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260701.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, July 1, 2026, Vol. 30, No. 182 Headlines 15 LTD: Mark Dennis Named Subchapter V Trustee 303 CLFX: Mark Dennis Named Subchapter V Trustee 303 THE HILL: Mark Dennis Named Subchapter V Trustee 3229 S. HARLEM: Hires Weissberg and Weissberg as Legal Counsel 5830 FLORIDA: Seeks Cash Collateral Access 727 LOFTS: Case Summary & 20 Largest Unsecured Creditors 7452 N. WESTERN: Gets Interim OK to Use Cash Collateral A&C AUTOWORKS: Kevin Neiman Named Subchapter V Trustee ACADEMY FOR ACADEMIC: Moody's Ups Rating on 2020A/B Bonds from Ba1 ALLEN MARKETING: Taps Law Offices of Charles Wertman as Counsel ALLIANCE LAUNDRY: Moody's Ups CFR to B1 & Alters Outlook to Stable AMERICAN GREETINGS: Moody's Alters Outlook on 'B2' CFR to Stable AMERICAN GREETINGS: S&P Rates $450MM New Senior Secured Notes 'B' APPLE TREE: Taps Vernon Flynn Sonecha, Akash Sonecha as Counsels ARTICON HOTEL: Court Extends Cash Collateral Access to July 31 ASB CERA: Case Summary & Two Unsecured Creditors ASHFORD HOSPITALITY: Closes $26.85M Sale of Austin Downtown Hotel ASPIRA INC: Court Extends Cash Collateral Access to July 14 AZUSA PACIFIC: Moody's Affirms 'Ba1' Revenue Bond Ratings BESPOKE AESTHETICS: Tarek Kiem Named Subchapter V Trustee BIO-KEY INTERNATIONAL: Narrows Q1 2026 Net Loss to $205,037 BLUE CLOUDS: Frances Smith Named Subchapter V Trustee BURWOOD LLC: Case Summary & 20 Largest Unsecured Creditors CAPITAL PROJECTS: Moody's Cuts Rating on 2024A-1/2 Rev. Bonds to B3 CARBON HEALTH: Plan Exclusivity Period Extended to Aug. 31 CARPENTER TECHNOLOGY: Moody's Ups CFR to Ba1, Outlook Positive CARVANA CO: Moody's Hikes CFR to B1, Outlook Remains Positive CHARLES & COLVARD: Plan Exclusivity Period Extended to Aug. 31 CLEARSIDE BIOMEDICAL: Seeks to Extend Plan Exclusivity to Sept. 21 COOPER STREET: Case Summary & 10 Unsecured Creditors CORE & MAIN: Moody's Rates New $750MM Unsecured Notes Due 2034 'B1' CRESCENT CO-OP: Stephen Moriarty Named Subchapter V Trustee D & D VENTURE: Court Extends Cash Collateral Access to Oct. 31 DAVENN LLC: Melissa Haselden Named Subchapter V Trustee DIOCESE OF SAN FRANCISCO: Committee Taps Roger Kramer as Reviewer DIVISION 2 TRUCKING: Amends Unsecured Claims Pay Details DOLCHE TRUCKLOAD: Unsecureds Will Get 25% of Claims over 5 Years DYE & DURHAM: Moody's Cuts CFR to Caa1, Outlook Negative ENVUE MEDICAL: Christian Glibert Ceases 5% Beneficial Ownership EPIC MECHANICAL: Seeks to Hire Annette Moore as Accountant ESGTHERM LLC: Case Summary & 15 Unsecured Creditors FIEE INC: Launches $6.27M ATM Equity Offering With A.G.P. FIREHOUSE GRILL: Court Extends Cash Collateral Access to July 31 FRANCISCAN FRIARS: Updates Joint Plan Disclosures GARDA WORLD: S&P Upgrades Secured Debt Rating to 'B+' GLOBAL INFRASTRUCTURE: Moody's Rates New $500MM Unsec. Notes 'Ba3' HALLMARK FINANCIAL: To Hire Olshan Frome as Special Counsel HERTZ CORP: Fitch Rates New 1st Lien Senior Secured Notes 'B+(EXP)' HERTZ CORP: Moody's Rates New Secured 1st Lien Notes Due 2030 'Ba3' HUMACYTE INC: Davidson Kempner and Affiliates Hold 4.74% Stake INDEPENDENCE BEVERAGES: Unsecureds to be Paid in Full in Plan INSPIRED HEALTHCARE: Committee Taps Alvarez & Marsal as Advisor JACQUELINE D MOORE: Employs Management Concepts CPAs as Accountant JOSEPHINES RESTAURANT: Gets Extension to Access Cash Collateral JS&A FIRE: Gets Interim OK to Use Cash Collateral KASTER MOVING: Gets Interim OK to Use Cash Collateral Until July 10 KDC/ONE DEVELOPMENT: Moody's Rates New First Lien Term Loans 'B3' KSENIA LOGISTICS: Unsecureds Will Get 93% of Claims over 5 Years LEGENCE HOLDINGS: Moody's Ups CFR to Ba3, Outlook Stable LILLY INDUSTRIES: Has Deal on Cash Collateral Access LINDY'S ON 4TH: Dawn Maguire Named Subchapter V Trustee MIWD HOLDCO II: Moody's Alters Outlook on 'B2' CFR to Negative MR. BUBBLES AURORA: Court Extends Cash Collateral Access to July 31 MUSCULOSKELETAL ASSOCIATES: Taps Kaplan Johnson Abate as Counsel NEXT DAY: Claims to be Paid from Ongoing Business Operations NEXT LEVEL: Gets Interim OK to Use Cash Collateral NYC OF PIERMONT: Case Summary & 16 Unsecured Creditors NYC OF PIERMONT: Taps Law Offices of Robert S. Lewis as Counsel OCEANEERING INT'L: Moody's Rates New Unsec. Notes Due 2034 'Ba3' OLD GOAT: Employs Kaplan Johnson Abate & Bird LLP as Legal Counsel OUTPATIENT SERVICE: Gets Extension to Access Cash Collateral P&L DEVELOPMENT: Moody's Withdraws 'Caa3' Corporate Family Rating PLEASE & THANK: Taps RRHHA LLC as Support Services Provider POSH QUARTERS: Unsecured Creditors Will Get 8.3% of Claims in Plan PROFESSIONAL DIVERSITY: All Proposals Approved at Annual Meeting RELIANT PLUMBING: Unsecured Creditors to Split $1.7M in Plan REMINGTON RANCH'S: Case Summary & 20 Largest Unsecured Creditors ROSE MECHANICAL: Gets Interim OK to Use Cash Collateral ROYAL PRODUCT: Jose Diaz Crespo Named Subchapter V Trustee RTM LOGISTICS: Gets Interim OK to Use Cash Collateral S & S MASONRY: Seeks to Use Cash Collateral SCHUMACHER AND DALTON: Hires Kaplan Johnson Abate as Counsel SEARLES VALLEY: Final Hearing on $20MM DIP Financing Set for July 7 SILVERSHORE CYPRESS: Claims to be Paid from Property Sale Proceeds SMITH MICRO: Regains Nasdaq Minimum Bid Price Compliance SP TRANS: Employs Gensburg Calandriello as Legal Counsel SPIRIT AVIATION: M&G Plc Exits Shareholder Position SSM INDUSTRIES: Gets Court OK to Use $72,020 in Cash Collateral STINGRAY COMPUTE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable STONEYBROOK SPIRITS: Court Extends Cash Collateral Use to Aug. 19 T-4 FARM: Taps Lain Faulkner as Accountant and Advisor TAQUERIA Y ANTOJITOS: Linda Leali Named Subchapter V Trustee TAYLOR CONSTRUCTION: Robert Eggmann Named Subchapter V Trustee TEGETHOFF DEVELOPMENT: Gets Interim OK to Use Cash Collateral TURNER DEVELOPMENT: Seeks to Extend Plan Exclusivity to Sept. 21 UNIVERSAL AGAMI: Case Summary & One Unsecured Creditor VALVES AND CONTROLS: Seeks to Extend Plan Exclusivity to Aug. 6 VANDERBILT MINERALS: Plan Exclusivity Period Extended to Oct. 14 VEGA ROOFING: Michael Markham Named Subchapter V Trustee VIVIANS RESTAURANT: Gets Extension to Access Cash Collateral WATCHGUARD TECHNOLOGIES: Moody's Affirms 'B3' CFR, Outlook Stable WAYNE-SANDERSON FARMS: Fitch Affirms 'BB' IDR, Outlook Stable WESTJET AIRLINES: Fitch Rates Proposed Secured Notes 'B' WESTJET AIRLINES: Moody's Cuts CFR to B3 & Alters Outlook to Stable WEXFORD DEVELOPMENT: Seeks Chapter 7 Bankruptcy in New York WILFONG II HOSPITALITY: Taps Barth & Thompson as Legal Counsel WINTHROP STREET: Creditors to Get Proceeds From Liquidation WYNN RESORTS: Moody's Affirms 'B1' CFR & Alters Outlook to Stable ********* 15 LTD: Mark Dennis Named Subchapter V Trustee ---------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for 15 LTD. Mr. Dennis 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. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About 15 LTD. 15 LTD. sought protection under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-14424) on June 18, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Gabrielle G. Palmer, Esq., at Onsager, Fletcher, Johnson & Palmer, LLC is the Debtor's legal counsel. 303 CLFX: Mark Dennis Named Subchapter V Trustee ------------------------------------------------ The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for 303 CLFX, LLC. Mr. Dennis 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. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About 303 CLFX LLC 303 CLFX, LLC operates 303 Boards, an online store and brick-and mortar skate shops in Colorado, with locations in Denver. The company sells skateboarding products, footwear, apparel, accessories, and gift cards, and offers in-store pickup. It has operated as a brick-and-mortar store since 1997. 303 CLFX filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-14399) on June 18, 2026, with $249,931 in assets and $1,155,969 in liabilities. Sam Schuman, manager, signed the petition. Judge Michael E. Romero presides over the case. Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. represents the Debtor as legal counsel. 303 THE HILL: Mark Dennis Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for 303 The Hill Ltd. Mr. Dennis 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. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About 303 The Hill 303 The Hill Ltd. is a Colorado retailer specializing in skateboard-related merchandise and sporting goods. As an affiliate of 303 Boards, the company offers a range of products including skateboards, accessories, footwear, and apparel, catering to both recreational and competitive skateboard enthusiasts. 303 The Hill sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 26-14414) on June 18, 2026. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C. 3229 S. HARLEM: Hires Weissberg and Weissberg as Legal Counsel -------------------------------------------------------------- 3229 S. Harlem, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to hire Ariel Weissberg, Esq. and the law firm of Weissberg and Khanna, Ltd. to serve as legal counsel. The firm will provide these services: (a) give Debtor legal advice and assistance with respect to its powers and duties as a debtor-in-possession; (b) assist 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 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 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 Debtor in its dealings with the Office of the United States Trustee and with creditors of the estate; and (g) assist and represent 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. The firm will receive a pre-petition advanced payment retainer in the amount of $9,238 including the $1,738 Chapter 11 filing fee. In addition, the Debtor has agreed to be billed at the hourly rate of $550 subject to Bankruptcy Court approval. Weissberg and Khanna, Ltd. is a "disinterested person" as defined in 11 U.S.C. §101. The firm has no interest adverse to those of the estate of the Debtor, and neither does W&K represent any such adverse interests. The firm can be reached at: Ariel Weissberg, Esq. WEISSBERG AND KHANNA, LTD. 125 South Wacker Drive, Suite 300 Chicago, IL 60606 Telephone: (312) 663-0004 Facsimile: (312) 663-1514 E-mail: 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. 5830 FLORIDA: Seeks Cash Collateral Access ------------------------------------------ 5830 Florida Ave New Orleans LA 70117, LLC asks the U.S. Bankruptcy Court for the Eastern District of Louisiana for authority to use cash collateral and provide adequate protection. The Debtor owns and operates a single income-producing residential rental property located at 5830 Florida Avenue in New Orleans, Louisiana, which generates approximately $2,375 in gross monthly rental income. The rental income constitutes cash collateral and is necessary to fund ongoing operations and preserve the value of the property during the bankruptcy case, according to the Debtor. The Debtor's proposed monthly operating budget shows total expenses of approximately $2,135.76, consisting of a $150 property management fee, $50 for repairs and maintenance, $125 for insurance, a $811 mortgage payment to Velocity, a $250 reserve for repairs and vacancies, and $750 in owner management compensation. Based on these figures, the Debtor projects a monthly surplus of approximately $239 and believes that rental income is sufficient to sustain operations and maintain the property during the case. The Debtor's primary secured creditor is U.S. Bank Trust Company, National Association, as Trustee for Velocity Commercial Capital Loan Trust 2025-4, which asserts a mortgage and assignment of rents encumbering both the property and its rental proceeds. As adequate protection for the secured creditor's interest, the Debtor proposes continued maintenance of hazard insurance, ongoing upkeep and preservation of the property, payment of operating expenses, continued payment of the monthly mortgage obligation, and the granting of replacement liens on post-petition rents and proceeds to the same extent and priority as any valid pre-petition liens. A court hearing is scheduled for July 15. A copy of the motion is available at https://urlcurt.com/u?l=CbfQsk from PacerMonitor.com. About 5830 Florida Ave New Orleans LA 70117 LLC 5830 Florida Ave New Orleans LA 70117, LLC is a Louisiana-based real estate holding company involved in property ownership, investment, and asset management activities. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11425) on June 10, 2026. In its petition, the Debtor reported assets of up to $1 million and liabilities of up to $100,000. The Debtor is represented by Raphael Bickham, Esq., at Bickham Law Practice, LLC. 727 LOFTS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: 727 Lofts Best Living, LLC 1412 Main St Dallas, TX 75202 Business Description: 727 Lofts Best Living owns the 727 Lofts, a multifamily apartment complex in Jenks, Oklahoma, that offers studio, one- and two-bedroom apartments with modern residential amenities to tenants in the Tulsa-area rental market. Chapter 11 Petition Date: June 25, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-32779 Judge: Hon. Stacey G. Jernigan Debtor's Counsel: Joyce Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Marc Kulick as authorized signer. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6JQOY4A/727_Lofts_Best_Living_LLC__txnbke-26-32779__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QPLW2PI/727_Lofts_Best_Living_LLC__txnbke-26-32779__0001.0.pdf?mcid=tGE4TAMA 7452 N. WESTERN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered a fifth interim order authorizing 7452 N. Western Ave., Inc. to use cash collateral. The court authorized the Debtor to use the cash collateral of Byline Bank, Newtek Bank, N.A., the U.S. Small Business Administration and Altbanq Lending II LLC from June 26 through July 31, strictly in accordance with the approved budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $100,200. As conditions of use, the Debtor must allow the secured creditors and the Subchapter V trustee access to its books and records; maintain insurance covering the collateral; provide evidence of collateral upon request; properly maintain and manage the collateral; and deliver profit-and-loss statements and budget-to-actual reports covering the interim period. As protection, the court granted the secured creditors valid, perfected replacement liens on all property acquired by the Debtor or its bankruptcy estate before and after its Chapter filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. As of the petition date, the secured creditors' cash collateral consists of cash ($30,000) and inventory ($23,000). Newtek is owed approximately $650,000 while the SBA is owed approximately $185,000. The order is available at https://shorturl.at/KdNx0 from PacerMonitor.com. A further interim hearing is scheduled for July 27. About 7452 N. Western Ave. Inc. 7452 N. Western Ave., Inc. is an Illinois-based company that owns and manages commercial real estate, including property located along North Western Avenue in Chicago. It conducts business under the names Candelite Chicago, Candelite Restaurant, Candelite Evanston, Candlelite Pizza, Chi Burger, Candlelite Cafe, Candlelite Pizza Cafe, and Candlelite, 7452 N. Western Ave. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00911) on January 20, 2026. In its petition, the Debtor listed between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com Newtek Bank, N.A., as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com A&C AUTOWORKS: Kevin Neiman Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for A&C Autoworks Inc. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-14422) on June 18, 2026, with $1,290,614 in assets and $2,358,144 in liabilities. Malcom Garrison, president and director, signed the petition. Judge Michael E. Romero presides over the case. Andrew Johnson, Esq., at Onsager, Fletcher, Johnson & Palmer, LLC represents the Debtor as legal counsel. ACADEMY FOR ACADEMIC: Moody's Ups Rating on 2020A/B Bonds from Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the rating on Academy for Academic Excellence, CA's Charter School Revenue Bonds (Academy For Academic Excellence Project) Tax Exempt Series 2020A and Taxable Series 2020B to Baa3 from Ba1. Concurrently, the outlook has been revised to stable from positive. The Academy for Academic Excellence (AAE) had approximately $8 million in revenue debt outstanding as of fiscal year end (June 30) 2025. The High Desert "Partnership in Academic Excellence" Foundation, Inc. (the Foundation), which operates AAE has a total of $54 million in revenue debt outstanding as of fiscal year end (June 30) 2025. The upgrade to Baa3 reflects the financial stewardship of the Foundation which has yielded sustainable operating performance and strengthened liquidity for the Academy for Academic Excellence as well as for the Norton Science and Language Academy which has reached its targeted K-12 enrollment. RATINGS RATIONALE The Baa3 rating reflects AAE's favorable competitive profile, as demonstrated by consistently operating at full enrollment while maintaining solid student demand. AAE's student retention is consistently over 90% and its waiting list is large at over 100% of current enrollment. Moody's expects AAE's favorable academic performance relative to the local district, Apple Valley Unified School District, will continue to support enrollment management even in an era of declining school age population. AAE's disciplined budget management and full enrollment will continue to support positive operating performance and maintenance of solid operating liquidity. Fiscal 2025 results were sound, with annual debt service coverage over 2x and operating liquidity over 200 monthly days cash on hand. Through the third quarter of fiscal 2026, operating performance remains positive, and management projects full-year debt service coverage above 1.5x while maintaining operating liquidity above 200 monthly days cash on hand. The rating also reflects the low leverage from debt with AAE's spendable cash and investments covering 140% of its outstanding debt. Moody's opinion of leverage also considers the higher leverage of the Foundation, which operates AAE as well as the substantial net pension liability. The Foundation's spendable cash and investments covered a more moderate 51% of its total $55 million in debt outstanding. AAE benefits from a lack of charter competition in its service area and has a good working relationship with its authorizer, Apple Valley Unified School District. AAE remains in good standing with its authorizer and prospects are good for another renewal in 2028. RATING OUTLOOK The stable outlook reflects the likelihood that AAE will maintain sound operating performance, supporting healthy liquidity and debt service coverage. The stable outlook also reflects sustained enrollment stability driven by strong academic performance despite some demographic pressures. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Reduction in financial leverage -- Further growth of operating liquidity sustained double digit operating cash flow margins FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Sustained enrollment declines weakening the competitive profile -- Material reduction in liquidity, with monthly days cash below 100 -- Material increase in leverage without commensurate increase in revenue or reserves -- Narrowing of operating performance at AAE or the Foundation PROFILE Initially opened in 1997 as an independent study program serving just over 200 students, the Academy for Academic Excellence (AAE) now serves about 1,500 students in grades TK-12 on a large, 150-acre campus in Apple Valley, California, about one hour north of the City of San Bernardino. The academy's charter with the Apple Valley Unified School District has been renewed multiple times, and its current charter expires on June 30, 2028. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. ALLEN MARKETING: Taps Law Offices of Charles Wertman as Counsel --------------------------------------------------------------- Allen Marketing Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Charles Wertman, Esq. of Law Offices of Charles Wertman P.C. to serve as legal counsel. The firm will provide these services: (a) providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in accordance with the provisions of the Bankruptcy Code; (b) preparing, on behalf of the Debtor, all necessary schedules, applications, motions, answers, orders, reports, adversary proceedings and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; (c) assisting the Debtor in the development and implementation of a plan of reorganization or liquidation, including the proposed sale of the Property; and (d) performing all other legal services for the Debtor that may be necessary in connection with this Chapter 11 case and the Debtor's attempts to reorganize its affairs under the Bankruptcy Code. Mr. Wertman will receive an hourly rate of $525 for attorney services, and an hourly rate of $150 for para-professionals. Law Offices of Charles Wertman P.C. 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: 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 Allen Marketing Group, Inc. Allen Marketing Group, Inc. is a Cedar City, Utah-based company that provides marketing and promotional services and operates VacationOffer.com, an online travel platform offering vacation packages, hotel bookings, and event tickets across popular travel destinations. Allen Marketing Group, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 1:26-bk-41294) on March 18, 2026. At the time of the filing, the company had estimated assets of $500,001 to $1 million and liabilities of $1,000,001 to $10 million. The company is a corporation with primarily business debts. Judge Elizabeth S. Stong oversees the case. Law Offices of Charles Wertman P.C. is Debtor's legal counsel. ALLIANCE LAUNDRY: Moody's Ups CFR to B1 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded Alliance Laundry Systems LLC's (Alliance) corporate family rating to B1 from B2, its probability of default rating to B1-PD from B2-PD. Concurrently, Moody's upgraded the senior secured first lien bank credit facility to B1 from B2, comprised of the $225 million senior secured first lien revolving credit facility due August 2029 and the $1.3 billion senior secured first lien term loan due August 2031. The Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-2. The outlook changed to stable from positive. The upgrade of Alliance's CFR to B1 reflects the company's leverage reduction since the IPO in October 2025, supported by solid operating performance and debt repayments. Moody's expects Alliance will remain focused on debt reduction in the near term and reduce leverage to 4x adjusted debt/EBITDA in 2026, consistent with its net leverage target of reported net debt/EBITDA in the low 2x. As of March 31, 2026 adjusted debt/EBITDA stood at 4.7x and reported net leverage according to the company's calculation at 2.8x. Governance factors are a key driver of this rating action, specifically the company's efforts to operate with a more conservative leverage profile. The concentrated ownership, with the company's sponsor still retaining 70% of the company's shares and voting power, constrains the rating. However, Moody's views it as likely that the sponsor will reduce their current stake in the company over time. RATINGS RATIONALE Alliance's B1 CFR reflects the company's solid market position as the leading manufacturer of commercial laundry equipment globally with a high level of recurring revenue from servicing its large global commercial unit installed base, robust EBITA margins consistently around 20% and positive free cash flow in a largely non-cyclical business. The company's growing market share within the commercial laundry equipment space will support stable organic growth over the next several years. Constraining credit factors include the company's limited track record of operating as a public company with a more conservative leverage profile and improved interest coverage ratios. The B1 rating also considers the still concentrated ownership as the company's sponsor, BDT & MSD Partners, owns about 70% of the company's shares. Even though Moody's expects that the sponsors will reduce their stake over time. Some uncertainty remains regarding the company's future financial policy with respect to establishing a dividend or acquisitions, once it has reached its leverage target. The stable outlook reflects Moody's expectations that Alliance will maintain credit metrics consistent with the B1 rating and will further extend its track record of operating with a lower leverage profile. The SGL-2 speculative grade liquidity rating reflects Moody's views that Alliance will maintain good liquidity over the next 12-15 months. This is supported by Moody's expectations that the company will generate more than $200 million in free cash flow in 2026 and 2027. As of the period ended March 2026, Alliance reported about $129 million cash, and full availability on its $225 million revolving credit facility due August 2029. Alliance Laundry Systems LLC (Alliance Laundry) is the operating company and Alliance Laundry Holdings LLC issues audited financial statements and provides downstream guarantees. Alliance Laundry is also the primary obligor of all the credit facilities. Alliance Laundry's first lien bank credit facility (revolver and term loan) is rated B1, the same level as the Corporate Family Rating of B1, reflecting its position as the preponderance of debt in the company's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Alliance demonstrates a sustained commitment to a conservative financial policy and debt reduction, and in case of reduced concentration in ownership. Specifically, the ratings could be upgraded if leverage is sustained below 3.5x debt/EBITDA, EBITA-to-interest improves to above 4.0x, and FCF/debt sustained above 7.5%. Moody's could downgrade the ratings if the company's financial policy becomes more aggressive, including material acquisitions or engagement in shareholder friendly activities. Specifically, the ratings could be downgraded if leverage is sustained above 4.5x debt/EBITDA, EBITA-to-interest is sustained below 3.0x, or if the company's liquidity deteriorates, including FCF/debt falling below 5% on a sustained basis. The principal methodology used in these ratings was Manufacturing published in September 2025. Alliance's B1 CFR is two notches below the scorecard-indicated outcome of Ba2 for the 12-18 month forward looking view. The difference to the assigned rating reflects the company's concentrated ownership, as well as a limited track record of the company operating with a lower leverage profile. Headquartered in Ripon, WI, Alliance Laundry Systems LLC designs, manufactures and markets a line of commercial laundry equipment under various brands, including Speed Queen, Primus, Huebsch, IPSO and UniMac, in over 150 countries. Its product offering consists of washers, drying tumblers and ironers for the coin laundry, multi-housing laundries, institutional laundries (on premise laundry (OPL)) and consumer residences. As of the twelve month period ended March 2026, Alliance reported about $1.7 billion in revenue. AMERICAN GREETINGS: Moody's Alters Outlook on 'B2' CFR to Stable ---------------------------------------------------------------- Moody's Ratings affirmed all existing ratings of American Greetings Corporation ("American Greetings"), including the company's B2 Corporate Family Rating and the B2-PD Probability of Default Rating. Moody's also affirmed the B2 ratings on the company's existing $800 million senior secured term loan C due October 2029 and the $250 million senior secured revolving credit facility due April 2029. Concurrently, Moody's assigned a B2 rating to the company's proposed $400 million senior secured term loan B and extended $250 million senior secured revolving credit facility. The outlook was changed to stable from negative. Moody's affirmed American Greetings' existing ratings because the company continues to generate positive free cash flow, has taken steps to restore growth through new business wins and expanded distribution, and maintains adequate liquidity to execute its growth initiatives. Although the loss of a large retail customer following its bankruptcy created a near-term headwind, improved operating trends and new customer relationships support a recovery in earnings. The outlook change to stable reflects improved operating momentum, including improving results over the last two quarters, and good free cash flow generation that has exceeded Moody's prior expectations. Earnings performance has benefitted from cost savings initiatives, pricing actions, and new customer wins, supporting a recovery in profitability. These improvements position the company to continue deleveraging and maintain credit metrics consistent with the current rating category. The company's credit profile remains broadly consistent with the current rating category following the proposed refinancing transaction, which includes the issuance of a new $400 million term loan B, an extended $250 million revolving credit facility, as well as other secured debt instruments. Proceeds will be used primarily to refinance existing debt and extend maturities. The transaction is expected to be leverage and coverage neutral and does not materially alter the company's financial risk profile, though it improves the maturity profile and enhances liquidity flexibility. RATINGS RATIONALE American Greetings' B2 CFR reflects its position as a leading provider in the celebrations category, supported by its established market presence across the US, Canada, the UK, and Australia, long-standing retailer relationships, and strong in-store merchandising and distribution capabilities. The company benefits from relatively stable demand driven by recurring life events and holidays, as well as a broadening product assortment spanning gift packaging, party goods, balloons, and digital offerings. At the same time, the rating remains constrained by the company's exposure to a mature and highly competitive greeting card industry, characterized by secular volume declines, low growth, and high customer concentration. While the company's celebrations strategy aims to diversify revenue and mitigate these pressures, meaningful execution is required to offset ongoing demand erosion. Additionally, financial policies remain aggressive under private equity ownership, contributing to event risk, including the potential for shareholder distributions or debt-funded transactions. Recent operating performance has improved, with stronger results in the back half of fiscal 2026 and into fiscal 2027 supported by cost savings initiatives, pricing actions, and new customer wins. Although the loss of a large retail customer following its bankruptcy created a near-term headwind, new partnerships and expanded distribution are expected to partially offset this impact over time. However, revenue recovery remains dependent on the successful execution and ramp-up of these initiatives. In the next 12–18 months, Moody's expects American Greetings to generate low-single-digit revenue growth and maintain a mid-teens EBITDA margin, with leverage improving to around 4.4x on a Moody's-adjusted basis (incorporating Moody's adjustments and only including amortization for intangible assets and not deferred costs). While Moody's expects revenue and EBITDA to remain relatively stable, the company should continue to generate positive free cash flow of about $40 million in FY 2027, improving to more than $60 million in FY 2028, supported by cost optimization efforts, modest pricing, and contributions from new customer relationships and expansion into adjacent categories such as gift packaging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates consistent organic revenue growth with a stable or expanding EBITDA margin, sustains retained cash flow-to-net debt above 10%, maintains a more balanced financial policy with debt-to-EBITDA sustained below 3.5x, and maintains good liquidity. The ratings could be downgraded if the company's operating performance weakens such as the loss of a major customer or volume, an inability to offset the earnings decline from declining greeting card volumes, or costs increase. Aggressive strategic or financial policies such as debt-funded acquisitions or shareholder distributions, debt-to-EBITDA sustained above 5.0x, retained cash flow-to-net debt sustained below 5% or a deterioration in liquidity for any reason could also lead to a downgrade. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. AMERICAN GREETINGS: S&P Rates $450MM New Senior Secured Notes 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to American Greeting Corp.'s $450 million senior secured notes due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. American Greeting intends to use the proceeds, combined with its recent $400 million senior secured term loan issuance, to refinance its existing first-lien term loan and partially pay down borrowings under its $250 million revolving credit facility now due in 2031. APPLE TREE: Taps Vernon Flynn Sonecha, Akash Sonecha as Counsels ---------------------------------------------------------------- Apple Tree Life Sciences, Inc., et al. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Vernon Flynn KC, Esq., Akash Sonecha, Esq., and Anson Cheung, Esq., individual professionals practicing law in Delaware, to serve as supplemental Cayman Islands counsels. The professionals will provide these services: (a) prepare for and represent the Debtors' interests in the Cayman Proceedings and perform the full range of services normally associated with being leading counsel in the Cayman Proceedings, including (but not limited to) advising, acting for, and appearing on behalf of the Debtors in the Cayman Proceedings before the Courts of the Cayman Islands; (b) provide legal services in connection with the upcoming Cayman Proceedings at Walkers' direction and instruction; and (c) provide additional services from the Barristers beyond the Cayman Proceedings or additional barristers pursuant to the Notice Procedure. Vernon Flynn KC will receive a flat fee of $2,014,950 representing an hourly rate of $2,400 for the services outlined herein. Akash Sonecha will also receive a flat fee of $445,741 representing an hourly rate of $637.88 for the services outlined herein, to be paid in two equal installments. Anson Cheung will receive a flat fee of $600,255 representing an hourly rate of $627.28 for the services outlined herein, to be paid in four equal installments. The Barristers do not represent or hold any interest adverse to the Debtors or to their estates, according to court filings. The firm and professionals can be reached at: Vernon Flynn KC, Esq. BRICK COURT CHAMBERS 7-8 Essex Street London, WC2R 3LD United Kingdom Telephone: +44 (0)20 7379 3550 E-mail: vernon.flynn@brickcourt.co.uk - and - Akash Sonecha, Esq. Anson Cheung, Esq. ESSEX COURT CHAMBERS 24 Lincoln's Inn Fields London, WC2A 3EG United Kingdom Telephone: +44 (0)20 7381 8131 E-mail: asonecha@essexcourt.com acheung@essexcourt.com About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on Dec. 9, 2025. In its petition, the Debtor reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is POTTER ANDERSON & CORROON LLP. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. ARTICON HOTEL: Court Extends Cash Collateral Access to July 31 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered its sixth interim order authorizing Articon Hotel Services, LLC to use cash collateral. The sixth interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration from June 26 through July 31, strictly in accordance with a budget, subject to a 10% variance on each expense category. The Debtor projects total operational expenses of $4,571,773 for the period from June 26 to July 31. As adequate protection, the SBA will be granted valid and perfected replacement liens on the Debtor's property, whether acquired before or after its Chapter 11 filing. These replacement liens will have the same priority and extent as the SBA's pre-bankruptcy lien. In addition, the Debtor must permit the SBA and the Subchapter V trustee to inspect its books and records upon reasonable notice; maintain and pay insurance premiums protecting the SBA's collateral; provide evidence of collateral upon request; and properly maintain and manage the collateral. These measures are designed to safeguard the SBA's interests while cash collateral is being used. A further hearing is set for July 27. Articon's cash collateral consists of $46,542 in cash and $2,044,390 in accounts receivable. The only secured creditor asserting an interest in the cash collateral is the U.S. Small Business Administration, which holds a claim of $514,721. Articon filed for Subchapter V Chapter 11 relief due to ongoing litigation with Baldwin Enterprises. It currently operates as a debtor-in-possession from leased premises in Mount Prospect, Illinois, and employs three individuals. About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ASB CERA: Case Summary & Two Unsecured Creditors ------------------------------------------------ Debtor: ASB Cera Realty, LLC 53 Smith Road Middletown, NY 10941 Business Description: ASB Cera Realty, LLC is a single-asset real estate company that owns and leases a commercial property at 53 Smith Road in Middletown, New York. Chapter 11 Petition Date: June 26, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-35681 Debtor's Counsel: Michael D. Pinsky, Esq. LAW OFFICE OF MICHAEL D. PINSKY, P.C. 463 Canopy Forest Drive Saint Augustine, FL 32092 Tel: 845-245-6001 Fax: 845-684-0547 E-mail: michael.d.pinsky@gmail.com Total Assets: $13,500,000 Total Liabilities: $6,191,664 The petition was signed by Steven Wecera as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WP7LA3Q/ASB_Cera_Realty_LLC__nysbke-26-35681__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. School Tax Collector 2026 School Tax $1 PO Box 5132 Attn Officer White Plains, NY 10602-5132 2. Town of Wallkill 2026 County & $1 Receiver of Taxes Town Tax 99 Tower Dr Bldg A Middletown, NY 10941 ASHFORD HOSPITALITY: Closes $26.85M Sale of Austin Downtown Hotel ----------------------------------------------------------------- Ashford Hospitality Trust, Inc. announced in a regulatory filing that HH Austin Hotel Associates, L.P., an indirect wholly owned subsidiary of the Company, completed the sale of the Hilton Garden Inn Austin Downtown located in Austin, Texas pursuant to an Agreement of Purchase and Sale, dated as of April 30, 2026, by and between HH Austin Hotel Associates, L.P, as seller, and JMIR Acquisitions, LLC, as purchaser, for $26.85 million in cash, subject to customary pro-rations and adjustments. About Ashford Hospitality Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. Dallas, Texas-based BDO USA, P.C., the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 20, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has final debt maturities within one year from the date the financial statements are issued, which raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Ashford had $2.6 billion in total assets, $3 billion in total liabilities, and a total stockholders' deficit of $695.2 million. As of March 31, 2026, the Company had total indebtedness of $2.4 billion included $2.2 billion of variable-rate debt. ASPIRA INC: Court Extends Cash Collateral Access to July 14 ----------------------------------------------------------- Aspira Inc. of Illinois, an Illinois not for Profit Corporation, received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court om June 30 entered a second interim order extending the Debtor's authority to use cash collateral from June 30 to July 14 to pay operating expenses under an approved budget. The Debtor was initially allowed to access cash collateral under the court's June 23 interim order. The Debtor owns and operates two Chicago properties located at 3119–21 N. Pulaski Road and 3019–25 N. Monticello Avenue, which have a combined value of approximately $15 million, against an alleged secured debt of about $5.4 million owed to Old Second National Bank. Old Second National Bank is believed to be the only secured creditor with cash collateral rights. As adequate protection, Old Second National Bank will receive first-priority replacement liens on post-petition collateral and proceeds to the same extent and priority as its pre-petition liens. The replacement liens cover cash generated from operations and other collateral securing the lender's claims. The bank will also receive a $10,000 payment from the Debtor on or before July 14 as further protection. As additional protection, the Debtor must maintain insurance on all assets at replacement or fair market value, name the bank as an additional insured or loss payee, and provide proof of coverage upon request. The order is available at http://bankrupt.com/misc/AspiraInc_2ICCOrder43.pdf A court hearing is scheduled for July 14. Aspira Inc. of Illinois Aspira Inc. of Illinois, an Illinois not for Profit Corporation, is a Chicago-based not-for-profit education organization that, founded in 1968, operates charter school and youth-development programs focused on Latino and other underserved students, including ASPIRA Early College High School, a comprehensive early-college high school at 3986 W. Barry Ave. in Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-09992) on June 14, 2026. In the petition signed by Melissa Batista, interim chief executive officer, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Daniel R Fine oversees the case. Paul M. Bach, Esq., at Bach Law Offices, represents the Debtor as bankruptcy counsel. AZUSA PACIFIC: Moody's Affirms 'Ba1' Revenue Bond Ratings --------------------------------------------------------- Moody's Ratings has affirmed Azusa Pacific University's (CA) Ba1 revenue bond and Ba2 issuer ratings. At June 30, 2025 the university had approximately $141 million in outstanding debt. The outlook is stable. RATINGS RATIONALE The affirmation of APU's issuer rating of Ba2 incorporates a highly challenging student market reflected in ongoing declines in enrollment and net tuition revenue. Despite concerted efforts to reduce expenses ongoing decreases in revenue continue to lead to operating deficits and very narrow EBIDA margins that are insufficient to cover debt service. Further, the university's debt structure introduces operating environment constraints through multiple financial and enrollment covenants that could lead to debt acceleration. The university benefits from its sound levels of cash and investments, and liquidity reflecting proceeds from recent real estate asset sales. An additional asset sale in fiscal 2026 was used to significantly reduce leverage and fund new degree programming. Higher levels of wealth provide some runway as efforts to stabilize enrollment and as management's efforts to achieve operating equilibrium. APU's Ba1 revenue bond rating reflects the gross revenue pledge and a mortgage pledge on the university's East campus which adds bond holder security beyond an unsecured obligation and leads to a one notch uplift to the issuer rating. RATING OUTLOOK The stable outlook reflects favorable levels of cash and investments that provide a longer run way for the university to achieve improved operating performance while a significant paydown of debt eases some covenant pressure and moderates leverage. While the outlook incorporates an expected enrollment covenant breach and bank waiver, it also assumes stabilization of enrollment over the next several years. Critical to the outlook are resolution of or improved headroom over enrollment covenant and ongoing budget management that supports stronger EBIDA margins over the next several years. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Material and sustained improvement in operating performance -- Improved strategic positioning reflected in at least stable enrollment and gradual net tuition revenue growth. -- Growth in liquidity and overall wealth levels -- Reduction of debt structure risks with meaningful headroom over financial and enrollment covenants -- For the revenue bond rating, an upgrade in the issuer rating. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to achieve traditional undergraduate students covenant requirements in fall 2026 and/or violations of other covenants increasing risk of potential acceleration -- Ongoing thin EBIDA margins that are insufficient to meet debt service coverage -- Evidence of material further weakening of the college's brand and strategic position -- Material weakening of leverage profile either through increased debt or decline in cash and investments. -- For the revenue bond rating, a downgrade in the issuer rating PROFILE Azusa Pacific University (APU) was founded in 1899 as an evangelical, Christian university and is located 26 miles northeast of Los Angeles in the City of Azusa in the San Gabriel Valley. The university has two main campuses, an online entity (LPU) and six regional centers throughout the area. APU had 6,585 full-time equivalent students in fall 2025 and total operating revenue of $188 million in fiscal 2025. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. BESPOKE AESTHETICS: Tarek Kiem Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Bespoke Aesthetics, Inc. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Bespoke Aesthetics Inc. Bespoke Aesthetics, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18111) on June 20, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Erik P. Kimball presides over the case. Julianne R. Frank, Esq., represents the Debtor as legal counsel. BIO-KEY INTERNATIONAL: Narrows Q1 2026 Net Loss to $205,037 ----------------------------------------------------------- BIO-key International Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $205,037 for the three months ended March 31, 2026, compared to a net loss of $736,545 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $2.15 million, compared to $1.61 million in the prior-year period. Going Concern In accordance with ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company has historically financed operations through access to the capital markets by issuing convertible debt securities, convertible preferred stock, common stock, and through factoring receivables. As of the date of this report, the Company does have enough cash for twelve months of operations. However, the history of losses, the negative cash flow from operations, and the dependence by the Company on its ability to obtain additional financing to fund its operations after the current cash resources are exhausted raises doubt about the Company's ability to continue as a going concern. Liquidity Outlook At March 31, 2026, the Company's total cash and cash equivalents were $2.25 million, as compared to $2.69 million at December 31, 2025. At March 31, 2026, it had a working capital of approximately $1.30 million. As discussed above, the Company have historically financed its operations through access to the capital markets by issuing secured and convertible debt securities, convertible preferred stock, common stock, warrants, and through factoring receivables. The Company currently requires approximately $750,000 per month to conduct its operations, a monthly amount that it have been unable to consistently achieve through revenue generation. The Company also have approximately $2.8 million of inventory (currently reserved) initially purchased for projects in Nigeria. The Company continues to explore other markets and opportunities to sell the product to generate additional cash. If the Company is unable to generate sufficient revenue and positive cash flow from operations or liquidation of existing inventory to fund current operations and execute its business plan, it will need to obtain additional third-party financing over the next 12 months. The Company's long-term viability and growth will depend upon the successful commercialization of its technologies and its ability to obtain adequate financing. To the extent that the Company requires such additional financing, no assurance can be given that any form of additional financing will be available on terms acceptable to the Company, that adequate financing will be obtained to meet its needs, or that such financing would not be dilutive to existing stockholders. If available financing is insufficient or unavailable or it fails to continue to generate sufficient revenue, it may be required to further reduce operating expenses, delay the expansion of operations, be unable to pursue merger or acquisition candidates, or in the extreme case, not continue as a going concern. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/2msxwrkm About BIO-key International BIO-key International Inc. provides identity and access management software and biometric authentication technology for enterprise, large-scale customer and civil ID applications. The company's platforms include BIO-key PortalGuard and hosted PortalGuard IDaaS, which combine biometric technology with multiple authentication factors to help customers control access to systems, applications and devices. BIO-key sells branded biometric and FIDO authentication hardware as accessories to its IAM platforms and operates a software-as-a-service business model supported by direct sales teams and channel partners. The company was founded in 1993 and is based in Holmdel, New Jersey. Henderson, Nevada-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 12, 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 substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $8.16 million in total assets, $3.26 million in total liabilities, and $4.89 million in total stockholders' equity. BLUE CLOUDS: Frances Smith Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Blue Clouds Health Care Incorporated. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Blue Clouds Health Care Inc. Blue Clouds Health Care Incorporated, doing business as Treat Now Family Clinic, is an outpatient medical and psychiatric clinic based in Arlington, Texas. It provides family care and psychiatric and mental health services through nurse practitioners from its office at 729 N. Fielder Road. Blue Clouds Health Care filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-42540) on June 8, 2026, with assets of up to $50,000 and liabilities of up to $10 million. Catherine O'Connor, president of Blue Clouds Health Care, signed the petition. Judge Edward L. Morris oversees the case. Clayton L. Everett, Esq., at Norred Law, PLLC, represents the Debtor as legal counsel. BURWOOD LLC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Burwood, LLC d/b/a Rubber Stone AZ d/b/a StressLess Remodeling d/b/a Granite Transformations of AZ d/b/a Granite Transformation of North Phoenix 23910 N. 19th Avenue #48 Phoenix, AZ 85085 Business Description: Burwood, LLC, doing business as StressLess Remodeling, is a family-owned and operated remodeling company with offices in Phoenix, Albuquerque, and Escondido. The company provides cabinet refacing, kitchen remodeling, countertop resurfacing, Rubber Stone installation, and concrete coating systems. StressLess Remodeling serves homeowners across Arizona, New Mexico, and California, including the Phoenix, Albuquerque, Escondido, and San Diego markets. Chapter 11 Petition Date: June 26, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-06345 Judge: Hon. Daniel P Collins Debtor's Counsel: Anthony Cali, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Avenue, Suite 1025 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 E-mail: acali@bkfirmaz.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Derek Wood as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3OHQCPI/BURWOOD_LLC__azbke-26-06345__0001.0.pdf?mcid=tGE4TAMA CAPITAL PROJECTS: Moody's Cuts Rating on 2024A-1/2 Rev. Bonds to B3 ------------------------------------------------------------------- Moody's Ratings has downgraded to B3 from Ba3 the rating on Capital Projects Finance Authority's (FL) $109.3 million Student Housing Revenue Bonds (PRG-UnionWest Properties LLC Project), Senior Series 2024A-1 (Tax-Exempt) and 2024A-2 (Taxable). The outlook remains negative. The downgrade of the rating and maintenance of the negative outlook reflects significant and rapid deterioration in occupancy which has materially weakened the project's financial position, leading to the use of the debt service reserve funds (DSRF) to cover the June 01, 2026 payment. Furthermore, additional and potentially larger draws on the DSRF are anticipated for fiscal 2026 and 2027 given limited near-term opportunities to substantively improve financial performance. Governance is a key driver of the downgrade, as resident concerns around facility maintence has raised reputational risk and contributes to weak demand. RATINGS RATIONALE The B3 reflects persistently weak operating performance and escalating liquidity pressure. Occupancy remained flat at 68% in spring 2026, unchanged from fall 2025 and a material drop from the historically strong average of 95%. This substantial increase in vacancies has significantly constrained revenue generation. As a result, the project relied on reserves to meet the June 01, 2026 debt service payment, drawing $370,000 from the DSRF and fully depleting the repair and replacement fund with a $436,000 draw. If occupancy remains in line with spring 2026 levels (68%), Moody's projects that debt service coverage for FY2026 will be insufficient at approximately 0.5x. Moody's projects that future draws over the next 18 months could reduce the DSRF balance to approximately $2.25 million (0.32x MADS), materially reducing the project's ability to continue absorbing losses. While leasing momentum has modestly improved, with fall 2026 pre-leasing at approximately 53% as of June (about 4% ahead of the prior year), Moody's projects that operating revenues and available liquidity will be insufficient to cover the December 01, 2026 and June 01, 2027 debt service payments. The project manager is focused on improving occupancy and has engaged a financial consultant. However, Moody's expectations is that a sustained improvement in occupancy or financial performance is unlikely given the poor conditions of the facility, undesirable design elements, distance from the University of Central Florida's campus, and limited ability to increase rental rates. Low student lease renewal rate, at 29%, further constrains occupancy stabilization and revenue recovery. RATING OUTLOOK The negative outlook reflects the project's ongoing liquidity decline and persistent occupancy challenges, which are expected to continue over the outlook period. A further downgrade is likely if the DSRF is substantially depleted. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained occupancy growth and/or financial support from UCF and Valencia College that positively impacts debt service coverage to above 1.2x -- Replenishment of reserve funds FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Larger draws from the DSRF than currently expected, increasing the likelihood of a debt service shortfall -- Prolonged sub-par occupancy and rent levels below prior years PROFILE PRG-UnionWest Properties whose sole member is Provident Resources Group ("Provident"), was established for the purposes of planning, developing, acquiring, financing, equipping, operating, and maintaining a mixed-use student housing facility located in the City of Orlando, Florida, for the benefit of the University and Valencia College. METHODOLOGY The principal methodology used in these ratings was Global Housing Projects published in August 2024. CARBON HEALTH: Plan Exclusivity Period Extended to Aug. 31 ---------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Carbon Health Technologies, Inc., and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 31 and Nov. 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the relevant factors strongly favor an extension of their Exclusivity Periods: * The Debtors' Chapter 11 Cases Are Large and Complex. These cases were filed as a complex case. The Debtors are a health technology and management services organization that provides non-clinical, administrative, and operational support to urgent care and primary care medical service providers at approximately 93 locations across eight states. Additionally, the Debtors have an array of active constituents, including, the Committee. * An Extension of the Exclusivity Periods Will Not Prejudice Creditors. The Debtors seek to maintain exclusivity so parties with competing interests do not hinder their efforts to finalize a value-maximizing restructuring. All stakeholders benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole potential plan proponents. * The Debtors Are Not Pressuring Creditors by Requesting an Extension of the Exclusivity Periods. The Debtors' restructuring process is intended to confirm a plan that maximizes the value of the Debtors' estates for all of the Debtors' key economic stakeholders. The Debtors request a brief extension of the Exclusivity Periods not to pressure creditors, but to provide a sufficient, flexible window in which the Debtors can obtain additional certainty regarding their path to exit from chapter 11 without the disruption and distraction created by unanticipated competing plan proposals. The Debtors' Bankruptcy Counsel: Maxim B. Litvak, Esq. Theodore S. Heckel, Esq. PACHULSKI STANG ZIEHL & JONES LLP 700 Louisiana Street Suite 4500 Houston, TX 77002 Tel: 713-691-9385 Fax: 713-691-9407 Email: mlitvak@pszjlaw.com theckel@pszjlaw.com - and - Debra I. Grassgreen, Esq. John W. Lucas, Esq. One Sansome Street, 34th Floor, Suite 3430 San Francisco, CA 94104 Tel: (415) 263-7000 Fax: (415) 263-7010 Email: dgrassgreen@pszjlaw.com jlucas@pszjlaw.com About Carbon Health Technologies Founded in 2015, Carbon Health Technologies Inc. is a modern health-tech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Tex. Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as bankruptcy counsel and financial advisor to the Debtor, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the prepetition lenders and the DIP lenders. CARPENTER TECHNOLOGY: Moody's Ups CFR to Ba1, Outlook Positive -------------------------------------------------------------- Moody's Ratings upgraded Carpenter Technology Corporation's (Carpenter) Corporate Family Rating to Ba1 from Ba2, its Probability of Default Rating to Ba1-PD from Ba2-PD and the rating on its senior unsecured notes to Ba1 from Ba2. Carpenter's rating outlook remains positive and its Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-1. "The upgrade of Carpenter's ratings reflects Moody's expectations that its operating performance, free cash flow and credit metrics will continue to strengthen over the next 12 to 18 months as it benefits from strength in its key aerospace and defense end market. It also incorporates Moody's expectations the company's free cash flow will not be used to pay down debt and will support working capital investments, growth projects and shareholder returns" said Michael Corelli, Moody's Ratings' Senior Vice President, and lead analyst for Carpenter Technology Corporation. RATINGS RATIONALE Carpenter's Ba1 Corporate Family Rating incorporates Moody's expectations for improved operating results over the next 12 to 18 months, which will keep its credit metrics strong for the rating. Carpenter's rating is supported by its position in the specialty metals markets as a producer of high strength, high temperature and corrosion resistant alloys. The company's technological capabilities enable it to produce specialty alloys and titanium products for demanding end use applications in the aerospace, defense, medical, transportation, energy, industrial and consumer sectors. Carpenter benefits from long-term agreements (LTA's) with many of its aerospace customers which generally allow for the pass through of higher raw material and other costs. These attributes position the company to continue to achieve a materially improved operating performance as demand from these markets remains strong and continues to provide pricing power due to the limited number of competitors that can manufacture some of the company's products. The rating also incorporates its very good liquidity profile which enables it to navigate periods of weakness in the aerospace sector and investments in working capital as business continues to improve. Carpenter's rating also reflects its reliance on the aerospace and defense sector, the historical volatility of its operating performance and credit metrics which tend to track the aerospace cycle and Moody's expectations that free cash flow will not be used to pay down debt. It also incorporates the risk of potentially lower demand if worldwide economic growth weakens or there are shortages of jet fuel due to the impact of the Iran conflict. Carpenter's operating performance has materially strengthened for the fifth consecutive year in fiscal 2026 (ends June 2026) due to strength in the aerospace and defense end market, which accounts for around 65% of its net sales. The company will also continue to benefit from improved productivity, product mix optimization and strategic pricing actions. As a result, the company is expected to produce about $850 million in adjusted EBITDA versus the $683 million record high adjusted EBITDA generated in fiscal 2025. The company's earnings should continue to grow again in fiscal 2027 based on a continuation of the same trends that supported its fiscal 2026 performance. Carpenter is expected to generate free cash flow in the range of $350 - $400 million in fiscal 2026 as earnings grow and investments in working capital moderate. These investments consumed around $475 million in fiscal years 2022-2025. Moody's anticipates the company will use this free cash to fund growth projects such as its $400 million brownfield expansion project, pay its annual dividend and to repurchase stock. Carpenter's credit metrics will continue to strengthen in the near term along with the company's operating performance. If the company can generate adjusted EBITDA of around $850 million, then its leverage ratio (debt/EBITDA) will decline to around 1.0x and its interest coverage (EBITDA/Interest) will rise to about 15.0x as of June 2026. These metrics will remain strong for the rating and could lead to an upgrade if they are likely to be sustained and the company demonstrates a commitment to investment grade financial policies. Carpenter's Speculative Grade Liquidity rating of SGL-1 reflects its very good liquidity profile. The company had $294.8 million of cash and $499 million of borrowing availability on its $500 million unsecured revolving credit facility which had no borrowings outstanding and $1.0 million of letters of credit issued as of March 2026. The company amended its credit facility in November 2025 to make it an unsecured facility, upsize it to $500 million from $350 million and extend the maturity to 2030. Carpenter's $700 million senior unsecured notes are rated Ba1, which is in line with the Corporate Family Rating since its entire capital structure consists of unsecured debt including its $500 million unsecured revolving credit facility. The positive outlook incorporates Moody's expectations that Carpenter's operating performance and credit metrics will strengthen over the next 12 to 18 months and its credit metrics will remain strong for its rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Carpenter's rating could be upgraded if end market demand remains strong, the company sustains a track record of higher profitability and maintains financial policies commensurate with a higher rating, and it sustains EBITDA/interest above 9.0x, debt/EBITDA below 2.0x and retained cash flow of more than 35% of net debt. Downward rating pressure could materialize if Carpenter sustains EBITDA/interest below 7.0x, debt/EBITDA above 3.0x and retained cash flow below 25% of net debt. The rating could also be downgraded if the company's liquidity position materially deteriorates. Carpenter Technology Corporation, headquartered in Philadelphia, PA, is a producer and distributor of specialty materials, including stainless steel, titanium alloys and specialty alloys for the aerospace, defense, medical, transportation, energy, industrial, and consumer sectors. The company also provides metal powder solutions and has additive manufacturing capabilities. It operates through two business segments: Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP), with the SAO segment contributing about 90% of fiscal 2026 revenues. Revenues for the twelve months ended March 31, 2026, were $3.0 billion. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. Carpenter's corporate family rating of Ba1 is two notches below the scorecard-indicated outcome of Baa2 reflecting the company's moderate scale versus higher rated companies, its historical earnings volatility and its reliance on the highly cyclical aerospace and defense sector. CARVANA CO: Moody's Hikes CFR to B1, Outlook Remains Positive ------------------------------------------------------------- Moody's Ratings upgraded Carvana Co.'s ("Carvana") corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD. The company's senior secured global notes ratings were upgraded to B1 from B2 and senior unsecured global notes ratings were upgraded to B3 from Caa1. In addition, the speculative grade liquidity rating (SGL) was upgraded to SGL-1 from SGL-2. The outlook remains positive. The upgrade and positive outlook reflects Carvana's continuing improvement in operating performance and voluntary debt reduction that has resulted in a material improvement in credit metrics. It also acknowledges the strength in Carvana's free cash flow and sizeable cash balances. Overall, debt to EBITDA has improved to around 2.6x while EBITDA less capex to interest was about 3.7x for the LTM ending March 31, 2026, compared to leverage of 4.2x and EBITDA less capex to interest of about 1.8x for the LTM period ending December 31, 2024. However, excluding Carvana's lending operations leverage would be around 5.65 times and EBITDA less capex to interest would be about 1.4 times on an LTM basis ending March 31, 2026. RATINGS RATIONALE Carvana's B1 CFR reflects its improved operating performance that has been driven by higher unit sales, relatively steady level of gross profit per retail vehicle, about a $1.3 billion gain from the sale of receivables on an LTM basis and a more focused approach to cost control. The B1 also reflects Carvana's very good liquidity, as reflected by its SGL-1 supported by its sizable cash balances and positive free cash flow. Moody's assessments of Carvana maintaining good liquidity is predicated on their ability to continue to sell its receivables for a significant gain. As of March 31, 2026, Carvana's unrestricted cash balance was about $2.4 billion. Carvana's credit profile also reflects its diversified earnings stream from retail, wholesale and financing. Carvana's operating profit is bolstered by about $1.3 billion from the gain on the sale of its receivables which is subject to its ability to sell its receivables on favorable terms. Absent the gain from the sale of receivables, Carvana's EBIT margins would be more in-line with the broader auto retail market. The positive outlook expects Carvana to maintain a consistent level of operating performance that will enable it to successfully sustain its earnings momentum and the strength in its current credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded in the event Carvana is able to sustain its operating performance momentum including retail gross profit per vehicle, gain on loan sales and free cash flow. Quantitatively, an upgrade would require debt to EBITDA sustained below 3.0x and EBITDA less capex to interest sustained above 4.0x on a consolidated basis and excluding the lending business, debt/EBITDA below 4.5x and EBITDA-capex to interest above 2.25x. A higher rating would also require very good liquidity either from cash balances or committed long term external sources that provides Carvana with the ability to comfortably absorb a market slow down or a disruption in its ability to sell receivables at its current level of favorable terms. An upgrade would also require greater clarity surrounding Carvana's entry into franchise dealerships as well as the cash flow impact related to its tax receivable agreement (TRA) liability. Given the positive outlook a downgrade is unlikely at the present time. However, the outlook could be stabilized or the ratings negatively impacted in the event operating performance weakened including reduced gains on the sale of receivables or financial policies became aggressive. Quantitatively, a downgrade would occur in the event debt to EBITDA is sustained above 4.0x or EBITDA less capex to interest was sustained below 3.0x on a consolidated basis and excluding the lending business, debt/EBITDA above 6.0x and EBITDA-capex to interest below 1.25. A deterioration in liquidity for any reason could also result in a negative rating action. Headquartered in Tempe, Arizona, Carvana Co., is a leading online retailer of used vehicles, with revenue for the LTM period ending March 31, 2026, of around $22.5 billion. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The scorecard indicated outcome is three notches above Moody's final rating of B1 reflecting that the scorecard's LTM numbers incorporate the benefit of the gain on loan sales of company's lending business. Excluding the gain on the loan sales from EBITDA would result in debt/EBITDA of around 5.65x and EBITDA-cap ex/interest of about 1.4x. CHARLES & COLVARD: Plan Exclusivity Period Extended to Aug. 31 -------------------------------------------------------------- Judge David M. Warren of the U.S. Bankruptcy Court for the Eastern District of North Carolina extended Charles & Colvard, Ltd.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 31 and Oct. 28, 2026, respectively. In a court filing, the Debtor filed its voluntary Chapter 11 petition on March 2, 2026 (the "Petition Date"). Pursuant to Section 1121(b) of the Bankruptcy Code, the Debtor has the exclusive right to file a Plan of Reorganization through June 30, 2026. Pursuant to Section 1121(c)(3) of the Bankruptcy Code, the Debtor has through Aug. 29, 2026, to obtain acceptances to its Chapter 11 Plan. The Debtor requests that the period in which it has the exclusive right to file a Plan of Reorganization under Section 1121(b) of the Bankruptcy Code and the acceptance period under Section 1121(c)(3) of the Bankruptcy Code each be extended for a period of approximately sixty days. The Debtor explains that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. Charles & Colvard Ltd. is represented by: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Carpenter, Esq. HENDREN, REDWINE & MALONE, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Telephone: (919) 573-1422 Facsimile: (919) 420-0475 E-mail: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lcarpenter@hendrenmalone.com About Charles & Colvard Ltd. Charles & Colvard Ltd. is a jewelry manufacturer known for its lab-grown moissanite gemstones. Charles & Colvard sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00969) on March 2, 2026. In its petition, the Debtor listed assets and liabilities between $1 million and $10 million. Judge David M Warren oversees the case. Rebecca Redwine Grow and Jason L. Hendren of Hendren Redwine & Malone, PLLC, are representing the Debtor. CLEARSIDE BIOMEDICAL: Seeks to Extend Plan Exclusivity to Sept. 21 ------------------------------------------------------------------ Clearside Biomedical, Inc., asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 21 and Dec. 21, 2026, respectively. The Debtor explains that relevant factors demonstrate that there is more than sufficient cause to approve the extension of the Exclusive Periods: * This Chapter 11 Case has involved complex legal and factual issues. As described in more detail in the First Day Declaration, the Debtor's business involved novel ocular drug therapies, and its portfolio of products included, among other complex assets, a number of clinical programs in varying stages of development. As a result, during its sales and marketing process, the Debtor engaged in extensive diligence and negotiations with various interested parties, including 41 prospective buyers. While the Debtor reached a Settlement Agreement resolving its dispute with HCR, such settlement occurred on the eve of a hearing to address the claim objection, after significant time and effort had been devoted to briefing novel factual and legal issues and negotiating the settlement. * The Debtor has made substantial good faith progress in this Chapter 11 Case while continuing to engage in discussions and negotiations with key constituencies, including the Ad Hoc Group. Since entry of the First Extension Order, the Debtor has, among other things, (i) undertook various tasks necessary to advance the Sale Process, including obtaining entry of the Health Ocean Sale Order and the HCR Sale Order; (ii) reached a settlement with the Ad Hoc Group to resolve the Equity Committee Motion and obtained the Court's approval thereof; (iii) prepared and filed a revised form of the Combined Disclosure Statement and Plan; (iv) obtained entry of the Solicitation Procedures Order; (v) commenced solicitation of the Combined Disclosure Statement and Plan; (vi) drafted and filed documents included in the Plan Supplement and negotiated with various parties in connection therewith; and (vii) handled various other tasks related to the administration of the Debtor's estate and this Chapter 11 Case. * Since the filing of this Chapter 11 Case, the Debtor has continued to pay substantially all of its undisputed, postpetition expenses and invoices. * The requested extension of the Exclusive Periods is only the second such request made in this Chapter 11 Case and comes approximately seven months after the Petition Date. The Debtor has expended substantial resources in: (i) completing a competitive postpetition marketing and sale process; (ii) soliciting the Combined Disclosure Statement and Plan; (iii) complying with the requirements of the Bankruptcy Code and the Bankruptcy Rules; and (iv) otherwise administering its estate for the benefit of its stakeholders. * The Debtor is not seeking an extension to prejudice the Debtor's creditor and equity constituencies or grant the Debtor any unfair bargaining leverage. The Debtor has no ulterior motive in seeking an extension of the Exclusive Periods. The Debtor has been in regular communication with its creditor and equity constituencies on numerous issues facing its estate, including formulation of a path forward for the Chapter 11 Case, and has worked diligently in the prepetition and postpetition periods to maximize the value of its estate. The Debtor claims that the Court has conditionally approved the Combined Disclosure Statement and Plan and scheduled the Confirmation Hearing. The Debtor and its professionals are now focused on, among other things, completing solicitation of the Combined Disclosure Statement and Plan, drafting and filing documents included in the Plan Supplement and negotiating with various parties in connection therewith, and obtaining final approval and confirmation of the Combined Disclosure Statement and Plan. The Debtor asserts that potentially allowing another party to file a competing plan at this time, when the Debtor is on the verge of confirming and consummating the transactions contemplated under the Combined Disclosure Statement and Plan, will create unnecessary complexity, confusion and delay, and risk jeopardizing the material recoveries for stakeholders provided for under the Combined Disclosure Statement and Plan. The Debtor's substantial progress in administering this Chapter 11 Case, coupled with the pending Confirmation Hearing in nine days, supports the extension of the Exclusive Periods. Co-Counsel to the Debtor: RICHARDS, LAYTON & FINGER, P.A. Daniel J. DeFranceschi, Esq. Michael J. Merchant, Esq. Alexander R. Steiger, Esq. One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Emails: defranceschi@rlf.com merchant@rlf.com steiger@rlf.com Co-Counsel to the Debtor: COOLEY LLP Daniel Shamah, Esq. Lauren A. Reichardt, Esq. Olya Antle, Esq. Miriam Peguero Medrano, Esq. 55 Hudson Yards New York, NY 10001-2157 Telephone: (212) 479-6000 Emails: dshamah@cooley.com lreichardt@cooley.com oantle@cooley.com mpegueromedrano@cooley.com About Clearside Biomedical Inc. Clearside Biomedical, Inc., is a bio-pharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on Nov. 23, 2025. In its petition, the Debtor estimated assets of up to $10 million and estimated liabilities of up to $100 million. The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as counsel; Epiq Corporate Restructuring, LLC, as administrative advisor; and Berkeley Research Group, LLC, as financial advisor. COOPER STREET: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: Cooper Street SPE LLC Silver Star Storage 100 N Forest Park Blvd, Suite 100 Fort Worth, TX 76102 Business Description: Cooper Street SPE LLC is a real estate holding company that owns two self-storage properties at 2505 Southwest Freeway and 4250 Southwest Freeway in Houston, Texas, serving individual and business storage tenants in the city's Kirby and Weslayan areas. Chapter 11 Petition Date: June 22, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42706 Judge: Hon. Mark X. Mullin Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 500 N. Central Expressway Suite 500 Plano, TX 75074 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com Total Assets: $29,833,429 Total Liabilities: $32,218,503 The petition was signed by David T. Wheeler as president of Silver Star Property Management, manager of the Debtor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QQBWQTA/COOPER_STREET_SPE_LLC__txnbke-26-42706__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. CDW Direct LLC Vendor $5,008 PO Box Box 75723 Chicago, IL 60675 2. Go Local, LLC Vendor $4,683 8215 W 108th Terrace Overland Park, KS 66210 3. XPS Solutions, Ltd. Vendor $924 2703 Telecom Parkway, Suite 150 Richardson, TX 75082 4. Phillips Fire & Vendor $762 Life Safety LLC 526 Kingwood Dr . #416 Kingwood, TX 77339 5. Orkin LLC Vendor $569 2170 Piedmont Rd NE Atlanta, GA 30324 6. City of Houston Vendor $325 PO Box Box 1560 Houston, TX 77251 7. Kings III of America Inc. Vendor $318 PO Box Box 739207 Dallas, TX 75373 8. Level 3 Communications LLC Vendor $307 PO Box 952061 Saint Louis, MO 63195 9. Envirocom Vendor $178 PO Box 19693 Houston, TX 77224 10. Reliant Retail Services LLC Vendor $158 P.O. Box 650475 Dallas, TX 75265 CORE & MAIN: Moody's Rates New $750MM Unsecured Notes Due 2034 'B1' ------------------------------------------------------------------- Moody's Ratings affirmed Core & Main LP's Ba2 corporate family rating, Ba2-PD probability of default rating and the Ba2 ratings on the company's existing senior secured term loans. At the same time, Moody's assigned a B1 rating to the proposed $750 million backed senior unsecured notes due 2034. The company's speculative grade liquidity (SGL) rating remains unchanged at SGL-1. The outlook is positive. Debt proceeds from the $750 million unsecured notes will be used to fully repay the remaining balance on its existing term loan due 2028 and will add about $300 million of cash to the balance sheet for general corporate purposes and to pay fees associated with the transaction. Moody's will withdraw the ratings for the senior secured first lien term loan due 2028 upon full repayment. 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 B1 rating on the proposed $750 million senior unsecured notes due 2034, two notches below the Ba2 corporate family rating, reflects the subordination to the company's $1.25 billion ABL and Ba2 rated senior secured term loans. 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 strong profit margins compared to peers. Moody's forecasts leverage to remain stable, including if there are potential tuck-in acquisitions, over the next 12 to 18 months. The rating is supported by the company's public leverage target of 1.5x - 3x net debt/EBITDA and by 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 of 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. CRESCENT CO-OP: Stephen Moriarty Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 14 appointed Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., as Subchapter V trustee for Crescent Co-Op Association. Mr. Moriarty 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. Moriarty declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen J. Moriarty, Esq. Fellers, Snider, Blankenship, Bailey & Tippens, P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 Email: smoriarty@fellerssnider.com About Crescent Co-Op Association Crescent Co-Op Association filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Oklahoma Case No. 26-12056) on June 18, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Gary D. Hammond, Esq., represents the Debtor as legal counsel. D & D VENTURE: Court Extends Cash Collateral Access to Oct. 31 -------------------------------------------------------------- D & D Venture Group, Inc. received second interim approval from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, for continued use of cash collateral. The debtor may use cash collateral from the date of the order through entry of a final order, provided all spending complies with the approved Extended Budget through October 31. The court approved operational flexibility through permitted budget variances. Actual disbursements may exceed budgeted amounts by up to 20% per line item on a monthly basis, and any unused budgeted amounts may be carried forward into the following month. These variance provisions will also apply to any future final cash collateral order. As adequate protection, secured creditors were granted replacement liens on post-petition property acquired by the debtor, limited to the extent of any diminution in the value of their collateral. The replacement liens carry the same validity, priority, and extent as the creditors’ prepetition liens, excluding Chapter 5 avoidance actions. The liens are automatically perfected upon entry of the order, though creditors may file financing statements if they choose. Additionally, Summit State Bank will receive monthly adequate protection payments of $5,000 beginning August 1, increasing to $10,000 per month starting October 1. The court scheduled a further hearing for July 24. Any objections to continued cash collateral use must be filed by July 10. About D & D Venture Group Inc. D & D Venture Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30496) on June 4, 2026. In the petition signed by Damon Pham, secretary and chief financial officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge William J. Lafferty oversees the case. Edward J. Tredinnick, Esq., at Fox Rothschild LLP, represents the Debtor as legal counsel. DAVENN LLC: Melissa Haselden Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Davenn LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Davenn LLC Davenn LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-34311) on June 17, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Eduardo V. Rodriguez presides over the case. Jorge Javier Aguilar, Esq. at Herrin Law PLLC represents the Debtor as legal counsel. DIOCESE OF SAN FRANCISCO: Committee Taps Roger Kramer as Reviewer ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of The Roman Catholic Archbishop of San Francisco seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Roger Kramer, Esq., a professional practicing law, to serve as the abuse claims reviewer. Mr. Kramer will provide these services: (a) reviewing and assessing Abuse Claims; (b) reviewing information regarding about 540 Abuse Claims; (c) sending out notices of the commencement of any notice periods regarding supplementary information; and (d) performing duties as the Abuse Claims Reviewer, including issuance of notices for supplementary and other information. He will receive an hourly rate of $650, and an hourly rate of $200 is for paralegal support. Roger Kramer charges for all expenses connected with his review of the Abuse Claims. Roger Kramer will bill for these expenses in a manner and at rates consistent with those charged to other clients, and the rules and requirements of this Court. Roger Kramer represents no interest adverse to the Debtor, its estate, or its creditors, in the matters on which Roger Kramer is to be engaged. Roger Kramer is a "disinterested person" within the meaning of Section 101(14), as modified by Section 1103(b), of the Bankruptcy Code, according to court filings. The firm can be reached at: Roger Kramer, Esq. Abuse Claims Reviewer Address: 2307 Waters Dr St. Paul, MN 55120 Phone Number: (651) 789-2923 About The Roman Catholic Archbishop of San Francisco The Roman Catholic Archbishop of San Francisco filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023, with $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel. Weintraub Tobin Chediak Coleman & Grodin as special litigation counsel. Weinstein & Numbers, LLP as special insurance counsel. GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory Services as financial advisor. Omni Agent Solutions, Inc., is the administrative agent. DIVISION 2 TRUCKING: Amends Unsecured Claims Pay Details -------------------------------------------------------- Division 2 Trucking Company submitted an Amended Disclosure Statement describing Plan of Reorganization dated June 22, 2026. The Debtor has worked with Rettig to formulate the Plan based on recent performance and modest, realistic assumptions regarding growth during the Plan term. Class 4 consists of General Unsecured Creditors. The allowed unsecured claims total $2,100,000.00. This Class will receive a distribution of $305,000.00 or 14.5%. The estimated total of Class 4 Claims is based on filed proofs of claim and the claims that the Debtor scheduled as undisputed, liquidated, non-contingent, and not subject to offset. Under the Plan, the Debtor will be obligated to make the following total payments to Class 4 creditors, with the amount to be paid being distributed to creditors on a pro rata basis: Payment Date Payment Amount ------------ -------------- 12 mos. after Effective Date $15,000.00 18 mos. after Effective Date $25,000.00 24 mos. after Effective Date $25,000.00 30 mos. after Effective Date $30,000.00 36 mos. after Effective Date $30,000.00 42 mos. after Effective Date $45,000.00 48 mos. after Effective Date $45,000.00 54 mos. after Effective Date $45,000.00 60 mos. after Effective Date $45,000.00 Plan payments will be funded primarily by income earned through the Debtor's continued operations. After the Effective Date, the Debtor will continue to exist in accordance with laws applicable to Minnesota corporations. The Debtor's articles, bylaws, and other organizational documents will remain in effect according to their current terms, except that such articles, bylaws, and other organizational documents will be amended to bar the issuance of non-voting stock, and as otherwise necessary to performance of the Plan. A full-text copy of the Amended Disclosure Statement dated June 22, 2026 is available at https://urlcurt.com/u?l=BS9xSx from PacerMonitor.com at no charge. Counsel for the Debtor: COZEN O'CONNOR Joel D. Nesset, Esq. 150 South Fifth Street, Suite 1200 Minneapolis, MN 55402 Telephone: 612-260-9000 Fax: 612-260-9080 About Division 2 Trucking Company Division 2 Trucking Company operates as an intrastate trucking carrier based in Minnesota. It primarily provides hauling services for construction materials and aggregates within the state. Division 2 Trucking Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-32182) on July 16, 2025, listing between $50,001 and $100,000 in assets, and between $1 million and $10 million in liabilities. Judge Katherine A. Constantine oversees the case. Joel D. Nesset, at Cozen O'Connor, is serving as the Debtor's legal counsel. DOLCHE TRUCKLOAD: Unsecureds Will Get 25% of Claims over 5 Years ---------------------------------------------------------------- Dolche Truckload Corp. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a First Amended Plan of Reorganization dated June 19, 2026. The Debtor was founded in 2010. Over the years, it developed into a dynamic and forward-thinking trucking company that has carved out a significant niche in the freight transportation industry across the United Stated. The Debtor is a women-owned enterprise that has grown from a few trucks into over 35 trucks and 35 trailers, specializing in the transportation of refrigerated freight, dry freight and hazmat materials. Beginning in 2024, the Debtor's business began being affected by an industry-wide recession. The late imposition of tariffs and unpredictability in the markets further depressed the operations and led to the company seeking protection from its creditors via a Chapter 11 filing. The Debtor continues to provide reliable transportation services and prices itself on its commitment to safety and customer satisfaction. The Plan provides that all administrative creditors will be paid in full on the Effective Date of the Plan (which is 30 days after the Order confirming the Plan is a final Order) unless otherwise agreed. Priority tax claims will receive 100% of their allowed claims over the period of the Plan term (5 years). Secured Creditors will be paid 100% of their secured claims under Class 1 of the Plan. Class 2 general unsecured creditors will receive a pro rata share of the Unsecured Creditor Payment over a period of 5 years, which shall equal approximately 25% distribution on their claims. Class 3 Claims of Equity Holders will not receive a distribution unless all other classes of creditors receive payment in full. Class 2 consists of Allowed Unsecured Claims. Holders of allowed unsecured claims shall receive a pro rata share of the Unsecured Creditor Payments on an annual basis for a period of 5 years beginning on the 1st anniversary of the Effective Date of the Plan, and continuing yearly for another 4 years. The Unsecured Creditor Payments shall equal $240,000 in the aggregate and each yearly payment will be $48,000 for five payments. Based upon the unsecured claims (which includes deficiency claims of secured creditors), the estimated distribution to unsecured creditors is 25%. No distribution will be made for unsecured claims which were (i) scheduled as disputed; and (ii) no timely proof of claim was filed. Class 3 consists of Equity Security Holders. Equity security holders will retain their interests in the Debtor. In addition, the principal of the Debtor will be entitled to a salary for his work on behalf of the Debtor. The Debtor's financial projections show that the Debtor will have cumulative projected disposable income sufficient to pay the required payments under the Plan. The Plan is a 5-year plan. The final Plan payment will be in approximately 2030. A full-text copy of the First Amended Plan dated June 19, 2026 is available at https://urlcurt.com/u?l=nMeTCE from PacerMonitor.com at no charge. About Dolche Truckload Corp. Dolche Truckload Corp. provides full truckload transportation services across the United States, including refrigerated, dry van, and hazardous materials freight. The Company operates a fleet of trucks and offers tailored logistics solutions from its headquarters in Palatine, Illinois. Dolche Truckload sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09093) on June 15, 2025. In its petition, the Debtor reported total assets of $1,944,419 and total liabilities of $3,410,448. Judge Deborah L. Thorne handles the case. The Debtor is represented by: David Freydin, Esq. Law Offices of David Freydin Ltd Tel: 630-516-9990 david.freydin@freydinlaw.com DYE & DURHAM: Moody's Cuts CFR to Caa1, Outlook Negative -------------------------------------------------------- Moody's Ratings downgraded Dye & Durham Corporation's ("D&D") corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, and backed senior secured first lien revolving credit facility, backed senior secured first lien term loan B and backed senior secured notes ratings to Caa1 from B2. The company's speculative grade liquidity rating (SGL) was downgraded to SGL-4 from SGL-3. The outlook remains negative. "The CFR downgrade reflects Moody's expectations that ongoing operational challenges will limit D&D's ability to expand EBITDA and reduce debt/EBITDA below 7x by the end of fiscal 2027", said Peter Adu, Moody's Ratings analyst. "The two notch downgrade of the secured debt reflects reduced loss absorption cushion", Adu added. RATINGS RATIONALE D&D's Caa1 CFR is constrained by: (1) high governance risk resulting from management turnover and shareholder activism, which have disrupted the continuity of strategy and execution, thereby prolonging its stabilization of results beyond Moody's initial expectations; (2) elevated leverage while macroeconomic uncertainties will limit revenue and EBITDA growth, posing a challenge for the company to demonstrate meaningful deleveraging by the end of fiscal 2027 (debt/EBITDA of 7.7x as of LTM March 31, 2026); (3) limited industry diversification given its concentration in the fragmented legal market (more than 70% of revenue); (4) more than half of its revenue derived from transaction-based services, which are volatile; (5) weak liquidity; and (6) small scale. The rating benefits from: (1) good global market positions as a provider of cloud-based software solutions that help law firms improve productivity, win new business and manage compliance requirements; and (2) strong margins, supported by its proprietary technology services and a largely variable cost structure. D&D has two classes of debt: (1) C$105 million senior secured revolving credit facility expiring in 2029, $350 million (face value) first lien senior secured term loan B due 2031 and $555 million senior secured notes due 2029 - all three rated Caa1; and (2) unrated convertible senior unsecured debentures - C$148 million due in 2028. Moody's rates the revolver, term loan and notes Caa1, same as the CFR because they make up the bulk of the debt in the capital structure while loss absorption is reduced with the repayment of C$185 million of convertible notes in March 2026. Governance is a key driver of the rating action. Shareholder activism and ongoing senior management turnover has disrupted the company's strategic direction, leading to a loss of market share and customers. The new management team is working to stabilize the business and win back customers, which is taking longer than Moody's initially anticipated. Leverage remains elevated and the company's ability to expand EBITDA and deleverage remains challenging, which limits refinancing prospects and its ability to tap external liquidity. D&D has weak liquidity (SGL-4) through June 30, 2027, with sources approximating C$56 million while the company has about $30 million of contingent consideration payments. The company has no term loan repayment until maturity due to accelerated prepayments. Liquidity consists of C$36 million of cash as of March 31, 2026 and Moody's free cash flow estimate of about C$20 million through the next four quarters. While D&D has about 70% of availability under its C$105 million revolving credit facility expiring in 2029, Moody's have not considered it as source of liquidity because the company's access is restricted due to covenant compliance. D&D is subject to a springing first lien net leverage covenant of 5.8x when utilization exceeds 35% and headroom was around 5% as of March 31, 2026. D&D has limited flexibility to generate liquidity from asset sales. The negative outlook reflects the company's limited financial flexibility given ongoing performance challenges, high leverage and liquidity constraints. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company profitably increases its scale and recurring revenue, and generates consistent positive free cash flow while sustaining debt/EBITDA below 6.5x and EBITA/Interest above 1.5x. The ratings could be downgraded if the company does not address its liquidity constraints in a timely manner, if there is a high likelihood of a debt restructuring, or if the company's revenue and EBITDA declines do not reverse in a reasonable period. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. D&D's Caa1 CFR is two notches below the scorecard-indicated outcome of B2 as of LTM March 31, 2026 because of weak liquidity, governance concerns and the extra weight Moody's place on the company's high leverage and limited deleveraging prospects. Dye & Durham Corporation, headquartered in Toronto, Ontario, Canada, is a provider of legal software and payment infrastructure technology solutions and services designed to improve efficiency and increase productivity for law firms and financial institutions. The company has operations in Canada, the United Kingdom, Ireland, Australia and South Africa. ENVUE MEDICAL: Christian Glibert Ceases 5% Beneficial Ownership --------------------------------------------------------------- Christian Michael Glibert, disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of June 22, 2026, he no longer beneficially owns shares of Common Stock -- having fully liquidated his investment position in the Issuer by disposing of an aggregate of 210,000 shares of Common Stock in open market transactions at a weighted average price of $0.6880 per share, in multiple tranches at prices ranging from $0.6756 to $0.7220 -- of ENvue Medical, Inc.'s Common Stock. Mr. Glibert has ceased to be the beneficial owner of more than 5.0% of the Common Stock of the Issuer. Christian Michael Glibert may be reached through: 4001 Green Heron Spring Dr. Carpinteria, CA 93013 Tel: (740) 507-7228 A full-text copy of Christian Michael Glibert's SEC report is available at https://tinyurl.com/3x28nzr6 About ENvue Medical ENvue Medical, Inc. (formerly known as NanoVibronix, Inc.) is a medical device company focusing on non-invasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals, utilizing its proprietary low-intensity ultrasound (acoustic) technology. As of March 31, 2026, the Company had $39.87 million in total assets, $7.86 million in total liabilities, and $32.01 million in total stockholders' equity. Tel-Aviv, Israel-based Kost Forer Gabbay & Kasierer, the Company's auditor since 2025, 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 and negative cash flows from operations, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. EPIC MECHANICAL: Seeks to Hire Annette Moore as Accountant ---------------------------------------------------------- Epic Mechanical LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to hire Annette Moore, formerly doing business as Bookkeeping Plus, to serve as accountant. Annette Moore will provide these services: (a) provide general ledger assistance; (b) provide consulting services; (c) prepare monthly reports; and (d) coordinate with Debtor and attorney in the administration of this Chapter 11 case. Ms. Moore will receive an hourly rate of $150 for accounting services. The Debtor proposes to reimburse accountant for necessary and approved expenses. Annette Moore stated that she is a "disinterested person" as that term is defined in Section 101(14), and as modified by Section 1107(b) of the Bankruptcy Code. The accountant can be reached at: Annette Moore 4855 S. Ten Mile Road Meridian, ID 83642 About Epic Mechanical Inc Epic Mechanical Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 25-00932) on November 14, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Brent R Wilson presides over the case. D. Blair Clark, Esq. at the LAW OFFICE OF D. BLAIR CLARK PC serves as the Debtor's counsel. ESGTHERM LLC: Case Summary & 15 Unsecured Creditors --------------------------------------------------- Debtor: ESGTHERM LLC d/b/a Budd Lake Diner 120 Route 46 Budd Lake, NJ 07828 Business Description: ESGTHERM LLC, doing business as Budd Lake Diner, operates a full-service restaurant in Budd Lake, New Jersey, offering diner service, delivery and catering to local customers through its Route 46 location. Chapter 11 Petition Date: June 25, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-17330 Debtor's Counsel: David H. Stein, Esq. WILENTZ, GOLDMAN & SPITZER, P.A. 90 Woodbridge Center Drive Suite 900, Box 10 Woodbridge, NJ 07095 Tel: 732-636-8000 E-mail: dstein@wilentz.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Constantinos Thermenos as managing member. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2LTABEI/ESGTHERM_LLC__njbke-26-17330__0001.0.pdf?mcid=tGE4TAMA FIEE INC: Launches $6.27M ATM Equity Offering With A.G.P. --------------------------------------------------------- FiEE, Inc. announced in a regulatory filing that it entered into a sales agreement with A.G.P./Alliance Global Partners, with respect to an at-the-market offering program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to an estimated $6,272,809, which is based on the limitations of General Instruction I.B.6 of Form S-3, through the Sales Agent. The Shares to be offered and sold under the Sales Agreement, if any, will be offered and sold pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-295474), which was originally filed with the U.S. Securities and Exchange Commission on April 30, 2026 and amended on May 22, 2026 and declared effective by the SEC on June 11, 2026. The Company filed a prospectus supplement with the SEC on June 23, 2026 in connection with the offer and sale of the Shares pursuant to the Sales Agreement. Pursuant to the Sales Agreement, the Sales Agent will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and rules of The Nasdaq Capital Market to sell the Shares in sales deemed to be "at-the-market" equity offerings as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on or through Nasdaq. If agreed to in a separate terms agreement, the Company may sell Shares to the Sales Agent as principal, at a purchase price agreed upon by the Sales Agent and the Company. The Sales Agent may also sell Shares in negotiated transactions with the Company's prior approval. The offer and sale of the Shares pursuant to the Sales Agreement will terminate upon the earlier of: (a) the issuance and sale of all of the Shares subject to the Sales Agreement or (b) the termination of the Sales Agreement by the Sales Agent or the Company pursuant to the terms thereof. The Company has no obligation to sell any of the Shares, and may at any time suspend offers under the Sales Agreement or terminate the Sales Agreement. Pursuant to the Sales Agreement, the Company has agreed to pay the Sales Agent a commission of 3.25% of the aggregate gross proceeds from any Shares sold by the Sales Agent and to provide the Sales Agent with customary indemnification and contribution rights, including for liabilities under the Securities Act. The Company also will reimburse the Sales Agent for certain specified expenses in connection with entering into the Sales Agreement. The Sales Agreement contains customary representations and warranties and conditions to the placements of the Shares pursuant thereto. The Sales Agent's obligations to sell the Shares under the Sales Agreement are subject to satisfaction of certain conditions. A full text copy of the Sales Agreement is available at https://tinyurl.com/4xznk2dr and a copy of K&L Gates LLP's, counsel to the Company, legal opinion relating to the Shares is available at https://tinyurl.com/3hpnan5h About FiEE, Inc. FiEE, Inc. (formerly, Minim, Inc.) was founded in 1977 as a networking Company and pivoted into delivering intelligent software to protect and improve the WiFi connections we depend on to work, learn, and live. FiEE held the exclusive global license to design, manufacture, and sell consumer networking products under the Motorola brand until 2023. Its cable and WiFi products, with an intelligent operating system and bundled mobile app, were sold in leading retailers and e-commerce channels in the United States.Its AI-driven cloud software platform and applications make network management and security simple for home and business users, as well as the service providers that assist them--leading to higher customer satisfaction and decreased support burden. Irvine, California-based UHY LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 20, 2026, citing that although the Company had liquidity for the year ended December 31, 2025, the historical losses and negative cash flows raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $10.8 million in total assets, $4.2 million in total liabilities, and $6.6 million in total stockholders' equity. FIREHOUSE GRILL: Court Extends Cash Collateral Access to July 31 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division entered a fifth interim order authorizing Firehouse Grill Inc. to use cash collateral. The court authorized interim use of the purported cash collateral of Newtek Bank, and the U.S. Small Business Administration for the period from June 26 through July 31 in accordance with the budget, plus up to a 10% variance. The court found such use necessary to avoid immediate and irreparable harm to the bankruptcy estate. The 30-day budget projects total operational expenses of $386,000 for July and August. As adequate protection, secured creditors will be granted replacement liens on any property acquired by the Debtor or the estate before and after the bankruptcy filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The order imposes several conditions to protect Newtek and the SBA interests, including allowing inspections of the Debtor's books and records, maintaining insurance on the collateral, providing proof of collateral upon request, and properly maintaining the collateral. A further interim hearing is scheduled for July 27. The interim order is available at https://shorturl.at/8Otln from PacerMonitor.com. About Firehouse Grill Inc. Firehouse Grill Inc. is a restaurant operator providing prepared food and beverage services to customers through its dining location. The company participates in the food service sector, focusing on in-person dining and related hospitality operations. Firehouse Grill Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00903) on January 20, 2026. In its petition, the Debtor listed up to $1 million in estimated assets and up to $10 million in estimated liabilities. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as counsel and Weinberg Barton & Company as accountant. FRANCISCAN FRIARS: Updates Joint Plan Disclosures ------------------------------------------------- Franciscan Friars of California, Inc. ("FFCI") and the Official Committee of Unsecured Creditors submitted a Disclosure Statement in support of Amended Joint Plan of Reorganization dated June 22, 2026. The Debtor, the Non-Debtor Affiliates and the Committee support the Joint Plan and recommend that all Holders of Claims vote to accept the Joint Plan and become a "Consenting" Creditor. After the enactment of California legislation reviving the statute of limitations for childhood sexual abuse claims, about 100 survivors of sexual abuse ("Survivors") bravely asserted claims against the Debtor during the statutory window that opened on January 1, 2020 and closed on December 31, 2022. Many, if not all, of these Survivors also filed claims in this Chapter 11 Case ("Abuse Claims"). These Abuse Claims have been the central focus of this chapter 11 case and the Joint Plan. The tragedy of the Abuse that was inflicted in the past by certain friars purporting to do the missionary work of the Order is impossible to overstate. After extensive arm's-length negotiations and mediation among (i) the Debtor, (ii) the Associated Ministries, Franciscan Charities, and Franciscan Ministries (collectively, the "NonDebtor Affiliates") and (iii) the Committee, the parties reached a global settlement, the terms of which are memorialized in the Corrected Term Sheet Setting Forth Certain Material Terms of a Global Settlement Agreement by and Among The Debtor, Its Non-Debtor Affiliates and the Official Committee of Unsecured Creditors, entered into among the parties on January 29, 2026 and memorialized in the Joint Plan. Under the global settlement and through the Joint Plan, a trust (the "Trust") will be established for Survivors, funded with $25.025 million, by: (i) the Debtor in the amount of $5.8 million (the "Debtor Cash Contribution"); (ii) the Non-Debtor Affiliates in the amount of $14.2 million (the "Non-Debtor Affiliates Cash Contribution") and (iii) certain Settling Insurers in the amount of $5.025 million. The Plan Proponents believe that the Joint Plan provides the best alternative to compensate Abuse Claimants for their Abuse Claims. The combined $25.025 million contribution from the Debtor ($5.8 million), the Non-Debtor Affiliates ($14.2 million) and the Settling Insurer Contribution ($5.025 million) exceeds the value of the Debtor's current assets. The Non-Debtor Affiliates' contribution represents a compromise of the direct Abuse Claims against the NonDebtor Affiliates and any and all claims and causes of action, including involuntary equitable subordination and alter ego claims, that the Estate and Consenting Class 5 and Class 6 Claimants have against the Debtor and any of the Non-Debtor Affiliates. Abuse Claimants have the ability to exempt themselves from the releases and channeling injunction provisions of the Joint Plan relating to the Non-Debtor Affiliates by affirmatively withholding consent to such releases and injunctions on the Abuse Claim Ballot. By indicating a withholding of consent, however, such Abuse Claimant will be considered a NonConsenting Class 5 Claimant. A Non-Consenting Class 5 Claimant will only receive a distribution from that portion of the Trust Assets funded by the Debtor Cash Contribution Amount, which is only $5.8 million of the $25.025 million in Trust Assets. A Consenting Class 5 Claimant will receive its share of all of the Trust Assets. A Consenting Class 5 Claimant means any holder of a Class 5 Claim who has consented to the Channeling Injunction and release provisions of the Joint Plan. At least 85% of Class 5 Abuse Claimants who timely filed proofs of claim must consent to the channeling injunction. If this threshold is not met, the Joint Plan may not be confirmed, potentially jeopardizing recoveries for all Abuse Claimants. Class 2 is comprised of General Unsecured Claims. Unless a Holder of an Allowed General Unsecured Claim and the Debtor agree in writing to different treatment, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of such Claim, its pro rata share of $43,408.00, without interest, in an amount equal to such Allowed General Unsecured Claim as soon as reasonably practicable after the later of (a) the Effective Date and (b) the date when such General Unsecured Claim becomes an Allowed General Unsecured Claim. A Class 5 Claim means an Abuse Claim other than an Unknown Abuse Claim. The Joint Plan authorizes and directs the creation of a Trust to fund payments to Holders of Allowed Class 5 Claims. The specific treatment of an Allowed Class 5 Claim depends on whether the Class 5 Claimant is a Consenting Class 5 Claimant, a Consenting Class 5 Litigation Claimant or a Non-Consenting Class 5 Claimant. * Consenting Class 5 Claimants. On or after the Effective Date, Consenting Class 5 Claimants holding an Allowed Abuse Claim shall receive, except to the extent that a Consenting Class 5 Claimant agrees to less favorable treatment of such Claim, a Distribution from the Trust Assets calculated in accordance with, and as authorized by, the Joint Plan, the Trust Distribution Plan, and all other Trust Documents; provided that Consenting Class 5 Claimants may only receive a Distribution from the Trust after he or she executes a Consenting Class 5 Claim Release Agreement and delivers such agreement to counsel for the Debtor and the Trust Administrator. * Consenting Class 5 Litigation Claimants. At any time prior to the earlier to occur of the first anniversary of the Effective Date or the applicable Abuse Claim Discharge Date, a Consenting Class 5 Claimant may elect, at such Claimant's sole expense, to proceed as a Consenting Class 5 Litigation Claimant such that the Class 5 Claimant may commence (or resume prosecution of) an action in any court of competent jurisdiction solely for the purpose of determining any liability that the Debtor and/or any Protected Party may have with respect to their Consenting Class 5 Litigation Claim, the amount of that liability, and to pursue Coverage Claims against Non-Settling Insurers. To be a Consenting Class 5 Litigation Claimant, a Class 5 Claimant shall first execute a Consenting Class 5 Litigation Claim Agreement and deliver it to the Trust Administrator. * Non-Consenting Class 5 Claimants. On or after the Effective Date, NonConsenting Class 5 Claimants holding an Allowed Abuse Claim shall (i) receive a Distribution from that portion of the Trust Assets funded by the Debtor Cash Contribution Amount calculated in accordance with, and as authorized by, the Joint Plan, the Trust Distribution Plan, and all other Trust Documents and (ii) retain the right to assert any Claim they may have against any Protected Party and NonSettling Insurers in accordance with, and subject to, the terms and provisions of the Joint Plan; provided that Non-Consenting Class 5 Claimants may only receive a Distribution from the Trust after he or she executes a Non Consenting Class 5 Claim Release Agreement and delivers such agreement to counsel for the Debtor and the Trust Administrator. Holders of Non-Consenting Class 5 Claims may only receive a Distribution from that portion of the Trust Assets funded by the Debtor Cash Contribution Amount and shall not be entitled to receive any Distribution from any other Trust Assets, including, without limitation, any Trust Assets funded by (a) the Non-Debtor Affiliates' Cash Contribution and (b) settlement proceeds from Insurance Settlement Agreements. Effective as of the date the Confirmation Order is entered, the Trust shall be established in accordance with this Plan and the Trust Documents for the purposes of (a) assuming the liability of the Released Parties for Channeled Claims and Barred Claims, and (b) receiving, liquidating and distributing Trust Assets in accordance with this Plan and the Trust Distribution Plan. The Trust Administrator shall commence serving as the Trust Administrator effective as of the date the Confirmation Order is entered and be permitted to act in accordance with the terms of the Trust Agreement from such date, as authorized jointly by the Plan Proponents. Such actions may include opening bank accounts and taking all further actions necessary to establish the Trust prior to the Effective Date in accordance with his or her duties under the Trust Agreement, for which the Trust Administrator shall be entitled to seek compensation in accordance with the terms of the Trust Agreement and this Plan. On the Effective Date, the Debtor shall transfer, assign and/or deliver to the Trust (i) the Debtor Cash Contribution in good funds by wire transfer and (ii) all proceeds held by the Debtor or the Reorganized Debtor on account of Insurance Settlement Agreements. On the Effective Date, the Non-Debtor Affiliates shall transfer, assign and/ or deliver to the Trust (i) the Non-Debtor Affiliates Cash Contribution in good funds by wire transfer and (ii) any proceeds held by the NonDebtor Affiliates on account of Insurance Settlement Agreements. A full-text copy of the Disclosure Statement dated June 22, 2026 is available at https://urlcurt.com/u?l=5oJark from Donlin, Recano & Company, Inc., claims agent. Franciscan Friars of California, Inc., is represented by: Robert G. Harris, Esq. Julie H. Rome-Banks, Esq. Wendy W. Smith, Esq. Reno Fernandez, Esq. BINDER MALTER HARRIS & ROME-BANKS LLP 2775 Park Avenue Santa Clara, CA 95050 Tel: (408) 295-1700 Fax: (408) 295-1531 Email: rob@bindermalter.com julie@bindermalter.com wendy@bindermalter.com reno@bindermalter.com Attorneys for Official Committee of Unsecured Creditors: LOWENSTEIN SANDLER LLP Jeffrey D. Prol, Esq. Brent Weisenberg, Esq. One Lowenstein Drive Roseland, NJ 07068 Tel: (973) 597-2500 Email: jprol@lowenstein.com Email: bweisenberg@lowenstein.com KELLER BENVENUTTI KIM LLP Tobias S. Keller, Esq. Jane Kim, Esq. Gabrielle L. Albert, Esq. 101 Market St., Suite 1950 San Francisco, CA 94104 Tel: (415) 496-6723 Email: tkeller@kbkllp.com Email: jkim@kbkllp.com Email: galbert@kbkllp.com BURNS BAIR LLP Timothy W. Burns, Esq. Jesse J. Bair, Esq. 10 East Doty Street, Suite 600 Madison, WI 53703-3392 Tel: (608) 286-2808 Email: tburns@burnsbair.com Email: jbair@burnsbair.com About Franciscan Friars of California Franciscan Friars of California, Inc., is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc., filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on Dec. 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. The Official Committee of Unsecured Creditors retained Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel, and Berkeley Research Group, LLC as its financial advisor. GARDA WORLD: S&P Upgrades Secured Debt Rating to 'B+' ----------------------------------------------------- S&P Global Ratings upgraded Garda World Security Corp.'s secured debt to 'B+' from 'B', following a revision to its recovery rating to '2' from '3'. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 80%) recovery in a hypothetical default scenario. S&P's upward revision to the estimated recovery of secured claims stems from the company's ability to successfully integrate past acquisitions. It also reflects its view that the company's scale and diversity warrants a higher valuation multiple than we had previously incorporated in its recovery analysis. S&P said, "At the same time, we affirmed our 'CCC+' rating on the company's unsecured notes, including the proposed US$200 million add-on due 2032. The '6' recovery rating remains unchanged, indicating our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. We anticipate the proceeds of these notes will fund near-term acquisition opportunities in the security services segment. "Our 'B' issuer credit rating and stable outlook on Garda are unchanged. Pro forma for acquisitions this year, we expect S&P Global Ratings-adjusted debt to EBITDA of around 8x in fiscal 2027 (fiscal year ends January 31). This incorporates our assumption of organic growth of about 8% and contributions from recent and upcoming acquisitions that we estimate will lead to Garda generating over C$1 billion of S&P Global Ratings-adjusted EBITDA in fiscal 2027. Additionally, we anticipate adjusted funds from operations (FFO) cash interest of 1.7x this year as a lower SOFR rate lessens the interest burden on Garda's considerable variable rate debt. Beyond fiscal 2027, we expect Garda's credit measure to gradually improve, including adjusted debt to EBITDA approaching 7x and FFO cash interest coverage approaching 2x by fiscal 2028. "We could lower our ratings on the company in the next 12 months if we expect it will sustain S&P Global Ratings-adjusted debt to EBITDA well above 8.0x or if adjusted FFO cash interest coverage approaches 1.5x. This could occur if Garda's earnings and operating cash flow generation are weaker than expected due to competitive pressures or operating inefficiencies. This scenario could also occur if the company materially increases its debt levels, most likely through a higher-than-expected level of acquisitions or shareholder distributions. Higher-than-anticipated short-term interest rates could also contribute to weakness in Garda's performance, given that about half of its outstanding debt is variable rate. "In our view, debt-funded acquisitions will remain an important part of the company's growth strategy, which limits the ratings upside. Although unlikely, we could upgrade Garda in the next 12 months if it demonstrates a commitment to sustaining S&P Global Ratings-adjusted debt to EBITDA of close to 5x." Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for the proposed US$200 million unsecured notes add-on, the company's capital structure will comprise a US$529 million revolving credit facility, a US$2.3 billion term loan B due 2029, US$650 million senior secured notes due 2031, US$400 million of senior secured notes due 2028, US$500 million of senior unsecured notes due 2029, US$750 million of senior unsecured notes due August 2032, and US$1 billion of senior unsecured notes due November 2032. -- S&P said, "Our simulated default scenario contemplates a default in 2029 stemming from the loss of customer contracts, heightened competition, and margin erosion caused by an unexpected increase in costs. We believe these factors could pressure Garda's ability to meet its financial obligations, prompting the need for a bankruptcy filing or restructuring." -- S&P's recovery analysis assumes a net enterprise value for the company of about C$4.4 billion, which reflects emergence EBITDA of about C$774 million and a 6x multiple. -- S&P assumes that, in our hypothetical bankruptcy scenario, the US$529 million revolving credit facility is 85% drawn. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: About C$774 million -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value (after 5% administrative costs): C$4.4 billion -- Obligor/nonobligor valuation split: 100%/0% -- Total value available to secured first-lien debt claims: C$4.4 billion -- Secured first-lien debt claims: C$5.1 billion --Recovery expectations: 70%-90% (rounded estimate: 80%) -- Total value available to unsecured claims: $0 -- Senior unsecured debt/pari passu unrecovered secured claims: C$4 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. GLOBAL INFRASTRUCTURE: Moody's Rates New $500MM Unsec. Notes 'Ba3' ------------------------------------------------------------------ Moody's Ratings assigned a Ba3 rating to Global Infrastructure Solutions Inc.'s ("GISI") newly issued $500 million senior unsecured notes due 2034. GISI's Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and the Ba3 rating on the existing senior unsecured notes remain unchanged. The stable outlook also remains unchanged. The proposed transaction, which also contemplates the refinancing of its existing revolver and term loan A (TLA) in addition to the issuance of a new $500 million senior unsecured notes, modestly increases pro forma leverage. For the LTM period ending March 2026, Moody's adjusted total debt/EBITDA, pro forma for any acquired EBITDA as part of the add-on acquisitions, will increase to 3.3x at the time of closing from 2.5x, but will remain below the leverage downgrade threshold of 3.5x. The revolver capacity is expected to increase from $615 million to $1.0 billion while the TLA balance is expected to decrease from $364 million to $200 million. Moody's views the increase in revolver capacity positively as it provides additional liquidity for the company. The proceeds from the issuance of the new senior unsecured notes are expected to be utilized to fund add-on acquisitions. RATINGS RATIONALE GISI's credit rating is supported by a strong market position, diversified end-market exposure, strong order backlog, and a strong financial (i.e., positive free cash flow), operational (i.e., rare project charges) and M&A (i.e., integration of add-on acquisitions) track record. The credit rating is constrained by its relatively modest margins, especially in the construction services segment, exposure to lump sum and guaranteed maximum price ("GMP") contracts, historic reliance on M&A for growth, and the need for ongoing shareholder returns (via dividends and share redemptions) to attract and retain its employees. GISI'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 modestly conservative financial policy. GISI has good liquidity. Pro forma for the financing transaction, GISI is expected to have approximately $1.0 billion of cash and $800 million revolver availability (total capacity of $1.0 billion) at the closing. Moody's also expects GISI to generate positive free cash flow in 2026 net of any shareholder returns, further supporting its liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade could be considered if the company further increases its scale, meaningfully improves its margin profile, while maintaining ample liquidity, its Moody's adjusted leverage below 2.0x, interest coverage ratio (EBITDA / Interest Expense) above 8.0x, and RCF / Net Debt above 30%. A downgrade could be considered if the company incurs significant project charges or fails to consistently generate positive free cash flow. Quantitatively, a downgrade could be triggered if its Moody's adjusted leverage is sustained above 3.5x and RCF / Net Debt sustained below 20%. A downgrade could also be considered if the company fails to maintain a very strong liquidity profile. PROFILE Headquartered in Newport Beach, CA, Global Infrastructure Solutions Inc. ("GISI") is a construction management and professional services firm providing engineering & design, planning, consulting, and project/construction management services to the corporate interior, industrial, healthcare, government, public infrastructure, hospitality, education, housing, data centers and life science sectors. GISI generated about $19.3 billion of revenue for the LTM period ending March 2026. The principal methodology used in these ratings was Construction published in November 2025. HALLMARK FINANCIAL: To Hire Olshan Frome as Special Counsel ----------------------------------------------------------- Hallmark Financial Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Olshan Frome Wolosky LLP to serve as special counsel. The firm will provide these services: (a) serve as general corporate counsel to the Debtor; (b) represent the Debtor in connection with a potential sale of the Debtor’s assets; (c) assist the Debtor with the filing and prosecution of this chapter 11 case; (d) assist the Debtor with the implementation of the restructuring transactions contemplated thereby including, without limitation, the contemplated issuance of new senior unsecured notes, convertible preferred equity, and common equity; (e) provide tax advice to the Debtor; (f) provide assistance to the Debtor in connection with any regulatory issues; and (g) continue to assist the Debtor with respect to any existing litigation matters. The firm's current customary hourly rates generally range from $455 to $1,850, with partners generally billed at $960 to $1,850 per hour, associates at $645 to $1,070 per hour, and legal assistants at $455 to $595 per hour. The professionals primarily responsible for this engagement are: Michael R. Neidell, Partner $1,350 per hour Adam H. Friedman, Partner $1,060 per hour Olshan Frome Wolosky LLP does not hold or represent an interest adverse to the Debtor's estate with respect to the matters on which the Firm is to be employed. The Firm has no connection to any creditor or other parties in interest, or the United States Trustee, except as may be disclosed in the Friedman Declaration. Pursuant to paragraph D.1 of the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases, Olshan responds to the questions set forth therein as follows: Question: Did the Firm agree to any variations from, or alternatives to, the Firm’s standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the Firm professionals included in this engagement vary their rate based on the geographical location of the Debtor's chapter 11 case? Answer: No. The hourly rates used by Olshan in representing the Debtor are consistent with the rates that Olshan charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If the Firm has represented the Debtor in the 12 months prepetition, disclose the Firm’s billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Olshan represented the Debtor during the previous twelve (12) months prior to the Petition Date. Olshan generally increases its hourly rates on January 1 of each year. The rates disclosed herein have been in effect since January 1, 2026, and have not changed postpetition. Question: Has the Debtor approved the Firm’s prospective budget and staffing plan, and if so, for what budget period? Answer: Olshan has provided a good faith estimate of its expected fees and expenses during the course of this chapter 11 case, along with the staffing plan outlined in the Application. The firm can be reached at: Adam H. Friedman, Esq. OLSHAN FROME WOLOSKY LLP Jersey City, NJ About Hallmark Financial Services Hallmark Financial Services, Inc., is headquartered in Dallas, Texas. The company is engaged primarily in the sale of property and casualty insurance products. The Company's business involves marketing, underwriting, and premium financing of non-standard personal automobile insurance primarily in Texas, Arizona, and New Mexico, marketing of commercial insurance in Texas, New Mexico, Idaho, Oregon, and Washington, and third-party claims administration, and other insurance-related services. Hallmark Financial Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80007) on June 15, 2026. In its petition, the Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $100 million to $500 million. The Honorable Bankruptcy Judge Michelle V. Larson handles the case. William Snyder of Oliver Wyman, LLC, serves as the Debtor's Chief Restructuring Officer. Oliver Wyman, which acquired CR3 Partners, LLC in May 2026, serves as financial advisor. Gray Reed & McGraw LLP serves as the Debtor's general bankruptcy counsel, Olshan Frome Wolosky LLP as special corporate and litigation counsel, and Greenberg Traurig LLP as special regulatory counsel. Raymond James & Associates, Inc. serves as the Company's investment banker. Stretto, Inc., is employed as the Company's claims and noticing agent. Fox Rothschild LLP and Wollmuth Maher & Deutsch LLP serve as counsel to Hildene Capital Management, LLC and its affiliates. HERTZ CORP: Fitch Rates New 1st Lien Senior Secured Notes 'B+(EXP)' ------------------------------------------------------------------- Fitch Ratings has assigned The Hertz Corporation's (B-/Negative) proposed first lien (1L) senior secured exchangeable notes an expected rating of 'B+(EXP)' with a Recovery Rating of 'RR2'. The amount, coupon and final maturity will be determined at the time of issuance. Proceeds are expected to be used for general corporate purposes, including the repayment of outstanding borrowings under the company's 1L senior secured revolving credit facility. Key Rating Drivers Equal in Rank: Fitch expects the proposed notes to rank pari passu with Hertz's existing 1L senior secured debt and has therefore equalized the expected rating with that of the company's outstanding 1L senior secured debt. The 1L senior secured debt is rated two notches above Hertz's Long-Term Issuer Default Rating (IDR), reflecting Fitch's expectation of superior recovery prospects under a stress scenario given the available collateral. Transaction Leverage Neutral: Fitch does not anticipate a material impact to Hertz's leverage profile, as proceeds are expected to be used for general corporate purposes, including repaying borrowings under the company's 1L senior secured revolving credit facility. Hertz carries a structurally large corporate debt load and weak underlying earnings continue to pressure its leverage. Pro forma for the proposed note issuance, Fitch estimates that leverage (gross debt to adjusted corporate EBITDA) would remain negative for the trailing 12 months ended 1Q26. Failure to materially improve earnings and reduce leverage towards 5.0x could result in a rating downgrade. Negative Outlook: The Negative Outlook on Hertz's IDR reflects Fitch's expectation that profitability will remain weak in the near term, due to moderating travel demand and still high fleet costs, despite ongoing fleet rotation. The Outlook incorporates execution risk associated with the firm's turnaround strategy, which aims to sustainably enhance operational efficiency and profitability, while returning leverage and interest coverage metrics to normalized levels. Established Market Position; Cyclicality a Constraint: Hertz's ratings reflect its established market position and well-recognized global franchise in the car rental industry. The ratings are constrained by vehicle supply-demand dynamics, fluctuations in travel demand and elevated interest rates, which heighten the company's residual value risk. Earnings volatility across market cycles can also affect cash flow leverage and interest coverage metrics, alongside the company's continued reliance on secured wholesale funding, high funding costs and liquidity needs. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to maintain sufficient liquidity to meet operational needs and address near- to medium-term obligations, including the 2026 unsecured notes, resulting in increased refinancing risk. - Inability to execute stated productivity initiatives, including fleet refresh, revenue enhancements and cost optimization to significantly improve earnings. - Failure to reduce Fitch-calculated leverage to 5x or below and improve corporate interest coverage to 2x or more on a sustained basis. - A material degradation in the company's market share and competitive position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An Outlook revision to Stable could be driven by strong execution of stated productivity initiatives and improving profitability that enables a sustained reduction in cash flow leverage toward 5x and an improvement in corporate interest coverage toward 2x over the Outlook horizon. Beyond that, positive rating momentum would depend on: - Enhanced consistency of operating performance resulting from disciplined fleet management and continued optimization of vehicle economics, consistent with the stated operational targets; - Maintenance of Fitch-calculated leverage below 3.5x; - Maintenance of corporate interest coverage above 3x on a sustained basis; or - Maintenance of an adequate liquidity profile to support capital expenditure and debt servicing through the cycle. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Fitch equalizes the expected 1L senior secured exchangeable debt rating is equalized with the ratings on Hertz's existing 1L senior secured debt, as the proposed notes will rank equally in the capital structure. The expected note rating is two notches above the issuer's Long-Term IDR and reflects Fitch's view of superior recovery prospects under a stress scenario given the available collateral. Hertz's second-lien senior secured debt rating is two notches below the Long-Term IDR, reflecting poor recovery prospects under a stress scenario given the size and asset encumbrance of the 1L debt. The senior unsecured debt rating is three notches below the Long-Term IDR, reflecting poor recovery prospects under a stress scenario given the structural subordination from the heavily secured funding mix. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected 1L senior secured exchangeable debt rating is primarily sensitive to changes in Hertz's Long-Term IDR and, secondarily, to the instrument's relative recovery prospects. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason: weakest link - Funding, Liquidity & Coverage (negative). - The Sector Risk Operating Environment score has been assigned below the implied score due to the following adjustment reasons: Business model (negative); Regulatory and legal framework (negative). - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). - The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reasons: Earnings stability (negative); Historical and future metrics (negative). - The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reasons: Historical and future metrics (negative); Funding flexibility (negative). ESG Considerations Hertz has an ESG Relevance Score of '4' for Management Strategy, due to the lack of visibility and uncertainty over strategy execution. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Hertz Corporation (The) senior secured LT B+(EXP) Expected Rating RR2 HERTZ CORP: Moody's Rates New Secured 1st Lien Notes Due 2030 'Ba3' ------------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to the proposed senior secured first-lien notes due July 2030, issued by The Hertz Corporation (Hertz). Proceeds of the notes will be used for general corporate purposes, which may include the repayment of outstanding indebtedness. Other ratings of Hertz are unaffected, including the B2 corporate family rating; the B2-PD probability of default rating; the Ba3 ratings on the senior secured revolving credit facilities, the senior secured term loans B, the senior secured term loan C and the existing senior secured first-lien notes; the B3 rating on the senior secured second-lien notes; and the Caa1 rating on the senior unsecured notes. The outlook remains negative. The speculative grade liquidity rating also remains SGL-3. "Moody's expects the issuance of the new notes will help supplement Hertz' liquidity as $335 million of the company's revolving credit facility matures at the end of June 2026," said Motoki Yanase, VP - Senior Credit Officer at Moody's. RATINGS RATIONALE The B2 corporate family rating reflects Hertz' position as one of three leading players in the North American car rental sector. Despite its oligopolistic nature, the sector is highly competitive and prone to price pressure in the event of imbalances between industry fleet levels and customer demand. Hertz is heavily reliant on capital markets to help fund requisite annual fleet investments. Moody's expects continued recovery in profitability along with revenue growth for 2026-27. An accelerated rotation of Hertz' vehicle fleet also lowered depreciation expense, which should help restore pretax losses to near break-even by the end of 2027. Risk remains with respect to the durability of revenue recovery, and the company's actions to increase revenue per vehicle and lower operating cost are critical to restore margins and lower leverage. The negative outlook reflects uncertainty around consistent revenue recovery and ongoing reliance on the successful implementation of initiatives to improve earnings and liquidity. Moody's expects Hertz' liquidity to remain adequate (SGL-3). Liquidity sources during the 12 months from March 31, 2026 -- including unrestricted cash, availability under committed borrowing agreements, cash flow from operations and proceeds from fleet sales that Moody's expects during this period -- will not be sufficient to cover Hertz' total liquidity requirements, including $284 million of maturing debt by the end of 2026 and estimated capital spending (including fleet purchases). In addition, Hertz must meet a minimum liquidity covenant of $400 million for each month end in the second and third quarters and $500 million for the first and fourth quarter. To supplement liquidity and meet the upcoming funding needs, management is intently focused on improving liquidity, including seeking alternative sources of liquidity. Since March 31, Hertz has issued about $221 million of Class E asset-backed notes and two series of asset-backed notes for $1 billion. The proceeds from the proposed senior secured first-lien exchangeable notes will also supplement $335 million of revolving credit facility commitments that expire at the end of June 2026. Moody's expects such funding efforts in 2026-27 will supplement sufficient liquidity for Hertz. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded with evidence that Hertz is executing its strategy successfully, including a disciplined approach to fleet size, maintaining fleet utilization above 75% and a sustained improvement in financial performance. Metrics that would reflect this improvement include pre-tax income as a percent of sales of at least 5%, EBITA/average assets of more than 5%, and debt/EBITDA of less than 4.5x. Good liquidity that comfortably covers seasonal fleet expansion is also important for an upgrade. The ratings could be downgraded if Hertz is unable to demonstrate clear progress in improving its earnings through lower depreciation expense from fleet rotation as well as cost and revenue enhancing initiatives. The ratings could also be downgraded if the year-on-year decline in rental rates does not abate, or if there is a steep drop in used vehicle prices that requires Hertz to increase collateral under its vehicle financing programs. Metrics that would contribute to a rating downgrade include a pre-tax income as a percent of sales that does not gradually return to 2.5% or more, or debt/EBITDA sustained above 5.5x. The ratings could also be downgraded if evidence emerges that Hertz pursues policies that favor the interest of its controlling shareholders. The principal methodology used in this rating was Equipment and Transportation Rental published in October 2025. The Hertz Corporation (Hertz) is one of the leading car rental companies in the world. The company operates primarily under the Hertz, Dollar and Thrifty brands from company-owned, licensee and franchisee locations globally. The company recorded about $8.7 billion of revenue for the 12 months that ended March 31, 2026. HUMACYTE INC: Davidson Kempner and Affiliates Hold 4.74% Stake -------------------------------------------------------------- Davidson Kempner Capital Management LP, M.H. Davidson & Co., Davidson Kempner Arbitrage, Equities & Relative Value LP, and Anthony A. Yoseloff, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of June 12, 2026, they beneficially own shares of Common Stock -- with M.H. Davidson & Co. beneficially owning 232,724 shares, Davidson Kempner Arbitrage, Equities & Relative Value LP beneficially owning 12,554,349 shares, and Davidson Kempner Capital Management LP and Anthony A. Yoseloff each beneficially owning 12,787,073 shares in the aggregate (all with shared voting and dispositive power, as Davidson Kempner Capital Management LP acts as investment manager to M.H. Davidson & Co. and Davidson Kempner Arbitrage, Equities & Relative Value LP, and Anthony A. Yoseloff, through Davidson Kempner Capital Management LP, is responsible for the voting and investment decisions relating to such Common Stock) -- of Humacyte, Inc.'s Common Stock, par value $0.0001 per share, representing 4.74% of the 269,638,156 shares of Common Stock outstanding, as reported in the Company's Prospectus filed pursuant to Rule 424(b)(5) filed with the Securities and Exchange Commission on June 11, 2026, after giving effect to the completion of the offering described therein. Davidson Kempner Capital Management LP may be reached through: Anthony A. Yoseloff Davidson Kempner Capital Management LP 9 West 57th Street, 29th Floor New York, NY 10019 Tel: 212-446-4000 A full-text copy of the SEC report is available at https://tinyurl.com/ycxhzsf8 About Humacyte Inc. Humacyte, Inc. and subsidiaries is pioneering the development and manufacture of off-the-shelf, universally implantable, bioengineered human tissues, advanced tissue constructs and organ systems with the goal of improving the lives of patients and transforming the practice of medicine. The Company is leveraging its regenerative medicine technology platform to develop proprietary product candidates for use in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. Raleigh, North Carolina-based PricewaterhouseCoopers LLP, the Company's auditor since 2013, 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 operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $116.4 million in total assets, $113.3 million in total liabilities, and $3.1 million in total stockholders' equity. INDEPENDENCE BEVERAGES: Unsecureds to be Paid in Full in Plan ------------------------------------------------------------- Independence Beverages, LLC, filed with the U.S. Bankruptcy Court for the District of Oregon a Disclosure Statement describing Plan of Reorganization dated June 22, 2026. The Debtor owns real estate in Independence, Oregon (the "Property"), that has been specially built-out for distillery and restaurant operations. Its tenants include Divine Distillers, Inc. (as distillery) and The Inferno, LLC (a restaurant). The Debtor is wholly owned by Jason Greenwood. As part of the formation of the Debtor and its affiliates, Mr. Greenwood and his companies borrowed several million dollars from the Pioneer Trust Bank, N.A. (the "Bank"), which took security interests in the Debtor and a variety of affiliates, as well as guarantees from Mr. Greenwood and his wife, Jennell Ives. In March 2025, the Bank filed suit against the Debtor and many other parties liable on the Bank loans. During the spring and summer of 2025, Mrs. Ives' condition deteriorated substantially, resulting in her passing in late July 2025. At the same time that Mrs. Ives was fighting her illness, the Bank was aggressively litigating its loan default. During the time that the parties were briefing the Bank's summary judgment motion in state court, Mrs. Ives passed away. Following entry of its judgment, the Bank executed on a commercial building in Salem owned by affiliate Divine Holdings, LLC and other assets of Mr. Greenwood and affiliates. Since the petition date, Jason Greenwood has been seeking financing to pay the judgment obtained by Pioneer Trust Bank in the state court litigation that resulted in the judgment lien against the Debtor's real property, and forms the basis of Pioneer Trust Bank's claim. The structure of that financing is currently being negotiated, but will result in a capital contribution to the Debtor in amounts necessary to fund the Plan. Class 3 consists of all nonpriority unsecured creditors not otherwise classified under the Plan. Class 3 is impaired. The Class 3 claims will be paid in full not later than 14 months from the Effective Date, plus interest at the federal judgment rate in effect on the date of confirmation of the Plan. Such interest shall accrue from the Petition date until the Class 3 Claims are paid in full. Class 4 consists of the Debtor's Equity Interest Holders. Class 4 is unimpaired. Class 4 is the equity interest holder of the Debtor, Jason Greenwood who shall retain his interest in the Debtor. The Debtor shall generate the funds necessary to make the payments under the Plan through a capital contribution from Jason Greenwood. Mr. Greenwood or his affiliates will obtain a loan from Founder's Bay Capital, the terms and mechanics of which are presently being negotiated. The Debtor, creditors, and interest holders will take all actions and execute whatever documents are necessary and appropriate to effectuate the terms of the Plan. The Debtor does not have material income, and will not have material income until it receives the anticipated capital contribution from Mr. Greenwood. Prior to the Effective Date, Debtor shall pay operational expenses, primarily insurance and property taxes, with funds contributed to the Debtor by Debtor's sole member, Jason Greenwood. Such contributions will be capital contributions by a member, and not loans. A full-text copy of the Disclosure Statement dated June 22, 2026 is available at https://urlcurt.com/u?l=jgJbiR from PacerMonitor.com at no charge. Counsel to the Debtor: Troy G. Sexton, Esq. Elevate Law Group 6000 Meadows Law Group, Suite 450 Lake Oswego, OR 97035 Telephone: (503) 417-0508 Facsimile: (503) 417-0501 E-mail: troy@elevatelawpdx.com About Independence Beverages Independence Beverages, LLC, is a single-asset real estate company that owns one income-producing property. Independence Beverages, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Oregon Case No. 26-60416) on Feb. 19, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Jason Greenwood as member. Judge Peter C McKittrick presides over the case. Troy G. Sexton, at ELEVATE LAW GROUP, serves as the Debtor's counsel. INSPIRED HEALTHCARE: Committee Taps Alvarez & Marsal as Advisor --------------------------------------------------------------- The Official Committee of Delaware Statutory Trust Investors of Inspired Healthcare Capital Holdings, LLC, et al. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Alvarez & Marsal North America, LLC to serve as its financial advisor. A&M will provide these services: (a) assist in the assessment and monitoring of cash flow budgets, liquidity and operating results; (b) assist in the review of Court disclosures, including the Schedules of Assets and Liabilities, the Statements of Financial Affairs, Monthly Operating Reports, and Periodic Reports; (c) assist in the review of the Debtors' cost/benefit evaluations with respect to the assumption or rejection of executory contracts and/or unexpired leases; (d) assist in the analysis of any assets and liabilities and any proposed transactions for which Court approval is sought; (e) assist in the review of the Debtors' proposed key employee retention plan and key employee incentive plan, to the extent applicable; (f) attend meetings with the Debtors, the Debtors' lenders and creditors, potential investors, the DST 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; (g) assist in the review of any tax issues; (h) assist the DST Committee and its advisors in its investigation and pursuit of certain potential causes of action; (i) assist in the review of the claims reconciliation and estimation process; (j) assist in the review of the Debtors’ business plan(s); (k) assist in the review of the sales or dispositions of the Debtors' assets, including allocation of sale proceeds; (l) assist in the valuation of the Debtors' enterprise and equity, and the analysis of debt capacity; (m) assist the DST Committee and its advisors in potential settlement negotiations by analyzing potential recoveries under any proposed Chapter 11 plan, including, but not limited to, analyzing potential plan structures, analyzing intercompany claims, and developing a distribution analysis; (n) assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan in these Chapter 11 cases; (o) participate in hearings before the Court with respect to matters based upon which A&M has provided advice, including, as relevant, coordinating with the DST Committee’s counsel with respect to such participation; and (p) render such other general business consulting or such other assistance as the DST Committee or its counsel may deem necessary, and as agreed to by A&M, consistent with the role of a financial advisor. A&M will be paid by the Debtors for the services of A&M professionals at the these hourly rates, subject to adjustment annually at such time as A&M adjusts its rates generally: Managing Directors $1,200-$1,600 Directors $900-$1,175 Associates $650-$875 Analysts $450-$625 A&M will also be reimbursed for reasonable expenses incurred in connection with this engagement such as travel, lodging, third party duplication, messenger and telephone charges; reasonable expenses include any reasonable legal fees incurred for A&M's defense of its retention application and fee applications submitted in these Chapter 11 cases, subject to Court approval. A&M stated that it does not have any connection with the employees within the U.S. Trustee's office in this District and does not represent any other entity having an interest adverse to the DST Committee in connection with these cases. A&M believes it is eligible to represent the DST Committee under section 1103(b) of the Bankruptcy Code. The firm can be reached at: Andrea Gonzalez ALVAREZ & MARSAL NORTH AMERICA, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Telephone: (212) 759-4433 Facsimile: (212) 759-5532 About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services.It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. JACQUELINE D MOORE: Employs Management Concepts CPAs as Accountant ------------------------------------------------------------------ Jacqueline D Moore PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division to employ Tarik Benkirane of Management Concepts CPAs & Consultants to serve as accountant. The firm will provide these services: (a) reconciling and recording all cash receipts and disbursements into QuickBooks from bank statements, etc.; (b) implementing cost accounting to issue profit and loss per provider, providing internal control, and consulting for practice management and tax planning; (c) filing annual business tax returns; (d) taking practice management consulting; and (e) providing financial reporting via balance sheet, profit & loss, and cash flow statements. For the Bankruptcy Tasks, Accountant will bill at its usual and customary hourly rate of $350 and for the reimbursement of all out-of-pocket expenses incurred. Accountant will charge the Debtor $600 per month for the Flat Fee Tasks. Management Concepts CPAs & Consultants states that accountant has received no promises to have their fees paid by any third parties. No agreement or understanding exists between accountant and any other person for the sharing of accountant's compensation, and no agreement or understanding exists between the Debtor and any other person for sharing the burden of Accountant's charges. The firm can be reached at: Tarik Benkirane MANAGEMENT CONCEPTS CPAs & CONSULTANTS 1939 Roland Clarke Place Suite 350 Reston, VA 20191 Telephone: (703) 788-6507 Facsimile: (703) 270-0008 About Jacqueline D Moore PLLC Jacqueline D Moore PLLC, doing business as Comprehensive Surgery Specialists and Comprehensive Surgical Specialists of Stone Ridge, is a surgical practice located in Aldie, Virginia. The practice provides minimally invasive surgical procedures and robotic surgery, including colon, breast cancer, acid reflux, hernia, gallbladder, and abdominal cancer procedures. It also treats conditions including appendix pain, cysts, diverticulitis, hemorrhoids, hidradenitis suppurativa, lipomas, moles, painful leg veins, skin cancer, and skin tags. The practice serves communities including Aldie, Fairfax, Chantilly, Ashburn, South Riding, Dulles, Annandale, Springfield, and Burke. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11018) on April 29, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Jacqueline D. Moore, MD, sole member, signed the petition. Judge Brian F. Kenney oversees the case. Steven B. Ramsdell, Esq., at Tyler, Bartl & Ramsdell, PLC represents the Debtor as legal counsel. JOSEPHINES RESTAURANT: Gets Extension to Access Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, granted Josephines Restaurant Inc. fifth interim approval to use cash collateral. The court authorized interim use of the purported cash collateral of Newtek Bank, National Association for the period from June 26 through July 31, strictly in accordance with the approved budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $100,000 for the period from July and August. The order imposes several conditions to protect Newtek's interests, including allowing inspections of the Debtor's books and records, maintaining insurance on the collateral, providing proof of collateral upon request, and properly maintaining the collateral. In addition, Newtek will be granted replacement liens and security interests on post-petition property of the Debtor or its bankruptcy estate, preserving the lender's priority and protections during the bankruptcy case. The order is available at https://shorturl.at/x4Ya2 from PacerMonitor.com. A further interim hearing is scheduled for July 27. As of the petition, the Debtor's cash collateral consists of cash ($18,000) and inventory ($6,200) such as liquor, food and supplies in which Newtek holds an interest. The Debtor owes Newtek approximately $756,000. Josephines Restaurant sought Chapter 11 protection after rising food costs and a post-COVID drop in revenue led it to take on high-interest merchant cash advance loans with frequent payments. Newtek Bank is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Phone: 312-876-1700 pgarga@dykema.com About Josephines Restaurant Inc. Josephines Restaurant Inc. operates the restaurants La Rosa Pizza and Tick Tock Tacos in Skokie, Illinois, providing casual dining services. La Rosa Pizza serves Italian and American cuisine, including pizzas, pastas, salads, and sandwiches, while Tick Tock Tacos focuses on Mexican-style dishes such as tacos, burritos, and quesadillas. Both establishments offer catering services and operate from the same location. Josephines Restaurant sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00909) on January 20, 2026. In its petition, the Debtor reported between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. JS&A FIRE: Gets Interim OK to Use Cash Collateral ------------------------------------------------- S&A Fire and Safety LLCX got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for July 20. The Debtor has immediate need for operating funds to continue day-to-day business activities, including payroll, materials, supplies, and other general expenses necessary to maintain operations and preserve going-concern value. Without access to cash collateral, the Debtor would be unable to operate, retain employees, serve customers, or fund the administrative costs of its reorganization. Cadence Bank/Huntington Bank is the primary secured creditor, holding a perfected first-priority lien filed in March 2020 and continued in October 2024, with an asserted balance of approximately $147,897. The collateral includes substantially all accounts receivable, equipment, and proceeds. While other parties including the U.S. Small Business Administration, Newtek Bank, and various merchant cash advance lenders have filed UCC-1 financing statements, the collateral is fully encumbered by the senior lien of Cadence/Huntington Bank, leaving junior claimants with no equity and therefore no entitlement to adequate protection. In exchange for the use of cash collateral, the Debtor offers granting adequate protection to the secured lender in the form of replacement liens on post-petition assets and proceeds, along with other customary protections such as compliance with budgeting, reporting, and maintenance of collateral. About JS&A Fire and Safety LLC JS&A Fire and Safety LLC is a systems integration company based in Dallas, Texas. The company provides design, sale, installation, and service for fire alarm, fire sprinkler and suppression, life safety, security, and intrusion alarm systems. Its offerings also include access control, parking and revenue control, EV charging stations, monitoring services, video surveillance and recording, emergency/mass notification systems, security reviews and assessments, and tests and inspections. JS&A Control Systems serves sectors including industrial, retail, commercial, education, government, healthcare, and hospitality. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-42647) on June 17, 2026. In the petition signed by James R. Stofer, president, the Debtor disclosed $174,920 in assets and $1,593,679 in total liabilities. Judge Edward L Morris oversees the case. Robert T. DeMarco, Esq., at DEMARCO MITCHELL, PLLC, represents the Debtor as legal counsel. KASTER MOVING: Gets Interim OK to Use Cash Collateral Until July 10 ------------------------------------------------------------------- Kaster Moving Co, LLC received interim approval from the U.S. Bankruptcy Court for the District of Connecticut, New Haven Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral from June 17 through July 10 to fund its operations based on a court-approved budget. Secured creditors including Pinnacle Bank and merchant cash advance lenders will be granted adequate protection through replacement liens on the Debtor's post-petition assets, with the same priority as their pre-petition liens. Pinnacle Bank is the holder of an SBA 7(a) loan of approximately $2.7 million secured by a blanket lien on substantially all of the Debtor's assets, including receivables, equipment, deposits, and proceeds. The Debtor also listed numerous merchant cash advance funders such as Fiji Funding, Forward Financing, Maison Capital, Nitro Advance, and Overton Funding as asserting claims, though it disputes their secured status, enforceability, and priority, alleging their repayment structures and UCC § 9-406 notices to customers significantly disrupted cash flow and worsened its liquidity crisis. The order is available at http://bankrupt.com/misc/KasterMoving_ICCOrder42.pdf The next hearing will be held on July 8. Kaster Moving Co acquired its business in 2023 and soon faced sharp revenue declines (from roughly $4.7–$4.95 million in prior years to about $4 million in 2024), leading to a cycle of MCA borrowing that increasingly diverted operating cash to repay earlier advances. It alleges this created severe working-capital shortages affecting payroll, rent, fuel, insurance, and vendor payments, ultimately threatening ongoing operations. 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 26-30549) on June 17, 2026. In the petition signed by Gideon Asemnor, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Ann M. Nevins oversees the case. Matthew K. Beatman, Esq., at Zeisler & Zeisler, P.C., represents the Debtor as legal counsel. KDC/ONE DEVELOPMENT: Moody's Rates New First Lien Term Loans 'B3' ----------------------------------------------------------------- Moody's Ratings assigned B3 ratings to kdc/one Development Corporation, Inc.'s (kdc/one) proposed senior secured first lien term loans issued in US dollar and Euro tranches due in August 2031 and assigned a B3 rating to the senior secured first lien revolver expiring in August 2031. Concurrently, Moody's affirmed kdc/one's B3 Corporate Family Rating, B3-PD Probability of Default Rating and the B3 ratings on the company's existing senior secured revolving credit facility due August 2028 and senior secured first lien US dollar and Euro term loans due August 2028. Moody's expects to withdraw the ratings on the existing credit facilities upon close of the transaction. The outlook remains stable. The proposed transaction will extend the maturity of the existing senior secured credit facility to August 2031 from August 2028. Overall, Moody's views the transaction as credit positive because it will extend the maturities without materially affecting leverage or cash interest expense. The longer maturities provide kdc/one more financial flexibility to execute its growth and cost saving initiatives to reduce the company's very high leverage. Moody's affirmed the existing ratings including the B3 CFR with a stable outlook because leverage remains elevated and free cash flow is weak. The company faces execution risk to profitably onboard new business and increase earnings in an environment where cautious consumer spending is pressuring customer volumes. The credit facility will be guaranteed by material wholly-owned subsidiaries located in the US, Canada, Hong Kong, and Mexico, as well as Knowlton Development Corporation, Inc., which is the ultimate parent and issuer of the audited financial statements. The credit facility will be secured by substantially all assets of the borrowers and guarantors. RATINGS RATIONALE kdc/one's B3 CFR reflects its position as a large, diversified, value-added outsourced manufacturer with a vertically integrated platform across beauty, personal care, and home care categories, as well as its long-standing customer relationships and innovation capabilities. These strengths support revenue stability and underpin the company's ability to win new business across a broad customer base. At the same time, the ratings remain weakly positioned at B3, constrained by elevated financial leverage, an aggressive financial policy under private equity ownership and consistently weak or negative free cash flow generation driven by high reinvestment needs, capital intensity, and interest burden. Despite ongoing new business wins and recent acquisitions that have supported modest revenue growth, sustained earnings expansion and meaningful improvement in free cash flow is elusive. Organic revenue trends remain uneven, with persistent volume softness in certain categories, particularly within Scented & Living Solutions, and profits reflect continued pressure from unfavorable mix. At the same time, the company continues to incur significant upfront costs to onboard new business, including investments in production capacity, and costs associated with operational complexity and labor, resulting in margin compression and some modest earnings volatility. This dynamic has contributed to a disconnect between reported new business wins and underlying profitability trends. Moody's expects operating performance to improve over the next 12 to 18 months, supported by the ramp up of recently awarded business, including programs that began production in the fourth quarter of the fiscal year ended April 2026 and continue into fiscal 2027. Growth is expected to be driven by new business wins, incremental contribution from recent capacity investments, including the Monterrey facility, and a full-year contribution from recent acquisitions such as Barony. However, execution risk remains elevated given the need to efficiently onboard new programs and achieve margin targets. Free cash flow has been volatile and constrained over recent periods. The weaker free cash flow generation reflects the company's high capital intensity, including growth-oriented capital expenditures to support new business onboarding and capacity expansion. Moody's views this cash flow weakness as a key credit constraint, particularly given the company's high debt-to-EBITDA leverage, which was above 8x on a Moody's-adjusted basis for the last 12 months ended January 2026, well above levels Moody's expects for the credit profile. On a pro forma basis, including contribution from recently completed acquisitions leverage would be in the high 7x range. While Moody's forecasts free cash flow to improve and turn modestly positive in the $10 to $15 million range in fiscal year ended April 2027, this recovery is dependent on good operating execution, the successful ramp-up of recently onboarded business, more modest capital needs in the year ahead and normalization of working capital. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that operating earnings will improve over the next 12 to 18 months, supported by the conversion of the company's pipeline of awarded business, particularly those programs that ramped up in the fourth quarter of fiscal 2026 and starting production in early fiscal 2027. Moody's also anticipates in the stable outlook that leverage will decline and free cash flow will turn positive in 2027. Additional acquisitions or sustained higher capital investments are not contemplated in the stable outlook. The ratings could be upgraded if the company demonstrates sustained positive organic revenue growth alongside stable to improving margins. An upgrade would also require the company to generate comfortably positive free cash flow, such that free cash flow-to-debt is sustainably above 2%, and to sustain debt-to-EBITDA leverage below 6.0x. In addition, the company would need to maintain financial policies consistent with maintaining strong credit metrics to be considered for an upgrade. The ratings could be downgraded if operating earnings do not improve as expected, including sustained weakness in volumes, pricing pressure or cost increases that prevents the company from transitioning to sustainably positive free cash flow. A deterioration in liquidity including through reduced revolver availability or a declining cash balance, debt-funded acquisitions or shareholder distributions, or EBITA-to-interest below 1.0x could also lead to a downgrade. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. kdc/one Development Corporation, Inc. is a contract manufacturer and innovation partner that provides custom formulation, package design and manufacturing solutions for beauty, personal care, and home care brands. The company delivers integrated end-to-end solutions from ideation through manufacturing and packaging, supported by a networked infrastructure, integrated supply chain, and global manufacturing and innovation footprint. Operations across North America, Europe, Asia, and Latin America, as well as 26 research and development centers and innovation hubs. kdc/one co-develops products for more than 1,000 brands and launches an average of 3,000 products annually. The company is majority owned by Cornell Capital following a 2018 leveraged buyout, with minority investments from KKR and CDPQ. kdc/one generate approximately $3 billion in gross sales as of the last 12 months ending January 31, 2026. KSENIA LOGISTICS: Unsecureds Will Get 93% of Claims over 5 Years ---------------------------------------------------------------- Ksenia Logistics Inc. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Small Business Plan of Reorganization under Subchapter V dated June 19, 2026. The Debtor was founded in 2015 by Stepan Nozhak as a single truck and trailer owner-operator. Over the next six years, the company expanded its fleet and utilized 1099 drivers to manage the additional equipment. In 2022 and 2023, the Debtor expanded into car hauling by acquiring several pickup trucks, including Dodge Rams and Ford F-350s, along with specialized trailers. Unfortunately, this expansion proved unprofitable and negatively impacted the business's overall operations. Consequently, the Debtor has decided to exit the car hauling sector and return its focus to dry goods logistics. The Debtor plans to surrender all equipment associated with car hauling and will resume shipping dry goods using dry vans and semi-tractor trailers. The Plan provides that all administrative creditors will be paid in full on the Effective Date of the Plan (which is 30 days after the Order confirming the Plan is a final Order) unless otherwise agreed. Priority tax claims will receive 100% of their allowed claims over the period of the Plan term (5 years). Secured Creditors will be paid 100% of their allowed secured claims under Class 1 of the Plan. Class 2 general unsecured creditors will receive a pro rata share of the Unsecured Creditor Payment over a period of 5 years, which shall equal approximately 93% distribution on their claims. Class 3 Claims of Equity Holders will not receive a distribution unless all other classes of creditors receive payment in full. Class 2 consists of Allowed Unsecured Claims. Holders of allowed unsecured claims shall receive a pro rata share of the Unsecured Creditor Payments on an annual basis for a period of 5 years beginning on the 1st anniversary of the Effective Date of the Plan, and continuing yearly for another 4 years. The Unsecured Creditor Payments shall equal $160,000 in the aggregate and each yearly payment shall be $32,000 for five payments. Based upon the unsecured claims (which includes deficiency claims of secured creditors), the estimated distribution to unsecured creditors is 93% No distribution will be made for unsecured claims which were (i) scheduled as disputed; and (ii) no timely proof of claim was filed. Class 3 consists of Equity Security Holders. Equity security holders shall retain their interests in the Debtor. In addition, the principal of the Debtor will be entitled to a salary for his work on behalf of the Debtor. The Debtor's financial projections show that the Debtor will have cumulative projected disposable income sufficient to pay the required payments under the Plan. The Plan is a 5-year plan. The final Plan payment will be in approximately 2031. A full-text copy of the Plan of Reorganization dated June 19, 2026 is available at https://urlcurt.com/u?l=XqLVOb from PacerMonitor.com at no charge. Counsel to the Debtor: David Freydin, Esq. Law Offices of David Freydin, Ltd. 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About Ksenia Logistics Inc. Ksenia Logistics, Inc., was founded in 2015 by Stepan Nozhak as a single truck and trailer owner-operator. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19801) on Dec. 30, 2025, with $500,001 to $1 million in assets and liabilities. David Freydin, Esq., at the Law Offices of David Freydin Ltd., is the Debtor's bankruptcy counsel. LEGENCE HOLDINGS: Moody's Ups CFR to Ba3, Outlook Stable -------------------------------------------------------- Moody's Ratings upgraded Legence Holdings LLC's (Legence) corporate family rating to Ba3 from B1, the probability of default rating to Ba3-PD from B1-PD, and the ratings assigned to its senior secured first lien bank credit facility, including the $200 million senior secured first lien revolving credit facility due September 2030, and the $995 million senior secured first lien term loan due December 2031 to Ba3 from B1. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. The outlook has been maintained stable. The upgrade of Legence's CFR to Ba3 reflects Moody's expectations that the company will grow both revenue and EBITDA by more than 50% over the next 12-18 months as the company benefits from significant growth in data center projects and integrates the acquisition of The Bowers Group ("Bowers"). The record order backlog of $5.4 billion as of March 31, 2026 provides good revenue visibility for the remainder of 2026 and 2027. Moody's expects that earnings growth will support leverage declining to 3.5x debt/EBITDA by year-end 2026, and then below 3.0x by year-end 2027 from around 5x (as of the period ended March 2026) following the recent Bowers acquisition and not assuming a change in financial policy or a severe softening in market conditions. The stable outlook reflects Moody's expectations that material revenue and earnings growth will support an improvement in leverage and other credit metrics to levels consistent with the Ba3 rating while maintaining good liquidity and a conservative financial policy in the next 12-18 months. The decision to upgrade Legence's ratings to Ba3 reflects corporate governance considerations associated with Moody's expectations that the company will build a track record of operating at a lower leverage and establishing to a more conservative financial policy after the IPO in September 2025. The company's sponsor, Blackstone, reduced its ownership stake to roughly 47% from 72% since the IPO. RATINGS RATIONALE Legence's Ba3 CFR reflects the company's broad service offering and diversified customer base in improving energy efficiency in existing buildings. Moody's expects Legence will continue to benefit from strong demand for commercial installation and maintenance services, driven primarily by the significant growth within the US Data Centers & Technology end-market. The company's backlog reached a record $5.4 billion as of March 2026 and the company recently increased the midpoint of its 2026 revenue and EBITDA guidance by about 11% and 16% to $4.2 billion and $480 million, respectively. Moody's projects modest margin compression in 2026 and 2027 as the share of new construction projects versus maintenance contracts increases. The rating also considers the fragmented industry landscape that creates regional competition and the cyclicality of new construction projects. Legence has a history of pursuing growth through acquisitions, though Moody's expects the company to execute a more balanced financial policy going forward. The SGL-2 speculative grade liquidity rating reflects Moody's views that Legence will maintain good liquidity over the next 12-15 months. This is supported by $245 million of cash on hand as of March 2026, and roughly $169 million of availability on the company's $200 million revolving credit facility (due September 2030). Moody's expects Legence will generate about $190 million in free cash flow during 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Legence demonstrates and sustains commitment to operating at a lower leverage level than it has historically. Specifically, the ratings could be upgraded if leverage is sustained below 3.5x, EBITA/interest expense is sustained above 4x, if RCF/net debt is sustained above 20%, and if the company maintains good liquidity. Moody's could downgrade the ratings if Legence demonstrates a more aggressive financial policy, including debt funded M&A or increased shareholder returns. Specifically, Moody's could downgrade the ratings if leverage is sustained above 4.5x, EBITA/interest expense is sustained below 3x, if RCF/net debt is sustained below 15%, or liquidity deteriorates. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in San Jose, California, Legence Corp. provides design, installation and maintenance services for buildings. The company installs HVAC, process piping and other mechanical, electrical and plumbing systems for new facilities. It also upgrades HVAC, lighting and building controls in existing facilities to make them more energy efficient and sustainable. For the 12 months that ended March 2026, the company recorded about $3.1 billion of revenue. LILLY INDUSTRIES: Has Deal on Cash Collateral Access ---------------------------------------------------- Lilly Industries, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to use cash collateralthrough Dec. 6. The Debtor is a supplier of natural stone and semi-precious materials for residential and commercial construction, operating a showroom in Santa Ana, California, and continuing to manage its business as a debtor-in-possession since filing its petition on February 3, 2025. The Debtor seeks approval to extend prior court orders that have repeatedly authorized use of cash collateral over time, with earlier approvals extending through multiple deadlines culminating On July 19. It states that continued access to cash collateral is necessary to maintain operations, including purchasing inventory, paying employees, maintaining customer relationships, and preserving the going-concern value of the business while it pursues confirmation of a plan of reorganization. The current request is also intended to bridge the period through the scheduled confirmation hearing, which has been continued to Nov. 4. As adequate protection for the secured interest held by the U.S Small Business Administration, the Debtor proposes continued monthly payments of $5,129 and the granting of a replacement lien on post-petition revenues and assets, retroactive to the petition date, to the extent the SBA's collateral diminishes due to post-petition use. The replacement lien would mirror the validity, priority, and extent of the SBA's pre-petition lien but would exclude avoidance actions and other Bankruptcy Code remedies under sections such as 506(c), 544, 547, 548, and 549. The SBA has agreed to this arrangement. The Debtor also includes an actual-to-interim budget demonstrating compliance with prior cash collateral orders and a proposed updated budget extending through Dec. 6. The Debtor and SBA jointly request that the court approve continued use of cash collateral on both interim and final bases, finding that the arrangement is necessary, consensual, and adequately protects the SBA's interests while allowing the debtor to continue operating and progressing toward plan confirmation. A copy of the motion is available at https://urlcurt.com/u?l=kuNMKy from PacerMonitor.com. About Lilly Industries Inc. Lilly Industries, Inc. (doing business as The Slab Studio) is a trade-only gallery that offers architects, contractors, dealers, and designers' access to the finest natural stone and semi-precious slabs, ensuring a sophisticated, one-of-a-kind viewing experience. With discerning standards and a global reach, they act as a trusted partner for those seeking premium materials for high-end design projects. Lilly Industries filed a Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10301) on February 3, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Robert Goe, Esq., a practicing attorney in Irvine, Calif., serves as Subchapter V trustee. Judge Theodor Albert oversees the case. The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle & Latimer as legal counsel and Rocky Mountain Advisory, LLC as accounting and financial advisor. Attorneys for Silicosis Claimants: Steven T. Gubner, Esq. Jason B. Komorsky, Esq. Jessica L. Bagdanov, Esq. BG LAW LLP 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Tel: (818) 827-9000 Fax: (818) 827-9099 sgubner@bg.law jkomorsky@bg.law jbagdanov@bg.law - and - Jennifer B. Lyday, Esq. Chris Haaf, Esq. WALDREP WALL BABCOCK & BAILEY PLLC 370 Knollwood St., Suite 600 Winston-Salem, NC 27103 Tel: (336) 722-6300 jlyday@waldrepwall.com chaaf@waldrepwall.com LINDY'S ON 4TH: Dawn Maguire Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for Lindy's On 4th Ave, LLC. Ms. Maguire will be paid an hourly fee of $395 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About Lindy's On 4th Ave LLC Lindy's On 4th Ave, LLC is a Tucson, Arizona-based hospitality company that operates Lindy's on 4th, a restaurant and bar known for its burgers, craft beverages, and casual dining experience in the city's historic Fourth Avenue district. Lindy's On 4th Ave sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-06107) on June 21, 2026. In its petition, the Debtor reported assets of between $50,001 and $100,000 and liabilities of between $100,001 and $500,000. Honorable Bankruptcy Judge Brenda Moody Whinery oversees the case. The Debtor is represented by Jody A. Corrales, Esq., at DeConcini McDonald Yetwin & Lacy, P.C. MIWD HOLDCO II: Moody's Alters Outlook on 'B2' CFR to Negative -------------------------------------------------------------- Moody's Ratings affirmed MIWD Holdco II LLC's (dba MITER Brands) B2 corporate family rating, B2-PD probability of default rating and Caa1 senior unsecured notes rating. At the same time, Moody's affirmed MITER Brands Acquisition Holdco, Inc.'s B2 senior secured first lien term loan B3 rating and B2 senior secured first lien notes rating. The rating outlook for both MIWD Holdco II LLC and MITER Brands Acquisition Holdco, Inc. was changed to negative from stable. The negative outlook reflects Moody's expectations that weak credit metrics and margin compression will persist as the company navigates a weak demand environment and higher costs. Although pricing actions and cost reduction initiatives will partially offset margin pressure, Moody's expects a lag effect that will weigh on near-term performance. The affirmation of the B2 CFR reflects the company's solid market position with good operating margins, good liquidity with a high cash balance and expectation of slightly positive free cash flow. RATINGS RATIONALE MITER's B2 CFR is constrained by the company's high leverage, challenge to reduce leverage in a subdued growth environment and given the company's aggressive financial strategies with the potential of large acquisitions and sizable annual dividend payments related to the company's PIK preferred equity. Moody's expects revenue to decline in the mid-single-digit range in 2026 and EBITDA margin to compress to around 15% in 2026 from 16% for the last 12 months (LTM) period ending March 28, 2026, given the rise in material costs such as aluminum. Passing through higher input costs to customers will be challenging given weak consumer sentiment which has led to lower demand for discretionary products such as windows and doors. Moody's projects leverage will rise to around 7.2x debt/EBITDA in 2026. Moody's expects modest improvements in credit metrics in 2027. The preferred equity, issued by MITER's parent company, is not a legal obligation of MITER, is structurally subordinated to MITER's debt obligations and treated as equity in Moody's credit metrics. However, the company has a history of paying down a portion of the preferred equity from cash flow generation. This leaves limited amounts of excess cash flow available for actual debt reduction. While the company has slowed these payments, Moody's do not expect material debt reduction in the near-term. The rating is supported by the company's good market position in the vinyl and aluminum windows and patio doors market and a strong position in the niche impact-resistant windows and doors market. The company benefits from its geographic footprint, diversity of product price points and distribution channels and considerable scale. MITER also benefits from solid operating margins and Moody's expectations of good liquidity. Moody's expects MITER to maintain good liquidity over the next 12-18 months, with slightly positive free cash flow and a lack of debt maturities until 2030. The company had about $531 million of cash as of March 28, 2026. The $325 million asset-based revolving credit facility (ABL) is undrawn but availability is limited by its borrowing base. The company had about $140 million of availability as of March 28, 2026. The ABL facility has a fixed charge coverage covenant of 1.0x, applicable if its availability under the facility is less than the greater of $30 million or 10% of the borrowing base. Moody's do not anticipate the covenant to be triggered, but if it were, the company is likely to have ample compliance room under this requirement. The first lien term loan is not subject to financial maintenance covenants. The company has alternate sources of liquidity as shown by the recent divestitures. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if company exercises conservative financial policies and maintains its good liquidity and strong operating margins. The ratings could be upgraded if debt/EBITDA is sustained below 4.5x and EBITA/interest expense is sustained above 3.0x. Favorable end market trends would also be an important consideration. The ratings could be downgraded if the company's financial policies grew more aggressive in terms of capital structure and shareholder friendly returns. Moody's could downgrade the ratings if debt leverage was sustained above 6.0x and EBITA to interest coverage declined materially below 2.0x, if operating margins and free cash flow generation deteriorate, including due to a weakening in the company's end markets, or if dividends materially exceed cash flow generation. MIWD Holdco II LLC is a manufacturer of vinyl and aluminum windows, patio doors and impact-resistant windows and doors in the US, serving the residential end markets of new construction and repair and remodeling. MIWD Holdco II LLC is privately held, indirectly family and management owned, with an indirect minority investor being an affiliate of Koch Equity Development LLC. Revenue for the last twelve-month period ending March 28, 2026 was about $2.8 billion. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MR. BUBBLES AURORA: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------------- Mr. Bubbles Aurora-1, LLC received eighth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use the cash collateral of Patriot Bank and the U.S. Small Business Administration. The court authorized the Debtor to use cash collateral from June 26 through July 31, in accordance with its budget, plus up to 10% of the expense payments. The Debtor projects total operational expenses of $87,366.00 for the interim period. As protection, Patriot Bank and the SBA will be granted replacement liens on all property of the Debtor, with the same validity, priority, and extent as their pre-bankruptcy liens. The Debtor must allow the secured creditors to inspect books and records, maintain adequate insurance, keep the collateral in good repair, and provide evidence of collateral upon request. The interim order is available at https://shorturl.at/3YWMI from PacerMonitor.com. A further hearing is scheduled for July 27. The Debtor's business operates from property owned by an affiliated entity, 2903 Kirk Rd. LLC, which is also in Chapter 11, and both entities share common ownership and creditors. The Chapter 11 filing was prompted by litigation involving Patriot Bank. As of the petition date, the Debtor held $12,864 in cash collateral, which Patriot Bank and the SBA claim as secured creditors, with the bank asserting approximately $5 million in secured debt. About Mr. Bubbles Aurora-1 LLC Mr. Bubbles Aurora-1 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18469) on December 1, 2025. In the petition signed by Kyle Evans, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, represents the Debtor as legal counsel. MUSCULOSKELETAL ASSOCIATES: Taps Kaplan Johnson Abate as Counsel ---------------------------------------------------------------- Musculoskeletal Associates, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division to hire Kaplan Johnson Abate & Bird LLP to serve as legal counsel. The firm will provide these services: (a) 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) actions to protect and preserve the estate, including the prosecution of actions on behalf of the Debtor, the defense of any action commenced against the Debtor before the Bankruptcy Court, negotiations concerning all litigation in which the Debtor is involved, if any, and examination of proofs of claims; (c) advice and preparation of all necessary motions, answers, orders, reports, and other legal papers in connection with the administration of the estate and those requirements or limitations imposed on the Debtor as debtor in possession; and (d) strategic planning, negotiation, and preparation of instruments in connection with this chapter 11 case and the formulation and implementation of Debtor's Chapter 11 plan. Charity S. Bird, the KJAB attorney primarily responsible for the engagement, will receive an hourly rate of $450. The hourly rates of other KJAB professionals reasonably anticipated to render services range from $225 to $625 per hour. Paraprofessionals' hourly rates range from $125 to $165. KJAB is a "disinterested person" as defined in Bankruptcy Code Sec. 101(14), according to court filings. KJAB has informed the Debtor that it does not hold or represent any interest that is adverse to the interests of the estate, except as disclosed in the verified statement. The firm can be reached at: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 W. Main St., 4th Floor Louisville, KY 40202 Telephone: (502) 416-1630 Facsimile: (502) 540-8282 E-mail: cbird@kaplanjohnsonlaw.com About Musculoskeletal Associates, PLLC Musculoskeletal Associates, PLLC is a Kentucky-based medical practice focused on neuromusculoskeletal medicine, interventional pain management, and wound-care services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Kent. Case No. 26-31522-jal) on June 3, 2026. In the petition signed by Mark Conliffe, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Joan A. Lloyd oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird LLP, represents the Debtor as legal counsel. NEXT DAY: Claims to be Paid from Ongoing Business Operations ------------------------------------------------------------ Next Day Custom Tees LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a First Amended Plan of Reorganization under Subchapter V dated June 19, 2026. The Debtor is a Texas limited liability company headquartered in San Antonio, Texas. Raul G. Perez started the business in his garage in 1998, operating as a sole proprietorship. The Debtor has now turned into a fully staffed operation that includes custom screen printing, embroidery, vinyl stickers & banners, direct-to-film printing, flatstock poster printing, sublimated koozies, and more. The Debtor employs musicians, artists, and creative people to produce a quality product at an affordable price. The Debtor has printed products for high profile companies but continues to support hundreds of small businesses and its local community. As a result of the combined circumstances described, unpaid tax obligations, the inability to work out a payment plan with the Texas Comptroller, and confusion over who was responsible for various debts (Mr. Perez dba Next Day Custom Tees, or the Debtor), the Debtor faced mounting obligations, including secured and unsecured debts, tax liabilities, and contractual commitments. Despite efforts to restructure and negotiate with creditors, the financial strain proved insurmountable, leading to the decision to seek relief under Chapter 11 of the Bankruptcy Code. Based on the plan projections, the Debtor's monthly disposable income to be committed to the payment of claims is $4,885.89. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from distributions funded by NDCTEES LLC's ongoing business operations and projected disposable income over the term of the Plan. Class 4 consists of General Unsecured Claims of IRS ($68,907.67); AE ($57,069.46); Channel ($153,176.61); Maxwell Woodward ($14,000); and Clicklease ($15,000). Each holder of an Allowed General Unsecured Claim, to the extent Allowed, shall receive a pro-rata share of distributions funded by the Reorganized Debtor's ongoing business operations, in accordance with the provisions of Article 2.5 of the Plan. Debtor estimates Class 4 to be $308,153.74. This Class is impaired. Equity will retain their Interests. This Plan will be funded with Estate Assets, including the Reorganized Debtor's cash on hand, and proceeds from ongoing business operations. A full-text copy of the First Amended Plan dated June 19, 2026 is available at https://urlcurt.com/u?l=VD2btF from PacerMonitor.com at no charge. Counsel to the Debtor: Frances A. Smith, Esq. Honest Kapic, Esq. OFFIT KURMAN, P.A. 700 North Pearl Street, Suite 1610 Dallas, TX 75201 Telephone: (214) 377-7879 Facsimile: (214) 377-9409 E-mail: frances.smith@offitkurman.com E-mail: honest.kapic@offitkurman.com About Next Day Custom Tees Next Day Custom Tees, LLC, is a Texas-based apparel company specializing in custom t-shirt printing and personalized merchandise, serving individual and corporate clients. Next Day Custom Tees sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-50161) on Jan. 23, 2026. In its petition, the Debtor listed between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Frances A. Smith, Esq., at Offit Kurman. NEXT LEVEL: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Next Level Paver Company, LLC on June 30 received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral for court-approved payments, including Subchapter V trustee interim compensation, and current expenses set forth in its budget. Additional expenditures require approval from secured creditors. This authorization will continue until further court order. Several creditors may claim pre-petition liens on the cash collateral, including First-Citizens Bank & Trust Company and Quantum LS, LLC, which assert liens on substantially all assets of the Debtor. Several of these claims are disputed. Secured creditors will be granted adequate protection through a perfected replacement lien on their pre-petition collateral, with the same validity, priority and extent as their pre-petition liens. Additional safeguards include insurance coverage on the Debtor's property and access to business records and premises upon request. The order is available at http://bankrupt.com/misc/NextLevelPaver_ICCOrder29.pdf The next hearing is scheduled for July 29. About Next Level Paver Company LLC Next Level Paver Company, LLC is a family-owned hardscape and landscaping company based in Cape Coral, Florida. Founded in 2018, Next Level Paver Company provides paver and travertine installation, hardscape cleaning, sealing, and restoration, as well as paver driveway, patio, and pool deck work. Its services also include paver driveway and patio repair, steps, retaining walls, and landscaping. The company serves Cape Coral, Fort Myers, Estero, Naples, and Buckingham. Next Level Paver Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01442) on June 11, 2026. In the petition signed by Amanda Capobianco, owner, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Luis Ernesto Rivera II oversees the case. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as bankruptcy counsel. NYC OF PIERMONT: Case Summary & 16 Unsecured Creditors ------------------------------------------------------ Debtor: NYC of Piermont LLC d/b/a Confetti Ristorante Vinoteca 200 Ash Street Piermont, NY 10968 Business Description: NYC of Piermont LLC, doing business as Confetti Ristorante & Vinoteca, operates a full-service Italian restaurant at 200 Ash St. in Piermont, New York. The company provides dine-in service, private events, catering and reservations, with a menu centered on Italian appetizers, brick-oven pizza, pastas, seafood and meat entrees. Confetti describes its ownership as a third-generation restaurant business with family restaurant roots dating to the 1950s. Chapter 11 Petition Date: June 17, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-22620 Judge: Hon. Kyu Young Paek Debtor's Counsel: Robert Lewis, Esq. ROBERT S LEWIS PC 100 Dutch Hill Road, Suite #380 Orangeburg, NY 10962 Tel: (845) 358-7100 E-mail: Robert.lewlaw1@gmail.com Total Assets: $82,000 Total Liabilities: $1,288,160 The petition was signed by Constandina Paximadakis as member. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MESXDQA/NYC_of_Piermont_LLC__nysbke-26-22620__0001.0.pdf?mcid=tGE4TAMA NYC OF PIERMONT: Taps Law Offices of Robert S. Lewis as Counsel --------------------------------------------------------------- NYC OF PIERMONT, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Robert S. Lewis, Esq. of Law Offices of Robert S. Lewis, PC to serve as legal counsel. The firm will provide these services: (a) advising the Debtor with respect to its rights, powers, and obligations as a debtor and debtor-in-possession in the continued management of its assets and affairs; (b) advising and consulting the Debtor on the conduct of the Chapter 11 Case, including all the legal and administrative requirements of being in Chapter 11; (c) taking all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf, the defense of actions commenced against the estate, and negotiations concerning litigation in which the Debtor may be involved, including objections to claims filed against its estate; (d) preparing on the Debtor's behalf any necessary motions, applications, answers, orders, reports, and other papers necessary to the administration of its Chapter 11 Case; (e) negotiating and preparing on the Debtor's behalf plan(s) of reorganization, disclosure statement(s) and all related agreements and/or documents and taking any necessary action on the Debtor’s behalf to obtain confirmation of such plan(s); (f) advising the Debtor in connection with the sale of any assets; (g) attending meetings and negotiating with representatives of creditors and other parties in interest; (h) appearing before this Court, any appellate courts, and the U.S. Trustee, and protecting the interests of the Debtor's estate before such courts and the U.S. Trustee; and (i) performing all other necessary legal services and providing all other necessary or appropriate legal advice to the Debtor in connection with the Chapter 11 Case. Robert S. Lewis, Esq. will receive an hourly rate of $450, and Jasmine Rosa, Paralegal will receive an hourly rate of $150. The firm will apply the Retainer to its post-petition fees and expenses as approved by the Court. Law Offices of Robert S. Lewis, PC stated that it does not hold or represent any interest adverse to the estate and is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert S. Lewis, Esq. LAW OFFICES OF ROBERT S. LEWIS, PC 100 Dutch Hill Road, Suite 380 Orangeburg, NY 10962 About NYC of Piermont LLC NYC of Piermont LLC, doing business as Confetti Ristorante Vinoteca, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22620) on December 1, 2025. At the time of the filing, Debtor had estimated assets of $60,000 and liabilities of $1,941,000. ROBERT S LEWIS PC is Debtor's legal counsel. OCEANEERING INT'L: Moody's Rates New Unsec. Notes Due 2034 'Ba3' ---------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Oceaneering International, Inc.'s (Oceaneering) proposed senior unsecured notes due 2034. The rating outlook is stable. Oceaneering's existing ratings, including its Ba2 Corporation Family Rating, are unchanged. "Oceaneering will use the proceeds from the offering and funds from other sources to refinance all of its existing $500 million senior unsecured notes due 2028," said Thomas Le Guay, a Moody's Ratings Vice President. "The transaction is leverage neutral and will extend its debt maturity profile." RATINGS RATIONALE The proposed senior unsecured notes are rated Ba3, one notch below the Ba2 CFR and the same level Oceaneering's existing senior unsecured notes, reflecting the effective subordination of the unsecured notes to the $215 million senior secured revolving credit facility (RCF). The RCF has a first lien claim on substantially all of the current and non-current assets of Oceaneering's material subsidiaries and also benefits from subsidiary guarantees. The Ba2 CFR reflects Oceaneering's dominant market position in the niche offshore remotely operated vehicle (ROV) segment, well-diversified customer base comprised of mostly blue-chip upstream companies, growing revenue streams from less volatile non-oil and gas related services and businesses, and conservative financial policies, including consistent free cash flow generation, low leverage, and the maintenance of a large cash balance. Oceaneering's CFR is constrained by the company's limited scale compared to similarly rated peers and indirect exposure to highly volatile oil and natural gas prices that drive the level of capital spending from its primary customers. Moody's expects slow improvements in Oceaneering's profitability, cash flow and leverage metrics through 2026 and into 2027 based on slowly improving demand and pricing for the company's offshore services, as well as increased contribution from its aerospace and defense technologies segment. The stable outlook reflects Oceaneering's cash flow resilience and its conservative financial policies, including very good liquidity, which should allow it to maintain its credit metrics through the cycle. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Oceaneering's ratings could be upgraded if the company materially increases its scale and generates higher proportion of non-oil and gas related earnings. Midcycle Debt/EBITDA sustained below 1.5x and consistent free cash flow generation would be supportive of an upgrade. A downgrade could occur if Debt/EBITDA rises above 3x, or in case of a significant reduction in cash balance without a corresponding reduction in debt. Oceaneering International, Inc. is a publicly listed global technology company based in Houston, Texas delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries. The company is one of the world's largest providers of underwater services for all phases of the offshore oilfield life cycle. It designs and builds remotely operated vehicles (ROVs) at its in-house facilities. The principal methodology used in this rating was Oilfield Services published in October 2025. OLD GOAT: Employs Kaplan Johnson Abate & Bird LLP as Legal Counsel ------------------------------------------------------------------ Old Goat ILRE Holding, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire Kaplan Johnson Abate & Bird LLP to serve as legal counsel. The firm will provide these services: (a) engage in conferences with Client, creditors, the United States Trustee, and court personnel; (b) draft pleadings and correspondence, and review same from other parties in interest; (c) research points of law relevant to the Matter; (d) prepare for and attend all hearings and meetings scheduled by the Court or the United States Trustee's office; and (e) assist Client in the development of a viable Chapter 11 plan or other disposition of assets. KJAB will bill the Debtor for fees incurred on an hourly basis: -- Charity S. Bird's hourly rate is $450; other KJAB professionals' hourly rates range from $225 to $625, and paraprofessionals' hourly rates range from $125 to $165. The Debtor paid KJAB a retainer of $5,000 prior to the commencement of the Chapter 11 case, which included the $1,738 case filing fee. Kaplan Johnson Abate & Bird LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings and informed the Debtor that it does not hold or represent any interest that is adverse to the interests of the estate. The firm can be reached at: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 W. Main St., 4th Floor Louisville, KY 40202 Telephone: (502) 416-1630 Facsimile: (502) 540-8282 E-mail: cbird@kaplanjohnsonlaw.com About Old Goat ILRE Holding, LLC Old Goat ILRE Holding, LLC is a holding company engaged in investment, asset ownership, and business management activities. Old Goat ILRE Holding, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-31524) on June 3, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $100,001 to $1 million. The Honorable Bankruptcy Judge Joan A. Lloyd handles the case. The Debtor is represented by Charity S. Bird, Esq., of Kaplan Johnson Abate & Bird LLP. OUTPATIENT SERVICE: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division issued a fifth interim order authorizing Outpatient Service Providers, LLC to use cash collateral. The fifth interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget and those amounts expressly authorized by the court, including payments to the SubChapter V trustee. To protect the interests of lenders, the interim order granted the lenders replacement liens on post-petition cash collateral, maintaining the same validity, extent, and priority as their pre-bankruptcy liens. The order also preserves the rights of the U.S. trustee or any appointed creditors' committee to challenge the validity or extent of such liens and allows for future motions seeking additional protections or restrictions. The order is available at https://tinyurl.com/46zamht8 from PacerMonitor.com. Outpatient Service Providers has two pre-bankruptcy lenders -- Que Capital, LLC and Gain Servicing, LLC -- that have UCC-1 liens; and four pre-bankruptcy lenders -- the U.S. Small Business Administration ($150,000), TMSL, LLC ($1.6 million), Vystar Credit Union ($100,000) and EPS Financial ($100,000) -- that may have liens on its cash and receivables. Apart from these lenders, the Debtor also has several service providers which it struggles to remain current with, and other unsecured debt which it unable to pay. About Outpatient Service Providers Outpatient Service Providers, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03588) on October 6, 2025, listing between $1 million and $10 million in liabilities. Andrew Layden serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. P&L DEVELOPMENT: Moody's Withdraws 'Caa3' Corporate Family Rating ----------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of P&L Development, LLC (PLD), including the company's Caa3 corporate family rating, Caa3-PD probability of default rating, and Caa3 rating on the backed senior secured notes. Prior to the withdrawal, the outlook was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because of inadequate information to monitor the rating(s), due to the issuer's decision to cease participation in the rating process. COMPANY PROFILE Headquartered in Westbury, NY, P&L Development, LLC manufactures, packages and distributes over-the-counter private label products across multiple categories. The company provides contract manufacturing and contract packaging services to major OTC and nutritional companies in the United States. PLD is majority owned by the Singer family with Stephens Inc., a long-term equity holder of PLD, as a minority shareholder. The company generated revenues of $639 million for the last 12 months ending September 30, 2025. PLEASE & THANK: Taps RRHHA LLC as Support Services Provider ----------------------------------------------------------- Please & Thank You, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ RRHHA, LLC as its comprehensive provider of administrative and support services. The firm will provide these services: (a) brand and concept development; (b) operations consulting, including developing standard operating procedures, reviewing staffing needs, and optimizing kitchen efficiency; (c) maintaining Monthly Operating Reports and the 13 Week Cash Budget; and (d) ongoing advisory and operational oversight, among other things. RRHHA, LLC will receive compensation of $25,000 per month. The cost of these services shall accumulate against the company and will not be payable until August 31, 2026, at which time RRHHA will file an administrative claim against the company's estate. RRHHA, LLC does not hold or represent any interest adverse to the company's estate and is a "disinterested person" as defined by 11 U.S.C. Sec. 101(14). The firm can be reached at: Matthew Argo RRHHA, LLC 4230 Old Town Road Huntingtown, MD 20639-9662 Telephone: (410) 535-3174 About Please & Thank You LLC Please & Thank You, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-31515) on June 2, 2026. In the petition signed by Brooke Vaughn, sole member and president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Mary Elisabeth Naumann oversees the case. Neil C. Bordy, Esq., at Seiller Waterman LLC represents the Debtor as counsel. POSH QUARTERS: Unsecured Creditors Will Get 8.3% of Claims in Plan ------------------------------------------------------------------ Posh Quarters, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated June 22, 2026. The Debtor is an owner and operator of a single family residence used as a short-term rental in Duval County, Florida. Lisa Mitchell Adams and Malcolm Adams are the Managing Members of the Debtor. The house has been in the Debtor's principal's family for many years. It is a vacation home in a desirable area and has been popular with AirBnB guests. However, two years ago, there were damages caused by the hurricanes, which led to interruptions in rental income. This temporary revenue loss caused it to fall behind on its financial obligations. The Debtor attempted a variety of forbearance and modification solutions prior to filing this bankruptcy. The proposed distributions under the Plan are discussed in this Disclosure Statement. General unsecured creditors are classified in Class 2, and will receive an approximate distribution of 8.3% of their allowed claims, to be distributed as follows: Debtor will pay $10,000 to a Plan Pool. Creditors in this class will receive a pro rata distribution in 120 monthly payments of $167 commencing on the first month following Confirmation of the Plan. Class 2 consists of general allowable unsecured claims. The Debtor will pay $10,000 to a Plan Pool. Creditors in this class will receive a pro rata distribution in 120 monthly payments of $167 commencing on the first month following Confirmation of the Plan. This Class is impaired. Class 3 consists of Equity Security Holders of the Debtor. The Debtor will retain its equity in the property of the bankruptcy estate postconfirmation. Payments and distributions under the Plan will be funded by the income received through the continued business operations of the Debtor or Reorganized Debtor. The Debtor's principal has other income and will contribute as needed to ensure there are no shortfalls on plan payments. The Debtor intends to retain its current management and will continue to implement changes in its business model for more cost-effective operations, in addition to pursuing new opportunities for events and to offer other new customer opportunities. A full-text copy of the Disclosure Statement dated June 22, 2026 is available at https://urlcurt.com/u?l=1uSYd9 from PacerMonitor.com at no charge. Counsel to the Debtor: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 Email: sdammer@bbdglaw.com About Posh Quarters Posh Quarters, LLC, is a limited liability company that may operate in the hospitality, lodging, or short-term rental sector, offering upscale accommodations or property management services. Posh Quarters sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01497) on April 7, 2026. In its petition, the Debtor listed assets of $1 million to $10 million and liabilities of $100,001 to $1,000,000. Bankruptcy Judge Jason A. Burgess handles the case. Mickler & Mickler, led by Bryan K. Mickler, is serving as counsel to the Debtor. PROFESSIONAL DIVERSITY: All Proposals Approved at Annual Meeting ---------------------------------------------------------------- Professional Diversity Network, Inc. has announced the results of its Annual Meeting of Stockholders. A total of 7,721,776‎ shares of common stock, constituting a quorum, were represented in person or by valid proxies at the Annual Meeting. The final results for each of the matters submitted to a vote of stockholders at the Annual Meeting, as set forth in the Definitive Proxy Statement filed with the Securities and Exchange Commission on April 30, 2026, are as follows: Proposal 1: The Company's stockholders elected the following seven nominees as directors, to serve until the next annual meeting of stockholders of the Company and until their respective successors are duly elected and qualified, by the following vote: 1. Shaikh Ali Sultan Al Nuaimi * For: 1,438,287 * Withheld: 3,990,503 * Broker Non-Votes: 2,292,986 2. Wai Kee Cheung * For: 5,391,471 * Withheld: 37,319 * Broker Non-Votes: 2,292,986 3. Yiran Gu * For: 5,391,468 * Withheld: 37,322 * Broker Non-Votes: 2,292,986 4. Haixia Lu * For: 1,438,237 * Withheld: 3,990,553 * Broker Non-Votes: 2,292,986 5. Song Tai * For: 5,391,482 * Withheld: 37,308 * Broker Non-Votes: 2,292,986 6. Sze Lok Patrick Wong * For: 5,391,493 * Withheld: 37,297 * Broker Non-Votes: 2,292,986 7. Hao (Howard) Zhang * For: 5,361,491 * Withheld: 67,299 * Broker Non-Votes: 2,292,986 Proposal 2: The Company's stockholders voted to ratify the appointment of SR CPA & Co. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026 by the following vote: * For: 7,640,342 * Against: 76,271 * Abstentions: 5,163 Proposal 3: The Company's stockholders voted to ratify, on a non-binding basis advisory, the compensation of our named executive officers by the following vote: * For: 5,390,165 * Against: 38,234 * Abstentions: 391 * Broker Non-Votes: 2,292,986 About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. Hong Kong-based SR CPA & Co., the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $17.53 million in total assets, $4.18 million in total liabilities, and $13.35 million in total stockholders' equity. RELIANT PLUMBING: Unsecured Creditors to Split $1.7M in Plan ------------------------------------------------------------ Reliant Plumbing & Drain Cleaning, LLC, filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement describing Plan of Reorganization dated June 22, 2026. Established on June 8, 2015, Reliant is a Texas-based plumbing contractor that provides residential and commercial plumbing services throughout Central and North Texas. The company states that it has been in operation since 2014 and markets itself as a locally owned business focused on plumbing repair, maintenance, replacement, and installation services. Over time, Reliant has expanded beyond a single local operation into a regional plumbing company serving multiple metropolitan areas across Texas. By commencing this Chapter 11 case, the Debtor sought to obtain the protections of the automatic stay, prevent disruptive creditor action, restructure its obligations over a longer repayment horizon, address burdensome lease and vehicle debt, and preserve the going-concern value of the enterprise for the benefit of creditors and other stakeholders. The Plan provides for the continued operation of the Debtor's plumbing business following confirmation. The Debtor will retain its assets, continue servicing customers, preserve its workforce and fleet, and fund Plan distributions through ongoing business operations, postconfirmation revenue, and accounts receivable collections. Holders of secured claims will retain their liens and receive treatment as set forth in the Plan. Holders of general unsecured claims will receive payment in full over the Plan Period pursuant to the distribution schedule. The Plan also provides for the resolution of significant litigation-related claims. The Plan establishes a reserve mechanism for the disputed Rite Way claim pending final determination of the validity, amount, priority, extent, enforceability, and secured status of that claim. The Plan further incorporates a negotiated settlement with Prime Lodging LLC, thereby avoiding the cost and uncertainty of continued litigation. Existing equity interests will be retained because holders of Allowed General Unsecured Claims are proposed to be paid in full under the Plan. The Debtor believes the Plan preserves the going concern value of the business and will provide creditors with greater recoveries than would be available in a liquidation under chapter 7 of the Bankruptcy Code. The Plan will be funded through the Debtor's continued operations, postconfirmation revenue, accounts receivable collections, and other cash generated in the ordinary course of business. No liquidation of substantially all assets is contemplated. The Debtor expects to continue operating as a going concern throughout the Plan Period. Class 7 consists of Allowed General Unsecured Claims that are not otherwise classified under the Plan. Holders of Allowed Class 7 Claims will receive distributions pursuant to the Plan from funds generated through the Debtor's post-confirmation operations. Class 7 is impaired and entitled to vote on the Plan. The Debtor proposes to pay a total of $1,754,377.66 in Claims for this Class during the Plan Period. Class 8 consists of the equity interests in the Debtor. Existing equity interests shall be retained in accordance with the terms of the Plan. Class 8 is unimpaired and is not entitled to vote on the Plan. A full-text copy of the Disclosure Statement dated June 22, 2026 is available at https://urlcurt.com/u?l=zuUwln from PacerMonitor.com at no charge. Reliant Plumbing & Drain Cleaning LLC is represented by: Robert C. Lane, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About Reliant Plumbing & Drain Cleaning Reliant Plumbing & Drain Cleaning LLC provides plumbing and drain cleaning services, serving residential and commercial customers. Reliant Plumbing & Drain Cleaning sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12000) on Dec. 19, 2025. In its petition, the Debtor estimated assets in the range of $1 million to $10 million and liabilities between $100,001 and $1 million. The case is assigned to Bankruptcy Judge Christopher G. Bradley. The Debtor is represented by The Lane Law Firm PLLC. REMINGTON RANCH'S: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Remington Ranch's Best Living, LLC 1412 Main St Dallas, TX 75202 Business Description: Remington Ranch's Best Living, LLC owns a multifamily apartment community in Stillwaster, Oklahoma. Chapter 11 Petition Date: June 26, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-32804 Debtor's Counsel: Joyce Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marc Kulick as authorized signer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QPDG6QQ/Remington_Ranchs_Best_Living_LLC__txnbke-26-32804__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Rasa Floors $85,722 PO Box 619130 Dallas, TX 75261-9130 2. Westlake Ace $46,645 PO Box 219370 Kansas City, MO 64121-9370 3. Optimum $35,977 PO Box 70340 Philadelphia, PA 19176-0340 4. Air Comfort Solutions OKC LLC $25,728 1974 Monrose Hwy Pineville, LA 71360 5. Cleanwater Restoration, LLC $20,938 526 E Lakeview Road Stillwater, OK 74075 6. Tulsa Wildlife And Pest $18,790 4005 E 96th St N Sperry, OK 74073-4507 7. Patriot Sewer & Drain Services, Inc. $17,000 PO Box 2615 Stillwater, OK 74076-2615 8. Rent Group Inc $8,060 PO Box 740925 Atlanta, GA 30374-0925 9. PC Carpet Cleaning $5,963 3910 W 6th Ave # 292 Stillwater, OK 74074-1745 10. Divine Landscaping LLP $5,625 1924 N Glenwood Dr Stillwater, OK 74075-3718 11. Cedar Creek Farms $5,600 3051 N Marine Rd Stillwater, OK 74075-2229 12. Lowe's Pro MSH $4,547 PO Box 301451 Dallas, TX 75303-1451 13. Sherwin Williams Company $2,888 1 Sherwin Way Cleveland, OH 07962 14. H&A Investments LLC $2,825 801 W Abi Rd Washington, OK 73093-9704 15. Chapman HVAC $2,657 PO Box 721 Cleveland, OK 74020-0721 16. James River Insurance Company $2,500 6641 W Broad St Ste 300 Richmond, VA 23230-1728 17. AAA Glass & Mirror of Oklahoma, LLC $2,203 370115 E Old Highway 64 Cleveland, OK 74063 18. Glass Man Wade, LLC $1,776 505 W Pine St Coweta, OK 74429-2141 19. Countertop and Cabinet Solutions $1,600 27018 Blanco Rd San Antonio, TX 78260-5166 20. Dearinger $1,505 605 S Lewis St Stillwater, OK 74074-4028 ROSE MECHANICAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Rose Mechanical Corp. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. Under the second interim order, the Debtor is authorized to use up to $671,751.96 in cash collateral from June 13 through July 24, pursuant to an approved budget. The Debtor may vary spending by up to 10% per line item or 5% of the total budget, whichever is greater. Secured lenders will be granted protection through replacement liens on all post-petition assets, with the same priority and extent as their pre-petition liens. The replacement liens are subject to a carveout for fees and recoveries under Chapter 5 of the Bankruptcy Code and remain effective even if the Debtor's Chapter 11 case is converted or dismissed or even if a trustee is appointed. Events such as case conversion of the case, unauthorized modifications to the interim order, material defaults, excessive budget overruns, or inaccurate financial reporting may terminate the Debtor's authority to use cash collateral. A final hearing is scheduled for July 23, with objections due by July 16. The order preserves all parties' rights to challenge the validity, priority, and enforceability of liens and claims and does not constitute a final determination of adequate protection issues. A copy of the Debtor's budget is available at https://shorturl.at/mnh7D from PacerMonitor.com. About Rose Mechanical Corp. Rose Mechanical Corp. is a mechanical contracting company that provides heating, ventilation, air conditioning, plumbing, and related construction services. The company operates in the commercial and industrial building services sector, handling installation, maintenance, and repair projects. Rose Mechanical Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71752) on May 4, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Alex E. Tsionis, Esq. of Rosen, Tsionis & Pizzo, PLLC. ROYAL PRODUCT: Jose Diaz Crespo Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jose Diaz Crespo as Subchapter V trustee for Royal Product Group, LLC. Mr. Diaz Crespo will be paid an hourly fee of $200 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Also, a retainer of $2,500 is requested. Mr. Diaz Crespo declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Royal Product Group LLC Royal Product Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-02805) on June 19, 2026, with $100,001 to $500,000 in both assets and liabilities. Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office represents the Debtor as bankruptcy counsel. RTM LOGISTICS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- RTM Logistics Solutions, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral based on its court-approved budget. The Debtor is required to promptly pay a $5,000 retainer to the Subchapter V trustee, without prejudice to the trustee's right to request additional retainers. The Debtor needs immediate access to cash to maintain operations while it pursues reorganization. The Debtor's cash collateral may be subject to security interests held by lenders. Before bankruptcy, the Debtor entered into several merchant cash advance agreements involving four transactions with Everest Business Funding, Funding Metrics (doing business as Lendini), and Logic Advance. Under the agreements, the counterparties purportedly purchased discounted interests in the Debtor's future receivables. As of the petition date, the Debtor estimated outstanding balances of approximately $8,060, $19,000, $20,000, and $27,625 under the MCA arrangements. The Debtor plans to file an adversary proceeding arguing that the transactions are disguised loans, not true receivables sales, and that any valid security interests do not automatically attach to post-petition receivables. As adequate protection, any lender ultimately found to hold a perfected security interest will receive a replacement lien on the Debtor's post-petition accounts receivable, with the same priority and extent as its pre-petition lien, subject to the Debtor's right to challenge the validity, priority, or extent of that interest. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/MaCHT from PacerMonitor.com. The court scheduled a final hearing for July 9, with objections due by July 2. About RTM Logistics Solutions LLC RTM Logistics Solutions, LLC is a North Bergen, New Jersey-based logistics company that provides freight transportation and logistics services, including full truckload, less-than-truckload and managed logistics offerings, for businesses requiring domestic freight movement and logistics coordination. RTM Logistics Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-16581) on June 7, 2026, with assets of up to $50,000 and liabilities of between $1 million and $10 million. Daniel Vogel, sole member, presides over the case. Judge Vincent F. Papalia presides over the case. Douglas J. McGill, Esq., at Webber McGill, LLC represents the Debtor as legal counsel. S & S MASONRY: Seeks to Use Cash Collateral ------------------------------------------- S & S Masonry, Inc. asks the U.S. Bankruptcy Court for the Western District of Louisiana, Alexandria Division, for authority to use collateral and make interim payments to its secured creditor, Ford Motor Credit Company, during the course of its reorganization. The Debtor's 2017 Ford F-450 truck is subject to a lien held by Ford Motor Credit Company. The Debtor states that the vehicle is essential to its ongoing masonry operations, is fully insured, and is regularly maintained and inspected, with no significant depreciation anticipated beyond normal use. It further notes that there is substantial equity in the vehicle and no indication of additional liens beyond the secured interest held by Ford Motor Credit Company. The Debtor explains that it has been making monthly payments of approximately $1,658 on the truck loan and believes the obligation is current. It requests authorization to continue using the vehicle in the ordinary course of business because it is critical to generating revenue and maintaining operations. The Debtor contends that a proposed interim payment of $500 per month is sufficient to preserve Ford Motor Credit Company's interest in the collateral while the bankruptcy case proceeds. A copy of the motion is available at https://urlcurt.com/u?l=YLQzVu from PacerMonitor.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. Joseph Richard Moore serves as Subchapter V trustee for the Debtor. Judge Stephen D. Wheelis presides over the case. Thomas R. Willson, Esq., at Rocky Willson represents the Debtor as legal counsel. SCHUMACHER AND DALTON: Hires Kaplan Johnson Abate as Counsel ------------------------------------------------------------ Schumacher and Dalton Enterprises Inc. seeks nunc pro tunc authorization from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to hire Kaplan Johnson Abate & Bird LLP to serve as legal counsel. The firm will provide 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. KJAB's professionals will charge rates of $225 to $625 for services rendered to the Debtor. Charity S. Bird's hourly rate is $450. Paraprofessionals' hourly rates range from $125 to $165. Kaplan Johnson Abate & Bird LLP is a "disinterested person" as defined by Bankruptcy Code Sec. 101(14), according to court filings and disclosed that the firm does not hold or represent any interest adverse to the estate. The firm can be reached at: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 West Main Street, 4th Floor Louisville, KY 40202 Telephone: (502) 416-1630 E-mail: cbird@kaplanjohnsonlaw.com About Schumacher and Dalton Enterprises Inc. Schumacher and Dalton Enterprises Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-31523) on June 3, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Hon. Joan A Lloyd oversees the case. The Debtor is represented by: Charity S. Bird, Esq. Kaplan Johnson Abate & Bird LLP 710 West Main Street, Fourth Floor Louisville, KY 40202 Tel: (502) 540-8285 E-mail: cbird@kaplanjohnsonlaw.com SEARLES VALLEY: Final Hearing on $20MM DIP Financing Set for July 7 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware is set to hold a final hearing on July 7 on the motion filed by Searles Valley Minerals Inc. and affiliates to secure debtor-in-possession financing. The court previously granted the companies interim approval to obtain an initial $7.5 million from their corporate parent, Karnavati Holdings, Inc., which has committed to provide up to $20 million in DIP financing. The remaining $13 million will be available upon entry of a final order. The DIP facility consists of secured term loans designed to fund ongoing operations and bankruptcy administrative costs throughout the companies' Chapter 11 cases. It carries an 11% annual interest rate payable in kind, a 1% commitment fee, and a maturity date of Dec. 1. To secure the companies' obligations under the DIP loan, the June 17 interim order granted Karnavati valid, non-avoidable and automatically perfected liens on and security interests in the companies' assets securing the loan. In addition, Karnavati received an allowed superpriority administrative expense claim, with priority over all administrative expenses. This claim is subject to the carveout structured to cover statutory fees and allowed professional fees up to $1.05 million for the companies and $100,000 for a creditors' committee. The financing agreement enforces strict operational adherence to a court-approved budget and a series of mandatory milestones, requiring the entry of a final DIP order within 28 days, a bid procedures order within 24 days, and the final consummation of the Section 363 asset sale within 90 days of the petition date. With no third-party interest after financial advisor Lazard approached over 35 potential lenders, this DIP facility became the only viable path forward. An independent committee consisting solely of newly appointed independent director John Dubel, reviewed and approved the DIP terms as reasonable and favorable under the circumstances. Interim Cash Collateral Access The interim order also authorized the companies to continue accessing their pre-petition receivables facility up to an aggregate limit of $30 million and utilizing the cash collateral of HSBC Bank USA, N.A., a pre-petition secured lender. The receivables facility is an uncommitted secured line of credit pursuant to which the companies are able to monetize the value of future receivables on their soda ash and borate sales. Prior to their bankruptcy filing, the companies' secured debt obligations to HSBC included a $59.5 million demand line of credit (with $47.4 million in outstanding loans and $12.1 million in letters of credit) and a factoring facility for soda ash contracts with roughly $26 million outstanding. Both facilities are backed by first-priority liens on substantially all of the companies' personal property. To secure HSBC's consent, the companies have agreed to an adequate protection package consisting of superpriority administrative expense claims and replacement liens on pre-petition collateral. Termination events under the interim DIP order include a material breach of the order by the companies; modification, reversal, stay, rescission, vacation, or amendment of the order; failure to satisfy the DIP milestones; and an event of default under the DIP credit agreement. The order is available at http://bankrupt.com/misc/SearlesValley_IDIPOrder59.pdf About Searles Valley Minerals Searles Valley Minerals, Inc. operates mining and processing facilities that produce a variety of mineral products for industrial, agricultural, and commercial customers. Its portfolio includes soda ash, boron-based products, sodium sulfate, and other specialty minerals derived from California's Searles Lake. Searles Valley Minerals and its affiliates, Trona Railway Company, LLC and Searles Domestic Water Company, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10966) on June 15, 2026. In its petition, Searles Valley Minerals reported between $100 million and $500 million in both assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP, and Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; Ankura Consulting Group, LLC as financial advisor; and Lazard Frères & Co., LLC as investment banker. Stretto, Inc. is the Debtors' noticing, claims management, balloting and solicitation agent. SILVERSHORE CYPRESS: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------------ Silvershore Cypress LLC and Silvershore Properties 95 LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Joint Plan of Liquidation dated June 22, 2026. The Debtors, as tenants-in-common own a mixed-use apartment building located at 10-71 Cypress Avenue a/k/a 1708 Summerfield Street, Queens NY [Block 3567, Lot 7] (the "Property"). The Property is subject to a Consolidated Amended and Restated Mortgage Note in the principal sum of $9.1 million held by Valley National Bank ("Valley" or the "Lender"), secured by a consolidated mortgage lien against the Property in favor of the Lender which became subject to a judgment of foreclosure, with a sale previously scheduled for August 2, 2024. The Debtors filed the Chapter 11 cases on August 1, 2024 while negotiating with the Lender concerning developing a consensual sale process in bankruptcy. The Debtors and Principals ultimately executed a Restructuring Support Agreement (the "RSA") with the Lender on September 14, 2025 which forms the blueprint for the Plan and outlined the parameters of a process in bankruptcy for the marketing and sale of the Property, and the allocation of the proceeds of the sale among the Lender and other creditors of the Debtors' respective estates. At the auction conducted on December 23, 2025 by the Debtors' real estate broker, Northgate Real Estate Group, following multiple bids from seven qualified bidders, Dorado Asset Advisory was deemed by the Debtors to have made the highest and best bid in the sum of $4,700,000. An adjourned hearing to confirm the auction results was held on April 24, 2026, at which time Cypress Tree LLC as designee of Dorado Asset Advisory was approved as the highest and best bidder (the ""Successful Purchaser"). The Debtors intend to close on the sale pursuant to the Plan once confirmed, to take advantage of transfer tax exemptions available under Section 1146(a) of the Bankruptcy Code. It is anticipated that cash collateral will augment the sale proceeds to pay the following carve-outs agreed to by the Lender: (i) up to $125,000 in the aggregate for professional fees and expenses incurred by Goldberg Weprin Finkel Goldstein LLP ("GWFG") as counsel to the Debtors; (ii) up to $75,000 in the aggregate for fees and expenses incurred by FIA Capital Partners, LLC ("FIA") as Chief Restructuring Officer ("CRO") to the Debtors; (iii) U.S. Trustee fees and any applicable interest pursuant to Section 3717 of the Bankruptcy Code; (iv) real estate taxes liens against the Property; and (v) the establishment of an escrow to fund a pro rata dividend to general unsecured creditors (the "GUC Reserve") in the sum of $25,000 (collectively, (i) through (v) above are the "Carve-Outs"). Class 2 General Unsecured Claims that are Allowed shall receive a pro rata distribution from the GUC Reserve to be established from the sale proceeds at Closing. Valley shall not be entitled to a distribution on any Unsecured Claim it holds. The Class 2 Claims of Unsecured Creditors are impaired and eligible to vote on the Plan. Class 3 consists of the Equity Interests in the Debtors. No distributions or payments shall be made on account of Equity Interests in the Debtors. The Plan shall be implemented and funded through the Sale in accordance with the Bid Procedures. Upon the Effective Date, the Debtor shall establish the GUC Reserve. The GUC Reserve shall be funded with the proceeds of the third-party sale. To the extent funds remain in the GUC Reserve after all distributions required by the Plan are complete, such funds shall be transferred by the Disbursing Agent to Valley. A full-text copy of the Disclosure Statement dated June 22, 2026 is available at https://urlcurt.com/u?l=cx7NiL from PacerMonitor.com at no charge. The Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com About Silvershore Cypress Silvershore Cypress owns a tenant-in-common interest in a mixed-use, multi-family apartment building located at 10-71 Cypress Avenue a/k/a 1708 Summerfield Street, Queens NY. The Debtor owns 69.5 percent TIC interest in the Property. Silvershore Cypress LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43223) on August 1, 2024, listing $1 million to $10 million in both assets and liabilities. Judge Elizabeth S Stong presides over the case. J Ted Donovan of Goldberg Weprin Finkel Goldstein LLP is serving as counsel to the Debtor. SMITH MICRO: Regains Nasdaq Minimum Bid Price Compliance -------------------------------------------------------- Smith Micro Software, Inc. announced in a regulatory filing that the Company received written notification from the Listing Qualifications Staff of The Nasdaq Stock Market indicating that the Company's Common Stock had a closing price at or greater than $1.00 per share for the 10 consecutive business days, from June 8, 2026 to June 22, 2026, and that, as a result, the Company has regained compliance with the minimum bid price requirement pursuant to Nasdaq Listing Rule 5550(a)(2) and the matter is now closed. As previously disclosed, on June 23, 2025, the Company received a notice from Nasdaq that the Company's Common Stock did not meet the Minimum Bid Price Requirement, and in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial period of 180 calendar days, or until December 22, 2025, to regain compliance. On December 23, 2025, the Company received a written notice from Nasdaq granting an additional 180 days, or until June 22, 2026, to regain compliance with the Minimum Bid Price Requirement. About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. SingerLewak LLP (the Company's independent registered public accounting firm since 2005 and headquartered in Los Angeles, Calif.) included an explanatory paragraph in its audit report dated March 5, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations and has projected cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $75.8 million in total assets, $3.1 million in total liabilities, and $18.3 million in total stockholders' equity. SP TRANS: Employs Gensburg Calandriello as Legal Counsel -------------------------------------------------------- SP Trans, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire E. Philip Groben, Esq., of Gensburg Calandriello & Kanter, P.C. to serve as legal counsel. The firm will provide these services: (a) providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of their business and management of their property; (b) negotiating, drafting, and pursuing all documentation necessary in this case; (c) preparing on behalf of the Debtor all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtor’s estate; (d) appearing in court and protecting the interests of the Debtor before the Court; (e) assisting with the Debtor's reorganization, including drafting and negotiating any plan of reorganization or any disposition of the Debtor’s assets, by sale or otherwise; (f) attending all meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; (g) providing legal advice regarding bankruptcy law, corporate law, corporate governance, transactional, tax, labor, litigation, and other issues to the Debtor in connection with the Debtor's ongoing business operations; and (h) performing all other legal services for, and providing all other legal advice to, the Debtor which may be necessary and proper in this case. GCK's hourly rates for matters related to these Chapter 11 cases are: -- E. Philip Groben $420 -- Matthew T. Gensburg $500 Other attorneys and paralegals will render services to the Debtor as needed. Generally, GCK's hourly rates are in the following ranges: -- Shareholder $450 -- Senior Counsel $450 to $525 -- Partner / Associate $345 to $420 -- Legal Assistant / Paralegal $175 Gensburg Calandriello & Kanter, P.C. 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: E. Philip Groben, Esq. GENSBURG CALANDRIELLO & KANTER, P.C. 200 West Adams St., Ste. 2425 Chicago, IL 60606 Telephone: (312) 263-2200 Facsimile: (312) 263-2242 Email: pgroben@gcklegal.com About SP Trans Inc. SP Trans, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-09401) on June 2, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Michael B. Slade presides over the case. E. Philip Groben, III, Esq., at Gensburg Calandriello & Kanter, P.C. represents the Debtor as legal counsel. SPIRIT AVIATION: M&G Plc Exits Shareholder Position --------------------------------------------------- M&G Plc on behalf of certain subsidiaries, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of April 23, 2026, it no longer beneficially owns shares of Spirit Aviation Holdings, Inc's Common Stock. M&G Plc may be reached through: Tamara Postoj, Regulatory Reporting Technical Manager 10 Fenchurch Avenue London, EC3M 5AG, United Kingdom 00442039773536 A full-text copy of M&G Plc's SEC report is available at https://tinyurl.com/suejxe82 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines is a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP, as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtorsâ€™ Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. Judge Lane approved the appointment of Marc Heimowitz of Coda Advisory Group, LLC as examiner. The Examiner hired Glenn Agre Bergman & Fuentes LLP as counsel; and M3 Advisory Partners, LP as financial advisor. The Air Line Pilots Association, the International Association of Machinists and Aerospace Workers and Transport Workers Union of America Local 570 (TWU Local 570) are represented by Cohen, Weiss and Simon LLP. * * * In a statement on May 2, 2026, CEO Dave Davis said the airline needed hundreds of millions of dollars in additional liquidity to continue operating. He said that funding was not available and could not be secured from external sources. Having reached the limits of its financing options, the company was left with no alternative but to wind down its business. SSM INDUSTRIES: Gets Court OK to Use $72,020 in Cash Collateral --------------------------------------------------------------- SSM Industries, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Northern Division, at Knoxville, to use up to $72,020 in cash collateral. The Debtor needs to use cash collateral for urgent electrical infrastructure repairs. It plans to use approximately $72,020 in cash collateral, which includes $47,020 for replacement of the feeder cable by Miller Electrical Contractors, up to $5,000 for transformer repairs by Tri-State Electrical Contractors, and about $20,000 to rent and fuel two diesel generators from Sunbelt Rentals for one week. These generators are intended to maintain power for critical equipment and preserve "wet goods in process" while the electrical system is restored. SSM reports that it maintains liquidity, with roughly $399,056 in its debtor-in-possession account and $856,866 in accounts receivable as of June 12. Regions Bank and other creditors with security interest in the Debtor's equipment will be granted adequate protection through a replacement lien on the newly installed feeder cable on the same terms and priority as their existing liens on the original equipment. The order is available at http://bankrupt.com/misc/SSMIndustries_CCOrder47.pdf About SSM Industries SSM Industries, Inc., a company in Spring City, Tenn., filed Chapter 11 petition (Bankr. E.D. Tenn. Case No. 24-31617) on Sept. 16, 2024, with $1 million to $10 million in both assets and liabilities. Judge Suzanne H. Bauknight oversees the case. Maurice K. Guinn, Esq., at Gentry Tipton & McLemore, P.C. is the Debtor's legal counsel. STINGRAY COMPUTE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Stingray Compute LLC a Long-Term Issuer Default Rating (IDR) of 'BB-' and its $810 million senior secured notes a 'BB-' rating. The Rating Outlook is Stable. The ratings reflect elevated completion and power supply risk for Stingray's high-performance computing (HPC) data center. Construction is at the early stage, and the project lacks a fixed-price construction contract. Power supply risk stems from reliance on new utility infrastructure. Cash flows in the initial lease term sufficiently amortizes debt under Fitch's rating case, eliminating lease renewal risk. Debt protections are weak for project finance and allow additional project debt. The Project Life Coverage Ratio (PLCR) at debt maturity is consistent with a higher rating. The rating remains constrained by completion risk and allowance for additional projects. The IDR is equalized with the debt rating because both rank senior and the structure have no subordinated liabilities. KEY RATING DRIVERS Completion Risk - Weaker Simple Construction, No GMP Elevated completion risk reflects the sponsors' modest track record in developing HPC data centers, lack of a GMP contract, and a tight implementation schedule. Self-performed construction reduces risk-transfer compared to a traditional contractor model. However, Quanta Services, which supports construction, has significant digital and energy infrastructure experience. As of May 2026, about 61% of owner-furnished equipment was secured, exposing the project to cost overrun risk. This is partly mitigated because under the lease Amazon agrees to cover construction cost overruns over $10.5 million per IT MW, which provides a proxy cost cap. The project has an aggressive 13-month implementation schedule, which the independent engineer considers achievable. The lease allows delivery up to 180 days beyond the target completion date, with an additional 30-day cure period and up to 180 days for force majeure before tenant termination rights. A fully funded DSRA of approximately $45 million and prefunded construction-period interest provide some liquidity in a delay scenario. Supply Risk - Weaker Power Infrastructure Yet to be Constructed The project faces electricity supply risk due to reliance on new utility infrastructure. Stingray has a 100 MW facility extension agreement with Oncor Electric Delivery Company LLC (BBB+/Stable) that ERCOT has approved with no pending approvals. The agreement will automatically terminate if customer facilities are not energized by May 15, 2027. This risk is mitigated by completed substation design, completed order of long-lead electrical equipment, and targeted substation completion in 4Q26, ahead of the April 2027 deadline. Management communicates with Oncor and has indicated the agreement could be amended to accommodate potential delays if necessary. Revenue Risk - Stronger No Lease Renewal Risk; Amazon Lease Guarantee The project benefits from a 15-year triple-net lease to Amazon Data Services, Inc., with three five-year extension options and annual rent escalators. Lease payments are guaranteed by Amazon.com, Inc. (AA-/Stable). Cash flows from the lease are sufficient to fully amortize the debt in the initial lease term under the Fitch rating case assumptions, eliminating lease renewal risk. The absence of renewal risk combined with Amazon's full guarantee of base rent and operating expenses mitigates counterparty exposure during the debt's life. Operation Risk - Stronger Triple Net Lease, Operator's Limited Track Record This assessment reflects a triple-net lease that passes approximately 100% of operating expenses, taxes, insurance premiums, and non-recurring costs on the tenant. Lease payments and operating expenses are fully guaranteed by Amazon.com, Inc. While lease required upkeep of the substation, it does not include uptime, humidity or temperature service level agreements. The lease limits the tenant's termination rights to circumstances involving either more than 60 continuous days of uncured landlord-caused interference or more than 180 continuous days of loss of grid power not caused by the tenant. Infrastructure Development & Obsolescence Risk - Neutral Newly Built Data Center, Low Maintenance This assessment reflects a triple-net lease that passes approximately 100% of operating expenses, taxes, insurance premiums, and non-recurring costs on the tenant. Lease payments and operating expenses are fully guaranteed by Amazon.com, Inc. The lease requires upkeep of the substation, but it does not include uptime, humidity or temperature service-level agreements. The lease limits the tenant's termination rights to either more than 60 continuous days of uncured landlord-caused interference or more than 180 continuous days of grid power loss not caused by the tenant. Debt Structure - 1 - Weaker Refinance Risk, Additional Debt Allowance The senior secured notes mature in 2031, creating refinancing risk, particularly given the sponsors' limited refinancing track record. This risk is partly mitigated by the absence of reliance on lease renewals to repay debt and by liquidity support, including a fully funded DSRA sized to $45 million. While the issuer is subject to special purpose entity restrictions, debt provisions are weaker than typical project finance structures. Permitted debt baskets include a 50% of LTM NOI basket, an uncapped additional project debt basket for similar projects, and a project equity incremental amount basket that could increase loan to cost from 98% to 100% post-completion. High LTC during construction is mitigated by strong post-completion cash flows that strengthen sponsor alignment and completion incentives. Although the additional project debt basket is uncapped, the risk is partly mitigated pro forma DSCR test of 1.25x and a qualified lease backstop from a counterparty rated at least 'AA-' for new projects. However, the lease terms, completion profile, and operating risks of future projects remain unknown and could be materially weaker than the current project's. The notes partially amortize through a cash sweep mechanism above a 1.25x DSCR, which is a stronger feature. Peer Analysis The closest peers are Cipher Compute LLC (BB-/Stable) and Black Pearl Compute LLC (BB-/Stable). While both face elevated completion risk and weaker debt provisions than typical project finance structures, both benefit from strong post-completion performance profiles supported by investment-grade lease guarantees. In comparison, Stingray Compute LLC's rating reflects similar construction completion risk and weaker debt provisions, with a strong operating performance profile supported by an Amazon lease guarantee. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays for any of the two phases including delays in the availability of electrical utility infrastructure, such as substations, that exceed allowable times as indicated in the lease terms, leading to potential tenant termination; - Degradation of the financial performance leading to sustained DSCR below 1.05x; - The rating could be downgraded if any additional project faces elevated completion risk from delays or cost overruns, or if it raises the existing project's completion risk due to interface issues. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely due to the risk associated with potential additional project debt allowance, and construction completion. Financial Profile Fitch's rating case assesses project cash flows over the initial 15-year lease term, incorporating stressed refinancing rates and assuming incremental debt up to 100% loan-to-cost post-completion as permitted under the description of notes. Under these assumptions, the PLCR at refinancing in year five (2031) is 1.61x with a five-year DSCR average at 1.25x. Although this PLCR is commensurate with a higher rating level, the rating remains constrained by the weaker completion risk assessment and allowance for additional projects and other debt in the debt structure. TRANSACTION SUMMARY Stingray Compute LLC, a wholly owned subsidiary of Cipher Digital, issued $810 million of senior secured notes to fund construction of a 70 MW critical IT load (100 MW gross) purpose-built HPC data center in Andrews, TX. The total budgeted project cost is approximately $828 million, including about $735 million of capex, $38 million of capitalized interest during construction, a $45 million DSRA and $10 million in fees and expenses. Sources and uses reflect a 98% loan-to-cost ratio, resulting in $810 million in debt and $18 million in equity contribution net of $62 million of capex reimbursement. The data center comprises two phases — a 10 MW Network Hall and a 60 MW Data Hall — with rent commencing for each phase upon its completion. The campus is 100% pre-leased to Amazon Data Services, Inc. under a 15-year triple-net lease with rent payments and operating expenses unconditionally guaranteed by Amazon.com, Inc. The assets, rights, responsibilities, and cash flows of the project are ring-fenced within a bankruptcy-remote special purpose entity. While Fitch has received the executed financing and security documents, the mortgage has not been delivered. The indenture permits the issuer up to 180 days following closing to deliver the mortgage and related real estate deliverables. SECURITY The debt is secured by all assets other than excluded property, all revenues and lease cash flows, benefiting from a guarantee of rent payments and operating expenses payable through the lease term from Amazon.com, Inc. Date of Relevant Committee 05-Jun-2026 Climate Vulnerability Signals The results of Fitch's Climate.VS screener did not indicate an elevated risk for Stingray Compute LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Stingray Compute LLC LT IDR BB- New Rating BB-(EXP) Stingray Compute LLC/Senior Secured Debt/1 LT LT USD 810 mln 6% bond/note 15-Jun-2031 86083AAA4 LT BB- New Rating BB-(EXP) STONEYBROOK SPIRITS: Court Extends Cash Collateral Use to Aug. 19 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a third interim order authorizing Stoneybrook Spirits, LLC to use cash collateral through August 19. Under the third interim order, the Debtor is authorized to use cash collateral for ordinary business expenses in accordance with an approved budget, with a variance of up to 10% per line item. Additional expenditures may be made with creditor consent (not to be unreasonably withheld) or by further court approval. The Debtor must also pay U.S. Trustee fees and can seek expedited hearings if disputes arise over proposed expenses. The Debtor projects total operational expenses of $88,710 for the period from May to August. As adequate protection, secured creditors will be granted post-petition replacement liens on cash collateral, maintaining the same validity, priority, and extent as their pre-petition liens. The Debtor is also required to maintain insurance coverage and comply with all obligations imposed on a debtor-in-possession under the Bankruptcy Code and court orders. The order is entered without prejudice, preserving the rights of all parties to seek additional relief, challenge liens, or request changes to cash collateral use. A continued preliminary hearing is scheduled for August 19. The order is available at https://shorturl.at/TKhi3 from PacerMonitor.com. About Stoneybrook Spirits LLC Stoneybrook Spirits, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01060) on February 17, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Andrew Layden is the Subchapter V trustee. Judge Grace E. Robson oversees the case. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as legal counsel. T-4 FARM: Taps Lain Faulkner as Accountant and Advisor ------------------------------------------------------ T-4 Farm, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division to hire Lain, Faulkner & Co., P.C. to serve as accountant and financial advisor. The firm will provide these services: (a) bookkeeping and related QuickBooks consulting; (b) assist with monthly financial close including general ledger maintenance and bank account reconciliations; (c) assist with the accounts receivable and payable processes; (d) assist with budgeting and forecasting; (e) assist in the analysis of tax and taxation issues and in the filing of any necessary information and compliance forms regarding taxes; (f) assist in the preparation of weekly and monthly operating reports for the bankruptcy case; and (g) assist with such other matters as may be requested to the extent that they fall within LainFaulkner's expertise and pursuant to your direction. Lain, Faulkner & Co., P.C. will receive compensation based on these hourly rates: Directors at $440 to $540; Accounting Professionals at $210 to $350; IT Professionals at $325; Staff Accountants at $270 to $295; and Supporting Personnel at $95 to $145. The firm will also receive reimbursement of reasonable and necessary out-of-pocket expenses. Lain, Faulkner & Co., P.C. 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: Kelly McCullough Jason Rae LAIN, FAULKNER & CO., P.C. 1700 Pacific Avenue, Suite 2700 Dallas, TX 75201 About T-4 Farm LLC T-4 Farm, LLC owns and manages agricultural and ranch real estate in Tarrant County, Texas. The company's principal asset is a farm and ranch property located near Fort Worth that includes agricultural land, residential improvements, and facilities supporting livestock and recreational land uses. T-4 Farm sought relief under Chapter 11 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 26-40986) on March 3, 2026. In the petition signed by Gregory S. Thomas, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP serves as the Debtor's counsel. TAQUERIA Y ANTOJITOS: Linda Leali Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Taqueria Y Antojitos El Guanaco LLC, a Florida LLC. Ms. Leali 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. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Taqueria Y Antojitos El Guanaco LLC Taqueria Y Antojitos El Guanaco LLC, a Florida LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18030) on June 18, 2026, listing as much as $50,000 in both assets and liabilities. Kristopher Aungst, Esq., represents the Debtor as legal counsel. TAYLOR CONSTRUCTION: Robert Eggmann Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Robert Eggmann as Subchapter V trustee for Taylor Construction and Remodeling, LLC. Mr. Eggmann will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Eggmann declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert E. Eggmann P.O. Box 168 Columbia, IL 62236 Telephone: (314) 854-8600 Email: reetrustee@carmodymacdonald.com About Taylor Construction and Remodeling LLC Taylor Construction and Remodeling, LLC is a residential construction and remodeling contractor based in Peoria, Illinois. The company provides new home construction, home repairs, renovations, additions, conversions, exterior remodeling, flooring installation, roofing, siding, custom trim work, and related residential improvement services. It serves homeowners in Central Illinois. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 26-80528) on June 22, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Jedidiah J. Taylor, manager and bankruptcy representative, signed the petition. Judge Peter W. Henderson presides over the case. Sumner A. Bourne, Esq. at Rafool & Bourne, P.C. represents the Debtor as legal counsel. TEGETHOFF DEVELOPMENT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Tegethoff Development, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division, to use its secured lender's cash collateral. The court on June 29 entered an interim order authorizing Tegethoff Development to use UMB Bank's cash collateral solely for insurance expenses as set forth in its budget. Any other use of cash collateral requires a further court order. The company's cash collateral consists of approximately $2.497 million in cash and cash equivalents pledged to UMB Bank and held in a restricted account. The interim order conditions the company's use of cash collateral on providing adequate protection to UMB Bank. In a prior motion, the company proposed replacement liens on all property acquired after its Chapter 11 filing. The order is available at http://bankrupt.com/misc/Tegethoff_ICCOrder79.pdf The next hearing is scheduled for July 1. The businesses of Tegethoff Development and its affiliated debtors, Tegethoff Development Co., LLC and Pearl Capital Management, LLC, are closely integrated, with Tegethoff Development serving as the primary developer of new projects. Collectively, the companies have participated in over $1.5 billion in real estate development projects, including apartments, hotels, and industrial properties throughout the Midwest. Tegethoff Development guaranteed a major construction loan provided by UMB Bank to its subsidiary, Preserve at Sycamore Creek, LLC. The loan originated in May 2023 with a principal amount of approximately $39.8 million and has since been modified multiple times. As additional security for this guaranty, the company pledged approximately $2.497 million in cash and cash equivalents to UMB Bank, which are currently held in the restricted account. According to Tegethoff Development, no other creditor holds a pre-petition interest in this cash collateral. UMB Bank, as the sole secured lender with an interest in the cash collateral, has consented to the use of such funds. About Tegethoff Development LLC Tegethoff Development, LLC is a Midwest-based real estate development company specializing in luxury multifamily, mixed-use, hospitality, and destination developments. Founded and led by Jeff Tegethoff, the company focuses on creating large-scale lifestyle communities and long-term investment properties across Missouri and other Midwestern markets. Tegethoff Development and its affiliates, Tegethoff Development Co., LLC and Pearl Capital Management, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 26-42401) on June 1, 2026. At the time of the filing, Tegethoff Development reported assets of between $50 million and $100 million and liabilities of between $500 million and $1 billion. Robert E. Eggman, Esq., and Samuel S. Brand, Esq., at Carmody MacDonald P.C. serve as the Debtors' legal counsel. TURNER DEVELOPMENT: Seeks to Extend Plan Exclusivity to Sept. 21 ---------------------------------------------------------------- Turner Development, LLC, asked the U.S. Bankruptcy Court for the District of Columbia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 21 and Nov. 20, 2026, respectively. The Debtor is a construction company and owner of multiple parcels of real property located in South Carolina. Of the real property owned by the Debtor, the most valuable is a parcel consisting of approximately 175.11 acres located at 1001 Old Aiken Road, North Augusta, South Carolina 29841 (Tax Parcel No. 013-12-01-0001), which has received the requisite approvals for the construction of a Traditional Neighborhood Development named Weeping Willows (the "Property"). The Property's plan contains 342 single-family homes, 107 townhomes, 150 apartments, a mixed-use Town Center, a trail, and sidewalks. The Property has an appraised value of $8,500,000.00. The primary secured creditor for the Property is Fuse 10, LLC. On March 15, 2024, Fuse 10 initiated proceedings to foreclose on the Property. Through this Chapter 11 Case, the Debtor intends to market and sell the Property and use the net sale proceeds, after the payment of Fuse 10's secured claim and usual and customary costs of sale, to fund a plan of reorganization. The Debtor explains that the Bankruptcy Code does not define "cause" with respect to motions to extend exclusivity. However, factors have routinely been considered by courts in determining whether cause exists for granting an extension. The Debtor claims that an examination of these factors demonstrates that an extension of the Exclusive Periods is warranted. First, an extension is appropriate because this Chapter 11 Case has been pending only a short while. While the Debtor filed this Chapter 11 Case with the intention to market and sell the Property through Berkadia, the Debtor soon realized that it needed to change brokers in order to expose the Property to a broader market to maximize value with the goal of generating enough net proceeds of sale to fund a plan of reorganization. Second, the extension should be granted due to the intricacies of formulating a plan for the Debtor. While the Property is the Debtor's most valuable asset, the Debtor owns other properties, and the Debtor has the ability to bid for and obtain construction contracts in the District of Columbia. Once the Property is sold, the Debtor can more precisely formulate a plan of reorganization based on available cash resources and future income potential. Any attempt to formulate a Plan at this juncture would be premature and likely lead to multiple amendments. Third, an extension is appropriate because the Debtor has made good faith progress toward a plan. The Debtor has a Listing Agreement in place with Coldwell Banker, which has already commenced initial conversations with prospective buyers. Additionally, the Debtor is in the final stages of negotiating loan terms for the DIP Financing. Although the Debtor lost significant time at the start of this Chapter 11 Case having to reformulate its case strategy, it is now poised to move forward expediently to sell the Property. Fourth, the Debtor is paying its bills as they come due. It is current on its Quarterly Fees, and it has not undertaken any significant expenses, pending the approval of the proposed DIP Financing by this Court. Finally, the Debtor does not seek an extension in order to pressure creditors into accepting the Debtor's plan. Rather, the Debtor seeks an extension in order to maximize the value of the Property and thus the potential return to creditors, with the goal of negotiating in good faith with the creditors as appropriate to develop a consensual plan with a high probability of success. An extension of the Exclusive Periods is appropriate and warranted under these circumstances. Turner Development, LLC is represented by: Kristen E. Burgers, Esq. Stephen E. Leach, Esq. Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, VA 22102 Telephone: (703) 584-8900 Facsimile: (703) 584-8901 E-mail: sleach@hirschlerlaw.com kburgers@hirschlerlaw.com About Turner Development Turner Development LLC, doing business as Turner Development (TDL), is a real estate development company based in Washington, D.C., that undertakes commercial, mixed-use, residential, and rehabilitation projects in the Washington, D.C. metropolitan area and in parts of South Carolina, including developments such as Weeping Willows in North Augusta and the Old Aiken Hospital redevelopment in Aiken. Turner Development filed Chapter 11 petition (Bankr. D.D.C. Case No. 26-00077) on Feb. 23, 2026, listing $1 million and $10 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Kristen E. Burgers, at Hirschler Fleischer, PC, is the Debtor's legal counsel. UNIVERSAL AGAMI: Case Summary & One Unsecured Creditor ------------------------------------------------------ Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Universal Agami Transit Inc. (Lead Case) 26-11457 404 E 66th St #7F New York, NY 10065-9308 Planet Agami Cab LLC 26-11458 404 E 66th St #7F New York, NY 10065-9308 Global Agami Cab LLC 26-11459 404 E 66th St # 7F New York, NY 10065-9308 Business Description: Universal Agami Transit Inc., Global Agami Cab LLC, and Planet Agami Cab LLC are New York-based entities that own New York City taxi medallions. The entities collectively hold six taxi medallions, which authorize the operation of taxicabs in New York City. Chapter 11 Petition Date: June 21, 2026 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Judge Martin Glenn Debtors' Counsel: Adrienne Woods, Esq. Omid Zareh, Esq. Terrence K. McLaughlin, Esq. WEINBERG ZAREH MALKIN PRICE LLP 45 Rockefeller Plaza, 20th Floor New York, New York 10111 Phone: 212-899-5470 E-mail: awoods@wzmplaw.com ozareh@wzmplaw.com tmclaughlin@wzmplaw.com Universal Agami's Total Assets: $256,353 Universal Agami's Total Liabilities: $920,015 The petitions were executed by Ariel Agami, acting under power of attorney for Isaac Agami, who serves as president of Universal Agami Transit Inc. and managing member of Planet Agami Cab LLC and Global Agami Cab LLC. Universal Agami reported that it has a single unsecured creditor, TML IV LLC, c/o Field Point Servicing LLC, with an address at 5 Greenwich Office Park, Suite 440, Greenwich, Connecticut 06831-5192. The creditor holds an unsecured claim in the amount of $670,015. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/5JI4B5I/Universal_Agami_Transit_Inc__nysbke-26-11457__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CDV55VQ/Planet_Agami_Cab_LLC__nysbke-26-11458__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CZ5ZY2I/Global_Agami_Cab_LLC__nysbke-26-11459__0001.0.pdf?mcid=tGE4TAMA VALVES AND CONTROLS: Seeks to Extend Plan Exclusivity to Aug. 6 --------------------------------------------------------------- Valves and Controls US, Inc., asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 6 and Oct. 7, 2026, respectively. Since filing the Plan, the Debtor has continued to negotiate with the UCC on certain Plan Documents, including the Trust Distribution Procedures (the "TDP"), that are critical for holders of Claims entitled to vote on the Plan to make an informed decision when voting on the Plan. While the Debtor is hopeful that it and the UCC will be able to reach an agreement on the Plan Documents, the Debtor continues to review and consider all options if an agreement is not reached. The Debtor has filed this Motion out of an abundance of caution to ensure it has a full opportunity to seek confirmation of the Plan without the distraction of a competing plan. The Debtor claims that granting the requested extensions will give the company a full and fair opportunity to complete negotiations with the UCC on the Plan Documents, including the TDP, and to present the Plan to the Court for approval, without the distraction, cost, and delay of a competing plan. The Debtor explains that it has been in frequent and active communications with key parties in interest in this chapter 11 case, including the UCC (since its appointment), Weir, and First Reserve. The Debtor's discussions with the UCC led to the filing of a consensual chapter 11 plan jointly with the UCC. This is the Debtor's third request for an extension of the Exclusive Periods. Less than three months have elapsed since the Extension Order was entered by the Court, during which the Debtor has already made progress to move this chapter 11 case forward. Accordingly, the Debtor's request for an extension of the Exclusive Periods is supported by the facts of this case. The Debtor asserts that the Plan was negotiated and consensually agreed between the Debtor and the UCC. The Debtor requests this extension of the Exclusive Periods to ensure the parties can complete their negotiations on the Plan Documents and seek confirmation of the Plan without the distraction of competing chapter 11 plans, not to pressure the creditors to agree to the Debtor's requests in regard to the terms. The Debtor believes an extension will allow the Debtor and its creditor constituents the necessary time to resolve the chapter 11 case in an expeditious manner. Valves and Controls US Inc. is represented by: COLE SCHOTZ P.C. Patrick J. Reilley, Esq. Michael E. Fitzpatrick, Esq. Melissa M. Hartlipp, Esq. 500 Delaware Avenue Suite 600 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: preilley@coleschotz.com mfitzpatrick@coleschotz.com mhartlipp@coleschotz.com - and - WEIL, GOTSHAL & MANGES LLP Matthew S. Barr, Esq. Ronit J. Berkovich, Esq. Lauren Tauro, Esq. Alejandro Bascoy, Esq. 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 E-mail: matt.barr@weil.com ronit.berkovich@weil.com lauren.tauro@weil.com alejandro.bascoy@weil.com About Valves and Controls US Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor listed assets between $50 million and $100 million, and liabilities between $100 million and $500 million. Bankruptcy Judge Thomas M. Horan handles the case. Cole Schotz P.C., led by Patrick J. Reilley, is serving as counsel to the Debtor. VANDERBILT MINERALS: Plan Exclusivity Period Extended to Oct. 14 ---------------------------------------------------------------- Judge Wendy A. Kinsella of the U.S. Bankruptcy Court for the Northern District of New York extended Vanderbilt Minerals, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Oct. 14 and Dec. 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that an analysis of the various factors demonstrate that sufficient "cause" exists for extending the Exclusivity Period and Solicitation Period to Oct. 14 and Dec. 13, 2026, respectively. First, the size and complexity of this case warrants an extension of the Exclusivity Period and Solicitation Period. The Debtor operates mining and processing facilities in six states, maintains a substantial workforce, sells products globally, and faces hundreds of pending talc-related personal injury claims. Despite these complexities, the Debtor has achieved extraordinary results in an accelerated time-frame, including completing a comprehensive sale process that yielded three Qualified Bids and a $64 million transaction in fewer than ninety days from the Petition Date. Second, the Debtor's significant progress to date in the Chapter 11 Case justifies the requested extension of the Debtor's exclusive periods. With the Sale Order now entered and the Global Settlement Order approved, the primary components of a liquidating plan are in place. The Debtor requires additional time to: (i) close the sale transaction; (ii) negotiate with creditors concerning the terms of, and formulate a plan of liquidation providing for distributions to creditors; and (iii) prepare a disclosure statement. In addition, the Debtor has been paying its postpetition debts when due in the ordinary course of business. Throughout this Chapter 11 Case, the Debtor has maintained employee wages and benefits, paid vendors for postpetition goods and services, and met its DIP financing obligations. The fact that a debtor has sufficient liquidity to pay its postpetition debts as they come due supports the granting of an extension of the debtor's exclusive periods because it suggests that such an extension will not jeopardize the rights of postpetition creditors. Moreover, the sale transaction approved by the Sale Order provides a clear path to distributions to creditors. Net proceeds from the $64 million purchase price, combined with any remaining estate assets, such as insurance assets, will fund distributions under the plan. The Debtor has reasonable prospects for filing a viable chapter 11 plan that will provide for orderly distributions to creditors. The Debtor seeks to continue working with the Committee, its DIP lender, its insurers, and other parties in interest to formulate a confirmable chapter 11 plan. Additionally, the Debtor must resolve the treatment of talc related personal injury claims, which represent the largest category of unsecured claims in this Chapter 11 Case. Until further progress is made with respect to these matters, the Debtor will be unable to finalize a chapter 11 plan or prepare a disclosure statement containing adequate information. Counsel for the Debtor: BOND, SCHOENECK & KING, PLLC Charles J. Sullivan, Esq. Grayson T. Walter, Esq. Andrew S. Rivera, Esq. One Lincoln Center Syracuse, New York 13202-1355 Telephone: (315) 218-8000 Emails: csullivan@bsk.com gwalter@bsk.com arivera@bsk.com Proposed Counsel for the Debtor: LATHAM & WATKINS LLP Ray C. Schrock, Esq. George A. Davis, Esq. Jamie L. Wine, Esq. Anupama Yerramalli, Esq. 1271 Avenue of the Americas New York, New York 10020 Telephone: (212) 906-1200 Facsimile: (212) 751-4864 Emails: ray.schrock@lw.com george.davis@lw.com jamie.wine@lw.com anu.yerramalli@lw.com - and - Jeffrey E. Bjork, Esq. Kimberly A. Posin, Esq. 10250 Constellation Blvd., Suite 1100 Los Angeles, California 90067 Telephone: (424) 653-5500 Facsimile: (424) 653-5501 Emails: jeff.bjork@lw.com kim.posin@lw.com About Vanderbilt Minerals Vanderbilt Minerals, LLC, supplies mineral and chemical products. The Company offers ceramics, clay binders, mineral fillers, floor finishes, paints, concrete, and lubricants. Vanderbilt Minerals serves rubber, plastics, petroleum, paper, pharmaceutical, agricultural, ceramics, adhesives, wire and cable, and cosmetics industries worldwide. R.T. Vanderbilt Holding Company, Inc. is the sole equity holder, owning 100% of the company. Vanderbilt Minerals sought sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60110) on Feb. 16, 2026. Bond, Schoeneck & King, PLLC, led by Charles J. Sullivan, is serving as counsel to the Debtor. Kurtzman Carson Consultants, LLC, operating as Verita Global, LLC, is the claims agent. VEGA ROOFING: Michael Markham Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Vega Roofing Solutions, LLC. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Vega Roofing Solutions LLC Vega Roofing Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01499) on June 18, 2026, with assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge Luis Ernesto Rivera II presides over the case. Jonathan M. Bierfeld, Esq., at Martin Law Firm Pl represents the Debtor as legal counsel. VIVIANS RESTAURANT: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division entered a fifth interim order authorizing Vivians Restaurant, Inc. to use cash collateral. The court authorized interim use of the purported cash collateral of Byline Bank, Newtek Bank, National Association, and the U.S. Small Business Administration for the period from June 26 through July 31, in accordance with the budget, plus up to a 10% variance. The 30-day budget projects total operational expenses of $250,800 for July and August. As adequate protection, secured creditors will be granted replacement liens on any property acquired by the Debtor or the estate before and after the bankruptcy filing, with the same validity, priority, and enforceability as their pre-bankruptcy liens. The Debtor must maintain insurance, properly maintain collateral, provide access to books and records, and deliver profit-and-loss and budget-to-actual reports by 15 day of every month. The third interim order is available at https://shorturl.at/K9QWo from PacerMonitor.com. A further interim hearing is scheduled for July 27. As of the petition, the Debtor's cash collateral consists of cash ($30,000) and inventory ($28,300) such as liquor, food and supplies in which the secured creditors hold an interest. The Debtor owes Newtek and the SBA approximately $514,000 and $346,000, respectively. Vivian's Restaurant filed for Chapter 11 protection due to rising food costs and a post-COVID revenue decline, which forced it to rely on high-interest merchant cash advance loans with frequent repayments. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com Newtek Bank, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 S. Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com About Vivians Restaurant Inc. Vivians Restaurant Inc. is an Illinois-based full-service restaurant company specializing in casual and fine dining experiences, offering a variety of cuisines to local customers and event clients. Vivians Restaurant Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00919) on January 20, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., Crane, Simon, Clar & Goodman. WATCHGUARD TECHNOLOGIES: Moody's Affirms 'B3' CFR, Outlook Stable ----------------------------------------------------------------- Moody's Ratings affirmed WatchGuard Technologies, Inc.'s (WatchGuard) corporate family rating at B3 and probability of default rating at B3-PD. Moody's also affirmed the B2 rating on the company's senior secured first lien term loan due June 2029 and senior secured revolving credit facility due June 2027. The outlook is stable. "The affirmation and stable outlook consider WatchGuard's entrenched MSP channel position, recurring subscription base, and gradually improving growth rates against persistently high leverage and modest free cash flow," said Moody's Ratings analyst Justin Remsen. "Debt/EBITDA was about 7.8x for the twelve months ended March 2026. Moody's expects leverage to decline but remain elevated, near 7x through 2027, leaving little cushion for execution missteps or further competitive pressure. Free cash flow generation is expected to remain modest, limiting the pace of deleveraging. Refinancing risk is also a meaningful consideration given the senior secured revolving credit facility expires in June 2027 and the senior secured first lien term loan matures in June 2029 RATINGS RATIONALE WatchGuard's B3 CFR reflects the company's small scale, elevated leverage, and modest free cash flow generation. Debt/EBITDA was roughly 7.8x, including the expensing of capitalized software development costs, and free cash flow was negative over the last twelve months (but positive excluding the impact of a one-time litigation payment). The rating also considers the company's exposure to highly competitive and fragmented network and endpoint security markets, which are characterized by short product cycles and rapidly evolving technologies. Moody's expects financial policies to remain aggressive under private controlled ownership. WatchGuard's ARR growth moderated from mid-single-digit levels in 2024 to low-single-digit rates through 2025, reflecting shorter subscription contracts, a customer shift toward monthly billing, and delayed activation following the company's 2022 product refresh cycle. ARR growth improved modestly to around 4% in the first quarter of 2026, supported by cross-selling initiatives. LTM billings growth strengthened to about 15% as of the first quarter of 2026, partly reflecting the benefit of a hardware refresh cycle, although sustained improvement in recurring revenue growth will be needed to support meaningful deleveraging. The rating is supported by WatchGuard's good niche position serving more than 17,000 MSP partners and an end-customer base of more than 250,000 small and medium-sized businesses (SMBs) and distributed enterprises, its high proportion of recurring subscription revenue, good geographic diversification, and management's ongoing cost reduction and working capital initiatives. WatchGuard's products are deeply embedded across MSP partner workflows and customer IT stacks spanning network, endpoint, and identity layers, which Moody's views as a structural source of customer stickiness. Moody's believes generative AI could support demand for WatchGuard's platform because its products help secure AI-related traffic and benefit from the company's threat intelligence data. WatchGuard's liquidity is adequate. Liquidity is supported by around $32 million of cash at March 31, 2026, a $75 million senior secured revolving credit facility due June 2027 ($15 million drawn as of March 31, 2026), and Moody's expectations of about $5 million of free cash flow over the next 12 months. The revolving credit facility has a springing first lien net leverage covenant of 8.5x triggered when 37.5% or more is outstanding. Moody's do not expect the covenant to be tested. The company also faces refinancing risk, with its revolving credit facility expiring in June 2027 and its first lien term loan coming due in June 2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if WatchGuard sustains mid-single-digit or higher organic revenue growth, generates consistently positive free cash flow, with debt/EBITDA sustained below 6x and free cash flow to debt above 5%. Ratings could be downgraded if WatchGuard's revenue growth slows significantly or if debt/EBITDA remains above 8x. A downgrade could also occur if liquidity weakens, including from sustained negative free cash flow or an inability to address upcoming maturities well in advance. Headquartered in Seattle, WA, WatchGuard Technologies, Inc. is a global provider of network security, endpoint security, secure Wi-Fi, and multi-factor authentication solutions. The company primarily serves SMBs and distributed enterprises through a channel of MSP partners. WatchGuard is majority owned by affiliates of Vector Capital. WatchGuard generated roughly $357 million of revenue for the twelve months ended March 2026. The principal methodology used in these ratings was Software published in December 2025. WAYNE-SANDERSON FARMS: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed all ratings for Wayne-Sanderson Farms LLC (WSF). This includes its Long-Term Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable. WSF's rating reflects its position as the third-largest U.S. poultry producer, its diversified product mix and its fully integrated value chain with nearly $9 billion in sales which underpins its competitive position and good operational performance. The ratings are constrained by earnings volatility from commodity price exposure and concentration in chicken within one geographic market. Fitch views WSF's credit-protection measures and profitability as cyclical, because operating earnings and leverage may come under pressure from commodity price fluctuations before reverting to historical metrics. Fitch estimates WSF's mid-cycle EBITDA at about $850 million to $950 million, with EBITDA leverage around the mid-2x range. For FY27, Fitch projects WSF's EBITDA in the upper $900 million range with leverage in the low-2x range. Key Rating Drivers Earnings Moderation from Peak: Sales markets in FY2026 (March year-end) were better than average but weaker than FY2025, and support strong profitability. Fitch forecasts EBITDA margins in the high teens and Fitch-adjusted EBITDA of about $1.6 billion in FY2026. This compares with EBITDA of $1.9 billion and a 22% margin in FY2025, was driven by favorable market conditions, including higher chicken prices across most bird parts, such as breasts and wings, lower feed grain costs and a balanced supply-demand environment which supported WSF's fresh business. In FY2027, Fitch forecasts EBITDA margins to decline to the low double digits and EBITDA in the upper $900 million range. WSF has hedged a material share of grain needs for the next 12 months, which improves cost certainty and reduces earnings volatility. The recent preliminary agreement between China and the U.S. to reassess retaliatory tariffs could increase chicken exports to China and support EBITDA. Mid-Cycle EBITDA: Fitch expects WSF's mid-cycle EBITDA to range from $850 million to $950 million, based on Sanderson Farms' and Wayne Farms' historical operating performance over the past decade. This includes more than $200 million of merger synergies, improved cost absorption and the acquisition of Harrison Poultry. The range could rise if WSF sustains better performance through automation, improved product capabilities, operating efficiencies or additional bolt-on M&A. Fitch assesses WSF's credit profile as cyclical, because earnings and leverage may come under pressure from commodity price swings before returning to historical levels. Fitch generally expects companies to recover their through-the-cycle profile within 18 to 24 months after a trough. In the 2023-2024 cycle, WSF's EBITDA recovered to the mid-cycle range within nine months. Higher Earnings Volatility: WSF's portfolio is weighted toward commodity sales, with a high share from big bird products and limited exposure to the more stable margins of branded chicken and downstream processing. This leads to higher earnings volatility than peers and constrains the ratings. Annualized EBITDA has ranged from about breakeven to more than $2 billion in recent years. Some of WSF's past volatility was driven by supply chain and market disruption during the coronavirus pandemic, which broadly affected protein processors. Fitch expects WSF's strategy will focus its growth investments in market segments with higher value-added margins. Scaled Regional Processor: WSF's ratings reflect its solid market position as the third-largest U.S. poultry producer, with nearly $9 billion in sales, production in seven states and distribution across most states, with higher exposure to the U.S. South. WSF's scale in large- and medium-bird categories supports its competitive position. WSF also benefits from diversification across retail, food service and export channels, supported by long-standing customer relationships. WSF's vertically integrated model including breeding, hatcheries, feed mills, grow-out and processing facilities helps ensure effective cost control and supply reliability. Chicken Supply Increasing: The U.S. chicken sector benefits from solid consumer demand, due to high beef prices that have increased retail promotions and menu offerings for chicken. However, chicken supply rose 3.9% in the first four months of 2026, above the historical average, driven by higher egg sets and better livability, which is pressuring market prices. The USDA projects full-year 2026 chicken production to rise 2.9% and broiler chicken prices to moderate. Industry risks include supply-demand imbalances, protein substitution, economic weakness, higher tariffs, environmental issues, avian influenza and higher labor and feed costs. Leverage Around Mid-2x: Fitch forecasts WSF's EBITDA leverage at about 1.5x in FY2026, up from 1.2x in FY2025. WSF's long-term capital allocation strategy includes a public net leverage target of about 2x, which Fitch estimates is about 2.5x on Fitch's EBITDA leverage basis. Fitch forecasts EBITDA leverage to rise to the low-2x range in FY2027 and trend around the mid-2x range, with periods of lower or higher leverage as profitability changes through the operating cycle. The forecast assumes term loan amortization and limited bolt-on M&A. Capital Allocation Expectations: WSF's distributions to its parents reflect payments for state and federal taxes, certain operating expenses, and excess distributions of 40% of free cash flow (FCF). Fitch projects modestly positive FCF margins in FY2026, due to strong earnings largely offset by the time lag in distributing excess FCF to parents from a very strong FY2025. In FY2027, FCF margins are projected to be negative due to lower EBITDA and time lag in distributions. Capital investments are expected to increase over the next couple of years for automation, product capabilities and capacity. Peer Analysis Other rated credits in Fitch's global protein portfolio include Minerva S.A. (Minerva; BB/Stable), Marfrig Global Foods S.A. (Marfrig; BB+/Stable), Pilgrim's Pride Corporation (PPC; BBB-/Stable), Smithfield Foods, Inc. (Smithfield; BBB/Stable) and Tyson Foods Inc. (Tyson; BBB/Stable). Minerva and WSF have similar business profiles and are rated 'BB'. Tyson, Smithfield, PPC and Marfrig have a combination of greater scale, protein types and/or business lines with more value-added, stable margin products that support a higher rating than WSF. Minerva's ratings reflect its robust business profile as the largest beef producer in Latin America. The company benefits from international market exposure, which reduces the risks associated with its concentration in a single protein type. Marfrig's ratings reflect its solid business profile and geographic diversification as a pure player in the beef industry, with a large presence in South America and the U.S. PPC's ratings are supported by its business profile as one of the world's largest chicken processors, with a presence in the U.S., Europe and Mexico. PPC has greater geographic diversity and a higher mix from value-added products than WSF. Smithfield's ratings reflect its leading position in the global pork industry and significant presence in higher-margin packaged meats, which underpins the business profile. These positives are balanced against the limited protein diversity and exposure to inherent volatilities in hog production and in pork processing. Tyson's operating profile is stronger than WSF's due to its significantly greater scale and protein diversification, with leading market share positions in chicken, beef, pork and prepared foods. Fitch’s Key Rating-Case Assumptions - EBITDA is projected to be around $1.6 billion in FY 2026. In FY 2027, Fitch forecasts EBITDA margins to decline to the low double digits and EBITDA in the upper $900 million range - Capital investments are expected to increase over the next couple of years for automation, product capabilities, and capacity; - Modestly positive FCF margins projected in FY2026, due to strong earnings largely offset by the time lag in distributing excess FCF to parents from a very strong FY2025. In FY2027, FCF margins project to be negative due to lower EBITDA and time lag in distributions; - EBITDA leverage projects at 1.5x in FY 2026. EBITDA leverage could rise to the low-2x range in FY2027 and trend around the mid-2x range, with periods of lower or higher leverage as profitability changes through the operating cycle. The forecast assumes term loan amortization and limited bolt-on M&A; - WSF has exposure to variable rates through its revolving credit facility and term loan. Around 57% of the term loan debt is currently hedged. Fitch assumes secured overnight financing rate (SOFR) rates between 375 basis points (bps) to about 400 bps over 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 ('bbb', Lower), sector characteristics ('bbb-', Moderate), market and competitive positioning ('bb', Moderate), diversification and asset quality ('b+', Higher), company operational characteristics ('bbb-', Moderate), profitability ('bb-', Higher), financial structure ('bbb+', Moderate), and financial flexibility ('bbb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year FY26, 25% for the forecast year FY27, 25% for the forecast year FY28 and 25% for the forecast year FY29. 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'. Recovery Analysis Fitch has assigned Recovery Ratings (RRs) to the various debt tranches in accordance with its criteria, which allows for the assignment of RRs for issuers with IDRs in the 'BB' category. Given the distance to default, RRs in the 'BB' category are not computed by bespoke analysis. Instead, they serve as a label to reflect an estimate of the risk of these instruments relative to other instruments in the entity's capital structure. Fitch assigned the company's senior secured first lien credit facilities (including revolver and term loans) a 'BBB-'/'RR1' rating two notches above the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA trending below $600 million due to the deterioration of industry fundamentals and/or structural industry changes that increase operating volatility and drive a sharp, prolonged contraction in EBITDA margins, with sustained EBITDA leverage above 4.0x; - Increased debt driven by significant M&A and/or financial policy change. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch views a positive rating action as unlikely over the intermediate term due to current operational and product mix that results in higher profitability fluctuations relative to other protein peers; - Fitch could upgrade WSF to 'BB+' if WSF tightens its public net leverage target, maintains strong operational momentum, and keeps EBITDA leverage below 2.0x on a sustained basis; - Fitch could upgrade WSF to 'BB+' if WSF successfully adds downstream processing assets, geographic diversification and/or a protein type that reduces profit volatility while maintaining strong operational momentum with EBITDA leverage kept below 3.0x on a sustainable basis; - Sustained FCF margins above 1.5%. Liquidity and Debt Structure At the end of the third quarter of fiscal 2026, WSF's liquidity was in excess of $1.4 billion, supported by $439.5 million in cash and cash equivalents and no borrowings outstanding under the company's $1 billion secured revolving credit facility. Fitch expects WSF to maintain sufficient liquidity of at least $1 billion to manage cyclical downturns, which supports WSF's financial flexibility. WSF amended its credit agreement during 2025, which effectively extended maturity of the revolving credit facility and term loan A-1 to 2030, and term loan A-2 and term loan B to 2032. The amendment also increased the size of the revolving credit facility to $1 billion from $750 million and updated the borrower entity to WSF. The credit agreement contains financial covenants related to consolidated funded debt to capitalization ratio, capital expenditures (capex) and tangible net worth. Issuer Profile WSF is the third-largest poultry producer in U.S., with 24 facilities and about 27,000 employees. The company engages in the production, processing, marketing, and distribution of fresh, frozen and cooked chicken and other prepared food items. Summary of Financial Adjustments Fitch adjusts WSF's EBITDA for business combination and other related costs. 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 WSF. 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 ----------- ------ -------- ----- Wayne-Sanderson Farms LLC LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- WESTJET AIRLINES: Fitch Rates Proposed Secured Notes 'B' -------------------------------------------------------- Fitch Ratings has assigned WestJet's proposed secured notes a 'B' rating and Recovery Rating of 'RR3. The notes are backed by loyalty program assets and rank pari passu with the existing loyalty-backed term loan. Fitch also downgraded the existing TLB to 'B'/'RR3' from 'B+'/'RR2' to reflect lower recovery prospects after the issuance. Fitch affirmed WestJet and WestJet Airlines Ltd.'s Long-Term Issuer Default Ratings (IDRs) at 'B-'. The Rating Outlook is Stable. The IDR reflects expected margin pressure from jet fuel prices and credit metrics in line with 'B-' sensitivities through 2026. Leverage was 6.8x at YE 2025, above Fitch's prior negative sensitivity, and Fitch expects a modest rise before recovery in 2027. EBITDAR fixed-charge coverage should remain about 1x in 2026, partly due to lease obligations from recent aircraft sale-leasebacks. The Stable Outlook reflects sizable liquidity, limited near-term cash demands, capex funding through sale-leasebacks and WestJet's position in Canada's duopolistic market. Key Rating Drivers Proposed Debt Issuance: WestJet plans to issue a series of senior secured notes backed by its loyalty program assets. The new notes will have the same maturity date as the existing term loan. Proceeds are expected to repay outstanding revolver balances and support additional liquidity. The core nature of the collateral, represented by the loyalty program and brand IP, provides a strong incentive for the airline to honor its obligations in a bankruptcy scenario. However, the value of the assets largely rests on WestJet continuing as a going concern. . If the airline is liquidated, collateral values would fall and recovery prospects would weaken. Jet Fuel Pressures Easing: Jet fuel prices are likely to pressure WestJet's profitability in 2026, but the risk of a prolonged period of high fuel prices has fallen after recent developments in the Iran conflict. Fitch remains cautious because uncertainty remains and negotiations in the Middle East are still unfolding. Jet fuel prices are likely to take time to decline, even if a peace agreement holds. Fitch expects the company to offset fuel costs with fare increases amid strong demand. These conditions are likely to improve margins over time and support credit metrics in 2027 and 2028. Leverage to Remain High: WestJet's adjusted leverage was 6.8x at YE 2025, above its prior negative rating sensitivity. EBITDAR fixed-charge coverage was weak at 0.9x. Prior to the spike in fuel prices, Fitch anticipated WestJet's leverage and coverage would improve to the mid-5x and mid-1x range, respectively, by YE 2026, which was in line with Fitch's 'B' rating sensitivity. Higher fuel costs make this scenario unlikely, delaying anticipated improvement in credit metrics until at least 2027. Certain Transitory Issues Abate: The airline has moved past certain transitory issues from 2025, which is expected to partly offset rising fuel costs. Temporary items included pilot training and aircraft conversions tied to transitioning to a single air operator's certificate following the Sunwing acquisition, and a material operational disruption early in the year, which had a combined margin impact of roughly 2.5pp. WestJet should benefit from further Sunwing synergies and its revamped loyalty program structure. These improvements help the company capture revenue opportunities and enhance margins, but the benefit will depend on sustained demand in a higher fuel price environment. Adequate Financial Flexibility: WestJet maintains adequate financial flexibility, supporting the 'B-' rating. It ended the first quarter with CAD$1.15 billion of cash and equivalents. It also plans to upsize its existing US$510 million revolver to up to $660 million, further supporting liquidity. It will repay CAD$300 million in revolver borrowings with its new bond proceeds. Near-term principal payments are limited to amortization on the loyalty program term loan, with the next major maturity in 2031. Unencumbered assets are limited after monetizing aircraft via sale-leasebacks, but it can free up and use some revolver-secured collateral, subject to its collateral coverage covenant. Solid Business Profile: WestJet is the number two airline in a consolidated market. Air Canada, WestJet and Porter carry more than 71% of domestic Canadian traffic, with WestJet holding 29% of the share. Fitch views WestJet as an effective competitor in the Canadian market due to its strong presence in the western part of the country and its unit cost advantage to Air Canada. WestJet gained a larger presence in the vacation packages business through its Sunwing purchase. Peer Analysis WestJet's 'B-' rating is four notches below that of its primary domestic competitor, Air Canada (BB/Stable). This difference reflects WestJet's higher near-term leverage prospects, more limited financial flexibility, and smaller relative size. Fitch expects Air Canada's gross leverage to trend to the mid-3x range over the next two to three years, compared to the mid-5x to upper-4x range for WestJet. Additionally, WestJet's liquidity position is not as strong as Air Canada's. Air Canada likely has better access to funds due to its size and unencumbered assets. These factors are partially offset by WestJet's favorable cost structure and its relative exposure to business demand, which is taking longer to recover from the pandemic. Relative to U.S. airlines, WestJet's 'B-' rating is one notch higher than JetBlue Airways Corporation (CCC+). Fitch considers JetBlue's financial profile weaker than WestJet's, as near-term leverage is elevated due to depressed profitability. However, JetBlue compares favorably to WestJet in terms of size and available unencumbered assets. Sizable liquidity balances are key considerations for both carriers. Fitch’s Key Rating-Case Assumptions - Low-single-digit traffic growth in 2026 followed by low- to mid-single-digit growth thereafter; - Operating margins remain pressured in 2026 largely due to higher fuel prices. EBITDAR margins improve to the mid- to high-teens thereafter; - Sale-leaseback financing utilized to finance pending aircraft deliveries; - Jet fuel rising to CAD1.11/liter in its base case in 2026, followed by a decline to the levels similar to those seen prior to the Iran conflict. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('bb+', Lower), diversification and asset quality ('bb', Moderate), company operational characteristics ('bb', Moderate), profitability ('b-', Moderate), financial structure ('b-', Higher), and financial flexibility ('ccc+', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'b-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B-'. Recovery Analysis The recovery analysis assumes that WestJet would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach Fitch has assumed a going-concern EBITDA of CAD475 million. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, upon which Fitch bases the enterprise valuation. Fitch's going-concern EBITDA estimate reflects a post-restructuring scenario where margins are structurally impaired, potentially by a weak operating environment, rising costs and competition, or a combination thereof. The EV multiple is reflective of prior airline bankruptcies. An EV multiple of 5.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considers the historical bankruptcy case study exit multiples for peer companies ranged from 3.1x to 6.8x. Fitch has chosen to allocate roughly two thirds of the total EV to WestJet's loyalty assets, reflecting the stable cash flows and high margins of the loyalty portion of WestJet's business. However, Fitch's value estimate remains conservative to appraised values, as Fitch factors in the possibility of loyalty value degradation in the possibility that WestJet were to materially shrink in bankruptcy or liquidate. This results in expected loyalty program recovery in the RR3 range. Recovery on WestJet's revolver is calculated separately using conservative estimates for the underlying collateral value, supporting recovery in the RR2 range. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR fixed-charge coverage sustained near 1x or below; - Heightened liquidity risks, including cash plus revolver availability falling toward CAD800 million and/or decreasing likelihood of ability to access contingent liability options. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Total adjusted debt/EBITDAR sustained below 5x; - EBITDAR fixed-charge coverage near 1.5x; - EBIT margins sustained in the low- to mid-single digits or higher. Liquidity and Debt Structure Fitch views WestJet's liquidity as supportive. The company had CAD1.15 billion in cash and cash equivalents at 1Q26, and full availability on its USD510 million revolver. WestJet subsequently borrowed CAD300 million on the revolver, which it intends to repay using proceeds from the pending debt issuance. WestJet's cash balance tends to peak at year-end and decline through the third quarter due to the booking nature of its vacations business. Total liquidity to LTM revenue was still a healthy 24% at its 3Q25 trough. Scheduled debt principal payments are limited, largely consisting of the 2031 maturity of WestJet's loyalty term loan. Near-term principal payments consist of manageable amounts due on aircraft financings. Capital spending will step up over the forecast period, but capex primarily consists of financeable aircraft. Fitch expects WestJet to continue to pursue sale-leaseback financing on new deliveries, which limits upfront capital spending. Issuer Profile WestJet Airlines, Ltd. is Canada's second-largest airline. 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 2025 revenue-weighted Climate.VS for WestJet for 2035 is 50 out of 100, suggesting moderate exposure to climate-related risks in that year. This is in line with other airlines and reflects the gradually growing costs linked to the decarbonization of the sector, and potential for lower demand over time. Currently, climate transition risks do not have a material influence on airline ratings, as the potentially disruptive changes due to energy transition are unlikely to materialize in the next eight to 10 years. The company has announced its goal of reaching net-zero emissions by 2050. Fleet replacement, the use of sustainable aviation fuels (SAF) along with modern technology will play a key role in reducing emissions. WestJet has an orderbook that includes 108 737 MAX aircraft and 27 options that feature lower fuel burn compared to prior technology planes. WestJet has also begun purchasing SAF produced by Shell plc (AA-/Stable) in Canada. For further information on how Fitch perceives climate-related risks in the Airlines sector, see Transportation - Long-Term Climate Vulnerability Signals Update. 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 ----------- ------ -------- ----- WestJet Loyalty LP senior secured LT B Downgrade RR3 B+ WestJet Airlines Ltd. LT IDR B- Affirmed B- senior secured LT B+ Affirmed RR2 B+ WestJet LT IDR B- Affirmed B- senior secured LT B New Rating RR3 senior secured LT B+ Affirmed RR2 B+ WESTJET AIRLINES: Moody's Cuts CFR to B3 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings downgraded WestJet Airlines Ltd.'s (WestJet) corporate family rating to B3 from B2, WestJet's probability of default rating to B3-PD from B2-PD and WestJet Loyalty LP's backed Senior Secured First Lien Term Loan B rating to B1 from Ba3. Concurrently, Moody's have also assigned a B1 rating to WestJet Partnership's proposed $500 million backed senior secured notes. The rating outlooks for WestJet and WestJet Loyalty LP are changed to stable from negative. The outlook for WestJet Partnership is assigned stable. WestJet Partnership's $500 million notes will be used to bolster liquidity and for general corporate purposes. The downgrade reflects pressure on WestJet's operating performance from elevated jet fuel costs, which continue to compress margins and limit the company's ability to reduce financial leverage. Earnings recovery remains constrained, while demand from more price-sensitive customers may soften amid affordability pressures, slowing the pace of recovery. Additionally, significant capital requirements for fleet renewal and ongoing lease obligations are expected to weigh on cash flow and financial flexibility. The new notes rank pari passu with WestJet Loyalty's term loan because both are treated as senior secured debt and share the same first-priority collateral package under the collateral agency and accounts agreement, and have the same guarantors. The notes and guarantees rank equally with the existing term loan B and are secured on a first-priority basis by substantially the same collateral package, including cash revenue from the WestJet Rewards loyalty program, related intellectual property and customer data, WestJet brand intellectual property, equity and partnership interests in the relevant SPVs, SPV accounts, and certain intercompany claims and rights under the loyalty, brand, intercompany and parent loan arrangements. RATINGS RATIONALE WestJet's B3 CFR is constrained by elevated financial leverage (over 6x for 2026), significant exposure to volatile jet fuel prices, and material capital spending commitments as the company renews its fleet. Fuel-price volatility has become a more important near-term credit pressure, with WestJet taking mitigating actions including fare increases, fuel hedging, route optimization and capacity reductions; however, the effectiveness of these measures will depend on passenger demand, competitive responses and the company's ability to sustain cost pass-through. Debt and lease obligations remain high as WestJet funds aircraft deliveries through sale-leasebacks and other financing arrangements, while elevated maintenance costs, and private-equity ownership could limit free cash flow available for debt reduction. The rating is supported by WestJet's strong position in Canada's concentrated air travel market, adequate liquidity, and the expectation the company will see efficiencies in its operations as it undergoes new narrow-body fleet deliveries and executes on its renewed focus as s low-cost carrier with premium leisure offerings. WestJet has adequate liquidity through 2027. Sources are comprised of CAD1.1 billion of cash and cash equivalents (net of restricted cash and minimum regulatory requirement for tour operators), and full availability under its up to $660 million (about CAD930 million) revolver expiring in June 2031. Uses include more than CAD900 million of mandatory annual debt and lease repayments and Moody's expects approximately CAD1.3 billion of negative free cash flow through the end of 2027. Sources of liquidity do not include WestJet's expectation of completing sale and leaseback transactions for its future aircraft deliveries or on existing aircraft, which if completed, will provide additional liquidity. WestJet's revolver is secured by most of its assets and subject to a collateral coverage test which the company is currently above the minimum requirement. The term loan B is subject to a minimum liquidity covenant of CAD300 million and Moody's expects the company to remain compliant over the next four quarters. The stable outlook reflects Moody's expectations that WestJet will be able to maintain adequate liquidity, its strong position in a duopolistic market, and successfully pass on most elevated fuel costs to consumers. The B1 rating on the pari passu WestJet Loyalty term loan B and WestJet Partnership notes reflects the essentialness of WestJet's brand and related intellectual properties for it to operate the business and the importance of WestJet Rewards to the company's day-to-day operations and cash flows. This view is balanced by a relatively lower recovery of the collateral if WestJet faces a liquidation scenario, and the collateral assets are monetized to repay the debt. The B1 ratings are two notches above WestJet's CFR which reflects Moody's assumptions of a lower probability of default relative to the company's other secured debt obligations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt/EBITDA is sustained below 5.5x, and (Funds from operations plus interest)/interest is likely to approach 3x. The ratings could be downgraded if liquidity deteriorates, debt/EBITDA is expected to be sustained above 7.0x, or if (Funds from operations plus interest)/interest is sustained below 1x. WestJet Airlines Ltd. headquartered in Calgary, Alberta, is a private company owned by Onex Corporation, and is the second-largest Canadian air carrier, providing scheduled passenger services to destinations in Canada, the US, Central America, the Caribbean and Europe. The principal methodology used in these ratings was Passenger Airlines published in December 2025. WestJet's B3 corporate family rating is two notches below the B1 scorecard-indicated outcome, reflecting greater emphasis on the company's elevated financial leverage and margins, which remain pressured by elevated fuel prices and market headwinds. WEXFORD DEVELOPMENT: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------------- On June 23, 2026, Wexford Development Corp filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to approximately 1 to 49 creditors. About Wexford Development Corp Wexford Development Corp is a privately held corporation engaged in real estate development and property investment. Wexford Development Corp sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-72547) on June 23, 2026. In its petition, the debtor reported estimated assets and estimated liabilities ranging from $100,001 to $1 million. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. WILFONG II HOSPITALITY: Taps Barth & Thompson as Legal Counsel -------------------------------------------------------------- Wilfong II Hospitality, LLC, d/b/a Sonesta Essential, seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to hire Barth & Thompson to serve as local bankruptcy counsel in conjunction with Raines Feldman Littrell LLP as lead counsel. The firm will provide these services: (a) give legal advice with respect to Debtor's duties in this case and the management of assets; (b) attend meetings and negotiate with representatives of creditors and other Parties in interest; (c) advise and consult on the conduct of this Chapter 11 Case, including all of the legal and administrative requirements of operating in chapter 11; (d) take all necessary action to protect and preserve Debtor's estate, including the prosecution of actions on behalf of Debtor, the defense of actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, and objections to claims filed against the Debtor's estate; (e) prepare, on behalf of the Debtor, all necessary motions, answers, orders, reports and other legal papers in connection with the administration of Debtor's estate; (f) perform any and all other legal services for the Debtor in connection with this Chapter 11 case, including the formulation and implementation of a plan of reorganization or effectuation of a sale or refinancing of the existing indebtedness; (g) assist the Debtor in the preparation of and the filing of a plan of reorganization at the earliest possible date; and (h) perform such legal service as the Debtor may request with respect to any matter appropriate to assisting the Debtor in their effort to reorganize. Stephen L. Thompson and J. Nicholas Barth will receive an hourly rate of $500, and billing rates for paraprofessionals are $200 per hour. Travel will be billed at one-half of the stated rate. Expenses will be billed at actual cost. Barth & Thompson 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: Stephen L. Thompson, Esq. J. Nicholas Barth, Esq. BARTH & THOMPSON P. O. Box 129 Charleston, WV 25321 Telephone: (304) 342-7111 Facsimile: (304) 342-6215 E-mail: sthompson@barth-thompson.com nbarth@barth-thompson.com About Wilfong Hospitality II LLC Wilfong Hospitality II, LLC is a hospitality company engaged in the ownership, management, and operation of lodging and hospitality-related assets. Wilfong Hospitality II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00366) on May 28, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by Stephen L. Thompson, Esq., at Barth & Thompson. WINTHROP STREET: Creditors to Get Proceeds From Liquidation ----------------------------------------------------------- Winthrop Street - Morra Solar, LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement describing Plan of Liquidation dated June 22, 2026. The Debtor is a Delaware limited liability company formed for the purpose of the development of solar and photovoltaic projects in Massachusetts. Gary M. Kassem is the Manager of the Debtor. On November 5, 2014, the Debtor entered into a lease agreement (the "Lease") with the predecessors of Winthrop Property Trust (the "Trust") for the real property located at 297 Winthrop Street, Rehoboth, Massachusetts 02769 (the "Leased Property"). The purpose of the Lease was to permit the Debtor to install and operate a solar array on the leased property (the "Solar Project"). On October 14, 2021, the Trust commenced an action in Bristol County Superior Court, Trust Litigation No. 2173CV00738A (the "Trust Litigation") against the Debtor and others seeking injunctive and equitable relief and damages from the Debtor due to its alleged failure to comply with the terms of the Lease and under a variety of common-law and statutory theories that are not based on the Lease. Also listed as defendants in the Trust Litigation were SunConnect Corporation and Mr. Kassem both affiliates of the Debtor, and Industria Engineering, Inc., a company hired by the Debtor to perform work on the Leased Property. The Debtor asserted counterclaims against the Trust in the Trust Litigation (the "Counterclaims") for breach of the Lease, breach of the duty of good faith and fair dealing, violations of Massachusetts General Laws chapter 93A and for declaratory relief. Both the Debtor and Industria had insurance at the time of the Trust Litigation and their respective insurance carriers provided a defense in the Trust Litigation under a reservation of rights. As a result of the Trust Litigation, the Debtor was unable to proceed with the development of the Solar Project for years. Just prior to the Debtor's bankruptcy filing, the Trust reached binding agreements with the Debtor's and Industria's insurance carriers (the "Trust Settlement") to settle all of the Trust's claims against the Debtor, SunConnect and Mr. Kassem in exchange for a cash payment from the insurance carriers (the "Trust Settlement Amount"). The Trust Settlement did not include a release of the Counterclaims. The Debtor filed bankruptcy to preserve its rights, both in the Trust Litigation and under the Lease. Unfortunately, it appears that the Solar Project is no longer financially viable due to the delays associated with the Trust Litigation, changes in the laws and regulations associated with solar projects during that time and the expiration of certain permits on the Solar Project. Based on the Schedules, the General Unsecured Claims against the Debtor total approximately $3,452,000. Class 5 consists of the General Unsecured Claims against the Debtor. In full and final satisfaction, settlement, discharge and release of the Allowed General Unsecured Claims against the Debtor, each holder of an Allowed General Unsecured Claim shall receive, on the later to occur of the Effective Date or the date such Claim is Allowed, a ProRata share of the Plan Fund until such Allowed Claims are paid in full or the Plan Fund is exhausted. Class 5 is impaired under the Plan. Class 6 consists of the Equity Interests in the Debtor. The holder of the Equity Interests in the Debtor shall receive, after all Allowed Claims have received the treatment provided to them in the Plan, the balance, if any, remaining in the Plan Fund. The Plan will be funded by the Plan Contribution and by the liquidation of the Debtor's Assets, including the Counterclaims. Upon the Effective Date, the Debtor is authorized to take all action permitted by its Organization Documents (as applicable) and by the law, including, without limitation, to use its Cash and other Assets for all purposes provided for in the Plan and in its operations, to borrow funds, to obtain new financing secured by its Assets (provided such financing is not secured by a Lien senior to the Liens retained by creditors under the Plan), and to grant liens on its unencumbered Assets. SunConnect shall provide the Plan Contribution. Upon the entry of the Confirmation Order, the Reorganized Debtor is authorized, pursuant to section 1123(a)(5) of the Bankruptcy Code and without further court order, to sell any or all of its Assets; provided that any such sale of real property must be for an amount of not less than the aggregate Allowed Secured Claims with Liens against such real property, or such other price as may be agreed to by the holders Liens on such property. A full-text copy of the Disclosure Statement dated June 22, 2026 is available at https://urlcurt.com/u?l=FN16Ec from PacerMonitor.com at no charge. Counsel to the Debtor: D. Ethan Jeffrey, Esq. Conner B. Verreaux, Esq. Murphy & King, Professional Corporation 28 State Street, Suite 3101 Boston, MA 02109 Telephone: (617) 423-0400 Facsimile: (617) 423-0498 Email: ejeffery@murphyking.com About Winthrop Street - Morra Solar Winthrop Street - Morra Solar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11014) on May 18, 2025. In its petition, the Debtor listed assets up to $50,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by D. Ethan Jeffery, at Murphy & King, Professional Corporation. WYNN RESORTS: Moody's Affirms 'B1' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings affirmed Wynn Resorts Finance, LLC's ("WRF" or "Wynn") B1 corporate family rating, B1-PD probability of default rating, B1 senior unsecured notes rating, and Ba1 senior secured revolving credit facility and senior secured term loan ratings. Moody's also affirmed Wynn Macau, Limited's ("WML") and Wynn Las Vegas, LLC's ("WLV") respective B1 senior unsecured notes ratings. WML is approximately 72% owned subsidiary of WRF, which in turn is a wholly-owned subsidiary of unrated Wynn Resorts, Limited. Moody's changed the outlooks for WRF, WML, and WLV to stable from positive. WRF's speculative-grade liquidity rating remains SGL-1. The stable outlooks reflect that the company has not reduced leverage to well below 6x. While Wynn's performance has improved since 2025, leverage still remains elevated as compared to Moody's prior expectations. The affirmation and stable outlook also incorporate Moody's views that the company will maintain very good liquidity, with ample cash balances and sizeable revolver availability. The stable outlook reflects Moody's expectations that Wynn will sustain debt/EBITDA near 6.0x. RATINGS RATIONALE Wynn's B1 CFR reflects the quality, popularity and favorable reputation of the company's resort properties -- a factor that distinguishes Wynn from other gaming operators. Additionally, the company has a well-established and successful track record of building large, high quality integrated resorts, which should bode well for the company's latest project being constructed in the United Arab Emirates (UAE). The ratings also reflect that Wynn's Macau operations have recovered significantly, contributing to improvement in the company's financial leverage. Wynn's good liquidity and relatively low cost of debt capital also support the ratings. Key credit concerns include Wynn's limited diversification, despite being one of the largest US gaming operators in terms of revenue, and exposure to reductions in cyclical discretionary consumer and business spending. Wynn's revenue and cash flow remains heavily concentrated in the Macau and Las Vegas gaming markets. Moody's expects that Wynn will pursue other large resort development opportunities around the world, following the opening of its project in the UAE. As a result, the company's leverage will increase during periods when it is developing new projects. Wynn's liquidity is very good, including its sizable cash balances and ample undrawn revolver capacity. As of March 31, 2026, Wynn had unrestricted cash and cash equivalents of $1.2 billion on a consolidated basis (not including $608 million of short-term investments), with $851 million in Macau. Wynn maintains two revolving credit facilities, a $2.5 billion unsecured facility in Macau, with $1.35 billion of available capacity, that matures in 2028 and an undrawn $1.25 billion secured revolver at Wynn Resorts Finance, LLC that matures in 2030. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if debt/EBITDA is maintained well below 6x. Good liquidity and continued revenue growth with strong positive free cash flow could support an upgrade. Ratings could be downgraded if liquidity deteriorates or if Moody's anticipates Wynn's earnings to decline from current levels. Reductions in discretionary consumer spending and visitation could lead to a downgrade as could debt/EBITDA sustained above 7x. The principal methodology used in these ratings was Gaming published in September 2025. Wynn Resorts Finance, LLC is an indirect wholly-owned subsidiary of publicly-traded Wynn Resorts, Limited, and holds all of Wynn Resorts, Limited's ownership interests in Wynn Las Vegas, LLC, which owns and operates the Wynn Las Vegas integrated resort in Las Vegas, Nevada (excluding certain leased retail space that is owned by Wynn Resorts directly), Wynn Group Asia, and Wynn MA, LLC, which owns and operates Encore Boston Harbor. The company owns 72% of Wynn Macau, Limited. Consolidated revenue for the last twelve-month period ended March 31, 2026 was approximately $7.3 billion. ********* 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. 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