in the form of an unsecured promissory note issued by the Company to the Sellers (the "Seller Note"); (ii) warrants to purchase an aggregate of 1,500,000 shares of the Company's common stock, par value $0.01 per share, comprised of three equal tranches of 500,000 shares each with exercise prices of $5.00, $7.00 and $9.00 per share, respectively; and (iii) up to an additional $20,000,000 in shares of Series E Preferred Stock, issuable upon the achievement of two post-closing milestones tied to: (A) cumulative revenue and (B) cumulative Adjusted EBITDA of CS Digital, in each case as further described in the Amended Purchase Agreement. Series E Preferred Stock and Exchange Agreement On June 17, 2026, in connection with the closing of the acquisition, the Company filed a Certificate of Designation of Series E Preferred Stock with the Secretary of State of the State of Delaware, establishing the rights, preferences, privileges and restrictions of the Series E Preferred Stock. The Certificate of Designation provides, among other things, that: (i) the Series E Preferred Stock is non-voting, except as required by the Delaware General Corporation Law; (ii) no shares of Series E Preferred Stock shall be convertible into Common Stock to the extent that, after giving effect to such issuance, the aggregate number of shares of Common Stock issued or issuable pursuant to the conversion of the Series E Preferred Stock, the exercise of any related warrants, or the exercise, conversion or exchange of any other securities required to be aggregated pursuant to Nasdaq Listing Rule 5636(d) would exceed 19.9% of the Company's outstanding shares of Common Stock immediately prior to the closing; (iii) the conversion price applicable to the Series E Preferred Stock is fixed at $1.00 per share, which the Company has determined equals or exceeds the "Minimum Price" determined in accordance with Nasdaq Listing Rule 5635(d)(1) as of the closing date; and (iv) the Series E Preferred Stock is not subject to any redemption right, sinking fund, mandatory conversion right or price-based anti-dilution protection. On June 16, 2026, the Company also entered into an exchange agreement with the holders of the Company's Series D Preferred Stock, pursuant to which the Holders will surrender all of their right, title and interest in and to their Series D Preferred Stock and in exchange the Company shall issue an equal number of shares of Series E Preferred Stock. Immediately following the exchange, every share of Series D Preferred Stock shall be deemed cancelled and retired and shall no longer be outstanding. Stockholder Approval The Amended Purchase Agreement provides that the Company shall use its best efforts to convene a meeting of its stockholders to seek the requisite approval under Nasdaq Listing Rule 5635 to allow the conversion of Series E Preferred Stock into Common Stock and/or the exercise of Warrants to exceed the Exchange Cap, within ninety (90) days after the closing and, if the Stockholder Approval is not obtained at such meeting, to convene a meeting of stockholders every three months thereafter until the Stockholder Approval is obtained. The failure to obtain Stockholder Approval will not give rise to any increase in the stated value of, accrual of dividends or interest on, redemption right with respect to, decrease in the conversion price of, or any other economic consequence favorable to the holders of, the Series E Preferred Stock or the Warrants. Conversion of the Series E Preferred Stock and exercise of the Warrants are also subject to a beneficial ownership limitation pursuant to which no holder, together with such holder's attribution parties, may convert or exercise such securities to the extent it would result in such holder beneficially owning in excess of 19.9% of the outstanding Common Stock or voting power of the Company. Registration Rights Within sixty (60) days following the date the Company obtains the Stockholder Approval, the Company has agreed to file a shelf registration statement with the U.S. Securities and Exchange Commission covering the resale of the shares of Common Stock issuable upon conversion of the Series E Preferred Stock, and to use best efforts to cause such registration statement to be declared effective as soon as reasonably practicable thereafter, subject to customary suspension and deferral rights of the Company. Seller Note and Warrants The Seller Note, issued to the Sellers in the aggregate principal amount of $16,000,000, is unsecured and contains customary terms, including with respect to interest, maturity, prepayment, events of default and remedies. The Warrants entitle the holders thereof to purchase an aggregate of 1,500,000 shares of Common Stock, comprised of three equal tranches of 500,000 shares each with exercise prices of $5.00, $7.00 and $9.00 per share, respectively, and are not exercisable into Common Stock prior to receipt of the Stockholder Approval. Non-Competition and Indemnification The Amended Purchase Agreement contains customary non-competition and non-solicitation covenants applicable to each of Bernardo Schucman and Shanti Cillo for a period of two (2) years following the closing date, subject to certain limited exceptions. Indemnification claims based on breaches of representations and warranties are generally subject to an eighteen (18) month survival period, a $100,000 basket and a $10 million cap, subject to customary exceptions for fundamental representations, certain tax-related matters and fraud. The issuance of the Series E Preferred Stock and the Warrants at closing, and any future issuance of Earnout Shares, were and will be made in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder, as transactions by an issuer not involving any public offering. Each Seller represented to the Company that it is an "accredited investor" as defined in Rule 501(a) of Regulation D. Additional Information Full text copies of the Amended Purchase Agreement, Exchange Agreement, Seller Note, Warrants and Certificate of Designation are available at https://tinyurl.com/2dbeezsu, https://tinyurl.com/mrkepecr, https://tinyurl.com/4am6tu2e, https://tinyurl.com/yr7car6j, and https://tinyurl.com/3npa2e44, respectively. About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54.11 million in total assets, $29.17 million in total liabilities, and a total stockholders' equity of $24.94 million. The Company have yet to file its Form 10-Q for the quarter ended March 31, 2026, due to a merger and multiple acquisitions in 2025. ORTHO MATTRESS: Hires Levene Neale Bender as Bankruptcy Counsel --------------------------------------------------------------- Ortho Mattress Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these rates: David L. Neale $795 per hour Ron Bender $795 per hour Timothy J. Yoo $795 per hour David B. Golubchik $795 per hour Eve H. Karasik $795 per hour Gary E. Klausner $795 per hour Eric P. Israel $795 per hour Brad D. Krasnoff $795 per hour Edward M. Wolkowitz $795 per hour Beth Ann R. Young $795 per hour Monica Y. Kim $775 per hour Philip A. Gasteier $775 per hour John N. Tedford, IV $775 per hour Daniel H. Reiss $775 per hour Todd A. Frealy $775 per hour Krikor J. Meshefejian $775 per hour John-Patrick M. Fritz$ $775 per hour Richard P. Steelman, Jr. $750 per hour Juliet Y. Oh $750 per hour Todd M. Arnold $750 per hour Joseph M. Rothberg $750 per hour Jeffrey Kwong $750 per hour Michael D'alba $750 per hour Carmela T. Pagay $725 per hour Anthony A. Friedman $725 per hour Robert Carrasco $595 per hour Paraprofessionals $300 per hour The firm was paid a retainer in the amount of $100,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Bender disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ron Bender, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 About Ortho Mattress Inc. Ortho Mattress manufactures and sells mattresses through retail stores in Southern California. Founded in 1957 in Gardena, California, the company also sells sleep-related products including furniture, adjustable bases, pillows, protectors, bed frames, foundations, and accessories. Ortho Mattress handcrafts mattresses, makes its own innersprings, and provides delivery, setup, and removal services. The company is headquartered in Cerritos, California, and serves retail customers as well as hospitality clients, including luxury, independent, and boutique hotels. Ortho Mattress Inc. filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-11189) on June 1, 2026, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Fleischman as co-chief executive officer and director, signed the petition. Hon. Judge Victoria S Kaufman will handle the case. Ron Bender, Esq. of Levene, Neale, Bender, Yoo & Golubchick L.L.P. serve as the Debtor's legal counsel. ORTHO MATTRESS: Hires Nahai Law Group as Special Counsel -------------------------------------------------------- Ortho Mattress Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Nahai Law Group as special corporate, real estate and litigation counsel. The firm will provide legal advice in relation to corporate, tax, securities, tort, environmental, labor, criminal, real estate law or real estate litigation. The firm will be paid at these rates: Behzad Nahai $650 per hour Legal Associates $375 per hour The firm received a retainer in the amount of $19,740. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Behzad Nahai disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Behzad Nahai, Esq. Nahai Law Group 10940 Wilshire Blvd #1910 Los Angeles, CA 90024 Tel: (424) 276-1654 About Ortho Mattress Inc. Ortho Mattress manufactures and sells mattresses through retail stores in Southern California. Founded in 1957 in Gardena, California, the company also sells sleep-related products including furniture, adjustable bases, pillows, protectors, bed frames, foundations, and accessories. Ortho Mattress handcrafts mattresses, makes its own innersprings, and provides delivery, setup, and removal services. The company is headquartered in Cerritos, California, and serves retail customers as well as hospitality clients, including luxury, independent, and boutique hotels. Ortho Mattress Inc. filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-11189) on June 1, 2026, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Fleischman as co-chief executive officer and director, signed the petition. Hon. Judge Victoria S Kaufman will handle the case. Ron Bender, Esq. of Levene, Neale, Bender, Yoo & Golubchick L.L.P. serve as the Debtor's legal counsel. ORTHO MATTRESS: Hires Pegasus Asset Management as Consultant ------------------------------------------------------------ Ortho Mattress Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Pegasus Asset Management, Inc. as real estate leases consultant The firm's services include: a. assisting the Debtor in working out leases for the Debtor's retail locations; b. reviewing and analyzing the leases and relevant lease provisions; c. gathering and analyzing lease comparables and other market information; d. communicating with landlords and/or landlords' representatives regarding potential lease modifications, terminations, or other workouts; e. preparing and negotiating basic business terms (including, as applicable, rent reductions, leases terminations, buyouts, concessions, and other key deal points) as may be reasonably requested by the Debtor; and f. coordinating with the Debtor and the Debtor's representatives (including the Debtor's counsel) in connection with documenting and completing lease workout transactions. The firm will be paid at these fees: a. Monthly Advisory Fee. In addition to the Engagement Fee set forth below, the Debtor shall pay to PAM a monthly advisory fee of three thousand dollars ($3,000.00) per month (the "Monthly Fee") commencing on June 1, 2026 and continuing on the first day of each calendar month thereafter during the Term (as defined in the Engagement Agreement). The Monthly Fee shall be due and payable in advance on the first day of each month and is non-refundable. b. Engagement Fee. For each lease workout, modification, termination, or other favorable resolution successfully negotiated by PAM, and duly documented in either a fully executed modification agreement or a fully executed lease termination agreement (and, to the extent required, approved by the Bankruptcy Court), the Debtor shall pay to PAM a fee equal to nine percent (9.00%) of the total savings achieved for the Debtor as compared to the Debtor's aggregate obligations under the applicable lease as of the Effective Date (the "Engagement Fee"). Mr. Schwartz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Spencer Schwartz 1901 Avenue of the Stars Suite 630 Los Angeles, CA 90067 Tel: (310) 691-1350 Email: info@pegasusinvestments.com About Ortho Mattress Inc. Ortho Mattress manufactures and sells mattresses through retail stores in Southern California. Founded in 1957 in Gardena, California, the company also sells sleep-related products including furniture, adjustable bases, pillows, protectors, bed frames, foundations, and accessories. Ortho Mattress handcrafts mattresses, makes its own innersprings, and provides delivery, setup, and removal services. The company is headquartered in Cerritos, California, and serves retail customers as well as hospitality clients, including luxury, independent, and boutique hotels. Ortho Mattress Inc. filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-11189) on June 1, 2026, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Fleischman as co-chief executive officer and director, signed the petition. Hon. Judge Victoria S Kaufman will handle the case. Ron Bender, Esq. of Levene, Neale, Bender, Yoo & Golubchick L.L.P. serve as the Debtor's legal counsel. OZ ROOFING: Hires Bradford Law Offices as Bankruptcy Counsel ------------------------------------------------------------ Oz Roofing Commercial & Residential Services, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Bradford Law Offices to handle its Chapter 11 case. The firm received retainer fees $15,000 for attorney's fees and $1,738 for the court filing fee. Danny Bradford, Esq., an attorney at Bradford Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Danny Bradford, Esq. Bradford Law Offices 455 Swiftside Drive, #106 Cary, NC 27518-7198 Telephone: (919) 758-8879 Email: Dbradford@bradford-law.com About Oz Roofing Commercial & Residential Services, LLC Oz Roofing Commercial & Residential Services, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case NO. 26-02655) on June 12, 2026, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Pamela W Mcafee presides over the case. Danny Bradford, Esq. at Paul D. Bradford, PLLC serves as the Debtor's counsel. PARAMOUNT ROOFING: Seeks Cash Collateral Access Thru Sept 30 ------------------------------------------------------------ Paramount Roofing, LLC asks the U.S. Bankruptcy Court for the District of New Mexico for authority to use cash collateral and provide adequate protection, from July 1 through September 30, 2026. The company argues that ongoing access to cash collateral is essential to maintain business operations while it works toward proposing and confirming a Subchapter V reorganization plan. Paramount states that without continued authority to use these funds, it would be unable to pay ordinary operating expenses and would be forced to shut down, causing immediate and irreparable harm to the bankruptcy estate and jeopardizing any chance of successful reorganization. Earlier in the case, on April 16, 2026, the court entered an Interim Cash Collateral Order that authorized the use of cash collateral retroactively from the petition date through June 30, 2026. That order allowed the company to pay operating expenses according to an approved budget. With that authorization set to expire, Paramount now seeks a second order extending its ability to use cash collateral through the end of September 2026 so that it can continue operating and pursue a reorganization strategy. Paramount describes itself as a roofing contractor employing multiple workers throughout New Mexico. Its principal assets consist of accounts receivable, inventory, roofing materials and supplies, and equipment necessary for roofing operations. The company explains that its ordinary business expenses include contract labor, subcontractor payments, payroll and payroll taxes, gross receipts taxes, job materials, insurance premiums, rent, utilities, software subscriptions, professional fees, fuel, vehicle maintenance, and other routine operational costs. The requested use of cash collateral would fund these expenses in accordance with a proposed budget attached to the request. The Debtor identifies JPMorgan Chase Bank, N.A. as the primary secured creditor with an interest in the company's cash collateral. Paramount owes approximately $211,029 under a Business Line of Credit and Security Agreement executed in October 2023. JPM holds a perfected security interest in substantially all of the company's business assets, including inventory, equipment, accounts receivable, deposit accounts, chattel paper, software, and general intangibles. Because proceeds generated from these assets constitute cash collateral under the Bankruptcy Code, the Debtor cannot use them without court approval and adequate protection for JPM's secured interests. To protect JPM against any decline in the value of its collateral, Paramount proposes continuing the same adequate protection measures previously approved by the court. These protections include monthly cash payments of $800 to JPM during the proposed cash collateral period, replacement liens on all post-petition collateral of the same type and priority as JPM's prepetition liens, and ongoing financial reporting through monthly operating reports and supporting bank records. The Debtor emphasizes that these protections are intended solely to safeguard JPM’s collateral position and are not intended to waive any rights the company may have to challenge claims or lien validity in the future. Paramount notes that at the time it filed for bankruptcy it was unaware of JPM's perfected security interest and initially continued using cash in the ordinary course of business. Once it discovered JPM's lien position, it promptly sought court approval for the use of cash collateral and provided adequate protection, resulting in the prior interim order. The company now seeks continuation of that arrangement, arguing that preserving operations will maximize value for creditors and provide the best opportunity for a successful restructuring. A copy of the motion is available at https://urlcurt.com/u?l=3o9ftT from PacerMonitor.com. About Paramount Roofing Paramount Roofing, LLC operates a roofing company providing new roof construction, roof repairs and storm damage restoration services for residential and commercial properties. Paramount Roofing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. N.M. Case No. 26-10274) on March 2, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Daniel Behles, Esq., at 709 Consulting, LLC serves as Subchapter V trustee. Judge Robert H. Jacobvitz oversees the case. The Debtor tapped Gerald R. Velarde, Esq., at Velarde & Yar as legal counsel and Burgmaier & Associates, Inc. as accountant. PARK RIVER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Park River Holdings, Inc.'s (Park River) Long-Term Issuer Default Rating (IDR) at 'B-'. In addition, Fitch has affirmed issue level ratings on the company's ABL facility at 'BB-' with a Recovery Rating of 'RR1', first lien senior secured debt at 'B'/'RR3', including the proposed add-on to the first-lien senior secured term loan B, and second-lien secured notes at 'CCC'/'RR6'. Proceeds from the proposed issuance will be used to fund acquisitions. The Rating Outlook is Stable. Park River's 'B-' IDR reflects its modest competitive position, elevated leverage, moderate profitability, modest positive FCF generation, adequate liquidity and well-laddered debt maturities. The cyclicality of residential construction markets and the sponsor's aggressive capital allocation strategy are also incorporated in the 'B-' IDR. The Stable Outlook reflects Fitch's expectation that Park River's credit metrics will remain within rating sensitivities despite a subdued demand environment, supported by its proven track record of executing bolt-on acquisitions. Key Rating Drivers Elevated Leverage: Park River's EBITDA leverage was 7.6x for the LTM ended March 31, 2026, improving modestly from 7.8x at YE 2024, driven by higher EBITDA. Fitch projects EBITDA leverage to settle around 7.5x by YE 2026, compared with pro forma post-transaction EBITDA leverage of 7.7x for the LTM ended March 31, 2026, and to fall below 7.0x in 2027, supported by EBITDA growth and debt amortization despite a subdued operating environment. Fitch also forecasts EBITDA interest coverage to remain above 1.5x in 2026 and 2027. Moderate Profitability and FCF: Park River's Fitch-adjusted EBITDA margin was 13.4% in 2025, driven by accretive margins from completed acquisitions, favorable pricing actions and cost control initiatives. Fitch forecasts EBITDA margins of 13%-14% in 2026 and 2027, despite a subdued demand environment, as the company continues to benefit from recent operational initiatives and expected margin accretion from announced acquisitions. Park River generated a FCF margin of 3.6% in 2025. Fitch projects positive low-single-digit FCF margins in 2026 and 2027, supported by improved EBITDA margins, working capital optimization and limited ongoing capex requirements. Aggressive Capital Allocation Strategy: Fitch expects management to continue pursuing growth through debt-financed M&A. After pausing larger acquisitions in 2022 and 2023, Park River completed seven debt-financed bolt-on acquisitions totaling about $300 million in 2024 and 2025. Fitch expects additional bolt-on acquisitions at a slower pace, including the announced debt-financed transaction. Fitch views ownership as having a high tolerance for leverage, as shown by elevated leverage following the PrimeSource acquisition and combination with Dimora Brands in December 2020 and net acquisitions of $855 million in 2021. Subdued Demand Environment: Fitch expects a subdued demand environment to constrain organic growth, with low-single-digit revenue growth in 2026 supported primarily by acquisition-related contributions and higher pricing. Revenue is expected to increase 2%-4% in 2027 as construction activity improves. Fitch's rating case forecast anticipates single-family starts will decline by the mid-single digits, while existing home sales and repair and remodel (R&R) spending will be flat to slightly lower this year, reflecting weaker demand for larger discretionary R&R projects. Modest Competitive Position: Park River's competitive position is weaker than higher-rated building product manufacturer peers due to the highly fragmented nature of the distribution industry and its exposure to commoditized product offerings. However, Fitch believes the company's scale, broad product offering and proprietary brands provide competitive advantages over other building products distributors, as shown by higher margins. Fitch estimates that approximately 70% of sales come from Park River's proprietary branded product offerings. Cyclical End Markets: Fitch views Park River's end-market exposure as relatively favorable compared to issuers with greater exposure to new construction. Fitch estimates that about 70% of Park River's revenue comes from the more stable residential repair and remodel markets, while the remaining 30% from highly cyclical new residential construction. However, some of these benefits are tempered by lack of exposure to non-residential end-markets, which have different construction cycles and can moderate the impact of declines in residential activity. Peer Analysis Park River's end-market exposure is a credit strength relative to other 'B' category building products distributor and manufacturer peers, such as LBM Acquisition, LLC (LBM; B-/Negative), Doman Building Materials Group Ltd. (Doman; B+/Stable), and Chariot Buyer LLC (doing business as [dba] Chamberlain Group; B-/Stable). Park River has similar credit metrics compared to Chamberlain Group, but significantly lower profitability metrics. Park River has higher margin than LBM but operates at a smaller scale with lower leverage. Doman has lower margins than Park River but stronger credit metrics. Park River generates the majority of its revenue from the less-cyclical repair and remodel end markets relative to these peers, with minimal exposure to lumber price volatility. Overall, these peers have similar financial flexibility, with no material debt maturities in the near to intermediate term. Fitch’s Key Rating-Case Assumptions - Revenue to increase by low-single digits in 2026 and by mid-single digits in 2027; - EBITDA margins between 13% and 14% in 2026 and 2027; - Capex to be around 1.0% of revenue; - FCF margin in the low single digits in 2026 and 2027; - Acquisitions total $200 million in 2026 with reduced acquisition activity in 2027; - No shareholder distributions during the forecast period. - EBITDA leverage between 7.3x to 7.8x in 2026 and 6.5x to 7.0x in 2027; - Average SOFR is assumed at 3.75% in 2026 and 3.4% in 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb-', Moderate), sector characteristics ('bb-', Moderate), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('bb+', Moderate), company operational characteristics ('bb-', Moderate), profitability ('bbb-', Moderate), financial structure ('ccc+', Higher), and financial flexibility ('b', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and results in an adjustment of -1 notch(es). 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 analysis assumes that Park River would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch's GC EBITDA estimate of $285 million estimates a post-restructuring sustainable level of EBITDA. The GC EBITDA is based on Fitch's assumption that a default would occur from further declines in the residential new construction and repair and remodel end markets, combined with losses of certain key customers. Fitch had previously used a $270 million GC EBITDA. The $15 million increase in GC EBITDA reflects projected contributions from acquisitions. Fitch estimates annual revenues to be about 10% below LTM pro forma levels as of March 31, 2026. Fitch-calculated EBITDA margins of around 12%, or roughly 140bps below the margins in the comparable period, reflect the company's lower revenue base after it emerges from a housing downturn and its sustainable margin profile after right-sizing. This results in Fitch's $285 million GC EBITDA assumption. Fitch assumes a 6.0x GC EBITDA multiple to calculate the enterprise value (EV) in a recovery scenario. The 6.0x multiple is below the purchase multiples of 9.2x for PrimeSource, 10.5x for Dimora, 11.2x for Nationwide, and 9.5x for Wolf. The 6.0x multiple is comparable to the multiple used for LBM Acquisition, LLC, a pure distributor with slightly lower margins; however, it is considerably larger than Park River. The 6.0x multiple is higher than the 5.5x multiple utilized for New AMI I (B/Stable) and Doman Building Materials (B+/Stable). These peers are smaller in scale, have lower margins and have narrower product offerings than Park River. Park River's GC EBITDA multiple is lower than Chamberlain Group's at 6.5x due to Chamberlain's leading market position and meaningfully stronger profitability metrics through the cycle. Fitch assumes that in a recovery scenario, the borrowing base under the company's $790 million ABL revolver would shrink as inventory and receivable balances decline with lower revenue and EBITDA. Fitch assumes the ABL revolver would have $500 million outstanding at recovery (75% of the LTM borrowing base), considering potential reductions in the borrowing base due to contracting sales and volumes. In the recovery analysis, the ABL would have prior-ranking claims over the senior secured term loan. The analysis results in a recovery corresponding to an 'RR1' for the $790 million ABL and 'RR3' for $2.0 billion of first-lien debt, which includes the proposed incremental term loan B. The second-lien debt receives recoveries corresponding to an 'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 1.5x; - (CFO-capex)/debt consistently negative; - FCF generation will approach neutral or consistently turn negative, resulting in a diminished liquidity position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will be sustained below 6.5x; - (CFO-capex)/debt sustained above 2.5%; - The company maintains a strong liquidity position with no material short-term debt obligations; - EBITDA interest coverage sustained above 2.0x. Liquidity and Debt Structure As of March 31, 2026, Park River has ample liquidity with $11.5 million in unrestricted cash on the balance sheet and $407.1 million in borrowing availability under its $790 million ABL facility, which matures in October 2029. The company's near-term debt maturities are limited to 1% annual amortization of the term loan B until maturity in March 2031, with the proposed incremental TLB to have the same maturity and amortization structure. The company's second-lien notes mature in December 2030, while the senior secured notes and term loan B mature in 2031. Issuer Profile Park River Holdings, Inc. is a leading national provider of specialty branded interior and exterior residential building products. The company's product offerings include construction fasteners, cabinet knobs and pulls, decking, fence, gate and functional hardware, railing systems, and perimeter security. Summary of Financial Adjustments Fitch adds back nonrecurring transaction expenses, stock-based compensation and inventory step-up charges to the Fitch-adjusted EBITDA. 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 Park River Holdings, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Park River Holdings, Inc. LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- senior secured LT B Affirmed RR3 B Senior Secured 2nd Lien LT CCC Affirmed RR6 CCC PARK RIVER: New $150MM Loan Add-on No Impact on Moody's 'B3' CFR ---------------------------------------------------------------- Moody's Ratings said that Park River Holdings, Inc.'s ("PrimeSource") B3 corporate family rating and B3-PD probability of default rating are not affected by the proposed $150 million add-on to the company's $1.02 billion senior secured first lien term loan due March 2031, which is rated B3. The B3 rating on the company's $800 million senior secured notes due March 2031, as well as the Caa2 rating on the second lien exchange senior secured notes due December 2030, are also unaffected. The outlook remains unchanged at stable. Proceeds from the $150 million add-on, along with incremental borrowings of $24 million asset-based revolving credit facility will be used to fund two acquisitions and pay related fees and expenses. Moody's expects pro forma LTM March 31, 2026 leverage to increase modestly to 7.4x debt/EBITDA. Moody's expects interest coverage to remain at around 1x EBITA to interest expense in 2026. PrimeSource's B3 ratings reflect the company's leveraged capital structure and high fixed charges. Weakness in residential construction and repair and remodeling have contributed to organic year-over-year volume declines across several product categories, though largely offset by the benefit of recent acquisitions. Moody's expects headwinds in repair and remodeling to persist over the next 12 months, limiting the prospects for a material recovery in organic revenue. Intense competition among distributors also constrains PrimeSource's credit quality. Despite maintaining a branded product portfolio, some of PrimeSource's products are available from other distributors, constraining pricing power. However, PrimeSource still benefits from solid EBITDA margins of around 15% for the LTM period ending March 31, 2026, and which will likely remain at similar levels over the next 12 months. Margins have increased since 2023, benefitting from PrimeSource's operational initiatives aimed at reducing overall inventory and increasing efficiency via a hub-and-spoke distribution center model. The company's credit profile also reflects a solid track record of executing on and integrating margin-accretive acquisitions. Moody's expects PrimeSource's liquidity to be good over the next 12 to 15 months. Liquidity is supported by expected positive free cash flow in 2026, along with $12 million of cash on the balance sheet and approximately $383 million of excess availability on its $790 million ABL revolving credit facility pro forma LTM March 31, 2026. Moody's expects the company to repay some borrowings using cash flow generation. The stable outlook considers PrimeSource's larger exposure to the more stable repair and remodeling end market and good overall liquidity. The outlook is also supported by PrimeSource's revenue scale of over $2.5 billion, solid EBITDA margins, expanding market position, and end market diversity. Park River Holdings, Inc., headquartered in Irving, Texas, is a specialty branded building products distributor. Clearlake Capital Group, L.P., through its affiliates, is the owner of PrimeSource. PC LEARNING: Unsecured Creditors Will Get 1% of Claim in Plan ------------------------------------------------------------- PC Learning Centers, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York a Third Amended Plan of Reorganization for Small Business dated June 19, 2026. The Debtor is a New York S Corporation. Since the late 1990's, the Debtor has been in the business of operating a technology conference center. The Debtor operates at leased space located at 114 W. 26th Street, New York, New York. The Plan Proponent's financial projections show that the Debtor will have negative projected disposable income for the third and fourth calendar quarters of 2026 and the 2027 calendar year. Beginning in the second calendar quarter of 2028 and continuing through the end of the second quarter of 2029, the Debtor projects positive disposable income in the aggregate of $13,613.85. The Plan Proponent anticipates that post-confirmation additional financing or capital investment will be secured from banks, additional equity shareholders, or family members. The final Plan payment is expected to be paid on or about June 11, 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from normal cash flow from operations and, where necessary, infusions of working capital from loans or grants. Non-priority unsecured creditors holding allowed claims will receive their pro rata share of 1% of total allowed claims, or $761.84, per quarter over the life of this Plan. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of All Non-Priority Unsecured Claims. These claims, totaling $914,211.80, include the unsecured portions of the claims of Citibank, N.A. (approximately $266,747.91) and the U.S. Small Business Administration ($462,723.05), as well as the unsecured claims of American Express National Bank ($7,525.47), Eugene Kaplan ($150,000), Julie Kaplan ($27,000), and Manhattan Fire & Safety ($215.37). The holders of allowed Class 3 claims shall receive their pro rata share of quarterly distributions of $761.84 over the life of this Plan, which are payable on the tenth day following each three-month period, commencing on June 1, 2026, and continuing through June 1, 2029. Class 4 consists of Equity security holders of the Debtor. The holders of equity security interests in the Debtor shall retain such interests. This Plan shall be funded through the Debtor's continuing operations. The Debtor's current management, Tod Shapiro (Vice President), Steven Shapiro (President), and Kazem Moradi (Director of Operations), shall continue in the same roles postconfirmation and receive the following compensation over the life of this Plan: Tod Shapiro: $110,00 in Year 1, $112,750 in Year 2 and $115,568.75 in Year 3; Kazem Moradi: $110,000 in Year 1, $112,750 in Year 2, and $115,568.75 in Year 3; and Steven Shapiro: $20,000 in Year 1, $20,500 in Year 2, and $21,012.50 in Year 3. On January 8, 2026, the Court entered the Final Order (i) Authorizing the Debtor to Obtain Postpetition Financing (ii) Granting a Lien and Providing Claims with Superiority Administrative Expenses Status, (iii) Modifying the Automatic Stay, and (iv) Granting Related Relief (the "DIP Order"). In furtherance of the DIP Order, the Debtor was authorized to borrow up to $120,000 from a revolving line of credit from the DIP Lender (Julie Kaplan) and use the DIP Lender's credit card up to a maximum of $20,000 (together, the "DIP Loan Obligations"), pursuant to a Loan Agreement dated September 2025. As of the date of filing of this Third Modified Plan, the outstanding balance of the DIP Loan Obligations is approximately $131,000.00. Pursuant to the DIP Order and Loan Agreement, the confirmation of a subchapter V plan by the Debtor triggers the Maturity Date of that outstanding balance and the Debtor's obligation to repay it. The DIP Lender has agreed to accept $10,000.00 per quarter in repayment of the outstanding balance and has also agreed to continue lending money to the Debtor, on substantially the same terms as the Loan Agreement, to fund any shortfalls in revenue necessary to meet the Debtor's operating expenses and payments due under the Plan. A full-text copy of the Third Amended Plan dated June 19, 2026 is available at https://urlcurt.com/u?l=hGPkKP from PacerMonitor.com at no charge. Counsel to the Debtor: Kenneth L. Baum, Esq. LAW OFFICES OF KENNETH L. BAUM, LLC 201 W. Passaic Street, Suite 104 Rochelle Park, NJ 07662 Telephone: (201) 853-3030 Facsimile: (201) 584-0297 E-mail: kbaum@kenbaumdebtsolutions.com About PC Learning Centers PC Learning Centers, Inc., doing business as NYC Seminar and Conference Center (NYCSCC), operates a 9,300-square-foot event and conference facility in New York City's Flatiron District, Chelsea neighborhood. The center provides flexible seminar and meeting spaces accommodating 6 to 200 participants, supporting hybrid events with integrated audiovisual and technology infrastructure, including internet connectivity, video conferencing, and on-site tech support. NYCSCC offers event planning services, catering options, customizable room configurations and online booking, targeting corporate meetings, training sessions, and professional seminars. PC Learning Centers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11964) on Sept. 9, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Tod Shapiro, vice president of PC Learning Centers, signed the petition. Judge Michael E. Wiles presides over the case. The Law Offices of Kenneth L. Baum, LLC, is serving as the Debtor's bankruptcy counsel. PHASE TO PHASE: Unsecureds Will Get 8.83% of Claims over 5 Years ---------------------------------------------------------------- Phase to Phase, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated June 19, 2026. The Debtor is an Ohio limited liability company, incorporated therein on January 28, 2018, which currently conducts business out of its office in Allen, Texas. The Debtor specializes in providing electrical testing and commissioning services to utility companies. The Debtor does business in multiple midwestern states, but as noted, its administrative offices are located in Allen, Texas. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Allowed Non-priority Unsecured Claims against the Debtor. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by the Reorganized Debtor from an unsecured creditor pool, projected to total $64,311.98 and which shall be funded at a variable rate beginning in month 1 (Quarter 1) of the Plan and ending in month 60 (Quarter 20) of the Plan. The Debtor estimates the aggregate of all Allowed Class 3 Claims does not exceed $728,546.04. This estimate is based upon the Debtor's review of the Court's claim register, Debtor's bankruptcy schedules, anticipated Claim objections (if any), and anticipated deficiency sums. This Class is impaired. The Plan provides for the payment of the estimated sum of $64,311.98 to creditors holding allowed general unsecured claims over a period of five years, which sum is sufficient to pay a dividend of approximately 8.83% to the class of creditors holding allowed general unsecured claims, including estimated deficiency claims. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain his/her/its/their interest(s) in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Code. From and after the Effective Date, in accordance with the terms of this Plan and the Confirmation Order, the Reorganized Debtor shall perform all obligations under all executory contracts and unexpired leases assumed in accordance with Article 6 of this Plan. A full-text copy of the Plan of Reorganization dated June 19, 2026 is available at https://urlcurt.com/u?l=U7J00z from PacerMonitor.com at no charge. Counsel to the Debtor: Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 500 N. Central Expressway Suite 500, PMB 120 Plano, TX 75074 Tel: (972) 578-1400 Fax: (972) 346-6791 E-mail: mike@demarcomitchell.com About Phase To Phase Phase To Phase, LLC, specializes in providing electrical testing and commissioning services to utility companies. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40955) on March 23, 2026. In the petition signed by Jonathan Andrew Bridgers, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael S. Mitchell, at DeMarco Mitchell, PLLC, is the Debtor's legal counsel. PLANET FINANCIAL: $75MM Loan Add-on No Impact on Moody's 'B2' CFR ----------------------------------------------------------------- Moody's Ratings said Planet Financial Group, LLC's (PFG) ratings were not impacted by the company's proposed $75 million add-on to its $600 million backed senior unsecured notes. The proceeds from the add-on will be used to repay the company's outstanding borrowings under its senior secured mortgage servicing rights (MSR) financing facilities. PFG is the parent company of Planet Home Lending, LLC (Planet Home). PFG's B2 corporate family rating and B3 backed senior unsecured rating, and Planet Home's B1 senior secured first-lien bank credit facility rating are unchanged. The issuer outlooks are stable. PFG's B2 CFR reflects the company's improving profitability and its growing franchise in the US residential mortgage market. PFG was the 19th largest owned mortgage servicing right servicer and the fourth largest correspondent originator in 2025. PFG's earnings have been supported by the company's growing MSR portfolio, active hedging strategy, and higher correspondent seller base. Moody's expects that total mortgage originations will modestly increase in 2026 as mortgage rates, absent of geopolitical tension-driven volatility, start to decline, and PFG's profitability will benefit from its strengthened franchise. A key credit challenge for PFG is its low capitalization, which is below the median of rated residential mortgage companies. The low capitalization is driven by continued debt-financed acquisitions of MSRs and higher seasonal usage of warehouse lines to fund mortgage originations. PFG remains highly reliant on secured financing arrangements, which encumber its balance sheet and constrain its liquidity. The B1 senior secured bank credit facility rating is one notch higher than the B2 CFR, reflecting the senior secured facility's first-lien priority interest in the company's MSRs assets. PLANO HOLDCO: Fitch Lowers IDR to 'B', Outlook Stable ----------------------------------------------------- Fitch Ratings has downgraded Plano Holdco, Inc.'s (dba Perficient) Issuer Default Rating (IDR) to 'B' from 'B+'. The Rating Outlook is Stable. Fitch also downgraded the issue-level ratings to 'B+' with a Recovery Rating of 'RR3' from 'BB-'/'RR3'. The downgrades reflect weaker-than-expected operating performance through 2025, which reduced EBITDA and FCF and delayed deleveraging. Fitch expects leverage to remain above the range for a 'B+' rating and interest coverage to stay weak over the next 18 to 24 months. The Stable Outlook reflects Fitch's expectation that operating momentum, including sequential revenue growth in 2H25 and modest growth in 1Q26, will stabilize credit metrics from a weaker base. Revenue increased modestly in 1Q26, supported by improved bookings, a book-to-bill ratio above 1.0x, and stronger pipeline trends. However, EBITDA margins remain below prior expectations, leverage remains above the range for the prior rating and FCF after debt service remains limited, pressuring cash generation and financial flexibility. Key Rating Drivers Revenue Weakness and Inconsistent Visibility: Revenue performance weakened further in 2025, below prior expectations, pressuring earnings and cash flow. Trends seem to be improving, and Perficient posted its third consecutive quarter of sequential growth in 1Q26. Bookings were up, with a 1.19x book-to-bill ratio, and management indicated average monthly bookings increased over the last six months. Fitch views these trends as encouraging, but sustained topline recovery remains unproven following two fiscal years of declines. The lack of consistent revenue visibility remains a credit weakness. High Leverage: Leverage remains elevated and above the range Fitch views as appropriate for a 'B+' issuer. As of March 2026, LTM leverage was above 6.0x. Weaker revenue through 2025 reduced EBITDA and delayed deleveraging. Fitch expects leverage to remain above the acceptable range for 'B+' over the next 18 to 24 months, absent a stronger and more sustained recovery in operating performance. Weak Cash Flow, Low Interest Coverage: FCF remains weak relative to historical levels and below expectations for the prior rating. One-time items have been a material use of cash, and Fitch believes these will normalize in 2026 as the new management team begins to execute their strategy. Thus, FCF should improve in 2026 when compared to 2025. However, Fitch expects FCF margins to remain below 10% in 2026 and interest coverage to remain low for even longer. Profitability Has Weakened: Profitability remains solid for the sector but has declined materially from prior levels. Margin pressure reflects the effect of lower revenue, though management is pursuing offshore expansion, utilization improvement, delivery productivity, seller productivity, and G&A rationalization to support earnings. Fitch expects EBITDA margins to remain around current levels for the next 12 to 18 months. The current margin level could support higher ratings if the company can return to growth. Adequate Liquidity Supports Financial Flexibility: Liquidity remains adequate despite weaker cash flow generation. As of March 2026, Perficient reported total available liquidity of more than $264 million, including undrawn revolver capacity. The company also established an AR factoring line in 1Q26, providing additional liquidity support; however, Fitch treats this facility as debt. Fitch views liquidity as a credit positive, although elevated leverage and interest expense constrain overall financial flexibility. Demand is Strong, but Execution Risk Remains: Perficient benefits from exposure to digital transformation, cloud, data, and AI-related services, and recent commercial indicators improved. The company has reported consistent improvements in its pipeline since the middle of 2025. Its GenAI pipeline has increased materially, and the company expanded partnerships across several AI-focused platforms. Even so, management noted ongoing macroeconomic headwinds affecting client digital transformation spending. Fitch therefore views execution on pipeline conversion and sustained revenue growth as key to stabilizing credit quality. Peer Analysis The 'B' IDR is reflective of Perficient's elevated leverage and low interest coverage, which are similar to other B-rated issuers. Other services firms with leverage above 5.0x are VT Topco, Inc. ('B'/Stable) and Boost Parent, LP ('B'/Stable). Fitch expects these firms' leverage will remain higher than Perficient's for longer, but this assumes Perficient can return to growth. CAA Holdings ('B+'/Stable) has a similar leverage profile, but its revenue and EBITDA are double those of Perficient. Investment-grade technology services firms rated by Fitch dwarf Perficient by most metrics. Fitch’s Key Rating-Case Assumptions - Revenue growth of about 4% in 2026, assume the Q1 trend continues; - EBITDA margin maintained at 2025 levels for the next several years; - Capital intensity of about 1% of revenue; - No incremental debt issuance. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('b+', Moderate), diversification and asset quality ('bbb', Lower), company operational characteristics ('b', Higher), profitability ('bb+', Moderate), financial structure ('b-', Higher), and financial flexibility ('b+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and 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 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. - The recovery analysis assumes the company would be reorganized as a going-concern in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim. Fitch envisions a hypothetical situation which might include missteps following an acquisition or failure to deliver significant projects that result in the loss of a large client or the revenue associated with the recently acquired firm. This results in dramatic drop in EBITDA at a time with limited liquidity, forcing the company to negotiate with its creditors. - Fitch estimates going-concern (GC) EBITDA of $140 million. - Fitch assumes a 6.0x multiple, which is in line with the agency's assessment of historical trading multiples in the data and analytics industry, sector M&A, and historic bankruptcy emergence multiples Fitch has observed in the technology, media and telecom (TMT) sectors. The recovery analysis results in 'B+'/'RR3' issue and Recovery Ratings for the first lien credit facilities. RATING SENSITIVITIES Factors That Could, Individually Or Collectively, Lead To Negative Rating Action/Downgrade - Leverage sustained above 5.5x; - (CFO minus capex)/debt sustained below 2.5%; - Continued erosion of operating performance, evidenced by declines in total revenue or EBITDA. Factors That Could, Individually Or Collectively, Lead To Positive Rating Action/Upgrade - Leverage sustained below 5.0x; - Interest coverage sustained above 2.0x; - (CFO minus capex)/debt sustained above 5.0%. Liquidity and Debt Structure The company had adequate liquidity with $36 million in cash as of March 31, 2026, and an undrawn $228 million RCF. Perficient's strong margin profile and FCF generation potential strengthen its liquidity and provide management with additional financial flexibility. The $935 million term loan is first lien, floating rate (SOFR +350) and matures in 2031. Issuer Profile Perficient is a global digital consultancy delivering technology projects for a medium to large enterprises. The company has more than 40 global locations and thousands of strategists and technologists. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Plano Holdco, Inc. LT IDR B Downgrade B+ senior secured LT B+ Downgrade RR3 BB- PLATES RESTAURANT: Seeks to Tap Schumacher Group as Broker ---------------------------------------------------------- The Plates Restaurant, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ The Schumacher Group, Inc. to serve as broker. The firm will provide these services: (a) list and market the assets for sale; (b) identify potential buyers; (c) assist with related negotiations; and (d) assist the Debtor to close on any purchase and sale agreements. The firm will receive a commission equal to 12% of the gross sales price of the Debtor's properties. If the Applicant finds a buyer who consummates a purchase and sale agreement of the Debtor's property, the commission is 12% of the sales price with a $15,000 minimum or $18,000 minimum for a co-broker transaction. The Schumacher Group, Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Steve Josovitz Schumacher Group, Inc. About The Plates Restaurant LLC The Plates Restaurant, LLC operates an upscale grocery, farm-to-table restaurant, and catering concept known as Asher & Rose Grocer. It conducts business under the name Asher & Rose Grocer. Plates Restaurant sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-56170) on May 7, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Greg Lipman, chef, manager and authorized agent, signed the petition. Judge Lisa Ritchey Craig oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. PLURI INC: Elects Four Directors at Annual Meeting -------------------------------------------------- Pluri Inc. has announced the results of its 2026 Annual Meeting of Shareholders at which: Proposal No. 1 - Election of Directors The shareholders cast the following votes for the following individuals nominated as directors of the Company to hold office until the next annual meeting of shareholders and until their successors shall have been duly elected and qualified. 1. Alexandre Weinstein * For: 6,467,999 * Against: 33,238 * Abstain: 16,135 * Broker Non-Votes: 1,063,825 2. Eitan Ajchenbaum * For: 2,830,098 * Against: 3,668,436 * Abstain: 18,838 * Broker Non-Votes: 1,063,825 3. Rami Levi * For: 6,480,813 * Against: 20,891 * Abstain: 15,668 * Broker Non-Votes: 1,063,825 4. Maital Shemesh-Rasmussen * For: 6,486,725 * Against: 20,843 * Abstain: 9,804 * Broker Non-Votes: 1,063,825 5. Yaky Yanay * For: 6,466,339 * Against: 48,768 * Abstain: 2,265 * Broker Non-Votes: 1,063,825 As a result of the voting outcome at the 2026 Annual Meeting, Mr. Eitan Ajchenbaum was not re-elected to the Board and therefore ceased to serve as a director and as a member of the respective committees on which he served, effective from the close of day of the 2026 Annual Meeting. Prior to his departure, Mr. Ajchenbaum was classified as an independent director, and served as Chairman of the Audit Committee, and the sole member of the Investment Committee. On June 19, 2026, the Board elected Mr. Doron Shorrer to serve as a member of the Board, effective immediately, to fill an existing vacancy on the Board created by the end of the service of Mr. Ajchenbaum following the results of the 2026 Annual Meeting, to hold office until the next general meeting of shareholders of the Company at which directors are being elected or as set forth in the Company's bylaws. Mr. Shorrer, age 73, is an experienced executive and financial professional with extensive expertise in insurance, capital markets and financial services. Mr. Shorrer was one of the Company's founders. He became a director of the Company on October 2, 2003, served as the Board's first Chairman until 2006, and thereafter as a director and member of the Audit Committee and the Compensation Committees until his departure in June 2022. Since 1998, Mr. Shorrer has served as Chairman and Chief Executive Officer of Shorrer International Ltd., an investment and financial consulting firm. Mr. Shorrer also previously served as Director General of Israel's Ministry of Transportation, Commissioner of Insurance, Capital Markets and Savings at Israel's Ministry of Finance, Chairman of Mivtachim Pension Fund, and Chairman of The Phoenix Insurance Company. Mr. Shorrer holds a B.A. in Economics and Accounting and an M.B.A. in Finance and Banking from the Hebrew University of Jerusalem and is a Certified Public Accountant in Israel. Mr. Shorrer will serve as a non-executive director and will be entitled to the rights and privileges afforded to other non-executive directors, including receipt of information, reimbursement of expenses, and coverage under the Company's directors' and officers' insurance policies. Mr. Shorrer has been appointed as a member and chairman of the Audit Committee of the Board, designated as an audit committee financial expert (as defined under Item 407(c) under Regulation S-K) and as sole member of the Investment Committee of the Board. There are no arrangements or understandings between Mr. Shorrer and any other person pursuant to which he was selected as a director. Additionally, Mr. Shorrer does not have any family relationship with any director or executive officer of the Company and does not have any direct or indirect material interest in any transaction required to be disclosed under Item 404(a) of Regulation S-K. Proposal No. 2 - Ratification of the selection of Kesselman & Kesselman, Certified Public Accountants (Isr.), a member firm of PricewaterhouseCoopers International Limited, as independent registered public accounting firm of the Company for the fiscal year ending June 30, 2026. * For: 7,558,826 * Against: 20,364 * Abstain: 2,007 * Broker Non-Votes: N/A The results reported are final voting results. About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $26.06 million in total assets, $32.01 million in total current liabilities, $7.05 million in total noncurrent liabilities, and $12.10 million in total deficit. PLURI INC: Secures $1.25 Million Advance Subscription ----------------------------------------------------- Pluri Inc. announced in a regulatory filing that it entered into an Advance Subscription Agreement with Chutzpah Holdings LP, a limited partnership beneficially owned by Mr. Alexandre Weinstein, a non-U.S. investor, an existing shareholder of the Company and the chairman of the board of directors. Pursuant to the Advance Subscription Agreement, the Purchaser agreed to pay the Company an advance amount of $1,250,000. The Advance Amount was received by the Company on June 16, 2026 and will be used for working capital and general corporate purposes. Under the Advance Subscription Agreement, the parties contemplated that the Purchaser will participate in a future financing approved by the Board and consummated on or before August 14, 2026, and that, subject to the terms of such Offering and applicable laws, the Advance Amount will be credited against the purchase price payable by the Purchaser for securities to be purchased in such Offering. The Advance Subscription Agreement further provides that the Company will not be obligated to issue any securities to the Purchaser to the extent that such issuance would not comply with applicable laws, Nasdaq rules, the Company's organizational documents, the number of shares then authorized and available for issuance, or the scope of any shareholder approvals then in effect. If the Offering is not consummated on or before August 14, 2026, or if all or any portion of the Advance Amount cannot be applied toward the purchase of securities by the Purchaser in the Offering, the unapplied amount will instead be applied toward the purchase by the Purchaser of securities of the Company on terms approved by the Board, subject to applicable laws, Nasdaq rules, the Company's organizational documents, the number of shares then authorized and available for issuance, and any required shareholder approvals then in effect. The terms of the Offering will be negotiated by the parties and approved in accordance with the Company's corporate approval process, including the approval of the Board. The full text copy of the Advance Subscription Agreement is available at https://tinyurl.com/ysezf4yd About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $26.06 million in total assets, $32.01 million in total current liabilities, $7.05 million in total noncurrent liabilities, and $12.10 million in total deficit. PLUTUS PROPERTIES: To Sell Corpus Christi Properties to S. Duval ---------------------------------------------------------------- Plutus Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the following single family homes located in Nueces County, Texas: -- 425 Parade Dr., Corpus Christi, TX 78412, -- 4725 Hamlett Dr., Corpus Christi, TX 78415, -- 4622 Nicholson St., Corpus Christi, TX 78415, and -- 4002 Lamont St., Corpus Christi, TX 78415 The lienholder of the Properties is RealFin Fund I, LLC. The Debtor wishes to sell the Properties to S. Duval LLC of Corpus Christi, Texas. There is no relation between the Debtor or its principal and the proposed buyer. Closing is scheduled for July 3, 2026. The Properties are in various stages of repair and updating. The Debtor lacks the funds to complete the repairs and updates needed to make the Properties cash flow as rental properties or to pay holding costs until they can be completed and sold. The Buyer is ready, willing and able to close and is purchasing the Properties for cash. The Debtor believes that the purchase prices offered by the Buyer are reasonable and accurately represent the fair market value of the Properties in their current conditions. The Debtor believes that it is in the best interest of the estate and the creditors of the estate for the Debtor to sell the Properties under the terms of the Contracts, free and clear of liens and claims against the Debtor and its estate. About Plutus Properties LLC Plutus Properties LLC is an Austin, Texas-based real estate company that owns and manages residential rental properties. Plutus Properties filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.W.D.Tex. Case No.: 26-11052) on June 1, 2026. In the petition signed by Matthew Perez as managing member, the Debtor disclosed estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. Judge Christopher G. Bradley presides over the case. Frank B. Lyon at Frank B. Lyon, Attorney, represents the Debtor as legal counsel. PORTERO COMMERCIAL: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------- On June 24, 2026, Portero Commercial LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports estimated liabilities of $10 million to $50 million. The petition does not specify the number of creditors. A meeting of creditors under Section 341(a) to be held on July 30, 2026 at 10:30 AM at UST-SA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5453743. About Portero Commercial LLC Portero Commercial LLC is an Irvine, California-based real estate investment and development company focused on acquiring, developing, and managing commercial real estate assets. Portero Commercial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11949) on June 24, 2026. In its petition, the Debtor reported estimated assets of $100 million to $500 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Ryan D. O'Dea of Shulman Bastian Friedman Bui & O'Dea LLP. PREMIER REAL: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------- On June 24, 2026, Premier Real Estate Group LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $500,000 and $1 million in debt owed to 1–49 creditors. The Chapter 11 filing follows a foreclosure action initiated by U.S. Bank Trust Company, as trustee for Velocity Commercial Capital Loan Trust 2024-4, with a sheriff's sale previously scheduled for June 26, 2026. About Premier Real Estate Group LLC Premier Real Estate Group LLC is a Cliffside Park, New Jersey-based real estate property management and investment firm. The company's operations are focused on managing a New Jersey real estate portfolio, including its principal property at 200 Laird Avenue in Cliffside Park. Premier Real Estate Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-17300) on June 24, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $500,000 to $1 million. PRESBYTERIAN RETIREMENT: Fitch Affirms 'BB' IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the 'BB' Issuer Default Rating (IDR) on Presbyterian Retirement Communities Northwest Obligated Group (PRCN; dba Transforming Age [TA]). Fitch also affirmed the 'BB' ratings on various revenue bond series issued by the Washington State Housing Finance Commission on behalf of TA. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Presbyterian Retirement Communities Northwest (WA) LT IDR BB Affirmed BB Presbyterian Retirement Communities Northwest (WA) /General Revenues/1 LT LT BB Affirmed BB The 'BB' rating reflects TA's improving occupancy, adequate operations and liquidity position. TA's Olympic Tower, a 21-story independent living unit (ILU) tower on its Skyline campus, had slower-than-expected fill coming out of the pandemic. The tower is now over 90% occupied, on par with the other Seattle Obligated Group communities. Strong occupancy and sizable rate increases have generated positive financial momentum despite continued broader economic stressors like labor pressure and inflation. The Stable Outlook reflects Fitch's expectation that TA has enough financial cushion at its current rating level to absorb operating pressures from continued staffing challenges and rising operating expenses. Strong occupancy levels and rate increases are expected to generate strong operating margins and improve the financial profile. SECURITY The bonds are secured by the obligated group's (OG) gross revenues, a mortgage on the OG's facilities and debt service reserve funds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Occupancy Levels Improving TA's revenue defensibility is assessed at 'bbb', reflecting occupancy has recovered occupancy. The organization enjoys a a sound solid market position in the Seattle area. Fiscal 2025 occupancy improved to strong levels across most service lines and is near pre-pandemic performance. Management's sales initiatives supported better fill, especially at Olympic and Cascade Towers. In fiscal 2025, TA averaged a strong 94% in its independent living units (ILUs), 93% in its assisted living units (ALUs), 99% in its memory care units (MCUs), and 82% in its skilled nursing facility (SNF) beds, in line with historical pre-pandemic levels. TA operates three senior living campuses in and around the Seattle area. Fitch views revenue diversification across the campuses positively, which supports its 'Midrange' revenue defensibility assessment. Fitch also views the service area favorably given strong demographics and a moderate competitive environment. Despite some competition, Fitch expects TA's diverse contract offerings, attractive campuses, and favorable local reputation to support its solid market position moving forward. TA has a track record of annual increases in both its entrance and monthly fees across all campuses. Over the past few years, TA has increased its monthly service fees from 4% to 12%, depending on the community. During the same time, management increased entrance fees by an average of 4% at the Skyline towers and an average of 13% at the Parkshore Campus, in line with the strong historical local real estate market. Additionally, the weighted average entrance fees for TA's new ILUs are high at approximately $1.25 million and remain higher than the median home prices in TA's primary service area. However, the median net worth and annual income levels of the current depositors well exceed the amounts required for admission and mitigate some affordability issues. Fitch believes TA's higher-priced units could experience affordability issues in periods of economic or financial market stress, which is reflected in the 'Midrange' revenue defensibility assessment. Operating Risk - 'bbb' Improving Operations TA's operating risk is assessed at 'bbb', reflecting better occupancy, pricing actions, and improving entrance fee receipts. Fiscal 2025 operating performance remained adequate for the rating, with modest margin improvement despite labor and inflation pressure. TA realized a 114% operating ratio and 2% net operating margin (NOM) in fiscal 2025. TA's net entrance fee receipts and overall cash flow levels improved, as evidenced by its 35% NOM-adjusted (NOMA) in fiscal 2025. This marks a yoy improvement since fiscal 2023. Fitch expects TA's robust net entrance fee receipts keep supporting operating performance, given the structure of its contracts. Improving occupancy at Olympic and Cascade Towers should continue to support revenue and cash flow. Future capex is expected to be moderate, limited to apartment remodels, general building maintenance, and a skybridge linking the Cascade and Olympic Towers and bistro renovation. The project is estimated at $13 million, with the bulk of the funding coming from philanthropic efforts, cash reserves and debt, which Fitch believes is manageable. Overall, Fitch expects operating metrics to keep improving following stabilization of the ILU expansion project. Financial Profile - 'bb' Financial Profile Expected to Improve TA's financial profile remains consistent with the 'BB' rating and is improving with stronger occupancy and entrance fee receipts. In fiscal 2025, TA had approximately $59.9 million in unrestricted cash and investments, which translated into 308 days cash on hand, 23.2% cash-to-adjusted debt, and 3.8x cushion ratio. Fitch's forward-looking scenario assumes occupancy and pricing remain supportive. In Fitch's stress case, liquidity and leverage should continue to improve modestly, although measures remain weak for a higher rating in the near term. Asymmetric Additional Risk Considerations No asymmetric risks. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Any occupancy or service disruptions that lead to a decline of operating performance. - Given the limited financial profile, any significant, debt-funded capital spending would pressure the rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Maintained strong ILU census, and improvement in its operating metrics consistently over time. - Key financial metrics such that cash-to-adjusted debt and coverage levels are above 40% and 1.5x, respectively, even in a stress case. PROFILE TA operates three senior living campuses in the Seattle area with 379 ILUs, 186 AL/MC units, and 56 SNF units. Fiscal 2025 operating revenue was about $73.5 million. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Presbyterian Retirement Communities Northwest (WA). 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. PRESIDENTIAL MOUNTAIN: Starts Chapter 11 Bankruptcy in New York --------------------------------------------------------------- On June 24, 2026, PMR LLC and its debtor affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtors report approximately $585,700 in liabilities and indicate that funds will be available for distribution to unsecured creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on July 20, 2026 at 01:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About PMR LLC PMR LLC is a Brooklyn, New York-based company that owns and operates Presidential Mountain Resort, a lakefront cabin resort located in Bethlehem, New Hampshire. PMR LLC and its affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Jointly Administered Bankr. Case No. 26-43094) on June 24, 2026. In their petitions, the debtors reported estimated assets of approximately $1.8 million and estimated liabilities of approximately $585,700. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The debtors are represented by Charles Wertman of Law Offices of Charles Wertman P.C. PUERTO RICO: Personal-Capacity Claims Not Discharged by Plan ------------------------------------------------------------ In the appeal styled JONATHAN HERNÁNDEZ ZORRILLA; YADIRA CARRASQUILLO GONZALEZ, Movants, Appellees, v. THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as Representative for the Commonwealth of Puerto Rico, Debtor, Appellant, Judges William J. Kayatta, Jr., Jeffrey R. Howard and Lara E. Montecalvo of the U.S. Court of Appeals for the First Circuit affirm the Title III court's determination that the confirmed Commonwealth Plan does not release personal-capacity claims against certain officials and employees. Congress enacted PROMESA (short for the Puerto Rico Oversight, Management, and Economic Stability Act) in 2016 in response to the "fiscal emergency" in Puerto Rico. PROMESA seeks to facilitate restructuring of the Commonwealth of Puerto Rico's (the "Commonwealth") public debt, ensure its future access to capital markets, and provide for its long-term economic stability. To those ends, PROMESA created a modified version of the municipal bankruptcy code in Title III of its provisions, established the Financial Oversight and Management Board (the "Board"), and authorized the Board to place the Commonwealth and its instrumentalities into bankruptcy proceedings and to develop a plan of adjustment for restructuring the Commonwealth's debts. Beginning in May 2017, the Board commenced Title III restructuring cases on behalf of the Commonwealth and several of its instrumentalities. Upon initiation of those restructuring cases, certain claims against the Commonwealth and its relevant instrumentalities were automatically stayed pending resolution of those proceedings. The events giving rise to appellees' claims occurred a year later, while those restructuring cases were making their way through the Title III court. According to their complaints, on May 1, 2018, appellees Hernandez Zorrilla and Carrasquillo Gonzalez attended a demonstration in San Juan, Puerto Rico. There, they allege, members of the Puerto Rico Police Bureau (PRPB) used "physical aggression, threats and assault" against them, including tear gas and, in the case of Hernandez Zorrilla, rubber bullets or "similar ammunition." In April 2019, appellees each filed suit in the U.S. District Court for the District of Puerto Rico, alleging that the PRPB officers' conduct and certain policies of the PRPB violated their rights under the First, Fourth, and Fourteenth Amendments to the U.S. Constitution and various sections of the Puerto Rico Constitution and Puerto Rico Civil Code. The suits named as defendants the then-Governor of Puerto Rico and other officials and employees of the Commonwealth, including employees of the PRPB. In addition to seeking declaratory and injunctive relief, the suits sought monetary damages from defendants in their personal capacities. The suits were consolidated in 2021. According to the Board, the Commonwealth assumed financial responsibility for defending these suits under a Commonwealth law known as Law 9. Law 9 allows certain employees and officials sued in their personal capacities to ask the Commonwealth to provide them with legal representation, and to subsequently assume the payment of any judgment entered against them. The Board concedes that, subject to limited exceptions, the decisions to defend and to indemnify under Law 9 are both discretionary. The Commonwealth's agreement to defend an employee or official does not necessarily mean it will also indemnify that employee or official; rather, the Commonwealth makes its indemnification decision only after considering the findings of the court or which arise from the evidence presented in the case. Back in the Title III court, in January 2022 -- after years of mediation and negotiation -- the court confirmed a Plan of Adjustment for the Commonwealth and two of its instrumentalities (the "Commonwealth Plan" or the "Plan"). The confirmed Commonwealth Plan went into effect on March 15, 2022, discharging certain claims against the Commonwealth and enjoining the pursuit of discharged claims. The district court stayed appellees' case pending a determination by the Title III court as to whether the confirmed Commonwealth Plan discharged their claims and thus left them subject to the injunction barring the pursuit of discharged claims. On September 30, 2025, the Title III court issued an Opinion and Order concluding that appellees' personal-capacity claims against Commonwealth officials and employees are not barred by the confirmed Commonwealth Plan and that appellees were therefore free to proceed with their suit. The Board timely appealed. The issue raised in this appeal is whether that discharge and injunction apply to claims against officers or employees of the Commonwealth in their personal capacities. The Board asserts that the Title III court erred in finding that the confirmed Commonwealth Plan does not discharge or call for enjoining proceedings against Commonwealth employees or officials in their personal capacities. According to the Board, this was error because, under this court's decision in Victor J. Salgado & Associates Inc. v. Cestero-Lopategui, 34 F.4th 49 (1st Cir. 2022), the personal-capacity claims are "indirect claims" against the Commonwealth. In the Board's view, the only relevant question is whether these personal-capacity claims function as claims against the Commonwealth. If they do, the Board argues, then they have been discharged. The panel disagrees. According to the panel, "The question is not simply whether these suits press claims against the Commonwealth. The question is whether these particular claims fall within the subset of claims discharged by the confirmed Commonwealth Plan." The panel finds even assuming appellees' suits do function as indirect claims against the Commonwealth, these suits -- as maintained against officers or employees in their personal capacities -- are not within that group of claims that the Commonwealth Plan discharges. Since the parties and the Title III court all agree that the confirmed Commonwealth Plan does not contain non-consensual third-party releases, that Plan cannot release these personal-capacity claims against Commonwealth employees and officials. The panel agrees with the Title III court that the Commonwealth's discharge does not apply to personal-capacity claims and that such claims are therefore not subject to any injunction impeding their prosecution. A copy of the Court's Opinion is available at http://urlcurt.com/u?l=96XQPP About the Commonwealth of Puerto Rico; Puerto Rico Electric Power Authority (PREPA) PREPA is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. PUERTO RICO: Sued by Private Utility Co. Amid Legal Fight --------------------------------------------------------- PBS News reports that Puerto Rico's contract dispute with Luma Energy escalated Tuesday after the private utility operator countersued the territorial government, claiming officials acted with bad faith and intentional malice in attempting to end its power grid management agreement. The countersuit follows the government's lawsuit filed six months ago to terminate the contract. Governor Jenniffer González has argued that Puerto Rico's electric system has not improved with the consistency and reliability promised under Luma's management. In response, Luma maintains the government's actions are politically motivated and asserts it would be entitled to billions of dollars, including at least $4.5 billion, if the contract is improperly terminated. Luma, a joint venture between Calgary-based Atco and Houston-based Quanta Services Inc., assumed responsibility for Puerto Rico's transmission and distribution system in June 2021. The company inherited infrastructure weakened by years of neglect and severe damage caused by Hurricane Maria, the report states. The dispute comes as Puerto Rico continues to experience widespread power reliability issues and as the Puerto Rico Electric Power Authority remains in bankruptcy while working to restructure more than $9 billion in debt. The Justice Department did not immediately comment on the company's allegations, according to report. About the Commonwealth of Puerto Rico; Puerto Rico Electric Power Authority (PREPA) PREPA is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. PUTNAM PULMONARY: Unsecureds to Get Share of $39K over 3 Years -------------------------------------------------------------- Putnam Pulmonary & Primary Care, PA, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated June 18, 2026. The Debtor is a medical practice located in Palatka, Florida, which has served the community since 2000. The practice is owned and managed by Dr. Richard Feibelman and Donna Feibelman. Dr. Feibelman, a board-certified pulmonologist, is currently the only pulmonary specialist in the area and provides critical respiratory care services to approximately 10,000 outpatient patients, while also maintaining regular coverage for the hospital Intensive Care Unit. Despite maintaining a substantial patient base and continuing to provide essential healthcare services, the practice has experienced significant financial challenges in recent years. The Debtor has been adversely affected by reductions in Medicare and commercial insurance reimbursement rates, reimbursement delays and claim denials, increased labor costs, rising operating expenses, and inflationary pressures impacting the healthcare industry. To maintain operations and continue serving patients, the practice obtained financing from merchant cash advance lenders. While the funding provided temporary liquidity, the repayment obligations became increasingly burdensome and unsustainable in light of the practice's declining margins and constrained cash flow. As a result of decreased reimbursements, rising overhead expenses, unsuccessful recruitment efforts, and the weight of substantial debt service obligations, the Debtor became unable to meet its financial obligations as they came due. The Chapter 11 process will allow the Debtor to restructure its debt, stabilize operations, preserve access to critical healthcare services for the community, and maximize recoveries for creditors while continuing business operations. Class 6 consists of all Allowed General Unsecured Claims against the Debtor. As set forth in the Debtor's financial projections, the Debtor's projected disposable income will not exceed $39,137.48. In full satisfaction of the Allowed Class 6 General Unsecured Claims, Holders of Class 6 Claims shall receive a pro rata share of Distributions totaling $39,137.48 paid pursuant to the following payment schedule, which payments shall commence on the 14th day following the Effective Date: * Quarters 1 through 4 (Plan Year 1): $3,261.41 per quarter. * Quarters 5 through 8 (Plan Year 2): $3,261.41 per quarter. * Quarters 9 through 12 (Plan Year 3): $3,261.41 per quarter. Class 7 consists of all equity interests in Putnam Pulmonary & Primary Care, P.A. Class 7 Interest Holders shall retain their respective Interests in Putnam. in the same proportions such Interests were held as of the Petition Date (i.e., 50% Interest retained by Dr. Richard Feibelman & 50% Interest retained by Donna Feibelman). Class 7 is Unimpaired. The Plan contemplates the Debtor will continue to manage and operate its business in the ordinary course, but with restructured debt obligations. It is anticipated the Debtor's postconfirmation business will mainly involve continued operation of its medical service business, the income from which will be committed to make the Plan Payments to the extent necessary. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Subchapter V Plan dated June 18, 2026 is available at https://urlcurt.com/u?l=HUMrjG from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel A. Velasquez, Esq. LATHAM, LUNA, EDEN & BEAUDINE, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 E-mail: dvelasquez@lathamluna.com About Putnam Pulmonary & Primary Care P.A. Putnam Pulmonary & Primary Care, P.A. is a medical practice based in Palatka, Florida, providing pulmonary and primary care services to patients in the surrounding region. The practice diagnoses and treats respiratory conditions, including asthma and chronic obstructive pulmonary disease (COPD), while also offering general primary care services. Operating from its Zeagler Drive location, it serves patients across Putnam County through physician-led care focused on respiratory health and general medicine. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01181) on March 20, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Dr. Richard Feibelman, managing, member, signed the petition. Daniel A. Velasquez, at LATHAM LUNA EDEN & BEAUDINE LLP, is the Debtor's legal counsel. RAGUSE FAMILY: Committee Hires Tucker Ellis LLP as Counsel ---------------------------------------------------------- The official committee of unsecured creditors Raguse Family Partnership and affiliates seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Tucker Ellis LLP as counsel. The firm's services include: a. advising the Committee on all legal issues as they arise; b. representing and advising the Committee regarding the terms of any sales of assets or plans of reorganization or liquidation, and assisting the Committee in negotiations with the Debtors and other parties; c. investigating the Debtors' assets and pre-bankruptcy conduct, as well as the pre-bankruptcy conduct of the Debtors' officers, directors and holders of equity interests; d. analyzing the liens, claims and security interests of any of the Debtors' secured creditors, and where appropriate, raising challenges on behalf of the Committee; e. preparing, on behalf of the Committee, all necessary pleadings, reports, and other papers; f. representing and advising the Committee in all proceedings in these cases; g. assisting and advising the Committee in its administration; and h. providing such other services as are customarily provided by counsel to a creditors' committee in cases of this kind. The firm will be paid at these rates: Thomas R. Fawkes, Partner $855 per hour Brian J. Jackiw, Partner $750 per hour Jason J. Ben – Counsel $700 per hour Edet Nsemo, Associate $505 per hour Associates $320 per hour Senior partners $1200 per hour Legal Assistant $85 to $250 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Jackiw disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian J. Jackiw, Esq. Tucker Ellis LLP 233 S. Wacker Dr., Suite 6950 Chicago, IL 60606 Tel: (312) 256-9425 Fax: (312) 624-6309 About Raguse Family Partnership Raguse Family Partnership operates agricultural and cattle farms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-60308) on May 14, 2026. In the petition signed by Truman Raguse, partner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge William J. Fisher oversees the case. James Jorissen, Esq., at Taft Stettinius & Hollister LLP, represents the Debtor as legal counsel. East West Bank, as DIP lender, is represented by: Robert M. Hirsh, Esq. Francisco Vazquez, Esq. James A. Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019 Email: robert.hirsh@nortonrosefulbright.com francisco.vazquez@nortonrosefulbright.com james.copeland@nortonrosefulbright.com RAGUSE FAMILY: Committee Taps Fredrikson & Byron Local Counsel -------------------------------------------------------------- The official committee of unsecured creditors Raguse Family Partnership seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Fredrikson & Byron P.A. as local counsel. The firm's services include: a. consulting with the debtor-in-possession and the Office of the United States Trustee regarding administration of the cases; b. advising the Committee with respect to its rights, power, and duties as they relate to the cases; c. investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors. d. assisting the Committee in analyzing the Debtors' pre-petition and postpetition relationships with its creditors, equity interest holders, employees, and other parties in interest; e. assisting and negotiating on the Committee's behalf in matters relating to the claims of the Debtors' other creditors; f. requesting the appointment of a trustee or examiner in instances where the Committee deems such action appropriate; g. advising the Committee in connection with any proposed sale of the assets of the Debtors; h. assisting the Committee in preparing pleadings and applications as may be necessary to further the Committee's interests and objectives; i. researching, analyzing, investigating, filing, and prosecuting litigation on behalf of the Committee in connection with issues including, but not limited to, avoidance actions, fraudulent conveyances, and lender liability; j. representing the Committee at hearings and other proceedings; k. reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee regarding all such materials; l. aiding and enhancing the Committee's participation in formulating a plan; m. assisting the Committee in advising unsecured creditors of the Committee's decisions, including the collection and filing of acceptances and rejections to any proposed plan; and n. performing such other legal services as may be required and are deemed to be in the interests of the Committee. The firm will be paid at these rates: Clint Cutler, Partner $885 per hour Katherine Nixon, Associate $535 per hour Shataia Stallings, Paralegal $265 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Cutler disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Clinton E. Cutler, Esq. Fredrikson & Byron P.A. 200 South Sixth Suite 4000 Minneapolis, MN 55402 Tel: (612) 492-7070 About Raguse Family Partnership Raguse Family Partnership operates agricultural and cattle farms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-60308) on May 14, 2026. In the petition signed by Truman Raguse, partner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge William J. Fisher oversees the case. James Jorissen, Esq., at Taft Stettinius & Hollister LLP, represents the Debtor as legal counsel. East West Bank, as DIP lender, is represented by: Robert M. Hirsh, Esq. Francisco Vazquez, Esq. James A. Copeland, Esq. Norton Rose Fulbright US LLP 1301 Avenue of the Americas New York, NY 10019 Email: robert.hirsh@nortonrosefulbright.com francisco.vazquez@nortonrosefulbright.com james.copeland@nortonrosefulbright.com RELEASE WELL-BEING: To Hire Freiman Law Offices as Legal Counsel ---------------------------------------------------------------- Release Well-Being Center, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts Central Division to hire Michael B. Feinman, Esq. of Feinman Law Offices as legal counsel. Mr. Feinman will provide these services: (a) represent the Debtor in all matters of the Chapter 11 proceedings filed on behalf of the Debtor; (b) prepare and file a Plan of Reorganization and Disclosure Statement; and (c) generally assist the Debtor in these proceedings. The current hourly rates charged by Newark for professionals and paralegals employed in its offices who will have primary responsibility for this matter are: Professional Hourly Rate Robert C. Newark, III (Partner) $400 Kelly Raper (Paralegal) $100 At the commencement of the case, a retainer in the amount of $60,000 was paid by the Debtor. Michael B. Feinman, Esq. represents that neither he nor any member of his firm holds or represents any interest adverse to the estate of the Debtor. He further represents that neither he nor any member of his firm is connected with the Debtor, any creditor or other party in interest, their respective attorneys and accountants. Feinman represents that he and each member of his firm is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached at: Michael B. Feinman, Esq. FEINMAN LAW OFFICES 69 Park Street Andover, Massachusetts About Release Well-Being Center, Inc. Release Well-Being Center operates a wellness center in Westborough, Massachusetts, offering spa, fitness, yoga, meditation, private training, wellness coaching, therapeutic massage, skin care, Reiki, and body composition analysis services. The center also hosts private events, corporate events, and workshops. Its facilities include spa rooms, yoga and fitness spaces, locker rooms, steam and salt therapy areas, a red light sauna, an outdoor mineral spa, a garden, and outdoor fitness areas. Release Well-Being Center, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Central Division Case No. 26-40730) on June 18, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Feinman Law Offices is Debtor's legal counsel. RIIMIC LLC: Seeks to Hire Bast Amron LLP as Bankruptcy Counsel -------------------------------------------------------------- RIIMIC LLC d/b/a Sunair Electronics seeks approval from the U.S. Bankruptcy Court for the Bast Amron LLP as counsel. The firm's services will include: a. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's guidelines and reporting requirements and with the rules of the bankruptcy court; b. prepare legal documents; c. protect the interests of the Debtor in all matters pending before the court; and d. represent the Debtor in negotiations with its creditors and in the preparation and confirmation of a Chapter 11 plan. Jeffrey P. Bast's current standard rate is $825 per hour. The rest of Bast Amron's paralegals and attorneys have standard rates of $130 to $825 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer of $120,000. Jaime Leggett, Esq., a partner at Bast Amron LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jaime B. Leggett, Esq. BAST AMRON LLP One Southeast Third Avenue, Suite 1400 Miami, FL 33131 Tel: (305) 379-7904 Fax: (305) 379-7905 Email: jleggett@bastamron.com About RIIMIC LLC d/b/a Sunair Electronics RIIMIC LLC d/b/a Sunair Electronics is a privately held company headquartered in Fort Lauderdale, Florida. The company designs, manufactures, assembles, tests, and sells high-frequency communications systems and peripherals for long-range voice and data communications. Its offerings include HF radios, power amplifiers, antenna couplers, accessories, systems engineering, integration, documentation, logistics support, field services, and turnkey solutions. Sunair serves markets including military, government, civil aviation, and commercial applications. RIIMIC LLC d/b/a Sunair Electronics filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17729) on June 12, 2026, listing $3,344,157 in assets and $14,135,348 in liabilities. The petition was signed by Rishi Kukreja as chief executive officer. Jaime B. Leggett, Esq. at BAST AMRON LLP serves as the Debtor's counsel. ROBERTS CHEVROLET: Bid Rule for Automobile Dealership Biz Sale OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has granted Roberts Chevrolet GMC Inc. d/b/a Thomasville Chevrolet GMC to conduct bidding procedures in the sale of substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor has operated an authorized Chevrolet and GMC automobile dealership in Thomasville, Alabama. However, because of various prepetition events, the Debtor finds itself burdened with liabilities that render its business, in its current state, no longer viable and that deprive the Debtor of the liquidity necessary to operate its business in the immediate and longer-term periods. The Debtor is a Delaware corporation whose sole shareholder, Motors Holding LLC, holds 34,620 preferred shares and 8,000 common shares of the Debtor, representing 100% of the Debtor's share capital. The Debtor is authorized to conduct the Bidding Process in accordance with the Bid Procedures and without the necessity of complying with any state or local bulk transfer laws or requirements applicable to the Debtor. Potential Bidders, Qualified Bidders, and Stalking Horse Bidder(s) waive any right to seek a claim for substantial contribution pursuant to section 503 of the Bankruptcy Code or the payment of any broker fees or costs. The Bid Protections are approved and are afforded administrative expense super-priority status. The deadline for submitting a bid for the Assets is July 24, 2026, at 4:00 p.m. (prevailing Eastern Time).4 No bid shall be deemed to be a Qualified Bid unless such bid meets the requirements set forth in the Bid Procedures. If at least two Qualified Bids are received by the Bid Deadline with regard to the Assets, the Debtor will conduct an Auction in accordance with the Bid Procedures, which Auction shall take place on July 28, 2026 at 10:00 a.m. (prevailing Eastern Time) either remotely via Zoom or some similar platform or at the offices of counsel to the Debtor, Gellert Seitz Busenkell & Brown, LLC, 1201 North Orange Street, 3rd Floor, Wilmington, Delaware 19801, or such later time or such other place as the Debtor shall designate and notify to all Qualified Bidders who have submitted Qualified Bids. The Sale Hearing shall be held before the Court on August 6, 2026 at 10:30 a.m. (ET) before the United States Bankruptcy Court for the District of Delaware. The deadline to object to the relief requested in the Motion, including entry of the proposed Sale Order is July 24, 2026, at 4:00 p.m. Failure to file a Sale Objection on or before the Sale Objection Deadline shall forever bar the assertion, whether at any Sale Hearing or thereafter, of any objection to the Motion, to entry of the Sale Order, and/or to the consummation and performance of the Sale with a Successful Bidder. About Robert Chevrolet GMC Inc. d/b/a Thomasville Chevrolet GMC Robert Chevrolet GMC Inc. d/b/a Thomasville Chevrolet GMC is a Delaware corporation whose sole shareholder, Motors Holding LC, holds 34,620 preferred shares and 8,000 common shares of the Debtor, representing 100% of the Debtor's share capital. Robert Chevrolet GMC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10830-KBO) on May 22, 2026. Judge Karen B. Owens presides over the case. Ronald S. Gellert at Gellert Seitz Busenkell & Brown, LLC, represents the Debtor as legal counsel. ROCKPOINT GROUP: Metlife Seeks Receivership for Miracle Mile Tower ------------------------------------------------------------------ Ben Levine of hoodline Los Angeles reports that MetLife is seeking court approval to place Rockpoint Group's Miracle Mile Tower into receivership after alleging the borrower defaulted on a $164 million loan tied to the landmark Los Angeles office property. The insurer claims Rockpoint failed to repay roughly $2 million that MetLife advanced to cover delinquent property taxes, prompting legal action. Court filings state the borrower did not reimburse the lender by the required April deadline, constituting an event of default. The loan bears a fixed interest rate of about 3.5%, increases to roughly 7.5% upon default, and is scheduled to mature in 2030. MetLife has also indicated it will move forward with foreclosure proceedings if the outstanding obligations are not resolved. If the court appoints a receiver, the independent fiduciary would manage the 31-story office tower, oversee daily operations, collect rental income, and maintain the asset during the litigation. The case highlights growing distress in the Los Angeles office sector as lenders increasingly rely on receiverships and foreclosure remedies to protect high-value commercial properties, the report relays. About Rockpoint Group Rockpoint Group is a Boston-based real estate investment management firm focused on value-add and opportunistic commercial real estate investments. Established in 2003, the company acquires, develops, redevelops, and operates office, residential, industrial, hotel, and mixed-use assets across major U.S. markets, serving a global base of institutional investors. ROMANOV GROUP: Section 341(a) Meeting of Creditors on July 27 ------------------------------------------------------------- On June 24, 2026, Romanov Group LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $10 million and $50 million in debt owed to creditors and indicates that funds will be available for distribution to unsecured creditors. A meeting of creditors under Section 341(a) to be held on July 27, 2026 at 09:00 AM at UST-SA1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8695724. July 8, 2026, is the bar date to file the Corporate Ownership Statement (LBR Form F1007-4) and the Summary of Assets and Liabilities (Form 106Sum or 206Sum). About Romanov Group LLC Romanov Group LLC is a single-asset real estate company that owns the Packing House Square retail center in Yorba Linda, California. Romanov Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11948) on June 24, 2026. In its petition, the debtor reported estimated assets and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The debtor is represented by Kyra E. Andrassy of Raines Feldman Littrell LLP. ROTARY AIRLOCK: Hires Hampilos & Associates as Special Counsel -------------------------------------------------------------- Rotary Airlock, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Hampilos & Associates, Ltd. as special counsel. The firm will assist the Debtor in the preparation of pleadings, motions, and legal briefs, legal research, review of documents/emails/faxes received from opposing counsel/party or the client, letters/emails/faxes prepared by the lawyer, and time spent in telephone conferences with the Client, opposing counsel/party, or any other person whose involvement is necessary or relevant to the case. The firm will be paid at $600 per hour. The firm will be paid a retainer in the amount of $20,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Hampilos disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: George Hampilos, Esq. Hampilos & Associates, Ltd. 6838 E State St Ste 302 Rockford, IL 61108 Tel: (815) 863-0357 About Rotary Airlock LLC Rotary Airlock, LLC manufactures, rebuilds, services, and customizes rotary airlock valves for industrial material-handling systems. Founded in 1995, the company is based in Rock Falls, Illinois, and also offers related valves, seals, bearings, installation, and NFPA-69-related services. Rotary Airlock serves manufacturers and processors that use airlocks to move or control bulk materials across production systems. Rotary Airlock sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-80841) on May 20, 2026, with between $10 million and $50 million in both assets and liabilities. Benjamin Hilty, president of Rotary Airlock, signed the petition. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C. represents the Debtor as legal counsel. ROTARY AIRLOCK: Seeks to Hire Davis Gisi as Accountant ------------------------------------------------------ Rotary Airlock, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Davis Gisi as accountant. The accounting firm will provide these services: a. analysis of the financial statements as prepared by management; b. prepare the federal and state income tax returns of the Debtor and prepare any bookkeeping entries that Davis Gisi deems necessary in connection with the preparation of such income tax returns; c. prepare and assist with the preparation of forms and schedules for tax reporting requirements, including, without limitation, W-2s, 941s, 940s, 1099s, registration, vouchers and pass-through schedules; and d. provide consulting services including assisting the Debtor with matters related to its Plan of Reorganization; The firm will be paid at these rates: Jamie Gisi $55 to $200 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Gisi disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jamie Gisi DAVIS GISI 10930 Hoover Road, Rock Falls, IL 61071 Tel: (815) 564-2081 Fax: (779) 245-5120 About Rotary Airlock LLC Rotary Airlock, LLC manufactures, rebuilds, services, and customizes rotary airlock valves for industrial material-handling systems. Founded in 1995, the company is based in Rock Falls, Illinois, and also offers related valves, seals, bearings, installation, and NFPA-69-related services. Rotary Airlock serves manufacturers and processors that use airlocks to move or control bulk materials across production systems. Rotary Airlock sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-80841) on May 20, 2026, with between $10 million and $50 million in both assets and liabilities. Benjamin Hilty, president of Rotary Airlock, signed the petition. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C. represents the Debtor as legal counsel. ROUTE 2 LLC: Taps May Potenza Baran of Gillespie as Legal Counsel ----------------------------------------------------------------- Route 2, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire May Potenza Baran & Gillespie P.C. as its Chapter 11 counsel. The firm's services include: (a) prepare pleadings and motions and conduct of examinations incidental to estate administration; (b) advise the Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code; (c) take any and all other necessary action incident to the proper preservation and administration of the Chapter 11 estate; and (d) advise the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating to the foregoing. The firm will be paid at these hourly rates: Andrew A. Harnisch, Attorney $625 Grant L. Cartwright, Attorney $625 Eric W. Moats, Attorney $550 Emma Smith, Attorney $330 Other Associates $535 Michelle Giordano, Paralegal $280 Prepetition, May, Potenza, Baran & Gillespie, PC received a retainer in the amount of $30,000 from Andrew Olson, a member and principal of the Debtor. Mr. Harnisch disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew A. Harnisch, Esq. May, Potenza, Baran & Gillespie, PC 1850 North Central Avenue, Suite 1600 Phoenix, AZ 85004 Telephone: (602) 252-1900 Facsimile: (602) 252-1114 Email: aharnisch@maypotenza.com About Route 2, LLC Route 2, LLC is a business enterprise engaged in commercial operations in Arizona. Route 2, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-05284) on May 27, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Andrew A. Harnisch, Esq. of May Potenza Baran & Gillespie, P.C. RTB DIGITAL: Completes Common Stock Issuance Under Merger Agreement ------------------------------------------------------------------- RTB Digital, Inc. (formerly known as RYVYL Inc.), announced in a regulatory filing that as a result of the consummation of the combination with RTB Digital, Inc., a Delaware corporation, on May 12, 2026, the Company has completed issuing its shares of common stock as required through the date hereof under the terms of the merger agreement. As a result, there are as of June 18, 2026, 13,619,997 shares of common stock issued and outstanding and under issuance instruction. The foregoing excludes shares of common stock that may be issued in the future on exercise of outstanding warrants, options and RSUs, on conversion of outstanding debt obligations, under other agreements to issue shares of common stock, and under any applicable anti-dilution provisions of outstanding agreements. About RTB Digital, Inc. Roundtable (RTB Digital, Inc.) is a Web3, digital media SaaS platform company, providing white-label, full stack distribution, community, publishing and monetization for professional media brands and journalists - fortified and powered by a digital liquidity pool integrated into the platform. Rowland Heights, CA-based Simon & Edward, LLP, RYVYL's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has experienced significant liquidity constraints following the discontinuation of its QuickCard operations and the sale of its European subsidiary, Ryvyl EU. These factors, alongside expectations of continued operating losses, raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $9.9 million in total assets, $10.9 million in total liabilities, and $972 thousand in total stockholders' deficit. RUSSELLVILLE DENTAL LAB: Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- Russellville Dental Lab, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Bowling Green Division, to use cash collateral to fund operations. The Debtor's cash collateral consists of funds in which secured creditors, including the U.S. Small Business Administration and On Deck Capital, Inc., hold security interests through liens on its accounts receivable and related assets. Under the interim order, the Debtor is authorized to use cash collateral pending the final hearing on July 23 and entry of a final order. As adequate protection, the SBA and On Deck Capital will be granted continuing replacement liens on and security interests in the Debtor's accounts. These replacement liens maintain the same relative priority as the creditors' pre-petition security interests in the cash collateral. The interim order further provides that any future stay, modification, vacation, or lack of finality of the interim order will not affect the validity of obligations incurred by the Debtor before such action takes effect, nor will it impair the validity and enforceability of any security interests, liens, assignments, or priorities created or authorized under the interim order. The order is available at http://bankrupt.com/misc/RussellvilleDental_ICCOrder.pdf 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. In the petition signed by Lee Coursey, member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Joan A. Lloyd oversees the case. Robert C. Chaudoin, Esq., at Harlin Parker, represents the Debtor as legal counsel. S & S MASONRY: Joseph Richard Moore Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Joseph Richard Moore as Subchapter V trustee for S & S Masonry Inc. Mr. Moore will be paid an hourly fee of $350 for his services as Subchapter V trustee and an hourly fee of $110 for his legal assistant. In addition, Mr. Moore will receive reimbursement for work-related expenses incurred. Mr. Moore 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 Richard Moore 200 Washington Street Monroe, LA 71201 (318) 322-6232 Email: subv@eorumyoung.com About S & S Masonry Inc. S & S Masonry Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No. 26-80409) on June 15, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Stephen D. Wheelis presides over the case. Thomas R. Willson, Esq., at Rocky Willson represents the Debtor as legal counsel. SABLE OFFSHORE: Exxon Loan Maturity Extended to July 24 ------------------------------------------------------- Sable Offshore Corp. announced in a regulatory filing that it entered into an amendment to the Senior Secured Term Loan Agreement Exxon Mobil Corporation to, among other things, extend the Maturity Date, and agreed to a limited waiver of the Company's P&A Financial Security obligations in Section 11.18 (c) of the Company's November 1, 2022 Purchase and Sale Agreement with Exxon and Mobil Pacific Pipeline Company. The Amendment extends the Maturity Date of the Senior Secured Term Loan to the earlier to occur of: (a) July 24, 2026, and (b) the acceleration of the Senior Secured Term Loan following any Event of Default as defined therein. The Limited Waiver states that the Company and the Sellers have agreed to temporarily waive the requirement for the Company to provide P&A Financial Security (as defined in the PSA) within three Business Days of the Maturity Date until the earlier of: (A) December 22, 2028, (B) the date on which the new money secured financing to be entered into prior to the Maturity Date for the primary purposes of refinancing the Senior Secured Term Loan is redeemed, repaid or otherwise refinanced, or (C) the date on which any Event of Default has occurred and is continuing under the Senior Secured Term Loan, or any Financing Document (as defined in the Senior Secured Term Loan) or any breach or default under any other contractual obligation to Sellers or their affiliates. Pursuant to the Amendment, the Company agrees to pay Exxon a $30.0 million amendment fee. Additionally, Exxon agrees to suspend and waive the minimum liquidity covenant of $25.0 million introduced in the Second Amendment of the Senior Secured Term Loan until the amended Maturity Date. A full text copy of the Amendment is available at https://tinyurl.com/29m63muh About Sable Offshore Corp. Sable Offshore Corp. (formerly known as Flame Acquisition Corp. is an independent oil and gas Company headquartered in Houston, Texas. Flame was initially formed as a special purpose acquisition Company for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company's independent auditor, Ham, Langston & Brezina, L.L.P., based in Houston, Texas, and serving since 2024, included a "going concern" qualification in its report dated February 27, 2026, attached to the Annual Report on Form 10-K with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025 citing that uncertainties related to obtaining the remaining regulatory approvals necessary to resume sales of production, along with the uncertainty of obtaining additional financing, or refinancing the Senior Secured Term Loan raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $1.7 billion in total assets, $1.3 billion in total liabilities, and $421.9 million in total stockholders' equity. SAFETY-KLEEN CORP: Court Affirms Grant of Motions in Limine ----------------------------------------------------------- In the appeal styled CHRISTOPHER TORRES et al., Plaintiffs and Appellants, v. PETRO SOURCE INVESTMENTS, INC. et al., Defendants and Respondents, D085444 (Cal. Ct. App.). Justices Jose S. Castillo, Terry O'Rourke and Truc T. Do of the California Fourth District Court of Appeal affirmed the judgemnt of the Superior Court of San Bernardino County granting the motions in limine filed by Safety-Kleen Corporation and Petro Source Investments, Inc. with respect to certain depositions. In 1998, counsel for Appellants Christopher Torres and his wife, Melissa Torres, deposed then-current or former employees of Safety-Kleen Corporation (SK Corp.) in connection with a lawsuit -- Talley v. Safety-Kleen Corporation (Super. Ct. Orange County, 1999, No. 784605) -- that alleged the entity's solvent had caused a plaintiff's blood cancer. But in June 2000, SK Corp. filed for bankruptcy. SK Corp. ceased to exist, and SK Systems emerged from the Chapter 11 bankruptcy in 2003 as a debtor-in-possession. More than 20 years later, Appellants filed suit against, among other entities, Respondents Petro Source Investments, Inc.; Safety-Kleen Systems, Inc. (SK Systems); Oatey Co.; and B'Laster, LLC, alleging that in the course of his employment Christopher was exposed to harmful chemical products and solvents supplied or manufactured by Respondents, which caused his kidney cancer. The trial court granted motions in limine filed by SK Systems and Petro seeking to exclude 23 of the Talley depositions in Appellants' action. The court's 12-page written ruling granting the motions in limine found the former deposition testimony inadmissible as to SK Systems on multiple grounds. First, the court found the testimony was not admissible as admissions of a party opponent or authorized admissions under Evidence Code sections 1220 and 1222. As an initial matter, only the depositions of those employed by SK Corp. at the time of the depositions could potentially fall within this exception, and Appellants failed to provide adequate evidence they were authorized to make statements on SK Corp.'s behalf. And, due to the intervening bankruptcy, SK Systems was a distinct entity from SK Corp. such that the statements of SK Corp.'s employees could not be imputed to it. Finally, because the testimony in question is discovery deposition testimony, section 1291(a)(2) "expressly and directly controlled," even over "any so-called admissions contained" in the depositions. Second, the court found the former deposition testimony not admissible under Code of Civil Procedure section 2025.620(b). Third, the court found the former deposition testimony was not admissible under the prior testimony hearsay exception of Evidence Code section 1291(a)(2) as interpreted by Berroteran v. Superior Court (2022) 12 Cal. 5th 867, 901. As to Petro, the court found the prior deposition testimony inadmissible because: (1) Petro was not a party in Talley, (2) the deponents were not Petro employees, (3) Petro had no opportunity to examine the deponents or even notice of their depositions, and (4) Petro did not agree to use the depositions for trial either in Talley or any other subsequent proceeding. Respondents argue the court's decision granting the motions in limine is reviewed for abuse of discretion. Under either abuse of discretion or de novo review, the panel concludes the trial court properly excluded the depositions. Appellants argue, for the first time on appeal, that the motions in limine were improper because neither SK Systems nor Petro identified any particular designated testimony, but instead sought to exclude all of it on hearsay grounds without any consideration of whether specific testimony might be admissible as either nonhearsay or under an exception to the hearsay rule. Appellants contend the court erred in finding the prior deposition testimony inadmissible under Evidence Code section 1291. The panel concludes: (1) Appellants forfeited this argument as to Petro, Oatey, and B'Laster; and (2) the Talley deposition testimony is inadmissible under this provision as to SK Systems because SK Corp. did not have a similar "interest and motive" to cross-examine the deponents in 1998 as SK Systems does now. Petro claims Appellants forfeited this claim as to it because Appellants "do not identify Petro Source in this section or assert any argument that the court erred in granting Petro Source's motion in limine on this ground." Nor do Appellants identify and make arguments concerning Oatey and B'Laster on this point. Appellants do not reference any of these parties with regard to section 1291 in reply. Accordingly, the panel concludes Appellants have forfeited the issue of whether the court erred in finding section 1291 inapplicable to Petro, Oatey, and B'Laster. Appellants also argue the evidence is admissible as party or authorized admissions. According to the panel, because the Talley deposition testimony is inadmissible under section 1291, it cannot be admissible against Respondents as party or authorized admissions instead. The panel concludes the Code of Civil Procedure section 2025.620 does not permit the prior deposition testimony's admission, as the only subsection applicable to former deposition testimony does not apply in this case because the parties are not the same as in the prior action. A copy of the Court's Opinion dated June 17, 2026, is available at http://urlcurt.com/u?l=f6txpa SAKS GLOBAL: Exits Chapter 11 Under Exemplar Luxury Group --------------------------------------------------------- Marc Davies of Bloomberg Law reports that Saks Global announced Friday that it has successfully exited Chapter 11 bankruptcy and adopted the new corporate name Exemplar Luxury Group following completion of its financial restructuring. The company said the process eliminated nearly three-quarters of its debt, significantly improving its financial flexibility. CEO Geoffroy van Raemdonck said the reorganized company now has sufficient liquidity to support day-to-day operations while investing in strategic initiatives aimed at driving sustainable, long-term profitability. Management described the restructuring as a critical step toward rebuilding the business. During the bankruptcy proceedings, Saks received court approval to close unprofitable locations and wind down its off-price discount business, allowing management to focus resources on its higher-margin luxury retail operations. The company said those actions have streamlined its business model and reduced expenses. With its restructuring complete, Exemplar Luxury Group plans to concentrate on expanding its luxury retail offerings, strengthening customer engagement, and improving operational performance while leveraging its healthier capital structure, reports Bloomberg. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investmentbanker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SALT TECHNOLOGIES: Section 341(a) Meeting of Creditors on July 15 ----------------------------------------------------------------- On June 23, 2026, Salt Technologies Inc. d/b/a Ageint Security Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on July 15, 2026 at 10:00 AM, US Trustee Houston Teleconference. About Salt Technologies Inc. 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. Salt Technologies Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-34389) on June 23, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Jeremy Thomas Wood, Esq. of Law Office of Jeremy T. Wood, PLLC. SAMYS OC: Seeks to Extend Plan Exclusivity to Aug. 24 ----------------------------------------------------- Samys OC, LLC ("SOCL") asked the U.S. Bankruptcy Court for the District of Kansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 24 and Oct. 23, 2026, respectively. The current deadline for filing the Plan and Disclosure Statement with a Court is June 23, 2026. The Debtor has since decided to close the Lawrence, KS, restaurant and list the property for sale. The property is currently listed for sale. The Debtor participated in a mediation that effectively resolved most of the disputes in this case, and the parties are working on completing a settlement. With these developments, the Debtor believes an additional extension will result in a more concise plan. The Debtor explains that its Counsel has been working to review the pleadings filed in the case, the pleadings filed in the related cases, and has been working with the Debtor and Creditors to formulate its Chapter 11 Plan. The Debtor and its Counsel believe that additional time is needed to allow Counsel for the Debtor, the Debtor, and Creditors to continue to work to formulate the Debtor's Chapter 11 Plan. The Debtor claims that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on the creditors and is in the best interest of all parties to allow Counsel for the Debtor and the Debtor to continue to work to formulate the Debtor's Chapter 11 Plan. Samys OC, LLC is represented by: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About Samys OC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L. Herren presides over the case. Colin N. Gotham, at Evans & Mullinix, PA, is serving as the Debtor's counsel. SANGAMO THERAPEUTICS: June 30 Deadline for Panel Questionnaires --------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Sangamo Therapeutics. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2ppscjpa and return by email it to Linda Casey -- Linda.Casey@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on June 30, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Sangamo Therapeutics 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. Sangamo Therapeutics filed for protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 26-10989) on June 23, 2026. The petition was signed by Dr. Alexander Macrae, M.B., Ch.B., Ph.D., as chief executive officer. The Debtor reported total assets of $162,361,247 as of March 31, 2026, and total liabilities of $115,353,692 as of March 31, 2026. The Hon. Craig T Goldblatt presides over the case. Richards, Layton & Finger, P.A. represents the Debtor. Kurtzman Carson Consultants, LLC is the Debtor's claims and noticing agent. SEABREEZE ROOFING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Seabreeze Roofing & Sheet Metal, Incorporated 555 Hypoluxo Road #B Lantana, FL 33462 Business Description: Seabreeze Roofing & Sheet Metal is a licensed and insured Florida roofing contractor and general contractor specializing in roof repair and replacement for residential and commercial properties. The company is based in Boynton Beach, Florida, and serves Boynton Beach, West Palm Beach, and communities across Palm Beach County. Its services include roof leak repairs, home and commercial roof replacement, roof maintenance, and solar panel installation. Chapter 11 Petition Date: June 26, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-18450 Debtor's Counsel: John E. Page, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr., Suite 300 Boca Raton, FL 33431 Tel: 561 443 0800 E-mail: jpage@slp.law Total Assets: $368,146 Total Liabilities: $4,187,299 The petition was signed by Jacintho J. Carreiro 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/XAWG2CI/Seabreeze_Roofing__Sheet_Metal__flsbke-26-18450__0001.0.pdf?mcid=tGE4TAMA SHALOM GERIATRIC: Kansas City Plans to Put Co. in Receivership -------------------------------------------------------------- The Kansas City Jewish Chronicle reports that the abandoned former Shalom Geriatric Center property at 7801 Holmes Road has become the focus of renewed concern as Kansas City weighs possible receivership to address years of neglect. Local residents have complained that the vacant structure has become a magnet for trespassers and illegal activity, creating health and safety issues for the surrounding neighborhood. The facility served as the predecessor to Village Shalom, which relocated to Overland Park in 2000 and sold the Holmes Road property. Since then, subsequent owners have failed to maintain the building, allowing it to deteriorate significantly despite ongoing redevelopment efforts in the nearby Waldo area, the report states. City officials are evaluating whether the property qualifies for action under the dangerous buildings code, including the possible appointment of a receiver to oversee rehabilitation or sale. The situation echoes the city's earlier handling of the former Jewish Community Center property, which ultimately ended in demolition after prolonged deterioration, according to report. About Shalom Geriatric Center Shalom Geriatric Center was a Missouri-based nonprofit operator of skilled nursing and elder care services serving the Kansas City metropolitan area. Following its relocation to Overland Park in 2000 as Village Shalom, the former care facility ceased operations and the property changed ownership. The former nursing home building has remained vacant for years, with nearby residents describing it as a source of neighborhood blight because of trespassing, litter, and deteriorating structural conditions. The property has become a growing concern for surrounding businesses and homeowners. SHERMANS MOTEL: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On June 24, 2026, Shermans Motel LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $500,000 and $1 million in debt owed to 1–49 creditors. A meeting of creditors filed by the Office of the United States Trustee under 341(a) to be held on July 20, 2026 at 01:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About Shermans Motel LLC Shermans Motel LLC is a Brooklyn, New York-based real estate investment and hospitality property leasing company. The company is engaged in owning and leasing hospitality-related real estate assets, including motel and lodging properties. Shermans Motel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43100) on June 24, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $500,000 to $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Charles Wertman, Esq. of Law Offices of Charles Wertman P.C. SHIFT4 PAYMENTS: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed Shift4 Payments, Inc.'s (Shift4) corporate family rating of Ba3 and probability of default rating of Ba3-PD. Moody's also affirmed the senior secured credit facilities of Shift4 Payments, LLC (which is a wholly owned subsidiary of Shift4) at Ba1 and rated the proposed senior secured first lien Term Loan B and proposed amended and extended senior secured first lien revolving credit facility Ba1. Simultaneously, Moody's downgraded the senior unsecured instrument ratings issued by Shift4 Payments, LLC one notch to B1 from Ba3. Shift4's Speculative Grade Liquidity Rating (SGL) remains SGL-1. The outlooks of Shift4 Payments, Inc. and Shift4 Payments, LLC remain stable. Shift4 intends to use the net proceeds of the TLB to prefund repayment of convertible notes due August 2027 and for general corporate purposes, enhancing the company's liquidity position and providing an additional buffer to geopolitical uncertainty. The affirmation of the CFR reflects that while Moody's now expects debt to EBITDA (Moody's adjusted) to remain above 4x in 2026 this is due in part to temporary effects of the Middle East conflict that will likely abate and support a decline in leverage to below 4x in 2027. Additionally, in 2025 Shift4 articulated an explicit net leverage target, supporting its financial policy commitment. Finally, in Q1 2026 Shift4 eliminated its dual class voting structure, enhancing its governance profile. While the company's Board authorized a new $1 billion share repurchase program in Q4 2025, buyback amounts have been measured, and Moody's expects the company to prudently manage its liquidity and overall leverage profile. The downgrade of the unsecured instrument ratings reflects the change in the capital structure with the prospective repayment of the convertible notes, which do not benefit from subsidiary guarantees that the company's unsecured notes enjoy. RATINGS RATIONALE Shift4's Ba3 CFR reflects the company's market position, robust growth profile, increasing scale and improved diversification. This is balanced by exposure to consumer discretionary spending, which can be cyclical, as well as a financial policy favoring acquisitions and shareholder returns. While leveraging, the acquisition of Global Blue Group Holdings AG (Global Blue) in early Q3 2025 further enhances Shift4's end market and geographic diversification and its strategic expansion into key verticals, consistent with its overall acquisition and expansion strategy. While Shift4 only recently articulated its leverage target, the company has a track record of steadily reducing its leverage while continuing to fund organic growth and acquisitions that have led to greater scale and increased diversification. The senior first lien secured facilities are rated Ba1, two notches above the CFR, reflecting their preferential access to realization proceeds as well as loss absorption provided by junior ranking unsecured notes. The Ba1 rating reflects a one notch override because the security package is provided by domestic subsidiaries and there is material value in foreign subsidiaries that do not provide guarantees. The senior unsecured notes are rated B1, one notch below the CFR, reflecting the mix of secured and unsecured debt in the capital structure. Shift4's SGL-1 rating reflects Moody's assessments of a very strong liquidity profile supported by Moody's expectations of continued free cash flow generation over the next 12 to 15 months. The company had available cash balances of more than $470 million at March 31, 2026. Liquidity is further supported by Shift4's undrawn $550 million senior first lien secured revolving credit facility as proposed. In addition, the company has a moderate degree of unencumbered foreign assets. The stable outlook reflects Moody's expectations of mid- to high teens revenue growth and a low 20% EBITDA margin resulting in debt to EBITDA (Moody's adjusted) of around 4x or below over the next 12-18 months. Additionally, Moody's expects Shift4 to generate around $550 million in average annual free cash flow, around 11% to 12% of percentage of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Shift4 maintains a more conservative financial policy. The ratings could also be upgraded if the company's scale increases materially. Ratings could also be upgraded if Shift4's leverage approaches 3x on a sustained basis. The ratings could be downgraded if debt to EBITDA is expected to be sustained above 4x on more than a temporary basis. The ratings could also be downgraded if Shift4's revenue growth were to decelerate or if its adjusted EBITDA margin were to contract from current levels. Ratings could also be downgraded if liquidity degrades. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Shift4 (NYSE:FOUR) is an integrated payment processing and technology solutions provider serving over 300,000 customers, in the United States and internationally. Revenue for the LTM period ended March 31, 2026 was about $4.5 billion. SHIV POOJA: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Shiv Pooja, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral based on its 13-week budget through the final hearing, with aggregate weekly disbursements capped at $31,000 and a 10% variance allowed for individual budget items. The budget projects approximately $248,000 in revenue, $227,413 in expenses, and net positive cash flow of about $20,587, increasing cash balances from $18,000 at the start of the period to approximately $38,587 by the end. The interim order prohibits the Debtor from paying pre-petition debts, except authorized adequate protection payments, and from disbursing professional fee reserves without court approval. The Debtor's principal secured creditors are the U.S. Small Business Administration and The Bancorp Bank, N.A. The SBA holds a UCC filing covering broad categories of personal property collateral and is owed approximately $138,000. Meanwhile, Bancorp asserts a secured claim supported by loan documents and a UCC financing statement. A payment statement reflects a principal balance of approximately $2.74 million, with a total amount due of approximately $38,712 as of April. The Debtor believes Bancorp is protected by a substantial equity cushion. Based on the appraised value of $3.44 million and Bancorp's reported loan balance of approximately $2.74 million, the Debtor estimates a value cushion of roughly $701,632 before accounting for junior liens, fees, costs, or other adjustments. As adequate protection, Bancorp and the SBA will receive monthly payments of $10,000 and $731, respectively. In addition, creditors holding properly perfected pre-petition liens will be granted replacement liens on post-petition collateral to the extent of any actual diminution in value caused by the Debtor's use of cash collateral. The replacement liens do not apply to Chapter 5 avoidance actions and related proceeds. The order is available at http://bankrupt.com/misc/ShivPooja_ICCOrder.pdf A final hearing is scheduled for July 16. Shiv Pooja owns and operates a 59-room Days Inn hotel located at 9897 Main Street in Whitmore Lake, Michigan. The property includes the real estate, hotel improvements, furniture, fixtures, equipment, inventory, accounts, receivables, and other operating assets. Amenities include an indoor pool, breakfast area, guest laundry facilities, meeting space, and parking. A November 2025 Colliers appraisal valued the hotel as a going concern at $3.44 million, allocating $3.17 million to real property and improvements and $270,000 to furniture, fixtures, and equipment. The appraisal also noted an ongoing $300,000 property improvement plan, with approximately $30,000 of work remaining. For interim purposes only, the Debtor treats all hotel operating revenues, including room receipts, credit-card receivables, accounts, deposit accounts, and other income streams, as alleged cash collateral. 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. SHORELINE JUNK: Unsecureds to Split $40K Dividend in Plan --------------------------------------------------------- Shoreline Junk and Haul, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Florida an Amended Plan of Reorganization dated June 18, 2026. The Debtor operates a junk hauling business out of Panama City, Florida. The Debtor began operations in 2024 and was able to expand its business through "boots on the ground" marketing. During the second half of 2025, the Debtor was advised that merchant cash advance loans ("MCA") would help grow the business. Unfortunately, due to the high interest rates of the MCA loans, the Debtor was quickly losing its cash position. While the Debtor has experienced financial issues, the Debtor strongly believes there is a path to a successful reorganization in this case. The Plan will be funded by the Debtor's ongoing business operations. This Plan of Reorganization proposes to pay creditors of the Debtor from the Debtor’s continued operations. The manager of the Debtor, Phillip Leconte, will remain in that role postconfirmation. This Plan provides for the payment of 3 classes of secured claims, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 4 consists of General Unsecured claims. Class 4 Claimants shall receive a total dividend of $40,000.00 paid pro-rata amongst the creditors in this class. Installment payments (to be disbursed pro rata) in the amount of $2,000.00 shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue every ninety days thereafter for a total of twenty payments. Total claim amounts held by the creditors include Lifetime Funding ($26,373.34); Funding Metrics, LLC ($116,083.28); Specialty Capital, LLC ($57,525.00); American Express National Bank ($32,411.68); and National Credit Services ($0.00). Class 4 is impaired. Class 5 consists of Equity Security Holder Philip Leconte. Post confirmation, the equity security holder will continue to receive his salary. He will retain his ownership interest. The Debtor shall fund its Plan from its continued operations. Unless otherwise ordered by the Court, the Debtor will make the payments under this Plan, rather than the Subchapter V Trustee. A full-text copy of the Amended Plan dated June 18, 2026 is available at https://urlcurt.com/u?l=BLHFif from PacerMonitor.com at no charge. Counsel to the Debtor: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About Shoreline Junk and Haul LLC Shoreline Junk and Haul, LLC, operates a junk hauling business out of Panama City, Florida. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No. 26-50043) on Feb. 26, 2026, listing under $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Bruner Wright, PA, as counsel, and Professional Management Systems, Inc. as accountant. SIDE YARD: Court Confirms Amended Subchapter V Plan --------------------------------------------------- Judge J. Barrett Marum of the U.S. Bankruptcy Court for the Southern District of California confirmed Side Yard Public House, Inc. and Milovan, Inc.'s Amended Subchapter V Plan dated March 6, 2026. In June 2020, Milovan obtained a loan from the the U.S. Small Business Administration ("SBA") in the amount of $150,000, through the COVID-19 Economic Injury Disaster Loan program ("COVID EIDL"). The SBA subsequently increased the amount of the loan to Milovan three times, to $500,000 in September 2021, then to $598,700 in December 2021, and finally to $780,900 in January 2022, which was balance of the COVID EIDL on the date of petition. Milovan scheduled the COVID EIDL on its Schedule D in the amount of $780,900, and stated that the claim was secured by all Milovan assets other than ABC licenses. The Debtor noted that the value of collateral supporting the SBA claim was $101,514.51. The SBA subsequently filed a proof of claim in the Milovan case, which stated the claim in the amount of $899,796.32 at a 3.75% interest rate, secured by Milovan's personal property via a security agreement and UCC-1 Financing Statement. The Debtors' Plan that the Court ultimately confirmed classified the SBA secured claim into two sub-classes: Class 2A as a secured claim against Side Yard's office furniture in the total amount of $53,500 and Class 2C as a secured claim against Milovan in the total amount of $101,514.51. The Plan provided that both secured claims would be paid on quarterly basis in certain sums until paid in full. And the Plan further provided that the unsecured portion of the SBA claim against Milovan, in the amount of $744,781.81, would be treated as a Class 3B claim, or part of the unsecured creditor class to be paid pro rata with all other unsecured creditors on a quarterly basis. The Plan provided that all three of these classes were impaired, thus on its face entitling the SBA to cast ballots. Given the SBA's treatment under the Plan, the SBA's balloting was a critical component on whether the Court confirmed the Plan on a consensual or a non-consensual basis. The SBA submitted written ballots in favor of the Plan. Based on these ballots, which the Court deemed appropriately cast consistent with the provisions of the Bankruptcy Code, and the ballots cast by other creditors, the Court confirmed the Debtors' Subchapter V plan on a consensual basis pursuant to 11 U.S.C. Sec. 1191(a). As shared by the Troubled Company Reporter, the Debtors filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated February 11, 2026. The Debtors operate from 10326 Meadow Glen Way E, Escondido, CA 92026 ("Premises"). Side Yard operates an outdoor bar and restaurant. Milovan operates a market, deli, and coffee shop. Alex Petric purchased the Premises in 1984 and constructed the building in 1986. From 1987 to 2006, Alex operated the Premises as a deli and market. From 2006 to 2016, Alex leased the Premises to third party tenants. Since then, Alex has operated the deli and market from the Premises. Since 2023, Side Yard has seen its sales grow between 5% to 10% year over year. To facilitate this growth, in or around 2023, Side Yard obtained a merchant cash advance (MCA) from Suncoast Funding Group. Under the MCA, Suncoast "purchased" $48,410 of Side Yard's "receivables" for $33,000. The MCA was initially repayable with weekly payments of $1,732.50, which implies a repayment term of 28 weeks (or about 6.5 months). In other words, the MCA implies an effective interest rate of 86% per annum ($48,410 repaid on $33,000 principal over 6.5 months). Side Yard contends that the MCA is a disguised loan, which is secured by a first priority UCC-1 lien against all of Side Yard's assets. Side Yard also contends that the MCA is usurious under California law. Prior to the Petition Date, Side Yard repaid $19,063 to Suncoast on the MCA. This Plan has a 60-month term which ends on December 31, 2030. Over this term, Side Yard will have $437,168.87 in projected disposable income. And Milovan will have $313,518.61 in projected disposable income. Under the Plan, Side Yard proposes to pay $443,100.00 to creditors. A table summarizing Side Yard's projected plan payments to creditors is attached hereto as Exhibit 4A. Under the Plan, Milovan proposes to pay $314,000.00. Plan payments will be paid on a quarterly basis with each quarterly payment due not later than the last day of each calendar quarter (i.e., March 31, June 30, September 30, and December 31). This Plan of Reorganization proposes to pay creditors of Debtors from disposable operating income from normal business operations. Overall, the Plan projects to pay a 12.4% distribution to general unsecured creditors. With respect to each class of creditors, the Plan provides as follows: * The Plan provides for the payment of administrative expense claims in full by 1Q'27, and payment of priority tax claims in full (with applicable legal interest) by 3Q'28. * The Plan provides for the payment of $72,000.00 total to general unsecured claims from 4Q'29 to 4Q'30, which shall be distributed pro rata to holders of allowed general unsecured claims. Class 3A consists of General Unsecured Claims against Side Yard. Each allowed Class 3A claim shall receive a pro rata distribution of a quarterly payment in the amount of $25,000 in 4Q'30. Milovan's bankruptcy estate will receive a pro rata distribution on account of Milovan's Class 3A claim, and which will be distributed to Milovan's general unsecured creditors holding Class 3B claims. The allowed unsecured claims total $477,339.22. Class 3B consists of General Unsecured Claims against Milovan. Each allowed Class 3B claim shall receive a pro rata distribution of (1) equal quarterly payments in the amount of $12,000.00 in 1Q'30 and 2Q'30, and (2) equal quarterly payments in the amount of $21,000.00 in 3Q'30 and 4Q'30. The allowed unsecured claims total $1,098,980.97. The Plan will be funded with the following: (i) the Debtors' cash on hand, (ii) the Debtors' protected disposable income over a period of sixty months, and (iii) the Debtors' pursuit of other estate claims and causes of action, if any. After the Effective Date, the Debtors shall each be known as a "Reorganized Debtor" and, collectively, the "Reorganized Debtors." The managing member of the Debtors, Shari Nickelson, will remain as the sole managing member of the Reorganized Debtors. A full-text copy of the Plan of Reorganization dated Feb. 11, 2026 is available at https://urlcurt.com/u?l=Cob6SV from PacerMonitor.com at no charge. Counsel to the Debtor: Donald W. Reid, Esq. Law Office Of Donald W. Reid PO Box 2227 Fallbrook, CA 92088 Tel: (951) 777-2460 E-mail: don@donreidlaw.com A copy of the Court's Memorandum Decision dated June 23, 2026, is available at https://urlcurt.com/u?l=Bg8cXl from PacerMonitor.com. About Side Yard Public House Side Yard Public House, Inc., operates an outdoor restaurant and bar at 10326 Meadow Glen Way E, Escondido, CA 92026. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04126-JBM11) on Oct. 2, 2025. In the petition signed by Shari Nickelson, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Barrett Marum oversees the case. Donald Reid, at Law Office of Donald W. Reid, is the Debtor's legal counsel. SILVER STAR: BSPRT CRE, et al., Case Referred to Bankruptcy Court ----------------------------------------------------------------- Judge Mark T. Pittman of the U.S. District Court for the Northern District of Texas, Forth Worth Division, granted the motion of Silver Star Properties REIT, Inc., et al. to refer the case captioned as SILVER STAR PROPERTIES REIT, INC., ET AL., Plaintiffs, v. BSPRT CRE FINANCE LLC., ET AL., Defendants, Case No. 4:26-cv-00662-P (N.D. Tex.) to the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, pursuant to 28 U.S.C. Sec. 157(a). According to the District Court, the outcome of this case could conceivably have an effect on an estate in an ongoing bankruptcy matter, which favors referral. Plaintiff alleges various claims against Defendant involving loans, default judgments, and other monetary issues that will conceivably have an effect on the estate being administered in bankruptcy. Thus, the conceivable effect standard is met. Referral is also preferred for judicial economy. Judge Pittman explains, "The Bankruptcy Court is charged with handling the Debtor's estate. Litigating in two separate courts would invite duplicative discovery, inconsistent rulings, and forum-fragmentation between proceedings that are factually and economically inseparable. Referral eliminates that risk. Further, the Bankruptcy Court is well-equipped to consider Defendants' other pending Motion for Permissive Abstention and Equitable Remand. Referral does not foreclose any of Defendants' claims, but places them in a Court well-equipped to evaluate those claims." A copy of the Court's Opinion & Order dated June 22, 2026, is available at https://urlcurt.com/u?l=OY8UFE from PacerMonitor.com. About Silver Star Properties REIT Silver Star Properties REIT, Inc. is a real estate investment company which previously qualified as a Real Estate Investment Trust (REIT). The company owns a commercial retail property at 17211 North Freeway in Houston, a 0.709-acre retail pad site. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex., Case No. 26-42316) on May 28, 2026. In its petition, the Debtor reported between $1,553,588 in total assets and $74,996,073 total liabilities. Honorable Bankruptcy Judge Mark X. Mullin handles the case. Robert T DeMarco, Esq., at DEMARCO MITCHELL, PLLC, is the Debtor's legal counsel. SIMAD HOLDINGS: Court OKs Bid Rules for Summer Camp Asset Sale -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has granted Simad Holdings Ltd. and its affiliates to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors own and operate summer camps that generally operate from June through August. With the summer season in full swing—and many campers showing up this week—the unique circumstances of the chapter 11 cases justify the expedited timeline contemplated by the Motion and the Bidding Procedures. The SIMAD Debtors need a transaction partner or partners in order to obtain commitments from parents and campers for the 2027 season. Only an expedited sale process—with bids due in mid-July and a hearing to approve a sale transaction or transactions in early August—can provide the required level of assurance. In light of the foregoing, the SIMAD Debtors believe that a drawn-out and protracted sale process would be value-destructive for the SIMAD Debtors, their estates, campers, and all other stakeholders. The SIMAD Debtors propose an expeditious and flexible bidding and sale process to offer all, substantially all, or any portion of their assets related to the summer camp business (Assets) for sale to the highest or otherwise best bidder or bidders in any number of combinations and quantities. The Court has authorized the Debtors to conduct bidding for the sale of substantially all Assets. The SIMAD Debtors have articulated good and sufficient reasons for authorizing and approving the Bidding Procedures, which are fair, reasonable, and appropriate under the circumstances and designed to maximize the recovery on, and realizable value of the SIMAD Debtors' estates. On July 17, 2026, at 4:00 p.m. prevailing Eastern Time, is the deadline by which all Bids must be actually received by the parties specified in the Bidding Procedures. In the event that the SIMAD Debtors enter into a Stalking Horse Agreement(s) with one or more Stalking Horse Bidder(s), on or before July 9, 2026 at 4:00 p.m., prevailing Eastern Time, the SIMAD Debtors shall file with the Court and serve a copy of the Stalking Horse Notice(s) on the Stalking Horse Bidder(s). The date and time of the Auction(s), if needed, is July 28, 2026, at 10:00 a.m. prevailing Eastern Time, which time may be extended by the SIMAD Debtors upon written notice to the Court. If any party fails to timely file with the Court and serve an objection by the Sale Objection Deadline or otherwise abide by the procedures set forth in the Bidding Procedures regarding an objection to any Sale Transaction(s), such party shall be barred from asserting, at the Sale Hearing or otherwise, any objection to the relief requested in the Motion or to the consummation and performance of any Sale Transaction(s). August 4, 2026 at 1:00 p.m., prevailing Eastern Time, or as soon as the SIMAD Debtors may be heard, is the date and time for the hearing for the Court to consider the Successful Bid(s), if needed. About SIMAD Holdings Ltd. SIMAD Holdings, Ltd. owns and operates a portfolio of 30-day and sleepaway summer camps located primarily in the eastern United States, including New Jersey, New York, Maine, and Pennsylvania. Operating in the summer camp sector since 2006, the company's camps generally run from June through August and enroll approximately 20,500 children annually. SIMAD's camps offer programs across sports, academics, arts, technology, and religion, with each camp separately branded and independently operated through its own management, staff, accounting, and operational infrastructure. SIMAD Holdings and 57 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-16388) on June 4, 2026. On June 5, 2026, four more affiliates filed Chapter 11 petitions: One Canal Place Leasing, LLC, One Canal Place Real Estate, LLC, Quadstar Realty, LLC and Mohawk Country Day School, Inc. The cases are jointly administered under Case No. 26-16388. In the petition signed by Assaf Ravid, chief restructuring officer, SIMAD Holdings disclosed up to $500 million in assets and up to $1 billion in liabilities. Judge Christine M. Gravelle oversees the cases. The Debtors tapped Cole Schotz, PC as restructuring and bankruptcy counsel; B. Riley Securities, Inc. as financial advisor and investment banker; and Kroll Restructuring Administration, LLC as claims, notice, solicitation, balloting, and administrative agent. SIMAD HOLDINGS: Seeks OK For $180M Financing in Chapter 11 Cases ---------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that bankrupt summer camp operator SIMAD Holdings Ltd. is seeking court approval of a debtor-in-possession financing package worth up to $180 million from its existing bondholders to fund its Chapter 11 restructuring. According to court filings, the financing will enable the company to continue operating its network of 30 U.S. summer camps and manage its real estate holdings while meeting ongoing business obligations throughout the bankruptcy process. SIMAD said the DIP facility is critical to preserving enterprise value, maintaining uninterrupted operations and supporting efforts to reorganize for the benefit of creditors and other stakeholders. About SIMAD Holdings LLC SIMAD Holdings LLC company operates a portfolio of camp and recreational facilities that provide seasonal educational and outdoor experiences for children and young adults. SIMAD Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-16515) on June 4, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. SISTERS OF ST. ANN: Seeks to Sell School Assets to Highest Bid -------------------------------------------------------------- The Sisters of St. Ann d/b/a Anna Maria College seeks permission from the U.S. Bankruptcy Court for the District of Massachusetts, Central Division, to sell substantially all Assets to the highest bid, free and clear of liens, claims, interests, and encumbrances. The Debtor's primary financial focus in the Chapter 11 Case is to monetize its assets through a process that initially involves a broker-driven marketing effort regarding its real estate assets, culminating in a call for offers to establish the universe of interested purchasers, for all or certain portions of the Debtor's real estate. The Debtor is a non-profit corporation organized under the laws of the Commonwealth of Massachusetts, formally known as The Sisters of Saint Ann d/b/a Anna Maria College, a private Catholic institution of higher education located in the Town of Paxton, Worcester County, Massachusetts. The College's campus is situated at 50 Sunset Lane, Paxton, Massachusetts 01612 and consists of approximately 261.75 acres, including 17 buildings totaling approximately 300,622 square feet of gross building area, the value of which, according to a recent appraisal prepared by BBG, Inc. dated January 7, 2025, has substantial value above the secured debt. The property is zoned GRB (General Residence District B) under the Town of Paxton’s zoning regulations and operates as an educational institution by special permit. The College was founded in 1946 by the Sisters of Saint Ann under a charter granted in 1887 by the Commonwealth of Massachusetts. Originally a women's college, the College opened its doors in September 1946 to its first freshman class. The College moved to its current campus in Paxton, Massachusetts in 1951, and became accredited by the New England Association of Schools and Colleges (now known as the New England Commission of Higher Education, or "NECHE") in 1955. The College has suffered from a convergence of factors negatively impacting higher education nationwide. Without ongoing operations and as it winds-down its non-profit entity, the Debtor has determined that the best means of maximizing value of its portfolio of real estate and Campus for the benefit of its estate and creditors is to pursue a Sale with Court supervision of substantially all of the Sale Assets in order to realize what current indications suggest is substantial equity in its real property and other Sale Assets Details and description of the Debtor's Properties are also provided. https://urlcurt.com/u?l=dyj0SN Prior to the Petition Date, the Debtor obtained funding on a secured basis from Citizens Funding Corp., a New Hampshire corporation (Purchaser), and Citizens Bank, N.A., a national banking association, as disbursing agent. Given the College's limited liquidity, its complex debt stack, the substantial regulatory overlay and, importantly, the appraisal-based view that there is substantial value to be realized for the benefit of all constituents, the College seeks this Court's authority to undertake a sale process that is both expeditious and value maximizing, with the consent of the Prepetition Secured Creditor and in compliance with the terms required of the DIP Lender. The Debtor intends to solicit bids from all interested parties for all or some of the Sale Assets through the Sale Procedures and to select the party or parties submitting the highest and best bid(s) for all or some of the Sale Assets. The Debtor reserves the right, however, to designate one or more stalking horse bidders and enter into an asset purchase agreement with such party prior to the Auction, subject to Court approval. In the event the Debtor seeks to designate a stalking horse bidder for substantially all of the Sale Assets, or several stalking horse bidders for different subsets of the Sale Assets, the Debtor will file supplemental papers with the Bankruptcy Court seeking approval of any such stalking horse arrangement, including any proposed bid protections (such as a breakup fee and/or expense reimbursement), on notice to all parties in interest. The Debtor retains Kelleher & Sadowsky Associates, Inc. as real estate broker. The Debtor requests that the Court schedule the Sale Hearing on October 30, 2026. The Debtor will seek Court approval of the Sale to the Successful Bidder(s), free and clear of all liens, claims, interests, and encumbrances. About The Sisters of Saint Ann, Inc. d/b/a Anna Maria Co The Debtor is a non-profit corporation organized under the laws of the Commonwealth of Massachusetts, formally known as The Sisters of Saint Ann d/b/a Anna Maria College, a private Catholic institution of higher education located in the Town of Paxton, Worcester County, Massachusetts. Sisters of Saint Ann sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.D.Mass. Case No. 26-40758) on June 26, 2026. John J. Monaghan at Holland & Knight, represents the Debtor as legal counsel. SLEEP NUMBER: Taps Kroll Restructuring as Claims and Noticing Agent ------------------------------------------------------------------- Sleep Number Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Kroll Restructuring Administration LLC as claims and noticing agent. Kroll will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Kroll received an advance payment of $50,000 from the Debtors. Benjamin Steele, a managing director at Kroll, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin Steele Kroll Restructuring Administration LLC 55 East 52nd Street, 17th Floor New York, NY 10055 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. SMITHFIELD FOODS: Moody's Alters Outlook on 'Ba1' CFR to Positive ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of Smithfield Foods, Inc. ("Smithfield"), including the Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and the Ba1 rating on the company's senior unsecured global notes. Moody's revised the outlook to positive from stable. The outlook change to positive from stable reflects Smithfield's continued focus on reducing its earnings volatility through pork cycles and maintaining a conservative financial policy. Smithfield's ongoing transformation of its business mix including the rationalization and reform of its hog production operations, and continued investment to grow the packaged meats business is intended to reduce exposure to protein cycles, lower earnings volatility, and improve through-cycle profitability. The company is making good progress toward its targeted reduction in annual hog production, with volumes declining by approximately 37% from the 2019 baseline. Smithfield is also increasing hog production profitability through actions such as genetics that improve diseases resistance and sow productivity. In parallel, Smithfield continues to grow its higher-margin, more stable packaged meats segment, which is less exposed to commodity market volatility. Smithfield has a conservative leverage target and Moody's expects the company's debt-to-EBITDA leverage to remain below 2x over the next 12 to 18 months. Moody's affirmed the ratings because cost inflation such as for freight, resin-based packing, and transportation, and the company's predominant focus on a single protein (pork) create the potential for volatility in EBITDA and operating cash flow over the next 12 to 18 months. While operating profits have been somewhat less volatile than in prior periods, cyclicality remains inherent in the business. Moody's will continue to assess Smithfield's ability to expand margins, reduce earnings volatility and maintain low leverage as it enters into a multi-year period of heavy capital spending to develop the new Sioux Falls facility that is likely to contribute to negative free cash flow over the next few years. RATINGS RATIONALE Smithfield's Ba1 CFR reflects its large scale and strong market position in North American hog production, fresh pork, and value-added packaged pork products. The rating is also supported by the company's good liquidity and positive long-term fundamentals for the pork industry from growing global demand for protein. These strengths are balanced against high earnings volatility inherent in the protein processing industry and the company's predominant protein focus on pork. Cyclical protein market swings, high capital spending, working capital needs, and a recurring dividend create volatility in free cash flow. Smithfield's focus on growing its packaged meats operations has improved the company's profitability. The company is in the midst of a multi-year reduction of the size of its hog herd through outsourcing, though hog production will still represent approximately one-third of Smithfield's protein supply to its Fresh Pork segment when the company hits its medium term target of less than 10 million heads produced annually. Volatility in hog production earnings continue to lead to some overall variability in Smithfield's earnings, but the company is implementing reforms to improve productivity in the hog production business to reduce that volatility. Moody's anticipates that management's cost savings initiatives combined with continued favorable grain costs will lead to debt-to EBITDA leverage remaining around 2x or below (incorporating Moody's adjustments) in the next 12 to 18 months. Smithfield's financial policy is to have a limit on net debt-to-EBITDA of 2x (based on the company's calculation). Smithfield has good liquidity supported by $1.4 billion of cash as of March 29, 2026 and roughly $2.3 billion of unused capacity on $2.3 billion of committed facilities after factoring in borrowings and coverage of outstanding commercial paper. The facilities consist of a $2.1 billion senior unsecured revolver expiring February 2030 and a $225 million accounts receivable securitization facility that matures in 2027. The cash sources provide good coverage of the $600 million notes due in February 2027 and the $450 - $500 million Nathan's Famous acquisition scheduled to close in the second half of 2026. The maturity profile is otherwise good with the company's other senior unsecured notes maturing in 2029-2031. Smithfield generated $458 million in free cash flow in the 12 months ended March 29, 2026. Moody's forecasts free cash flow of approximately $270 million in fiscal 2026, followed by negative free cash flow of about $200 million in fiscal 2027, driven by a projected $500 million dividend and $1.1 billion in capital expenditures. Capital spending in fiscal 2027 is significantly higher than Moody's $500 million projection for fiscal 2026, reflecting spending on a $1 billion multi-year investment in a new Sioux Falls plant. This investment is expected to begin toward the end of fiscal 2026 through early 2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade could occur if Smithfield is able to maintain overall earnings stability, such as by continuing to grow its packaged meats and fresh pork business while reducing downside risk from its hog production operations, continue to improve the EBITDA margin, and generate consistent and comfortably positive free cash flow while maintaining good reinvestment. Smithfield would need to maintain conservative financial policies including debt/EBITDA sustained below 2.0x and strong liquidity comprised of a sizable cash balance and at least $1 billion of cash and undrawn committed multi-year bank facilities to be upgraded. The ratings could be downgraded if earnings decline due to factors such as cost inflation, a decline in demand for pork products relative to other proteins, trade disputes in key export markets, a disease outbreak or persistent pork supply and demand imbalance. Debt/EBITDA sustained above 2.5x or deterioration in liquidity could also contribute to a downgrade. The principal methodology used in these ratings was Protein and Agriculture published in October 2025. Smithfield's Ba1 CFR is three notches below the Baa1 scorecard indicated outcome. The three notch difference reflets the potential earnings volatility due to the heavy concentration of operating income in a single protein. Smithfield Foods, Inc., headquartered in Smithfield, Virginia, is one of the world's largest vertically integrated protein companies. Smithfield primarily focuses on pork through production, processing and packaged foods. Smithfield completed an initial public offering in January 2025. Smithfield's Hong Kong-based majority parent company, publicly-traded WH Group Limited, is an investment holding company that owns 87% of Smithfield along with 70.3% of publicly-traded Henan Shuanghui Investment & Development Co.,Ltd. (Shuanghui; SZSE: 000895), the largest pork processor in China. Smithfield's net revenue for the last 12 months ended March 29, 2026 totaled approximately $15.6 billion. SONORA HOLDINGS: Seeks Cash Collateral Access Thru Aug 30 --------------------------------------------------------- Sonora Holdings, LLC asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection, through August 30, 2026. The bankruptcy case was filed after financial difficulties related primarily to the maturity of a loan secured by the Debtor's Palm Springs property. Sonora owns two pieces of real estate: a commercial property located in Monrovia, California, and a single-family residence in Palm Springs, California. The Monrovia property generates the Debtor's only income through a tenant who pays monthly rent of $10,608. The Palm Springs property is occupied by company insider Gregory Mellinger, who pays no rent. The bankruptcy filing was prompted when the Palm Springs loan held by Newport Home Loan, Inc. matured and became fully due in early 2026, resulting in a scheduled foreclosure sale. Although Newport also holds a first deed of trust on the Monrovia property, that loan remains current and is not in default. Faced with an inability to refinance the maturing debt, reduce expenses sufficiently, or otherwise resolve its financial challenges, Sonora sought protection under Chapter 11. Newport is the Debtor's principal secured creditor and lender on both properties. The Monrovia property carries an outstanding loan balance of approximately $1.525 million, while the Palm Springs property has an outstanding balance of approximately $1.025 million. The loan documents for the Monrovia property grant Newport a security interest in the rental income generated by that property, making the monthly rent proceeds cash collateral under the Bankruptcy Code. Sonora states that, to its knowledge, no other creditor holds a perfected security interest in the cash collateral. Any other asserted liens would likely be unperfected and therefore treated as unsecured claims. The Debtor is not seeking to use rental income for general operations or discretionary spending. Instead, Sonora requests permission to continue using the Monrovia rental income solely to make the mortgage payments owed to Newport on the Monrovia loan. The monthly mortgage obligation is approximately $12,703, which exceeds the monthly rent by roughly $2,100. Prior to bankruptcy, the Debtor covered this shortfall through funds held in a reserve account maintained by Newport. The Debtor emphasizes that it has no other revenue sources and that any additional property-related expenses are either paid directly by the tenant under the lease or advanced by Gregory Mellinger from his personal resources. To protect Newport's interests, Sonora proposes granting replacement liens on post-petition collateral and post-petition proceeds that mirror Newport’s existing prepetition liens in validity, scope, and priority. Additionally, Newport would receive super-priority administrative expense claims that would rank ahead of virtually all other administrative claims if the lender suffers any decline in collateral value due to the Debtor's use of cash collateral. A hearing on the matter is set for June 30, 2026 at 1 p.m. A copy of the motion is available at https://urlcurt.com/u?l=CYQNHz from PacerMonitor.com. About Sonora Holdings LLC Sonora Holdings, LLC is privately held company whose principal assets are located at 1311 S Shamrock Ave. Monrovia, CA 91016. Sonora Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13400) on April 8, 2026. In the petition signed by Gregory Mellinger, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Leonard Pena, Esq., at Pena & Soma, APC represents the Debtor as counsel. SORRENTO THERAPEUTICS: M3, et al., Win Bid to Enforce Joint Plan ---------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas granted the motions of M3 Advisory Partners, LP, MIII Partners, L.P and Mohsin Y. Meghji; and David Weinhoffer, in his capacity as Liquidating Trustee of the Sorrento Therapeutics, Inc. et al., Liquidating Trust, to enforce the Debtor's plan of reorganization. Prior to filing their voluntary petitions, the Debtors retained M3 Advisory Partners, LP ("M3") as Financial Advisor and appointed Mohsin Y. Meghji ("Mr. Meghji") as their Chief Restructuring Officer ("CRO"). On April 10, 2023, the United States Trustee appointed the Official Committee of Equity Security Holders, which was subsequently reconstituted on April 14, 2023 (the "Equity Committee"). On October 11, 2023, the Debtors filed their Joint Plan of Liquidation of Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., Under Chapter 11 of the Bankruptcy Code. On November 16, 2023, the Debtors filed the Modified Joint Plan of Liquidation of Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., Under Chapter 11 of the Bankruptcy Code. On November 30, 2023, the Court held the Combined Hearing and entered the Order Approving the Debtors' Disclosure Statement and Confirming Modified Joint Plan of Liquidation of Sorrento Therapeutics, Inc. and Scintilla Pharmaceuticals, Inc. under Chapter 11 of the Bankruptcy Code, which the Court subsequently modified on December 13, 2023 (the "Confirmation Order"). THE CALIFORNIA PLAINTIFFS' LAWSUIT AND RELEVANT ALLEGATIONS On April 3, 2026, putative plaintiffs Ethan Mevi, Enrique Curbello, Bruce Bradley, Michael Broome, Cynthia Broome, Aladdin Asfour, Kyle Hodes, Jennifer Hodes, Alexander Espalin, Moayad Altahhan, Shawn Franz, Leo Kishko, and AC Choudhury (the "California Plaintiffs") filed a complaint (the "Complaint") in the United States District Court for the Southern District of California (the "California District Court"), naming M3, MIII Partners, L.P. ("MIII"), and Mr. Meghji (the "M3 Movants"), among others, as defendants. Each of the California Plaintiffs are noncontrolling shareholders of Sorrento. Certain plaintiffs were also noncontrolling shareholders of non-debtor entities associated with Sorrento. In addition to being a noncontrolling shareholder of Sorrento, Mr. Espalin was also a purported creditor of the company. The Complaint asserts the following six counts: i) Count I: Racketeering Included Corrupt Organizations Act ("RICO"), under 18 U.S.C. Sec. 1962(c) against Henri Ji ("Mr. Ji"), M3, MIII, Mr. Meghji, and Jackson Walker, LLP; ii) Count II: Conspiracy to Violate RICO under 18 U.S.C. Sec. 1962(d) against Mr. Ji, M3, MIII, Mr. Meghji, and Jackson Walker, LLP; iii) Count III: Breach of Fiduciary Duty against Mr. Ji as de facto controlling shareholder, Chairman of the Board and Chief Executive Officer of Sorrento and as Executive Chairman, Chief Executive Officer and President of non-debtors Scilex Holding Company and Semnur Pharmaceuticals, Inc.; iv) Count IV: Aiding and Abetting Breach of Fiduciary Duty against M3, MIII, Mr. Meghji, Jackson Walker, LLP, Scilex Holding Company and Semnur Pharmaceuticals, Inc.; v) Count V: Violation of California Penal Code Sec. 496 against Mr. Ji, M3, MIII, Vivasor Holding Company, Scilex Holding Company and Semnur Pharmaceuticals, Inc.; and vi) Count VI: Breach of Fiduciary Duty against individual directors Dorman Followwill, Kim D. Janda, David Lemus, Tammy Reilly, Jaisim Shah, Yue Alexander Wu, and Stephen Ma. The California Plaintiffs refer to Counts I and II as the "RICO Claims," Counts III, IV, and VI as the "Fiduciary Duty Claims," and Count V as the "California Penal Code Claim." The California Plaintiffs' RICO, Fiduciary Duty, and California Penal Code Claims arise out of allegations estate professionals and others were substantively involved in a widespread conspiracy to promote this Court as a prominent jurisdiction for large corporate bankruptcy filings, whereby those parties allegedly positioned themselves to facilitate extrajudicial communication and decision-making between estate professionals -- including certain attorneys at Jackson Walker, namely, for a period of time, Ms. Freeman -- and an ethically compromised Bankruptcy Court, utilizing the Sorrento debtor and the Court itself as supposed "RICO enterprises" which ultimately resulted in direct harm to Sorrento shareholders through the alleged pillaging of estate assets by professionals, the alleged fire sale of the company for pennies on the dollar, and the diminution in the value of equity. The Complaint (which conveniently omits any claims against general bankruptcy counsel, focusing instead on local counsel and other estate fiduciaries) alleges estate professionals intentionally guided Sorrento into an unnecessary bankruptcy filing before this Court, with jurisdiction having been fraudulently manufactured through Scintilla's The Woodlands, Texas post office box and bank account having been opened just days before the filing, despite Scintilla having no business operations or connections to Texas at the time. The Complaint also alleges the M3 Movants took inappropriate actions regarding the substance and procedure of the Sorrento bankruptcy itself, including inter alia Mr. Meghji making numerous false statements under oath, either in sworn declarations or by live testimony at various junctures post-petition, post-confirmation, and post-Effective Date; failing to consult with Sorrento's Chief Financial Officer during the proceeding, despite her extensive experience in the biopharmaceutical industry; terminating her nearly eight months into the proceedings, which ultimately lead to the lapse in Sorrento's status as a publicly traded company; inappropriately denying stakeholders access to data-room privileges, preventing interested parties from accurately valuing the company to propose a competing bid; slow playing approvals of nondisclosure agreements, which effectively enabled Mr. Ji to acquire the company's assets at a fire sale price; obstructing a potential shareholder rights offering proposed by representatives of the Equity Committee; and inappropriately blocking an alternative plan proposed by a Sorrento executive that would have funded the reorganization with deferred payment to professionals and no equity dilution. THE MOTIONS TO ENFORCE THE DEBTORS' PLAN OF REORGANIZATION On April 14, 2026, the M3 Movants filed their Motion to Enforce, seeking entry of a proposed order finding the California Plaintiffs' claims against the M3 Movants in the Complaint violate the Plan's Gatekeeping Provision, directing the California Plaintiffs to amend their Complaint and dismiss all claims in the Complaint against the M3 Movants pending their compliance with the Plan and the Gatekeeping Provision, and imposing attorneys' fees and costs against the California Plaintiffs to adequately compensate the M3 Movants for their costs incurred in addressing the Complaint and filing the Motion to Enforce. According to the M3 Movants, this Court has jurisdiction over this matter post-Effective Date because a court has power and authority to interpret and enforce its own prior orders. In the Motion to Enforce, the M3 Movants argue the California Plaintiffs violated the Plan by suing the M3 Movants for conduct in the Debtors' bankruptcy proceedings without first requesting authorization from this Court to do so. The M3 Movants argue the California Plaintiffs' claims constitute Covered Claims brought against Protected Parties and their Related Persons within the meaning of the Plan. According to the M3 Movants, because the Breach of Fiduciary Duty and RICO Claims as plead allege the California Plaintiffs suffered indirect harms as a result of their relationship with the Debtors, those claims constitute derivative claims which were transferred to the Liquidation Trust under the Plan. Therefore, according to the M3 Movants, the California Plaintiffs lack standing to assert those Causes of Action against the M3 Movants. With respect to the California Penal Code Claim, the M3 Movants point out the Complaint fails to address how the M3 Movants would be liable under that theory. The M3 Movants also argue the California Plaintiffs do not and cannot assert any Causes of Action against Protected Parties for willful misconduct, gross negligence, criminal conduct, or fraud because no final order has been entered determining the M3 Movant's relevant conduct as amounting to such. On April 17, 2023, Liquidation Trustee David Weinhoffer filed a Joinder to the M3 Movants' Motion to Enforce (the "Motions to Enforce"), seeking entry of an order finding the California Plaintiffs' putative claims in the Complaint assert Causes of Action belonging exclusively to the Trust, which violates the ownership and exclusive control provisions of the Plan and Confirmation Order; directing the California Plaintiffs to dismiss with prejudice all claims in the Complaint as violative of the Plan and Confirmation Order; and imposing appropriate sanctions, including costs and attorneys' fees, against the California Plaintiffs to adequately compensate the Liquidation Trustee for expenses incurred in dismissal of the California Plaintiffs' Complaint. While the M3 Movants' motion is more so focused on dismissal of claims asserted against themselves, the Liquidation Trustee seeks dismissal of all Causes of Action currently asserted in the Complaint, on grounds those putative claims as plead belong exclusively to the Trust, and may only be pursued by the Liquidation Trustee. Much like the M3 Movants, the Liquidation Trustee takes the position that styling the Causes of Action as RICO, Breach of Fiduciary Duty, or California Penal Code Claims does not change the underlying injury complained of, and that here, the underlying injuries in the Complaint are ones indirectly suffered by equity as a result of direct harms to Sorrento.61 Accordingly, the Liquidation Trustee argues those claims are derivative liability claims which the California Plaintiffs could only ever bring on behalf of the Debtors', ownership of which was transferred from the Debtors to the Trust under the Plan. More plainly, the Liquidation Trustee also points out that breach of fiduciary duty claims were expressly transferred to the Trust under the Plan, in addition to derivative liability claims generally. The Liquidation Trustee also argues sanctions are appropriate here because the California Plaintiffs failed to voluntarily dismiss their Complaint after the Liquidation Trustee sent them a cease and desist letter advising they lacked authority to prosecute the as-plead claims under the Plan To the extent the Gatekeeping Provision is core or related-to and enforceable, the California Plaintiffs take the position that this Court's obligation is merely to determine whether their claims are colorable, and not to arrive at any summary disposition on the merits of their putative claims. The M3 Movants also reiterate their position the California Plaintiffs claims are not colorable under the Gatekeeping Provision because: (i) the Breach of Fiduciary Duty and RICO Claims against them are based on indirect liability, and there the California Plaintiffs lack standing to assert those claims; and (ii) the Complaint and California Penal Code Claim fail to make factual allegations against the M3 Movants in particular. The Court concludes it has postconfirmation jurisdiction over the Motions to Enforce under Craig's Stores of Tex., Inc. v. Bank of La. (In re Craig's Stores of Tex., Inc.), 266 F.3d 388, 390 (5th Cir. 2001), and the Motions are both related-to and core within the meaning of 28 U.S.C. Sec. 1334(b), and 28 U.S.C. Sec. 157(b), respectively. Interpreting the Plan, whether by virtue of its general asset-transfer provisions or by virtue of the Gatekeeping Provision, requires determining whether the claims asserted in the Complaint were Estate Causes of Action transferred to the Liquidation Trust under the Plan. To the extent any such claims have been asserted in the Complaint, the Liquidation Trustee has sole standing to assert such. Moreover, to the extent the California Plaintiffs lack standing to assert their claims, regardless of whether those claims belong to the Liquidation Trust under the Plan, those claims cannot be considered colorable within the meaning of the Gatekeeping Provision, and authorization to assert such must be denied, For these reasons, the Court concludes the California Plaintiffs lack standing to assert all of the claims they have pleaded. Accordingly, enforcement of the Confirmation Order to dismiss or amend all claims is warranted. A copy of the Court's Memorandum Opinion dated June 21, 2026, is available at http://urlcurt.com/u?l=hPzVXQfrom PacerMonitor.com. About Sorrento Therapeutics Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/ -- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors "TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones originally oversaw the cases. The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel; Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin Y. Meghji, managing partner at M3, serves as the Debtors' chief restructuring officer. Stretto Inc. is the claims, noticing and solicitation agent. Norton Rose Fulbright US, LLP and Milbank, LLP represent the official committee of unsecured creditors appointed in the Debtors' Chapter 11 cases. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig, LLP serve as the equity committee's bankruptcy counsel. STEINMETZ PLUMBING: Court Vacates Lane Law Firm's Retention Order ----------------------------------------------------------------- Chief Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the Southern District of Texas granted the motion of Kevin M. Epstein, the United States Trustee for Region 7, to reconsider and vacate the order approving employment of The Lane Law Firm, PLLC as counsel for Steinmetz Plumbing, Inc. On January 23, 2026, the U.S. Trustee conducted the meeting of creditors. At the meeting of creditors, Rebecca Steinmetz ("Mrs. Steinmetz") was unable to provide satisfactory explanations regarding distributions made by the Debtor to Dwaine Steinmetz ("Mr. Steinmetz") (together with Mrs. Steinmetz, the "Steinmetzs") in 2023 totaling $362,938.23. The U.S. Trustee asserts that on February 20, 2026, the Lane Law Firm provided to the U.S. Trustee, via electronic means, accounting records from January 2022 through February of 2026, and copies of the 2024 Forms W-2 issued to the Steinmetzs. Upon review of the accounting records, the U.S. Trustee discovered that the Steinmetzs had filed a personal bankruptcy case. The Steinmetzs filed a joint voluntary petition for relief under Chapter 7 of the Bankruptcy Code, Case No. 25-31642, on March 27, 2025, and received a discharge on July 15, 2025. The Lane Law Firm represented the Steinmetzs in their personal bankruptcy case. The Debtor signed a retainer agreement with the Lane Law Firm for debt resolution consultation on January 6, 2025. The Lane Law Firm's initial Bankruptcy Rule 2014 disclosure filed on December 17, 2025 did not disclosure the Lane Law Firm's prior or concurrent representation of the Steinmetzs. The U.S. Trustee asserts that the Lane Law Firm's failure to disclose a connection adverse to the Debtor and its estate is grounds for reconsideration and vacatur of the retention order because its prior representation of the Debtor's affiliated insiders is a disqualifying conflict of interest that cannot be cured by disclosure or waiver. The Court finds that the vacatur motion is well-taken and must be granted. The Lane Law Firm violated Federal Rule of Bankruptcy Procedure 2014(a) by failing to disclose its prior and concurrent representation of the Debtor's insiders. This failure alone is sufficient under Fifth Circuit precedent to warrant vacatur of the employment order and denial of the employment application. Additionally, the Lane Law Firm fails to satisfy the statutory requirements of Section 327(a) because it is not a disinterested person and holds interests adverse to the estate. The firm's prior representation of the Debtor's insiders creates an irreconcilable conflict with the estate's need for independent counsel to investigate and potentially pursue claims against those individuals. Finally, the motion is well-taken under Federal Rules of Civil Procedure 54(b), 60(b)(2), and 60(b)(3). The integrity of the bankruptcy process depends upon transparency and the disinterestedness of professionals appointed to serve the estate. The Lane Law Firm's conduct undermines that integrity and cannot be permitted to continue. The Court disqualifies the Lane Law Firm from further representation of the Debtor in this proceeding. The Court will separately issue an order setting a hearing in which the Lane Law Firm must show cause as to why any fees should be awarded, previously paid fees be disgorged or any other appropriate sanction should be assessed. A copy of the Court's Memorandum Opinion dated June 24, 2026, is available at http://urlcurt.com/u?l=kdm5egfrom PacerMonitor.com. About Steinmetz Plumbing Inc. Steinmetz Plumbing, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-37611) on December 16, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Rebecca Steinmetz signed the petition as secretary. Judge Hon. Eduardo V Rodriguez oversees the case. The Debtor is represented by: Robert C. Lane, Esq. The Lane Law Firm Tel: (713) 595-8200 Email: notifications@lanelaw.com STRATTO LLC: Hires Bankruptcy Law Center as Bankruptcy Counsel -------------------------------------------------------------- Stratto, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Bankruptcy Law Center, APC as general bankruptcy counsel. The firm will render these services: a. prepare pleadings, applications, declarations, orders, notices, reports, and related papers necessary for administration of the case; b. advise the Debtor with respect to its rights, powers, duties, and obligations as debtor in possession; c. assist the Debtor with compliance required by the Office of the United States Trustee; d. advise the Debtor regarding bankruptcy law, claims, estate assets, secured-creditor issues, and negotiations with creditors and parties in interest; e. represent the Debtor in connection with the OSC, any request for dismissal or conversion, any request for appointment of a trustee or examiner, and any matters concerning adequate protection or relief from stay; f. advise and represent the Debtor in connection with claims administration, including objections to duplicate, overstated, or invalid proofs of claim; g. advise and represent the Debtor in connection with the pending refinance of the Property; h. analyze the Debtor's assets, liabilities, and claims and develop the Debtor's relationship to creditors and parties in interest; i. assist the Debtor in the formulation, presentation, confirmation, and implementation of a Chapter 11 plan or other appropriate exit from bankruptcy; j. represent the Debtor in any adversary proceedings or contested matters as necessary; and k. perform all other legal services incident and necessary to the Debtor's Chapter 11 case. The firm will be paid at these rates: Attorney Ahren Tiller $500 per hour Additional Attorney $400 per hour Paralegal/Law Clerks $100 per hour The firm will be paid a retainer in the amount of $40,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ahren Tiller, Esq., a partner at Bankruptcy Law Center, APC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ahren A. Tiller, Esq. Bankruptcy Law Center, APC 1230 Columbia Street, Suite 1100 San Diego, CA 92101 Tel: (619) 894-8831 Fax: (866) 444-7026 About Stratto LLC Stratto LLC filed Chapter 11 petition (Bankr. S.D. Cal. Case No. 26-00177) on Jan. 23, 2026, with between $1 million and $10 million in both assets and liabilities. Judge J. Barrett Marum oversees the case. Stephen L. Burton, Esq., is the Debtor's legal counsel. SUN GIR: Brad Sharp's Appointment as Chapter 11 Trustee OK'd ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California approved the appointment of Brad Sharp as Chapter 11 trustee for Sun Gir Incorporated and its affiliates. Mr. Sharp was appointed on June 16 by the U.S. Trustee for Region 17, the Justice Department's bankruptcy watchdog overseeing the companies' Chapter 11 cases. The appointment was made pursuant to the court's June 3 order. Mr. Sharp is the president and chief executive officer of Development Specialists, Inc., with over 30 years of experience in crisis management, financial advisory, and fiduciary services. Mr. Sharp may be reached through: Development Specialists, Inc. Bradley D. Sharp 333 South Grand Avenue, Suite 4100 Los Angeles, CA 90071-1524 Telephone: (213) 617-2717 Facsimile: (213) 617-2718 bsharp@DSIConsulting.com About Sun Gir Incorporated Sun Gir Incorporated and affiliates operate 59 Carl's Jr. restaurant locations across California. Sun Gir sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11056) on April 2, 2026, with up to $50,000 in both assets and liabilities. Harshad Dharod, president of Sun Gir, signed the petition. Judge Scott C. Clarkson oversees the case. Eric Bensamochan, Esq., at Eric Bensamochan Law Firm, Inc. represents the Debtor as bankruptcy counsel. SUNRISE ABA: Closes Lovely Day, To File for Ch. 11 Bankruptcy ------------------------------------------------------------- Cassie Fambro of Fox8 reports that Lovely Day ABA and Autism Services has ceased operations after its parent company, Sunrise ABA and Autism Services LLC, sought Chapter 11 bankruptcy protection amid a dispute over insurance reimbursements. The closure affects approximately 100 families who relied on the Greensboro center for specialized autism therapy and behavioral health services. The financial crisis began earlier this 2026 when management identified a six-figure billing discrepancy connected to insurance claims. Despite briefly reopening after an earlier closure, the provider ultimately determined it could no longer continue operations and permanently shut its doors in mid-June 2026, the report relays. Former employees say they remain unpaid weeks after the closure, with roughly 70 workers still awaiting wages. Several employees reported unsuccessful efforts to obtain information from bankruptcy counsel Samantha Brumbaugh regarding when, or if, outstanding payroll obligations will be satisfied. Court documents list approximately $329,000 in debt to Trillium Health Resources, although founder Mamie Turner disputes that claim, arguing the managed care organization owes the company for previously delivered services. Requests for comment from both Trillium and the company's attorney remained unanswered as families sought new providers for autism care. About Sunrise ABA & Autism Services, LLC Sunrise ABA & Autism Services, LLC is the parent company of Greensboro autism facility Lovely Day ABA and Autism Services. It provides applied behavior analysis (ABA) therapy and autism support services. Founded in 2019, the company offers in-clinic, in-home, in-school, and one-on-one ABA therapy for children diagnosed with autism spectrum disorder, serving families throughout North Carolina's Triad region. Sunrise ABA & Autism Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10466) on June 16, 2026. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Benjamin A. Kahn handles the case. The Debtor is represented by Samantha K. Brumbaugh, Esq. of Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP. SUNRISE ABA: Jennifer Lyday Named Subchapter V Trustee ------------------------------------------------------ John Paul Cournoyer, the U.S. Bankruptcy Administrator for the Middle District of North Carolina, appointed Jennifer Lyday as Subchapter V trustee for Sunrise ABA & Autism Services, LLC. Ms. Lyday will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lyday declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jennifer B. Lyday 370 Knollwood Street, Suite 600 Winston-Salem, NC 27103 About Sunrise ABA & Autism Services LLC Sunrise ABA & Autism Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10466) on June 16, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Benjamin A. Kahn presides over the case. Samantha K. Brumbaugh, Esq., at Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. SUNSHINE HEALING: Seeks Subchapter V Trustee in Florida ------------------------------------------------------- On June 23, 2026, Sunshine Healing Arts, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,000 and $500,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on July 29, 2026 at 11:00 AM. U.S. Trustee (Jax) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 1501240#. About Sunshine Healing Arts, LLC Sunshine Healing Arts, LLC is an Atlantic Beach, Florida-based healthcare and wellness provider specializing in acupuncture and holistic medicine. The clinic offers a range of integrative health services, including herbal medicine, vitamin injections, and body balance treatments, serving patients throughout the local community. Sunshine Healing Arts, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02808) on June 23, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $100,000 to $500,000. The Debtor is represented by Thomas C. Adam, Esq. of Adam Law Group, P.A. Aaron R. Cohen serves as Subchapter V Trustee. SUZANNE'S SERENITY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Suzanne's Serenity Massage, PC got the green light from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral through July 10 and set a further hearing for July 9. The Debtor intends to use its cash collateral to fund operations and prevent any disruption that could jeopardize its reorganization effort. It requires approximately $6,609 per month to cover operating expenses. The Debtor's cash collateral may be subject to security interests held by BHG Financial based on a loan and a filed UCC-1 financing statement. The Debtor disputes both the validity and perfection of BHG's security interest, arguing that the financing arrangement may constitute a disguised loan carrying usurious interest rates. To address the interests of any secured creditor, the Debtor offers providing adequate protection. Although it disputes the validity of BHG's lien, the Debtor offers to make monthly payments of $500 until the court reaches a final determination regarding the claim. The Debtor' business encountered financial difficulties after United Health Care alleged that it had overpaid and demanded repayment of funds previously received. About Suzanne's Serenity Massage P.C. Suzanne's Serenity Massage P.C. is a massage therapy practice based in Port Jefferson, New York. The practice provides therapeutic, medical, oncology, deep tissue, caregiver, prenatal, and infant massage, along with aromatherapy and techniques such as myofascial release, trigger point therapy, neuromuscular therapy, soft-tissue manipulation, and lymphatic drainage. Led by Suzanne D. Fischer, a Licensed Massage Therapist, the practice serves clients seeking wellness, pain, mobility, oncology-related, caregiver, and recovery-related support. Suzanne's Serenity Massage P.C. also hosts monthly seminars on self-care, oncology massage, and support resources. Suzanne's Serenity Massage filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-72104) on May 26, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Louis A. Scarcella presides over the case. Heath S. Berger, Esq., at Bfsng Law Group, LLP represents the Debtor as legal counsel. SVETNESS CORP: Seeks to Hire Nelson Mullins as Special Counsel -------------------------------------------------------------- Svetness, Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Nelson Mullins Riley & Scarborough LLP as special counsel. The firm will assist the Debtor in, among other things, the protection of its interests in the audit, assisting the Debtor with other legal matters, and performing all of the legal services for the Debtor that may be necessary. The firm received a retainer in the amount of $15,000. As disclosed in the court filings, Nelson Mullins is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm will be paid at these rates: Jessica Jeffrey $650 per hour Matthew Iverson $750 per hour Christopher Butler $500 per hour The firm received a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in the court filings, Nelson Mullins is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher Butler, Esq. Nelson Mullins Riley & Scarborough, LLP 350 S. Grand Ave, Suite 2200 Los Angeles, CA 90071 Phone: (424) 221-7440 Email: chris.butler@nelsonmullins.com About Svetness Corp. Svetness, Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10365) on February 17, 2026, listing $50,001 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Brian F. Kenney oversees the case. Justin Fasano, Esq., at Mcnamee Hosea, P.A. serves as the Debtor's legal counsel. SYSTEMATIC AUDIO: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Systematic Audio, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of North Carolina, Statesville Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral from June 9 through July 11 or until entry of a final order or the occurrence of an event of default, whichever comes first. Use of cash collateral must be in accordance with the court-approved budget, subject to a 20% variance per line item. The Debtor needs immediate access to cash to maintain payroll, pay customs duties and import fees, satisfy obligations to key suppliers, cover freight and logistics expenses, and meet other ordinary operating costs. The Debtor has negotiated extensively with its senior secured lender, KeyBank, and reached an agreement governing the use of cash collateral through July 11 while it works to stabilize the business under bankruptcy protection. KeyBank holds a first-priority lien on substantially all of the Debtor's assets, including inventory, accounts receivable, equipment, deposit accounts, intellectual property interests, and related proceeds. Medallion Capital holds a second-priority lien that is contractually subordinated to KeyBank under an intercreditor agreement. The Debtor proposes to use the cash collateral solely for post-petition business operations and administrative expenses, subject to the budget and reporting requirements outlined in the proposed interim order. In August 2025, Systematic Audio and affiliated borrowers entered into a secured credit facility with KeyBank consisting of a $7.5 million term loan and a $15 million revolving line of credit. As of the bankruptcy filing date, approximately $12.66 million remained outstanding on the revolving facility and $6.25 million remained outstanding on the term loan, in addition to accrued interest, fees, and expenses. These obligations are secured by virtually all business assets as well as a pledge agreement and a deed of trust covering certain North Carolina real estate. The borrower group also owes Medallion Capital approximately $6 million under a senior subordinated note bearing interest between 14% and 15%, with repayment rights subordinate to KeyBank's claims. To protect secured creditors against any decline in the value of their collateral, the Debtor offers a comprehensive adequate protection package. This includes replacement liens on post-petition assets of the same type as the prepetition collateral, adequate protection liens maintaining the same validity and priority as pre-petition liens, superpriority administrative claims, continued maintenance of collateral through budgeted operations, and periodic adequate protection payments, including reimbursement of certain professional fees. These protections are subject to a carveout for statutory fees and certain professional expenses. Events of default include failure to comply with the order, exceeding budget limits, failure to obtain a final cash collateral order, conversion or dismissal of the bankruptcy case, appointment of a trustee, termination of exclusivity, unauthorized asset sales, failure to maintain insurance, reporting failures, or cessation of business operations. If a default occurs, KeyBank may issue a notice and seek emergency court relief after a short notice period, although the automatic stay would not terminate automatically. The order is available at http://bankrupt.com/misc/SystematicAudio_ICCOrder64.pdf The court scheduled a final hearing for July 10 and set a July 2 deadline for filing objections. About Systematic Audio, LLC Systematic Audio, LLC, doing business as Sundown Audio, is a Newton, North Carolina-based manufacturer of car audio equipment, including subwoofers, amplifiers, speakers, and related audio products. Systematic Audio, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50236) on June 9, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Laura T. Beyer handles the case. The Debtor is represented by Eric Steven Goodheart, Esq. of DLA Piper LLP US. SYSTEMATIC AUDIO: Seeks to Hire Epiq as Claims and Noticing Agent ----------------------------------------------------------------- Systematic Audio, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina 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 case of the Debtor. Before the petition date, the Debtors provided Epiq a retainer in the amount of $25,000. Kate Mailloux, a senior director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kate Mailloux Epiq Corporate Restructuring LLC 777 3rd Ave., 12th Floor New York, NY 10017 About Systematic Audio LLC Systematic Audio, LLC, doing business as Sundown Audio, is a Newton, North Carolina-based manufacturer of car audio equipment, including subwoofers, amplifiers, speakers, and related audio products. Systematic Audio, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C Case No. 26-50236) on June 9, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Laura T. Beyer handles the case. The Debtor tapped Eric Steven Goodheart, Esq., at DLA Piper LLP (US) as counsel and Epiq Corporate Restructuring, LLC as claims and noticing agent. TAEHYUN HOLDINGS: To Sell DeKalb Property to Titanic Furniture -------------------------------------------------------------- Taehyun Holdings LLC seeks permission from the U.S. Bankruptcy Court for the District of Maryland, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Maryland limited liability company wholly owned by ENI Dist, Inc., and managed by its Managing Member, Seung Hoon Lee. The Debtor is the owner in fee simple of certain improved commercial real property located at 3289 Montreal Industrial Way, Tucker, DeKalb County, Georgia 30084, consisting of approximately 15.14 acres (659,531 square feet) improved as a commercial warehouse/distribution facility, together with all improvements, fixtures, and appurtenances. The lienholders of the Property are Bank of Hope, ARBA Credit Investors III, L.P., and DeKalb County, Georgia. The Debtor receives an offer from Titanic Furniture to purchase the Property in the amount of $6,900,000. The Purchaser has agreed to deposit earnest money of $200,000.00 with the escrow agent within two days of the binding agreement date. Closing is scheduled for July 15, 2026. If Closing occurs after July 15, 2026, the Purchaser shall pay the Debtor an additional $100,000.00; in no event shall Closing occur later than August 17, 2026 unless the parties mutually agree in writing. The Purchaser's obligations are subject to a conventional loan contingency for financing of up to 85% of the Purchase Price, with a financing contingency period of 60 days from the binding agreement date. The Debtor will convey the Georgia Property by limited warranty deed, free and clear of all liens, claims, and encumbrances, with such interests attaching to the proceeds of sale. The Purchaser is represented by Keller Williams North Atlanta, whose compensation of 2% of the Purchase Price is payable by the Debtor at Closing, as set forth in the Buyer’s Broker Compensation Exhibit to the Sale Agreement. The Purchaser is not an insider or affiliate of the Debtor. The Debtor submits that the Purchase Price represents fair value for the Georgia Property and is the product of good-faith, arm’s-length negotiations. The Sale Agreement was negotiated at arm's length and in good faith. The Purchaser is not an insider or affiliate of the Debtor, and there has been no fraud or collusion in connection with the transaction. About Taehyun Holdings, LLC Taehyun Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-21244) on December 1, 2025. At the time of the filing, the Debtor's estimated assets and liabilities were not provided in the filing. Honorable Judge Michelle M. Harner oversees the case. Weon G. Kim Law Office is the Debtor's legal counsel. TAWR PROPERTY: Affiliate Seeks $2.6MM DIP Loan ---------------------------------------------- TASH Property Owner, LLC, one of Tawr Property Owner, LLC's affiliated debtors, asks the U.S. Bankruptcy Court for the Northern District of Texas for approval to obtain a $2.6 million senior secured, priming post-petition debtor-in-possession credit facility. The proposed DIP facility, funded by a lender identified as Forum, carries a 12% annual non-default interest rate (payable in cash or in kind at the lender's discretion) that escalates to 18% or the state maximum upon an event of default. The credit facility carries a 1% origination fee due upon initial funding and a 0.5% fee if the maturity date is extended. Loan maturity is triggered by the earliest of several milestones, including the note's specified maturity date, case dismissal, conversion to Chapter 7, or the appointment of a Chapter 11 trustee or examiner. To shield the financing, the lender receives effective and automatically perfected liens on all of TASH Property Owner’s real and personal property assets. These DIP liens are explicitly carved out from bankruptcy avoidance actions and remain senior to all claims except for a standard professional fee "carveout" capped at $25,000 for a Chapter 7 trustee and up to $100,000 for estate professionals following an uncured default notice. Prior to filing for bankruptcy in early February 2026, TASH Property Owner was indebted to its senior lender, Fifth Third Bank, National Association, under a June 2023 construction loan agreement with an original principal amount of $36,000,000. Fifth Third Bank maintains legal, valid, and perfected senior pre-petition liens on substantially all of the borrower's assets. Because these core corporate assets are entirely encumbered by Fifth Third Bank's claims, TASH Property Owner's management team, chief restructuring officer, and financial advisors engaged with numerous potential market lenders but determined that the proposed priming facility from Forum represents the absolute only source of post-petition financing available to the estate. The immediate justification for this senior credit facility rests on the unique economic needs of the Debtors' legacy real estate developments. The Debtors argue that merely maintaining the real property through existing cash collateral is an unfeasible long-term strategy that halts essential construction and introduces complex intercompany transfer hurdles. To generate maximum value for the estate, the underlying real estate requires active capital improvement and development. According to the presented 12-week budget—which mandates strict cumulative compliance within a 110% disbursement variance and a 90% net cash flow threshold—the $2.6 million injection will adequately fund necessary construction, settle ongoing Chapter 11 administrative costs, and provide a stable operational runway to achieve a successful plan of reorganization. A copy of the motion is available at https://urlcurt.com/u?l=aqy0Ls from PacerMonitor.com. About TAWR Property Owner Ltd. TAWR Property Owner, Ltd and affiliates are real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90162) on February 3, 2026. In the petition signed by Darren B. Casey, as authorized representative, TAWR Property Owner reported assets of between $50 million and $100 million and liabilities of between $10 million and $50 million. Judge Edward L. Morris oversees the cases. The Debtors tapped Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C. as general bankruptcy counsel. THOMAS TRIO: Available Cash & Continued Operations to Fund Plan --------------------------------------------------------------- The Thomas Trio, LLC d/b/a Mr. Electric of Land O'Lakes, Mr. Electric of Lakeland and Mr. Electric of Roswell-Alpharetta filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business dated June 18, 2026. The Debtor is a Florida limited liability company authorized to do business in Florida since 2019. The Debtor provides electrical services in the Tampa Bay area and recently opened a Roswell, Georgia location. The Debtor operates from a leased location at 3761 Correia Drive, Zephyrhills, Florida 33542. The Debtor also has leases for a Roswell, Georgia location and a Lakeland, Florida location. The Debtor has historically provided electrical services for residential and small commercial customers. The Debtor took on a large commercial job which required the company to devote significant resources on a compressed time frame. The owner of the project did not timely make its payments under the construction contract, which created a significant strain on the Debtor's finances. The Debtor entered into Merchant Cash Advances ("MCA") to fund operating shortfalls, which created additional cashflow problems. The Debtor filed its bankruptcy case in order to preserve the going concern value of its assets and to restructure its obligations. This Plan of Reorganization proposes to pay creditors of the Debtor from proceeds from continuing operations. Creditors will receive payments set forth in the Plan. In addition to fixed payments, creditors will receive their pro-rata share of net disposable income over the life of the Plan. Class 19 consists of all non-priority unsecured claims. Claims in Class 19 in the amount of $737,992.95 have been scheduled for filed. Class 19 is impaired by the Plan. Holders of allowed non priority unsecured claims shall receive their pro-rata share of the Unsecured Creditor Payment. The Debtor shall make sixty quarterly payments, which shall be paid on the Unsecured Creditor Distribution Date. Class 20 is comprised of all equity interests in the Debtor. All shareholders will retain their equity interests in the Debtor. No distributions will be made to shareholders on account of their equity interests until the distributions to all classes have been made pursuant to the terms of the Plan. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date, and (ii) revenues generated by continued operations. All distributions under the Plan shall be made by the Debtor, whether the Plan is confirmed pursuant to Section 1191(a) or (b) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated June 18, 2026 is available at https://urlcurt.com/u?l=nYJvvG from PacerMonitor.com at no charge. Counsel to the Debtor: Scott A. Stichter, Esq. Stichter, Riedel, Blain & Postler, PA 110 East Madison Street, Suite 200 Tampa, FL 33602 Telephone: (813) 229-0144 Email: sstitcher@srbp.com About The Thomas Trio LLC The Thomas Trio LLC, a company based in Zephyrhills, Florida, operates three franchise territories under the Mr. Electric brand: Mr. Electric of Land O' Lakes, Mr. Electric of Lakeland and Mr. Electric of Roswell - Alpharetta, providing electrical installation and repair services to residential and commercial customers. The company maintains franchise relationships with Neighborly and holds separate franchise obligations tied to territories including Land O Lakes, Lakeland, Riverview and Roswell. Thomas Trio filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02189) on March 20, 2026, listing assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Melissa Thomas, president of Thomas Trio, signed the petition. Judge Luis Ernesto Rivera II oversees the case. The Debtor is represented by Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA. Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A., serves as Subchapter V trustee for the Debtor. TIDAL WASTE: S&P Downgrades ICR to 'B' on Elevated Leverage ----------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating (ICR) on Tidal Waste & Recycling Holdings LLC to 'B' from 'B+'. S&P said, "We also lowered the issue-level ratings one notch to 'B+' from 'BB-'. The '2' (rounded estimate: 70%) recovery rating on the first-lien senior secured credit facilities is unchanged. "The stable outlook reflects our expectation that Coastal's credit metrics will remain appropriate for the rating over the next 12 months, with earnings from new business and growth projects driving moderate deleveraging." Tidal Waste & Recycling Holdings LLC, which does business as Coastal Waste, is expanding its business through new customer contracts and expansion of its existing infrastructure which requires high upfront capital spending and is resulting in persistent free operating cash flow (FOCF) deficits. Because of these deficits and recent underperformance in parts of the company's business, its debt leverage will remain elevated for the rating. Coastal's debt-funded growth is weighing on its credit metrics, though overall earnings continue to improve modestly. The company has won new business, particularly in the municipal solid waste (MSW) space and has increased capital expenditures (capex) to expand its infrastructure to support collecting and handling additional volumes. Growth capex has largely been funded through borrowings on its first-lien facilities. Furthermore, its construction and demolition (C&D) business has underperformed, largely due to muted industrial development, which was most pronounced toward the end of 2025 and continued into the first few months of 2026. As a result, Coastal's 2025 FOCF deficit was greater than anticipated (and similar to 2024's), which has required the company to draw further on its revolving credit facility. With additional significant growth capex planned for this year, S&P now expects another material FOCF deficit. However, it expects Coastal will have an FOCF surplus in 2027 and beyond as incremental earnings from growth projects accrue and capex decreases. S&P said, "We expect the company to maintain a weighted-average S&P Global Ratings-adjusted debt to EBITDA of 5x-6x, though the metric will likely be above this range in 2026. We believe there will be deleveraging in 2027, driven by incremental earnings from the scaling of expansion projects, new contract launches, and recent and planned acquisitions. Our forecast is for EBITDA margins to remain above average. Our S&P Global Ratings-adjusted debt includes Coastal's finance leases." These have high valuations relative to actual scheduled lease commitments because the valuations incorporate renewal options, which are considered likely to be exercised. Coastal should maintain adequate liquidity over at least the next 12 months. Its liquidity is supported by cash on hand and availability under its revolver, positive funds from operations (FFO) from improving earnings, and its proposed unsecured $150 million tax-exempt government bonds (which we expect will close in the coming weeks). The company maintains a sufficient cushion under the springing first-lien net leverage financial covenant applicable to the revolver, further amplified by the issuance of the unsecured bonds and subsequent paydown of balances on the revolver. The company is actively targeting growth in its MSW business to add earnings certainty. C&D waste collection's contribution to Coastal's total revenues has decreased over the last two years. The company has launched several new municipal collection contracts in the last 12 months, with more in the pipeline for later this year. It's also building out its processing capacity to handle such volumes. S&P said, "Although such initiatives have led to near-term cash-flow pressures, we expect a structural improvement of its cash flow profile in the long term. We believe this mix shift toward MSW will reduce the earnings volatility that's typically associated with C&D exposure, particularly around housing, as well as the company's current dependence on supportive macroeconomic conditions and interest-rates." S&P said, "The stable outlook reflects our expectation that Coastal's earnings will continue to increase in the near term, resulting in S&P Global Ratings-adjusted weighted-average debt to EBITDA of 5x-6x. While leverage will likely exceed this level in 2026, we expect it will return to this range in 2027 on the back of incremental yield from growth initiatives and acquisitions. "We expect the company to generate FOCF deficits until 2027 as a result of high capital spending. Nevertheless, we anticipate it will maintain adequate liquidity, supported by available cash and revolver capacity. Liquidity will be further supplemented by the planned tax-exempt bonds issuance in coming weeks that will initially be used to pay down revolver borrowings. While our base-case scenario includes some bolt-on M&A spending annually, it doesn't include any transformational acquisitions or debt-funded shareholder rewards." S&P could consider taking a negative rating action on Coastal in the next 12 months if: -- Earnings are materially weaker than our expectations due to persistent competitive pressures, particularly in the C&D segment, loss of customer contracts, or delays or cost overruns in growth projects; -- FOCF is persistently negative, pressuring liquidity or its financial covenant; or -- It undertakes large debt-financed acquisitions, growth projects, or shareholder returns. Under such scenarios, S&P would expect S&P Global Ratings-adjusted debt to EBITDA to approach 7x on a consistent basis with no clear prospects for recovery. S&P could consider taking a positive rating action on Coastal in the next 12 months if: -- S&P Global Ratings-adjusted debt to EBITDA approaches 5x on a sustained basis. This could occur if EBITDA is stronger than expected on the back of higher-than-forecast volumes in its base business or additional growth projects; -- It consistently generates positive FOCF; and -- There is a track record of financial policies that support stronger credit measures. TOUCHSTONE LOGISTICS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Touchstone Logistics, LLC received interim approval from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral from June 18 through July 28 based on an approved budget that includes a $1,500 monthly escrow payment to the Subchapter V trustee. The Debtor's cash collateral primarily consists of accounts receivable. The Debtor has a loan with the U.S. Small Business Administration and from other lenders, which may claim security interests in its cash collateral. Because many UCC filings did not identify the underlying lenders, the Debtor was unable to determine the exact nature and priority of all liens. Based on the available record, however, the SBA appears to hold a perfected first-priority lien while other lenders may be undersecured. As adequate protection, the Debtor will continue its monthly loan payments to the SBA until confirmation of a Chapter 11 plan or further court order. In addition, the SBA and prospective secured lenders will be granted replacement liens on the Debtor's post-petition assets to the extent the value of their collateral is diminished by the Debtor's use of cash collateral. The order is available at http://bankrupt.com/misc/Touchstone_ICCOrder.pdf A final hearing is scheduled for July 28. Touchstone's financial distress stems from a combination of industry downturn conditions beginning in 2022 and additional burdens from merchant cash advances and operational disruptions, including a 2023 trucking accident that reduced revenue. The Debtor said it has no alternative financing and requires immediate access to cash collateral to pay employees, cover operating expenses, and continue business operations. About Touchstone Logistics LLC Touchstone Logistics, LLC is a transportation and logistics company based in Cockeysville, Maryland. Touchstone Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-16358) on June 13, 2026. In the petition signed by Alan Fabian, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Nancy V. Alquist oversees the case. Geri Lyons Chase, Esq., at Law Office of Geri Lyons Chase, represents the Debtor as legal counsel. The Acting U.S. Trustee for Region 4 appointed Stephen Metz of Offit Kurman, P.A. as Subchapter V trustee for the Debtor. TRI-STATE ENVIRONMENTAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- Tri-State Environmental Restoration, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. The court entered an interim authorizing the Debtor to use cash collateral through August 7 in accordance with an approved budget. The cash collateral is subject to the asserted security interests of the U.S. Small Business Administration, which holds liens securing approximately $1.2 million in loan obligations. As adequate protection, the SBA was granted replacement liens on post-petition collateral to the extent of any diminution in value of its pre-petition collateral. The replacement liens are subject to carveouts for U.S. trustee fees, approved professional fees, up to $10,000 in hypothetical Chapter 7 trustee fees, and proceeds from certain avoidance actions. The Debtor must also continue its monthly payments of $1,404 to the SBA, maintain required insurance coverage, deposit all income into debtor-in-possession accounts, and timely file operating reports. The Debtor's authority to use cash collateral terminates upon uncured defaults, expiration of the authorized period, dismissal or conversion of the Debtor's Chapter 11 case, or appointment of a trustee. The order is available at http://bankrupt.com/misc/Tri-StateEnvironmental_ICCOrder.pdf A final hearing is scheduled for August 5, with objections due by July 30. About Tri-State Environmental Restoration Inc. Tri-State Environmental Restoration, Inc. is a New York-based corporation engaged in environmental restoration services throughout the Tri-State area. Tri-State filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-41343) on March 23, 2026, with up to $500,000 in assets and up to $10 million in liabilities. James Rengifo, chief executive officer of Tri-State, signed the petition. Judge Jill Mazer-Marino oversees the case. Ronald D. Weiss, Esq., at Ronald D. Weiss, P.C., represents the Debtor as legal counsel. Yann Geron, Esq., at Geron Legal Advisors, LLC serves as Subchapter V trustee for the Debtor. TRUE BELIEVERS: Seeks to Hire Your Virtual Keepers as Accountant ---------------------------------------------------------------- True Believers, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ AR Business Collective LLC dba Your Virtual Keepers as accountant. The firm will provide reconciliation and cleanup of the Debtor's QuickBooks for 2025. The firm will charge $5,200 for 2025 QuickBooks clean up. As disclosed in the court filings, Your Virtual Keepers is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Eman Abdur-Rahman AR Business Collective LLC dba Your Virtual Keepers c/o Registered Agents Inc. 418 Broadway, Suite R Albany, NY 12207 About True Believers LLC True Believers LLC, a Department of Health and Human Services-certified outpatient clinic, provides mental health and substance abuse services in Wisconsin. The agency offers psychotherapy, psychoeducation, coping skills, meditation, medication management, and limited case management, with specialized support for gender dysphoria and transgender care. Its staff includes licensed substance abuse professionals, licensed professional counselors, and master's-level mental health providers with over 20 years of experience. True Believers sought relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 26-10365) on Feb. 24, 2026, listing up to $50,000 in assets and $1 million to $10 million in liabilities. Angela Reed as managing member, signed the petition. Krekeler Law, S.C. serves as the Debtor's legal counsel. Wisconsin Women's Business Initiative Corporation, is represented by Ben Payne, Esq. at Rose Payne SC. TUCKER BOYZ: Seeks Chapter 11 Bankruptcy to Reorganize Finances --------------------------------------------------------------- David Taube of Trucking Dive reports that Tucker Boyz Transportation of Tennessee, a family-owned trucking company based in Memphis, has filed for Chapter 11 bankruptcy protection, seeking to reorganize its finances while maintaining operations. According to court records, the company reported $126,000 in assets against $152,000 in liabilities, and its attorney said the business expects to continue operating during the bankruptcy proceedings. The filing follows a $201,788.60 breach-of-contract judgment awarded to Henco Land over unpaid truck parking rent. Bankruptcy documents list Henco Land as the company's largest unsecured creditor with a claim of roughly $120,000, while Amor Bank holds secured claims tied to trucking equipment valued at $99,000. Launched in 2022 by four brothers and their sister, Tucker Boyz provides freight transportation services throughout the region. FMCSA records indicate the carrier previously operated 22 trucks with 20 drivers, but also reflected 15 out-of-service violations, resulting in a 75% out-of-service rate, the report states. About Tucker Boyz Transportation Tucker Boyz Transportation was founded by five siblings in 2022 with decades of combined experience in the trucking industry. Tucker Boyz Transportation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-23406) on June 23, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. The Debtor is represented by John E. Dunlap, Esq. of The Law Office Of John E. Dunlap. TUTOR PERINI: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'BB-' to Tutor Perini Corporation (TPC). Fitch has also assigned a 'BB+' rating with a Recovery Rating of 'RR1' to TPC's senior secured revolving credit facility and a 'BB-'/'RR4' rating to the company's proposed senior unsecured notes. The Rating Outlook is Stable. TPC's ratings reflect its strong competitive position in large, complex U.S. construction projects, supported by favorable industry tailwinds including durable government infrastructure funding, aging infrastructure, and limited competition. Its near-record backlog also provides strong revenue visibility. These strengths are balanced against a concentrated portfolio of large, long-duration, often fixed-price projects that carry elevated execution risk. Fitch views TPC's business profile as improving, supported by selective bidding, tighter project controls, and stronger contract structuring, which have driven better operating performance and margins. The ratings also reflect prudent financial policy, positive FCF, and projected EBITDA leverage of 1.0x. Key Rating Drivers Market Position Supports Higher Margins: TPC's strong market position in large, complex U.S. construction limits competition on many of the projects it pursues and supports better pricing and contract terms. Few contractors have the scale, technical expertise, self-performance capabilities, financial strength and bonding capacity to compete, and customer prequalification further narrows the field. Supported by strong federal, state and local funding, this backdrop has improved bidding conditions allowing greater selectivity, better terms, and higher contingencies. Fitch expects these advantages to support structurally higher EBITDA margins in the high single-digit range over the forecast period. Bidding Discipline and Risk Management: TPC's business profile has improved in recent years through more selective bidding, tighter project controls and a more balanced competitive environment. The company also seeks to mitigate cost and execution risk through conservative estimating and contingencies, contractual protections such as price escalation, early procurement, and fixed-price subcontracting. Together, these measures help allocate risk more appropriately across project owners, contractors, vendors, and subcontractors. High Execution Risk Project Portfolio: TPC's portfolio is concentrated in large, complex, long-duration civil and institutional building projects including mass transit, tunnels, bridges, highways, military, healthcare, education and detention facilities. Many of TPC's projects are fixed-price, which increases exposure to cost overruns, delays, disputes and adverse legal outcomes. TPC's portfolio carries higher execution risk than rated infrastructure service peers that have greater exposure to lower-risk, fee-based engineering and consulting services or shorter-duration, less complex infrastructure service work. Backlog Supports Revenue Visibility: Fitch views TPC's $20 billion backlog as supporting strong multiyear revenue visibility. The backlog is concentrated in nine megaprojects and benefits from the long duration of work, with 84% tied to government agencies that generally provide more reliable funding. Existing backlog covers about 99% of Fitch's projected remaining 2026 revenue and about 79% of projected 2027 revenue. Fitch expects durable infrastructure demand, limited competition, and TPC's strong market position to support backlog replenishment and drive bid wins from an opportunity pipeline of more than $200 billion over the next three to four years. Low Leverage; Positive FCF: Fitch expects TPC's gross EBITDA leverage to remain around 1.0x through the forecast horizon, providing a cushion against the sector's inherent cyclicality and execution risk. Fitch expects financial policy to remain prudent, consistent with management's 1.0x-2.0x gross leverage target, with no large debt-funded M&A, modest shareholder returns and generally limited capex requirements outside somewhat elevated 2026 spending tied to backlog execution. Fitch expects low single-digit FCF margins, supported by improving EBITDA margins and better working capital including faster collections, higher advance payments and resolution of legacy claims. Legacy Project Risk Moderating: Fitch views legacy project disputes, adverse rulings and estimate revisions as an important but diminishing risk, reflecting issues tied largely to older projects rather than the current backlog. Fitch believes tighter bidding discipline, stronger contract governance and reduced exposure to prior counterparties should limit recurrence, although execution and claims risk remains inherent in large, complex fixed-price construction. Industry Tailwinds Support Demand Outlook: TPC grew revenue by 28% in 2025 and 2026 revenue is projected to grow by an additional 10%, supported by a strong backlog and favorable industry conditions. Demand is underpinned by the need to replace and modernize aging U.S. infrastructure across transit, bridges, water and roads, alongside a supportive public funding environment. Decades of underinvestment, the $1.2 trillion Infrastructure Investment and Jobs Act, including $550 billion of new spending, and state and local measures such as Los Angeles County's Measure M support sustained infrastructure investment. Peer Analysis Compared with the infrastructure services and specialty contractor peers, TPC has a weaker business profile due to its greater exposure to large, complex, fixed-price construction projects. Quanta (BBB/Stable), MasTec (BBB-/Stable), and Construction Partners (BB/Stable) benefit from more repeatable work scopes, shorter-duration or lower-risk projects, and stronger customer continuity; they also benefit from meaningful service, maintenance, and master service agreement-based revenue. These characteristics support better margin stability, cash flow conversion, and revenue visibility. By contrast, Tutor Perini's backlog carries greater execution and collection risk, with profitability and liquidity more sensitive to project timing, closeouts, claims, and unapproved change orders. Compared with WSP Global (BBB/Stable), TPC's business model carries more execution risk as WSP Global is focused on engineering, consulting, and program management. WSP is asset-light and generally less exposed to procurement disruption, cost overruns, and large fixed-price execution risk. As a result, its margins, cash flow, and leverage capacity are typically more stable than those of TPC. Its backlog is also stronger from a credit perspective, as revenue conversion is less exposed to cost overruns, or dispute resolution. Fitch’s Key Rating-Case Assumptions - Revenue is forecast to grow at a low double-digit rate in FY26 and FY27, with growth moderating beginning in FY28 and thereafter as large backlog projects are completed and the revenue base normalizes; - EBITDA margins are expected to remain structurally higher over the forecast period in the high single-digit range; - Capex is forecast at roughly 2% of revenue in FY26 due to equipment and execution needs tied to the large backlog, before normalizing in FY27 and declining to approximately 1% by the end of the forecast period; - Working capital is assumed to remain broadly stable over the forecast period; - FCF is expected to remain in the low single-digit range as a percentage of revenue over the forecast period; - Tuck-in M&A of $50 million is assumed over the forecast period; - The forecast assumes $13 million of common dividends paid and $100 million of share repurchases annually over the forecast period; - SOFR is assumed at 3.65% annually throughout the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bb+, Lower), sector characteristics (bb, Lower), market and competitive positioning (bb-, Higher), diversification and asset quality (b+, Moderate), company operational characteristics (bb-, Higher), profitability (bb, Moderate), financial structure (bbb, Lower), and financial flexibility (bb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'good' has no impact. - The Operating Environment assessment of 'aa-' has no impact. - The SCP is 'bb-'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material project execution challenges, project losses, or legal and contingent liabilities resulting in low single-digit EBITDA margins or sustained negative FCF; - A decline in new awards, reflecting weaker market conditions or increased competition, resulting in a sustained book-to-bill ratio below 1.0x or backlog with less favorable pricing and contract terms; - EBITDA leverage above 3.0x for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Meaningful improvement in market position, scale, and diversification together with the runoff of legacy problem projects and related disputes supporting improved cash flow visibility and stability; - Sustained strong project execution and disciplined bidding, supporting EBITDA margins above historical levels, consistent positive FCF generation, and replenishment of high-quality backlog; - EBITDA leverage below 2.5x for a sustained period. Liquidity and Debt Structure As of March 31, 2026, TPC had approximately $491 million of available liquidity, consisting of $321 million of cash and cash equivalents and $170 million of full availability under its revolving credit facility. In assessing liquidity, Fitch excludes $482 million of cash held by joint ventures and $24 million of restricted cash because these amounts are not available to meet the parent company's general corporate obligations, including debt repayment. Pro forma for the refinancing transaction, TPC's capital structure is expected to include a $350 million senior secured revolving credit facility maturing in 2031 and $400 million of new senior unsecured notes due 2033. Issuer Profile U.S.-based construction company TPC is focused on large, complex infrastructure projects. It operates across three segments — Civil, Building, and Specialty Contractors — and serves a customer base consisting primarily of local, state, and federal government agencies, as well as private-sector clients. Date of Relevant Committee 18 June 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for TPC. 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 ----------- ------ -------- Tutor Perini Corporation LT IDR BB- New Rating senior unsecured LT BB- New Rating RR4 senior secured LT BB+ New Rating RR1 TUTOR PERINI: Moody's Rates New $350MM 1st Lien Revolver Loan 'Ba1' ------------------------------------------------------------------- Moody's Ratings assigned Tutor Perini Corporation's ("Tutor Perini") a Ba1 rating on the new $350 million senior secured 1st lien revolving credit facility due 2031 and a B2 rating on the new $400 million senior unsecured notes due 2033. The proposed transaction is effectively leverage neutral and does not impact its ratings; Tutor Perini's existing B1 Corporate Family Rating (CFR) and B1-PD Probability of Default Rating (PDR) remain unchanged. The ratings on the existing senior secured revolving credit facility and the senior unsecured notes will be withdrawn upon completion of the transaction. The stable outlook remains unchanged. RATINGS RATIONALE Tutor Perini's credit rating is supported by its good market position, meaningful scale and diversity across a number of US nonresidential building and civil construction markets, as well as a strong pipeline of opportunities over the medium-term, and limited competition on large civil infrastructure projects. The company's rating also benefits from its return to positive EBITDA and strong cash flow generation in recent years following settlement on past project disputes. Additionally, Tutor Perini's relatively conservative capital structure and financial policy provide additional support for its ratings. Tutor Perini's rating is constrained by its significant exposure to large fixed-price projects and a history of large write-downs due to project disputes, which negatively impacted earnings as well as cash flow generation. While management has been focused on project execution, it remains a key risk whereby poor execution can result in lower margins and potential charges in the future. Additionally, a meaningful portion of the company's backlog is dependent on government funding, where unanticipated funding delays or cancellations could result in significant revenue and earnings impact. Tutor Perini's stable outlook reflects Moody's expectations that the company will continue to increase its earnings and generate positive free cash flow over the next 12 to 18 months while maintaining ample liquidity and a conservative financial policy. Tutor Perini has very good liquidity supported by $803 million of cash (including $482 million held at joint ventures) as of March 31, 2026, full availability on its new $350 million revolver maturing in 2031, and free cash flow generation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if the company demonstrates a track record of positive EBITDA and free cash flow generation without incurring significant project charges, maintains ample liquidity, and sustains Moody's adjusted leverage below 3.0x, EBITDA/Interest and RCF/Net Debt above 4.0x and 15%, respectively. Moody's could downgrade the ratings if the company incurs additional material amount of unanticipated charges, fails to generate positive free cash flow on a consistent basis while unbilled receivables increase meaningfully, Moody's adjusted leverage is sustained above 4.0x. Ratings may also be downgraded if liquidity is weakened meaningfully. PROFILE Tutor Perini Corporation is headquartered in Sylmar, California and provides general contracting, construction management and design-build services to public and private customers primarily in the United States. Tutor Perini generated about $5.7 billion of revenue for the LTM period ending March 2026. The principal methodology used in these ratings was Construction published in November 2025. UMZU LLC: Hires RHM Law LLP as General Bankruptcy Counsel --------------------------------------------------------- UMZU, LLC seeks approval from the U.S. Bankruptcy Court for the central District of California to employ RHM Law LLP as general bankruptcy counsel. The firm will provide these services: a. advice and assistance regarding compliance with the requirements of the United States Trustee ("UST"); b. advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; c. advice regarding cash collateral matters; d. examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; e. advice concerning the requirements of the Bankruptcy Code and applicable rules; f. negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and g. appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Partners $675 to $725 per hour Associates $450 to $600 per hour Paralegals $175 per hour The firm agreed to pay the firm a retainer fee of $51,738 for its representation in this case. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Roksana D. Moradi-Brovia disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roksana D. Moradi-Brovia, Esq. 17609 Ventura Boulevard, Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 About UMZU LLC UMZU, LLC operates an e-commerce supplement business that sells products primarily through its website and Amazon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-14886) on May 18, 2026. In the petition signed by Michael Dobson, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheri Bluebond oversees the case. Matthew D. Resnik, Esq., at RHM Law, LLP, represents the Debtor as legal counsel. VIANT MEDICAL: S&P Alters Outlook to Negative, Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Rating affirmed all its ratings on Viant Medical Holdings Inc., including its 'B-' issuer credit and issue level ratings, and revised the outlook to negative from stable. The negative outlook reflects ongoing destocking headwinds and reduced growth prospects, which increases the possibility that Viant's credit metrics remain weak over a prolonged period, leading to an unsustainable capital structure. Viant's operating performance has been pressured by customer destocking over the past couple of years, causing S&P Global Ratings-adjusted leverage to rise above 9x as of March 2026. The company's ability to improve leverage and generate sustained positive free cash flow could be limited by weaker volume. In addition, it cancelled a large outsourcing agreement, hurting near-term revenue growth. The negative outlook reflects ongoing destocking headwinds and reduced growth prospects. S&P now expects 2026 revenue growth to be flat year over year compared with its previous estimate of 7%-8%. The revision follows the mutual termination of a large outsourcing agreement (Project Gamma, a commercialized electrophysiology program originally signed in 2023) between Viant and its customer in early 2026. S&P said, "Our forecast for flat growth in 2026 (an improvement over the 6% decline in 2025) reflects new program wins and a recovery in the orthopedic market beginning in late 2025. However, we expect these gains will be offset by ongoing customer destocking, especially within its surgical segment." For the last 12 months ended March 31, 2026, revenue declined approximately 3.6% year over year compared with 9.3% in the prior-year period. This was supported by higher volumes in the orthopedic and diagnostic markets, which helped mitigate destocking headwinds in certain surgical programs. Despite the projected revenue stabilization, S&P's negative outlook reflects heightened risk to our base case. Key uncertainties include the duration and magnitude of further destocking, the timing of new program ramps, and new business wins. S&P said, "We expect Viant's 2026 EBITDA margin to improve despite flat revenue growth, leading to some deleveraging in 2026. We expect this improvement to be primarily driven by the reduction in ramp-up costs associated with Project Gamma, as well as a more favorable product mix. This is underpinned by anticipated growth in the higher-margin orthopedic segment and ongoing portfolio optimization through the pruning of lower-margin programs. "We expect this will be partially offset by inflationary pressures and decommissioning costs related to the termination of Project Gamma. We project S&P Global Ratings-adjusted EBITDA margin will be about 13.3% in 2026, compared with 11.4% in 2025, causing S&P Global Ratings-adjusted leverage to decline to about 8x in 2026. At the same time, we project slightly positive free operating cash flow (FOCF) of approximately $7 million in 2026, increasing to $11 million in 2027. "We expect the company will maintain sufficient liquidity. We estimate Viant will have fixed charges of about $140 million in 2026 (including interest expense of about $95 million), debt repayment of about $18 million (including equipment financing repayment), capital expenditure (capex) of about $25 million, and neutral working capital. We expect the company will more than cover its fixed charges in 2026 on expected reported EBITDA of at least $120 million, cash on hand of about $35 million, and undrawn revolver availability of about $75 million (about $20 million was drawn in the first quarter of 2026 related to Project Gamma)." The negative outlook reflects ongoing destocking headwinds and reduced growth prospects, which increases the possibility that Viant's credit metrics remain weak over a prolonged period, leading to an unsustainable capital structure. S&P said, "We would consider a downgrade if the company suffers from more severe customer destocking or end-market demand challenges that leads to elevated leverage and prolonged cash flow deficits such that we believe its capital structure is unsustainable. "We could revise the outlook back to stable if we believe the company will return to consistent revenue and EBITDA expansion that can support deleveraging, generate consistent free cash flow, and maintain adequate liquidity." VICTORIA'S KITCHEN: Fine-Tunes Plan Documents --------------------------------------------- Victoria's Kitchen LLC submitted a Third Amended Subchapter V Plan of Reorganization dated June 18, 2026. This Plan of Reorganization under chapter 11 of Title 11, United States Code, proposes to pay creditors of the Debtor from its future income. The Debtor's gross receipts have averaged $208,000 each month since this case was filed. However, tis monthly expenses were also about $208,000 during that period. This is due in large part to food costs which have increased dramatically without a corresponding adjustment in menu prices. The Debtor's current menu, which offers most entrees for a modest $22, last saw a price adjustment about three years ago. Beginning in late June 2026, the Debtor will dramatically adjust its menu prices commensurate with its food costs. Because of the Debtor's strong reputation and following, it believes that it can adjust prices as much as 25% without losing substantial business volume. Even with these substantial price adjustments, the Debtor will continue to offer food that is both higher quality and less expensive than its competitors. Like in the prior iteration of the Plan, all timely-filed allowed general unsecured claims in Class 3, which will receive-pro rata distributions funded by the Debtor's projected net disposable income over three years. This class is impaired and entitled to vote. All equity interests of the Debtor, which will be retained, unaltered, and outstanding. This class is not impaired and not entitled to vote. The Plan will be funded exclusively through income derived from operation of the Debtor's restaurant. The Debtor shall retain and continue to operate the restaurant throughout the Plan term. Income shall be used to pay ordinary operating expenses, administrative expenses, and distributions to creditors as provided in this Plan. Effect of Confirmation Under Section 1191(a). If this Plan is confirmed under Section 1191(a): * the Subchapter V Trustee's services will automatically terminate upon the plan's substantial consummation, and * no later than fourteen days after the plan's substantial consummation, the Debtor must: -- file the notice required under section 1183(c)(2), and -- file a motion for the case to be closed, for the debtor's discharge, and for a final decree. If this Plan is confirmed under Section 1191(b), the Debtor must file post-confirmation reporting (the "Reports") from the date of entry of this Order until the time of closing of the bankruptcy case. The Reports must comply with Local Rule 3021-1 and must include the small business post-confirmation report required by the Office of the United States Trustee, which form is entitled Office Of The United States Trustee Region 3 PostConfirmation Quarterly Summary Report. The Debtor shall file each Report on or before the twentieth day after the end of each calendar quarter. A full-text copy of the Third Amended Plan dated June 18, 2026 is available at https://urlcurt.com/u?l=b3BRXS from PacerMonitor.com at no charge. Counsel to the Debtor: Mike Assad, Esq. Law Office of Mike Assad P.C. 121 South Broad Street, Suite 1507 Philadelphia, PA 19107 Tel: (609) 808-3300 About Victoria's Kitchen LLC Victoria's Kitchen, LLC, is a food service business based in Philadelphia, Pennsylvania. Victoria's Kitchen sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on Aug. 26, 2025, listing between $1 million and $10 million in assets and liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC serves as Subchapter V trustee. Judge Derek J. Baker oversees the case. The Debtor is represented by Michael Assad, Esq., at Sadek Law Offices. VIKING BAKED: Moody's Rates New $300MM Secured Notes Add-on 'B2' ---------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Viking Baked Goods Acquisition Corporation's ("Rise Baking") proposed $300 million senior secured notes add-on to its existing senior secured notes. At the same time, Moody's affirmed the company's B2 Corporate Family Rating and B2-PD Probability of Default Rating (PDR), the Ba2 rating on the super priority senior secured first lien cash flow multicurrency revolving credit facility (CF revolver), and the B2 ratings on the senior secured first lien term loan and senior secured notes. The asset based lending (ABL) revolver remains unrated. The outlook is stable. Rise Baking has entered into a definitive agreement to acquire Jimmy's Gourmet Bakery ("Jimmy's") for approximately $243 million. The company will utilize proceeds from the $300 million add-on to fund the acquisition, pay related fees and expenses, and add approximately $50 million of cash to the balance sheet. Moody's views the debt funded acquisition as credit negative, as it increases Moody's-adjusted gross debt-to-EBITDA leverage to approximately 6.5x from 6.1x for the last 12 months (LTM) ended March 28, 2026. Net leverage increases more modestly to around 6.1x from 5.9x, reflecting the retention of a portion of proceeds on the balance sheet to support liquidity. Moody's affirmed the B2 CFR and maintained the stable outlook despite the increase in leverage because Moody's projects that gross leverage will decline to below 6.0x (Moody's adjusted) over the next 12-18 months, supported by EBITDA growth. Moody's expects EBITDA improvement to be driven by new business wins, ongoing cost reduction initiatives, including procurement, network optimization, and operational efficiencies, as well as acquisition related synergies from Jimmy's, primarily in SG&A and salesforce efficiencies. Moody's expects recent price increases and synergy realization to support EBITDA growth in the second half of 2026, helping to overcome higher fuel and freight costs that have pressured earnings recently. Volume growth will likely remain muted due to soft consumer demand. In addition, there is execution risk related to deleveraging and the realization of cost savings and acquisition synergies, as well as the company's ability to grow earnings in a challenging consumer environment. Strategically, the acquisition enhances Rise Baking's position in the cookies category by expanding its fully baked cookie capabilities, which complement its existing frozen cookie dough business. The transaction is expected to increase revenue by roughly 15% and expand the company's presence in in-store bakery ("ISB") channels. The acquisition also strengthens Rise Baking's relationship with Walmart but increases customer concentration, as Walmart will represent a larger share of pro forma revenue following the transaction. The rating affirmation also reflects Rise Baking's good liquidity and projected free cash flow. Pro forma for the acquisition financing, the company will have $116 million of cash as of March 28, 2026, along with $122 million of availability under its $140 million ABL revolver (net of $18 million of letters of credit outstanding) and full availability under its $70 million CF revolver. Moody's expects the company to generate approximately $50 million of free cash flow over the next 12 months. Moody's expects Rise Baking will utilize cash on hand and free cash flow to fund deferred purchase consideration payments related to the company's November 2024 leveraged buyout, consisting of $25 million due in 2026 and $50 million in 2027. While these payments are obligations of Rise Baking's indirect parent, Viking Baked Goods Intermediate Holding Corporation, and not direct obligations of Rise Baking, Moody's expects them to be funded with Rise Baking's cash resources through distributions. The company has no near term debt maturities until the revolving credit facilities come due in 2029. RATINGS RATIONALE Rise Baking's B2 CFR reflects its modest scale, narrow product focus, and exposure to variable input costs within a fragmented and highly competitive baked goods industry. The company operates in relatively commodity-oriented categories and is vulnerable to fluctuations in input costs. The company's positioning within the rating category is weak due to elevated debt-to-EBITDA leverage driven by debt from the 2024 LBO and the Jimmy's Gourmet Bakery acquisition that reflects an aggressive financial policy. Moody's expects price increases, easing food input cost pressures, and synergy realization to modestly improve EBITDA and support deleveraging over the next 12–18 months. Good liquidity and projected free cash flow provide flexibility to implement growth initiatives to reduce leverage. Given the fragmented nature of the industry, the company has historically pursued an active acquisition strategy, and Moody's expects acquisitions to remain a key component of its growth strategy. These credit challenges are partially offset by the company's expanding scale, established relationships with large customers, and leading market positions in the US retail in-store bakery sector. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Rise Baking will maintain good liquidity, generate at least $40 million of free cash flow in 2026, and grow earnings, primarily through price increases and cost reduction initiatives, resulting in debt-to-EBITDA declining to below 6.0x over the next 12–18 months. A rating upgrade could occur if the company is able to achieve sustained positive organic revenue growth with higher margins, and solid and consistent free cash flow. The company would also need to maintain a financial policy that supports debt-to-EBITDA leverage sustained below 4.5x. A rating downgrade could occur if operating earnings do not improve due to factors such as volume declines, market share losses, or rising input costs. A downgrade could also occur if debt-to-EBITDA is sustained above 6.0x, liquidity deteriorates, free cash flow is not maintained at a comfortably positive level, or the company undertakes debt funded acquisitions or shareholder distributions. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Minneapolis, Minnesota, Rise Baking produces and sells baked goods including cookies, icings, glazes, fillings, pies, cakes, muffins, and other baked goods primarily to retail in-store bakery and foodservice customers. The company was formed in 2012 as a platform to build a scaled baked goods company, principally through acquisitions. The company was acquired by private equity firms Platinum Equity Advisors, LLC ("Platinum") and Butterfly Equity LP ("Butterfly") for $2 billion in November 2024. VIVOS THERAPEUTICS: Reaches Deal to Extend $2.6M Financing Deadline ------------------------------------------------------------------- Streeterville Capital LLC and Vivos Therapeutics, Inc., have entered into an agreement to extend the outside date for Vivos to complete a qualifying financing tied to a debt exchange, according to a Form 8-K filing with the Securities and Exchange Commission. The Littleton, Colorado, company said a June 18 letter agreement amended a June 5 exchange agreement and moved the financing deadline to Aug. 31 from June 15. Under the exchange agreement, Streeterville agreed to exchange a portion of outstanding indebtedness for preferred and common stock. Vivos said in a press release furnished with the filing that Streeterville reaffirmed its commitment to convert up to $4.5 million of debt into perpetual non-convertible preferred stock and common stock after the company raises $2.6 million in qualifying financing. The company said the arrangement supports equity and Nasdaq compliance. About Vivos Therapeutics Vivos Therapeutics, Inc., is a Littleton, Colorado-based medical technology company focused on diagnostic and treatment methods for breathing and sleep disorders. The company develops and commercializes oral appliance and related treatment protocols for patients with sleep-disordered breathing, including obstructive sleep apnea. Its products and services are used by dental and medical professionals through a clinical-provider model. In its audit report dated April 15, 2026, Baker Tilly US, LLP included a going-concern explanatory paragraph noting recurring losses from operations, which raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Vivos Therapeutics reported total assets of $25.04 million, total liabilities of $26.31 million, and a stockholders' deficit of $1.27 million. WAND NEWCO 3: Moody's Upgrades CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded Wand NewCo 3, Inc.'s (doing business as Caliber Collision, "Caliber") corporate family rating to B2 from B3, the probability of default rating to B2-PD from B3-PD and the ratings on the senior secured first lien revolving credit facility due 2029, the senior term loan B due 2031 and the 2032 senior secured first lien notes to B2 from B3. Moody's changed the outlook to stable from positive. The upgrade reflects Caliber's improving operating performance despite industry headwinds with consistent positive free cash flow generation, generally positive same store sales and increasing EBITDA and EBITDA margins over the past two years. Caliber has also voluntarily repaid a portion of its term loan over the last twelve months. As a result, debt/EBITDA has improved to 5.7x as of March 2026 from 6.5x as of year-end 2024 while EBITA/interest expense has improved to 1.4x from 1.1x during the same period. Over the next 12-18 months, Moody's expects debt/EBITDA and EBITA/interest expense will improve to the mid 5x range and around 1.7x respectively, on the back of continued momentum in EBITDA growth from both existing and new locations including from tuck-in acquisitions and cost efficiencies. RATINGS RATIONALE Caliber's B2 CFR is supported by its leading scale in a highly fragmented collision repair industry, near-national footprint across 41 states and strong relationships with major insurance carriers that represent the vast majority of the company's revenues. Demand fundamentals remain favorable, with increasing vehicle age, vehicle miles traveled and increasing repair costs due to greater vehicle complexity. Caliber's credit profile also benefits from its very good liquidity. However, Caliber is contending with shortages of skilled auto technicians as well as inflationary conditions in both parts and labor amid a challenging consumer environment. The rating also reflects Caliber's geographic concentration in certain markets and the potential for aggressive financial policies under private equity ownership. The stable outlook reflects Moody's expectations that Caliber will continue to improve its operating performance with positive same store sales and increasing EBITDA. It also reflects Moody's expectations that the company will continue to maintain very good liquidity with positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Caliber demonstrates continued solid operating performance including consistent growth in same store sales. Financial policies that support EBITA/interest expense sustained above 2.25x and debt/EBITDA sustained below 5.0x as well as robust free cash flow generation and good liquidity are also factors for an upgrade. Ratings could be downgraded should Caliber's liquidity weaken, if EBITA/interest coverage is sustained below 1.5x and if debt/EBITDA is sustained above 6x. A failure to maintain positive free cash flow to debt or pursuing financial policies that favor shareholders over creditors including debt-funded shareholder distributions are also factors for a downgrade. Wand NewCo 3, Inc. is a leading collision repair provider currently operating 1,858 locations in the U S under the Caliber Collision banner with revenues of about $7.7 billion for the twelve-month period ended March 2026. The company is majority owned by Hellman & Freidman LLC. 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. WESTCOAST EVOLUTIONS: Unsecureds Will Get 5% over 60 Months ----------------------------------------------------------- WestCoast Evolutions, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of California a Small Business Plan of Reorganization under Subchapter V dated June 19, 2026. The Debtor currently operates four retail locations in the Sacramento area. In November 2024, the company prematurely expanded by adding a fourth store in Gold River, thereby significantly increasing its operating expenses without a commensurate increase in revenue/overextended itself. To sustain its operations, the company borrowed business capital and now needs Chapter 11 reorganization in order to pay back creditors as required in a structured manner. The Debtor filed this Chapter 11 case on Jan. 11, 2026, to address UCC liens, outstanding taxes, and other business liabilities in a structured manner. The Debtor initiated this case to preserve the business, protect jobs, and restructure obligations in a manner that ensures long-term viability. Since commencement of this case, Debtor has stabilized operations and monthly operating reports reflect continued positive cash flow and improved business performance. Class 2 consists of all allowed general unsecured claims, including the unsecured deficiency portion of BayFirst National Bank's Claim No. 9, scheduled unsecured claims deemed filed pursuant to Section 1111(a) of the Bankruptcy Code. Total Class 2 Claims shall be $694,779.40 (plus any allowed rejection damage claims arising from the two rejected West Coast Car Audio licensing agreements). Allowed Class 2 claims shall receive a pro rata share of a fund equal to approximately five percent of the total amount of allowed Class 2 claims, currently estimated at $34,738.97. The Class 2 distribution fund shall remain fixed at $34,738.97, and the percentage recovery shall adjust pro rata based upon the total amount of allowed Class 2 claims. Class 2 General Unsecured Creditors shall receive monthly distributions totaling approximately $578.98 per month for sixty months. Distributions shall commence on the first day of the month following the Effective Date of the Plan and continue monthly thereafter for a period of sixty months. Pro rata means that each creditor shall receive its proportional share of the Class 2 distribution fund based upon the amount of its allowed claim relative to the total amount of all allowed Class 2 claims. Creditors in Class 2 may not take any collection action against Debtor so long as Debtor is not in material default under the Plan. This Class is impaired and entitled to vote on confirmation of the Plan. The sole owner/equity interest holder, Paolo Melendez, shall retain 100% equity in the reorganized Debtor. The Plan will be funded from the continued operation of Debtor's business. The Debtor's ending balance as of April 30, 2026 (MOR at docket # 83), was $55,764.99. Available funds will be used to pay the administrative costs of the Subchapter V Trustee and Debtor's attorney fees but if no funds are available, these administrative costs will be paid over time. All projected disposable income for a period of five years will be applied to plan payments. A full-text copy of the Plan of Reorganization dated June 19, 2026 is available at https://urlcurt.com/u?l=tDxknx from PacerMonitor.com at no charge. Counsel to the Debtor: Arasto Farsad, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Telephone: (408) 641-9966 Facsimile: (408) 866-7334 E-mail: af@farsadlaw.com About WestCoast Evolutions WestCoast Evolutions, LLC, is a veteran-owned business, provides automotive customization and protection services in Sacramento, Elk Grove, West Sacramento, and Gold River, California, specializing in window tinting, vehicle wraps, paint protection films and coatings, audio and electronics installations, and safety and security enhancements. WestCoast Evolutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20120) on Jan. 11, 2026, listing $131,174 in total assets and $1,476,218 in total liabilities. Paolo A. Melendez, chief executive officer of WestCoast Evolutions, signed the petition. Judge Christopher M. Klein oversees the case. Arasto Farsad, at Farsad Law Office, P.C., is serving as the Debtor's bankruptcy counsel. WISER SOLUTIONS: Court OKs CL Mateo-A as Highest Bidder ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has granted Wiser Solutions Inc. and its affiliates, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Wiser Solutions, Inc., along with its affiliates is a software as a service ("SaaS") business that provides data management, analytics, and brand protection solutions to enterprise clients. The Company operates a diversified portfolio of technology platforms that support customers in monitoring digital marketplaces, safeguarding intellectual property, and improving the accuracy and reliability of commercial data across their operations. Despite the strength of its core products and customer relationships, the Company's capital structure and liquidity position have become unsustainable, necessitating thee chapter 11 proceedings. In the months leading up to these cases, the Company engaged in extensive discussions with its secured lender and financial advisors to evaluate strategic alternatives. Those efforts included exploring refinancing options, additional capital infusions, and potential transactions involving some or all of the Company's assets. In parallel with the broader strategic review, the Company has also been evaluating the sale of non-core assets, and is in the process of selling certain assets held by its foreign subsidiaries. After a thorough review of available alternatives, and in light of the threat to the Debtors' assets posed by litigation initiated by certain unsecured creditors, the Company determined that a court-supervised sale process under section 363 of the Bankruptcy Code offered the best path to preserve and maximize value for stakeholders. As described in the First Day Declaration, accepting the Stalking Horse Bid and conducting a comprehensive post-petition marketing process to be run by the Debtors' proposed investment banker, SSG Capital Advisors, LLC, under the circumstances, presents the best opportunity for the Debtors to achieve the best available value for the Debtors' estates for the benefit of all stakeholders. To maximize the value of the Debtors' Assets and elicit the highest or otherwise best offers for the Assets during the postpetition marketing process, the Debtors and their advisors developed the proposed Bidding Procedures. The Court has authorized the Debtor to select CL Mateo-A LLC as the Stalking Horse Bidder pursuant to the Stalking Horse Purchase Agreement. The Debtors and their respective officers, employees and agents are authorized and directed to take any and all actions necessary, appropriate or reasonably requested by the Buyer to perform, consummate, implement and close the Sale Transaction. The Sale of the Acquired Assets to the Buyer under the Stalking Horse Purchase Agreement constitutes a transfer for reasonably equivalent value and fair consideration under the Bankruptcy Code and laws of all applicable jurisdictions. The Buyer obtained and exercised the right to Credit Bid in accordance and compliance with the terms of the Bid Procedures Order, the Stalking Horse Purchase Agreement, the Prepetition Credit Documents, the DIP Credit Documents, and the DIP Orders. The Debtors are authorized to execute such documents as may be necessary to release any Claims, Interests, or Encumbrances. About Wiser Solutions Inc. Wiser Solutions, Inc. is a U.S.-based technology company specializing in retail analytics and pricing intelligence solutions for brands and retailers. Wiser Solutions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-80002) on April 26, 2026. In its petition, the Debtor reports assets in the range of $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Katharine Battaia Clark, Esq. of Thompson Coburn LLP. Crestline Direct Finance, L.P., as DIP agent, is represented by Amanda S. Rush, Esq., at Jones Day, in Dallas, Texas; Gary L. Kaplan, Esq., at Jones Day, in Miami, Florida; and S. Christopher Cundra IV, Esq., at Jones Day, in Washington, D.C. WOODLAND OAKS: Seeks Approval to Hire Lindauer & Vaughn as Counsel ------------------------------------------------------------------ Woodland Oaks Investors, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Lindauer & Vaughn to serve as its legal counsel. The firm will provide these services: (a) render legal advice regarding the powers and duties of the Debtor in the continued operation and management of its property as debtor in possession; (b) take all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor, and the negotiation of disputes in which the Debtor is involved; (c) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate, and appear before the Court on the Debtor's behalf; (d) negotiate, prepare, and file a plan of reorganization and related disclosure statement and all related documents, and otherwise promote the financial rehabilitation of the Debtor; and (e) perform all other necessary legal services in connection with the prosecution of this chapter 11 case. Joyce W. Lindauer, Esq. will receive an hourly rate of $625, and Dian Gwinnup, Paralegal, will also receive an hourly rate of $250. Lindauer & Vaughn does not hold or represent any interest adverse to the Debtor or its estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by section 1107(b), according to court filings. The firm can be reached at: Joyce W. Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Woodland Oaks Investors, LLC Woodland Oaks Investors, LLC is a limited liability company that appears to engage in real estate investment and asset management activities. The company's operations are primarily focused on owning and managing investment properties and related assets. Woodland Oaks Investors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11987) on June 12, 2026. In its petition, the Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The Debtor is represented by Joyce W. Lindauer, Esq. of Lindauer & Vaughn. WOODLAND OAKS: Seeks to Tap Lindauer & Vaughn as Legal Counsel -------------------------------------------------------------- Woodland Oaks Best Living, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Lindauer & Vaughn to serve as legal counsel. The firm will provide these services: (a) render legal advice regarding the powers and duties of the Debtor in the continued operation and management of its property as debtor in possession; (b) take all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of actions commenced against the Debtor, and the negotiation of disputes in which the Debtor is involved; (c) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports and other papers in connection with the administration of the Debtor's estate, and appear before the Court on the Debtor's behalf; (d) negotiate, prepare, and file a plan of reorganization and related disclosure statement and all related documents, and otherwise promote the financial rehabilitation of the Debtor; and (e) perform all other necessary legal services in connection with the prosecution of this chapter 11 case. Joyce W. Lindauer, Esq. will receive an hourly rate of $625, and Dian Gwinnup, paralegal, will receive an hourly rate of $250. The firm has been paid a retainer of $9,000 in connection with this proceeding, which included the filing fees of $1,738.00 and which was paid by Vesta Landscaping, a related party. Lindauer & Vaughn is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joyce W. Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Woodland Oaks Best Living, LLC 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. Woodland Oaks Best Living, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-11986-sah) on June 12, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 to $50 million and liabilities of between $10,000,001 to $50 million. Judge Sarah A. Hall oversees the case. Lindauer & Vaughn is Debtor's legal counsel. WORKSPORT LTD: Reports Strong Margin and Distribution Gains ----------------------------------------------------------- Worksport Ltd. has announced three new commercial and operational developments that management believes mark a potential inflection point in Worksport's 2026 growth plan. The Company announced that it has secured Meyer Distributing as a new national distribution partner, achieved 35% gross margin in May 2026 (up from 28.4% in Q1 2026), and is now targeting a $36 million+ 12-month revenue opportunity supported by increasing B2C activity, expanding B2B distribution, newly launched products, and improving operating leverage. The announcement follows Worksport's recently completed premium-priced direct investment, which the Company believes reflected investor confidence in its strategic direction. With annualized revenue currently tracking above $20 million and momentum continuing to build during the second quarter, management believes the Company is entering the second half of 2026 with a significantly stronger commercial and operating foundation. Preliminary May Gross Margin Reaches Approximately 35% Worksport today announced that it achieved approximately 35% gross margin in May 2026, representing a new record margin metric for the company, based on preliminary unaudited internal results. This represents continued margin improvement from approximately 11% gross margin in December 2024 and approximately 30% gross margin in December 2025. Gross margin has increased despite U.S. aluminum prices rising approximately 50% in two years. Management believes any future decline in aluminum prices could provide additional gross margin expansion. Management believes the improvement reflects continued progress in production efficiency, cost discipline, pricing strength, and operating scale. The margin milestone is important because, at higher gross margins, each incremental dollar of revenue can contribute more meaningfully toward covering fixed operating costs. Management estimates that, assuming an approximate 35% gross margin level, Worksport would need to generate roughly $9 million in quarterly revenue to achieve operational cash-flow positivity. Worksport continues to target initial operational cash-flow positivity within 2026, supported by increased sales velocity and gross margins, expanding B2B distribution, ongoing B2C demand, and execution across its product portfolio. New Meyer Distributing Relationship Expands Worksport's B2B Reach Worksport also announced that it has secured Meyer Distributing as its first multinational distribution partner and has received an initial purchase order for Worksport tonneau covers. Meyer Distributing is one of North America's leading automotive aftermarket wholesale distribution networks, serving dealers across the United States, Canada, and international markets with over 3.5 million sq. ft. of warehouse space. Meyer was also recognized by the Specialty Equipment Market Association (SEMA) as Warehouse Distributor of the Year in 2010, 2015, and 2017. For Worksport, the Meyer relationship represents more than an initial order. It marks a significant B2B milestone that gives the Company access to a larger base of recurring orders from thousands of dealers, installers, and aftermarket resellers across USA and Canada, at a time when Worksport is expanding production, launching new products, and targeting meaningful revenue growth in 2026. The Company believes the addition of Meyer–combined with recently announced Tri-State Enterprises traction and existing wholesale and dealer relationships including Patriot Auto, and Worksport's expanding dealer network–strengthens its commercial platform and supports a larger recurring revenue opportunity as Worksport products move through established aftermarket sales channels. $36M+ Annualized Revenue Opportunity Supported by B2C and B2B Growth Worksport's B2C activity is currently tracking near approximately $1 million per month, or approximately $12 million annualized. Separately, B2B sales were recently tracking near approximately $0.7 million per month, or approximately $8.4 million annualized. With the addition of Meyer Distributing, recent Tri-State momentum, existing channel relationships, and continued dealer network expansion, management believes B2B annualized revenue potential can expand toward $24 million or more over the next 12 months following activation and ramp-up of these relationships. When combined with current B2C activity, this supports a total annualized revenue opportunity of approximately $36 million or more. Management believes this opportunity aligns with Worksport's previously stated near-term cash-flow positivity goals and reflects a more scalable commercial base than the Company had entering the year. CEO Commentary "We believe Worksport is entering a very different phase of the business," said Steven Rossi, Founder and Chief Executive Officer of Worksport. "Last week's investment reflected external confidence in our direction. Today's update demonstrates an operating foundation: expanding distribution, improving gross margins, compelling B2C activity, and a clear revenue path toward near-term operational cash-flow positivity." Mr. Rossi added, "The Meyer relationship is an important step for our B2B strategy. Meyer is a respected name in automotive aftermarket distribution, and we believe its reach can help Worksport products move through a much larger dealer and installer network over time. Combined with Tri-State, Patriot Auto, AllPro, our expanding dealer base, and our new Nexus cover, we believe the commercial architecture needed to scale is coming together." Mr. Rossi concluded, "At approximately 35% gross margin, Worksport looks very different than it did a year ago. Each additional dollar of revenue has more potential impact. Our objective remains clear: increase sales velocity, expand margins, convert inventory, grow distribution, and pursue initial operational cash-flow positivity within 2026. We believe the inflection point we have been working toward is beginning to take shape." Worksport intends to continue updating shareholders as B2B onboarding, distributor sell-through, NEXUS adoption, margin progression, and overall revenue conversion progress through 2026. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 26, 2026, saying "The Company has experienced recurring net losses that raise substantial doubt about the Company's ability to continue as a going concern. Upon analysis of the Company's current financial situation and projected outlooks, we believe there is substantial doubt about the Company's ability to continue as a going concern." As of March 31, 2026, the Company had $27.88 million in total assets, $7.90 million in total liabilities, and $19.98 million in total stockholders' equity. WORLD OF DISCOVERY: Seeks Bankruptcy After Mayfair Litigation ------------------------------------------------------------- On June 23, 2026, World of Discovery, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Vermont. According to court filings, the Debtor reports between $500,000 and $1 million in debt owed to 1–49 creditors. The filing follows litigation with Mayfair Business Capital LLC and scheduled foreclosure sales involving its childcare facilities in Weathersfield and Hartford. About World of Discovery, Inc. World of Discovery, Inc. is a White River Junction, Vermont-based child day care services provider. The company operates early childhood education and childcare programs, maintains a workforce of 18 full-time equivalent employees, and holds a four-star quality rating from Vermont state regulators. World of Discovery, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 26-10154) on June 23, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $500,000 to $1 million. Honorable Bankruptcy Judge Heather Z. Cooper handles the case. The Debtor is represented by Todd Taylor, Esq. of Law Offices of Todd Taylor, P.C. Y & Q HOME: Case Summary & 13 Unsecured Creditors ------------------------------------------------- Debtor: Y & Q Home Plus LLC 1739 Liberty Ave Pittsburgh, PA 15222 Business Description: Y & Q Home Plus LLC is a Pittsburgh, Pennsylvania-based home improvement products company established in 2006. The company operates three showrooms across Pittsburgh and offers cabinets, countertops, porcelain, tiles and flooring, hardware, wall panels, and grilles. It also provides complimentary design consultations for home improvement and renovation projects. Chapter 11 Petition Date: June 26, 2026 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 26-21760 Debtor's Counsel: Michael Kruszewski, Esq. LEECH TISHMAN FUSCALDO LAMPL, LLC 525 William Penn Place, 28th Floor Pittsburgh, PA 15219 Tel: (814) 273-7100 Fax: (412) 227-5551 E-mail: mkruszewski@leechtishman.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Yuquan Li as president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6ICGYFA/Y__Q_Home_Plus_LLC__pawbke-26-21760__0001.0.pdf?mcid=tGE4TAMA YESCARE CORP: Liquidation Exposes Limits of Bankruptcy Shield ------------------------------------------------------------- Akiko Matsuda of WSJ Pro reports that The liquidation of prison healthcare contractor YesCare has brought an end to a private equity-backed bankruptcy strategy designed to shield the company from hundreds of injury-related lawsuits. The company's second Chapter 11 filing failed to produce a viable restructuring, forcing it to wind down operations. Backed by Perigrove, YesCare had provided healthcare services to more than 20,000 inmates nationwide before seeking Chapter 11 protection in Florida in May. Company memoranda reviewed by WSJ Pro Bankruptcy indicated that management planned to use remaining accounts receivable to pay employees after efforts to obtain financing proved unsuccessful, according to report. The restructuring unraveled after a $75 million settlement connected to the bankruptcy of affiliate Tehum Care Services collapsed when YesCare and its owners failed to make scheduled payments. The settlement's failure restored litigation involving wrongful death and medical malpractice claims stemming from the former Corizon Health business, the report relays. Compounding the company's difficulties were a $307 million verdict, the loss of major correctional healthcare contracts, and continued creditor challenges to its bankruptcy proceedings. YesCare has since begun closing its headquarters and reducing its workforce while completing its liquidation, WSJ Pro reports. About YesCare Corp. YesCare Corp. is a correctional healthcare company. YesCare Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01089) on May 8, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael R. Dal Lago, Esq. YONDR JK 1: Fitch Assigns 'BB(EXP)' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned Yondr JK 1 LLC an expected 'BB(EXP)' Long-Term Issuer Default Rating (IDR) and senior secured debt rating. The Outlook is Stable. The ratings reflect predictable contracted revenue under a 15-year licensing lease agreement supported by a guaranty from an investment grade hyperscaler. Under Fitch's rating case cash flow is not sufficient to amortize the debt during the initial lease term, which exposes the project to lease renewal risk. However, the location in a Tier-1 data center market with low latency to population centers and high barriers to entry mitigates this risk. The project, scheduled for delivery in four phases from January through October 2028, faces completion risk. Fitch considers this manageable because of its straightforward scope, reasonable budget and schedule, experienced contractor and a signed construction contract on a guaranteed maximum price (GMP) basis, despite limited liquidity if delays occur. Favorable lease terms also reduce this risk. The tenant may terminate each phase only after a 12-month delay. Debt protections are weak for project finance and allow additional debt. Any additional projects require rating confirmation. Fitch's rating case assumes reasonable downside stresses and additional debt allowed by the project documents after completion. The project life coverage ratio (PLCR) at debt maturity is 1.26x, consistent with the assigned rating. The IDR matches the debt ratings, reflecting senior ranking and no material subordinated liabilities. KEY RATING DRIVERS Completion Risk - Stronger Mitigated Completion Risk with Strong Execution Support Fitch does not view completion risk as a constraint on the project's credit profile. The completion risk assessment benefits from relatively straightforward construction in four phases, an experienced contractor, an executed GMP contract and reasonable contingencies. Construction is in its initial stage and is on track, and schedule and milestones are reasonable according to the TA. All OFCI items have been procured. In addition, the lease allows delivery up to 12 months beyond the target completion date for each phase, upon delivery of written notice within 30 days after the expiration of the 12-month period, which mitigates delay risk. In this case, only the delayed phase would be terminated. The limited available liquidity in a delay scenario is mitigated by Yondr's and HITT's positive track record in delivering a similar project, on budget, and on schedule. Supply Risk - Midrange Manageable Power Supply Risk with Adequate Capacity Planning The project faces manageable power supply risk. Campus infrastructure allocations have been properly planned to support full delivery of Building 2A's 48 MW critical capacity via the NOVEC-owned Brambleton and Wishing Star Substations. As of today, 50 MVA has been constructed and energized, and the remaining infrastructure improvements required to bring power to the site are underway and expected to be completed by 3Q26. A further capacity upgrade to 70 MVA will be available prior to each phase's service commencement date, available approximately one year before the last data hall's commencement date, in accordance with the TA analysis, which mitigates supply risk. Revenue Risk - Midrange Strong Contracted Revenues with Renewal and Termination Risk The revenue profile is supported by a long-term take-or-pay lease with IG hyperscale tenant, which provides strong visibility into contracted cash flows. The asset has a strong competitive position in Northern Virginia, a leading global data center market with high barriers to entry, low latency and sustained structural demand for cloud capacity. Demand volatility is limited, supported by tight market conditions and continued hyperscale demand. However, cash flow under Fitch's rating case is not sufficient to amortize debt during the initial lease term, which creates lease renewal risk. However, the location in a Tier 1 market mitigates this risk. The lease includes termination for convenience provisions. Material termination fees create a meaningful economic disincentive, but they add optionality. The termination fee would not fully pay the debt in some scenarios. However, Fitch believes the facility can be leased to another tenant if the option is exercised. Operation Risk - Midrange Predictable Operating Cost Structure with Pass-Through Protections All electricity costs and property taxes are fully passed through to the tenant, reflecting a modified gross and electric (MG&E) structure. Operating expenses are predictable and consist of property and insurance expenses and other operating expenses like facility management, reactive maintenance, fuel, security, and landscaping expenses. Maintenance capex is the issuer's responsibility. Lease includes reasonable SLA requirements. Infrastructure Development & Obsolescence Risk - Neutral Modern, Scalable Asset in Leading Data Centre Market The project has a stable infrastructure and obsolescence profile, supported by its location in Northern Virginia, a leading and global DC market with strong connectivity, low latency and sustained demand from hyperscale cloud tenants. The facility is a new hyperscale DC built to modern specifications, with efficient and scalable design features that meet current and evolving tenant needs. Lifecycle capex requirements are predictable and reflected in the financial profile, supporting the asset's ability to maintain technical performance and competitiveness. The standardized and modular design also provides flexibility to accommodate future technological developments and changes in tenant demand. Debt Structure - Weaker Structure with Refinancing Risk and Weaker Covenants Fixed-rate senior secured notes mature in 2031, with partial limited amortization over their life. The project faces refinancing risk at debt maturity. The issuer, a new SPV, does not have a refinancing track record, although Yondr's access to financial markets partly mitigates this risk. The debt structure has structural strengths, including senior secured ranking, an adequate security package and liquidity support through a debt service reserve and prefunded interest. These features provide strong protection through cash flow priority and downside resilience. The issuer is also subject to special purpose entity covenants that largely limit its activities to the project and related permitted activities. They require separateness through separate books, accounts and financial statements, prohibit asset commingling with third parties and restrict guarantees of third-party debt. Debt provisions are weaker than typical project finance structures, this is reflected in the assessment. In issuer may incur additional debt after the commencement date under a basket equal to USD25 million plus 50.0% of NOI. It may also incur project-related debt of up to 90% LTC for pari passu debt after the commencement date (or 95% for non-pari passu). The issuer must obtain a Fitch rating confirmation before it undertakes an additional project. Debt for that project does not require a separate rating affirmation, but it remains subject to certain conditions. Peer Analysis Stingray Compute LLC (BB-(EXP)/Stable) and SE Cosmos, LLC (BB-/Stable) are the most relevant peers. SE Cosmos and Yondr JK 1's ratings are not constrained by completion risk, while Stingray Compute faces elevated completion and power supply risk. While both peers present sufficient cash flow to amortize the rated debt within the initial lease term, Yondr JK 1 depends on additional extensions to fully amortize the total debt under the Fitch's rating case. All three projects face weaker debt provisions than typical project finance structures. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant construction delays that result in increased unavoidable financing costs not covered by either contingencies or debt service reserve - A degradation in the project's financial profile, resulting in a decline in the minimum PLCR below 1.25x or DSCR below 1.0x in 2029 and 2030 Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained operational and financial performance in line with or above Fitch's rating case, with the PLCR above 1.35x Financial Profile Fitch's base and rating cases assess cash flow over 25 years because the project cannot fully repay the original debt and additional allowances within the initial lease term under Fitch's rating case assumptions. The rating case stresses the five-year refinancing rate to 9.0%. It also includes additional debt allowed after completion under one of the baskets at 90% LTC, and stresses operating costs, lease rates and vacancy at renewal. The PLCR in 2031 is 1.26x under the rating case, commensurate with the rating. The low DSCR in 2029 and 2030 after completion is mitigated by a six-month DSRA. This provides cushion against further cost escalations or SLA penalties in Fitch's downside scenario, which includes additional debt and reasonable cost stresses. TRANSACTION SUMMARY Yondr JK 1 LLC plans to issue $715 million of senior secured notes to partially fund the development of NoVa North Building 2A in Aldie, Loudoun County, VA (48 MW data center building). Total project costs are $876 million, implying a 85% loan to cost for the proposed notes. The notes have a five-year tenor and are secured by a first lien on all assets, contracts, and cash flows. The final ratings are contingent upon the receipt by Fitch of final documents conforming to information already received and reviewed as well as the final pricing of the bonds. SECURITY The security package provides comprehensive first-lien coverage over substantially all project assets, supported by controlled cash flow arrangements, a fully funded DSRA and a parent-level completion guarantee. However, the absence of clearly defined lender step-in rights, combined with ongoing construction risk and potential flexibility for additional pari passu debt, limits the overall strength of creditor control. Date of Relevant Committee June 22, 2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Yondr JK 1. 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 ----------- ------ Yondr JK 1 LLC LT IDR BB(EXP) Expected Rating Yondr JK 1 LLC/Senior Secured Debt/1 LT LT BB(EXP) Expected Rating [] South Dakota Chapter 11 Filings Down, Chapter 12 Filings Rose ---------------------------------------------------------------- Elena Tittel of South Dakota News Watch reports that business bankruptcies in South Dakota have declined since the pandemic, but an increasing share of financially troubled companies are choosing liquidation over reorganization. Between 2019 and 2026, the state recorded 292 business bankruptcy filings, with Chapter 7 accounting for the largest share. The Kaplan Group also found South Dakota remained below its pre-pandemic bankruptcy filing levels in 2025. There were 125 Chapter 7 liquidations during the period, compared with only 28 Chapter 11 reorganizations. According to bankruptcy attorney Clair Gerry, many businesses are concluding that shutting down is less expensive and less complicated than pursuing Chapter 11, which often requires significant upfront legal and financial costs. South Dakota's agricultural economy has also contributed to relatively high Chapter 12 activity. Robert Miller said family farmers frequently choose Chapter 12 because it provides tax advantages and flexible repayment options unavailable through Chapter 7. American Bankruptcy Institute data showed Chapter 12 filings peaked at 20 cases in 2020, far exceeding Chapter 11 filings that year, the report states. Business consultants say better succession planning could reduce the number of companies ending in liquidation. Katie Johnson of Next Phase Strategy Partners said owners who prepare exit strategies well in advance are more likely to preserve business value and complete successful ownership transitions than those who wait until financial distress becomes severe, according to South Dakota News Watch. ********* 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 ***