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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, July 6, 2026, Vol. 30, No. 187

                            Headlines

15 LTD: Gets Interim OK to Use Cash Collateral
25 AUGUSTA: Gets Interim OK to Use Cash Collateral Until July 14
303 CLFX: Gets Interim OK to Use Cash Collateral
303 THE HILL: Gets Interim OK to Use Cash Collateral
50 SUSSEX REDEVELOPMENT: Case Summary & 20 Unsecured Creditors

50 SUSSEX: Starts Chapter 11 Bankruptcy in New Jersey
5218 PROPERTY: Deadline for Panel Questionnaires Set for July 6
A&C AUTOWORKS: Gets Interim OK to Use Cash Collateral
ABG INTERMEDIATE 2: Moody's Ups CFR to 'Ba3', Outlook Stable
ABSOLUTE TRUCK: Gets Extension to Access Cash Collateral

ACADEMY OF VOLLEYBALL: Claims to be Paid from Disposable Income
AGA REAL ESTATE: Gets OK to Use Cash Collateral Until July 15
ALCOA CORP: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable
ALFRESCO GROUP: Seeks $2.675MM DIP Loan from 364 Capital
ALLBOUND CARRIER: Court Extends Cash Collateral Access to July 31

ALLSPRING BUYER: Fitch Alters Outlook on 'BB-' IDR to Stable
AMERICAN GREETINGS: Moody's Rates New $450MM Secured Notes 'B2'
APEX PAVERS: Seeks to Extend Plan Exclusivity to Oct. 15
ARAGORN PARENT: Moody's Affirms 'B2' CFR, Outlook Stable
ARCHBLOCK LLC: Plan Exclusivity Period Extended to Sept. 4

ASCENSION TOWING: Lender Seeks to Prohibit Cash Collateral Access
ATLANTICUS HOLDINGS: Fitch Affirms B LongTerm IDR, Outlook Stable
ATW HEALTH: Gets Interim OK to Use Cash Collateral Until Aug. 8
AVEANNA HEALTHCARE: Fitch Hikes LongTerm IDR to 'B', Outlook Stable
BCI FINANCES: Binetter Loses Bid for Stay of May 26 Order to Compel

BERKSHIRE LAND: Seeks Cash Collateral Access
BESPOKE AESTHETICS: Gets Interim OK to Use Cash Collateral
BFF GROUP: Commences Chapter 11 Bankruptcy in Florida
BITCOIN DEPOT: Amends Term Loan Claims Pay Details
BITCOIN DEPOT: Debtor Lands Five Deals in Chapter 11 Sale

BLACK PEARL: Court Narrows Claims v Merchant Cash Advance Lender
BLUE DUCK: Court Narrows Claims in JetTexas Oil, et al., Case
BMI OLDCO: Reorganization Plan Filed by Minerals Technologies
BRADFORD MEDIA: Gets Court OK to Use Cash Collateral
BRAZOS DELAWARE II: Moody's Withdraws B1 CFR on Debt Extinguishment

BRIDGEPREP ACADEMY: Moody's Affirms 'Ba1' Rating on Revenue Debt
BRIGHTLINE TRAIN: Draws on Reserves to Cover Key Bond Payments
BUCKINGHAM SENIOR: Unsecured Creditors Object to Bankruptcy Plan
CAMP MYSTIC: Gets Interim OK to Continue Paying Workers in Ch. 11
CARBON HEALTH: Quality of Care Maintained, 2nd PCO Reports Says

CARR'S PLUMBING: Plan Exclusivity Period Extended to July 6
CD GREENE: Unsecureds Will Get 12.17% of Claims over 3 Years
CEDAR HAVEN: PCO Reports Staffing Challenges
CES MAIL: Gets Extension to Access Cash Collateral
CHAFIN AGENCY: Case Summary & Nine Unsecured Creditors

CHASSEUR REALTY: Seeks Chapter 11 Bankruptcy in New Jersey
CINNAMINSON MECHANICAL: Trustees Win Bid for Default Judgment
CLOUTER CREEK: Wins Bid to Execute MoU with Berkeley County, et al.
COAST TO COAST: Amends Unsecureds & Several Secured Claims Pay
COBRA EQUITY: Fitch Affirms 'B' LongTerm IDR, Outlook Stable

COMMODITY TRANSPORTERS: Seeks Chapter 11 Bankruptcy in California
COMMUNITY AUTOMOTIVE: Claims to be Paid from Business Operations
CONTINUUM CARE: Seeks Subchapter V Bankruptcy in California
CONTOUR SPA: Committee Files Liquidating Plan
CTN HOLDINGS: Trustee Loses Bid for Prelim Injunction in "Karr"

CUGINO'S PENNINGTON: Case Summary & 20 Top Unsecured Creditors
CUGINO'S PENNINGTON: Seeks Subchapter V Bankruptcy in New Jersey
DISH DBS: Cell Tower Owners Warn Bankruptcy Could Impact Claims
EL DORADO GAS: Swarek Loses Bid to Stay Sale of Certain Properties
EL DORADO SENIOR: Quality of Care Maintained, 12th PCO Report Says

ELECTRONIC LAB: Case Summary & Five Unsecured Creditors
ELIZABETH I: Must File Motion to Sell Property Under Foreclosure
ELLIOTT & SON: Gets OK to Use Additional $19.2K in Cash Collateral
EXCLUSIVE OPTICAL: Seeks to Extend Plan Filing Deadline to Nov. 3
FIRST BRANDS: Court Okays $8MM Rubber Business Sale in Chapter 11

FLOAT ALASKA: Gets OK to Revise Ch.11 Plan, Sponsor Gets More Time
FREEDOM RAVE: Updates Unsecured Claims Pay Details
GARDA WORLD: Fitch Assigns 'B-' Rating on Senior Unsecured Notes
GARDENS OF FOREST: Kathleen DiSanto Named Subchapter V Trustee
GBG RANCH: Benavidez-Hunt Awarded $1.85MM in Attorneys' Fees

GENESIS HEALTHCARE: Defeats JV Partner's Challenge to $1B Sale
GETTY IMAGES: S&P Downgrades ICR to 'CCC+', Outlook Negative
GLIDE LOGISTICS: Court Extends Cash Collateral Access to Aug. 31
GREEN D ENTERPRISES: Claims to be Paid from Disposable Income
GVO PARTNERS: Gets Interim OK to Use Cash Collateral Until July 10

H.B. FULLER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
HANSEN-MUELLER CO: Court Denies Reclamation Claims of Sellers
HANSEN-MUELLER CO: Seeks to Extend Plan Exclusivity to Sept. 15
HILBERT GROUP: Seeks to Extend Plan Exclusivity to Sept. 22
HOMESLEEP LLC: Unsecureds Will Get 15% of Claims over 3 Years

HOUSTON REAL ESTATE: Objections to Motion to Compromise Overruled
HUNT COS: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
INTENSIVE COMMUNITY: Paula Beran Named Subchapter V Trustee
J KRUSE INVESTMENTS: Amends Unsecured Claims Pay Details
J W INSULATION: Seeks Subchapter V Bankruptcy in Florida

J.F.M. 6090: Claims to be Paid from Continued Operations
J.F.M. 6090: Gets Extension to Access Cash Collateral
JAMES TURNER: Court Won't Stay Foreclosure, Bankruptcy Case
JASNIA REALTY: Court to Hear FCU Stay Motion on Aug. 6
JOHN RODERICK MCKOWEN: Court Tosses Appeal in Securities Fraud Suit

JR AND SP HOLDINGS: Seeks Subchapter V Bankruptcy in Texas
JXC ENTERPRISES: Commences Chapter 11 Bankruptcy in Georgia
LEARFIELD COMMUNICATIONS: Moody's Withdraws B2 Corp. Family Rating
LEFEVER MATTSON: Removal as GP of Live Oak Violated Automatic Stay
LFS TOPCO: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable

LIFE TIME: Moody's Affirms 'B1' CFR & Alters Outlook to Positive
LIQUOR WORLD: Unsecured Creditors Will Get 1% of Claims in Plan
LKM CONVENIENCE: Huynh Wins Bid to Sever Non-Debtor Surety Claims
LMC CONSTRUCTION: Janice Seyedin Named Subchapter V Trustee
LOMAS VERDES: Court Directs U.S. Trustee to Appoint PCO

LUCID GROUP: Selects New CFO in Massive Management Overhaul
LUGANO DIAMONDS: Creditors to Get Proceeds From Liquidation
MAD ENGINE: S&P Raises ICR to 'B-' on Performance, Debt Repayment
MARRIOTT OWNERSHIP: Moody's Alters Outlook on 'B1' CFR to Negative
MCCAMEY COUNTY HOSP: Moody's Rates New 2026 GOLT Bonds 'Ba2'

MENTORING AND BEHAVIORAL: Case Summary & Two Unsecured Creditors
MIDDLE GEORGIA: Case Summary & 20 Largest Unsecured Creditors
MMA LAW: Updates Liquidating Plan Disclosures
MORA OAK: Court Extends Cash Collateral Access to July 27
MTF HOLDINGS: Appointment of Chapter 11 Trustee Sought

NATIONAL REALTY: Trust Has Standing to Appeal Bankruptcy Decision
NATIONAL ROAD: Claims to be Paid from Income & Capital Contribution
NEGRONI BRICKELL: Case Summary & 20 Largest Unsecured Creditors
NEGRONI BRICKELL: Seeks Subchapter V Bankruptcy in Florida
NEPTUNE BIDCO: S&P Upgrades ICR to 'B', Outlook Stable

NEW ENGLAND INVESTMENT: Seeks Subchapter V Bankruptcy in Mass.
NFUZE LLC: Seeks Subchapter V Bankruptcy in Illinois
NORTHERN HOSPITAL: S&P Affirms 'CCC' LT Rating on 2017 Bonds
OCEAN PARKWAY: Seeks to Extend Plan Exclusivity to Nov. 4
OLIVE LEAF: Seeks Chapter 11 Bankruptcy in Indiana

OMNI BAG: Seeks Subchapter V Bankruptcy in Tennessee
OMNICARE LLC: Strikes $440MM DOJ Settlement in Chapter 11
ONE WORLD: Has Deal on Cash Collateral Access
ORYX MIDSTREAM: S&P Withdraws 'BB-' Issuer Credit Rating
PACIFIC RIM: Seeks to Extend Plan Filing Deadline to Aug. 28

PAP-R PRODUCTS: Seeks to Extend Plan Exclusivity to Aug. 30
PCR AGAWAM: To Sell Agawam Property to Ahmet & Canan Gunay
PHIL KEAN: Court Confirms Subchapter V Plan of Reorganization
PHOENIX FUND: Plan Exclusivity Period Extended to Sept. 21
PHOENIX RACK: Seeks Subchapter V Bankruptcy in Arizona

PITNEY BOWES: S&P Lowers Guaranteed Senior Unsecured Notes to 'B'
PLANVIEW PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
PNP LLC: Joli Lofstedt Named Subchapter V Trustee
PORTLAND HUNT: Unsecured Creditors Will Get 1.57% of Claims in Plan
POWER LANE: Scott Sackett Named Subchapter V Trustee

PRECIOUS HEARTS: Seeks Subchapter V Bankruptcy in New York
PRECISELY SOFTWARE: Moody's Cuts CFR to Caa1, Outlook Stable
PURDUE PHARMA: Lojko, et al., Lose Bid to File Late Claim
QNITY ELECTRONICS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
RAILHEAD INC: Court Dismisses Bankruptcy Case Without Prejudice

RAND PARENT: Fitch Rates $650MM Incremental Term Loan 'BB+'
RAND PARENT: New Term Loan Add-on No Impact on Moody's 'Ba1' CFR
RAPID REPAIR: Commences Subchapter V Bankruptcy in Illinois
REDDEN-WOOD & ASSOCIATES: Claims in First Insurance Case Narrowed
REDSTONE BUYER: Moody's Alters Outlook on 'Caa3' CFR to Stable

RELEASE WELL-BEING: Gets Interim OK to Use Cash Collateral
RELLIS CAMPUS: Judge Clears $40MM Texas A&M Data Center Sale
RESONETICS LLC: Moody's Affirms 'B3' CFR, Outlook Remains Stable
RINGCENTRAL INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
RINGCENTRAL INC: Moody's Affirms Ba2 CFR & Cuts Unsec. Notes to B1

RK PARISI: Commences Subchapter V Bankruptcy in New Hampshire
ROGUE FARE: Case Summary & 13 Unsecured Creditors
RUNITONETIME LLC: Court Okays Settlement Agreement with SBA
RUZBEHJON INC: Case Summary & 20 Largest Unsecured Creditors
RUZBEHJON INC: Seeks Subchapter V Bankruptcy in California

SALEM POINTE: Unsecured Creditors to Get Share of GUC Trust
SALT TECHNOLOGIES: Melissa Haselden Named Subchapter V Trustee
SCHLETTER INC: Court Affirms Summary Judgment in Favor of Brice
SEEETA ARJUN: Loses Bid to Expunge Advocare's Proof of Claim
SEIC HOLDINGS: To Sell Orange Beach Property to Randy Suggs

SENSIENCE INC: Moody's Affirms Caa3 CFR Following Recapitalization
SILVER STAR: Houston Property Sale to Black Eye Properties OK'd
SIMAD HOLDINGS: Offers Over 2 Dozens US Summer Camps for Sale
SLEEP NUMBER: Court Okays July Chapter 11 Auction
SLEEP NUMBER: Court OKs Bid Rules for Sleep Wellness Business Sale

SORRENTO THERAPEUTICS: Mevi, et al. Win Bid to Stay RICO Case
SPIRIT AIRLINES: Lands $630MM Chapter 11 Bid for 27 Aircraft
SPORTSCAPERS CONSTRUCTION: Seeks Subchapter V Bankruptcy in Texas
STG LOGISTICS: DOJ Opposes Company's Bid to Dismiss IRS Tax Claims
STONEBRIAR ABF: Fitch Rates $500MM Sr. Unsec. Notes 'BB(EXP)'

STUDIO 22: Seeks Subchapter V Bankruptcy in New York
SUNSHINE HEALING: Aaron Cohen Named Subchapter V Trustee
SVETNESS CORP: Unsecureds to Recover 22.05% or 16.43% in Plan
SYNAPTICS INC: Moody's Puts 'Ba2' CFR Under Review for Upgrade
SYSOREX GOVERNMENT: Seeks $972,043 Interim DIP Loan From Southstar

TALON LOGISTICS: Commences Chapter 11 Bankruptcy in California
TARZANA PLAZA: Tabatabai Loses Bid to Enforce Confirmation Order
TERRAFORM POWER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
TFH FITNESS: Gets Interim OK to Use Cash Collateral
TPI COMPOSITES: Court Confirms Chapter 11 Liquidating Plan

TRADITIONS OIL: Court Won't Reinstate Bankruptcy Case
TRICIDA INC: Court Tosses Insider Trading Claims vs OrbiMed
TRUCORDIA INTERMEDIATE: Moody's Affirms 'B3' CFR, Outlook Stable
TWENTY EIGHT: Gets OK to Use Cash Collateral Until July 31
UMBRELLA PROJECT: Seeks Chapter 11 Bankruptcy in Texas

UNCLE NEAREST: Receiver Fights Founder's Bankruptcy Appeal
VE LAKEVIEW: Freddie Mac Wants Trigild's Chris Nielson as Receiver
VIALE INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors
VIALE INDUSTRIES: Initiates Chapter 11 Bankruptcy in Florida
VOICES OF FAITH: Plan Exclusivity Period Extended to Sept. 29

WELLPATH HOLDINGS: Court Narrows Claims in McHugh Lawsuit
WELLPATH HOLDINGS: Trust Can Substitute as Defendant in Pugh Case
WHITE ROCK: No Decline in Patient Care, 2nd PCO Report Says
WORLD OF DISCOVERY: Francis Brennan Named Subchapter V Trustee
WORMLEY ROOFING: Commences Chapter 11 Bankruptcy in Florida

YESCARE CORP: Gets OK to Use Lender Funds as Venue Battle Continues
ZIPRECRUITER INC: Fitch Alters Outlook on 'B-' IDR to Positive
ZYTON GOURMET: Seeks Cash Collateral Access

                            *********

15 LTD: Gets Interim OK to Use Cash Collateral
----------------------------------------------
15 Ltd received interim approval from the U.S. Bankruptcy Court for
the District of Colorado to use cash collateral to fund
operations.

Under the interim order, the Debtor is authorized to use cash
collateral from June 24 until entry of a final order in accordance
with a court-approved budget, subject to a 15% line-item variance
and a 15% aggregate variance.

The Debtor's cash collateral consists of approximately $909 in cash
and $131,878 in retail inventory, subject to interests held by the
State of Colorado Department of Revenue and the City of Denver. The
Colorado Revenue Department is owed $1,118.42 while the City of
Denver is owed $1,487 for unpaid sales taxes.

Additional creditors include Financial Agent Services, CFG Merchant
Solutions, LLC, C T Corporation System, and Corporation Service
Company, acting as representatives. Their asserted collateral spans
from future receivables to substantially all of the Debtor's
assets.

As adequate protection, these creditors will receive replacement
liens on the Debtor's post-petition assets, with the same validity,
extent, and priority as their pre-petition lien.

Events of default that could terminate the Debtor's right to use
cash collateral include the conversion or dismissal of its Chapter
11 case, appointment of a bankruptcy trustee, and cessation of
operations.

The order is available at
http://bankrupt.com/misc/15LTD_ICCOrder35.pdf

A final hearing is scheduled for July 27.  

15 Ltd operates under the well-known "303 Boards" brand name
alongside its corporate affiliates, 303 CLFX LLC and 303 The Hill
Ltd., which are also active Chapter 11 debtors; the entities intend
to seek joint administration of their respective cases.

Historically, 303 Boards has run a highly successful network of
skateboard shops in the Denver and Boulder areas for nearly 30
years, leaning heavily into community culture by hosting
high-traffic promotional product launches, art shows, and video
premieres. While its affiliates handle online sales and the primary
inventory vendor relationships, the Debtor was specifically formed
in January 2022 to establish a permanent brick-and-mortar
storefront and event venue at 1288 S. Broadway in Denver to
eliminate third-party rental costs and generate alcohol sales.
However, the venue project faced severe capital constraints,
falling roughly $500,000 short of completing the buildout for a bar
and coffee shop despite finishing the retail segment. Facing an
overextended operational budget, the Debtor heavily relied on
high-cost Merchant Cash Advances to bridge its cash-flow gaps,
ultimately prompting this bankruptcy filing to right-size its
balance sheet and preserve its going-concern value.

                           About 15 Ltd

15 Ltd operates under the well-known "303 Boards" brand name
alongside its corporate affiliates, 303 CLFX LLC and 303 The Hill
Ltd.  303 Boards has run a network of skateboard shops in the
Denver and Boulder areas.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 26-14424) on June 18,
2026. In the petition signed by Samuel Lyle Schuman, manager, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.

Gabrielle Palmer, Esq., at Onsager Fletcher Johnson Palmer LLC,
represents the Debtor as legal counsel.


25 AUGUSTA: Gets Interim OK to Use Cash Collateral Until July 14
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
entered an interim order authorizing 25 Augusta, LLC to use cash
collateral through July 14.

The order allows the Debtor to continue operating its business
while using the cash collateral of secured creditors LP25 Asset
Fund I, LLC and LP25 Asset Fund II, LLC, subject to the terms of
the court-approved budget.

Under the order, the Debtor may exceed individual budget line items
only if total monthly disbursements remain within a 10% aggregate
variance.

Lenders will be granted adequate protection through replacement
liens on the Debtor's post-petition collateral and related
proceeds, maintaining the same priority, validity, and
enforceability as their pre-petition security interests.

As additional protection, the Debtor is required to maintain
insurance on all assets at replacement or fair market value; name
the lenders as additional insureds or loss payees; and provide
proof of insurance while ensuring policies cannot be canceled
without at least 30 days' prior notice.

The interim authorization will remain in effect until the next
hearing scheduled for July 14.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/BPhYu from PacerMonitor.com.

                       About 25 Augusta LLC

25 Augusta, LLC is a private limited-liability company, is
principally a real-estate holding entity associated with the
ownership of a multi-family residential property in the West
Town/Ukrainian Village area of Chicago.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04618) on March 16,
2026. In the petition signed by Monserrate Hernandez, member, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Jacqueline P. Cox oversees the case.

Paul M. Bach, Esq., at Bach Law Offices, represents the Debtor as
bankruptcy counsel.


303 CLFX: Gets Interim OK to Use Cash Collateral
------------------------------------------------
303 CLFX, LLC received interim approval from the U.S. Bankruptcy
Court for the District of Colorado to use cash collateral.

Under the interim order, the Debtor is authorized to use cash
collateral to fund its operations based on a court-approved budget,
subject to a 15% variance.

The Debtor's cash collateral is subject to security interests held
by lenders including the U.S. Small Business Administration, which
holds an Economic Injury Disaster Loan with a balance of
approximately $140,541.

The Debtor's primary assets consist of inventory valued at
approximately $220,886 based on an inventory conducted as of April
30. It also maintains checking accounts at three banks, all of
which were overdrawn on the bankruptcy filing date due to
collection actions by merchant cash advance lenders.

To protect secured creditors, the court granted them replacement
liens on the Debtor's post-petition inventory and business income,
with the same relative priority as their pre-petition liens. In
addition, the SBA will receive monthly payments of $731 on its EIDL
loan.

Additional safeguards include insurance coverage on the collateral
and regular financial reporting.

The interim order preserves all rights of secured creditors to
assert their claims and lien positions in the Debtor's assets.

A final hearing is scheduled for July 27.

The order is available at
http://bankrupt.com/misc/303CLFX_ICCOrder34.pdf

                         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.
It 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 sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Colo. Case No. 26-14399) on June 18, 2026. In the
petition signed by Sam Schuman, manager, the Debtor disclosed
$249,931 in assets and $1,155,969 in liabilities.

Judge Michael E. Romero oversees the case.

Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C.,
represents the Debtor as legal counsel.


303 THE HILL: Gets Interim OK to Use Cash Collateral
----------------------------------------------------
303 The Hill, Ltd received interim approval from the U.S.
Bankruptcy Court for the District of Colorado to use cash
collateral.

Under the interim order, the Debtor is authorized to use cash
collateral in accordance with its six-month operating budget until
the final hearing.

The operating budget projects that the business will remain
profitable while replenishing its cash through ongoing sales.
Weekly projected sales are approximately $28,450 after discounts
and shipping adjustments, with cost of goods sold of roughly
$15,813, producing gross profit of approximately $12,638 per week.


The Debtor reported that it had only approximately $5,928 in cash
on the petition date, of which about $5,734 was frozen by PayPal
due to Fenix Capital Funding's asserted security interest. Its
inventory is valued at approximately $175,000 at retail, with an
estimated liquidation value of $50,000. Because most revenue is
generated through online sales, immediate access to cash collateral
is necessary to purchase inventory, pay employees, and meet
ordinary operating expenses.

The creditors that claim or may claim security interests in the
cash collateral and other assets of the Debtor include Legend
Advance Funding II, LLC, Shopify Capital, Lightspeed HQ, Fenix
Capital Funding, LLC, Forward Financing and PayPal Working Capital.


As adequate protection, any creditor holding a properly perfected
security interest in the cash collateral will be granted
replacement liens on the Debtor's post-petition accounts
receivable.

Additional safeguards include insurance coverage, maintenance of
the collateral, and regular financial reporting.

The order is available at
http://bankrupt.com/misc/303THEHILL_ICCOrder34.pdf

A final hearing is scheduled for July 27.

                        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.



50 SUSSEX REDEVELOPMENT: Case Summary & 20 Unsecured Creditors
--------------------------------------------------------------
Debtor: 50 Sussex Redevelopment Urban Renewal LLC
        54 Hudson Street, Suite 300
        Freehold, NJ 07728
        
Business Description: 50 Sussex Redevelopment Urban Renewal LLC is
a Freehold, New Jersey-based real estate development entity
associated with a 15-story, 203-unit mixed-use multifamily project
in Newark's University Heights neighborhood that includes market-
rate and affordable apartments, commercial space and parking.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 26-17635

Debtor's Counsel: Albert A. Ciardi, III, Esq.
                  CIARDI CIARDI & ASTIN
                  1905 Spruce Street
                  Philadelphia, PA 19103
                  Tel: 215-557-3550

Estimated Assets: $50 million to $100 million

Estimated Liabilities: $50 million to $100 million

The petition was signed by Domenick Tonacchio as general manager.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/3VHZT6I/50_Sussex_Redevelopment_Urban__njbke-26-17635__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

Entity                          Nature of Claim     Claim Amount

1. A&E Surfaces Co.                                     $190,621
   33 Powerhouse Road
   Roslyn Heights, NY 11577

2. Apartments.com                                        $16,560
   501 S. 5th Street,
   Richmond, VA 23219

3. Atlantic Specialty Insurance Company                 $650,000
   c/o CSG Law
   105 Eisenhower Pkwy
   Roseland, NJ 07068

4. Barrier Associates                                   $134,184
   435 Bellvale Road
   Chester, NY 10918

5. Bender Enterprises, Inc.                             $388,956
   1 Milltown Court
   Suite 2B
   Union, NJ 07083

6. C&M Shade Corp.                                      $119,000
   53 Dwight Place
   Fairfield, NJ 07004

7. City of Newark                   Property Taxes      $780,000
   Division of Revenue Collections
   920 Mayor Kenneth A. Gibson Blvd.
   Newark, NJ 07102

8. Clark Guldin                                          $57,836
   Attorney at Law
   20 Church Street,
   Suite 15
   Montclair, NJ 07042

9. Complete Security Systems                             $29,485
   94 Vanderburg Road
   Marlboro, NJ 07746

10. Corcoran Sawyer Smith (Liberty Realty)               $89,599
    1 Marine View Plaza
    Hoboken, NJ 07030

11. Davis Bucco & Makara                                 $48,717
    10 East 6th Street
    Conshohocken, PA 19428

12. Glassbilt                                           $696,855
    1 Henderson Street
    Hoboken, NJ 07030

13. Industry Drywall Corp.                              $372,287
    160 Chubb Avenue,
    Suite 205
    Lyndhurst, NJ 07071

14. Newmark                                             $850,000
    110 East 59th Street,
    7th Floor
    New York, NY 10022

15. Pipe Fitters LLC                                    $207,591
    306 S Michigan Avenue
    Kenilworth, NJ 07033

16. RSI Painting                                         $29,100
    448 Faller Street
    Oceanside, NY 11572

17. The Blaikie Group                                    $71,634
    111 John Street,
    16th Floor
    New York, NY 10038

18. Travelers                                            $57,227
    PO Box 660317
    Dallas, TX 75266

19. TVR Mechanical                                       $63,000
    217 Market Street
    Kenilworth, NJ 07033

20. Wachtel Missery LP                                   $84,000
    885 Second Avenue
    New York, NY 10017


50 SUSSEX: Starts Chapter 11 Bankruptcy in New Jersey
-----------------------------------------------------
On July 1, 2026, 50 Sussex Redevelopment Urban Renewal LLC filed
for Chapter 11 protection in the U.S. Bankruptcy Court for the
District of New Jersey. According to court filings, the Debtor
reports between $50 million and $100 million in liabilities owed to
1-49 creditors.

A meeting of creditors under Section 341(a) to be held on July 29,
2026 at 10:30 AM via Zoomgov-Sponder: join.zoom.us Meeting ID 165
328 01361, Passcode 1042544782, or call 1-551-285-1373.

Government proofs of claim must be filed by December 28, 2026.

           About 50 Sussex Redevelopment Urban Renewal LLC

50 Sussex Redevelopment Urban Renewal LLC is a Freehold, New
Jersey-based real estate development and multifamily property
management company. The company owns and operates Hoyt Tower, a
203-unit luxury apartment community in Newark, New Jersey,
featuring approximately 2,000 square feet of ground-floor retail
space. The property recently underwent a $62 million refinancing,
and the Debtor continues to operate it as a debtor-in-possession
during the Chapter 11 proceedings.

50 Sussex Redevelopment Urban Renewal LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17635)
on July 1, 2026. In its petition, the Debtor reported estimated
assets of $50 million to $100 million and estimated liabilities of
$50 million to $100 million.

The Debtor is represented by Albert Anthony Ciardi III, Esq. of
Ciardi Ciardi & Astin.


5218 PROPERTY: Deadline for Panel Questionnaires Set for July 6
---------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of 5218 Property LLC.
       
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/2akxx6k6 and return by email it to
Angeliza Ortiz-Ng -- Angeliza.Ortiz-Ng@usdoj.gov -- at the Office
of the United States Trustee so that it is received no later than
1:00 p.m., on July 6, 2025.
              
                        About 5218 Property

5218 Property LLC is a single-asset real estate entity (as defined
in 11 U.S.C. Section 101(51B)).

5218 Property sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. N.J. Case No. 26-17177) on June 22, 2026. In its
petition, the Debtor reported estimated total assets of $0 to
$50,000 and estimated liabilities of $1 million to $10 million. The
petition was signed by Ira Russack as managing member.

The Debtor's counsel is wilentz, Goldman & Spitzer, P.A.


A&C AUTOWORKS: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
A&C Autoworks Inc. received interim approval from the U.S.
Bankruptcy Court for the District of Colorado to use cash
collateral.

Under the interim order, the Debtor is authorized to use cash
collateral through July 23 or upon entry of a final order or an
event of default, whichever occurs first.

As of the petition date, the Debtor's cash collateral consists of
approximately $40,000 in cash, $2,500 in work-in-progress, and
$1,000 in receivables. Available cash remains uncertain because
several bank accounts have been frozen.

The Debtor's cash collateral is subject to security interests held
by several creditors, including taxing authorities with statutory
liens for unpaid sales taxes, the U.S. Small Business
Administration, VelocitySBA, LLC, and merchant cash advance lenders
such as United Capital Experts, LLC and Westwood Funding Solutions.
Estimated obligations include approximately $52,517 owed to the
Colorado Department of Revenue, $30,000 to the City of Thornton,
$484,000 to the SBA, $1.45 million to VelocitySBA, approximately
$147,000 to United Capital Experts, and $93,164 to Westwood Funding
Solutions.

As adequate protection, these creditors will be granted replacement
liens on the Debtor's post-petition cash collateral and related
proceeds to the extent of any diminution in the value of their
pre-petition collateral.

Events of default include material noncompliance with the order or
other court directives, conversion or dismissal of the Debtor's
bankruptcy case, cessation of business operations, and entry of an
order granting relief from the automatic stay against material
assets.

The order is available at
http://bankrupt.com/misc/AandCAutoworks_ICCOrder35.pdf

A final hearing is scheduled for July 23.

A&C Autoworks' revenue comes primarily from the sale of automotive
repair services and parts, making its daily receipts,
work-in-progress, and related proceeds subject to creditors'
security interests under 11 U.S.C. section 363. Without immediate
access to these funds, the Debtor would be unable to pay ordinary
operating expenses necessary to keep the business functioning.

The Debtor was formed in 2018 and expanded significantly in 2022 by
acquiring Front Range Motors, including the purchase of its
operating property in Thornton, Colorado. That acquisition was
financed in part through a $1.6 million loan from VelocitySBA LLC.
Following advice from professionals, the property was temporarily
transferred to a related real estate holding company owned by
Malcolm and Melinda Garrison before being transferred back to the
Debtor in 2026. Although the expansion increased the Debtor's size
to seven mechanics and six repair bays, payroll expenses exceeded
$40,000 per month while revenues failed to meet expectations. To
address resulting cash shortages, the Debtor began relying on
merchant cash advance financing beginning in late 2023.

The MCA loans ultimately worsened its financial condition. Between
2023 and the bankruptcy filing, the Debtor received approximately
$671,159 in MCA funding while repaying approximately $711,411
through automatic daily and weekly withdrawals from its bank
accounts. These recurring withdrawals severely strained cash flow,
leaving insufficient funds to pay property taxes, remit collected
sales taxes, or continue servicing the remaining MCA obligations.
The two remaining MCA lenders have filed lawsuits seeking more than
$240,000 in aggregate damages. Additional financial pressure arose
after hail damaged the Debtor's roof in 2024. Although insurance
proceeds were paid, the funds were consumed by operating expenses
and MCA withdrawals rather than roof repairs, prompting litigation
by the contractor and consultant involved in the repair project.

In May 2026, the remaining MCA lenders filed collection lawsuits in
New York, and in June they garnished the Debtor's bank accounts,
freezing approximately $9,200 in one account and about $23,000 in
another. These garnishments substantially restricted the Debtor's
available liquidity and contributed directly to the Chapter 11
filing. Despite these financial problems, the Debtor maintains that
its underlying business remains viable. It relies primarily on its
established reputation and repeat customers rather than extensive
advertising, performs several repair jobs simultaneously each day,
and generally collects payment upon completion of services,
resulting in minimal accounts receivable beyond routine credit card
processing delays.

                     About A&C Autoworks Inc.

A&C Autoworks Inc. 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. Bankr. D.
Colo. Case No. 26-14422) on June 18, 2026. In the petition signed
by Malcom Garrison, president and director, the Debtor disclosed
$1,290,614 in assets and $2,358,144 in liabilities.

Judge Michael E. Romero oversees the case.

Andrew Johnson, Esq., at Onsager, Fletcher Johnson, Palmer, LLC,
represents the Debtor as legal counsel.


ABG INTERMEDIATE 2: Moody's Ups CFR to 'Ba3', Outlook Stable
------------------------------------------------------------
Moody's Ratings upgraded ABG Intermediate Holdings 2 LLC's (dba
Authentic Brands; ABG) corporate family rating to Ba3 from B1.
Moody's also upgraded the company's probability of default rating
to Ba3-PD from B1-PD and its backed senior secured first lien bank
credit facility ratings to Ba3 from B1. The outlook remains
stable.

The upgrade reflects governance considerations, specifically ABG's
lower leverage and more balanced financial strategy over the past
two years, and Moody's expectations that Moody's-adjusted
debt/EBITDA will remain below 4.5x on a pro-forma basis.
Accordingly, Moody's changed the company's CIS score to CIS-3 from
CIS-4 and governance issuer profile score to G-3 from G-4. The
upgrade also reflects ABG's increased scale and improved portfolio
quality following the additions of larger, well-recognized brands,
including Guess?, Champion, Dockers and the pending acquisition of
Lee.

RATINGS RATIONALE

ABG's rating benefits from the company's relatively stable
earnings, reflecting the recurring nature of its royalty revenue
and the scale and diversity of its brands. Guaranteed minimum
payments represent most of ABG's revenue, while its asset-light
licensor business model with low overhead costs supports strong
profit margins and free cash flow generation. ABG's broad brand
portfolio and licensee network further support the stability of
royalty collections. Reflecting its business model and solid
acquisition execution, the company has grown consistently since
inception and has demonstrated resilience through supply chain
disruptions and a difficult discretionary consumer spending
environment. Over the next 12-18 months, Moody's expects continued
earnings growth driven by recently acquired intellectual property,
while liquidity remains good, supported by solid free cash flow and
adequate excess revolver availability.

Nevertheless, the rating also reflects governance considerations,
including risks associated with private equity ownership and an
acquisitive growth strategy that relies on debt financing including
a heavy reliance on revolver borrowings. Moody's-adjusted
debt/EBITDA was 4.6x as of March 31, 2026 but pro forma for the
full-year impact of the Guess?, Kevin Hart and Dockers
acquisitions, Moody's estimates debt/EBITDA at 4.2x. Moody's
expects that pro-forma debt/EBITDA will remain in the low-4x range
after the pending Lee acquisition closes and in the next 12-18
months. In addition, the portfolio's exposure to legacy brands with
significant wholesale reliance poses a risk to the growth and
sustainability of its royalty payments in a fast-evolving retail
landscape that requires ongoing marketing and technology
investment. ABG's model depends on licensees maintaining product
quality, distribution discipline and marketing investment, because
deterioration at the licensee level can pressure retail sales and
ultimately royalty growth. The rating also reflects exposure to
licensee credit risk, as illustrated by the recent bankruptcies of
several licensees, which can pressure royalty collections and
require renegotiation of agreements. Further, in Moody's views, the
company's growing entertainment business, including celebrity IP-
and endorsement-related revenue tied to figures such as David
Beckham, Shaquille O'Neal and Kevin Hart, is less proven and
potentially more volatile than traditional product licensing.

The stable outlook reflects Moody's expectations for consistent
operating performance, Moody's-adjusted debt/EBITDA in the 4-4.5x
range and good liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company substantially reduces
its private equity ownership and board representation and
demonstrates a commitment to maintaining a more conservative
financial policy, including lower leverage and very good liquidity,
including less reliance on revolver borrowing to fund acquisitions.
Quantitatively, the ratings could be upgraded if Moody's-adjusted
debt/EBITDA is sustained below 4.0x and EBITA/interest expense
above 3.5x. An upgrade would require continued strong acquisition
execution, organic revenue growth and stable profit margins.

The ratings could be downgraded if ABG adopts more aggressive
financial policies, or if operating performance, acquisition
execution or liquidity weakens. Specific metrics include
Moody's-adjusted debt/EBITDA sustained above 4.5x or EBITA/interest
expense sustained below 3.0x.

Headquartered in New York, NY, Authentic Brands is a brand
management and licensing company with a portfolio of more than 50
lifestyle, sports, media and entertainment brands. The company is
majority-owned by private equity firms, including affiliates of CVC
Capital Partners, Leonard Green & Partners, General Atlantic and
HPS Investment Partners, along with management and other
co-investors. Revenue for the twelve months ended March 2026 was
approximately $1.9 billion.

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

Using the factors outlined in Moody's Business and Consumer
Services methodology, ABG's scorecard indicated outcome is Ba1, two
notches above the actual Ba3 CFR. The differential reflects the
company's private equity ownership and debt-financed acquisition
strategies.


ABSOLUTE TRUCK: Gets Extension to Access Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, entered a third interim order granting
Absolute Truck Repair, LLC approval to use cash collateral.

Under the order, the Debtor is authorized to use cash collateral to
pay court-approved expenses, including U.S. Trustee quarterly fees,
and necessary operating expenses listed on its budget, with
flexibility of up to 10% variance per budget line item.

The Debtor may also use additional funds if approved in writing by
secured creditor Kalamata Capital Group. Any use of cash collateral
outside these approved purposes is prohibited unless further
authorized by the court.

The six-month budget projects total operational expenses of
$273,131.87.

Kalamata and other secured creditors will be granted adequate
protection through replacement liens on post-petition cash
collateral, with the same validity and priority as their
pre-petition liens.

The Debtor must maintain required insurance coverage, comply with
all debtor-in-possession duties, and provide Kalamata reasonable
access to business records and premises for inspection, provided
such access does not disrupt operations.

The order is available at
http://bankrupt.com/misc/AbsoluteTruck_ICCOrder65.pdf

The next hearing is scheduled for July 14.

               About Absolute Truck Repair LLC

Absolute Truck Repair, LLC is a Florida-based company specializing
in commercial truck repair and maintenance services.

Absolute Truck Repair filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04758) on
December 23, 2025. In its petition, the Debtor listed $100,001 to
$1 million in assets and liabilities.

Honorable Bankruptcy Judge Jacob A. Brown handles the case.

The Debtor tapped Bryan K. Mickler, Esq., at Mickler & Mickler as
counsel and First Coast Tax and Accounting as accountant.


ACADEMY OF VOLLEYBALL: Claims to be Paid from Disposable Income
---------------------------------------------------------------
Academy of Volleyball, Inc., filed with the U.S. Bankruptcy Court
for the Northern District of California a Plan of Reorganization
for Small Business dated June 24, 2026.

Since 2015, the Debtor has been in the business of operating a
volleyball club, which provides instructions, and competition for
youth and junior athletes.

The main reason precipitating the filing of the present case was
the lawsuit filed against the Debtor by Jane Doe, alleging
negligent hiring and supervision of one of its coaches and seeking
damages against the Debtor.

The Debtor's financial projections show that the Debtor will have
projected disposable income of $695,496.00.

The final Plan payment to general unsecured creditors identified in
Class 3€ is expected to be paid on Oct. 2031 which is anticipated
to be 60 months after the effective date.

Class 3(e) consists of all Allowed General Unsecured Claims against
the Debtor. The Debtor shall commit all projected disposable income
required by this Plan for the benefit of holders of Allowed Class
3(e) General Unsecured Claims. The Debtor shall make monthly Plan
payments from projected disposable income, which shall be
accumulated and held by the Disbursing Agent in a segregated Plan
distribution account pending distribution in accordance with this
Plan. The distribution to a segregated account for the benefit of
Allowed Class 3(e) General Unsecured Claims shall commence in Oct.
2027.

Because the amount, if any, of the Allowed General Unsecured Claim
that may ultimately be asserted by Jane Doe (Class 3(d)) cannot
presently be determined due to the pending litigation and the
unresolved insurance coverage dispute, distributions to holders of
Allowed Class 3(e) General Unsecured Claims shall be deferred until
Jane Doe's claim has been resolved by settlement, final judgment,
estimation pursuant to section 502(c) of the Bankruptcy Code, or
other order of the Bankruptcy Court unless the Court orders
otherwise.

The equity security holders of the Debtor are Daniele A. Desiderio
holding a 50% equity security interest in the Debtor and Olta
Gremi, holding the remaining 50% equity security interest in the
Debtor. They shall retain their membership interest in the Debtor.

The Debtor will continue to operate the volleyball academy to
generate the revenue to pay the claims under the Plan. The
management of the Debtor will continue to be under the supervision
of its principals, Daniele A. Desiderio and Olta Gremi.

A full-text copy of the Plan of Reorganization dated June 24, 2026
is available at https://urlcurt.com/u?l=14nuxc from
PacerMonitor.com at no charge.

Counsel to the Debtor:

  Michael Jay Berger, Esq.
  Sofya Davtyan, Esq.
  LAW OFFICES OF MICHAEL JAY BERGER
  9454 Wilshire Blvd. 6th Floor
  Beverly Hills, CA 90212-2929
  Telephone: (310) 271-6223
  Facsimile: (310) 271-9805
  E-mail: Michael.Berger@bankruptcypower.com
          Sofya.Davtyan@bankruptcypower.com

                  About Academy of Volleyball Inc.

Academy of Volleyball, Inc. provides youth and junior volleyball
training and competitive programs from its headquarters in West
Redwood City, California, with additional facilities in North
Burlingame. The club offers girls and boys teams, summer and winter
camps, clinics, private lessons, beach volleyball programs, and
college recruiting resources, serving athletes typically aged 10
through 18. The club's programs help athletes build technical
skills, develop mental toughness, and learn teamwork and composure
in a competitive, team-driven environment. Facilities include
multiple courts, a performance lab, and year-round practice spaces
designed to support skill advancement and athlete performance.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30265) on March 26,
2026. In the petition signed by Daniele Desiderio, CEO, the Debtor
disclosed $427,076 in total assets and $3,000,664 in total
liabilities.

Judge Hannah L. Blumentstiel oversees the case.

Michael Jay Berger, Esq., at LAW OFFICES OF MICHAEL JAY BERGER,
represents the Debtor as legal counsel.


AGA REAL ESTATE: Gets OK to Use Cash Collateral Until July 15
-------------------------------------------------------------
AGA Real Estate Security, LLC received another extension from the
U.S. Bankruptcy Court for the Northern District of Georgia, Newnan
Division, to use cash collateral.

The court entered a third interim order authorizing the Debtor to
continue using cash collateral through July 15 based on an approved
budget, which projects total operational expenses of $23,000 for
the period from June 24 to July 15.

The Debtor's primary source of revenue comes from residential
rental properties in Troup County, Georgia. Several lenders,
including Dominion Financial Services, CoreVest (CAFL 2026-R1
Issuer, LLC), BRBRSHY, Inc., York Funding, Shellpoint, Plex
Capital, and others claim security interests in various properties
and the rental income they generate, making those rents potential
cash collateral under the Bankruptcy Code.

As adequate protection from any diminution in the value of their
cash collateral, lenders will be granted automatically perfected
replacement liens on post-petition property similar to their
pre-petition collateral, excluding proceeds of Chapter 5 avoidance
actions.

Additionally, the Debtor is required to maintain separate
debtor-in-possession accounts for CoreVest, Dominion, and all
remaining properties; deposit rents into the appropriate account;
and avoid commingling funds. Cash collateral from each account must
be used only for expenses associated with the properties securing
that lender's claims.

The order is available at
http://bankrupt.com/misc/AGARealEstate_ICCOrder53.pdf

The court scheduled a further hearing for July 15.

Shortly after filing for bankruptcy, the Debtor sought emergency
authority to use cash collateral. The court granted an interim
order on April 20, followed by a second interim order on May 8,
permitting the Debtor to use cash collateral through June 19. At a
hearing held on June 17, however, the court declined to extend that
authority based on the existing presentation and instead directed
the Debtor to submit a revised motion supported by a more detailed
and compliant budget.

                 About Aga Real Estate Security LLC

Aga Real Estate Security, LLC is a real estate-focused entity
engaged in property investment, asset management, and related
financial services.

Aga Real Estate Security, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-10552) on April 5, 2026.
In its petition, the Debtor reports estimated assets of $10 million
to $50 million and estimated liabilities of $10 million to $50
million.

Honorable Bankruptcy Judge Paul Baisier handles the case.

The Debtor is represented by Brad Fallon, Esq. of Fallon Law, PC.


ALCOA CORP: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit and issue-level
ratings on Alcoa Corp. and its senior unsecured debt.

The stable outlook reflects S&P's expectations for leverage of
about 2x over the next 12 months as Alcoa closes the proposed
transaction and prioritizes debt reduction and investment into its
assets to gradually improve profitability.

Alcoa Corp. announced the proposed acquisition of South32 Ltd.'s
bauxite, alumina, and aluminum assets for $4.1 billion, which will
be funded with $3.1 billion of cash and $1 billion of equity.

The proposed acquisition will increase Alcoa's net supply position
in alumina and aluminum, deepen its vertical integration into
bauxite and alumina, and provide some cost advantages and
potentially higher margins.

S&P said, "We expect leverage to weaken from the increase in debt
to finance the acquisition. However, Alcoa's equity stake in
Ma'aden and inventory of idled assets are likely to be monetized
over the next three to four years, and we expect proceeds will be
used to repay debt."

The addition of South32's assets would modestly strengthen Alcoa's
competitive position. S&P expects pro forma annual revenue over $20
billion compared with about $12 billion on average over the past
five years. Alcoa's pro forma annual alumina production will
increase about 50% and its aluminum production 30%.

Alcoa is the largest producer of alumina outside of China, with
cash costs in the first quartile of the industry cost curve.
Integrating South32's assets further consolidates this position and
could improve overall margins.

The proximity of the Boddington bauxite mine and Worsley alumina
refinery to Alcoa's existing operations in the region could unlock
major synergies over the long term. Alcoa estimates about $900
million in net present value of synergies with this acquisition.

S&P also incorporates Alcoa's single commodity focus with this
acquisition and exposure to earnings volatility from alumina and
aluminum markets, which modestly constrains the competitive
position assessment. Portfolio rationalization actions over the
past three years and the integration of higher-margin operations
from the acquisition could result in stronger and less volatile
earnings over the next two to three years.

S&P expects pro forma leverage of about 2x. Alcoa will fund the
acquisition with $3.1 billion of cash and $1 billion of Alcoa's
equity. The company has secured bridge financing commitment of $3.1
billion from Goldman Sachs, which it plans to replace with
permanent debt and some balance sheet cash prior to transaction
close.

Pro forma leverage could weaken to about 2x, assuming debt replaces
most of the bridge financing. South32 may also receive up to $750
million in contingent consideration over four successive annual
periods after transaction close, which S&P considers debt per its
criteria.

At the same time, the proposed acquisition will be immediately
accretive to EBITDA and cash flows, requiring minimum initial cash
outlays or investments to continue operations, supported by
favorable demand fundamentals for aluminum. S&P recently revised up
aluminum prices to $3,300 per metric ton (mt) for the rest of 2026
and $3,000/mt for 2027, from $2,700/mt and $2,800/mt, respectively.
The strong aluminum markets will more than offset the weakness in
alumina markets from global oversupply.

Alcoa benefits from monetizable investments over the next four
years. In July 2025, Alcoa sold its stake in a joint venture to the
Saudi Arabian mining company (Ma'aden). As part of the proceeds, it
received about 86 million shares in Ma'aden, with an estimated
market value of about $1.4 billion. S&P believes monetizing these
shares and using those proceeds to repay debts could improve
Alcoa's financial risk profile.

At the same time, the company also has about 10 idled sites that it
expects to monetize, expecting at least $500 million in sale
proceeds, which it could also use to repay debt. S&P does not
include the possible monetization of the shares and assets in its
base forecast.

As a result, S&P assesses Alcoa's capital structure as positive,
which results in a final rating one notch higher than the initial
combination of its business risk and financial risk assessments.

The stable outlook reflects S&P's expectation for leverage of about
2x over the next 12 months as Alcoa closes the South32 acquisition
and refocuses on debt reduction and investment into its assets to
gradually improve profitability. Robust aluminum prices and
increased production from existing operations and newly integrated
assets should support earnings in 2027, compensating for recovering
alumina prices

S&P could lower its ratings on Alcoa if debt to EBITDA increases
above 3x. This could occur due to:

-- Sustained negative FOCF from higher-than-anticipated costs and
sharply weaker earnings; or

-- Higher-than-anticipated or unforeseen maintenance capex or
restructuring spending related to operational challenges, reducing
its liquidity cushion.

S&P said, "Although unlikely in the next 12 to 24 months because of
business integration and an elevated debt load, we could raise our
ratings if Alcoa's EBITDA margins and return on capital improve.
This would reflect strengthening profitability from both its
upstream bauxite and alumina assets and improving returns from its
large fleet of smelters." S&P would expect to see:

-- Stronger-than-expected FOCF generation that leads to FOCF to
debt of 25%; and

-- Debt to EBITDA of 1.5x.


ALFRESCO GROUP: Seeks $2.675MM DIP Loan from 364 Capital
--------------------------------------------------------
Alfresco Group, LLC asks the U.S. Bankruptcy Court for the Northern
District of Oklahoma for authority to obtain $2.675 million in
postpetition debtor-in-possession financing from 364 Capital, LLC.


The Debtor previously withdrew a motion to sell its real estate
because the property could not command its maximum value in its
current condition. Alfresco Group asserts an immediate need for the
DIP facility to fund horizontal site preparation, which will
transform the property into a development-ready state. The Debtor
argues that this improvement will exponentially increase the
property's marketability and value, creating a clear path to paying
all creditors in full, covering administrative expenses, and
returning a dividend to equity holders, whereas a lack of financing
will result in irreparable harm and an unsuccessful
reorganization.

The proposed terms of the 12-month DIP loan from 364 Capital, LLC
carry a 13.5% annual interest rate, backed by a guaranteed 180 days
of interest. At closing, the lender will deduct a 1% servicing fee
and a 5% commitment fee, and it is authorized to hold back monthly
interest payments from an interest reserve account. Equity holder
Antoine Harris has arranged to pay a $10,000.00 application fee,
and if the debtor fails to close the loan or seeks alternative
financing, the lender is entitled to a 4% standby fee. Upon
default, the interest rate increases by an additional 6%, alongside
a $2,500.00 monthly default fee. In exchange for the funding, the
DIP lender will receive a superpriority administrative expense
claim—subject only to a carve-out for bankruptcy clerk and U.S.
Trustee fees—and a first-priority mortgage on the debtor's real
estate.

This first-priority mortgage status represents a critical
restructuring of existing property liens under Section 364(d) of
the Bankruptcy Code. Prior to this motion, BOF Holdings I, LLC held
the first-priority mortgage lien on the real estate, securing a
claim of $2,277,483, while Beratek Industries held a
second-priority mortgage lien securing $317,220. Upon approval of
the final order, 364 Capital will prime these existing encumbrances
to take the first-priority position, effectively pushing BOF
Holdings into the second position and Beratek Industries into the
third position. Alfresco Group maintains that this arrangement
satisfies the legal standards for DIP financing because it
represents sound business judgment, alternative financing is
entirely unavailable on better terms, and the resulting increase in
property value provides necessary adequate protection to the primed
lienholders.

A court hearing is scheduled for July 20.

A copy of the motion is available at https://urlcurt.com/u?l=M3gb3D
from PacerMonitor.com.


                      About Alfresco Group
LLC

Alfresco Group LLC owns 22 acres of commercial land in Tulsa
County, Oklahoma, comprising multiple tracts designated for
multifamily and hotel development. The parcels, located in Tulsa,
have a combined assessed value of $564,300.

Alfresco Group LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-10708) on
May 23, 2025. In its petition, the Debtor reports total assets of
$564,300 and total liabilities of $3,246,900.

Honorable Bankruptcy Judge Paul R. Thomas handles the case.

The Debtors are represented by Ron Brown, Esq. at BROWN LAW FIRM
PC.






ALLBOUND CARRIER: Court Extends Cash Collateral Access to July 31
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, granted Allbound Carrier, Inc. second interim
approval to use cash collateral.

Under the second interim order, the Debtor is authorized to use
cash collateral from July 1 to 31 in accordance with a
court-approved budget. The Debtor may vary from budgeted expenses
by up to 15% on individual line items and 20% on a cumulative basis
during the interim period.

The Debtor projects total operational expenses of $59,744 for
July.

The Debtor's cash collateral consists primarily of freight revenue
and accounts receivable that are subject to a lien held by the U.S.
Small Business Administration. The SBA extended a loan of
approximately $150,000 to the Debtor in 2020, secured by a blanket
lien on all business assets, including receivables and cash.
Because all incoming revenue constitutes cash collateral, the
Debtor cannot continue operations without court authorization to
use these funds.

As adequate protection, the Debtor is required to continue its
regular monthly loan payments of approximately $731 on the schedule
required under the existing SBA loan documents.

The SBA will also receive replacement liens on all post-petition
property of the Debtor that is similar to its pre-petition
collateral, with the same priority, validity, and enforceability as
its pre-petition liens. These liens are automatically perfected
without additional filings.

The order is available at https://shorturl.at/RlUOG

A further hearing is scheduled for July 24.

                       Allbound Carrier Inc.

Allbound Carrier, Inc. is an Illinois-based trucking company
operating through independent owner-operators.

Allbound Carrier sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-06532) on April 15,
2026, with assets of up to $1 million and liabilities of up to
$500,000. Blagoj Srbinov, president of Allbound Carrier, signed the
petition.

Judge Nancy A. Peterman oversees the case.

David P Leibowitz, Esq., at Law Offices of David P Leibowitz, LLC,
represents the Debtor as legal counsel.


ALLSPRING BUYER: Fitch Alters Outlook on 'BB-' IDR to Stable
------------------------------------------------------------
Fitch Ratings has affirmed Allspring Buyer LLC's Long-Term Issuer
Default Rating (IDR) and senior secured debt rating at 'BB-'. The
Rating Outlook has been revised to Stable from Negative.

The rating actions have being taken in conjunction with Fitch's
periodic traditional investment manager peer review, which consists
of eight publicly rated firms.

Key Rating Drivers

Stable Outlook: The Outlook revision to Stable reflects Allspring's
strong operating performance after its $300 million dividend
recapitalization in September 2025. The company has executed its
strategy, driving strong fee-based EBITDA (FEBITDA) growth and
improving leverage and interest coverage metrics. The Outlook
reflects Fitch's expectations that Allspring's strategic
initiatives and broader investment offerings will support further
deleveraging, stronger interest coverage metrics and greater
customer net flow consistency.

Growing Franchise: Allspring's ratings are supported by its growing
mid-tier franchise as a traditional investment manager (IM),
appropriate assets under management (AUM) diversification, its
cash-generative business model, long-term distribution agreement
with Wells Fargo & Co. ('A+'/Stable), and the expectation that
leverage will remain at or below 5.0x and interest coverage will
remain at or above 2.0x.

Weaker Margins: The ratings are constrained by Allspring's limited
track record as a standalone IM post-spinoff from Wells Fargo and
its private equity ownership, which entails some uncertainty around
financial policies and the potential for more opportunistic growth
strategies. Additionally, profitability margins, cash flow
leverage, interest coverage, and available liquidity compare
unfavorably to higher-rated IM peers.

Liquidity Products Drive Flows: Net inflows for the TTM ended 1Q26
were 0.2%, supported by demand for the firm's liquidity products.
Over the trailing four-years (2022-2025) net outflows averaged
1.8%, within Fitch's 'bbb' category asset performance range of
negative 5% to 5% for IMs charging fees on NAV. In 2H25,
Allspring's fixed income funds experienced net outflow pressure
totaling $4.5 billion, driven largely by idiosyncratic redemptions
from institutional clients. Fitch would view Allspring's ability to
generate consistent net inflows favorably.

Fitch expects Allspring's ongoing investments into distribution and
product diversification to improve net flow stability. However,
overall asset performance remains susceptible to market volatility,
given that liquidity products, which Fitch considers somewhat
transitory in nature and more sensitive to market demand, accounted
for nearly 41% of AUM at 1Q26.

Cost Rationalization Supports Margins: Allspring's FEBITDA margin
was 24.8% for the TTM ended 1Q26, up from the trailing four-year
(2022 - 2025) average of 21.5%, and towards the low end of Fitch's
'bbb' category benchmark range of 20%-30%. Allspring's margin has
been supported by the firm's strong execution on its cost
rationalization program, achieving over $75 million of annualized
run rate savings through March 2026, ahead of the $71.5 million
originally projected. Fitch believes future FEBITDA generation
should benefit from the firm's more flexible cost structure as
Wells Fargo transition costs and additional earnout fees have been
fully completed.

Declining Leverage; Remains Rating Constraint: Cash flow leverage
(debt to FEBITDA) improved to 4.6x for the TTM ended 1Q26, down
from 4.9x in 3Q25 following the $300 million term loan add-on used
to finance the distribution to Allspring's shareholders. While
Allspring's above average leverage is viewed as a rating
constraint, Fitch expects the firm will continue to delever
gradually given incremental FEBITDA growth, additional cost base
improvements, and no additional plans for non-tax distributions in
the near-term. Fitch expects Allspring to maintain leverage below
5x over the Outlook horizon.

Below Average Interest Coverage: Interest coverage (FEBITDA to
interest expense) for the TTM ended 1Q26 was 2.8x, which is below
the rated peer average. Interest coverage has averaged 2.6x over
the trailing four years (2022 - 2025), which falls within Fitch's
'b' and below category funding, liquidity and coverage benchmark
range of 1.0x-3.0x for traditional IMs. Allspring's interest
expense is expected to remain pressured in the near term given the
larger debt balance following the term loan add-on. Failure to
sustain interest coverage above 2.0x could result in negative
rating pressure.

Modest Liquidity: As of 1Q26, liquidity was comprised of $145
million in balance-sheet cash and $170 million in revolver
capacity, with availability on the revolver subject to a net
leverage covenant of 6.5x at 35% utilization. There is no near-term
refinancing risk, with the next term debt maturity in 2030.
However, Allspring's secured term loan has a 1% annual amortization
requirement, which is sufficiently covered by the firm's liquidity
sources. Fitch views the firm's fully secured funding profile as a
rating constraint, given it limits financial flexibility,
especially during times of stress.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A sustained increase in cash flow leverage above 5.0x;

- A sustained decline in interest coverage below 2.0x;

- Pursuit of aggressive financial policies, including substantial
shareholder distributions or dividend recapitalizations, that
prioritize shareholder returns over debt reduction;

-- A notable decline in available balance sheet liquidity;

- Sustained material investment underperformance, leading to
substantial long-term AUM outflows or weakening of franchise
strength;

- An inability to execute on the operating strategy, leading to
excessive costs or operational failures, or a decline in FEBITDA
margin below 10%.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A sustained improvement in reported cash flow leverage below
4.5x;

- Sustained interest coverage above 3.0x;

- Sustained FEBITDA margins above 25%;

- Favorable investment performance and material improvements of net
flows, in particular, long-term net client flows;

- A sustained sound execution against management's business plan
and financial targets, particularly regarding FEBITDA generation
and AUM.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The secured debt rating is equalized with Allspring's Long-Term
IDR, reflecting the current funding mix and Fitch's expectations
for average recovery prospects under a stressed scenario.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The secured debt rating is primarily sensitive to changes in
Allspring's Long-Term IDR and, secondarily, to material changes in
Allspring's funding mix or changes in Fitch's assessment of the
recovery prospects for the debt instrument.

ADJUSTMENTS

The Business Profile score has been assigned below the implied
score due to the following adjustment reason(s): Market position
(negative).

The Asset Performance score has been assigned below the implied
score due to the following adjustment reason(s): Concentrations;
asset performance (negative).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason(s): Earnings
stability (negative).

The Capitalization & Leverage score has been assigned below the
implied score due to the following adjustment reason(s):
Profitability, pay-outs and growth (negative).

ESG Considerations

Allspring Buyer LLC has an ESG Relevance Score of '5' for
Governance Structure due to private equity ownership, which may
result in more opportunistic growth strategies or
shareholder-friendly financial policies, which has a negative
impact on the credit profile, and is highly relevant to the ratings
resulting in a lower Long-Term IDR.

⁠⁠⁠⁠⁠⁠⁠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
   -----------               ------           -----
Allspring Buyer LLC    LT IDR BB-  Affirmed   BB-

   senior secured      LT     BB-  Affirmed   BB-


AMERICAN GREETINGS: Moody's Rates New $450MM Secured Notes 'B2'
---------------------------------------------------------------
Moody's Ratings assigned B2 rating to American Greetings
Corporation ("American Greetings"), proposed $450 million senior
secured notes. The company's B2 Corporate Family Rating, B2-PD
Probability of Default Rating, and B2 ratings on its existing
senior secured credit facilities remain unchanged.  The outlook
remains stable.

The company's credit profile remains broadly consistent with the
current rating category following the proposed issuance of senior
secured notes, which forms part of the previously announced
refinancing transaction that included the issuance of a new $400
million term loan B, an extended $250 million revolving credit
facility, as well as other secured debt instruments, including the
company's existing $800 million senior secured term loan C.
Proceeds from the combined transactions 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.
Moody's expects to withdraw the ratings on the existing $800
million senior secured term loan at close.

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 U.K., 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.

The stable outlook 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.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

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 this rating was Consumer Packaged
Goods published in February 2026.


APEX PAVERS: Seeks to Extend Plan Exclusivity to Oct. 15
--------------------------------------------------------
Apex Pavers, Inc., asked the U.S. Bankruptcy Court for the Southern
District of Florida to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to Oct. 15 and
Dec. 14, 2026, respectively.

The Debtor explains that the deadline for creditors in this case to
file proofs of claims is May 28, 2026 and the deadline for
governmental claims to be filed is Sept. 15, 2026. The Debtor
requests this additional time as the company has been rebuilding
its business and believes this additional time will provide the
company with more accurate projections to propose a plan of
reorganization.

Accordingly, the Debtor requests that the exclusivity deadline be
extended so all claims be filed prior to Debtors being required to
propose a Plan of Reorganization. In addition, Debtor requests the
additional time to review claims to propose a Plan of
Reorganization.

The Debtor claims that its request for extension of the Exclusive
Periods is reasonable given the company's progress to date.
Extending the Exclusive Periods will give the Debtor the
opportunity to have the Debtor's Plan of Reorganization confirmed.

The Debtor asserts that it is not seeking this extension to delay
the administration of the case or to pressure creditors to accept
an unsatisfactory plan. To the contrary, the requested extension to
the Exclusive Periods will permit the company to move forward in an
orderly, efficient and cost-effective manner to maximize the value
of the Debtor's assets.

The Debtor does not believe that any creditors or parties in
interest will be prejudiced by this extension.

Counsel to the Debtor:

     Dana Kaplan, Esq.
     Kelley Kaplan & Eller, PLLC
     1665 Palm Beach Lakes Blvd., Suite 1000
     West Palm Beach, FL 33401
     Telephone: (561) 491-1200
     Facsimile: (561) 684-3773
     E-mail: bankruptcy@kelleylawoffice.com

                         About Apex Pavers

Apex Pavers, Inc., is a Stuart, Florida-based company that installs
and renovates pools and designs and installs paver driveways,
patios and walkways. The company maintains a showroom and uses an
in-house team for design, construction and project execution,
serving residential and commercial clients across South Florida.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13373) on March 19,
2026.  In the petition signed by Ryan Paul Figman, president, the
Debtor disclosed $5,182,607 in total assets and $4,665,033 in total
liabilities.

Judge Erik P. Kimball oversees the case.

Craig I. Kelley, at KELLEY KAPLAN DELANEY & ELLER, PLLC, represents
the Debtor as legal counsel.


ARAGORN PARENT: Moody's Affirms 'B2' CFR, Outlook Stable
--------------------------------------------------------
Moody's Ratings affirmed Aragorn Parent Corporation's (dba
OverDrive) B2 Corporate Family Rating, B2-PD Probability of Default
Rating and B2 ratings on the existing backed senior secured first
lien credit facilities consisting of a $70 million revolving credit
facility and the recently upsized $750 million term loan due 2030.
The outlook is stable.

RATINGS RATIONALE

OverDrive's B2 CFR reflects moderate operating scale, narrow
product focus, and elevated financial leverage. A large portion of
the company's revenue is dependent on government funding,
particularly on public library and education channels. Uncertainty
around such funding could potentially weigh on operating
performance. At the same time, the company benefits from its solid
market position in global business-to-business digital content
distribution, large customer network of public libraries and
schools, and broad content catalog of ebooks, audiobooks, and
videos from various publishers and imprints.

Moody's expects revenue to grow in the low to mid-single digits
over the next 12-18 months, supported by continued consumer demand
in the public library channel and improving trends in the education
channel. The education channel, which is dependent on K-12
institutions that rely heavily on government funding and often
pre-fund digital content purchases, experienced reduced spending
following recent budget cuts. However, performance improved in the
most recent quarter, driven primarily by schools reallocating
spending toward digital formats, increased platform penetration,
and expanded distribution. Moody's adjusted EBITDA margin is
projected to expand modestly to the low-20% range, reflecting
improved operating leverage from higher revenue and favorable shift
in sales mix. As a result, Moody's expects Moody's adjusted debt to
EBITDA to remain at 5.2x in 2026, consistent with LTM March 2026,
reflecting the upsized term loan executed in June 2026. Adding back
amortization of product development costs and deducting cash paid
on product development costs, adjusted debt to cash EBITDA is
expected to remain at 5.5x over the same period.

Moody's expects OverDrive to maintain good liquidity over the next
12 to 18 months, supported by $40 million of pro forma cash as of
March 2026 (following approximately $75 million of dividends in Q2
2026 and $25 million of cash from the upsized term loan), $50 to
$60 million in annual free cash flow and access to an undrawn $70
million revolving credit facility. These sources of cash will
provide sufficient coverage for basic cash needs, including annual
interest expense of approximately $60 million, 1% amortization of
around $8 million per annum, capital investments including product
development costs of $12 to $13 million and working capital needs.
Moody's do not expect OverDrive to draw on the revolver over the
next 12-18 months given its free cash flow generation.

In June 2026, OverDrive extended the maturities its revolving
credit facility and senior secured first lien term loan by 2 years.
The spread remains unchanged, with pricing at SOFR+350bps. The
company's debt maturity profile is well-positioned with its
revolving facility that expires in September 2030 and first lien
term loan due December 2030. There are no financial covenants under
the term loan, and the revolving credit facility has a springing
net first lien leverage covenant when 40% of the revolver is drawn.
The covenant is set wide, at 8.5x net first lien leverage with no
step-downs, providing significant cushion.

The B2 ratings on the first lien senior secured credit facilities
reflect the probability of default of the company, as reflected in
the B2-PD Probability of Default Rating and an average expected
family recovery rate of 50% at default given an all-bank debt
structure with a springing financial covenant that is only
applicable to the revolver.

OverDrive's ESG Credit Impact Score of CIS-4 reflects governance
risks driven by an acquisitive track record, an aggressive
financial strategy under its private equity sponsor ownership and
limited independent members of the board.

The stable rating outlook reflects Moody's views that OverDrive
will expand revenue and EBITDA in the low-to-mid single digits over
the next 12-18 months driven by its strong position within the
digital media distribution business and steady demand for digital
content. Absent any acquisitions or dividend transactions, Moody's
expects the company to reduce its leverage primarily through EBITDA
growth.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if OverDrive is able to diversify its
client segments to mitigate the significant reliance on the public
library end market and deliver consistent revenue and EBITDA growth
resulting in Moody's adjusted debt to cash EBITDA sustained below
4.0x and free cash flow to debt above 10%. Also, the company would
need to maintain a good liquidity position and exhibit prudent
financial policies.

The ratings could be downgraded if the company fails to achieve
expected revenue and EBITDA growth such that debt to cash EBITDA is
sustained above 6.0x. Any additional debt-funded acquisitions or
dividend recapitalization that could delay deleveraging or
deteriorate liquidity could also pressure the ratings.

OverDrive is a digital content distribution platform primarily used
by public libraries, schools and corporations. The platform enables
customers to provide ebooks, audiobooks, streaming video, magazines
and other digital content to their patrons, students and employees
through the company's applications, which include Libby, Sora,
Kanopy and TeachingBooks. Revenue was $648 million for the last
twelve months ending March 2026. The company is majority-owned by
affiliates of Kohlberg Kravis Roberts & Co LP (KKR).

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.


ARCHBLOCK LLC: Plan Exclusivity Period Extended to Sept. 4
----------------------------------------------------------
Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the
District of Delaware extended Archblock LLC and its affiliates'
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to Sept. 4 and Nov. 3, 2026, respectively.

In a court filing, the Debtors explain that their Chapter 11 Cases
are highly complex with tens of millions of dollars of assets and
liabilities. There are hundreds of customers with potential claims
against the Debtors, as well as existing and potential litigation
counterparties that have asserted substantial claims. The Debtors'
goal is to obtain consent from the Committee and submit a joint
combined disclosure statement and plan of reorganization with the
Committee's support.

The Debtors claim that the relief requested herein will facilitate
their efforts to efficiently administer these Chapter 11 Cases by
providing the Debtors with a full and fair opportunity to resolve
open case issues, evaluate certain claims, and determine whether
formulation and confirmation of a plan is feasible in these cases,
without the distraction of ill-formed competing plans.

The Debtors assert that they are not seeking an extension of
exclusivity to exert leverage over creditors or to compel
acceptance of their reorganization proposals, but rather to allow
sufficient time to address outstanding contingencies and advance a
viable combined disclosure statement and plan of reorganization.

By contrast, termination of the Exclusive Periods now would
adversely impact the Debtors' progress in these Chapter 11 Cases.
Simply put, if the requested extensions are denied, upon expiration
of the Exclusive Periods, any party-in-interest would be free to
propose a plan for the Debtors and solicit acceptances thereof.

Moreover, such a ruling could foster chaos and impair the Debtors'
ability to efficiently administer these Chapter 11 Cases, without
any corresponding benefit to the Debtors' estates and creditors.
This could have significant negative effects on the Debtors'
estates, especially considering the minimal liquid assets available
to satisfy claims.

Counsel to the Debtors:

     William E. Chipman, Jr., Esq.
     Mark D. Olivere, Esq.
     Aaron J. Bach, Esq.
     Chipman Brown Cicero & Cole, LLP
     Hercules Plaza
     1313 North Market Street, Suite 5400
     Wilmington, DE 19801
     Tel: (302) 295-0191
     E-mail: chipman@chipmanbrown.com

             - and -

     Paul R. DeFilippo, Esq.
     James N. Lawlor, Esq.
     Joseph F. Pacelli, Esq.
     Wollmuth Maher & Deutsch LLP
     500 Fifth Avenue
     New York, NY 10110
     Telephone: (212) 382-3300
     E-mail: pdefilippo@wmd-law.com
             jlawlor@wmd-law.com
             jpacelli@wmd-law.com

                       About Archblock LLC

Archblock, LLC is a financial technology company operating in the
blockchain and digital asset space. It develops and manages
blockchain-based financial products and infrastructure designed to
support digital currency and related financial services.

Archblock and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Coode (Bankr. D. Del. Case No. 26-10152) on
February 6, 2026. In its petition, the Debtor reported assets of
between $1 million and $10 million and liabilities of between $100
million and $500 million.

The Honorable Craig T. Goldblatt presides over the cases.

The Debtors are represented by Chipman Brown Cicero & Cole, LLP and
Wollmuth Maher & Deutsch, LLP. Stretto, Inc. as administrative
advisor.


ASCENSION TOWING: Lender Seeks to Prohibit Cash Collateral Access
-----------------------------------------------------------------
Kapitus Servicing, Inc. asks the U.S. Bankruptcy Court for the
Middle District of Louisiana to prohibit Ascension Towing and
Recovery, LLC from using cash collateral.

Kapitus asserts a fully perfected, first-priority security interest
in substantially all of the debtor’s personal
property—including accounts, accounts receivable, cash on hand,
bank deposits, equipment, and inventory—originating from a 2017
loan agreement and a series of approximately 23 continuing
commercial loans. The most recent agreement, executed on November
4, 2025, provided a principal amount of $135,000 to be repaid
through weekly ACH debits. The debtor subsequently defaulted by
stopping payments. As of the petition date, the debtor owes Kapitus
no less than $358,948.

Because cash collateral is "soft collateral" that diminishes in
value as it is spent, Kapitus objects to its unauthorized use,
stating it has not consented to any post-petition expenditures and
has received no financial projections or budgets. Kapitus requests
that the court prohibit the debtor from using these funds or,
alternatively, condition their use upon providing substantive
adequate protection to safeguard against collateral diminution.

As part of a mandatory adequate protection package, Kapitus demands
a comprehensive set of safeguards, including: a post-petition
blanket replacement lien on all assets; monthly cash adequate
protection payments; strict adherence to a court-approved budget
with a maximum 5% variance; advance written approval for
expenditures; and an allowed superpriority administrative expense
claim under Section 507(b).

Kapitus also requests free access to the debtor's financial books,
proof of insurance naming Kapitus as a loss payee, a waiver of
Section 506(c) surcharge claims, and a mandate that the debtor
segregate all cash collateral. Finally, Kapitus urges the court to
limit any interim relief strictly to the minimum amount necessary
to prevent immediate, irreparable harm to the estate pending a
final evidentiary hearing.

A copy of the motion is available at https://urlcurt.com/u?l=M08Bxy
from PacerMonitor.com.

              About Ascension Towing and Recovery LLC

Ascension Towing and Recovery provides towing, vehicle recovery and
roadside-support services in Saint Amant, Louisiana. The company
offers light-, medium- and heavy- duty towing, flatbed towing,
winch and recovery services, boat and RV towing, motorcycle towing,
impound service and related heavy-duty breakdown assistance for
motorists, vehicle owners and commercial operators in St. Amant and
surrounding areas.

Ascension Towing and Recovery, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La.
Case No. 26-10439) on May 19, 2026, listing $610,500 in assets and
$1,035,055 in liabilities.  The petition was signed by Frank A.
Credidio as manager.

Ryan J. Richmond, Esq. at STERNBERG, NACCARI & WHITE, LLC serves as
the Debtor's counsel.

Kapitus Serving, Inc., as lender, is represented by:

   JOSEPH P. BRIGGETT, Esq.
   TREVOR C. MOSBY, Esq.
   BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC
   201 St. Charles Avenue, Suite 3600
   New Orleans, Louisiana 70170
   Telephone: (504) 566-5200
   Facsimile: (504) 636-4000
   jbriggett@bakerdonelson.com
   tmosby@bakerdonelson.com


ATLANTICUS HOLDINGS: Fitch Affirms B LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Atlanticus Holdings Corporation's
Long-Term Issuer Default Rating (IDR) at 'B'. The Rating Outlook is
Stable. Fitch has also affirmed Atlanticus' senior unsecured debt
rating at 'B' with a Recovery Rating of 'RR4'.

The rating actions were taken as part of a periodic review of
non-bank consumer lenders, which includes four publicly rated
companies.

Key Rating Drivers

Profitability and Liquidity Supports the Rating: The rating
affirmation reflects Atlanticus' experienced management team,
adequate profitability and sufficient funding flexibility and
liquidity.

Elevated Leverage Constrains the Rating: Atlanticus' ratings are
constrained by its high leverage, modest but growing franchise,
high portfolio delinquencies and net charge-offs and the elevated
risk profile of its monoline second-look business model and
subprime customer base.

Modest but Growing Franchise: Atlanticus' receivables portfolio
grew to $6.5 billion at 1Q26 from $2.7 billion at 1Q25, driven
primarily by the acquisition of Mercury Financial LLC in 3Q25.
Market share remains limited relative to major specialty finance
and credit card peers, and revenue is less diversified by geography
and product type. Fitch believes that the business model's focus on
second-look originations, subprime borrowers and high
concentrations of key retail partnerships results in heightened
vulnerability to adverse economic conditions and partner-specific
events.

Stabilizing Asset Performance: Delinquencies of more than 30 days
were 12.4% at 1Q26, consistent with YE 2025 and improved from 16.6%
at YE 2024 and a peak of 20.1% at YE 2022. Credit performance
weakened in 2022-2023, prompting Atlanticus to tighten underwriting
standards and strengthen its portfolio mix. Net charge-offs were
16.0% in the TTM ending 1Q26, up from 15.1% in 2025 but below 24.5%
in 2024, driven by the higher credit quality of recent originations
and the Mercury portfolio. Fitch believes the company's customer
base, which is already challenged by high inflation, will be
particularly vulnerable to economic stresses such as rising
unemployment.

Adequate Profitability: Profitability, as measured by pre-tax
return on average assets (ROAA), was 3.3% in the TTM ending 1Q26,
compared with 3.1% in 2025 and 4.6% in 2024. The acquired Mercury
portfolio is yielding lower than Atlanticus-originated receivables,
which will pressure profitability in the near term. However, the
company expects to reprice the loans over the next 12 months. Fitch
estimates profitability to be sustained between 2%-3% over the
Outlook horizon as stable credit performance and loan repricing are
offset by higher interest expense from increased leverage.
Profitability also remains highly sensitive to consumer credit
performance given the business model.

High Leverage: Fitch views Atlanticus' leverage (debt to tangible
equity) as high for the risk profile of its portfolio. Leverage was
14.3x at 1Q26, down from 16.3x at YE 2025 but up from 6.1x at 1Q25
due to the Mercury acquisition which was primarily funded by the
assumption of $2.8 billion of outstanding securitization debt and
$400 of unsecured debt issued in 3Q25. Fitch expects leverage to
decline over the Outlook horizon with growth in retained earnings
and the repayment of $128 of upcoming note maturities with cash on
hand.

Fitch views the Mercury acquisition as neutral to Atlanticus'
ratings as higher leverage is offset by growing franchise, better
credit quality of receivables and incremental earnings expected to
accrue to retained earnings, providing a gradual deleveraging
pathway over the Outlook horizon. Failure to reduce leverage below
13x could result in negative rating action.

Preferred Stock Treatment: Fitch assesses Atlanticus' $40 million
Series A preferred stock as debt given its mandatory redemption
feature, while affording 50% equity credit to the $89.6 million
Series B preferred stock, which reflects its perpetual nature,
cumulative non-cash-mandated dividends and absence of material
covenants or cash redemption triggers.

Secured Funding Profile: Atlanticus' funding profile is largely
secured, which Fitch believes limits financial flexibility during
periods of stress due to the high encumbrance of assets. Unsecured
debt declined to 12.1% at 1Q26 from 12.9% at 3Q25, driven by the
secured debt assumed with the Mercury acquisition offsetting the
unsecured debt issuance of $400 million in September 2025.

If the $128 million unsecured notes maturing in November 2026 are
repaid with cash, Fitch expects the ratio to decline to 10%, pro
forma, which corresponds to the higher end of Fitch's 'b' category
quantitative benchmark range of 0% to 10% for balance sheet-heavy
finance and leasing companies with a sector risk operating
environment (SROE) score in the 'bbb' category. Fitch would view an
increase in the unsecured mix as positive for the credit profile.

Adequate Liquidity: Fitch views Atlanticus' liquidity as sufficient
to support its operations and meet near-term funding needs,
comprised of $651 million of cash at 1Q26. Unsecured note
maturities are staggered, with $128 million of notes due in
November 2026, $168 million in January 2029 and $400 million in
September 2030. The company's warehouse facilities are expected to
be extended or enter amortization periods and self-liquidate with
collateral cash flows, limiting refinancing risk.

Stable Outlook: The Stable Outlook reflects Fitch's expectation
that Atlanticus' leverage will decline below 13x over outlook
horizon. Earnings and credit performance will remain relatively
stable, and the unsecured funding mix will remain above 5% of total
debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Sustained increase in leverage above 13x;

- Sustained decrease in the unsecured funding mix below 5%;

- Sustained deterioration in credit performance, including
delinquencies sustained above 20% and net charge-offs above 25%;

- Sustained decline in ROAA below 2%;

- Material increases in the risk profile of the portfolio, as
evidenced by greater concentrations in lower credit quality
borrowers or general-purpose card receivables;

- Inability to access committed or term funding, or material
shortening of funding maturity profile;

- The imposition of new and more onerous regulations that
negatively impact Atlanticus' ability to execute on its business
model.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Sustained reduction in leverage below 7x;

- Business profile improvement through increased market share,
expansion into new geographies, or further product and retail
partnership diversification, which would strengthen Atlanticus'
franchise and competitive position;

- Sustained increase in the proportion of unsecured debt above 20%
of total debt;

- Continued maintenance of net charge-offs through credit cycles.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The senior unsecured debt rating is equalized with the Long-Term
IDR, which reflects Fitch's expectation of average recovery
prospects in a stress scenario.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Debt and Other Instrument Ratings: Rating Sensitivities

The senior unsecured debt rating is primarily sensitive to changes
in the Long-Term IDR, the funding mix, and availability of
unencumbered assets to support recovery prospects under a stressed
scenario.

ADJUSTMENTS

The Standalone Credit Profile (SCP) has been assigned in line with
the implied SCP.

The Business Profile score has been assigned below the implied
score due to the following adjustment reason(s): Business model
(negative).

The Asset Quality score has been assigned above the implied score
due to the following adjustment reason(s): Historical and future
metrics (positive).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason(s): Portfolio
risk (negative), Revenue diversification (negative).

The Funding, Liquidity & Coverage score has been assigned below the
implied score due to the following adjustment reason(s): Business
model/funding market convention (negative), Divergent benchmarks
(negative).

ESG Considerations

Atlanticus Holdings Corporation has an ESG Relevance Score of '4'
for Customer Welfare - Fair Messaging, Privacy & Data Security due
to the importance of fair collection practices and consumer
interactions and the regulatory focus on these factors. These
factors have 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   Prior
   -----------                ------          --------   -----
Atlanticus Holdings
Corporation      

                        LT IDR  B   Affirmed              B
   senior unsecured     LT      B   Affirmed     RR4      B


ATW HEALTH: Gets Interim OK to Use Cash Collateral Until Aug. 8
---------------------------------------------------------------
ATW Health Solutions, Inc. received interim approval from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, to use cash collateral.

Under the interim order, the Debtor is authorized to use cash
collateral from June 30 through August 8 to pay the expenses listed
on the court-approved budget, subject to a 10% variance.

The budget projects total operational expenses of $114,250.

The principal secured creditors claiming security interests in the
Debtor's cash, accounts receivable, and other business assets are
Unique Funding Solutions, LLC, the U.S. Small Business
Administration and BayFirst/Banesco.

Unique Funding Solutions and the SBA assert secured claims of
$254,549 and $420,400, respectively. BayFirst/Banesco holds two
secured loans with outstanding balances of $98,487 and $328,332.
Collectively, these creditors claim security interests in the
Debtor's cash, accounts receivable, and other business assets.

As adequate protection, secured creditors will be granted
replacement liens on the Debtor's collateral to the same extent as
their respective pre-petition security interests.

Additionally, the Debtor is required to pay $1,000 monthly to
Unique Funding Solutions and continue its monthly payments to the
other lenders under their existing loan agreements.

The order is available at
http://bankrupt.com/misc/ATWHealth_ICCOrder54.pdf

The court scheduled a further hearing for August 4.

ATW's bankruptcy filing was precipitated by Unique Funding
Solutions' garnishment lien, which significantly impaired the
Debtor's ability to operate. As of the petition date, the Debtor
maintained approximately $50,935 in three operating bank accounts
at JPMorgan Chase Bank, Bank of America, and Wintrust Bank, along
with approximately $130,928 in accounts receivable. The Debtor
employs nine people and relies heavily on access to these funds to
meet its ongoing operational obligations.

                  About ATW Health Solutions
Inc.

ATW Health Solutions, Inc., a company based in Chicago, Illinois,
is a healthcare consulting and advisory firm providing performance
improvement, patient safety, and health systems transformation
services. Founded in 2014, the company works with government
agencies, healthcare systems, and public health organizations to
support data-driven improvements in care quality and outcomes.
Certified as a Woman-Owned Small Business, it participates in
federal contracting programs focused on public health and
healthcare system implementation.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-06364) on April 12,
2026, with $50,000 to $100,000 in assets and $1 million to $10
million in liabilities. Knitasha Washington, president, signed the
petition.

Judge Deborah L. Thorne presides over the case.

Joseph Wrobel, Esq., at Joseph Wrobel, Ltd. represents the Debtor
as legal counsel.


AVEANNA HEALTHCARE: Fitch Hikes LongTerm IDR to 'B', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Aveanna Healthcare Holdings Inc. and
Aveanna Healthcare LLC's Long-Term Issuer Default Ratings (IDRs) to
'B' from 'B-'. The Rating Outlooks are Stable. Fitch also upgraded
Aveanna Healthcare LLC's secured revolver and term loan to 'B' with
a Recovery Rating of 'RR4' from 'B-'/'RR4'.

The IDR upgrades reflect strong operating performance, driving
sustainably lower leverage and EBITDA growth. EBITDA leverage
declined to 4.8x at YE 2025, and Fitch forecasts it will decline
toward 4.5x by 2027. The upgrades are further supported by the
company's strong FCF generation, which Fitch expects to sustain at
positive levels during the rating horizon. The IDRs also reflect
Fitch's assumption that Aveanna can maintain EBITDA leverage below
5.5x if Medicaid-based reimbursement results in modest margin
headwind during the rating horizon.

Key Rating Drivers

Rapid EBITDA-Driven Deleveraging: Aveanna reduced leverage to 4.8x
at YE 2025 (Jan 3, 2026) from 8.3x at YE 2024, mainly through
EBITDA growth. Fitch forecasts leverage to decline modestly toward
4.5x by 2027, which assumes relatively stable operating conditions
in the rating case. Fitch assumes EBITDA growth will be flat to
slightly positive yoy, reflecting a potentially challenging
Medicaid reimbursement environment, but offset by expected growth
from organic volume improvements and bolt-on acquisitions.

Fitch considers Aveanna's improved leverage profile sustainable
even if EBITDA margins are pressured modestly as Medicaid policy
changes affect funding. This is supported by its improved cost
structure compared to the 2022-2024 period and stronger interest
coverage following the amendment to its secured credit facility in
May 2026, allowing for continued positive FCF generation and
acquisitive EBITDA growth without raising material long-term debt.

Medicaid Reimbursement Outlook: Aveanna's business is highly
exposed to changes in federal Medicaid funding. The Congressional
Budget Office (CBO) expects the recent U.S. tax and spending bill
to lower federal Medicaid funding by approximately $900 billion
over the next 10 years. About 59% of company revenues are from
Medicaid Managed Care Organization (MCO) payors and 22% are
directly from Medicaid.

Fitch expects Medicaid funding changes to pressure PDS gross
margins, where most Medicaid-related revenue is generated, over the
next few years. However, Aveanna's focus on disabled pediatric
patients should insulate revenue and margins from major impacts, as
the group is less affected by enrollment changes such as work
requirements. Additionally, home health demand is high since it is
a lower-cost alternative to hospital care, and labor availability
is limited. This incentivizes MCOs to continue to place patients in
home health settings when appropriate, which may provide Aveanna
with some ability to maintain modest revenue rate growth.

Sustainable EBITDA Margin Improvement: Fitch expects adjusted
EBITDA margins to be about 12.3% of revenues in 2026, compared to
12.9% in 2025, 8.8% in 2024 and 7.2% in 2023. Fitch expects margins
to contract to 11%-12% in 2027-2029, which reflects assumptions
that reimbursement growth may slow modestly compared to nursing
wages as Medicaid funding is challenged. However, Fitch views the
improved run-rate margin profile versus 2022-2024 as sustainable,
driven by significant improvements in administrative fixed cost
leverage, reimbursement rates and an intentional shift toward
higher gross margin services and contracts.

Financial Flexibility and Policy: Aveanna's FCF generating capacity
of 4%-5% of revenues under Fitch's rating case is sufficient to
support its bolt-on acquisition strategy without increasing
long-term debt. Fitch forecasts the company completing
approximately $100 million of total acquisitions annually.
Management is expected to pursue a capital allocation strategy that
prioritizes acquisitive growth with internally generated cash,
leading to natural deleveraging over time.

Leader in Fragmented Industry: Aveanna's credit profile benefits
from its leading position in the fragmented home health industry,
with a strong market presence across several regions in the U.S.
The company's local market positions provide it with advantages in
accessing labor and arranging preferred payor agreements with
Managed Care Organizations (MCOs) within its Private Duty Services
(PDS) business. Since barriers to entry in the industry are low
relative to institutional provider peers, fixed cost leverage and
labor access are critical to achieving profitable growth.

Low Business Diversification: A significant portion of company
revenues (82%) are generated from pediatric home health, with the
remaining (18%) coming from home health and hospice and medical
solutions. This exposes the company to business concentration risk
associated with payor concentration and changes in external factors
that drive market demand. These risks are partially mitigated by
Aveanna's MCO payor diversity and its position as a low-cost
provider, supporting long-term organic industry growth.

Peer Analysis

Aveanna's closest peer among Fitch's U.S. healthcare provider
coverage is TEAM Services Holding, Inc. (B/Stable), a personal care
services home healthcare provider. TEAM and Aveanna are similarly
exposed to Medicaid reimbursement and operate at similar scale,
with annual revenue and EBITDA generation approximating $2.5
billion and $300 million, respectively.

Both issuers have comparable EBITDA margins, and Fitch expects them
to generate meaningfully positive FCF over the rating horizon. TEAM
is slightly less diversified by business line than Aveanna but has
had more stable profitability metrics historically. Fitch expects
Aveanna to maintain slightly lower leverage than TEAM over the
intermediate term.

Other rated healthcare provider peers include Community Health
Systems, Inc. (CCC+) and Team Health Holdings, Inc. (B-/Stable).
Fitch expects Aveanna to maintain lower leverage, higher coverage
and stronger FCF margin than these lower-rated peers over the
rating horizon.

Fitch’s Key Rating-Case Assumptions

- Revenue increases mid- to high single digits annually during the
rating case period (2026 - 2029) driven by organic growth via
volume growth with muted revenue rate improvements beyond 2026.
Forecasted bolt-on M&A activity contributes to total revenue growth
expectations during the rating case period.

- Fitch-adjusted EBITDA margin of 12.3% in 2026, down from 12.9% in
2025. Margins situate around 11-12% in later years of the rating
case. Margin decline versus 2025 is driven by a combination of
normalization of PDS spread rate and a tightening reimbursement
environment for Medicaid and MCO payors.

- FCF as a % of revenue sustained in the 4-5% of revenue range,
supported by a lower interest burden following recent credit
agreement amendments.

- Forecasted bolt-on acquisition activity of $100 million annually
completed through the rating case horizon with available cash on
hand, driving low-single digit % incremental revenue growth.

- Liquidity remains sufficient, supported by the undrawn revolver
due 2030 and positive FCF generation during the rating horizon.

- Fitch EBITDA leverage of approximately 4.7x at YE 2026 declining
toward 4.5x in 2027.

- EBITDA interest coverage (including the effect of hedges) of 3.1x
at YE 2026 and improving to 3.5x - 4.0x thereafter.

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
('b+', Moderate), market and competitive positioning ('b+',
Moderate), diversification and asset quality ('bb-', Lower),
company operational characteristics ('b-', Higher), profitability
('bb', Moderate), financial structure ('b+', Higher), and financial
flexibility ('bb-', Moderate).

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025 (ending Jan 4, 2026), 40% for the forecast year 2026 and
40% for the forecast year 2027.

B+ to CC considerations apply in its analysis and results in an
adjustment of -1 notch(es).

The governance assessment of 'good' has no impact.

The operating environment assessment of 'aa-' has no impact.

The SCP is 'b'.

To derive the Long-Term IDR:

Fitch made no adjustments to the SCP, resulting in an IDR of 'B'.

Recovery Analysis

- The recovery analysis assumes that Aveanna Healthcare Holdings
Inc. would be reorganized as a going-concern in bankruptcy rather
than liquidated.

- Fitch applies a $150 million GC EBITDA assumption and 6.0x EV
multiple for a total EV of $900 million. Recoverable value is
reduced to $810 million after assuming 10% administrative claims in
bankruptcy.

- Fitch deducts expected claims on the A/R securitization facility
of $206 million from the total EV, translating to $604 million in
recoverable value for first lien creditors.

- Fitch assumes that the $250 million first-lien secured revolving
credit facility is fully drawn at the time of default.

Going Concern (GC) Approach

GC EBITDA Rationale

Fitch applies a $150 million GC EBITDA assumption to the recovery
analysis, which reflects its view of a sustainable
post-reorganization EBITDA level upon which to base the enterprise
value. The GC EBITDA assumption is below LTM 1Q26 Fitch EBITDA of
$328 million (-54%), which reflects depletion of the current
operating position that could cause a level of distress to provoke
a default plus a level of corrective action assumed to occur during
restructuring.

Fitch identifies heightened margin pressure from Medicaid policy
changes and/or renewed nursing labor inflation as the most likely
sources of operational stress. In the distressed scenario leading
to default, Fitch assumes EBITDA margins would decline toward 7% or
lower, which is approximately in line with EBITDA margins during
the period of rapid wage inflation in 2022-2023.

Fitch's GC EBITDA estimate assumes that corrective actions occur
during bankruptcy, such as exiting underperforming states where the
company has limited scale or right sizing corporate SG&A. Fitch
estimates that this would improve EBITDA margins from trough levels
but remain below the long-term Rating Case forecast levels of
11-12%. Restructuring would also shrink the company's operating
footprint and revenue base. These factors lead to Fitch's GC EBITDA
estimate of $150 million.

EV Multiple Rationale

The GC multiple of 6.0x reflects the company's overall moderate
scale but leading position in a fragmented market and its capacity
to generate average EBITDA margins compared to healthcare provider
peers. The strong industry demand for home healthcare support the
distressed multiple, but this is offset by the relatively little
intangible value of the business plus low barriers to entry. The
6.0x GC EBITDA multiple compares to the historical bankruptcy case
study exit multiples for peer companies in the healthcare industry
of 6.3x and publicly traded EV of 9.7x as of Jun. 26, 2026.

Recovery Waterfall

The company has a $275 million A/R securitization facility that
matures in 2028 with the full borrowing base available. To estimate
the amount of these priority claims at the time of potential
bankruptcy, Fitch assumes the greater of minimum principal amount
required to be outstanding ($206 million, or 75% of the facility)
and the proportional decline in borrowing capacity (-54% based on
expected GC EBITDA decline, or $126 million). This leads to a $206
million claim ahead of first lien creditors deducted from
recoverable value.

Fitch has increased the securitization claim estimate from the
prior review, reflecting the increase in the minimum principal
outstanding threshold that took effect June 25, 2026.

The pari-passu first lien revolver and first-lien term loan receive
all remaining recoverable value of $604 million. In the analysis,
Fitch assumes $1.318 billion of term loan debt is outstanding and
the $250 million revolver is fully drawn, corresponding to an 'RR4'
rating for both instruments.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Fitch's expectation that EBITDA leverage will be sustained above
5.5x;

- Fitch's expectation that FCF generation will approach breakeven
or lower;

- Greater-than-expected effects from Medicaid funding changes in
the U.S. Tax and Spending Bill of 2025 that reduce profitability
and push credit metrics to Fitch's negative sensitivity triggers.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Fitch's expectation that EBITDA leverage will be sustained below
4.5x. This expectation would be supported by clear indications from
a combination of states, industry participants, and/or management
that Medicaid funding changes will not materially affect EBITDA
generation, or by operating outperformance that provides the
company enough cushion to weather reimbursement headwinds while
maintaining leverage below 4.5x;

- Fitch's expectation that FCF margins will remain strongly
positive in combination with deleveraging considerations discussed
above.

Liquidity and Debt Structure

Aveanna has adequate liquidity, with $189 million of cash on hand
and $226 million of borrowing capacity under its RCF as of April 4,
2026. The company's cash needs are also supported by $110 million
of borrowing capacity under its A/R securitization agreement as of
April 4, 2026. Fitch does not include A/R securitization
availability in the calculation of available liquidity but
considers its role in managing working capital and liquidity in the
rating analysis. Fitch expects liquidity to remain sufficient, as
forecasted positive FCF during the rating horizon will continue to
improve the company's liquidity profile.

Aveanna's $1.318 billion term loan matures in September 2032 and
amortizes at 1% annually until maturity. The company's secured
revolver and A/R securitization facility are set to expire in
September 2030 and June 2028, respectively.

Issuer Profile

Aveanna Healthcare Holdings Inc. (AVAH) is a home care platform
focused on providing care to medically complex, high-cost patient
populations. The company's services primarily consist of pediatric
nursing and home health and hospice care for elderly patients.

Summary of Financial Adjustments

Adjustments were made to EBITDA. Fitch added back non-recurring and
non-operational expenses including stock-based compensation,
acquisition-related costs, debt extinguishment and modification
costs, impairment charges, and other legal costs to Fitch-adjusted
EBITDA.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Aveanna Healthcare Holdings Inc.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating          Recovery   Prior
   -----------                ------          --------   -----
Aveanna Healthcare
Holdings Inc.     

                        LT IDR  B   Upgrade               B-

Aveanna Healthcare LLC  

                        LT IDR  B   Upgrade               B-
    senior secured      LT      B   Upgrade      RR4      B-


BCI FINANCES: Binetter Loses Bid for Stay of May 26 Order to Compel
-------------------------------------------------------------------
The Hon. Shireen A. Barday of the U.S. Bankruptcy Court for the
Southern District of New York denied Michael Binetter's Motion for
Stay Pending Appeal of May 26, 2026 Order Granting Motion to Compel
and Denying Motion for Protective Order in the Chapter 15
bankruptcy case of B.C.I. Finances PTY Ltd.

Binetter seeks a stay pending his appeal of this Court's Order,
dated May 26, 2026 ("Order to Compel"), pursuant to the
corresponding Memorandum Opinion Granting the Motion to Compel and
Denying the Motion for Protective Order, dated May 26, 2026 (the
"Opinion Granting Motion to Compel"), in which the Court ruled that
Binetter must respond to the Foreign Representative's discovery
requests notwithstanding his Fifth Amendment objections and
directed JP Morgan Chase Bank, N.A. ("JPMorgan") to comply with the
Foreign Representative's August 11, 2025 subpoena.

The Foreign Representative objects to the Motion for Stay.

Binetter advances several arguments in his Motion for Stay, which
can be grouped into two primary categories: first, that this Court
erred in finding a waiver where none occurred; and second, that
this Court imposed too stringent requirements for invoking Fifth
Amendment privilege. Both sets of arguments misapprehend the law
and cannot be reconciled with the factual record and arguments
actually and timely raised before this Court. As a result, the
Court finds Binetter has failed to
demonstrate that he has any likelihood of success on the merits of
his appeal.

This Court held that Binetter's attempt to invoke the Fifth
Amendment act of production privilege as to specific transactions
contained in his bank statements could not be sustained where he
had already voluntarily produced copies of his bank statements,
undercutting the element of compulsion prerequisite to any
assertion of act of production privilege under the Fifth Amendment.
Binetter now argues that this holding misapplied the law because he
never personally, knowingly, voluntarily, or affirmatively waived
his Fifth Amendment privilege rights (only his counsel's actions
arguably did so), but the Second Circuit has long held that a
knowing, voluntary and intelligent waiver is not the legal standard
applied to waivers of act of production privilege because the
"privilege is not self-executing." While Binetter places
significant weight on the presumption against a finding of waiver,
that argument misses the mark: this Court's holding as to
Binetter's obligation to produce his bank statements did not rest
on that basis. Binetter's waiver arguments are also unavailing
insofar as they are based on a belated disagreement with previously
undisputed facts.

According to the Court, in this case, the act of production
privilege did not attach for reasons wholly independent of the
foregone conclusion doctrine: Binetter's voluntary production, made
before any order required it, defeated the privilege at the
threshold by rendering the elements of existence, custody, and
authenticity no longer testimonial. The foregone conclusion
doctrine was therefore not the basis for an exception to an
otherwise valid privilege claim; it was confirmatory of a
conclusion already compelled by the record.

Regarding JPMorgan's obligation to comply with the Foreign
Representative's subpoena, Binetter has failed to refute the core
principle that forecloses his argument: he has no Fifth Amendment
privilege over JPMorgan's own business records. In any event,
Binetter failed to address this argument in this first instance,
either by raising it affirmatively (i.e., through his Motion for a
Protective Order) or by raising it defensively (i.e., in response
to the Foreign Representative's Motion to Compel), so it has been
waived.

Binetter offers no coherent basis on which this Court could
intervene to prevent JPMorgan from complying with a validly served
subpoena: while he concedes that, as a general matter, the Fifth
Amendment does not apply to corporations like JP Morgan, he argues
that where, as here, an individual raises a dispute as to whether
the Fifth Amendment allows for redactions of information contained
in corporate third-party documents, the Fifth Amendment intervenes
to prohibit compliance with a subpoena served on a corporate
third-party. The Court says this argument is supported by no case
law but it is also counterintuitive at best.

The Court concludes because Binetter has failed to show any
likelihood of success on the merits of his appeal, it follows that
there can be no irreparable harm from the denial of a stay.

A copy of the Court's Decision and Order dated June 30, 2026, is
available at https://urlcurt.com/u?l=8o8hx8 from Pacermonitor.com.

                     About BCI Finances

B.C.I. Finances PTY Ltd. is an Australian borrowing and lending
entity that operated within a complex group of companies targeted
by Australian authorities for 25 years of tax avoidance.

B.C.I. Finances Pty Limited (in Liquidation) and three affiliates,
Binqld Finances Pty Limited (in Liquidation), E.G.L.
Development (Canberra) Pty Limited (in Liquidation), and Ligon 268
Pty Limited (in Liquidation) filed Chapter 15 petitions (Bankr.
S.D.N.Y. Lead Case No. 17-11266) on May 9, 2017, to seek
recognition of their winding down proceedings in Australia.

John Sheahan and Ian Russell Lock, the foreign representatives,
signed the Chapter 15 petitions.

The Hon. Sean H. Lane presides over the Chapter 15 cases. Robert N.
H. Christmas, Esq., and Christopher J. Fong, Esq., at Nixon Peabody
LLP, in New York, serve as counsel to the petitioners.


BERKSHIRE LAND: Seeks Cash Collateral Access
--------------------------------------------
Berkshire Land & Realty, LLC asks the U.S. Bankruptcy Court for the
Southern District of New York, Poughkeepsie Division, for authority
to use cash collateral generated by its rental properties.

The Debtor owns three mixed-use parcels located at 2714 Route 22,
3–27 Lopane Drive, and 39 Lopane Drive in Patterson, Putnam
County, New York. Before filing bankruptcy, the properties became
subject to a foreclosure judgment entered on April 8, 2026, in
favor of Lopane for approximately $1.30 million.

Lopane's claim is secured by a first-priority mortgage on the real
estate and an assignment of leases and rents, giving the lender a
security interest in the rental income generated by the properties.
Nevertheless, the Debtor argues that Lopane is an oversecured
creditor because the combined value of the properties substantially
exceeds the debt. An appraisal performed in January 2026 valued two
of the parcels at approximately $1.39 million, while the Debtor
estimates the third parcel to be worth roughly $750,000, resulting
in an estimated total property value of $2.14 million. This creates
an equity cushion of more than $800,000 above the foreclosure
judgment, which the debtor contends adequately protects the
lender's collateral position.

The Debtor states that the rental income constitutes the primary
source of funds necessary to operate the properties. It proposes to
use the cash collateral solely for ordinary operating expenses,
including insurance premiums, utilities, repairs, maintenance, and
other costs identified in its monthly operating budget.

To satisfy the Bankruptcy Code's adequate protection requirements,
the Debtor offers several safeguards for Lopane. In addition to
maintaining all required insurance coverage and remaining current
on post-petition property taxes and school taxes, the debtor
proposes making monthly adequate protection payments of $3,115.84
beginning this month and continuing until confirmation of a Chapter
11 plan.

The proposed order would authorize the Debtor to use cash
collateral in the ordinary course of business according to its
operating budget and require monthly adequate protection payments
of $3,116 to Lopane on or before the 20th day of each month
beginning this month. The order reflects that, if entered, the
Debtor would be permitted to continue operating the properties
while preserving the lender's secured interests throughout the
Chapter 11 proceedings.

A copy of the motion is available at https://urlcurt.com/u?l=PnXmR2
from PacerMonitor.com.

                 About Berkshire Land & Realty LLC

Berkshire Land & Realty, LLC owns mixed-use real property in
Patterson, New York, located at 2714 Route 22, 3-27 Lopane Drive,
and 39 Lopane Drive. The property consists of three lots totaling
approximately 30 acres and includes three rental houses, a
3,000-square-foot commercial nursery, and two greenhouses. The
property has an appraised value of approximately $2.14 million.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-35653) on June 19,
2026. In the petition signed by Jesus Flores, managing member, the
Debtor disclosed $2,145,800 in total assets and $1,722,300 in total
liabilities.

Judge Kyu Young Paek oversees the case.

Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP, represents
the Debtor as legal counsel.


BESPOKE AESTHETICS: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
Bespoke Aesthetics, Inc. received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida, West Palm
Beach Division, to use cash collateral to fund operations.

Under the interim order, the Debtor is authorized to use cash
collateral in accordance with a court-approved operating budget
through July 15.

The operating budget projects approximately $795,000 in revenue
from June through December 2026, with monthly revenue increasing
from $65,000 in late June to as much as $135,000 in November.

The Debtor may vary individual budget items by up to 10% and may
increase spending beyond the budget when necessary to meet
unforeseen customer demands, provided the additional expenses are
expected to generate corresponding increases in revenue.

Busey Bank, as servicer for a U.S. Small Business Administration
loan, is believed to hold a valid first-priority blanket lien on
the Debtor's assets, including cash and accounts receivable, with
approximately $1.1 million outstanding.

The Debtor disputes unidentified blanket UCC liens filed through CT
Corporation Systems, noting that repeated inquiries have not
identified a lienholder. Meanwhile, certain equipment finance
companies hold liens only on specific financed equipment, and not
on the Debtor's operating cash.

As adequate protection, Busey Bank will be granted a replacement
lien on the Debtor's accounts receivable, with the same priority
and extent as its pre-petition lien.

The interim order requires any creditor claiming an interest in the
Debtor's cash collateral to appear before the court and present
evidence supporting its secured status. Absent such proof, any
asserted interest in the cash collateral will be denied, and Busey
Bank will be deemed to hold the sole first-priority lien on the
cash collateral.

A copy of the court's order and the Debtor's budget is available at
https://tinyurl.com/jyhstvbc from PacerMonitor.com.

The court scheduled a final hearing for July 15.

Busey Bank is represented by:

   Catrina H. Markwalter, Esq.
   Clark Hill PLC
   3630 Peachtree Rd. NE, Suite 700
   Atlanta, GA 30326
   Telephone: (678) 370-4379
   Facsimile: (678) 370-4358
   cmarkwalter@clarkhill.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-EPK) on
June 20, 2026. In the petition signed by Cristina Sinacori,
president, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.

Judge Erik P. Kimball oversees the case.

Julianne Frank, Esq., at Julianne Frank P.A., represents the Debtor
as legal counsel.



BFF GROUP: Commences Chapter 11 Bankruptcy in Florida
-----------------------------------------------------
On June 30, 2026, BFF Group LLC filed for Chapter 11 protection in
the U.S. Bankruptcy Court for the Middle District of Florida.
According to court filings, the Debtor reports between $500,000 and
$1 million in debt owed to 1-49 creditors.

Prior to its bankruptcy filing, the company faced financial
challenges, including a mortgage foreclosure action filed by
Wilmington Savings Fund Society in 2025 and an administrative
dissolution by the State of Florida for failing to file annual
reports.

The Chapter 11 Plan and Disclosure Statement are due by December
28, 2026

             About BFF Group LLC

BFF Group LLC is an Orange Park, Florida-based residential real
estate holding company focused on managing and preserving a
portfolio of residential properties in the Jacksonville area.

BFF Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Case No. 26-02942) on June 30, 2026. In its petition,
the Debtor reports estimated assets of $500,000 to $1 million and
estimated liabilities of $500,000 to $1 million.

Honorable Jacob A. Brown handles the case.


BITCOIN DEPOT: Amends Term Loan Claims Pay Details
--------------------------------------------------
Bitcoin Depot Inc. submitted a First Amended Combined Disclosure
Statement and Plan of Liquidation dated June 24, 2026.

Prior to and immediately following the Petition Date, the Debtors
and certain of their Advisors engaged in extensive arm's-length,
good-faith negotiations with the Term Loan Secured Parties to
negotiate the use of Cash Collateral.

Pursuant to the Interim Cash Collateral Orders, on May 21, 2026,
the Debtors deposited $17,220,000 into the Adequate Protection
Account which funds shall be maintained in such account and not
utilized by the Debtors or any other party except by further order
of the Court.

Under the Interim Cash Collateral Orders, the Debtors deadline to
assert any Challenges objecting to the validity of the Term Loan
Liens and the Term Loan Claims is July 8, 2026 and the Committee's
deadline to assert any such Challenges, subject to the requirements
of the Interim Cash Collateral Orders, is the earlier of (a) the
date of entry of an order confirming a chapter 11 plan in these
Chapter 11 Cases, or (b) seventy-five calendar days from the entry
of the First Interim Cash Collateral Order (e.g. August 3, 2026).

The Debtors are conducting a sale process led by Hilco for the sale
of substantially all of their Assets. On June 10, 2026, the
Bankruptcy Court entered the Bidding Procedures Order, which
approved the Bidding Procedures, the form and manner of notice of
the sale, any Auction, the Sale Hearing, and the Assumption and
Assignment Procedures, and authorized the Debtors to implement and
modify the Bidding Procedures, subject to the Bidding Procedures
Order.

On the Bid Deadline, the Debtors received several bids for Assets.
Pursuant to the Bidding Procedures, and in consultation with the
Consultation Parties, the Debtors filed the Notice of Adjournment
of Auction to allow more time to evaluate the bids submitted. This
evaluation includes, among other things, analyzing bids submitted
for different but partially overlapping Assets and evaluating non
conforming bids. As of the date hereof, the Sale Process remains
ongoing. The Debtors will announce the results of the Sale Process
by filing a notice on the docket in accordance with the Bidding
Procedures and the Bidding Procedures Order.

Class 3 consists of all Term Loan Claims. The Term Loan Claims
shall be Allowed in an amount equal to (i) such amount as may be
agreed upon by the Term Loan Agent, the Debtors, and the Committee,
pursuant to any Term Loan Settlement prior to the Effective Date
(subject to any necessary approval of the Bankruptcy Court pursuant
to Bankruptcy Rule 9019, which may be effectuated, for the
avoidance of doubt, pursuant to the Confirmation Order); or absent
such settlement, (ii) such amount as may be determined by Final
Order of the Bankruptcy Court as a result of any Challenges timely
filed in accordance with the terms of the Cash Collateral Orders.

In full and final satisfaction, compromise, settlement, release,
and discharge of its Claim (unless the applicable Holder agrees to
a less favorable treatment), each Holder of an Allowed Term Loan
Claim shall receive on the Effective Date or as soon as reasonably
practicable thereafter from Cash on deposit in the Adequate
Protection Account: (i) in the event of a Term Loan Settlement,
such Holder's Pro Rata share of the Term Loan Settlement Amount, or
(ii) after Allowance by a Final Order, Cash in an amount equal to
such Holder's contractual share of the Allowed Term Loan Claims.

Like in the prior iteration of the Plan, each Holder of an Allowed
General Unsecured Claim shall receive on the Effective Date or as
soon as reasonably practicable thereafter its Pro Rata share of the
Liquidation Trust Interests.

The Debtors are in the process of selling their Assets pursuant to
the Bidding Procedures Order. The Debtors have also sought to
abandon certain Assets in connection with the rejection of
executory contracts and unexpired leases pursuant to the Rejection
Procedures. Unless otherwise specified in this Combined Disclosure
Statement and Plan, all Assets not sold pursuant to the Sales
Process or abandoned pursuant to the Rejection Procedures Order
(other than the Non-Contributed Assets) will be contributed to the
Liquidation Trust as part of the Liquidation Trust Assets pursuant
to this Combined Disclosure Statement and Plan.

The Combined Disclosure Statement and Plan shall constitute a
motion to abandon the Non-Contributed Assets. The Confirmation
Order shall constitute: (i) an authorization of the Bankruptcy
Court to abandon the Non-Contributed Assets under section 554 of
the Bankruptcy Code and (ii) an order of abandonment of the Non
Contributed Assets as of the Effective Date. The Non-Contributed
Assets shall not be contributed to the Liquidation Trust, and the
Liquidation Trust shall have no ownership interest in the Non
Contributed Assets.

A full-text copy of the First Amended Combined Disclosure Statement
and Plan dated June 24, 2026 is available at
https://urlcurt.com/u?l=hOu7nB from PacerMonitor.com at no charge.


                    About Bitcoin Depot Inc.

Bitcoin Depot, Inc., is a Delaware corporation with its principal
place of business in Georgia that operates the largest
cryptocurrency kiosk network in North America, claiming to operate
more than 8,400 Bitcoin ATMs across the United States, Canada, and
Puerto Rico.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18,
2026.  In the petition signed by W. Alexander Holmes, director, the
Debtor disclosed up to $50 million in both assets and liabilities.
Vinson & Elkins LLP is serving as counsel to the Debtor.

Proposed Counsel to the Debtors:

     VINSON & ELKINS LLP
     Paul E. Heath, Esq.
     Sara Zoglman, Esq.
     845 Texas Avenue, Suite 4700
     Houston, Texas 77002
     Tel: 713.758.2222
     Fax: 713.758.2346
     E-mail: pheath@velaw.com
             szoglman@velaw.com

     David S. Meyer, Esq.
     Jessica C. Peet, Esq.
     1114 Avenue of the Americas, 32nd Floor
     New York, New York 10036
     Tel: 212.237.0000
     Fax: 212.237.0100
     E-mail: dmeyer@velaw.com
             jpeet@velaw.com



BITCOIN DEPOT: Debtor Lands Five Deals in Chapter 11 Sale
---------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that Bitcoin
Depot informed a Texas bankruptcy court that an auction held this
week resulted in five successful bidders for various assets,
including the company's cryptocurrency ATM network, business
operations and related property. Together, the winning offers
represent the proposed sale of substantially all of the debtor's
remaining assets.

According to court filings, the company divided its assets among
multiple purchasers after determining that separate transactions
would maximize value. The sales are a key step in the
cryptocurrency firm's Chapter 11 liquidation strategy.

The debtor will now seek court approval of the winning bids before
the transactions can close. Once completed, the proceeds are
expected to be used to satisfy creditor claims in accordance with
the bankruptcy process, the report states.

         About Bitcoin Depot Inc.

Bitcoin Depot, Inc. is a Delaware corporation with its principal
place of business in Georgia that operates the largest
cryptocurrency kiosk network in North America, claiming to operate
more than 8,400 Bitcoin ATMs across the United States, Canada, and
Puerto Rico.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18,
2026. In the petition signed by W. Alexander Holmes, director, the
Debtor disclosed up to $50 million in both assets and liabilities.

Paul E. Heath, Esq., at Vinson & Elkins LLP, represent the Debtor
as legal counsel.


BLACK PEARL: Court Narrows Claims v Merchant Cash Advance Lender
----------------------------------------------------------------
Judge Ashley Austin Edwards of the U.S. Bankruptcy Court for the
Western District of North Carolina granted, in part, and denied, in
part, G And G Funding Group, LLC's motion to dismiss the adversary
proceeding captioned as Black Pearl Vision, LLC, Plaintiff, v. G
and G Funding Group, LLC, Defendant, Adv. Proc. No. 25-03143
(Bankr. W.D.N.C.).

The Plaintiff initiated this adversary proceeding by filing the
complaint on December 18, 2025. G and G Funding Group, LLC is a New
York limited liability company with its principal place of business
in New York and is engaged in the issuance and servicing of
merchant cash advances.

The Plaintiff alleges in the Complaint that on December 28, 2023,
the Debtor executed a "Future Receivables Sale and Purchase
Agreement" with the Defendant that purported to sell $314,408.85 of
the Debtor's future receipts in exchange for payments totaling
$191,829.68 to the Debtor. According to the Agreement, the Debtor
agreed to remit $1,920.51 each business day to the Defendant,
representing 25% of the Debtor's future revenue. The Agreement
includes a choice of law provision that indicates it is governed by
the laws of New York.

Beginning on January 2, 2024 until June 5, 2024, the Debtor paid
Defendant $1,920.51 each business day. Beginning on June 6, 2024
until July 12, 2024, the Debtor paid the Defendant $1,250.00 each
business day. Over the course of 192 days, the Debtor paid a total
of $233,574.06 to the Defendant. The Plaintiff calculates the
annualized interest rate on the Agreement as 41.37% for that
192-day period.

In the Complaint, the Plaintiff asserts three claims for relief
against the Defendant seeking to avoid allegedly constructively
fraudulent obligations and transfers under 11 U.S.C. Sec.
548(a)(1)(B) and recover under 11 U.S.C. Sec. 550(a)(1).

The Plaintiff contends that the Agreement constitutes a loan,
rather than a sale of receivables, because the Defendant did not
bear any risk of loss. Based upon Plaintiffs' assertion that the
Agreement is a loan, Plaintiff alleges that the Agreement violates
New York usury law, making the agreement void ab initio and barring
the recovery of principal and interest by the Defendant. The
Plaintiff further argues that the Agreement, as well as the
Transfers, did not provide reasonably equivalent value to the
Plaintiff. For those reasons, the Plaintiff seeks avoidance of the
Agreement and the Transfers made pursuant to the same as
constructively fraudulent transfers under 11 U.S.C. Sec.
548(a)(1)(B), and recovery of the amount of the avoided transfers
pursuant to 11 U.S.C. Sec. 550(a).

The Defendant moves to dismiss the Complaint pursuant to Federal
Rule of Civil Procedure 12(b)(6), contending that the Plaintiff
fails to state a claim upon which relief can be granted. The
Defendant argues that a prepetition default judgment entered in the
Supreme Court of Kings County, New York, in favor of the Defendant
in a prepetition breach of contract action bars the Avoidance
Claims under the doctrines of res judicata and Rooker-Feldman. In
addition, the Defendant argues that the Plaintiff improperly seeks
to assert usury as an affirmative cause of action under New York
law. Finally, the Defendant asserts that the Complaint is barred by
the doctrine of in pari delicto because the Debtor and its
Principal, both sophisticated parties, voluntarily entered into the
Agreement and were at least equally responsible for the alleged
wrongdoing, having misrepresented the Debtor's financial condition
when entering into the Agreement.

Plaintiff argues that dismissal is improper because neither the
Rooker-Feldman doctrine nor principles of claim or issue preclusion
apply to this core bankruptcy proceeding. It argues that the
Avoidance Claims under the Bankruptcy Code could not have been
raised in the prior state court action because the
Debtor-in-Possession did not exist at the time of that litigation
and the Avoidance Claims did not arise until the bankruptcy case
was filed. Accordingly, the Plaintiff contends that the Default
Judgment does not bar the Adversary Proceeding.

The Court finds the Rooker-Feldman doctrine is not implicated in
this case. Plaintiff does not seek review of, or relief from, the
state court judgment for breach of contract and enforcement of a
personal guaranty, nor does it ask this Court to determine whether
the Default Judgment was correctly entered. Instead, Plaintiff
asserts the independent Avoidance Claims under 11 U.S.C. Sec.
548(a)(1)(B) based on the alleged constructively fraudulent nature
of the underlying Transfers. Any ruling in Plaintiff's favor would
not constitute appellate review of the Default Judgment but would,
at most, possibly contradict it, which is insufficient to trigger
Rooker-Feldman.

Moreover, the Avoidance Claims did not belong to the Debtor at the
time of the state court proceedings and do not require this Court
to review or reject the validity of the Default Judgment. Courts
have consistently held that Rooker-Feldman does not bar avoidance
actions in these circumstances.

In this case, because the Default Judgment preceded the Petition
Date, the Debtor could not have raised the Avoidance Claims in
state court. Accordingly, consistent with New York preclusion law,
the Court concludes that res judicata does not apply to claims that
were never litigated nor capable of being litigated in the prior
state court action.

The Court finds the Defendant's in pari delicto defense fails as a
matter of law because a constructive fraudulent transfer claim
under Sec. 548(a)(1)(B) is a specific bankruptcy action that is not
available to a debtor until a bankruptcy petition has been filed.

The Court does not construe the Complaint's reliance on New York
usury law as dispositive to the viability of the Avoidance Claims
at this stage of the proceedings. Rather, Plaintiff relies on
allegations concerning the nature of the transaction and the
disparity between the amounts advanced and repaid in support of its
contention that the Transfers made pursuant to the Agreement were
for less than reasonably equivalent value under Sec. 548(a)(1)(B).
To the extent the Complaint seeks affirmative relief based upon
alleged violations of New York usury law or seeks to void the
Agreement pursuant to New York usury statutes, those theories are
not cognizable  and are dismissed.

The Court grants the Motion to Dismiss as to the Plaintiff's
affirmative use of New York Usury law and denies the Motion to
Dismiss on all other grounds.

A copy of the Court's Order dated June 25, 2026, is available at
https://urlcurt.com/u?l=zby2vF from Pacermonitor.com.

                   About Black Pearl Vision

Black Pearl Vision, LLC is a North Carolina limited liability
company authorized to conduct business in the State of Florida.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 24-30948) on
October 31, 2024, with $1 million to $10 million in assets and
liabilities.

Judge Ashley Austin Edwards presides over the case.

Ciara Louise Rogers, Esq., at Waldrep Wall Babcock & Bailey PLLC
represents the Debtor as legal counsel.


BLUE DUCK: Court Narrows Claims in JetTexas Oil, et al., Case
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
granted, in part, and denied, in part, the motion to dismiss filed
by Seth Wadley, et al. in the adversary proceeding captioned as
JetTexas Oil, LLC, et al., Plaintiffs, v. Stewart Hoge, et al.,
Defendants, Adversary No. 24-02006-bwo (Bankr. N.D. Tex.).

On March 10, 2026, Seth Wadley ("Wadley"), Wadley Family
Investments, LLC ("WFI"), and Purple Dog Investments, LLC ("Purple
Dog" and collectively, the "Wadley Defendants") filed their Motion
to Dismiss for Lack of Subject Matter Jurisdiction ("Motion to
Dismiss"). Plaintiffs, JetTexas Oil, LLC ("JetTexas") and Garrett
Johnson, opposed the Motion to Dismiss, and Stewart Hoge ("Hoge"),
Hoge & Gameros, LLP ("H&G"), Indian Territory Holdings, LLC
("ITH"), and Stewart B. Hoge, PC ("Hoge PC") (collectively, the
"Hoge Defendants") filed a joinder to the Motion to Dismiss.

Garrett Johnson is the principal owner of JetTexas, and Hoge is the
principal owner of ITH. JetTexas and ITH were the original limited
partners of Blue Duck. According to the Plaintiffs' Fourth Amended
Complaint, Hoge and Garrett Johnson created Blue Duck to purchase,
manage, and sell profitable oil and gas interests from the Estate
of T. Boone Pickens. The transaction also resulted in the creation
of Blue Duck GP, which is Blue Duck's general partner, and for
which Kondziela serves as non-owner manager. Hoge, allegedly acting
as Plaintiffs' attorney, drafted Blue Duck's partnership agreement
that split the entity ownership interests 50-50 between JetTexas
and ITH.

The parties now dispute the ownership structure of Blue Duck, which
remains a primary dispute in the adversary proceeding and the
bankruptcy case.

Plaintiffs dispute Blue Duck's current ownership structure. They
allege that ITH failed to fulfill a condition precedent to receive
its interest in Blue Duck, which entitles JetTexas to 100%
ownership of Blue Duck. In contrast, the Hoge Defendants and Wadley
Defendants allege WFI, presumably solely owned by Wadley, owns 50%
of Blue Duck through its acquisition of JetTexas's interest.
JetTexas disputes this, alleging WFI loaned JetTexas money at a
usurious interest rate.

The "Bill of Sale" attached to the Fourth Amended Complaint is
central to the ownership dispute between the parties. Plaintiffs
dispute any transfer of ownership and assert the Bill of Sale is
void ab initio or is voidable because of Defendants' wrongful
actions (including fraud, fraudulent inducement, and breach of
fiduciary duties). Whereas, from the outset of this litigation, the
Hoge Defendants and Wadley Defendants asserted that the Bill of
Sale effectuated a sale of Plaintiffs' Blue Duck and related-entity
ownership to WFI.

Because of the ownership issue and actions taken by Hoge
pre-petition, Plaintiffs immediately sought court intervention
regarding control of Blue Duck during the bankruptcy case.
Immediately, the Trustee sought to resolve the ownership dispute
and determine how Blue Duck could exit bankruptcy. To that end, the
Trustee formulated the Plan providing for Blue Duck's continued
operation and an exit from bankruptcy

The Plan's principal component is resolution of the ownership
dispute. Pending final resolution of the adversary proceeding, the
Trustee will remain in control of Blue Duck.  In fact, as stated in
the Plan and confirmation order, substantial consummation of the
Plan will not occur until this adversary proceeding is resolved by
final order. On May 18, 2026, the Court confirmed the Plan.

In this adversary proceeding, Plaintiffs requested partial summary
judgment on the issue of whether the Bill of Sale was void ab
initio. On February 6, 2026, the Court entered an order declaring
the Bill of Sale void ab initio and that it did not effectuate a
transfer of JetTexas Oil, LLC's equity interests in Blue Duck
Energy, Ltd.; Blue Duck GP, LLC; and Blue Duck MVR, LLC -- to the
extent JetTexas Oil, LLC held equity interests in each of these
entities -- to Wadley Family Investments, LLC or any assignee or
affiliate of Wadley Family Investments, LLC.

Following entry of this Order, the Wadley Defendants filed the
Motion to Dismiss arguing that Plaintiffs' remaining claims against
them were beyond this Court's subject matter jurisdiction.

Plaintiffs bring the following claims against the Defendants in
their Original Complaint and Application for Temporary Restraining
Order and Temporary Injunction (the "Fourth Amended Complaint"):

   * Fraud (Against Hoge and ITH)
   * Breach of Contract (Against Hoge, Blue Duck, and Blue Duck GP,
LLC ("Blue Duck GP"))
   * Breach of Fiduciary Duty (Against Hoge, Hoge PC, H&G, Blue
Duck, and Blue Duck GP)
   * Aiding and Abetting Breach of Fiduciary Duty (Against Hoge,
Hoge PC, H&G, Blue Duck, Blue Duck GP, and James Kondziela
("Kondziela"))
   * Usurious Interest (Against the Wadley Defendants)
   * Fraud (Against Hoge, Hoge PC, H&G, and the Wadley Defendants)
   * Fraudulent Inducement (Against Hoge, Hoge PC, H&G, and the
Wadley Defendants)
   * Civil Conspiracy to Commit Fraud (Against Hoge, Hoge PC, H&G,
and the Wadley Defendants)
   * Aiding and Abetting Breach of Fiduciary Duty (Against the
Wadley Defendants)
   * Conversion (Against the Hoge Defendants, Blue Duck, and Blue
Duck GP) • Violations of the Texas Theft Liability Act (Against
the Hoge Defendants, Blue Duck, and Blue Duck GP) Constructive
Trust (Against the Hoge Defendants and Blue Duck GP)
   * Demand for Accounting
   * Piercing the Corporate Veil/Alter Ego (Against the Hoge
Defendants, Kondziela, and Blue Duck GP)
   * Declaratory Judgment (Against the Hoge Defendants, Kondziela,
Blue Duck, and Blue Duck GP)
   * Declaratory Judgment (Against Hoge, Blue Duck, Blue Duck GP,
ITH, and the Wadley Defendants)

Hoge brings the following counterclaims and third-party claims (the
"Hoge Claims") against Garrett Johnson, Brandi E. Johnson, and
Jacob "Jack" Ziegler:

   * Misappropriation of Name
   * Tortious Interference
   * Infringement of Common Law Mark
   * Civil Conspiracy

Because aspects of Plaintiffs' claims became property of Blue
Duck's bankruptcy estate upon its bankruptcy filing, the Trustee
also asserts those claims alleged by Plaintiffs that belong to the
estate. The Trustee additionally alleges separate claims against
various Defendants that arise under or arise in Blue Duck's
bankruptcy case:

   * To the extent it relates to Blue Duck, and as alleged in
Plaintiffs' Fourth Amended Complaint:

   (i) Breach of Fiduciary Duty (Against Blue Duck GP, Hoge, H&G,
and Hoge PC);
  (ii) Aiding and Abetting Breach of Fiduciary Duty (Against Blue
Duck GP, Hoge, H&G, and Hoge PC);
(iii) Conversion (Against Blue Duck GP and the Hoge Defendants);
  (iv) Violations of the Texas Theft Liability Act (Against Blue
Duck GP and the Hoge Defendants);
   (v) Demand for Accounting (Against the Hoge Defendants and Blue
Duck GP);
  (vi) Piercing the Corporate Veil (Against the Hoge Defendants,
Kondziela, and Blue Duck GP); and
(vii) Declaratory Relief (Hoge, Blue Duck GP, ITH, and the Wadley
Defendants).

   * Money Had & Received (Against Plaintiffs);
   * Money Had & Received (Against the Hoge Defendants)
   * Avoidance and Recovery of Fraudulent Conveyance (Against
Plaintiffs)
   * Avoidance and Recovery of Fraudulent Conveyance (Against the
Hoge Defendants)
   * Declaratory Relief related to the rightful interest owners of
Blue Duck
   * Objection to Hoge's Proof of Claim
   * Objection to Kondziela's Proof of Claim
   * Objection to Blue Duck GP's Proof of Claim
   * Objections to Plaintiffs' Proofs of Claim

The Motion to Dismiss asserts that the Court lacks subject matter
jurisdiction to adjudicate the disputes among non-debtor third
parties. While the Motion to Dismiss focuses on Plaintiffs' claims
against the Wadley Defendants, the Court has a
continuing obligation to examine the basis for its subject matter
jurisdiction, which it may raise sua sponte.

Since the Court took the Motion to Dismiss under advisement, in
Blue Duck Energy, Ltd.'s ("Blue Duck") bankruptcy case, the Chapter
11 Trustee ("Trustee") confirmed a plan of reorganization (the
"Plan"). Confirmation of the Plan may likewise affect the Court's
subject matter jurisdiction.  Therefore, the Court sua sponte
analyzes its subject matter jurisdiction for all claims brought in
this adversary proceeding, not just the claims addressed in the
Motion to Dismiss.

The Court grants in part and denies in part the Motion to Dismiss.
Upon analyzing all claims or causes of action brought in this
adversary proceeding, the Court lacks bankruptcy jurisdiction over
Plaintiffs' usury claim against the Wadley Defendants and the Hoge
Claims for Misappropriation of Name, Tortious Interference,
Infringement of Common Law Mark, and Civil Conspiracy against
Garrett Johnson, Brandi E. Johnson, and Jacob "Jack" Ziegler. The
Court remands these claims back to the 192nd Judicial District
Court of Dallas County, Texas. The Court has bankruptcy
jurisdiction over all other claims in this adversary proceeding.

Plaintiffs' usury claim hinges on whether the money received from
and paid back to the Wadley Defendants constitutes a loan. While
Plaintiffs' usury claim shares common facts with the other claims
over which the Court finds bankruptcy jurisdiction, "common facts
alone are insufficient to confer 'related to' jurisdiction."
The Hoge Claims arise from allegations by Hoge that Garrett
Johnson, his wife, and Jacob "Jack" Ziegler inappropriately used
his name and mark for personal gain without Hoge's permission.
According to the Court, any resolution of the Hoge Claims could not
and will not have a conceivable effect on Blue Duck's bankruptcy
case or its administration.

A copy of the Court's Memorandum Opinion dated June 29, 2026, is
available at https://urlcurt.com/u?l=GAd4RZ from Pacermonitor.com.

                   About Blue Duck Energy, Ltd.

Blue Duck Energy Ltd. is a Texas limited partnership organized in
May 2021 for the purpose of acquiring, owning, and operating oil
and gas interests.

The Debtor sought relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Tex. Case No. 24-20224) on August 14, 2024. In the
petition filed by James Kondziela, as manager of the Debtor's
general partner, it listed estimated assets and liabilities between
$10 million and $50 million each.

The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS
EPPICH SCHAFER JONES LLP.


BMI OLDCO: Reorganization Plan Filed by Minerals Technologies
-------------------------------------------------------------
Minerals Technologies Inc. has submitted a proposed Chapter 11
reorganization plan on behalf of BMI OldCo Inc. and its affiliated
debtors, seeking to resolve the subsidiaries' bankruptcy cases
pending in the Southern District of Texas. According to the
company, the proposal is designed to compensate claimants, conclude
the Chapter 11 proceedings efficiently, and satisfy a procedural
deadline established by the Bankruptcy Court while related
litigation continues in federal district court.

MTI stressed that the filing does not change the central dispute
over whether BMI OldCo's talc products were capable of causing
asbestos-related illnesses. That issue remains before the U.S.
District Court after it adopted the Bankruptcy Court's
recommendation to resolve the scientific and legal questions before
allowing the Chapter 11 plan confirmation process to proceed. The
company continues to maintain that its talc products were safe and
that the underlying lawsuits are without merit.

The proposed plan calls for a $450 million contribution from MTI's
non-debtor affiliates to fund a trust that would resolve current
and future talc personal injury claims. It also includes a request
for a Section 524(g) channeling injunction, releases for the
non-debtor affiliates, and the waiver of more than $100 million in
funding-related claims against the bankruptcy estates.

MTI also disclosed that it expects to recognize a $290 million
second-quarter 2026 accounting charge to increase reserves
associated with the proposed resolution. The company said it will
continue supporting the debtors' estates and pursue what it
believes is the best possible outcome for creditors while awaiting
further action by the District Court.

                 About BMI Oldco Inc.

BMI Oldco Inc.'s (fka Barretts Minerals Inc.) current operations
are focused on the mining, beneficiating, processing, and sale of
industrial talc. It historically supplied a relatively minor
percentage of its sales into cosmetic applications. Barretts
Minerals' talc is sold to distributors and third-party
manufacturers for use in such parties' products, which are then
incorporated into downstream products eventually sold to
consumers.

Barretts Minerals and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90794) on Oct. 2, 2023. In the petition signed by its chief
restructuring officer, David J. Gordon, Barretts Minerals disclosed
$50 million to $100 million in assets and $10 million to $50
million in liabilities.

The case was initially assigned to Judge David R. Jones before
Judge Marvin Isgur took over.

The Debtors tapped Porter Hedges, LLP and Latham& Watkins, LLP as
legal counsel; M3 Partners, LP as financial advisor; Jefferies, LLC
as investment banker; and DJG Services, LLC as restructuring
advisor. David J. Gordon of DJG Services serves as the Debtors'
chief restructuring officer. Stretto, Inc. is the claims, noticing
and solicitation agent and administrative advisor.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Caplin & Drysdale, Chartered and Province, LLC serve as the
committee's legal counsel and financial advisor, respectively.

                About Minerals Technologies Inc.

Minerals Technologies Inc. (NYSE: MTX) is a technology-driven
producer of specialty minerals and mineral-based products serving
customers worldwide. The company combines extensive global mineral
resources with advanced processing technologies to provide
essential materials for numerous industries and everyday
applications.


BRADFORD MEDIA: Gets Court OK to Use Cash Collateral
----------------------------------------------------
Bradford Media Group, LLC got the green light from the U.S.
Bankruptcy Court for the Eastern District of Arkansas to use
Southern Bancorp Bank's cash collateral.

Southern Bancorp Bank is the Debtor's principal secured creditor,
holding approximately $1.227 million in claims under three separate
loans secured by the Debtor's cash, accounts receivable and deposit
accounts, which constitute cash collateral.

Under the court order, Southern Bancorp Bank will be granted
adequate protection through automatically perfected replacement
liens on substantially all personal property acquired by the Debtor
after its Chapter 11 filing.

In addition, the bank will receive monthly payments of $7,500 for
the three loans, beginning July 20.

Additional safeguards include maintaining insurance coverage on the
collateral, remaining current on post-petition tax obligations, and
protecting and preserving the collateral throughout the Debtor's
Chapter 11 case.

Events of default under the court order include failure to make
adequate protection payments, violation of the order, conversion or
dismissal of the Debtor's bankruptcy case, appointment of a
trustee, or lapse of required insurance. If a default is not cured
within 10 business days after written notice, the Debtor's
authority to use cash collateral will terminate, and Southern
Bancorp Bank may obtain expedited relief from the automatic stay to
enforce its rights against the collateral.

The order is available at
http://bankrupt.com/misc/BRADFORDMEDIA_ICCOrder24.pdf

Bradford Media Group operates from its headquarters in Little Rock,
Arkansas, under the leadership of President Al Bradford. It owns
and operates a radio station whose success depends on independent
contractor on-air personalities, a sales manager responsible for
generating advertising revenue, and the timely payment of
contractors and operating expenses on a biweekly basis.

The Debtor attributes its financial distress primarily to the sharp
decline in advertising revenues following the COVID-19 pandemic.
Although advertising income began improving during 2025 through
several national advertising contracts, the debtor continued
experiencing financial challenges. Its situation worsened when a
judgment creditor obtained a writ of garnishment against its bank
accounts, threatening to shut down operations and prompting the
Chapter 11 filing. Bradford Media estimates that it owns assets
worth approximately $1.7 million.

                  About Bradford Media Group LLC

Bradford Media Group, LLC is an Arkansas-based radio broadcasting
company.

Bradford Media Group sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-12199) on June 2,
2026. In the petition signed by Alfred Bradford, managing member,
the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Richard D. Taylor oversees the case.

The Debtor tapped Sheila F. Campbell, Esq., at Sheila F. Campbell
Law Firm, as bankruptcy counsel and LaDonna Mayo Service and More,
LLC as accountant.


BRAZOS DELAWARE II: Moody's Withdraws B1 CFR on Debt Extinguishment
-------------------------------------------------------------------
Moody's Ratings withdrew all of Brazos Delaware II, LLC (Brazos)
ratings, including its B1 corporate family rating, B1-PD
probability of default rating and B1 senior secured term loan due
2030. The outlook was changed to rating withdrawn from ratings
under review. The withdrawals follow the extinguishment of its
outstanding debt.

RATINGS RATIONALE

Western Midstream Partners, LP (rated subsidiary Western Midstream
Operating, LP (Western), Baa3 stable) has fully repaid Brazos's
outstanding rated debt. All of Brazos's ratings have been withdrawn
because its rated debt is no longer outstanding.

Brazos, headquartered in Fort Worth, Texas, owns a natural gas and
crude oil gathering and transportation system in the Delaware Basin
in Texas, within the broader Permian Basin.


BRIDGEPREP ACADEMY: Moody's Affirms 'Ba1' Rating on Revenue Debt
----------------------------------------------------------------
Moody's Ratings has affirmed the Ba1 revenue rating of BridgePrep
Academy, Inc., Obligated Group, FL. The outlook is stable. The
obligated group of the BridgePrep Academy, Inc. charter school
network has $202.2 million in outstanding revenue debt.

RATINGS RATIONALE

The Ba1 rating reflects the obligated group's satisfactory
financial performance, improving liquidity, and positive enrollment
trends, balanced against elevated leverage, competitive market
pressures, and a somewhat limited operating history for several
schools. The obligated group, comprising nine schools across five
Florida (Aaa stable) counties, has demonstrated consistent
enrollment growth with further gains projected, supporting revenue
expansion. Financial performance remains solid, with operating
margins in the low-20% range and debt service coverage projected at
approximately 1.2x in fiscal 2026. Liquidity will also improve with
year-end days cash on hand increasing to about 97 days.

Credit challenges include elevated leverage from debt and reliance
on continued enrollment growth to sustain margins and coverage,
although the recent refinancing and transition to facility
ownership have reduced fixed costs and improved financial
flexibility.

Governance supports the credit profile through an experienced board
and management team, contributing to low charter renewal risk,
though some variability persists at the school and authorizer
levels.

RATING OUTLOOK

The stable outlook reflects continued enrollment-driven revenue
growth driven by the recent improvement in academic outcomes,
supporting steady operating performance of the obligated group
andimproving liquidity. It also assumes management will maintain
financial discipline while navigating competitive pressures and
elevated leverage.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Sustained enrollment growth driving consistent revenue
expansion across the obligated group

-- Continued improvement in academic performance, supporting
stronger demand and charter renewal prospects

-- Strengthening liquidity with days cash on hand sustained above
100 days and debt service coverage consistently above 1.5x

-- Meaningful and sustained deleveraging, with cash-to-debt
consistently above 15%

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Failure to achieve projected enrollment growth, resulting in
weaker-than-expected revenue performance

-- Deterioration in academic performance, potentially affecting
demand and charter renewal prospects

-- Sustained pressure on operating performance, including margins
in the low-teens, days cash on hand falling below 75 days, or debt
service coverage declining toward or below 1.2x

-- Additional debt issuance or weaker operating performance
leading to a material increase in leverage metrics

PROFILE

BridgePrep Academy, Inc. is a Florida-based not-for-profit charter
school network operating 21 schools statewide, including nine
schools comprising the obligated group. The network's mission
centers on delivering a rigorous, college-preparatory curriculum
with an emphasis on bilingual and Spanish-language instruction.
Governance is provided by a six-member board of directors, while
S.M.A.R.T. Management LLC oversees day-to-day financial and
operational functions under a long-term management agreement. For
the 2025-2026 school year, total network enrollment is
approximately 9,650 students, including about 5,560 students within
the obligated group.

METHODOLOGY

The principal methodology used in these ratings was US Charter
Schools published in April 2024.


BRIGHTLINE TRAIN: Draws on Reserves to Cover Key Bond Payments
--------------------------------------------------------------
Martin Z. Braun and Eliza Ronalds-Hannon of Bloomberg News report
that private passenger rail operator Brightline used reserve funds
to make required July 1 interest payments on its senior municipal
bonds and corporate notes, according to people familiar with the
matter. The payments helped the company remain current on certain
debt obligations despite ongoing financial challenges.

In addition, holders of $985 million in bonds backed by future
commuter-rail access rights agreed to extend the grace period for
payments that came due on July 1 until July 15, 2026. according to
a securities filing. The extension gives the company more time to
continue negotiations with its creditors, the report relays.

By securing the extension, Brightline has temporarily avoided a
formal default while pursuing a restructuring of approximately $5.5
billion in debt. The company remains engaged in discussions with
lenders in an effort to reach a comprehensive agreement, the report
cites.

The outcome of those negotiations will be closely watched by
investors and creditors, as the company seeks to strengthen its
financial position and avoid more significant restructuring or
insolvency proceedings if a deal cannot be reached, according to
Bloomberg.

               About Brightline Train Florida

Brightline offers high-speed rail between Miami, Fort Lauderdale,
and Orlando.


BUCKINGHAM SENIOR: Unsecured Creditors Object to Bankruptcy Plan
----------------------------------------------------------------
Natalie Weger of Bloomberg Law reports that Buckingham Senior
Living Community Inc. is facing opposition to its proposed Chapter
11 plan after the official committee of unsecured creditors
asserted that the debtor is administratively insolvent and lacks
the funding necessary to pay administrative expenses. The committee
maintains that the restructuring cannot proceed unless those
obligations are fully addressed.

In papers filed Wednesday, July 1, 2026, in the Northern District
of Texas bankruptcy court, the committee argued that the case
should be converted to Chapter 7 if the debtor cannot satisfy
administrative claims. The filing states that the proposed plan
fails to provide sufficient evidence that the estate has adequate
resources to support confirmation.

The creditors further criticized the disclosure statement, saying
it leaves unresolved issues involving projected recoveries, the
administration of a proposed trust, and the disposition of assets
intended to benefit unsecured creditors. They argued that creditors
are being asked to vote without adequate financial information, the
report cites.

The objection presents another hurdle for Buckingham as it attempts
to emerge from Chapter 11. The bankruptcy judge must determine
whether the proposed plan is feasible or whether the case should
instead proceed as a liquidation, according to Bloomberg.

           About Buckingham Senior Living Community, Inc.

Buckingham Senior Living Community, Inc., doing business as The
Buckingham, operates a not-for-profit continuing care retirement
community (CCRC) in Houston, Texas, offering independent living,
assisted living, memory care, skilled nursing, rehabilitation, and
respite care. The community spans 23 acres near the Memorial
neighborhood and features walking trails, courtyards, gardens,
24-hour security, dining, wellness programs, and other amenities
designed to support resident lifestyle and relationships.
Established over 20 years ago, The Buckingham provides
comprehensive senior living services, allowing residents to
transition across care levels as needs evolve.

Buckingham Senior Living Community filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
25-80595) on Nov. 17, 2025, listing up to $500 million in both
assets and liabilities.

Judge Michelle V. Larson presides over the case.

The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex
Advisors, LLC as financial advisor; and Raymond James & Associates,
Inc. as an investment banker. Epiq Corporate Restructuring, LLC is
the claims, noticing, solicitation, and administrative agent.


CAMP MYSTIC: Gets Interim OK to Continue Paying Workers in Ch. 11
-----------------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that a Texas
bankruptcy judge granted Camp Mystic authority Tuesday, June 30,
2026, to pay employee wages during its Chapter 11 case but refused
to immediately approve a $2,000 payment proposed for the president
of one of the camp's affiliated organizations.

The court found that allowing the debtor to continue meeting
payroll obligations was necessary to preserve operations and ensure
employees remain on the job during the restructuring process.
Company representatives argued that uninterrupted wage payments are
critical to maintaining business continuity while the Chapter 11
case proceeds, the report relays.

The judge, however, expressed concerns about the requested stipend
for the affiliate executive and declined to authorize the payment
without additional support. The debtor may seek renewed approval
after addressing the court's concerns regarding the proposed
compensation, according to report.

                     About Camp Mystic

Camp Mystic is a Texas-based girls' summer camp that has operated
since 1926 in Hunt. The organization offers a variety of youth
development programs, including sports, arts, outdoor adventures,
and leadership activities, with a mission centered on personal
growth, character building, and Christian values.

Camp Mystic sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Case No. 26-90621) on June 24, 2026. In its
petition, the Debtor reports estimated assets between $1 million
and $10 million, while liabilities are projected to range from $10
million to $50 million.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented by Martin A. Sosland, Esq. of Vartabedian
Katz Hester & Haynes LLP.


CARBON HEALTH: Quality of Care Maintained, 2nd PCO Reports Says
---------------------------------------------------------------
Suzanne Richards, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Southern District of Texas her second
report regarding the quality of patient care provided by Carbon
Health Technologies, Inc. and its affiliates.

The PCO conducted interviews with Carbon Health employees on topics
of quality, staffing, training, and data collection. All leaders
and staff are knowledgeable and passionate about patient care. Many
of the leadership have been in their roles for many years and are
positive about the organization.

The PCO observed no issues about lack of supplies or medications.
Each supply rooms surveyed while onsite appear to be appropriately
stocked. During virtual interviews, all employees stated supplies
are available. No red flag issues were reported with respect to
staffing, incidents, purchasing/supplies/medication or quality of
care.

Ms. Richards did not note any issues that have resulted in a change
in the quality of the care as a result of their pending bankruptcy.
The Debtors continue to provide care in the manner consistent with
that prior to the current proceeding. Staffing levels and
competency have remained consistent. The Debtors appear to strive
to meet the needs of their clients.

The PCO encourages the Debtors to remain vigilant with regards to
patient care.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=cQl2GP from Kroll, claims agent.

The ombudsman may be reached at:

     Suzanne Richards
     4525 Dean Martin Drive, Unit 2308
     Las Vegas, Nevada 89103
     Phone: 714-290-6226
     Email: suzanne@smrhealth.com

                        About Carbon Health

Founded in 2015, Carbon Health Technologies Inc. is a modern
healthtech company that offers in-person and virtual care for
easier everyday health. Before the bankruptcy filing, Carbon Health
Technologies operated 93 urgent care or primary care clinics in the
states of Texas, Washington, California, Colorado, Kansas,
Missouri, New Jersey and Massachusetts. On the Web:
http://www.carbonhealth.com/    

On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated
debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Texas
Lead Case No. 26-90306). At the time of the filing, Carbon Health
Technologies reported $100 million to $500 million in both assets
and liabilities.

The cases are pending before the Honorable Christopher M. Lopez.

Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as
bankruptcy counsel and financial advisor, respectively. Kroll is
the claims agent.

KTBS Law is representing Future Solution Investments LLC, the agent
for the pre-petition lenders and the DIP lenders.


CARR'S PLUMBING: Plan Exclusivity Period Extended to July 6
-----------------------------------------------------------
Judge Mitchell L. Herren of the U.S. Bankruptcy Court for the
District of Kansas extended Carr's Plumbing and Maintenance, LLC's
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to July 6 and Sept. 2, 2026, respectively.

As shared by Troubled Company Reporter, the Debtor explains that
this case is factually and legally complex and has involved
substantial contested litigation. Debtor's use of cash collateral
was contested and was not resolved on a final basis until April 9,
2026. Debtor is prosecuting two adversary proceedings: Adversary
No. 26-05007 against Fox Funding Group, LLC, concerning the
validity, priority, and extent of liens and related declaratory and
injunctive relief; and Adversary No. 26-05013 against American
Express National Bank, to recover avoidable transfers.

The Debtor is further amending its Schedules to disclose additional
claims belonging to the estate under Section 541 of the Bankruptcy
Code, including (i) a claim against A Production Company, LLC in
the amount of $1,009,684.70, exclusive of interest, attorney fees,
and costs; and (ii) a claim against Calamar Construction North
America LLC in the amount of $329,029.00, plus interest and costs.
The claim against Calamar was filed prepetition in the District
Court of Sedgwick County, Kansas (Case No. 2025-CV-02082).

The Debtor claims that resolution of the threshold matters is
necessary to formulate a confirmable plan, as the outcomes will
determine the assets available to the estate and the validity,
priority, and amount of secured and other claims. The hearing on
Intrust Bank's motion for relief from stay has been continued to
June 11, 2026 to permit entry of an agreed order, and the hearing
on Debtor's motion to approve a compromise of the American Express
adversary proceeding is also set for June 11, 2026.

The Debtor states that the meeting of creditors under Section
341(a) of the Bankruptcy Code was just concluded on May 28, 2026,
and Debtor amended its schedules on May 27, 2026. The Official
Committee of Unsecured Creditors, appointed March 26, 2026, is
relatively new. Debtor requires a reasonable opportunity following
these events to formulate and negotiate a plan with the Committee
and other parties in interest.

The Debtor asserts that it has actively and in good faith
administered this estate. Debtor has, inter alia, obtained
authority to use cash collateral and pay pre-petition wages, filed
multiple adversaries, applied to employ accounting professionals,
and filed its monthly operating reports, all while continuing to
operate its business. The requested extensions are sought in good
faith and not for any improper purpose.

Carr's Plumbing and Maintenance is represented by:

     Justin T. Balbierz, Esq.
     Mark J. Lazzo, P.A.
     3500 N. Rock Road
     Bldg. 300, Suite B
     Wichita, KS 67226
     Telephone: (316) 263-6895
     E-mail: justin@lazzolaw.com

               About Carr's Plumbing and Maintenance

Carr's Plumbing and Maintenance, LLC, runs a plumbing business in
Wichita, Kansas.

Carr's sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Kan. Case No. 26-10101) on Feb. 4, 2026.  In the
petition signed by Christopher Carr, managing member, the Debtor
disclosed up to $10 million in both assets and liabilities.  Judge
Mitchell L. Herren oversees the case.  Mark J. Lazzo, at Mark J
Lazzo PA, is the Debtor's legal counsel.


CD GREENE: Unsecureds Will Get 12.17% of Claims over 3 Years
------------------------------------------------------------
CD Greene Inc. filed with the U.S. Bankruptcy Court for the
Southern District of New York a Subchapter V Plan of Reorganization
dated June 23, 2026.

The Debtor's business was started in 2015 by Charles D. Greene
("Mr. Greene"). The Debtor maintains an office located at 32 East
57th Street, 11th Floor, New York, New York 10022.

The Debtor designs couture dresses sold exclusively through
Bergdorf Goodman LLC and the Neiman Marcus Group LLC.  The dresses
typically sell for thousands or tens of thousands of dollars and
are often worn by celebrities at awards ceremonies.  

The Debtor's bankruptcy filing was precipitated by various events
and factors. Most notably, the Debtor had been involved in
protracted litigation with its former landlord in a case entitled
RBT 44W55 LLC v. CD Greene, Inc. and Charles D. Greene, Index No.
651571/2024 (N.Y. Sup. Ct.) (the "State Court Action"). On July 24,
2025, plaintiff, RBT 44W55 LLC obtained a judgment by default
against Mr. Greene and the Debtor, jointly and severally, in the
principal amount of $373,774.67 (the "State Court Judgment"). The
State Court Action sought payment from the Debtor for overdue
rent.

On September 29, 2025, RBT issued a restraining notice (the
"Restraining Notice") to Bergdorf Goodman seeking to restrain any
property owed to the Debtor. On October 27, 2025, RBT issued a
property execution (the "Property Execution") on Saks Global
Enterprises LLC. Saks then held approximately $160,000.00 in monies
owed to the Debtor. These funds were essential to the Debtor's
ability to continue business.

Moreover, because the Debtor sells its dresses exclusively to
Bergdorf and Neiman Marcus, the Restraining Notice and Property
Execution impacted its business on an ongoing basis, including its
ability to receive monies for dresses sold to Bergdorf and Neiman
Marcus postpetition and its ability to pay rent to its current
landlord, Joseph P. Day Realty Corp, as agent for 32 East 57th
Street LLC (the "Landlord"). Ultimately, through the Debtor's
bankruptcy counsel, counsel for RBT agreed to withdraw the
Restraining Notice.

The Plan proposes to pay creditors of the Debtor from the Debtor's
disposable income from its operations for a period of 36 months.

Class 3 consists of General Unsecured Claims Not Otherwise
Classified. Each holder of a Class 3 Claim shall receive Cash in an
amount equal to at least 12.17% of the Allowed amount of its Class
3 Claim in three equal installments on the first, second and third
anniversary of the Effective Date.

The treatment and consideration to be received by the holders of
Class 3 Claims shall be in full and final satisfaction, release and
discharge of their respective Class 3 Claims. Class 3 claims are
Impaired under the Plan.

The holder of Interests in the Debtor shall retain such Interests
in the Debtor. 100% of Interests in the Debtor are held by Charles
D. Greene. The treatment and consideration to be received by
holders of Class 4 Interests shall be in full settlement and final
satisfaction of their respective Interests.

Reorganized CD Greene, Inc. intends to continue its operations, and
utilize its disposable income to fund payments to creditors
pursuant to this Plan.

A full-text copy of the Subchapter V Plan dated June 23, 2026 is
available at https://urlcurt.com/u?l=2Plq8E from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Tracy L. Klestadt, Esq.
     Kevin B. Collins, Esq.
     KLESTADT WINTERS JURELLER
     SOUTHARD & STEVENS, LLP
     200 West 41st Street, 17th Floor
     New York, NY 10036
     Tel: (212) 972-3000
     Fax: (212) 972-2245
     Email: tklestadt@klestadt.com
            kcollins@klestadt.com

                        About CD Greene Inc.

CD Greene Inc. is engaged in general contracting and construction
management services for both residential and commercial clients.
Its services include site development, renovations, and
comprehensive project oversight.

CD Greene Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12853) on December 21,
2025. In its petition, the Debtor reports estimated assets ranging
from $100,001 to $1 million and estimated liabilities between $1
million and $10 million.

Honorable Bankruptcy Judge John P. Mastando III handles the case.

The Debtor is represented by Charles C. Wolofsky, Esq. of Wolofsky
PLLC.


CEDAR HAVEN: PCO Reports Staffing Challenges
--------------------------------------------
Margaret Barajas, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Middle District of Pennsylvania her first
and final report regarding the quality of patient care provided by
Cedar Haven Acquisition, LLC, doing business as Cedar Haven
Healthcare Center.

Cedar Haven Healthcare Center offers long-term skilled nursing
facility services in Lebanon County, Pennsylvania under a regular
license issued by the PA Department of Health. The population they
serve is primarily geriatric. The facility participates in Medicare
and Medicaid.

The facility has a capacity of 324 licensed beds, of which 263 are
currently occupied. Local ombudsman report that the census is
comparable to facilities serving the same area. The facility also
operates a secure memory care unit, serving 34 residents.

During this reporting period, the PCO representatives received four
complaints related primarily to ongoing operations concerns.

     * Residents reported that food would be served cold or was not
appealing to the residents. Through self-advocacy and address
during resident meetings, the menu is now partially decided by
resident vote at resident council meetings and residents have
reported that the issue is resolved.

     * Residents raised complaints about short-staffing which
affected call bell response times, especially at night. These
complaints were brought to the attention of nursing staff during a
resident council meeting and were addressed promptly.

     * Local ombudsman received complaints that clothing was not
being returned or was going missing, a concern also raised during
resident council. The administrator laid out a conflict resolution
path which included filing reports for all missing items. The local
ombudsman noted that the documentation would be helpful but would
continue to monitor the situation as it may place too much of a
burden on residents.

     * On May 7, 2026, a local ombudsman met with a resident in the
memory-care unit who complained they were inappropriately placed
into that wing and did not belong. The local ombudsman is actively
investigating the matter.

On May 26, the U.S. Bankruptcy Court approved the sale of this
facility to Cedar Haven Healthcare LLC. The PCO asked the Court to
release her from appointment as ombudsman in this bankruptcy case
because the facility has been transferred to new ownership. Ms.
Barajas and her representatives will conclude their weekly visits,
unless otherwise directed by the Court.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=OMei05 from PacerMonitor.com.

                 About Cedar Haven Acquisition LLC

Cedar Haven Acquisition, LLC, doing business as Cedar Haven
Healthcare Center, operates a skilled nursing and long-term care
facility in Lebanon, Pennsylvania, offering post-acute
rehabilitation, memory care, respite and hospice services to
patients following hospital stays, surgery, illness or injury. The
facility provides around-the-clock nursing and chronic disease
management with on-site clinical support.

Cedar Haven Acquisition sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-00118) on January 16,
2026. In its petition, the Debtor reported between $1 million and
$10 million in both assets and liabilities.

Honorable Bankruptcy Judge Henry W. Van Eck handles the case.

The Debtor is represented by Robert E. Chernicoff, Esq., at
Cunningham, Chernicoff & Warshawsky, PC.


CES MAIL: Gets Extension to Access Cash Collateral
--------------------------------------------------
CES Mail Communications, Inc. received another extension from the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral.

The court entered a third interim order approving the Debtor's
continued use of cash collateral to fund its operations in
accordance with its budget. The Debtor may spend as much as 10%
more if needed.

The Debtor's access to cash collateral ends upon cessation of
business operations or upon default or noncompliance with the
interim order.

The Debtor identifies two potentially secured creditors based on
UCC financing statements filed with the North Carolina Secretary of
State: Bank of Oak Ridge and Corporation Service Company as
representative for an unnamed creditor.

To protect the interests of any potential secured creditor, CES
Mail offers a replacement lien on post-petition assets to the
extent cash collateral is used.

The order is available at https://shorturl.at/jBoue

The next hearing will be held on July 22.

                About CES Mail Communications Inc.

CES Mail Communications, Inc. provides direct mail and data
processing services, including data management, fulfillment, sample
production, variable data printing, warehousing and mailing
support. The Raleigh, North Carolina-based company serves customers
seeking mass mailing, direct mail advertising and related
communications services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02033) on May 4,
2026, with up to $500,000 in assets and up to $10 million in
liabilities. Mory A. Read, president, signed the petition.

Judge Pamela W. McAfee oversees the case.

William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC,
represents the Debtor as legal counsel.


CHAFIN AGENCY: Case Summary & Nine Unsecured Creditors
------------------------------------------------------
Debtor: The Chafin Agency, LLC
        21103 Promontory Circle
        San Antonio, TX 78258

Business Description: The Chafin Agency LLC, based in San Antonio,
Texas, operates as an insurance agency and dealer-services
provider, offering personal and commercial insurance lines as well
as automotive dealership F&I solutions, training and carrier-
backed support.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 26-51806

Judge: Hon. Aubrey L Thomas

Debtor's Counsel: Ronald Smeberg, Esq.
                  THE SMEBERG LAW FIRM
                  4 Imperial Oaks
                  San Antonio, TX 78248-1609
                  Tel: (210) 695-6684
                  E-mail: ron@smeberg.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steven Chafin as manager.

A full-text copy of the petition, which includes a list of the
Debtor's nine unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/JRICSFI/The_Chafin_Agency_LLC__txwbke-26-51806__0001.0.pdf?mcid=tGE4TAMA


CHASSEUR REALTY: Seeks Chapter 11 Bankruptcy in New Jersey
----------------------------------------------------------
On July 2, 2026, Chasseur Realty Investors-Jackson, LLC filed for
Chapter 11 protection in the U.S. Bankruptcy Court for the District
of New Jersey. According to court filings, the Debtor reports
between $10 million and $50 million in liabilities. The filing
indicates that funds will be available for distribution to
unsecured creditors.

           About Chasseur Realty Investors-Jackson, LLC

Chasseur Realty Investors-Jackson, LLC is the owner and operator of
Fondren Hill Apartments, a multifamily residential apartment
community located in Jackson, Mississippi. The company owns and
manages the apartment property as part of its real estate
investment and property management operations.

Chasseur Realty Investors-Jackson, LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17694) on July
2, 2026. In its petition, the Debtor reported estimated assets of
$1 million to $10 million and estimated liabilities of $10 million
to $50 million.

The Debtor is represented by Edmond M. George, Esq. of Obermayer
Rebmann Maxwell & Hippel.


CINNAMINSON MECHANICAL: Trustees Win Bid for Default Judgment
-------------------------------------------------------------
Chief Judge Renee Marie Bumb of the U.S. District Court for the
District of New Jersey granted the second motion for default
judgment filed by Trustees of the Sheet Metal, Air, Rail,
Transportation Workers International Association Local 27 Annuity,
Health & Welfare, Education, and Unemployment Funds (the
"Trustees"), and Sheet Metal, Air, Rail, Transportation Workers
International Association Local Union 27  (collectively
"Plaintiffs") pursuant to FED. R. CIV. P. 55(b)(2) in the case
captioned as TRUSTEES OF THE SHEET METAL, AIR, RAIL, TRANSPORTATION
WORKERS INTERNATIONAL ASSOCIATION LOCAL 27 ANNUITY, HEALTH &
WELFARE, EDUCATION AND SUPPPLEMENTAL UNEMPLOYMENT FUNDS, et al.,
Plaintiffs, v. CINNAMINSON MECHANICAL CONTRACTORS, INC., Defendant,
Case No. 22-cv-06068-RMB-MJS (D.N.J.). The Court entered judgment
against Cinnaminson Mechanical Contractors, Inc. for $39,920.82 in
unpaid contributions, interest, liquidated damages, and reasonable
attorneys' fees and costs.

The Trustees are fiduciaries of the Sheet Metal, Air, Rail,
Transportation Workers International Association Local 27 Annuity,
Health & Welfare, Education, and Unemployment Funds (the "Funds")
within the meaning of the Employee Retirement Income Security Act
of 1974 ("ERISA"). A collective bargaining agreement ("CBA") with
the Union required Defendant Cinnaminson Mechanical Contractors,
Inc. ("CMC" or "Defendant") to make timely contributions to the
Funds on behalf of eligible beneficiary employees.

On October 13, 2022, Plaintiffs filed their Complaint against CMC,
alleging its:

   (i) failure to remit contributions due under the CBA for July
12, 2021, and the period spanning October 16, 2021, through
December 4, 2021, in violation of Section 515 of ERISA, 29 U.S.C.
Sec. 1145; and
  (ii) failure to remit dues checkoffs for the same periods.

Plaintiffs seek unpaid benefit contributions, interest, liquidated
damages, late fees, and attorney's fees totaling $39,920.82.

Accepting the complaint's factual allegations as true, Plaintiffs
plead viable ERISA and breach of contract claims against CMC.

According to the Court, Plaintiffs would suffer prejudice without a
default judgment because it is the only avenue to
vindicate their contractual and statutory rights. Indeed, because
delinquent contributions can negatively impact the Plaintiffs'
ability to pay their beneficiaries, Plaintiffs would be prejudiced
if default judgment was not entered in their favor.

The Court finds CMC is culpable in the default. Defendants are
presumed culpable where they fail to answer, move, or otherwise
respond to a lawsuit.

A copy of the Court's Opinion dated June 26, 2026, is available at
https://urlcurt.com/u?l=90ZvTf from Pacermonitor.com.

             About Cinnaminson Mechanical Contractors

Cinnaminson Mechanical Contractors, Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.N.J. Case No. 24-18910) on Sept. 9, 2024, with as much as $1
million in both assets and liabilities.

Judge Jerrold N. Poslusny Jr. oversees the case.

The Law Offices of Daniel Reinganum represents the Debtor as
bankruptcy counsel.


CLOUTER CREEK: Wins Bid to Execute MoU with Berkeley County, et al.
-------------------------------------------------------------------
Judge Elisabetta G. M. Gasparini of the U.S. Bankruptcy Court for
the District of South Carolina granted the motion of Clouter Creek
Reserve, LLC for authority to execute a memorandum of understanding
("MOU") with Berkeley County, South Carolina (the "County") and the
City of Charleston, South Carolina.

The Court finds the relief requested is warranted in furtherance of
the Debtor's Plan.

Pursuant to 11 U.S.C. Sec. 1142, the Debtor is authorized, but not
directed, to execute the MOU with the County and the
City.

On August 28, 2025, this Court entered an Order approving a
Mediated Settlement Agreement ("MSA") between the Debtor and two of
its secured creditors Lowcountry Private Lending, LLC ("LPL") and
Mark A. Mason ("MAM") under the standards of Fed. R. Bankr. P.
9019.1

The Debtor's Chapter 11 Plan of Reorganization was filed on
September 5, 2025.

The Debtor's Plan was confirmed on October 16, 2025.

The Plan and MSA call for the appointment of Adam C. Chapman as the
Debtor's Plan Administrator and calls for Mr. Chapman to present
the Debtor's project to prospective purchasers, equity partners,
and lenders, among other duties. The Plan further defines
extraordinary acts, which require advance approval from this Court
which includes entering into a memorandum of understanding with
officials from the County and the City.

The Debtor is managing its assets and operating its business as
reorganized Debtor pursuant to Sec. 1141 of the Bankruptcy Code.
The Debtor owns the real property located at 100 Sands Preserve
Drive, Charleston, South Carolina (the "Property"). The Property is
in Berkeley County on the Clouter Creek, which ties into the Cooper
River and consists of 16.41 acres with planning commission approval
for up to 38 single family estate lots and approval for a 110-slip
wet marina.

The MOU

The MOU addresses the annexation of a portion of Old Clements Ferry
Road (the "Road") from Berkeley County to the city of Charleston,
along with coordinated roadway improvements and jurisdictional
transition.

The MOU recognizes that the Road will serve as the primary access
for the Debtor's proposed marina project and residential project,
both located in the City.

An essential term of this MOU for the Debtor is the ability to
assign the agreement to affiliated entities or successors with
written assumption of obligations.  

If annexation fails or the MOU terminates, the Debtor retains the
right to pursue approvals from the County, the City, SCDOR, or
other authorities.

Pursuant to the MOU the Debtor accepts the following obligations:

   a. Fund roadway, drainage, utility, and infrastructure
improvements to the Road reasonably necessary to serve the Debtor's
projects, as mutually approved by the City and the Debtor;
   b. Submit all applications and materials for City roadway,
access, and encroachment approvals post-annexation;
   c. Grant public access and use easement over the Public Park
Area upon issuance of No Certificate of Occupancy for both
projects; and
   d. Pay or reimburse surveying, engineering, title, mapping, and
related costs for annexation.

The Debtor says the MOU is necessary to satisfy the Plan's
requirements. The confirmed Plan requires the Debtor to either:

   (1) pay all claims in full by March 1, 2026, or
   (2) secure a binding, nonterminable contract with a financially
qualified third party for the sale of the Debtor's property, with a
purchase price sufficient to pay all secured creditors in full, by
August 1, 2026.

According to the motion, the MOU is consistent with these
requirements by increasing the likelihood of success for the
Debtor's projects allowing for a sale or refinancing loan to meet
its obligations under the Plan.

A copy of the motion is available at http://urlcurt.com/u?l=mHgRnp
from Pacermonitor.com.

               About Clouter Creek Reserve, LLC

Clouter Creek Reserve LLC formerly known as IVO SANDS, LLC, is a
single asset real estate entity based in Charleston, South
Carolina.

Clouter Creek Reserve LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-00034) on January
6, 2025. In its petition, the Debtor reports estimated assets
between $10 million and $50 million and liabilities between $1
million and $10 million.

Penn Law Firm LLC represents the Debtor as counsel.


COAST TO COAST: Amends Unsecureds & Several Secured Claims Pay
--------------------------------------------------------------
Coast to Coast Leasing, LLC, submitted a Fifth Amended Combined
Chapter 11 Plan of Reorganization and Disclosure Statement dated
June 24, 2026.

The Fifth Amended Plan revises the allowed-claim amounts and
monthly payment figures for the secured creditors treated in
Classes 2.2 through 2.5, principally to correct the prior figures
and to conform the monthly payments to the stated claim amounts,
interest rates, and 60-month term.

In Section 6.4.1 (formerly Section 6.3.1), the provision governing
the 30% dividend to general unsecured creditors in Class 3.1
previously provided that the dividend would be paid "with interest
at 5%." The Fifth Amended Plan deletes the interest component. The
30% dividend is now payable in sixty equal monthly installments
without interest, consistent with Section 9.6 of the Plan (No
Interest on Claims).

The Fourth Amended Plan contained only a bracketed drafting
placeholder in lieu of a Section 1111(b)(2) election provision. The
Fifth Amended Plan replaces that placeholder with a complete,
operative Section 1111(b)(2) election (new subsections (a)–(e)).

The new provision establishes: the election mechanics and deadline
under Bankruptcy Rule 3014 (and that the election, once made, is
irrevocable); treatment of the electing creditor's entire Allowed
Claim as fully secured, without bifurcation under Section 506(a)
and without any Class 3.1 deficiency claim; deferred cash payments
over sixty equal monthly installments with a present value, as of
the Effective Date, not less than the value of the creditor's
collateral, in satisfaction of Section 1129(b)(2)(A)(i); interest
at 9% on the secured portion and no interest on the undersecured
portion; retention of the lien until the required payments are
made; and a mechanism for calculating, and resolving disputes over,
the monthly payment amount.

The Fifth Amended Plan adds a new Section 12.6 providing a wholly
consensual, opt-in general release, expressly grounded in
Harrington v. Purdue Pharma L.P., 144 S. Ct. 2071 (2024). The
provision (new subsections (a)–(g)) operates as follows: a Holder
grants a release only by affirmatively making a conspicuous
"Release Election" on its Ballot (a Holder that abstains, fails to
return a Ballot, or returns a Ballot without making the election is
neither a Releasing Party nor a beneficiary); the Released Parties
are the Debtor, the Reorganized Debtor, and each Guarantor
(together with their respective representatives in such
capacities); the releases are subject to a condition precedent of
full performance of the Plan (the "Plan Completion Date") and do
not arise if an Event of Default prevents full performance; the
scope is a general release of pre-Plan-Completion-Date claims, with
carve-outs for obligations under the Plan or Confirmation Order,
Causes of Action retained under Article XV, and liability for
actual fraud, willful misconduct, or gross negligence; an
injunction in aid of the release supplements the General Injunction
in Section 12.2; and the Guaranties are released only as to a
Releasing Party, surviving in full force as to every Holder that
does not make the Release Election.

Conforming, Typographical, and Non-Substantive Modifications:

Class designations (Article IV). The class designations in Section
4.1 are renumbered sequentially. The Fourth Amended Plan numbered
the unsecured and equity classes nonsequentially (4.1.5, 4.1.6,
then 4.1.18, 4.1.19, 4.1.20, 4.1.21); the Fifth Amended Plan
renumbers these as 4.1.4 through 4.1.9. The heading designating
First Federal's class is also corrected from "Class 2.4" to "Class
2.3."

Section designations (Article VI). The unsecured-treatment sections
are renumbered from 6.3.x to 6.4.x, and the equity treatment
sections from 6.4/6.4.1 to 6.5/6.5.1. The service of objection
provision is designated Section 9.1.2, and a Section 17.2
designation is added.

Event-of-Default list (Section 13.1.1). Conforming edit to the
conjunctions in the list of Events of Default; no change in
substance.

A full-text copy of the Fifth Amended Combined Plan and Disclosure
Statement dated June 24, 2026 is available at
https://urlcurt.com/u?l=jNgwPc from PacerMonitor.com at no charge.

Counsel to the Debtor:

     David P. Leibowitz, Esq.
     Law Offices of David P. Leibowitz, LLC
     3478 N. Broadway, Unit 234
     Chicago, IL 60657-6968
     Phone: (312) 662-5750
     Email: dleibowitz@lakelaw.com

                  About Coast to Coast Leasing

Coast to Coast Leasing is part of the general freight trucking
industry.

Coast to Coast Leasing filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-03056) on March 1, 2024, listing $9,989,000 in assets and
$19,167,713 in liabilities. The petition was signed by Hristo
Angelo as member.

Judge Jacqueline P. Cox presides over the case.

David P Leibowitz, at the Law Offices of David P. Leibowitz, LLC,
is the Debtor's counsel


COBRA EQUITY: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Cobra Equity Holdco LLC and its subsidiaries Cobra
AcquisitionCo LLC and Exeter Finance LLC (collectively, Exeter) at
'B'. The Rating Outlook is Stable. Fitch has also affirmed Cobra
AcquisitionCo LLC's senior unsecured debt rating at 'B-' with a
Recovery Rating of 'RR5'.

Key Rating Drivers

Solid Franchise and Liquidity: The rating affirmation reflects
Exeter's solid franchise and market position as a leading
independent subprime auto lender, an experienced management team,
relatively consistent profitability, and adequate liquidity.


Leverage, Secured Funding Constrain the Rating: The ratings are
constrained by Exeter's monoline business model with high subprime
exposure, elevated leverage, and predominantly secured funding
profile. Additionally, its private equity ownership increases the
possibility of shareholder-friendly actions and adds long-term
strategic uncertainty.

Monoline Subprime Lender: Exeter is a leading independent subprime
auto lender with a network of over 12,000 dealers across the U.S.
at 1Q26. The franchise has grown in recent years as the company has
expanded its core dealer network, added second-look origination
partners, and increased direct refinancing. Originations were $7.3
billion in the trailing 12 months (TTM) ended 1Q26 compared with
$6.2 billion in TTM 1Q25. Still, Fitch believes large banks
maintain scale and cost-of-funds advantages over independent auto
lenders. The monoline business model and focus on subprime
customers exposes the company to elevated credit risk and movement
in used vehicle prices.

Asset Quality Stabilizing: Asset performance has improved in recent
quarters, with 30+ day delinquencies and bankruptcy loans declining
to 14.7% of the portfolio at 1Q26 from 16.3% at YE25 and 16.4% at
YE24. Credit performance weakened notably in 2022-2023, consistent
with industry-wide trends, leading the company to tighten its
underwriting standards, with the stronger portfolio mix driving
improved performance. Net charge-offs were 8.9% of the portfolio in
TTM 1Q26, flat compared with 2024-2025 and improved from 11.3% in
2023.

Fitch expects performance to remain stable in the near term as the
portfolio mix strengthens, although weakening macroeconomic
conditions will be a headwind. Fitch believes the company's
customer base, which is already challenged by high inflation, will
be particularly vulnerable to economic stresses such as rising
unemployment.

Solid Profitability: Profitability, as measured by pre-tax return
on average assets (ROAA), was 2.5% in TTM 1Q26 compared with 2.2%
in 2025 and 3.3% in 2024. Adjusted for gains on sale of
securitization residuals in 2024, profitability has remained
stable, which Fitch expects to continue. Still, earnings remain
highly sensitive to consumer credit performance given the business
model.

Elevated Leverage: Fitch views Exeter's leverage (debt/tangible
equity) as high for the risk profile of the portfolio. Leverage was
14.1x at 1Q26 compared with 15.3x at YE25 and 13.2x at YE24. These
levels correspond to Fitch's 'b' category quantitative benchmark
range of 7x-20x for balance sheet-heavy finance and leasing
companies with a sector risk operating environment (SROE) score in
the 'bbb' category. Fitch treats the $118 million of mezzanine
equity as debt given the investor put rights which may require
redemption in cash, beginning with 20% of shares at 90% fair market
value in 2028 and escalating to 100% of shares at fair market value
by 2030.

Owned Basis Leverage Lower: Management evaluates leverage on an
owned basis which excludes portions of the assets and liabilities
of securitizations for which the related residual interest has been
sold to third parties. On this basis, leverage would be 10.5x at
1Q26, excluding the mezzanine equity.

Secured Funding Profile: Exeter's funding profile is largely
secured, which Fitch views as credit negative due to the
encumbrance of assets and limited financial flexibility during
periods of stress. The company's proportion of unsecured debt,
adjusted for the mezzanine equity, was 6.2% at 1Q26, which is
within Fitch's 'b' category quantitative benchmark range of 1% to
10% for balance sheet-heavy finance and leasing companies with a
SROE score in the 'bbb' category. Secured debt comprises
securitizations, warehouse agreements, and repurchase agreements
used to finance its required risk retention holdings. Fitch would
view further increases in funding diversification and unencumbered
assets as positive for the credit profile.

Adequate Liquidity: Fitch views Exeter's liquidity as adequate to
support its operations and near-term funding obligations. At 1Q26,
available liquidity consisted of $76 million of cash and $260
million of undrawn borrowing capacity on its warehouse facilities
given available unencumbered assets. The unsecured notes mature in
2029, maturities on the repurchase agreements are matched with the
collateral, and the warehouse facilities are expected to be
extended prior to their maturity dates in October 2026 - March
2028. Additionally, the mezzanine equity could require cash
redemption for 20% of the shares at 90% fair market value in Nov
2028.

Stable Outlook: The Stable Outlook reflects Fitch's expectation
that leverage and credit performance will remain relatively stable,
liquidity will remain adequate, and the unsecured funding mix will
be sustained above 5% of total debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Sustained increase in leverage above 20x;

- Sustained deterioration in credit performance, including net
charge-offs sustained above 10%;

- Sustained decrease in the unsecured debt mix below 5% of total
debt;

- Sustained decline in ROAA below 1%;

- Inability to access term funding for a prolonged period of 12-24
months;

- The imposition of new and more onerous regulations that
negatively impact Exeter's ability to execute on its business
model.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A sustained decline in leverage below 10x;

- A sustained increase in the unsecured funding mix above 20% of
total debt;

- Maintenance of charge-offs below 10% through credit cycles.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The senior unsecured debt rating is rated one notch below the
Long-Term IDR, reflecting Fitch's expectation of below-average
recovery prospects in a stress scenario given the notes'
subordination to repurchase agreements, the predominantly secured
funding profile and limited unencumbered assets.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior unsecured debt rating is primarily sensitive to changes
in the Long-Term IDR, the funding mix, and availability of
unencumbered assets to support recovery prospects in a stressed
scenario. Meaningful growth in unencumbered assets or a reduction
in repurchase agreement borrowings could result in a narrowing of
the notching between the unsecured debt rating and the IDR.
Conversely, additional subordination of the notes or lower
unencumbered asset availability could result in wider notching.

SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS

The ratings of Exeter Finance LLC (the operating company) and Cobra
AcquisitionCo LLC (the debt-issuing subsidiary) are equalized with
that of Cobra Equity Holdco LLC because they are wholly owned
subsidiaries and the unsecured debt issued by Cobra AcquisitionCo
LLC benefits from a corporate guarantee from Exeter Finance LLC.

SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES

The IDRs of Exeter Finance LLC and Cobra Acquisition Co LLC are
equalized with that of Cobra Equity Holdco LLC and are expected to
move in tandem with it.

ADJUSTMENTS

The Standalone Credit Profile (SCP) has been assigned in line with
the implied SCP.

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: Future and
historical metrics (negative); Portfolio risk (negative); Revenue
diversification (negative).

The Funding, Liquidity & Coverage score has been assigned below the
implied score due to the following adjustment reason: Divergent
benchmarks (negative).

ESG Considerations

Cobra Equity Holdco LLC has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
the importance of fair collection practices and consumer
interactions and the regulatory focus on them, which has a negative
impact on the credit profile and is relevant to the ratings in
conjunctions with other factors.

Cobra Equity Holdco LLC has an ESG Relevance Score of '4' for
Governance Structure due to due to the presence of private equity
ownership, which 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.


COMMODITY TRANSPORTERS: Seeks Chapter 11 Bankruptcy in California
-----------------------------------------------------------------
David Taube of TruckingDive reports that California trucking
company Commodity Transporters has entered Chapter 11 bankruptcy,
opting to reorganize instead of liquidating under Chapter 7 as it
seeks to preserve its fleet of rolling stock. The Merced
County-based carrier reported more than $1 million in both assets
and liabilities while filing as a small business debtor, indicating
that its qualifying debt falls within the applicable statutory
limit.

The bankruptcy petition was prompted in part by the threat that
lenders could repossess a substantial portion of the company's
equipment. Chapter 11 protection provides the carrier with
temporary relief from creditor actions while it works to
restructure its financial obligations, according to report.

In court filings, the company's counsel requested additional time
to submit the remaining bankruptcy documentation, explaining that
Commodity Transporters' finances involve operations in several
states and numerous secured lending arrangements. Each vehicle and
asset is subject to separate security interests, making the case
more complicated than a typical small business filing.

Federal Motor Carrier Safety Administration records show the
company operated 33 trucks with 33 drivers earlier this year. The
restructuring is intended to preserve those operations while
management seeks a long-term financial solution, the report
relays.

            About Commodity Transporters

Commodity Transporters Inc. is a regional motor carrier
headquartered in Merced County, California, offering over-the-road
freight transportation and logistics services. The company operates
a fleet of commercial trucks that transport a variety of commodity
and industrial freight for customers across several states.

Commodity Transporters Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-12787) on June
15, 2026. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Rene Lastreto II handles the case.

The Debtor is represented by David C. Johnston, Esq.


COMMUNITY AUTOMOTIVE: Claims to be Paid from Business Operations
----------------------------------------------------------------
Community Automotive Repair, LLC filed with the U.S. Bankruptcy
Court for the Western District of Washington a Plan of
Reorganization dated June 24, 2026.

The Debtor is an automotive repair service located in Port Orchard,
Washington. From routine maintenance to major repairs, the Debtor
provides a full range of expert automotive services designed to
keep vehicle running smoothly.

The Debtor was formed in 2023, but it has quickly developed a sound
and loyal customer base. As the business was growing in the early
days, the Debtor sought a loan from the SBA to support its growth.
Unfortunately, however, the SBA loan did not go through. And then
facing some lean months, the Debtor began taking out MCA loans to
cover the shortfall. The MCA loans led to the bankruptcy filing.

The Debtor conducts its operations from its leased premises at 101
Bethel Ave, Port Orchard and relies on its revenue from its
operations. Day-to-day operations are overseen by Gregory Hulse,
the Debtor's owner.

Fortunately, the business and its review are stabilized and there
has been some modest improvement, allowing the Debtor the income
needed to fund its reorganization.

The Debtor's financial projections for 2026 through 2029 show that
the Debtor will have projected disposable income of approximately
$84,312, not including payments to secured creditors as set forth
in this Plan. After accounting for Plan payments to secured
creditors, the Debtor's projected disposable income is $0. The
final Plan payment is expected to be paid on or around June 27,
2029.

Class 4 consists of all Holders of Unsecured Claims (the "Class 4
Claims"), including the Unsecured portion of the Secured Claims of
Class 1, Class 2, and Class 3. The Class 4 Claims are impaired.
Class 4 Allowed General Unsecured Claims shall be paid, to the
extent funds are available, from the Debtor’s net income after
payment of ordinary operating expenses, Plan required priority tax
obligations, secured debt payments (including the Class 1, Class 2,
and Class 3 Claims), and all other required Plan payments.

Following the end of each full calendar year during the Plan term,
beginning with the first full calendar year after the Effective
Date, the Reorganized Debtor will determine, using its standard
accounting books and records, whether there is positive net income
for that year after the payments described in the preceding
sentence. Within a reasonable time after the end of each such year,
the Reorganized Debtor shall conduct an annual true up to bring
distributions to Class 4 in line with the actual net income
realized for that year.

Eighty percent of such positive net income, if any, for that year,
up to the aggregate amount of Allowed Class 4 Claims (currently
estimated at approximately $321,224.70), shall be distributed to
holders of Allowed Class 4 Claims on a pro rata basis, and no
distribution shall be required or made for any year in which there
is no such positive net income available for distribution. All
distributions shall be made by the Reorganized Debtor, acting as
its own disbursing agent.

The class 4 Equity Interests is held by Greg Hulse. He will retain
his ownership of the Debtor under the Plan.

The Debtor will fund all payments required under this Plan through
its business operations.

On the Effective Date, the Reorganized Debtor shall continue to
exist in accordance with the laws of the State of Washington and
federal law, and pursuant to its corporate governing documents in
effect prior to the Effective Date. All matters provided for in the
Plan involving the corporate structure of the Debtor and any
corporate action required of the Debtor or Reorganized Debtor in
connection with the Plan shall be deemed to have occurred and shall
be in effect without any requirement or further action by the
Equity Holder or manager of the Debtor or Reorganized Debtor.

A full-text copy of the Plan of Reorganization dated June 24, 2026
is available at https://urlcurt.com/u?l=Bwf2TW from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Karen Richmond, Esq.
     RICHMOND HILL PLLC
     1521 SE Piperberry Way, Suite 135
     Port Orchard, WA 98366
     Tel: (360) 876-5015
     Fax: (360) 895-1491
     E-mail: karen@law-rh.com

                About Community Automotive Repair

Community Automotive Repair, LLC, operates a small automotive
repair business.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10953-TWD) on March
27, 2026. In the petition signed by Gregory Hulse, owner, the
Debtor disclosed up to $500,000 in both assets and liabilities.

Judge Timothy W. Dore oversees the case.

Karen E. Richmond, Esq., at Richmond Hill, PLLC, represents the
Debtor as legal counsel.


CONTINUUM CARE: Seeks Subchapter V Bankruptcy in California
-----------------------------------------------------------
On July 1, 2026, Continuum Care LLC filed for Chapter 11 protection
in the U.S. Bankruptcy Court for the Eastern District of
California. According to court filings, the Debtor reports between
$1 million and $10 million in liabilities owed to 1-49 creditors.

As of the bankruptcy filing, development had not begun, and the
property had been scheduled for a foreclosure sale on July 1,
2026.

               About Continuum Care LLC

Continuum Care LLC is an El Dorado Hills, California-based real
estate investment and land holding company. The company's primary
asset is a 5-acre undeveloped medical site in Elk Grove,
California, which was approved in late 2024 for the construction of
a 76,000-square-foot, 120-bed medical rehabilitation facility.

Continuum Care LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. Case No. 26-23809) on July 1,
2026. In its petition, the Debtor reported estimated assets of $1
million to $10 million and estimated liabilities of $1 million to
$10 million.

Honorable Bankruptcy Judge Christopher M. Klein handles the case.


CONTOUR SPA: Committee Files Liquidating Plan
---------------------------------------------
The Official Committee of Unsecured Creditors filed with the U.S.
Bankruptcy Court for the Middle District of Florida a Disclosure
Statement describing Plan of Liquidation for Contour Spa LLC and
and its debtor affiliates dated June 24, 2026.

Contour Spa, LLC ("Contour") was created on July 29, 2022. Contour
and its enterprise offer a revolutionary product that provides fat
reduction solutions.

Contour offers a Cryo Slimming service, which is a non-invasive
technique designed to target and eliminate stubborn fat cells
through controlled cooling. During the Chapter 11 Cases, Contour
provided its slimming services across twenty-three different
Contour spas. Contour owns and controls each of the Affiliate LLCs
and receives the profits from each of the Affiliate LLCs.

Contour and the Affiliate LLCs filed bankruptcy due to an
unsuccessful growth strategy, inadequate operational structure,
uncertain macroeconomic conditions, and untenable merchant cash
advance ("MCA") loans. In July 2024, the Debtors operated 35 Spa
locations and saw record profits. Accordingly, the Debtors decided
to expand operations to 79 Spa locations by January 2025.

The Debtors' rapid growth was simply not sustainable. Operating and
expansion costs immediately exceeded revenue, placing the Debtors
in a negative cash flow position. This caused the Debtors to take
out even more MCA loans to fund the shortfalls. The payment terms
of the MCA loans further exacerbated the Debtors’ cash flow
issues.

Ultimately the Debtors were unable to propose a confirmable chapter
11 plan of reorganization and due to operational and other
circumstances, the Debtors ceased operations. Accordingly, the
Committee files this Plan to seek the orderly liquidation of the
Debtors' estates and maximize value to parties in interest.

Class 5 consists of the collective holders of Allowed Unsecured
Claims against the Debtors. In full and final satisfaction of each
Allowed Unsecured Claim, each Holder of an Allowed Unsecured Claim
shall be entitled to a pro rata share of all remaining Estate
Assets following the payment of Allowed Administrative Expense
Claims in full, Allowed Priority Tax Claims in full, Class 1 Claims
in full, Class 2 Claims in full, and the Secured Claim in Class 4.


After the payment in full of Class 5 General Unsecured Claims in
full, if such full payment occurs, the Class 3 Leventhal Family
Trust DIP Loan Obligations shall be entitled to all remaining
Estate Assets. The Class 5 Claims of Unsecured Creditors are
impaired and, as such, holders of Allowed Unsecured Claims are
entitled to vote on the Plan.

Class 6 consists of all Equity Interests in the Debtors. The
Debtors' Interests will be cancelled on the Effective Date of the
Plan. Because the Class 6 Interests are being cancelled, Holders of
Interests are deemed to reject the Plan and, as such, they are not
entitled to vote on the Plan.

The Plan shall serve as a motion requesting the substantive
consolidation of the Debtors into a single entity. Entry of the
Confirmation Order shall constitute approval, pursuant to section
105(a) of the Bankruptcy Code, effective as of the Effective Date,
of the substantive consolidation of the Debtors.

On and after the Effective Date: (i) all assets and liabilities of
the Debtors shall be merged, so that all of the assets of the
Debtors shall be available to pay all of the liabilities of the
Debtors under the Plan; (ii) no distributions shall be made under
the Plan on account of any intercompany claims between the Debtors;
(iii) all guarantees by any of the Debtors of the obligations of
any other Debtor shall be eliminated so that any Claim against any
Debtor and any guarantee thereof executed by any of the Debtors
shall be one obligation of the substantively consolidated entity;
and (iv) each and every Claim filed or Allowed, or to be filed or
Allowed, in the case of any of the Debtors shall be deemed filed or
allowed against the substantively consolidated Debtors.

On the Effective Date, a liquidating trust (the "Liquidating
Trust") will be established for the benefit of all Holders of
Claims against the Debtors pursuant to the terms of this Plan and
of a liquidating trust agreement (the "Liquidating Trust
Agreement"). On the Effective Date, the Debtors shall be deemed to
have irrevocably transferred and assigned all Estate Assets,
including, for the avoidance of doubt, all Causes of Action and
Avoidance Actions, to the Liquidating Trust.

The Committee shall control and direct the Liquidating Trust and
shall have exclusive authority over the administration of the
Liquidating Trust and its assets, including the appointment of a
trustee and the prosecution, settlement, and resolution of all
Causes of Action, subject only to the terms of the Liquidating
Trust Agreement. The Liquidating Trust Agreement will be included
with a supplement to this Plan.

A full-text copy of the Disclosure Statement dated June 24, 2026 is
available at https://urlcurt.com/u?l=vT1ADZ from PacerMonitor.com
at no charge.

Counsel to the Official Committee of Unsecured Creditors:

     PACK LAW
     Joseph A. Pack, Esq.
     Jessey J. Krehl, Esq.
     4649 Ponce de Leon Blvd., Suite 405
     Coral Gables, Florida 33146
     Telephone: (305) 916-4500
     E-mail: joe@packlaw.com
     E-mail: jessey@packlaw.com

                      About Contour Spa LLC

Contour Spa LLC is a spa services provider based in Orlando that
provides wellness and beauty treatments including massage therapy,
skincare, and body contouring services, as suggested by its name.

Contour Spa LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03602) on June 11,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.

Bankruptcy Judge Tiffany P. Geyer handles the case.

Baker & Hostetler LLP is serving as the Debtor's counsel.

The Pack Law represents the Official Committee of Unsecured
Creditors.


CTN HOLDINGS: Trustee Loses Bid for Prelim Injunction in "Karr"
---------------------------------------------------------------
Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District
of Delaware denied the motion for a temporary restraining order and
preliminary injunction filed by Jami B. Nimeroff, chapter 7 trustee
for CTN Holdings, Inc., et al., in the adversary proceeding
captioned as JAMI B. NIMEROFF, as chapter 7 trustee for CTN
Holdings, Inc., et al., Plaintiff, v. DONALD R. KARR; MILLER FAMILY
LEGACY LLC; LOUIS R. MILLER; ALS REVOCABLE TRUST; EMERGING IMPACT
FUND II, LP; PRAESUMO HOLDINGS, LLC; RAVI SARIN; PAUL SOROS 2010
FAMILY TRUST A; CHICAGO ATLANTIC FINANCE LLC; CHICAGO ATLANTIC
CREDIT COMPANY, LLC; and CHICAGO ATLANTIC OPPORTUNITY FINANCE LLC,
Defendants, Adv. Pro. No. 26-50233 (TMH) (Bankr. D. Del.).

On March 30, 2025, CTN Holdings, Inc. ("Catona") filed a petition
under chapter 11. The Court converted the cases to chapter 7 on
August 7, 2025, and the United States Trustee appointed Jami B.
Nimeroff as the chapter 7 trustee (the "Trustee"). On July 9, 2025,
Donald R. Karr; Miller Family Legacy LLC; Louis R. Miller; ALS
Revocable Trust; Emerging Impact Fund II, LP; Praesumo Holdings,
LLC; Ravi Sarin; Paul Soros 2010 Family Trust A; Chicago Atlantic
Finance LLC; Chicago Atlantic Credit Company, LLC; and Chicago
Atlantic Opportunity Finance LLC (collectively, the "Karr Action
Plaintiffs") commenced an action in the Superior Court of the State
of California, County of Los Angeles, Central District (the "Karr
Action") against Sanberg; AGO Special Situations, LP; Steven
Ballmer; Ballmer Giving LLC; Ibrahim Alhusseini; Nate Redmond;
Alpha Edison Management Company, LLC; David Aronoff; Baker
Hostetler LLP; KPMG LLP; Alvarez & Associates, Inc.; BDO USA, P.C.;
Michael Ellis; Inherent Group, LP; and Does 1 through 30
(collectively, the "Karr Action Defendants"). The Karr Action
Plaintiffs subsequently filed an amended complaint in the action on
November 3, 2025.

The general thrust of the allegations in the Karr Action is that
the Karr Action Defendants either fraudulently induced the Karr
Action Plaintiffs to buy shares in Catona, hold shares in Catona,
or, in the case of Chicago Atlantic Finance LLC, Chicago Atlantic
Credit Company, LLC, and Chicago Atlantic Opportunity Finance LLC
(collectively, "Chicago Atlantic"), make a loan secured by shares
in Catona or aided and abetted other Karr Action Defendants in
doing so. The complaint includes allegations that at least one Karr
Action Defendant made direct contact with each Karr Action
Plaintiff, inducing their investment.

In Count 1 of the complaint in the Karr Action, the Karr Action
Plaintiffs allege that Sanberg engaged in a fraudulent scheme to
induce them to buy shares of Catona and to continue to hold those
shares rather than to take action to minimize their investment
losses. In Count 2, Chicago Atlantic and Praesumo allege that
Sanberg, Redmond, and Alhusseini made false and misleading
statements and omissions to induce Chicago Atlantic to make a loan
to Sanberg and Praesumo to invest in Catona. Count 3 alleges that
the Karr Action Defendants other than Sanberg, aided and abetted in
the fraudulent scheme alleged in Counts 1 and 2. Count 4 alleges a
violation of California Penal Code section 496 against the Karr
Action Defendants for obtaining funds through fraud and deceit and
further concealing or withholding those funds. Count 5 alleges a
violation of California Corporate Securities Law by the Defendants
for selling or assisting the sale of shares by misleading
statements and omissions of material fact.

The Trustee filed her complaint seeking to enjoin the Karr Action
on April 10, 2026. Along with the complaint, the Trustee filed a
motion seeking a temporary restraining order and preliminary
injunction.

Although the relief requested is a preliminary injunction, the
Trustee's principal position at oral argument was that the
property-of-the-estate question is dispositive and the injunction
question secondary. Counts I and II of the complaint each raise
that question. The two regimes are distinct. According to the
Court, if any claim asserted in the Karr Action is property of the
estate, section 362(a)(3) stays its prosecution automatically as an
exercise of control over estate property, and no injunction is
required. If a claim is not estate property, its prosecution may be
enjoined under section 105(a). That relief requires the Trustee to
satisfy the preliminary-injunction standard, including a showing of
irreparable harm. The Trustee fails on both tracks.

Judge Horan explains, "Every claim in the Karr Action is personal
to the Karr Action Plaintiffs and is therefore not property of the
estate that is subject to the automatic stay. That conclusion
defeats the Trustee's principal theory. Even if a claim was estate
property, the Trustee would still fail on the section 105 track
because she put on a limited evidentiary presentation that
does not establish irreparable harm."

The Court finds the Trustee has failed to prove that the claims in
the Karr Action are estate property. For that reason, the automatic
stay is inapplicable to the Karr Action. In addition, because the
Trustee has failed to meet its burden of  demonstrating a
probability of success on the merits and irreparable harm, the
Trustee cannot demonstrate that the Karr Action should be enjoined
under section 105. The Trustee's motion is denied.

A copy of the Court's Memorandum Opinion dated June 30, 2026, is
available at https://urlcurt.com/u?l=9RTQIE from Pacermonitor.com.

                      About CTN Holdings

CTN Holdings Inc., formerly known as Aspiration Partners Inc., is a
climate finance company specializing in providing high-quality
carbon solutions to businesses worldwide. They connect companies
with effective decarbonization strategies and a wide range of
carbon removal projects, selling carbon credits sourced from a
diverse network of project developers. The company is famous for
providing carbon creditors of Microsoft Corp., Meta Platforms Inc.,
and other big companies.

CTN Holdings Inc. and six of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
25-10613) on March 30, 2025. In the petition, the Debtors reported
estimated assets of $50 million to $100 million and up to $50,000
and estimated liabilities of $100 million to $500 million. The
petitions were signed by Miles Staglik as chief restructuring
officer.

The Debtors tapped Whiteford, Taylor & Preston LLC as counsel and
BDO USA PC as tax consultants. Kurtzman Carson Consultants, LLC dba
Verita Global, is the Debtors' claims and noticing agent.


CUGINO'S PENNINGTON: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Cugino's Pennington LLC
        147 W Delaware Avenue
        Pennington NJ 08534

Business Description: Cugino's Pennington LLC operates BORO
Restaurant & Bar, a modern American restaurant and bar located in
Pennington, New Jersey.  The company provides dine-in restaurant
service, takeout, pickup ordering, delivery, private dining, event
space, and off-premise catering. Its services support brunch,
lunch, dinner, private gatherings, corporate events, weddings,
and celebrations.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 26-17656

Debtor's Counsel: Joseph M. Carusone, Esq.
                  ANSELL GRIMM & AARON, P.C.
                  365 Riffle Camp Road
                  Woodland Park NJ 07424
                  Tel: 973-247-9000
                  E-mail: jarusone@ansell.law

Total Assets: $559,321

Total Liabilities: $2,339,627

The petition was signed by Benjamin B. Sanford as principal.

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/5LJN3DA/Cuginos_Pennington_LLC__njbke-26-17656__0001.0.pdf?mcid=tGE4TAMA


CUGINO'S PENNINGTON: Seeks Subchapter V Bankruptcy in New Jersey
----------------------------------------------------------------
On July 1, 2026, Cugino's Pennington LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the District of New
Jersey. According to court filings, the Debtor reports between $1
million and $10 million in liabilities owed to 50-99 creditors.

October 30, 2026, is the deadline for the Chapter 11 Debtor's
exclusive right to file a plan of reorganization.

                About Cugino's Pennington LLC

Cugino's Pennington LLC is a Pennington, New Jersey-based
full-service restaurant and bar. According to its bankruptcy
filing, the company operates a full-service dining establishment,
with its primary business location identified in Woodland Park, New
Jersey. Court records do not specify the reasons for the Chapter 11
filing.

Cugino's Pennington LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-17656) on July 1, 2026. In its
petition, the Debtor reported estimated assets of $500,000 to $1
million and estimated liabilities of $1 million to $10 million.

The Debtor is represented by Joe Carusone, Esq. and Nicole Arianna
Benis, Esq. of Ansell Grimm & Aaron, P.C.


DISH DBS: Cell Tower Owners Warn Bankruptcy Could Impact Claims
---------------------------------------------------------------
Jonathan Randles of Bloomberg News reports that cell tower
operators are challenging Dish Network's newly filed bankruptcy
plan, claiming it unfairly seeks to rush through a restructuring
that could erase billions in alleged damages stemming from Dish
Wireless’s stalled 5G deployment. The companies say they were
left unpaid after Dish stopped using their infrastructure.

Lawyers representing Crown Castle Inc. and American Tower Corp.
told a Texas bankruptcy court that Dish is leveraging backing from
satellite TV bondholders to advance a plan that undermines their
separate litigation against the company. Both tower firms have sued
Dish over the unpaid tower usage agreements.

At a Wednesday, July 1, 2026, hearing, the operators argued the
proposed plan attempts to sidestep unresolved liability issues tied
to Dish's network buildout failure. They warned the restructuring
could improperly shield the company from substantial claims.

The dispute highlights escalating conflicts between Dish and its
infrastructure partners as it moves forward with a complex
financial restructuring, according to report.

               About Dish DBS Corp.

DISH DBS Corporation, through its subsidiaries, provides pay-TV
services under the DISH and Sling brands in the United States. The
company was founded in 1996 and is headquartered in Englewood,
Colorado. DISH DBS Corporation is a subsidiary of DISH Network
Corporation.

Dish DBS Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90627) on June 30,
2026.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented by Charles R. Koster, Esq. of White &
Case.


EL DORADO GAS: Swarek Loses Bid to Stay Sale of Certain Properties
------------------------------------------------------------------
Judge Jamie A. Wilson of the U.S. Bankruptcy Court for the Southern
District of Mississippi denied the emergency motion to stay sale of
estate property and for injunctive relief filed by Thomas L. Swarek
in the bankruptcy case of El Dorado Gas & Oil Inc.

Dawn M. Ragan, the duly appointed chapter 11 trustee for El Dorado
Gas & Oil, Inc. ("El Dorado"), and Hugoton Operating Company, Inc.
("Hugoton"), has raised a jurisdictional issue.  She contends that
because the real property in question is directly owned by a
non-debtor subsidiary and is not part of El Dorado's estate, the
Court lacks jurisdiction to grant injunctive relief. The Trustee is
correct that the bankruptcy estate consists only of El Dorado's
ownership interest in the non-debtor subsidiary and not in the real
property itself. The Court, however, construes Swarek's Extend Stay
Motion as an attack on the Trustee's business judgment and her
corporate control of El Dorado's interests that, if successful,
could substantially interfere with the distribution of estate
assets. For that reason, the Court finds that it has related-to
jurisdiction over Swarek's injunctive relief claim under 28 U.S.C.
Sec. 1334(b).

The subject of the Extend Stay Motion is approximately 9,000 acres
in the Mississippi Delta (the "Properties") owned by World Ag
Investments, Inc. ("World Ag"), a non-debtor. The Properties have
an estimated value of $77 million.

Swarek does not hold title to any of the Properties. His purported
interest in the Properties arises solely by virtue of his 100%
ownership of El Dorado. World Ag is El Dorado's wholly owned
subsidiary.

Both First Service Bank and Metropolitan Life Insurance Company
("MetLife") claim liens on the Properties. Through filings before
this Court and in other forums, Swarek has disputed without success
the validity and amount of FSB's liens. Despite these purported
liens, there is no dispute that significant equity exceeds any
secured obligations" and that the equity would flow to El Dorado,
as the owner of World Ag, after payment of World Ag's creditors.

FSB's liens arise from loans obtained by El Dorado from 2016
through 2023 and purportedly guaranteed by Swarek, World Ag, and/or
other entities controlled by Swarek. By far the largest loan was
made on September 17, 2020 in the principal amount of $50 million
(the "MS Loan") and was guaranteed by Hugoton, World Aircraft, and
Swarek. FSB almost immediately sold 95% of the MS Loan to MS
Facilities 2020, LLC ("MSF 2020") but retained sole authority to
service and enforce the debt. By 2023, the MS Loan as well as all
other loans from FSB to El Dorado became delinquent.

World Ag, the owner of the Properties, has not filed bankruptcy and
is not a debtor. The stay that arose under 11 U.S.C.
Sec. 362(a) automatically when El Dorado filed bankruptcy did not
reach World Ag or its assets absent Court order.

After Swarek allegedly caused a portion of the Properties to be
sold for considerably less than its fair market value, FSB asked
the Court to extend the automatic stay in the El Dorado Case to
World Ag to prevent him from selling any more land. Swarek opposed
FSB's motion, arguing that he "was the owner and sole shareholder
of World Ag" and that he alone controlled World Ag's farmland

On February 4, 2025, the Court entered an order (the "World Ag
Order"), denying, without prejudice, FSB's request for an extension
of the stay. After concluding that World Ag was a wholly owned
subsidiary of El Dorado, the Court found that a stay to prevent
Swarek from selling the Properties was unnecessary given the
authority available to Dawn Ragan as El Dorado's chapter 11 trustee
to handle World Ag's assets according to its organizational
documents and applicable corporate governance law. The denial of
FSB's motion was without prejudice, allowing any party in interest
to seek the same relief "[i]f conditions should change."

Now that Swarek is no longer in control of World Ag, his request
for injunctive relief in the present Extend Stay Motion is an about
face. He now asks the Court for the same relief that FSB sought
earlier but was denied.

After the entry of the World Ag Order, the Trustee spent
significant time reviewing leases of the Properties, discussing
arrearages and forbearance with World Ag's secured lender, MetLife,
and evaluating potential sales of the Properties to satisfy World
Ag's debt obligations and pay the Debtors' creditors.

The Trustee sold a portion of the Properties in November 2025
outside of bankruptcy. The proceeds from that sale were applied to
the MetLife loan, ad valorem taxes, and sale and closing expenses.
The Trustee's attempt to sell the remaining tracts of land to
generate surplus funds that would flow from World Ag back up to El
Dorado after the payment of liens and encumbrances has stalled
because of issues regarding title to some of the farmland. To
resolve these issues, the Trustee, acting on behalf of El Dorado
and World Ag, initiated an adversary proceeding.

Adversary

El Dorado and World Ag sued Bill D. Buffington ("Buffington") and
his companies, Cottonwood Recreation Land, Inc. and GS Holdings,
Inc. (collectively, the "Buffington Defendants"), alleging multiple
causes of actions related to the ownership of, and possessory
interests in, four tracts of the Properties (the "Farmland").

Buffington occupies some of the Farmland and refuses to leave. The
Buffington Defendants maintain that they hold a life estate
interest in the Farmland and/or own it by adverse possession
arising from certain agreements they purportedly made with Swarek.


The causes of action alleged in the Adversary against the
Buffington Defendants include:

   (1) declaratory relief regarding property interests;
   (2) suit to quiet title under Mississippi law;
   (3) avoidance of property interests under 11 U.S.C. Sec.
544(a)(3);
   (4) turnover of property under 11 U.S.C. Sec. 542; and
   (5) damages arising from Buffington's failure to vacate the
Farmland.

The Buffington Defendants, in turn, assert counterclaims for
adverse possession of the Farmland and for unjust enrichment for
sums they allegedly expended repairing, maintaining, insuring, and
expanding the Farmland.

FSB filed its Complaint in Intervention, seeking the same
declaratory judgment requested by El Dorado and World Ag -- a
finding that the Buffington Defendants do not own or hold any
rights in the Farmland. In the alternative, FSB seeks a declaratory
judgment that its deed of trust on the Farmland is superior to the
claims alleged by the Buffington Defendants.

The Buffington Defendants have not sought injunctive relief to
prevent the sale of the Farmland pending resolution of the
Adversary.

In her role as the independent director of World Ag, the Trustee is
properly attempting to sell the Properties, but as a practical
matter she is unlikely to sell the Properties until the Buffington
Defendants' interests are fully and finally determined in the
Adversary. The Properties are not being sold in El Dorado's
bankruptcy case because they are not property of El Dorado's
bankruptcy estate. Swarek has not identified any scheduled
foreclosure, auction, or sale of these assets. He nevertheless
insists that a sale is imminent and a stay is necessary "to prevent
irreversible changes in possession and disposition of unique real
property." Like the District Court, this Court finds that no
"emergent relief" is warranted.

Extend Stay Motion

In the present Extend Stay Motion filed in the El Dorado Case,
Swarek asks the Court to stay any sale, transfer, encumbrance, or
disposition of the Properties associated with World Ag. Swarek
alleges that a stay is necessary "to prevent the irreversible sale
of high-value real property" and "the permanent loss of estate
assets." According to Swarek, the Trustee is actively "evaluating,
marketing, or preparing for further sales of the Properties, and
such activity may occur on short notice without further opportunity
for meaningful objection. He acknowledges that the World Ag Order
previously denied FSB's motion to
extend the stay to the Properties but argues that circumstances
have changed because of an "imminent risk that the [Trustee] may
proceed with sale efforts."

Swarek alleges that the sale of the Properties would result in
irreparable harm because of:

   (1) undervaluation of the Properties;
   (2) loss of restructuring opportunities;
   (3) destruction of going-concern value"; and
   (4) loss of any meaningful ability to challenge the disposition
of these assets.

According to the Court, the alleged harm appears to be an attack
against the Trustee's exercise of her business judgment. More
importantly, Swarek does not explain how denying an injunction will
harm him personally. He asserts a "loss of assets," but the
Properties are not owned by him.

The Court emphasizes even if Swarek has shown that he will suffer
some injury, that harm does not outweigh the substantial injury to
the Debtors' estate if the stay is extended. Swarek's continued
interference delays the Trustee's efforts to liquidate the
Properties owned by El Dorado's wholly owned subsidiary, World Ag,
with the goal of an ultimate benefit to the Debtors' estates.
Swarek has not met his burden of proof on this element.

Judge Wilson says, "Selling the Properties serves the public policy
of efficient and orderly administration of the estate. Swarek's
Extend Stay Motion is an attempt to obstruct, frustrate, and
interfere with the Trustee's efforts to collect assets for the
benefit of the Debtors' creditors."

A copy of the Court's Order dated June 25, 2026, is available at
http://urlcurt.com/u?l=ZSsrLffrom Pacermonitor.com.

    About El Dorado Gas & Oil Inc. and Hugoton Operating Company

Hugoton and El Dorado are both Arkansas corporations engaged in the
exploration, production, and development of crude oil and natural
gas properties. El Dorado is a lease holder and operator of oil and
gas wells covering about 4,000 net acres in South Texas. El Dorado
also owns a substantial amount of oil field equipment and owns real
estate in multiple locations and states. Hugoton also owns oil and
gas interests and operates wells in South Texas.

Hugoton Operating Company, Inc. filed a voluntary Chapter 11
petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El
Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter
11 petition (Bankr. S.D. Miss. Case No. 23-51715) on  Dec. 22,
2023, with $500 million to $1 billion in assets and $50 million to
$100 million in liabilities. Thomas L. Swarek, president, signed
the petition.

Judge Jamie A. Wilson oversees the cases.

Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is counsel to
Debtor Bluestone Natural Resources II-South Texas, LLC and World
Aircraft, Inc.

R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo,
Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly
Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11
Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating
Company, Inc.


EL DORADO SENIOR: Quality of Care Maintained, 12th PCO Report Says
------------------------------------------------------------------
Fay Gordon, the State Long-Term Care Ombudsman, filed with the U.S.
Bankruptcy Court for the Eastern District of California her 12th
report regarding the quality of patient care provided at El Dorado
Senior Care, LLC's assisted care living facility.

The Long-Term Care Ombudsman Program (LTCOP) representatives
conducted four unannounced visits on April 4, 17, 27, and May 18,
meeting with residents and staff, who generally reported
satisfaction with the care and services provided.

The representatives conducted a full inspection of the indoor and
outdoor areas, finding the facilities clean, well-maintained,
well-stocked, and consistent in the standard of care across all six
locations.

The 12th ombudsman report is available for free at
https://urlcurt.com/u?l=BA9bpx from PacerMonitor.com.

                   About El Dorado Senior Care

El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif.,
owns and operates community care facilities for the elderly.

El Dorado filed voluntary petition for Chapter 11 protection
(Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with
$3,420,371 in assets and $3,127,562 in liabilities. Benjamin L.
Foulk, owner and manager, signed the petition.

Judge Fredrick E. Clement oversees the case.

D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the
Debtor's legal counsel.

Lisa Holder, a practicing attorney in Bakersfield, Calif., is the
Chapter 11 trustee appointed in the Debtor's case. The trustee
hired Pino & Associates as general bankruptcy counsel and Ratzlaff
Tamberi & Gill, LLP as accountant.


ELECTRONIC LAB: Case Summary & Five Unsecured Creditors
-------------------------------------------------------
Debtor: Electronic Lab Logs, Inc.
        803 S. College Rd., Suite G
        Wilmington, NC 28403

Business Description: Electronic Lab Logs, Inc. operates LabLogs,
a provider of laboratory operations software used to track
maintenance tasks, quality control, lots, reagents, service
reports, and related documentation across lab networks.  The
company is based in Wilmington, North Carolina, and its platform
supports real-time tracking, automated alerts, centralized
records,
remote access, and performance dashboards. LabLogs serves
laboratories worldwide by helping teams manage compliance records,
reduce documentation errors, streamline workflows, and maintain
inspection readiness.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       Eastern District of North Carolina

Case No.: 26-02957

Judge: Hon. David M Warren

Debtor's Counsel: John A Northen, Esq.
                  NORTHEN BLUE LLP
                  1414 Raleigh Rd., Suite 435
                  Chapel Hill, NC 27517-8834
                  Tel: (919) 948-6823
                  Fax: (919) 942-6603
                  E-mail: jan@nbfirm.com

Total Assets: $1,648,215

Total Liabilities: $2,498,674

The petition was signed by Brian Fox as CEO.

A full-text copy of the petition, which includes a list of the
Debtor's five unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/OAJOUHI/Electronic_Lab_Logs_Inc__ncebke-26-02957__0001.0.pdf?mcid=tGE4TAMA


ELIZABETH I: Must File Motion to Sell Property Under Foreclosure
----------------------------------------------------------------
Judge Christopher Panos of the U.S. Bankruptcy Court for the
District of Massachusetts has set a deadline of July 17, 2026, for
Elizabeth I LLC's counsel to file a motion to sell the real
property subject to foreclosure by Toorak Capital Partners, LLC.
The motion must be accompanied by an executed purchase and sale
agreement.

According to the order, the Debtor will propose or describe any
marketing efforts, any specific sale procedures that the Debtor is
requesting, and will represent that a deposit has been received
pursuant to the purchase and sale agreement.

The Court states a continued hearing on Toorak Capital Partners,
LLC's Motion to Dismiss, or Alternatively, for Relief From the
Automatic Stay (the "Motion") will be rescheduled to the same date
and time as the sale hearing.

Motion

Movant, Toorak Capital Partners, LLC ("Lender"), a first-position
secured creditor and party in interest in the bankruptcy case,
filed this Motion, as to the real property of Debtor, Elizabeth I,
LLC ("Debtor"), the improvements thereon, and certain personal
property associated therewith, located in Suffolk County,
Massachusetts, and pledged as security for a loan extended by
Lender to Debtor.

On or about June 28, 2024, Debtor entered into that certain Loan
Agreement (the "Loan Agreement"), by and between Debtor and
Nextres, LLC ("Original Lender"). The Loan Agreement provided for a
principal loan amount of $840,000.00, subject to the terms thereof
(the "Loan").

Contemporaneously therewith, Debtor executed that certain Noted,
dated as of June 28, 2024 (the "Note"), in favor of Original
Lender, in the original principal amount of $840,000.00.

In order to secure the amounts owed under the Note, in part, Debtor
executed that certain Mortgage, Assignment of Rents and Security
Agreement, dated as of June 28, 2024 (the "Mortgage"), pursuant to
which Debtor, as mortgagor, granted to Original Lender, as
mortgagee, a first-priority lien on and security interest in
certain real and personal property commonly known
as 367 E. Street, Boston, Massachusetts 02127, located in Suffolk
County, including an assignment of all leases and rents, all of
which is more particularly described in the Mortgage (collectively,
the "Property").

Original Lender assigned all of its right, title, and interest in
and to the Loan and Loan Documents to Lender, as evidenced by that
certain Assignment of Mortgage, dated as of July 12, 2024, from
Original Lender to Lender.

Accordingly, Lender is the current owner and holder of all of
Original Lender's right, title, and interest in and to the Loan
Documents and is entitled to enforce the same.

Debtor defaulted under the terms of the Loan Documents for, among
other things, failing to make payments as and when due under the
Note and other Loan Documents (the "Payment Default"). As a result,
Debtor is in default under the Note, Mortgage, and other Loan
Documents.

Upon an Event of Default, the Loan Documents give Lender the right
to declare all outstanding indebtedness immediately due and payable
and to enforce its various security interests and liens.
Accordingly, pursuant to correspondence dated February 24, 2025
(the "Acceleration Notice"), Lender accelerated all amounts due and
owing under the Loan Documents, which amounts have not been paid in
full.

Thereafter, Lender proceeded with foreclosure of the Property. On
July 17, 2025, Lender, through counsel, provided Debtor with its
Notice of Intention to Foreclose and of Deficiency After
Foreclosure of Mortgage, regarding the foreclosure sale initially
scheduled for August 20, 2025, at 10:00 a.m. (the "Sale").

Lender re-noticed the Sale pursuant to the terms of the Mortgage
and pursuant to Massachusetts law by serving Debtor, through
counsel, a new Notice of Intention to Foreclose and Of Deficiency
After Foreclosure of Mortgage, setting a new sale date of
March 17, 2026, at 10:00 a.m.

On March 17, 2026 (the "Petition Date"), three minutes into the
Eighth Sale Date, Debtor filed a voluntary petition (the
"Petition") under Chapter 11 of the United States Bankruptcy Code
(the "Bankruptcy Code"), commencing the instant case. Lender ceased
all foreclosure actions immediately upon learning of the filing of
Debtor's Petition.

As of the Petition Date, the following amounts are due and owing to
Lender by Debtor under the Loan Documents:

   a) principal in the amount of $840,000.00;
   b) accrued interest in the amount of $176,115.66 (14.365%, per
diem: $335.18);
   c) default interest in the amount of $65,873.14 (5.635%, per
diem: $131.48);
   d) NET PAYOFF AMOUNT: $1,081,988.81

By this Motion, Lender requests that the Court enter an order
dismissing Debtor's Chapter 11 case with prejudice, or otherwise
limiting Debtor's ability to refile for a period of time sufficient
to consummate the Sale.

Alternatively, Lender seeks entry of an order granting Lender
relief from the automatic stay pursuant to 11 U.S.C. Sec. 362 and
Bankruptcy Rule 4001(a).

Lender argues the Debtor's Chapter 11 case should be dismissed (or
alternatively, relief from the stay should be granted) because it
was filed in bad faith for the sole purpose of thwarting Lender's
legitimate and authorized foreclosure efforts, it was filed
improperly without counsel, and the Debtor has failed to fulfill
its financial disclosure obligations. Further delay would only come
at great expense to Lender, whose collateral continues to diminish
in value every day that the case
(or automatic stay) is allowed to continue. In addition to the bad
faith, Lender contends it is not adequately protected, and the
Debtor is a serial bankruptcy filer that is notorious for these
kinds of tactics and gamesmanship.

A copy of the motion is available at http://urlcurt.com/u?l=5xp2uJ
from Pacermonitor.com.

                     About Elizabeth I LLC

Elizabeth I LLC is a single asset real estate company.

Elizabeth I LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 26-10563) on March 17,
2026, listing up to $10 million in both assets and liabilities.

Judge Christopher J. Panos oversees the case.

Christopher M. Condon, Esq., at Bowditch & Dewey, LLP serves as the
Debtor's counsel.



ELLIOTT & SON: Gets OK to Use Additional $19.2K in Cash Collateral
------------------------------------------------------------------
Elliott & Son Excavating, LLC got the green light from the U.S.
Bankruptcy Court for the Eastern District of Tennessee, to use
additional cash collateral for a new project.

Under the court order, the Debtor is authorized to use an
additional $19,200 in cash collateral beyond the previously
approved budget.

The court previously authorized the Debtor's use of cash collateral
under a June 11 order. Since that time, the Debtor, which operates
a site preparation and excavation business, was unexpectedly
awarded a new project that was not anticipated when the original
budget was prepared. According to the Debtor, the project presents
a valuable business opportunity that is expected to generate
approximately $10,500 in net revenue, making it beneficial to both
the bankruptcy estate and its creditors.

Of the approved amount, $14,800 will be used for construction
materials, $2,600 for equipment rental, and $1,800 for mobilization
costs.

Except for the limited modification authorizing the additional
$19,200 in expenditures, all terms and conditions of the court's
earlier cash collateral order remain in full force and effect.

The order is available at
http://bankrupt.com/misc/ElliottandSon_ICCOrder54.pdf

                About Elliott & Son Excavating LLC

Elliott & Son Excavating, LLC is an excavation and site preparation
contractor.

Elliott & Son Excavating sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-31028) on May
22, 2026, with up to $1 million in assets and up to $10 million in
liabilities. Sheryl Elliot, sole member and company owner, signed
the petition.

Judge Suzanne H. Bauknight oversees the case.

Kelli D. Holmes, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC,
represents the Debtor as legal counsel.


EXCLUSIVE OPTICAL: Seeks to Extend Plan Filing Deadline to Nov. 3
-----------------------------------------------------------------
Exclusive Optical, Inc. asked the U.S. Bankruptcy Court for the
Eastern District of New York to to extend its exclusivity periods
to file a plan of reorganization and disclosure statement to Nov.
3, 2026.

The Debtor claims that it needs an additional time to negotiate
settlement terms with its Creditors, to obtain Court approval for
the reached terms and thereafter to file a plan of reorganization
and disclosure statement, offering treatment to the main and other
remaining Creditors of the estate.

This is the Debtor's second request for an extension of the time
period to file a plan of reorganization and disclosure statement.
It is evident that the Debtor is not seeking these extensions to
artificially delay the conclusion of this chapter 11 case or to
hold creditors hostage to an unsatisfactory plan proposal.

Simply put, at this juncture, the Debtor simply needs time to reach
an agreement with its Creditors and thereafter to file a plan of
reorganization and disclosure statement, offering treatment to the
main and other remaining Creditors of the estate.

The Debtor asserts that the requested extensions of the time period
to file a plan will not harm any economic stakeholder. Rather, the
time will be used to resolve claims filed in this case. Moreover,
should any events occur or there be a significant change in
circumstances, a party in interest may move to reduce the time
period to file a plan.

Exclusive Optical Inc. is represented by:

     Alla Kachan, Esq.
     LAW OFFICES OF ALLA KACHAN P.C.
     2799 Coney Island Avenue, Suite 202
     Brooklyn, NY 11235
     Telephone: (718) 513-3145

                           About Exclusive Optical

Exclusive Optical, Inc., filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
25-44904) on Oct. 9, 2025, listing $50,001 to $100,000 in assets
and $500,001 to $1 million in liabilities.  Judge Jil Mazer-Marino
presides over the case.  Alla Kachan, at Law Offices Of Alla Kachan
P.C., serves as the Debtor's counsel.


FIRST BRANDS: Court Okays $8MM Rubber Business Sale in Chapter 11
-----------------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that First
Brands Group has won bankruptcy court approval to sell its Jasper
Rubber business for $8 million after resolving a dispute between
two parties that had delayed the proposed transaction. A Texas
bankruptcy judge authorized the sale during a hearing Thursday,
July 2, 2026.

The compromise eliminated objections to the asset sale and allowed
the court to approve the transaction without extended litigation.
The debtor argued that completing the sale would benefit the
bankruptcy estate by converting the business into cash for
distribution under the Chapter 11 process, the report relays.

The approved sale marks another step in First Brands' restructuring
efforts. Once the transaction closes, the proceeds will become part
of the estate available to satisfy creditor claims in accordance
with the Chapter 11 case, according to Law360.

                   About First Brands Group

First Brands Group, LLC, is a global supplier of aftermarket
automotive parts, based in Rochester Hills, Michigan.

On September 24, 2025, the Company's non-operational special
purpose entities, Global Assets LLC, Global Lease Assets Holdings,
LLC, Carnaby Capital Holdings, LLC, Broad Street Financial
Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II,
LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III,
LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC,
Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and
Starlight Inventory Holdings I, LLC each filed a voluntary petition
for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of Texas.

Commencing on Sept. 28, 2025, First Brands Group, LLC and 98
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the Southern District of Texas.  In its petition, First Brands
Group listed $1 billion to $10 billion in estimated assets and $10
billion to $50 billion in estimated liabilities.

The cases are pending before the Hon. Christopher M. Lopez, and are
jointly administered under Case No. 25-90399, and consolidated for
procedural purposes only.

The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel;
Lazard Freres & Co. as investment banker; Alvarez & Marsal North
America, LLC as financial advisor; and C Street Advisory Group as
strategic communications advisor. Kroll Restructuring
Administration, LLC is the Debtors' claims, noticing and
solicitation agent.

Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group
of Lenders' legal counsel and investment banker, respectively.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
Committee has hired M3 Advisory Partners, LP, as Financial Advisor;
Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick
LLP as Co-Counsel.

The U.S. Trustee has proposed Martin De Luca, Esq., at Boies
Schiller Flexner LLP as Chapter 11 examiner.


FLOAT ALASKA: Gets OK to Revise Ch.11 Plan, Sponsor Gets More Time
------------------------------------------------------------------
Vince Sullivan of Law360 Bankruptcy Authority reports that Float
Alaska won approval from a Delaware bankruptcy judge to revise its
Chapter 11 plan, enabling the airline operator to complete a sale
to a backup bidder if its initial purchaser does not finalize the
transaction. The ruling provides a contingency plan designed to
keep the restructuring on schedule.

The debtor told the court that incorporating a backup buyer into
the confirmed plan would reduce uncertainty and minimize the risk
of a failed sale. Rather than returning to court to seek additional
approvals, the company would be able to transition directly to the
alternate transaction if necessary.

The judge determined that the proposed amendment was appropriate
and consistent with the goals of the bankruptcy process. The
decision allows Float Alaska to preserve flexibility while
continuing efforts to maximize recoveries for creditors, according
to report.

              About FLOAT Alaska LLC

FLOAT Alaska LLC is the parent company of New Pacific Airlines and
Ravn Alaska. The entity was formed in July 2020 and is engaged in
aviation industry ventures that historically included scheduled air
service, charter operations and regional connectivity in Alaska and
beyond.

FLOAT Alaska LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 26-10075) on January 26,
2026. In its petition, the Debtor reports estimated assets between
$1 million and $10 million and estimated liabilities between $10
million and $50 million.

Honorable Bankruptcy Judge Craig T. Goldblatt handles the case.

The Debtor is represented by Paige Noelle Topper, Esq. of Saul
Ewing LLP.


FREEDOM RAVE: Updates Unsecured Claims Pay Details
--------------------------------------------------
Freedom Rave Wear, Inc., submitted an Amended Plan of
Reorganization for Small Business dated June 23, 2026.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $410,109.43.

The final Plan payment is expected to be paid on Sept. 1, 2031.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately $5.03 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.

Class 3 consists of Non-priority unsecured creditors. All
non-priority unsecured claims allowed under Section 502 of the Code
including disputed claims will be paid a pro rata share of $50,000.
This Class is impaired.

Class 4 consists of Equity security holders of the Debtor. The
holder of the Debtor's equity shall retain its equity interest in
the Debtor.

The Debtor will contribute all of its projected disposable income,
net of an appropriate operating capital reserve, for five years
following the date that the first payment is due under the Plan.

A full-text copy of the Amended Plan dated June 23, 2026 is
available at https://urlcurt.com/u?l=4xhLTd from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Larissa Lazarus, Esq.
     Law Offices of Mark L. Miller
     2341 Jefferson Street, Ste. 100
     San Diego, CA 92110
     Telephone: (619) 574-0551
     Email: larissa@millerlegalcenter.com

                      About Freedom Rave Wear

Established in 2024, Freedom Rave Wear Inc. is a California-based
company specializing in eco-friendly, vibrant festival apparel and
accessories.

Freedom Rave Wear filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-00656) on Feb.
24, 2025.  In its petition, the Debtor reported total assets of
$223,188 and total liabilities of $1,096,894.

Judge Christopher B. Latham handles the case.

The Law Offices of Mark L. Miller serves as the Debtor's counsel.


GARDA WORLD: Fitch Assigns 'B-' Rating on Senior Unsecured Notes
----------------------------------------------------------------
Fitch Ratings has assigned Garda World Security Corporation's (GW)
planned senior unsecured notes a rating of 'B-' with a Recovery
Rating of 'RR6'. Garda's Long-Term Issuer Default Rating (IDR) is
'B+'. Fitch rates the company's senior secured debt 'BB/'RR2' and
senior unsecured debt 'B-'/'RR6'.

The planned $200 million of senior unsecured notes, along with the
add-on $300 million term loan, will be used for general corporate
purposes, including potential future acquisitions.

The Negative Outlook reflects elevated commercial execution risk in
balancing growth investment and realizing incremental cash flows.
Negative FCF has increased debt financing needs and will delay
credit metrics consistent with the 'B+' rating. Fitch forecasts
EBITDA interest coverage in the high 1.0x and EBITDA leverage in
the mid- 7.0x in FY2027. The ratings also reflect Garda's recurring
revenue model, flexible cost structure and large market position.
Fitch balances Garda's solid growth profile against investment
predictability and financial flexibility.

Key Rating Drivers

Execution Delays FCF Improvement: Cash costs for growth investment
and delays in realizing new, large contracts have pressured Garda's
cash flow for longer than Fitch expected. A continuation of
elevated investment would pressure financial flexibility. Garda's
growth investment has involved high working-capital needs and
extraordinary costs, and easing has been slower than Fitch
anticipated. Fitch expects a significant working-capital unwind and
stronger EBITDA in fiscal 2027, but ongoing execution remains a
focus.

Soft FCF, Financial Flexibility: Fitch forecasts modestly negative
FCF in fiscal 2027 before turning mildly positive in 2028 with a
more normalized pace of growth investments and extraordinary items
supporting CFO-capex/debt ratio in the low single digits. Fitch
forecasts modest working capital investment in 2027 primarily due
to collections on large customer contracts. Revolver utilization
was high at FQ1 2027, but the planned financing transaction adds
liquidity.

Delayed Coverage, Leverage Improvement: Fitch forecasts EBITDA
interest coverage in the high-1.0x in fiscal 2027 and about 2.0x in
fiscal 2028, above sub-2.0x levels in fiscals 2024-2026 as solid
growth and lower growth investment reduce funding needs. EBITDA
leverage is likely to remain somewhat elevated, in the high-6.0x to
mid-7.0x over fiscals 2027-2028. Fitch's forecast considers the
extended timeline to credit metrics consistent with the 'B+'
rating. Fitch believes Garda's financial policies will remain
consistent, prioritizing 2.0x interest coverage on a company
calculated basis.

EBITDA Growth Continues: Fitch expects Garda's growth profile to
remain positive. Fitch forecasts EBITDA of about CAD1.0 million in
fiscal 2027, up from CAD894 million in fiscal 2026, and over CAD
1.1 billion in fiscal 2028. Several large service contracts began
in fiscal 2026 and product deliveries are expected to ramp up.
Contracts and orders in place provide visibility to rising
earnings, but the materialized delays and greater than expected
growth investment increase execution risks.

Recurring Revenue Services: Garda's ratings benefit from the
stable, recurring nature of its security and cash management
services. As with peers with similar ratings and stable cash flows,
this offsets credit metrics that are weaker than typical 'B+'
levels. Security services, which make up the largest proportion of
revenue, are fairly insulated from fluctuating customer activity
and depend more on how many locations remain open. Contract lengths
with customers vary but are typically multiyear for government and
infrastructure-related customers.

Stable Cash Management Revenue: The cash-management segment
benefits from multiyear contracts, with revenue tied to the number
of services stops and monthly fees instead of the monetary value of
cash-in-transit. Despite proliferating non-cash payment methods,
the balance of cash in circulation globally continues to rise; in
periods of economic weakness, cash balances tend to grow more
quickly.

Peer Analysis

Fitch compares Garda with cash-management peer The Brink's Company
(BCO; BB+/Stable) and other personnel-heavy transportation
companies like First Student BidCo, Inc. (BB-/Stable) and Waste Pro
USA Inc. (WP; B+/Stable). Fitch expects Garda and these peers to
benefit from fundamentally steady demand and earnings profiles due
to the highly recurring and contracted nature of their respective
business models.

This group of companies also has a good degree of cost structure
flexibility due to their labor-oriented business models. WP has a
significantly more concentrated service region, focused on the
southeastern U.S. and a relatively smaller market share within its
industry.

Fitch’s Key Rating-Case Assumptions

- Organic growth in the mid-single digits driven by new contract
wins in security services, delivery of security products and
executive protection, supplemented by completed M&A activity in
fiscal 2026;

- EBITDA in the CAD1.0 billion to $1.2 million range over
FY2027-2028, before M&A;

- Extraordinary costs persist but are largely linked to growth
investment, leading to total other operating cash costs in the
low-CAD100 million range going forward

- Garda continues to realize pent-up working capital benefits in
FY2027

- Capital allocation favors M&A and growth investment, and no
meaningful debt repayment is assumed;

- SOFR rates remain around 4% through the forecast period.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bb-, Lower), Sector Characteristics (bbb-,
Higher), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (b+,
Lower), Financial Structure (ccc+, Higher), and Financial
Flexibility (b+, Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 34% weight for the forecast fiscal
year 2027, 33% for the forecast fiscal year 2028 and 33% for the
forecast fiscal year 2029.

- 'B+' to 'CC' considerations apply in its analysis and result in
no adjustment.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'b+'.

Recovery Analysis

The recovery analysis assumes Garda would be reorganized as a going
concern (GC) in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

Fitch estimates a GC EBITDA of CAD800 million, reflecting pro forma
adjustments for acquisitions. The GC EBITDA estimate reflects
Fitch's view of a sustainable, post-reorganization EBITDA level,
upon which Fitch bases the enterprise valuation. This estimate
reflects a potential weakening in the cash services market and
increased competitiveness in the security services market. It also
reflects the corrective measures taken in reorganization to offset
the adverse conditions that triggered default, such as
cost-cutting, contract repricing and industry recovery.

Fitch assumes a GC recovery multiple of 6.0x. The multiple reflects
Garda's valuation when BC Partners invested in fiscal 2020 at about
10x EBITDA, publicly traded peers around 10x, and acquisition
multiples ranging from under 5.0x to about 10x across the security
services and cash management sectors.

The recovery analysis assumes that secured credit facilities are
senior in the recovery waterfall to the unsecured notes. This
results in a 'BB' rating and a Recovery Rating of 'RR2' for the
senior secured credit facilities and 'B-' rating and a Recovery
Rating of 'RR6' on the senior unsecured notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Fitch-calculated EBITDA interest coverage sustained below 2.0x;

- An inability to generate FCF and significant revolver utilization
that heightens liquidity and refinancing risk;

- Fitch-calculated EBITDA leverage sustained above the mid-6.0x
range.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A change in financial and capital allocation policy that supports
EBITDA leverage sustained below 5.5x;

- Improved cash flow generation supports FCF margins sustained
above the low-single digits.

Factors that Could, Individually or Collectively, Lead to a
Revision of the Rating Outlook to Stable

- A sustainable improvement in operating performance that supports
positive FCF generation and strong progress on achieving EBITDA
interest coverage above 2.0x and EBITDA leverage below the
mid-6.0x

Liquidity and Debt Structure

Garda's liquidity as of April 30, 2026, consisted of CAD185 million
of cash and CAD69 million of availability under its USD530 million
revolving credit facilities. Garda's near-term maturities are
limited. The term loan amortizes at 1% per year, and the next
scheduled maturity is the USD570 million senior secured notes due
2028; however, the revolvers have a springing maturity provision to
91 days prior.

Issuer Profile

Garda World Security Corporation is a privately held Canadian cash
logistics and security firm with over 120,000 employees worldwide.
It is majority employee-owned, with a significant minority stake
held by private equity firm BC Partners.

Date of Relevant Committee

20 February 2026

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate elevated
risk for Garda.

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   
   -----------             ------           --------   
Garda World Security
Corporation

   senior unsecured     LT   B-   New Rating    RR6


GARDENS OF FOREST: Kathleen DiSanto Named Subchapter V Trustee
--------------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto,
Esq., at Bush Ross, P.A., as Subchapter V trustee for The Gardens
of Forest Lakes Condominium Association Inc.

Ms. DiSanto will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.  

Ms. DiSanto declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Kathleen L. DiSanto, Esq.
     Bush Ross, P.A.
     P.O. Box 3913
     Tampa, FL 33601-3913
     Phone: (813) 224-9255
     Fax: (813) 223-9620  
     disanto.trustee@bushross.com   

           About The Gardens of Forest Lakes Condominium

The Gardens of Forest Lakes Condominium Association is a
Florida-based homeowners association responsible for managing and
maintaining a residential condominium community.

The Gardens of Forest Lakes Condominium Association sought relief
under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Fla. Case No. 26-05294) on June 19, 2026. In its
petition, the debtor reports estimated assets and liabilities each
in the range of $100,001 to $1,000,000.

Honorable Bankruptcy Judge Roberta A. Colton handles the case.

The debtor is represented by Daniel R. Fogarty, Esq. of Stichter,
Riedel, Blain & Postler, P.A. Kathleen L. DiSanto serves as
Subchapter V Trustee.


GBG RANCH: Benavidez-Hunt Awarded $1.85MM in Attorneys' Fees
------------------------------------------------------------
In the appeal styled NORMA BENAVIDES-HUNT, Appellant VS.  MANUEL A.
BENAVIDES and GBC RANCH, LTD Appellees, Case No. 5:25-CV-00037
(S.D. Tex.), Chief Judge Randy Crane of the U.S. District Court for
the Southern District of Texas affirmed, in part, and reversed, in
part, the Bankruptcy Court's Memorandum Opinion and Order on
attorneys' fees. Norma Benavides-Hunt is awarded total attorneys'
fees and costs of $1,850,991.45 to be paid by Guero Benavides.

Now before the Court is Appellant Norma Benavides-Hunt's appeal of
the Bankruptcy Court's Final Judgment, "Memorandum Opinion and
Order on Attorneys' Fees," entered on March 6, 2025.

This adversary proceeding was commenced on August 16, 2016, arising
out of the Chapter 11 bankruptcy of GBG Ranch, Ltd., a Texas
limited partnership. Plaintiff Norma Benavidez-Hunt ("Ms. Hunt" or
"Appellant") asserted claims against Appellee G.B.G. Ranch, Ltd.,
as well as the Estate of Norma Z. Benavides, Guillermo Benavides Z,
Appellee Manuel A. Benavides a/k/a "Guero Benavides," and Carl
Michael Barto. The claims concerned a family dispute between
Appellee Manuel (Guero) Benavides and his sister, Appellant Mrs.
Hunt, over the siblings' interests in the Oilton ranch, one of the
Benavides family's three ranches originally owned and managed by
the Debtor entity.

On December 4, 2022, Judge David R. Jones issued a Memorandum
Opinion finding in favor of Ms. Hunt, in which he found that a
fraud had been committed on the court.  For this reason, he voided
the transfer of the Residuary Trust's interest to Guero Benavides
and his affiliates, and held that no plan-based release or
exculpation was binding upon Ms. Hunt. The Court awarded Ms. Hunt
her reasonable attorney's fees, to be paid personally by Guero
Benavides as the party responsible for intentionally failing to
implement the confirmed plan.

On January 3, 2023, Ms. Hunt filed a Motion for the Award of
Attorneys' Fees seeking $2,579,023.70 for work performed from
February 19, 2016, through November 28, 2022. Two firms represented
Ms. Hunt: Jordan & Ortiz, P.C., original counsel, requesting
$1,537,188.23 after write-offs on 4,831.50 hours billed; and the
Broocks Law Firm, retained as co-counsel in  May 2017, requesting
$1,041,835.47 on approximately 3,792 hours. Defendants filed an
Objection on January 27, 2023, asserting that the block-billed
entries were too indiscriminate to permit entry-level objection,
and further challenging fees attributable to co-defendant Memo
Benavidez, unsuccessful appeals, duplicative multi-attorney
attendance, and parallel state probate proceedings. Defendants
argued a reasonable award should not exceed $1.5 million. Ms. Hunt
defended the fees under the factors laid out in Johnson v. Georgia
Highway Exp., Inc., 488 F.2d 714 (Sth Cir.1974).

At the August 17, 2023 hearing, Judge Jones noted Defendants'
failure to file the required entry-level objections, independently
discussed the billing records, adopted the lodestar of $400/hour,
considered reductions, and announced an award of $2,293,009.35. No
written order followed. After Judge Jones's resignation on October
16, 2023, successor Judge Jeffrey P. Norman entered an Order on
Attorneys' Fees and Final Judgment  confirming the $2,293,009.35
award against Guero Benavides individually. Neither order discussed
the Bankruptcy Court's reasoning for the finding of the amount of
attorney's fees. Both orders were appealed to this Court on
December 19, 2023. On November 14, 2024, this Court affirmed the
Final Judgment but reversed the fee award, finding that the
Bankruptcy Court's order lacked adequate support, and remanded to
"allow the Bankruptcy Court to consider Appellees' unaddressed
objections" to Appellant's fee request.

The Bankruptcy Court entered a new memorandum opinion and order on
attorney's fees on March 6, 2025. In that order, the Bankruptcy
Court did not contest the lodestar; rather, it assumed Appellant's
original request of $2,579,023.70 was accurate but applied certain
Johnson factors to reduce the fees ultimately awarded.
Specifically, Judge Norman reduced the requested fees for block
billing, duplicative work, time spent by multiple attorneys, time
spent on matters before the probate court and time spent on
unsuccessful appeals, and certain travel time entries and clerical
work. In all, the Bankruptcy Court determined that Appellant was
actually entitled to $1,797,561.45 in fees, to be paid by Guero
Benavides. Appellant appealed that order to this Court on April 1,
2025.

Appellant argues that the Bankruptcy Court provided insufficient
information with which it could have reduced Mrs. Hunt's fee
request, and applied reductions to Mrs. Hunt's attorney's fee
request based on erroneous factors.

This Court finds the Bankruptcy Court did not follow improper
procedures in calculating the fee award, nor rest its decision on
findings of fact that are clearly erroneous.

The Bankruptcy Court's Memorandum Opinion and Order on Attorneys'
Fees is affirmed, with the exception of its reduction for travel
fees, which is reversed, and the order of the Bankruptcy Court is
otherwise rendered the judgment of this Court.

On remand, the Bankruptcy Court identified several of Appellees'
objections as unaddressed, and subsequently found them
meritorious. They were: the propriety of block billing in this
case, the billing for more than two lawyers and one paralegal for
the work or attendance at hearing or trials, of probate matters, of
clerical work, and of unsuccessful appeals.

This Court specifically remanded to allow the Bankruptcy Court to
consider Appellee's unaddressed objections. The Bankruptcy Court
addressed one other basis for reduction of Appellant's fee
application: billing for travel time. Travel time was not
specifically objected to by Appellee, and thus the consideration of
that basis was not within the scope of the mandate. Accordingly,
the Bankruptcy Court's reduction of $53,430.00 for travel time is
reversed.

A copy of the Court's Order dated June 23, 2026, is available at
http://urlcurt.com/u?l=FJzy2Ufrom Pacermonitor.com.

                        About GBG Ranch

GBG Ranch, LTD, a Texas Limited Partnership, owns the surface
estate of three ranches in the vicinity of Laredo, Webb County,
Texas.  GBG Ranch sought Chapter 11 protection (Bankr. S.D. Tex.
Case No. 14-50155) in Laredo, Texas on July 8, 2014, to seek relief
from the contentious and costly intra-family litigation that had
been ongoing for several years.  The petition was signed by Manuel
A. Benavides, president.

The Benavides family, consisting of the matriarch, Norma, her two
sons, Guillermo ("Memo") and Manuel ("Guero"), and various entities
owned and controlled by them in varying percentages, have been
embroiled in acrimonious litigation since early 2011.  The parties
to these lawsuits (which were consolidated into a single lawsuit
under Case No. 2011 CVF 000194-D1) are various factions of the
Benavides family and organizations controlled by them which are
suing each other on a multiplicity of claims including efforts to
wrest control over the Ranches from the current management of the
Debtor and to displace the current management of the Debtor.  The
Debtor removed the litigation to the Bankruptcy Court on July 9,
2014.  The litigation has been abated by the agreement of the
parties pending further order of the Bankruptcy Court.  The Debtor
believes that the litigation can and will be resolved by the
Bankruptcy Court, either by agreement or judgment subsequent to the
confirmation of the Plan.

In schedules filed Dec. 9, 2014, the Debtor disclosed $54,111,258
in assets and $4,401,493 in liabilities as of the Chapter 11
filing.

The company is represented by the Law Office of Carl M. Barto.
Leslie M. Luttrell and the Luttrell + Villareal Law Group serve as
special counsel.

In October 2014, the Court, with the agreement of the Debtor, Memo
and Quita Wind, appointed Ronald Hornberger as the
Chapter 11 Examiner under 11 U.S.C. Sec. 1106.


GENESIS HEALTHCARE: Defeats JV Partner's Challenge to $1B Sale
--------------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas
bankruptcy judge rejected a joint venture partner's attempt to
derail Genesis Healthcare Inc.'s planned $1 billion sale of 175
skilled nursing facilities, finding that the objection based on
contractual consent rights could not prevent the Chapter 11
transaction.

The objecting party maintained that its joint venture agreements
prohibited Genesis from transferring certain interests without
prior approval. Genesis argued that the proposed sale complies with
the Bankruptcy Code and that preserving the transaction is
essential to maximizing the value of the bankruptcy estate while
maintaining continuity of care for residents, the report states.

By denying the objection, the court paved the way for Genesis to
proceed with the sale process. The transaction is expected to
generate substantial proceeds for creditors while advancing the
company's broader Chapter 11 restructuring efforts, according to
report.

            About Genesis Healthcare Inc.

Based in Culver City, Calif., Genesis Healthcare Inc. is a medical
group that provides physician services in Southern California.
Genesis Healthcare has operated under the names Daehan Prospect
Medical Group and Prospect Genesis Healthcare.

Genesis Healthcare Inc. and several affiliated debtors sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis
Healthcare Inc. listed between $1 billion and $10 billion in
estimated assets and liabilities.

The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly
administered cases.

The Debtors employed McDermott Will & Schulte LLP as counsel;
Jefferies LLC as investment banker; and Ankura Consulting Group,
LLC, as restructuring advisors, and designated Louis E. Robichaux
IV and Russell A. Perry as co-chief restructuring officers. Katten
Muchin Rosenman LLP serves as special counsel at the sole direction
of Jonathan Foster and Elizabeth LaPuma in their capacity as
independent directors and members of the special investigation
committee.

The U.S. Trustee appointed an official committee of unsecured
creditors in the Chapter 11 cases of Genesis Healthcare Inc. and
affiliates. The committee retained Proskauer Rose LLP and Stinson
LLP as its co-counsel; FTI Consulting, Inc., as its financial
advisors; and Houlihan Lokey Capital, Inc. as its investment
banker.


GETTY IMAGES: S&P Downgrades ICR to 'CCC+', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Getty Images
Inc. to 'CCC+' from 'B'.

At the same time, S&P lowered the issue-level ratings on the senior
secured debt to 'B-' from 'B+' and the senior unsecured debt to
'CCC+' from 'B-'.

The negative outlook reflects that its tightening liquidity amid
high debt service obligations could result in a clear path towards
a distressed exchange or default.

Getty Images Holdings Inc., parent entity of Getty Images Inc.,
announced it intends to terminate its merger agreement based on a
condition the U.K. Competition and Markets Authority imposed, which
would require the sale of Shutterstock's editorial business.

The company's liquidity is pressured, and without inheriting
Shuttersock's balance sheet cash and benefiting from the combined
company's operating performance, S&P believes it could face
challenges servicing its debt and other obligations.

S&P said, "The terminated merger will strain Getty's liquidity and
we now view its capital structure as unsustainable. Getty will no
longer receive the anticipated $162 million cash benefit from the
transaction, which was a primary consideration in our assessment of
the company's liquidity." This loss occurs at a time when Getty's
liquidity is already severely constrained, following a $120 million
drawdown of its revolver to fund in part the warrant litigation
judgement.

With $30 million in remaining revolver availability and $97 million
in cash, the company's liquidity position is limited and will
deteriorate rapidly with its onerous mandatory debt repayment
obligations. Between term loan amortization and senior notes
redemption requirements, the company is obligated to repay about
$86 million of debt annually. Free operating cash flow (FOCF)
deficits contributed to deteriorating liquidity in 2025, though it
generated positive FOCF during the first quarter of 2026.

Getty is seeking strategic financing alternatives. S&P said, "We
believe this reflects that cash generation will not be sufficient
to meet the company's financial obligations. While its current
financial position appears unsustainable over the long term, our
forecast reflects sufficient liquidity to sustain its operations in
the near term. We believe the company could seek to refinance its
senior unsecured notes (which require $60 million of annual
redemption) or pursue other liability management exercises to
alleviate cash burn. While this could contribute to improving its
liquidity profile, we could view an exchange transaction as a
distressed exchange depending on the specific circumstances and
compensation to existing lenders relative to the original promise
of the company's debt."

The abandoned merger leaves Getty vulnerable to unfavorable
business conditions. S&P said, "Without the scale and cost
synergies originally anticipated by the Shutterstock merger, we
believe Getty faces risk of declining revenues amid industry
headwinds, and ongoing litigations that may result in additional
material payments (the company maintained $208.4 million of
litigation reserves as of March 31, 2026, of which $110.9 million
were paid on April 23, 2026). Partially offsetting these factors,
the in-housing of some corporate marketing initiatives is leading
to stronger revenues from these clients and partially offsetting
Getty's business declines among agency clients. The company should
also benefit from eliminating merger-related costs, contributing to
our expectation for improving FOCF."

S&P said, "The negative outlook reflects Getty's weakened liquidity
position and high debt service needs, which we believe leads to
heightened risk of a distressed debt restructuring or default.

"We could lower our ratings if we envision a specific default
scenario within 12 months. This could occur if liquidity tightens
further, or if we believe the company will pursue a liability
management exercise that S&P Global Ratings deems tantamount to
default.

"We could take a positive rating action if the company's liquidity
position improves without resorting to a transaction that we view
as distressed, and we expect it will sustainably generate positive
FOCF. We would also expect the company to address the maturity of
its senior unsecured notes due 2028."



GLIDE LOGISTICS: Court Extends Cash Collateral Access to Aug. 31
----------------------------------------------------------------
Glide Logistics, Inc. received another extension from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, to use cash collateral to fund operations.

The court issued its eighth interim order authorizing the Debtor to
use its cash collateral through August 31 to make these monthly
payments to lenders: $4,500 to BMO Bank, N.A.; $1,500 to Commercial
Credit Group, Inc.; $3,000 to First Citizens; $1,675 to Auxilior
Capital Partners, Inc.; and $400 to Mitsubishi HC Capital America,
Inc.  

The Debtor may exceed the budgeted amounts by up to 20% for
unexpected contingencies and $2,000 for any other ordinary business
expenses for the two months combined.

As adequate protection, Commercial Credit Group, First Citizens,
Auxilior, Mitsubishi and the U.S. Small Business Administration
will be granted valid, perfected, enforceable security interests in
the Debtor's post-petition assets and the proceeds thereof, with
the same priority and extent as their pre-bankruptcy liens.

As further protection, the Debtor was ordered to keep the equipment
that is the subject of the lenders' liens insured.

The order is available at
http://bankrupt.com/misc/GlideLogistics_8ICCOrder98.pdf

The next hearing will be held on August 21.

                     About Glide Logistics Inc.

Glide Logistics Inc. is a transportation company specializing in
open deck, heavy haul, and oversize freight services across the
United States.

Glide Logistics sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on
March 2, 2025. In its petition, the Debtor reported total assets of
$1,220,786 and total liabilities of $1,050,846.

Judge Janet S. Baer handles the case.

Keevan D. Morgan, Esq., at Morgan & Bley, Ltd. is the Debtor's
legal counsel.

Auxilior Capital Partners, Inc., as lender, is represented by:

   Diana Perez, Esq.
   Wright Law Group, PLLC
   2405 W Grand Ave., Ste. B PMB 84356
   Chicago, IL 60612-1577
   Direct: (312) 778-6438
   Fax: (312) 778-6438
   dperez@replevin.com

Mitsubishi HC Capital America, Inc., as lender, is represented by:

   W. Kent Carter, Esq.
   Gordon Rees Scully Mansukhani, LLP
   One North Wacker, Suite 1600
   Chicago, IL 60606
   Phone: 312.619.4900
   kentcarter@grsm.com


GREEN D ENTERPRISES: Claims to be Paid from Disposable Income
-------------------------------------------------------------
Green D Enterprises, Inc. d/b/a Green's Dependable Hardware filed
with the U.S. Bankruptcy Court for the Northern District of Alabama
a Subchapter V Plan of Reorganization dated June 23, 2026.

The Debtor is an S-Corporation that operates a retail hardware
store in Russellville, Alabama doing business as "Green's
Dependable Hardware."

The Debtor was formed as a domestic corporation on August 20, 2007
identified as Entity ID Number 000-253-976. Douglas N. Green is the
sole shareholder and serves as President of the Debtor. The
Debtor's operations occur at Old Ivy Square at 15220a Hwy 43,
Russellville, AL 35653, which is property owned by J.G. Batchelor
and Olivia Batchelor and leased to the Debtor.

The Debtor filed its petition under Title 11, Chapter 11,
Subchapter V of the United States Code on March 25, 2026 (the
"Petition Date"). In the years preceding the Petition Date, the
Debtor experienced increasing financial strain attributable in
significant part to the use of merchant cash advance ("MCA")
financing arrangements, which are high-cost, short-term funding
mechanisms.

These transactions were utilized to address operational cash flow
needs but imposed substantial repayment burdens through daily or
weekly remittance structures tied to the Debtor's receivables. As a
result, the Debtor's liquidity was materially constrained,
impairing its ability to meet ordinary course obligations,
including trade debt, lease obligations and contractual
obligations.

Notwithstanding the challenges, the Debtor continues to operate its
business as a going concern and believes that through restructuring
of its secured obligations, the orderly treatment of priority
claims, and the commitment of projected disposable income to
unsecured creditors, in can formulate a feasible plan of
reorganization.

The aggregate of all Allowed Secured Claims in Classes 1 through 7,
as filed, is $673,847.60. The aggregate of all Allowed General
Unsecured Claims in Class 8, before deficiency allocations, is
$1,032,177.06. Total filed claims across all classes are
$1,517,371.54, exclusive of Administrative Claims and Priority Tax
Claims. The value in the Schedules encumbered assets owned by the
Debtor total $344,269.33.

Class 8 consists of all Allowed General Unsecured Claims, including
the following claims as filed and any deficiency claims from
Classes 1 through 7. The allowed unsecured claims total
$1,032,177.06+.

Each holder of an Allowed Class 8 Claim shall receive, in full
satisfaction of such claim, a pro rata share of the Reorganized
Debtor's projected Disposable Income over the Plan Period, after
payment in full of all Administrative Claims, Priority Tax Claims,
and Allowed Secured Claims in Classes 1 through 7. Distributions to
Class 8 shall be made by the reorganized Debtor on a monthly basis
with a quarterly report to the Subchapter V Trustee during the Plan
Period.

Given the estimated total Class 8 claim pool (potentially exceeding
$1,025,733.22 before exact deficiency amounts are finalized) and
the Debtor's projected Disposable Income over the Plan Period, the
estimated pro rata recovery on Allowed Class 8 Claims will be a
fraction of face value, which is currently estimated to be no more
than 5.8%. The Debtor submits that this recovery exceeds the amount
creditors would receive in a hypothetical Chapter 7 liquidation.

The Allowed Claim of J.G. Batchelor (Claim No. 13, $523,037.15) is
the single largest Class 8 claim and dominates the unsecured class.
If the Debtor assumes the primary store lease under Section 365 of
the Bankruptcy Code, the cure amount (as determined by the Court)
will be an Administrative Claim payable on the Effective Date, and
Claim No. 13 will be reduced by the cure payment. If the Debtor
rejects the lease, Batchelor's rejection damages claim remains in
Class 8, capped at two years of rent under Section 502(b)(6) of the
Bankruptcy Code. Either way, the lease election must be made prior
to the Confirmation Hearing and will materially affect Class 8
recoveries.

The claim of Dependable True Value Hardware, Inc. (Claim No. 12,
$162,754.25) represents the 2007 seller note that is expressly
subordinated to the ReadyCap/CIT SBA loan as standby debt under the
original loan agreements. The Debtor reserves the right,
notwithstanding the all-allowed treatment of this Plan, to apply
the standby subordination as a basis for deferring or reducing
distributions to Claim No. 12 until ReadyCap (Class 4) is paid in
full.

Class 9 consists Equity Interest of Douglas N. Green. Douglas N.
Green shall retain his 100% equity interest in the Reorganized
Debtor. No distribution shall be made to the equity holder on
account of such interest until all Plan Payments have been made in
full. Mr. Green's continued management is essential to the
Debtor’s ongoing business operations and reorganization.

The retention of equity is permissible under Section 1191(b) of the
Bankruptcy Code because the Plan commits all projected Disposable
Income to Plan Payments over the Plan Period, and Mr. Green's
compensation ($[insert weekly salary]) is limited to the minimum
amount reasonably necessary for the maintenance or support of
himself and his dependents.

The Reorganized Debtor shall continue to operate Green's Dependable
Hardware as a retail hardware store in Russellville, Alabama.
Douglas N. Green shall continue as President at a salary not to
exceed $[insert] per week.

The Plan Payments shall be funded from the Reorganized Debtor's
Disposable Income. The Debtor's historical gross revenue was
$2,151,044.74 (2024) and $1,692,369.38 (2025). YTD revenue through
the Petition Date (January 1–March 25, 2026) was $212,691.88.

A full-text copy of the Subchapter V Plan dated June 23, 2026 is
available at https://urlcurt.com/u?l=zJnWYF from PacerMonitor.com
at no charge.

Counsel for the Debtor:

   Brian R. Walding, Esq.
   WALDING LLC
   2227 1st Ave. S., Ste 100
   Birmingham, AL 35233
   Telephone: (205) 307-5050
   Facsimile: (205) 307-5051
   E-mail: bwalding@waldinglaw.com

                  About Green D Enterprises Inc.

Green D Enterprises, Inc., is an S-Corporation that operates a
retail hardware store in Russellville, Alabama doing business as
"Green's Dependable Hardware."

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-80707) on March 25,
2026, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.

Judge Clifton R. Jessup, Jr. presides over the case.

Joseph E. Bulgarella, at Bulgarella LLC, is the Debtor's legal
counsel.


GVO PARTNERS: Gets Interim OK to Use Cash Collateral Until July 10
------------------------------------------------------------------
GVO Partners, LLC and affiliates received interim approval from the
U.S. Bankruptcy Court for the District of Delaware to use cash
collateral through July 10 or upon occurrence of a termination
event, whichever occurs first.

The court authorized the Debtors to spend cash collateral in
accordance with an approved budget, allowing up to a 15% variance
for each individual budget line item during the interim period.

A copy of the Debtor's budget is available at
https://shorturl.at/nbSpS from PacerMonitor.com.

As adequate protection, Firstrust will be granted replacement liens
on the Debtors' post-petition property similar to its pre-petition
collateral, maintaining the same priority and validity as its
pre-petition liens.

Firstrust will also receive a superpriority administrative expense
claim under Section 507(b) of the Bankruptcy Code to the extent the
value of its collateral diminishes during the bankruptcy.

Events of default include the dismissal or conversion of the
Debtors' Chapter 11 cases, appointment of a trustee or examiner
with expanded powers, confirmation of a reorganization plan,
material default under the order, or the Debtors initiating a
challenge against Firstrust's liens or claims.

The order is available at
http://bankrupt.com/misc/GVOPartnersICCOrder48.pdf

The next interim hearing is scheduled for July 13 while the final
hearing is set for July 29, with objections due by July 22.

Firstrust holds first-priority liens on substantially all of the
Debtors' assets. GVO Holdings Group LLC serves as the primary
borrower under three distinct prepetition loan agreements dating
between June 2023 and March 2024, which are jointly and severally
guaranteed by the other corporate debtors.

As of January 2026, Firstrust asserts an aggregate outstanding debt
of $9,979,768, which continues to accrue interest, fees, and legal
expenses. Beyond the primary Firstrust debt, the Debtors outline
secondary obligations, including a $380,000 promissory note issued
in August 2025 to SouthState Bank, National Association (currently
holding an outstanding balance of approximately $340,814). The
Debtors also acknowledge multiple short-term merchant cash advance
(MCA) loans across various subsidiaries—including agreements with
Everest Business Funding, Monday Funding, SBFS, Family Funding, and
Retro Advance—alongside a $331,668.63 settlement agreement with
Unique Funding Solutions. The Debtors, however, believe SouthState
and the MCA lenders either failed to properly perfect their
security interests or issued usurious, avoidable instruments
subject to subordination.

The Debtors said that their existing cash reserves and ongoing
operational revenue are sufficient to fund administration costs for
several weeks, thereby avoiding the immediate need for costly
debtor-in-possession financing.

                   About GVO Partners LLC

GVO Partners LLC is a healthcare-focused investment firm
specializing in the medical aesthetics sector. The company partners
with medical spas, cosmetic dermatology clinics, and plastic
surgery practices, providing growth capital and operational support
to help businesses scale and improve profitability.

GVO Partners LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 26-10976) on June 16,
2026. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $10 million
and $50 million.

The Debtor is represented by Thomas Joseph Francella, Jr., Esq. of
Raines Feldman Littrell LLP.


H.B. FULLER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed H.B. Fuller Company's Long-Term (LT)
Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed the
company's senior secured LT issue ratings at 'BBB-' with a Recovery
Rating (RR) of 'RR1' and senior unsecured LT ratings at 'BB'/'RR4'.
The Rating Outlook remains Stable.

These actions follow the company's announcement of an offer to
acquire AMS Medical Solutions Group plc (AMS) for GBP715 million,
to be funded via incremental debt financing. Fitch anticipates the
acquisition will moderately improve the business profile by
increasing penetration into higher-margin, high-growth medical end
markets. The transaction results in a moderate leverage step-up,
with Fitch-estimated pro forma EBITDA leverage of approximately
4.7x, modestly above Fitch's 4.5x negative rating sensitivity.

The Stable Outlook reflects Fitch's expectation that strong FCF
generation and management's commitment to pause shareholder returns
and acquisitions will support deleveraging to 4.5x or below within
two years of transaction close.

Key Rating Drivers

Moderate Leverage Step-Up; Deleveraging Intact: The proposed
acquisition of AMS is expected to be financed through approximately
$1 billion of incremental debt financing. Fitch estimates pro forma
gross EBITDA leverage of approximately 4.7x at close, modestly
above the 4.5x negative rating sensitivity. Fitch anticipates
leverage to swiftly return to below 4.5x within 12 months post
close, reflecting the company's strong FCF and a credible
deleveraging path. Management has committed to returning net
leverage to its target range of 2.5x-3.0x within two years of
close.

Fitch expects H.B. Fuller to pause share repurchases and refrain
from additional M&A activity during the deleveraging period. A
material departure from these stated priorities, including a
resumption of shareholder returns or further debt-funded
acquisitions prior to achieving target leverage, or a meaningful
delay in synergy realization that impedes deleveraging, could
prompt a negative revision to the Rating Outlook.

AMS Moderately Improves Portfolio Mix: Fitch believes the AMS
acquisition would moderately improve H.B. Fuller's business profile
through increased penetration of the higher-margin, high-growth
medical adhesives market. The transaction establishes a scaled
business segment comprising around 10% of pro forma 2025 revenue.
Medical demand is generally nondiscretionary and uncorrelated with
economic cycles, providing a modest reduction to overall portfolio
cyclicality. Key risks include potential delays in closing because
of the multi-jurisdictional regulatory approval process,
product-level regulatory risk in certain AMS product lines, and
integration complexity arising from a product portfolio that
extends meaningfully beyond H.B. Fuller's core adhesives
competency.

Execution Risk: H.B. Fuller faces meaningful execution risk
stemming from simultaneous initiatives to integrate AMS and
complete the Project Quantum Leap operational restructuring.
Project Quantum Leap targets $75 million in run-rate savings by
2030 through facility optimization. Concurrently, the AMS
integration targets $55 million in total run-rate synergies, with
full run-rate cost synergies by 2030. Both programs are structured
as independent workstreams with dedicated leadership and no
operational overlap, which partially mitigates the risk of
concurrent execution strain. Fitch views H.B. Fuller's integration
track record as a meaningful de-risking factor, integrating 11
acquisitions since 2023.

Resilient Performance: H.B. Fuller's operating performance has
remained resilient amid cost inflation through 2026, supported by
improving demand across key end-markets, pricing actions,
acquisition contributions, and benefits from restructuring. Fitch
views the company's recent profitability stability as evidence of
key competitive strengths, including its leading position in
specialty adhesives, diversified end-market exposure, disciplined
cost management, and an increasingly specialized product portfolio
that is embedded in customers' manufacturing processes.

Positive FCF Generation Forecast: H.B. Fuller has consistently
generated positive FCF, supported by stable EBITDA margins, limited
working capital volatility, and low capital intensity. Capex
typically averages about 3.5% of sales. FCF margins have averaged
roughly 5% since 2016, and Fitch forecasts FCF margins of around 4%
over the projection period, despite modestly higher capex
associated with footprint optimization initiatives. After close of
the acquisition, Fitch expects near-term FCF to be primarily
allocated to debt reduction consistent with the company's intention
to return to its targeted leverage within two years post close.

Leader in Fragmented Adhesives Market: H.B. Fuller is the No. 1 or
No. 2 player in most of its markets and the second-largest player,
behind Henkel, in the fragmented $80 billion adhesives market,
where the top three players account for less than 25% of the
market. Benefiting from its size, scale and diversification, the
company has an R&D-driven competitive advantage over global
competitors which strengthens its position in regional and global
customers' value chains.

Raw Material Diversification Supports Profitability: H.B. Fuller
purchases numerous raw materials, with the top 25 materials making
up less than 20% of annual spend. The company categorizes around
87% of the sourced raw materials as specialty raw, which are used
in downstream applications. This supports resilient margins because
the company's products account for less than 1% of customers' cost
of goods sold while remaining critical to their operations.

Peer Analysis

With roughly $3.5 billion of revenue, H.B. Fuller's scale is larger
than similarly rated Ingevity Corp. (BB/Stable) and 'BB-' peer
Koppers Holdings Inc. (BB-/Stable), but smaller than Celanese
Corporation (BB+/Negative). Fuller is the second-largest player in
the highly fragmented global adhesives market.

Fuller's EBITDA margins in the mid- to high teens compare favorably
with Koppers', but trail Ingevity's and Celanese's. Fitch expects
margins to expand as the company optimizes its manufacturing
footprint and increases exposure to higher-value downstream
applications. Fuller is also expected to generate steady FCF
margins of around 4%, broadly in line with Celanese and Ingevity
and with meaningfully greater scale than Koppers. The company's
strong FCF generation is underpinned by modest capex needs and a
relatively stable earnings profile.

Fuller's leverage is forecast to fluctuate around 4.0x-4.5x pro
forma for the acquisition and anticipated subsequent deleveraging.
This leverage profile is moderately weaker than Ingevity's, broadly
comparable to Koppers', and stronger than Celanese's following
Celanese's 2022 transformational acquisition.

Fuller's global market position and strong profitability metrics
support the credit profile, while expectations thatr leverage will
fluctuate in the 4.0x-4.5x range anchor the 'BB' rating.

Fitch’s Key Rating-Case Assumptions

- Organic sales growth remains in the mid-single digits;

- AMS acquisition closes in late calendar-year 2026, following H.B.
Fuller's fiscal year-end in November 2026, with no material changes
to announced terms or consideration;

- Fitch-calculated EBITDA margins expand to 18% by YE 2027 on
acquisition contributions and restructuring benefits;

- Fitch assumes approximately $1.5 billion in gross long-term debt
proceeds are raised prior to close, applied to fund approximately
$1 billion for the AMS acquisition and associated costs,
approximately $300 million to refinance the 2027 notes, and the
balance to reduce revolver borrowings;

- Material share repurchases and acquisitions are suspended through
the deleveraging period, with H.B. Fuller prioritizing debt
reduction; Fitch forecasts net leverage returning to management's
2.5x-3.0x target range by 2028;

- Capex normalizes to approximately $120-$130 million annually by
2028 following completion of Project Quantum Leap-related
investments.

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+', Higher), sector characteristics
('bb+', Lower), market and competitive positioning ('bbb',
Moderate), diversification and asset quality ('bb+', Moderate),
company operational characteristics ('bb+', Moderate),
profitability ('a', Lower), financial structure ('bb-', Higher),
and financial flexibility ('bb', Moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 5% weight for the historical year
FY25, 5% for the forecast year FY26, 30% for the forecast year
FY27, 30% for the forecast year FY28 and 30% for the forecast year
FY29.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'a+' has no impact.

The SCP is 'bb'.

To derive the Long-Term IDR:

Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage durably above 4.5x, including a departure from
management's stated deleveraging commitment or a material shortfall
in operating performance;

- EBITDA margin compression or FCF materially below Fitch's
forecast, potentially stemming from failure to realize anticipated
AMS or restructuring benefits;

- More aggressive than anticipated M&A activity, including
transformative, credit-unfriendly acquisitions, or shareholder
return strategy otherwise incompatible with management's
articulated capital deployment policy;

- The senior secured ratings could be downgraded upon fully drawn
secured gross leverage exceeding the 4.5x Category 2 threshold for
chemicals issuers.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Sustained adherence to the company's long-term financial policy
coupled with continued cash generation and earnings stability,
leading to EBITDA leverage durably below 3.5x;

- Continued trend toward higher EBITDA margins that demonstrates
successful execution of the shift toward higher value-add
products.

Liquidity and Debt Structure

As of May 30, 2026, H.B. Fuller had approximately $114 million of
cash and cash equivalents with over 80% availability under the $700
million revolving credit facility due 2028. In addition, Fitch
anticipates solid FCF generation through the forecast to aid
liquidity.

Fuller faces meaningful upcoming maturities walls, led by $300
million of unsecured notes due in 2027. 2028 maturities include
another $300 million of unsecured notes, approximately $413 million
of term loan A borrowings, and the $700 million revolver. Fitch
views these maturities as manageable, supported by strong liquidity
and a positive FCF outlook.

Fitch's forecast assumes the company will refinance these
obligations in a timely manner on terms broadly consistent with the
existing capital structure.

Issuer Profile

H.B. Fuller Company is a global formulator, manufacturer and
marketer of adhesives and other specialty chemical products. The
company has three reportable segments: Hygiene, Health and
Consumable Adhesives, Engineering Adhesives, and Building Adhesive
Solutions.

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 H.B. Fuller Company.

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
   -----------                ------           --------   -----
H.B. Fuller Company    

                        LT IDR  BB    Affirmed            BB
   senior unsecured     LT      BB    Affirmed    RR4     BB
   senior secured       LT      BBB-  Affirmed    RR1     BBB-


HANSEN-MUELLER CO: Court Denies Reclamation Claims of Sellers
-------------------------------------------------------------
Judge Thomas L. Saladino of the U.S. Bankruptcy Court for the
District of Nebraska denied the reclamation claims of Elliott AGCO,
Kyle Miller, Michael and Cole Bilbro, Campbell Farming, Double J
Farms, and E & J Farms.

This matter is before the Court on the reclamation claims of
Elliott AGCO and Kyle Miller, and the supplemental evidence filed
in support of those claims. The supplemental evidence was filed in
response to the Order of May 4, 2026, which disallowed most of the
Sec. 557 grain claims, but permitted several claimants to provide
additional evidence of their reclamation claim.

The Court ruled the claimants did not hold reclamation rights under
11 U.S.C. Sec. 546(d), although they may still have reclamation
rights under U.C.C. Sec. 2-702.

Under the U.C.C., sellers who discover their buyer is insolvent may
reclaim delivered goods upon demand made within 10 days after the
delivery. Tex. Bus. & Com. Code Ann. Sec. 2.702(b) (West); Neb
U.C.C. Sec. 2-702(2). However, that 10-day deadline does not apply
if misrepresentation of solvency has been made to the particular
seller in writing within three months before delivery.

The Court gave those producers who had raised U.C.C. reclamation
claims the opportunity to submit evidence of written
misrepresentations of solvency, which they have now done.

The claimants in this case (and other sellers who are also owed
money by Hansen-Mueller but did not file reclamation claims) have
provided extensive records of their contracts with the debtor and
the grain they delivered to the debtor, as well as text and email
communications with the debtor's personnel.

According to Judge Saladino, "None of these communications or
documents represented the debtor's financial condition; there were
no financial appraisals or assertions regarding the buyer's
financial health, as described in Harris Tr. & Sav. Bank v.
Wathen's Elevators, Inc. (In re Wathen's Elevators, Inc.), 32 B.R.
912 (Bankr. W.D. Ky. 1983). At most, the debtor's employees hedged
when questioned by the grain producers, relaying tales of missing
delivery documentation, payment processing difficulties, and delays
in receiving payment from downstream purchasers of the grain. These
statements likely were intended to appease the claimants, but they
are not factual statements as to the debtor's solvency."

Four of the claimants -- Michael and Cole Bilbro, Campbell Farming,
Double J Farms, and E & J Farms -- have not submitted any evidence,
so their claims are also denied.

A copy of the Court's Order dated June 29, 2026, is available at
https://urlcurt.com/u?l=uGuxIR from Pacermonitor.com.

                     About Hansen-Mueller Co.

Hansen-Mueller Co. is a nationwide agribusiness company
headquartered in Omaha, Nebraska, engaged in grain merchandising
and processing with a diversified platform spanning the central
United States, including nine grain elevators, four port terminals,
and an oats processing facility producing pet food and animal feeds
in Toledo, Ohio. The Company operates four complementary business
units -- Oat Trading, Wheat Merchandising, Cross-Country Trading,
and a Houston Joint Venture -- and maintains grain trading offices
in multiple states, supported by a private railcar fleet and
multi-modal transportation network for domestic and international
flows. Founded in 1979, Hansen-Mueller employs approximately 120
people across its operations in the U.S. and conducts business in
44 states and 24 countries, focusing on niche crops, international
trade, and vertically integrated processing.

Hansen-Mueller Co. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on
November 17, 2025. In its petition, the Debtor reported between
$100 million and $500 million in assets and liabilities.

Honorable Bankruptcy Judge Thomas L. Saladino handles the case.

The Debtor tapped Brian J. Koenig, Esq., Donald L. Swanson, Esq.,
and Trevor J. Lee, Esq., at Koley Jessen PC, LLO as bankruptcy
counsel; Silverman Consulting as restructuring advisor; Michael G.
Compton as chief restructuring officer and financial advisor; and
Ascendant Consulting Partners, LLC as investment banker. The
Debtor's notice, claims and solicitation agent is Epiq Bankruptcy
Solutions, LLC.


HANSEN-MUELLER CO: Seeks to Extend Plan Exclusivity to Sept. 15
---------------------------------------------------------------
Hansen-Mueller Co. asked the U.S. Bankruptcy Court for the District
of Nebraska to extend its exclusivity periods to file a plan of
reorganization and obtain acceptance thereof to Sept. 15 and Nov.
14, 2026, respectively.

Currently, the Filing Exclusivity Period will expire on July 15,
2026, and the Solicitation Exclusivity Period will expire on Sept.
13, 2026.

The Debtor believes it is prudent to seek an extension of the
Exclusivity Periods to preserve its exclusive ability to file and
solicit a chapter 11 plan and that cause exists for such extension,
despite remaining hopeful that a plan may be proposed prior to July
15, 2026.

The Debtor claims that the most compelling basis for extending the
Exclusivity Periods is the existence of a significant unresolved
contingency, the pending adjudication of the 557 Claims. The Eighth
Circuit has recognized that an "unresolved contingency" is a factor
supporting an extension of exclusivity.

In addition, the Debtor faces a significant operational contingency
at the Duluth, Minnesota facility that requires coordination with
third parties. The Debtor stores approximately 465,000 bushels of
oats in a leased facility in Duluth. These oats are not owned by
the Debtor or the estate, they are owned by third parties pursuant
to futures contracts traded on the Chicago Mercantile Exchange
("CME").

The Debtor states that the company held a USDA license designating
the Duluth facility as a "regular" facility for delivery on CME oat
futures contracts, and the Debtor has issued warehouse receipts to
the CME, which the CME in turn has delivered to futures contract
holders. The Debtor may require additional time to determine the
appropriate path forward for the Duluth facility before finalizing
its proposed chapter 11 plan. Until these matters are resolved, the
Debtor cannot finalize its plan with certainty regarding the
treatment of the Duluth facility and the associated administrative
costs of the wind-down.

The Debtor explains that a competing plan would create confusion
among creditors, who would be forced to evaluate multiple plans
with potentially different treatment of their claims. This
confusion could delay the confirmation process and result in
unnecessary expenses incurred by the bankruptcy estate, including
legal fees associated with litigating plan disputes and the costs
of multiple solicitation processes.

The Debtor notes that although the company has made significant
progress in this case, including working toward resolution of the
557 Claims, the claims remain unresolved. The Debtor seeks to
complete the resolution of the 557 Claims before proposing a
confirmable plan. The complexity of these claims, combined with the
need to complete the plan solicitation process, weighs in favor of
extending the Exclusivity Periods.

The Debtor asserts that it has no ulterior motive in seeking an
extension of the Exclusivity Periods. The Debtor has worked
diligently and in good faith with all stakeholders, including the
Committee, the prepetition secured lenders, and other parties in
interest. The Debtor has engaged in extensive negotiations and has
sought to resolve disputes consensually where possible.

The Debtor further asserts that it is not seeking an extension to
pressure its creditors or other parties in interest, but rather to
allow sufficient time to complete the solicitation of acceptances
of its proposed plan. The Debtor's desire is to file a plan before
the existing deadline, which demonstrates that the Debtor is acting
in good faith and making progress toward reorganization.

Hansen-Mueller Co. is represented by:
    
     Brian J. Koenig, Esq.
     Donald L. Swanson, Esq.
     Trevor J. Lee, Esq.
     Koley Jessen, PC, LLO
     1125 S. 103rd St.
     Omaha, NE 68124
     Telephone: (402) 390-9500
     Facsimile: (402) 390-9005
     E-mail: Brian.Koenig@koleyjessen.com

                     About Hansen-Mueller Co.

Hansen-Mueller Co. is a nationwide agribusiness company
headquartered in Omaha, Nebraska, engaged in grain merchandising
and processing with a diversified platform spanning the central
United States, including nine grain elevators, four port terminals,
and an oats processing facility producing pet food and animal feeds
in Toledo, Ohio. The Company operates four complementary business
units -- Oat Trading, Wheat Merchandising, Cross-Country Trading,
and a Houston Joint Venture -- and maintains grain trading offices
in multiple states, supported by a private railcar fleet and
multi-modal transportation network for domestic and international
flows. Founded in 1979, Hansen-Mueller employs approximately 120
people across its operations in the U.S. and conducts business in
44 states and 24 countries, focusing on niche crops, international
trade, and vertically integrated processing.

Hansen-Mueller Co. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on November 17,
2025. In its petition, the Debtor reported between $100 million and
$500 million in assets and liabilities.

Honorable Bankruptcy Judge Thomas L. Saladino handles the case.

The Debtor tapped Brian J. Koenig, Esq., Donald L. Swanson, Esq.,
and Trevor J. Lee, Esq., at Koley Jessen PC, LLO as bankruptcy
counsel; Silverman Consulting as restructuring advisor; Michael G.
Compton as chief restructuring officer and financial advisor; and
Ascendant Consulting Partners, LLC as investment banker. The
Debtor's notice, claims and solicitation agent is Epiq Bankruptcy
Solutions, LLC.


HILBERT GROUP: Seeks to Extend Plan Exclusivity to Sept. 22
-----------------------------------------------------------
Hilbert Group LLC asked the U.S. Bankruptcy Court for the Central
District of California to extend its exclusivity periods to file a
plan of reorganization and obtain acceptance thereof to Sept. 22
and Nov. 21, 2026, respectively.

The Debtor explains that it does not currently have accurate
financial information that will support its feasibility, although
the plan will not be a complicated one given that it will be funded
in substantial part through a sale of the Property. The Debtor is
going to need to continue to operate pending the sale and it is
presently unclear whether the Debtor has sufficient cash flow
without a source of financing to get through a sale of the
Property.

The Debtor claims that it is under new management so lacks
historical knowledge of the Debtor's financial conditions and the
historical financials may not have been entirely accurate in any
event. To allow the Debtor sufficient time to gauge its financial
performance and determine exactly how it will exit this case, the
Debtor requires additional time to formulate its disclosure
statement and plan.

Accordingly, the Debtor requests that the Court modify the
Scheduling Order to provide that the Debtor may have until Sept.
22, as the exclusive deadline for the Debtor to file its disclosure
statement and plan and that the Court extend the deadline to
solicit acceptances by ninety days, to Nov. 21.

Hilbert Group LLC is represented by:

     Kyra E. Andrassy, Esq.
     Raines Feldman Littrell LLP
     4675 MacArthur Court, Suite 1550
     Newport Beach, CA 92660
     Telephone: (310) 440-4100
     Facsimile: (310) 691-1943
     E-mail: kandrassy@raineslaw.com

                     About Hilbert Group LLC

Hilbert Group LLC owns and operates a shopping center in Temecula,
California, at 27415, 27445, 27481, 27515, and 27535 Jefferson
Avenue.

The Property is a multi-parcel retail center located along the I-15
freeway and contains approximately 65,910 square feet of combined
building area consisting of in-line retail stores and a
freestanding pad building.  The Property has approximately 20
retail tenants and is 60% leased and generates gross monthly rents
of approximately $105,000.  It is subject to a lien in favor of DS
PE Holdco, LLC, with Holdco asserting that it is currently owed
approximately $13,317,552.

Hilbert Group LLC sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. Case No. 26-10578) on Feb. 24, 2026.  In its petition,
the Debtor estimated assets between $10 million and $50 million and
liabilities between $10 million and $50 million.  Bankruptcy Judge
Mark D. Houle handles the case.  The Debtor is represented by
William J. Wall, Esq. of Wall & Son.


HOMESLEEP LLC: Unsecureds Will Get 15% of Claims over 3 Years
-------------------------------------------------------------
HomeSleep, Limited Liability Company filed with the U.S. Bankruptcy
Court for the District of New Jersey a Plan of Reorganization for
Small Business dated June 25, 2026.

The Debtor's business provides testing of obstructive sleep apnea.
The Debtor is a diagnostic service provider for home testing and
evaluation of sleep-disordered breathing and serves patients,
physicians, hospitals, dentists, and employers.

The Debtor's business was founded in 2012. The Debtor's business is
a Joint Commission Certified and American Academy of Sleep Medicine
accredited diagnostic service provider.

Prior to the Petition Date, the Debtor was the defendant in a
lawsuit pending in the Superior Court of New Jersey, Law Division,
Morris County, titled Respironics Inc. v. Homesleep LLC d/b/a Home
Sleep LLC, Docket No. MRS-L-000052-24 (the "State Court Action").
The plaintiff in the State Court Action sought $464,885.01 in
damages resulting from an alleged breach of contract and failure to
pay for goods.

The State Court Action was resolved pursuant to a Stipulation of
Settlement entered on July 16, 2025, that required the Debtor to
make installment payments on a monthly basis and in increasing
amounts, commencing September 15, 2025, and continuing through
February 15, 2027.

The Debtor made the first several payments under the Stipulation of
Settlement but due to a constraint on its cash flow, the Debtor
defaulted in making the payment required for February 2026. The
plaintiff in the State Court Action filed a motion to enter
judgment against the Debtor, which was granted on March 27, 2026,
resulting in the entry of judgment in the amount of $412,385.01
plus costs. To avoid the disruption to its business that would
result from collection efforts in furtherance of that judgment, the
Debtor elected to seek relief under subchapter V of Chapter 11 of
the Bankruptcy Code.

The Plan separates creditors and the holders of equity interests in
the Debtor into three classes: Class 1, which consists of the
secured claim of Nathan Barotz in the amount of $285,000.00, shall
be paid in full over the life of the Plan with simple interest at a
rate of 8.75% per annum; Class 2, which consists of the holders of
allowed general unsecured claims, shall receive a dividend of 15%
of their allowed claims, payable over the life of the Plan; Class
3, which consists of the balance of Ntellicare's "critical vendor"
prepetition claim, shall receive approximately 81.8% of that
amount; and Class 4, which consists of the holders of equity
interests in the Debtor, who shall retain such interests in the
Reorganized Debtor. Funding for the Plan shall be derived from the
Debtor's ongoing operations.

Class 2 consists of General Unsecured Claims. This Class shall
receive 15% of Allowed Claims, payable quarterly, over a period of
three years. Class 2 is impaired.

On Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures and equipment, will revert, free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient cash on hand to make
the payments required on the Effective Date and for all payments
required under the Plan from ongoing operations.

A full-text copy of the Plan of Reorganization dated June 25, 2026
is available at https://urlcurt.com/u?l=jqaZm3 from
PacerMonitor.com at no charge.

The Debtor's Counsel:

                  Kenneth L. Baum, Esq.
                  LAW OFFICES OF KENNETH L. BAUM, LLC
                  201 W. Passaic Street, Suite 104
                  Rochelle Park, NJ 07662
                  Tel: (201) 853-3030
                  E-mail: kbaum@kenbaumdebtsolutions.com

                       About HomeSleep LLC

HomeSleep, LLC delivers at-home sleep diagnostic services across
the U.S., helping detect obstructive sleep apnea and other
sleep-related disorders. Founded around 2012 and based in New
Jersey, the company is Joint Commission certified and accredited by
the American Academy of Sleep Medicine. Patients complete tests at
home, and board-certified sleep specialists analyze results,
providing diagnostic reports. Its services support patients,
physicians, hospitals, dentists, and employers seeking convenient,
reliable sleep assessments.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 26-13360) on March 27,
2026, with $0 to $50,000 in assets and $1 million to $10 million in
liabilities. Jonathan Perrone, managing member and chief executive
officer, signed the petition.

Judge Hon. Mark E. Hall oversees the case.

Kenneth L. Baum, at the Law Offices of Kenneth L. Baum, LLC,
represents the Debtor as bankruptcy counsel.


HOUSTON REAL ESTATE: Objections to Motion to Compromise Overruled
-----------------------------------------------------------------
Judge Jeffrey Norman of the U.S. Bankruptcy Court for the Southern
District of Texas overruled the objections to the motion of
Randy Williams, Houston Real Estate Properties, LLC's Chapter 7
Trustee, to compromise controversy with respect to certain claims
in the bankruptcy case.

This case was filed on November 7, 2022, under Chapter 11 of the
bankruptcy code. The case was converted to Chapter 7 on March 8,
2023. Since then, the Trustee has liquidated the estate and
resolved all claims except for Claim No. 4 and 5 held by Osama
Abdullatif and Abdullatif & Company, LLC (Claim No. 4-1 and 5-1).
The remaining claims are approximately $2,216,212.41. The estate
holds approximately $447,924.57 after liquidation of the estate
assets. There is approximately $55,843.40 in unpaid administrative
expenses, leaving $329,081.00 for distribution.

On May 12, 2026, the Chapter 7 Trustee filed the motion, in which
the Trustee proposes the release of Claims Nos. 4-1 and 5-1,
eliminating all claims against the estate, pay the remaining
surplus to the state court appointed receiver, Travis Vargos
("Receiver"), and this Court retain jurisdiction over the adversary
styled John Quinlan, Omar Khawaja, and Osama Abdullatif v. Houston
Real Estate Properties, LLC, et al., ultimately, dismissing and
closing the case.

Three objections were filed in opposition to the Motion. The
Objecting parties were Otisco RDX LLC, MCITBE, LLC, Jetall/Croix
Properties LP, Jetall/Croix GP, LLC, 2727 Kirby 26L LLC, 9201
Memorial Dr. LLC, Arabella PH 3201 LLC, Galleria Loop Note Holder
LLC, Shepherd-Huldy Development I, LLC, Shepherd-Huldy Development
II, LLC, Shahnaz Choudhri, the Debtor, Houston Real Estate
Properties, LLC, and Ali Choudhri individually.

According to the Court, Otisco RDX LLC, MCITBE, LLC, Jetall/Croix
Properties LP, Jetall/Croix GP, LLC, 2727 Kirby 26L LLC, 9201
Memorial Dr. LLC, Arabella PH 3201 LLC, Galleria Loop Note Holder
LLC, Shepherd-Huldy Development I, LLC, Shepherd-Huldy Development
II, LLC, Shahnaz Choudhri ("Co-Defendants") do not have standing to
object. None of these parties are directly and adversely affected
pecuniarily by the Motion. The Trustee's requested relief does not
preclude Co-Defendants from filing a motion to remand to remove the
adversary case from this Court's jurisdiction. Thus, the Court
finds that Co-Defendants do not have standing to object.

The Court finds Ali Choudhri ("Choudhri"), individually does not
have standing. Choudhri, individually, is not directly and
adversely affected pecuniarily by the Trustee's requested relief.

Contrary to the first two objections, the Debtor has standing to
object. The distribution of funds from liquidating a bankruptcy
estate is governed by 11 U.S.C. Sec. 726. It is uncontested that
Trustee has generated enough funds for surplus. Thus, the Debtor is
directly and adversely affected pecuniarily by the Trustee's
requested relief and entitled to be heard on the objection, the
Court concludes.

Accordingly, the Co-Defendants' Objection to Trustee's Motion to
Compromise Controversy and Ali Choudhri's Verified Objection
Trustee's Motion to Compromise Controversy are overruled for lack
of standing.

A copy of the Court's Memorandum Opinion dated June 26, 2026, is
available at https://urlcurt.com/u?l=GdEQ3y from Pacermonitor.com.

             About Houston Real Estate Properties

Houston Real Estate Properties, LLC, a real estate company in
Texas, filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-32998) on Oct. 7,
2022. In the petition filed by its manager, Dward Darjean, the
Debtor reported $1 million to $10 million in both assets and
liabilities.

Judge Jeffrey P. Norman oversees the case.

The Debtor tapped Ron Satija, Esq., at Hayward, PLLC as bankruptcy
counsel and Jadd Masso, Esq., at Clark Hill as special counsel.

The case was converted to Chapter 7 on March 8, 2023. Randy
Williams is the Chapter 7 Trustee.


HUNT COS: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on Hunt
Cos. Inc. S&P also affirmed its 'BB' issue rating on its $635
million senior secured notes due 2029 and revised the recovery
rating to '4' (45%) from '3' (50%), reflecting higher priority debt
in the capital structure from recently added lines of credit.

The stable outlook reflects S&P's expectation that Hunt will
maintain LTV within 20%-30% over the next 12 months, supported by
disciplined financial policy and continued portfolio stability.

Hunt Cos. Inc. continues to hold a diversified portfolio generating
recurring cash flows, supplemented by periodic acquisitions,
including Kelly Services, Carter, and View Homes in 2025 and early
2026.

The company has also maintained relatively steady leverage, with a
loan-to-value (LTV) ratio at 23.2% as of March 31, 2026.

S&P said, "In our view, Hunt's investment portfolio continues to
benefit from stable asset quality despite sizable industry
concentrations. Hunt's portfolio has meaningful real estate
concentration, which accounts for approximately $1.37 billion, or
42% of total NAV, as of March 31, 2026, exposing it to some
cyclicality and potential volatility in asset prices in a downturn.
However, we believe the risk is partially mitigated by its presence
in more stable subsectors such as military and affordable housing,
which are backed by long-term contracts with government agencies.

"We expect Hunt's portfolio will continue to expand through organic
value creation across existing investments and selective new
acquisitions. Net asset value increased to approximately $3.26
billion as of March 31, 2026, compared with about $3.0 billion a
year earlier, supported by growth in investment management, asset
services, and recently acquired businesses. Recent investments and
acquisitions, including Boyd Watterson, Carter, and Kelly Services,
also reflect a gradual shift toward expanding fee-based businesses
and operating platforms, a trend we expect will continue over the
next few years."

While concentration at the asset level remains moderate, with the
top three investments accounting for approximately 34%-35% of total
portfolio value, the portfolio mainly consists of unlisted assets
with limited geographic diversification (primarily U.S.-based),
which may constrain its ability to generate liquidity quickly under
stress. Nevertheless, Hunt's management has historically
demonstrated an ability to create liquidity through a mix of asset
sales and excess proceeds from refinancing activities in recent
years.

S&P said, "We expect Hunt's LTV ratio to remain below 30% over the
next 12 months. As of March 31, 2026, LTV was 23.2%, compared with
22% a year earlier, owing to incremental borrowings, partly offset
by continued growth in net asset value. Recent acquisitions have
expanded the company's operating platform without materially
altering leverage.

"We believe the company will pursue acquisition opportunities
through the next few years as it continues to increase its market
presence. We do not expect a material increase in leverage or LTV
over the next 12 months, in line with the company's established
financial policy and historical leverage discipline.

"We revised the recovery rating on Hunt's $635 million senior
secured notes due 2029 to '4' (45%) from '3' (50%) on our
expectation for weaker recovery prospects. This reflects the
addition of incremental credit facilities at unrestricted
subsidiaries, including the $175 million Hunt Capital Holdings
Investments (HCHI) line of credit, the $40 million Hunt El Paso
Developer (HEPD) line of credit, and the $35 million Hunt Capital
Partners (HCP) line of credit.

"In a default scenario, we expect the new lines of credit to have a
senior claim on the value of the company's portfolio relative to
the rated senior secured notes and Hunt's existing unrated $90
million revolving credit facility. We believe the holders of the
credit lines will have the first claim on earnings from the
respective unrestricted subsidiary while also benefiting from a
secured guarantee from Hunt (the issuing entity for the senior
secured notes and the revolving credit facility).

"The stable outlook reflects our expectation that Hunt will
maintain an LTV ratio of 20%-30% over the next 12 months, supported
by continued portfolio stability, access to transactional portfolio
liquidity, and broadly consistent asset quality and
diversification.

"We could lower the ratings if the LTV ratio rises and remains
above 30%, cash flow adequacy drops below 0.7x, or liquidity
deteriorates significantly.

"Although unlikely in the next 12 months given the company's
portfolio constraints, including its concentration in real estate
and predominantly illiquid assets, we could raise the ratings over
the longer term if Hunt maintains LTV well below 20% on a sustained
basis, alongside improved portfolio liquidity and greater
diversification across industries and geographies."



INTENSIVE COMMUNITY: Paula Beran Named Subchapter V Trustee
-----------------------------------------------------------
The Acting U.S. Trustee for Region 4 reappointed Paula Beran, Esq.,
at Tavenner & Beran, PLC as Subchapter V trustee for Intensive
Community Outreach Services, LLC.

Ms. Beran will be paid an hourly fee of $480 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Ms. Beran declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Paula S. Beran, Esq.
     Tavenner & Beran, PLC
     20 North 8th Street
     Richmond, Virginia 23219
     Phone: (804) 783-8300
     Email: Beran@TB-LawFirm.com   

                About Intensive Community Outreach

Intensive Community Outreach Services, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No.
24-32735) on July 23, 2024, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.

Christopher Mark Winslow, Esq., at Winslow, Mccurry & Maccormac,
PLLC represents the Debtor as legal counsel.


J KRUSE INVESTMENTS: Amends Unsecured Claims Pay Details
--------------------------------------------------------
J Kruse Investments, LLC submitted an Amended Plan of
Reorganization for Small Business dated June 25, 2026.

The Debtor has continued to generate positive cash flow from
operations throughout the bankruptcy case, as reflected in the
Monthly Operating Reports on file with the Court.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of approximately $1,390,116
over the 60-month plan term, after deducting all operating expenses
and the Debtor's reasonable compensation. Total creditor payments
required under this Plan are $513,937, resulting in a projected
surplus of approximately $877,179, demonstrating the Debtor's
ability to fund all Plan payments from ongoing operations. The
final Plan payment is expected on or before the date that is 60
months after the effective date.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow generated by the ongoing operation of the Debtor's
five Subway franchise restaurant locations.

Class 4 consists of all non-priority unsecured claims allowed under
Section 502 of the Code, excluding the Simmons Bank deficiency
(Class 4A). Known Class 4 creditors:

  * KPM CPA & Advisors – $9,000 (professional services
2022–2025)

  * Tholen HVAC – $2,080 (work performed)

  * Lebo Compressor Installer – $1,800 (work performed)

  * Employers Preferred Insurance Company –$14,089 (disputed –
workers' compensation premium)

  * Missouri Department of Revenue – $524.83 (general unsecured
portion of amended claim)

  * Internal Revenue Service – $34,556.23 (general unsecured
portion of Claim 3-2)

  * Financial Pacific Leasing, Inc. – $15,608.00 (unsecured
deficiency per FPL's own proof of claim) or $24,608 subject to
determination on dispute to claim.

Class 4 is impaired. All holders of allowed non-priority unsecured
claims (estimated $77,658.06, including FPL's $15,608 unsecured
deficiency) shall receive fixed pro-rata monthly payments equal to
the total allowed Class 4 claims divided by 60 months, currently
estimated at $1,294.30 per month based on estimated allowed claims
of $77,658.06, subject to increase if FPL is found entirely
unsecured and subject to adjustment upon final determination of
disputed claims. This payment is fixed and does not vary by
season.

Class 4A consists of Simmons Bank Deficiency Claim. The deficiency
claim of Simmons Bank of $303,435.88, representing the difference
between the proposed allowed claim of $408,053.15 and the Section
506(a) secured value of $104,617.27. Simmons Bank has elected
treatment under Section 1111(b)(2) of the Bankruptcy Code,
requiring the Plan to provide deferred cash payments totaling at
least the full allowed claim amount in nominal dollars. As a result
of that election, Simmons Bank has waived its right to assert this
deficiency as a true unsecured claim and the Class 4A deficiency is
paid as a nominally secured obligation at 0% interest in fixed
monthly installments of $4,616.49 over 60 months. No interest
accrues on the Class 4A amount.

Class 5 consists of Equity Interests of the Debtor. The equity
interests of Jason E. Kruse, sole member and 100% owner of J. Kruse
Investments, LLC. Jason E. Kruse shall retain his equity interest
under this Plan. No distributions shall be made to equity interest
holders until all Plan payments to creditor classes have been made
in full.

This Plan shall be funded exclusively from cash flow generated by
the ongoing operation of the Debtor's five Subway franchise
restaurant locations. The financial projections demonstrate the
Debtor's ability to fund all Plan payments from operations.

A full-text copy of the Amended Plan dated June 25, 2026 is
available at https://urlcurt.com/u?l=zYVCE1 from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     James M. Poe, Esq.
     Poe Law, LLC
     3804 S. Fremont Avenue
     Springfield, MO 65804
     Tel: (417) 887-1807
     Fax: (417) 429-2142
     Email: jamespoe@poe-law.com

                    About J Kruse Investments

J Kruse Investments, LLC, is a Missouri Limited Liability Company
with its principal place of business located at 3860 W. Chestnut
Expressway, Springfield, Missouri 65802.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60861) on Dec. 17,
2025, with $50,001 to $100,000 in assets and $500,001 to $1 million
in liabilities.

Judge Brian T. Fenimore presides over the case.

James B. James, at JB James Law Firm, P.C., is the Debtor's
bankruptcy counsel.


J W INSULATION: Seeks Subchapter V Bankruptcy in Florida
--------------------------------------------------------
On June 30, 2026, J W Insulation LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida. According to court filings, the Debtor reports between $1
million and $10 million in debt owed to 1-49 creditors.

A meeting of creditors under Section 341(a) to be held on July 27,
2026 at 3:00 p.m. telephonically via US Trustee - Tampa/Ft. Myers.


The Chapter 11 Small Business Subchapter V Plan is due by September
28, 2026.

              About J W Insulation LLC

J W Insulation LLC is a North Port, Florida-based specialty trade
contractor specializing in insulation installation services. The
company has provided spray foam, blown-in, and fiberglass batt
insulation for residential and commercial projects throughout
Southwest Florida, including Naples, Fort Myers, and Sarasota,
while maintaining its principal place of business in Naples.

J W Insulation LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. Case No. 26-05742) on June 30,
2026. In its petition, the Debtor reports estimated assets of
$100,000 to $500,000 and estimated liabilities of $1 million to $10
million.

Honorable Caryl E. Delano handles the case.

The Debtor is represented by Michael R. Dal Lago, Esq. Kathleen L.
DiSanto is appointed as Subchapter V Trustee.


J.F.M. 6090: Claims to be Paid from Continued Operations
--------------------------------------------------------
J.F.M. 6090, Inc. d/b/a Burger King and affiliates filed with the
U.S. Bankruptcy Court for the District of New Jersey a Disclosure
Statement describing Chapter 11 Plan dated June 25, 2026.

JFM 6090 is a New Jersey corporation formed in 1993 and operates at
12-14 Spruce Street, Paterson, New Jersey ("Paterson Location").
JFM 6090 is a fast-food restaurant that specializes in flame
broiled burgers and other items. The Debtors operate as a Burger
King(R) pursuant to a franchise agreement.

JFM Spring is a New York corporation formed in 2006 and operates at
160 Spring Valley Market Pl Spring, Valley, New York ("Spring
Valley Location") JFM Spring is a fast-food restaurant that
specializes in flame broiled burgers and other items. The Debtors
operate as a Burger King(R) pursuant to a franchise agreement.

JFM Sparta is a New Jersey corporation formed in 2010 and operates
at 49 Sparta Ave N. Sparta, New Jersey ("Sparta Location") JFM
Sparta is a fast-food restaurant that specializes in flame broiled
burgers and other items. The Debtors operate as a Burger King(R)
pursuant to a franchise agreement.

The Debtors were attempting to negotiate a consensual sale of the
Spring Valley and Paterson operations but the amounts involved
would not resolve the remaining debts. The Debtors believe it can
implement a cost saving by eliminating the Burger King(R) royalties
and mandated third-party vendors and promotions and discounts.

Despite these operational issues, 6090 is confident that through
the Chapter 11 process, it can reorganize and restructure its debts
based upon its strong past performance and market experience.

     Unsecured Debt

JFM 6090, JFM Spring and JFM Sparta have always had strong and
mutually beneficial relationships with its trade vendors. These
claims are for the delivery of goods and services to JFM 6090, JFM
Spring and JFM Sparta which are used in the operation of the
business. These creditors are essential to JFM 6090, JFM Spring and
JFM Sparta's business.

In addition, Burger King(R) asserts that it is owed fees in the
approximate amount of $295,000.

Sales taxes due are approximately $450,000.

JFM 6090, JFM Spring and JFM Sparta filed a voluntary Chapter 11
petition on May 5, 2026 (the "Petition Date"). JFM 6090, JFM Spring
and JFM Sparta intend to continue operating its business. JFM 6090,
JFM Spring and JFM Sparta propose to use its cash and future
revenues in accordance with the debtors-in-possession operating
budget.

JFM 6090, JFM Spring and JFM Sparta intend to continue operating
their businesses in the ordinary course and need the breathing room
provided by the Bankruptcy Code in order to continue to operate
effectively. The goal is to maximize the value of JFM 6090, JFM
Spring and JFM Sparta's assets and ongoing business operations. JFM
6090, JFM Spring and JFM Sparta have a viable business.

Class 4 consists of Allowed general unsecured claims for all
Debtors. This Class shall be paid $12,500 per quarter beginning
February 1, 2028 for 16 consecutive quarters. This Class is
impaired.

Upon the Effective Date, all Equity Interests will vest in Ranjana
Jethwa.

The Plan shall be funded by the Debtors' continuing operating
receipts, as set forth in the Debtors' projections. The Debtors
intend to deidentify the Burger King name and begin operations
under a new trademark.

Prior to the Chapter 11 filings, Burger King had terminated the
Franchise agreements. Therefore, the Debtors will remove all
signage and reference to Burger King. The Debtors estimate that
transition expenses shall be approximately $75,000 which will be
accomplished before the Effective Date.

A full-text copy of the Disclosure Statement dated June 25, 2026 is
available at https://urlcurt.com/u?l=Snf3Dl from PacerMonitor.com
at no charge.

Counsel to the Debtors:

     Richard D. Trenk, Esq.
     Robert S. Roglieri, Esq.
     Stephen M. Gengaro, Esq.
     TRENK ISABEL SIDDIQI & SHAHDA
     290 W Mount Pleasant Ave., Suite 2370
     Livingston, NJ 07039
     Telephone: (973) 533-1000
     Facsimile: (973) 216-7000
     Email: rtrenk@tisslaw.com
     Email: rroglieri@trenkisabel.law
     Email: sgengaro@trenkisabel.law

                     About J.F.M. 6090, Inc.

J.F.M. 6090, Inc., based in Paterson, New Jersey, operates a Burger
King restaurant in Paterson, serving customers through the
fast-food chain's hamburger-focused menu, including its
flame-grilled Whopper sandwiches and related quick-service
restaurant offerings.

J.F.M. 6090, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-15123)
on May 5, 2026, listing $11,500 in assets and $4,327,288 in
liabilities. The petition was signed by Ranjana Jethwa as
president.

Richard D. Trenk, at TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. serves
as the Debtor's counsel.


J.F.M. 6090: Gets Extension to Access Cash Collateral
-----------------------------------------------------
J.F.M. 6090, Inc. and its affiliates received another extension
from the U.S. Bankruptcy Court for the District of New Jersey to
use cash collateral.

The court entered a second interim order authorizing the Debtor to
use cash collateral in accordance with an approved budget pending a
final hearing.

As adequate protection, lienholders will be granted automatically
perfected replacement liens on the Debtors' post-petition assets
and related proceeds. The lienholders are also entitled to a
superpriority administrative expense claim under Section 507(b) of
the Bankruptcy Code if their collateral declines in value.

The lienholders First Franchise Capital Corporation and the U.S.
Small Business Administration assert secured claims of $3.26
million and $153,304, respectively.

First Franchise Capital conditionally consented to the continued
use of cash collateral through August 31, provided the Debtors make
payments of $2,500 per month for each of the three Chapter 11 cases
(totaling $7,500 per month) by July 22 and August 22, and file
either a sale motion under Section 363 or a disclosure statement
and Chapter 11 plan by July 15.

Failure to satisfy these conditions permits the lienholder to seek
expedited relief, including revocation of the Debtors' authority to
use cash collateral.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/t3V4D from PacerMonitor.com.

The court scheduled a further hearing for August 25.

                       About J.F.M. 6090 Inc.

J.F.M. 6090, Inc. operates a Burger King restaurant in Paterson,
New Jersey.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 26-15123) on May 5, 2026.
In the petition signed by Ranjana Jethwa, president, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.

Judge John K. Sherwood oversees the case.

The Debtor tapped Richard D. Trenk, Esq., at Trenk Isabel Siddiqi &
Shahdanian P.C., as legal counsel and Doron Abram Munic, LLC as
accountant.


JAMES TURNER: Court Won't Stay Foreclosure, Bankruptcy Case
-----------------------------------------------------------
Judge Sage M. Sigler of the U.S. Bankruptcy Court for the Northern
District of Georgia denied James Turner's motion to suspend all
foreclosure and stay his bankruptcy case pending appeal. The
Debtor's motion for oral argument is also denied.

In the Motions, Mr. Turner asks the Court to enjoin all foreclosure
activity on real property located at 130 Crystal Lake Blvd,
Hampton, Georgia 30228 (the "Property") and to stay this case and
adversary proceeding no. 26-05089 until the resolution of case no.
26-cv-00432 currently on appeal from this Court (the "Appeal"). Mr.
Turner also requests an oral argument before hearings on motions to
dismiss this case currently scheduled for July 8, 2026.

The Appeal arises out of bankruptcy case no. 25-59807, in which Mr.
Turner's wife, Celinda Johnson Turner, is the debtor. The Court
granted Wells Fargo Bank, N.A., as Trustee for Option One Mortgage
Loan Trust 2007-6, Asset-Backed Certificates, Series 2007-6 ("WF")
relief from the automatic stay in Mrs. Turner's case to exercise
its rights to the Property under state law. Mrs. Turner appealed
that order and asked this Court to stay her bankruptcy case pending
the resolution of the Appeal (the "Motion to Stay"). The Court
denied Mrs. Turner's request for the reasons explained in the Order
Denying Motion for Stay Pending Appeal (the "Stay Denial Order").

Mr. Turner seeks the same relief in the Motions that Mrs. Turner
sought in the Motion to Stay. The Court found no compelling reason
to stay Mrs. Turner's bankruptcy case while the Appeal was pending.
Mr. Turner offers no new information in the Motions that could
change the Court's analysis or the result. The Court will therefore
deny the Motions.

A copy of the Court's Order dated June 29, 2026, is available at
https://urlcurt.com/u?l=syb0VI from Pacermonitor.com.

James Turner filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Ga. Case No. 26-54479) on April 3, 2026, listing
under $1 million in both assets and liabilities.



JASNIA REALTY: Court to Hear FCU Stay Motion on Aug. 6
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts will
continue on Aug. 6 the hearing on the expedited motion filed by
Freedom Credit Union for relief from the automatic stay in the
bankruptcy case of Jasnia Realty, LLC regarding certain commercial
real estate properties.

FCU, a secured creditor of Jasnia Realty, requests that it be
granted relief from the automatic stay to exercise its rights to:

   (i) pursue a foreclosure sale of its mortgages recorded against
438 Springfield Street, Feeding Hills, Massachusetts, and 873
Springfield St., Feeding Hills, Massachusetts; and

  (ii) enforce its rights against related personal property in
accordance with its loan documents.

As of the petition date, the real properties are the Debtor's only
significant assets.

The 438 Springfield Property is a 16-unit building, approximately
5,900 square feet, comprising of all 1-bedroom apartments.

The 873 Springfield Property is a 28-unit building, approximately
7,499 square feet, comprising of studio units and 1-bedroom
apartments.

According to the Debtor's Schedule D, the scheduled value of the
438 Springfield Property is $1,820,000, and the scheduled value of
the 873 Springfield Property is $2,900,000.

The Debtor listed FCU's secured claims in Schedule D as follows:
$950,000 (unliquidated) related to the 438 Springfield Property;
and $1,400,000 (unliquidated) related to the 873 Springfield
Property.

In the motion, FCU argues it is entitled to relief from the
automatic stay under section 362(d)(1) of the Bankruptcy Code for
"cause" because, among other reasons, it is not adequately
protected, including with respect to declining value of the real
properties and the Debtor's financial instability.

According to the motion, relief is also warranted under section
362(d)(2) because the real properties are not necessary to an
effective reorganization as there is no reasonable possibility that
the Debtor can successfully reorganize within a reasonable amount
of time based on the Debtor's lack of income to pay its secured
creditors, including FCU, and its administrative expenses in
addition to its ongoing operating expenses.

The motion is available at http://urlcurt.com/u?l=kedeDWfrom
Pacermonitor.com

                    About Jasnia Realty LLC

Jasnia Realty, LLC operates as a limited liability company focused
on real estate investment and asset management.

Jasnia Realty sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Case No. 26-30102) on Feb. 16, 2026. The filing
reflects estimated assets between $1 million and $10 million and
estimated liabilities between $1 million and $10 million.

The case is assigned to Honorable Bankruptcy Judge Elizabeth D.
Katz.

The Debtor is represented by Louis S. Robin, Esq., of the Law
Offices of Louis S. Robin.


JOHN RODERICK MCKOWEN: Court Tosses Appeal in Securities Fraud Suit
-------------------------------------------------------------------
Judge Charlotte N. Sweeney of the U.S. District Court for the
District of Colorado dismissed the appeal styled JOHN RODERICK
MCKOWEN, Appellant, v. THE STATE OF COLORADO and TUNG CHAN,
Securities Commissioner for Colorado Division of Securities,
Appellees, Case No. 26-cv-01883-CNS (D. Colo.).

The parties have been involved in a matter before the Denver
District Court ("State Court") in Case No. 2021CV33922 ("Securities
Case") pertaining to Appellees' securities fraud claims against
Appellant and other parties. On July 9, 2025, the State Court
entered a final judgment in the amount of $16,578,690.33 against
Appellant and the other defendants.

On April 23, 2026, Appellant commenced the underlying adversary
proceeding.

On May 12, 2026, the Court ordered Appellant to file a memorandum
of law setting forth Appellant's position on whether the order
appealed is final, or whether leave to appeal an interlocutory
order should be granted. That same day, Appellant moved the
Bankruptcy Court for a temporary restraining order and preliminary
injunction enjoining Defendants from prosecuting the contempt
hearing scheduled for April 28, 2026 at 1:30 p.m., which the
Bankruptcy Court denied on April 27, 2026.

On April 30, 2026, Appellant appealed the Bankruptcy Court's Order
Denying Temporary Restraining Order and Preliminary Injunction (the
Order).

Appellant argues that the Order is final pursuant to the standard
outlined in Bullard v. Blue Hills Bank, 575 U.S. 496 (2015), and
Ritzen Grp., Inc. v. Jackson Masonry, LLC, 589 U.S. 35, 41 (2020),
because the Order pertains to a "discrete dispute".

Appellees primarily argue that:

   (1) the Order does not finally resolve all matters at issue in
the underlying Adversary Proceeding,
   (2) the appeal of the Order is moot, and
   (3) Appellant has not requested leave of the bankruptcy court to
appeal the Order as required by Rule 8004(b) and the time period
for doing so has passed.

The Court finds the Order is not final pursuant to the standard
outlined in Adelman v. Fourth Nat'l Bank & Tr. Co, N.A., of Tulsa
(In re Durability, Inc.), 893 F.2d 264, 265–66 (10th Cir. 1990)
because the Bankruptcy Court has not yet adjudicated all adversary
proceeding claims. Additionally, the Order is not final because the
Tenth Circuit has held that bankruptcy court preliminary injunction
orders are interlocutory.

The Court concludes granting leave to appeal is not warranted given
that the appeal is moot.

A copy of the Court's Order dated June 25, 2026, is available at
https://urlcurt.com/u?l=tFLBVd from Pacermonitor.com.

John Roderick McKowen filed for Chapter 11 bankruptcy protection
(Bankr. D. Colo. Case No. 25-16665) on October 14, 2025, listing
under $1 million in both assets and liabilities.


JR AND SP HOLDINGS: Seeks Subchapter V Bankruptcy in Texas
----------------------------------------------------------
On July 1, 2026, JR and SP Holdings LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Texas. According to court filings, the Debtor reports between
$500,000 and $1 million in liabilities owed to 100-199 creditors.

A meeting of creditors under Section 341(a) to be held on August 6,
2026 at 08:30 AM by TELEPHONE.

Government proofs of claim are due by December 28, 2026.

              About JR and SP Holdings LLC

JR and SP Holdings LLC is a Mount Pleasant, Texas-based pawn shop
and retail business. The company operates a pawn shop in Mount
Pleasant and, historically, conducted firearms retail operations
under a federal firearms license. It also previously served as a
U-Haul Neighborhood Dealer. Court records indicate the company
remained operational through April 2026, while its federal firearms
license expired in October 2024. The company was also the subject
of regulatory orders issued by the Texas Office of Consumer Credit
Commissioner.

JR and SP Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-42900) on July 1, 2026. In its
petition, the Debtor reported estimated assets of $1 million to $10
million and estimated liabilities of $500,000 to $1 million.

Honorable Bankruptcy Judge Edward L. Morris handles the case.

The Debtor is represented by Robert Thomas DeMarco, Esq.


JXC ENTERPRISES: Commences Chapter 11 Bankruptcy in Georgia
-----------------------------------------------------------
On June 30, 2026, JXC Enterprises, LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. According to court filings, the Debtor reports between
$100,000 and $500,000 in liabilities owed to 1-49 creditors.

A meeting of creditors under Section 341(a) to be held on July 30,
2026 at 09:00 AM via Telephone conference. To attend, Dial
888-330-1716 and enter access code 6960876.

Chapter 11 Plan and Disclosure Statement are due by October 28,
2026.

             About JXC Enterprises, LLC

JXC Enterprises, LLC is an Atlanta, Georgia-based holding company
that manages regional freight and logistics operations within
Georgia. The company sought bankruptcy protection following
financial challenges affecting the trucking industry, including
rising insurance premiums and equipment costs that have pressured
small-fleet carriers since 2023.

JXC Enterprises, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Case No. 26-58422) on June 30, 2026. In its
petition, the Debtor reports estimated assets of $100,000 to
$500,000 and estimated liabilities of $100,000 to $500,000.

Honorable Barbara Ellis-Monro is presiding over the case.


LEARFIELD COMMUNICATIONS: Moody's Withdraws B2 Corp. Family Rating
------------------------------------------------------------------
Moody's Ratings has withdrawn Learfield Communications, LLC's
(Learfield) B2 Corporate Family Rating, B2-PD Probability of
Default Rating and B2 ratings on the backed senior secured first
lien bank credit facilities ratings. The outlook prior to the
withdrawal was stable.

RATINGS RATIONALE

Moody's have withdrawn the ratings because Learfield's debt
previously rated by us have been fully repaid. This follows the
acquisition of Learfield by TPG, an alternative asset management
firm. In connection with the transaction closing in June 2026,
Learfield fully repaid the existing senior secured bank credit
facilities, including $557 million outstanding of the first lien
term loan due 2028.

COMPANY PROFILE

Learfield Communications, LLC (dba Learfield) is an operator in the
collegiate sports multimedia rights and marketing industry with
partnerships with approximately 200 premier collegiate athletic
organizations. The company is headquartered in Dallas, Texas with
satellite sales offices located on or near college campuses across
the country. The company reported consolidated revenue of $1.39
billion as of LTM Q3 FY 2026.


LEFEVER MATTSON: Removal as GP of Live Oak Violated Automatic Stay
------------------------------------------------------------------
In the appeal styled WILLIAM ANDREW, as the general partner of Live
Oak Investments LP, Appellant, v. OFFICIAL COMMITTEE OF
UNSECURED CREDITORS; LEFEVER MATTSON INC., Appellees, BAP No.
NC-25-1238-BCN, (B.A.P.), Judges Julia W. Brand, Frederick P.
Corbit and Jennifer E. Niemann of the United States Bankruptcy
Appellate Panel (BAP) for the Ninth Circuit affirmed the ruling of
the United States Bankruptcy Court for the Northern District of
California that the removal of LeFever Mattson Inc. as general
partner of Live Oak LP violated the automatic stay in the Debtor's
bankruptcy case.

Appellant William Andrew, the purported general partner of chapter
11 debtor Live Oak Investments, LP ("Live Oak LP"), a California
limited partnership, appeals an order determining that the limited
partners' removal of chapter 11 debtor LeFever Mattson Inc. ("LFM")
as Live Oak LP's general partner, and replacement with Mr. Andrew
was a violation of the automatic stay in LFM's case and therefore a
void act.

LFM, a California corporation, invested in various types of real
estate, including single family homes, multi-unit residential
properties, commercial properties, and vacant land. At the time of
the bankruptcy filings, LFM directly or indirectly controlled or
had ownership interests in approximately 60 limited partnerships
and limited liability companies.

After obtaining standing to prosecute claims on behalf of the LFM
Debtors, the Committee moved for an order declaring that the
limited partners' removal of LFM as general partner of Live Oak LP
was a violation of the automatic stay and void. The Committee
argued that LFM's right to participate in the management of Live
Oak LP was property of LFM's bankruptcy estate protected by the
automatic stay. By ousting LFM as general partner, it argued, the
limited partners violated Sec. 362(a)(3), which prohibits any act
to obtain possession of property of the estate or of property from
the estate or to exercise control over property of the estate.

The limited partners countered that LFM's removal as general
partner of Live Oak LP was not a stay violation. They argued that,
under California limited partnership law, LFM was dissociated from
Live Oak LP and lost all right to participate in its management
when LFM filed its chapter 11 case. Consequently, they argued,
LFM's management rights did not become property of its estate, and
so no automatic stay could or did apply. However, the Committee
argued that the California limited partnership statutes relied upon
by the limited partners were impermissible ipso facto clauses.

After a hearing, the bankruptcy court entered an order granting the
Committee's motion, concluding that removal of LFM as general
partner of Live Oak LP violated the automatic stay in the Debtor's
case and was a void act. The court determined that LFM's
pre-bankruptcy partnership rights and duties, including its
management rights as general partner, were property of the Debtor's
estate, and that the California statutes providing for a general
partner's automatic dissociation and loss of management rights upon
the general partner's bankruptcy filing were impermissible ipso
facto clauses inconsistent with Sec. 541(c)(1)(B) and violative of
the Supremacy Clause, U.S. Const. art. VI, cl. 2. This timely
appeal followed.

The panel holds, "We agree with the bankruptcy court and conclude
that Cal. Corp. Code Secs. 15906.03 and 15906.05, which provide for
a general partner's automatic dissociation and termination of
management rights upon the general partner's bankruptcy filing, are
impermissible ipso facto clauses inconsistent with Sec.
541(c)(1)(B). LFM's pre-bankruptcy management rights as general
partner of Live Oak LP were not terminated when LFM filed its
chapter 11 case and such rights became property of LFM's estate.
Consequently, the limited partners of Live Oak LP violated the
automatic stay under Sec. 362(a)(3) when they voted to remove, and
did remove, LFM as general partner of Live Oak LP. Accordingly, we
affirm."

A copy of the Court's Opinion dated June 29, 2026, is available at
https://urlcurt.com/u?l=LKRWUr from Pacermonitor.com.

                     About LeFever Mattson

LeFever Mattson, a California corporation, manages a large real
estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns
50% of the equity in the company. Based in Citrus Heights, Calif.,
LeFever Mattson manages a portfolio of more than 200 properties,
comprised of commercial, residential, office, and mixed-use
realestate, as well as vacant land, located throughout Northern
California, primarily in Sonoma, Sacramento, and Solano Counties.

It generates income from the properties through rents and use the
proceeds to fund its operations.

LeFever Mattson and its affiliates filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September
12, 2024. At the time of the filing, LeFever Mattson listed $100
million to $500 million in assets and $10 million to $50 million in
liabilities.

Judge Charles Novack oversees the cases.

Keller Benvenutti Kim LLP, led by Thomas B. Rupp, is the Debtors'
counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims
and noticing agent.


LFS TOPCO: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed LFS Topco, LLC's (Lendmark) Long-Term
Issuer Default Rating (IDR) at 'B-'. The Rating Outlook is Stable.
Fitch has also affirmed the company's senior unsecured debt at
'B-'/'RR4'.

Key Rating Drivers

Modest but Growing Franchise: The rating affirmation reflects
Lendmark's modest but growing market position in the U.S. personal
installment lending industry, adequate risk-adjusted yields,
sufficient liquidity, and manageable credit performance relative to
the rating level.

Business Model, Leverage Constrain Rating: Lendmark's ratings are
constrained by its monoline business model, elevated leverage,
higher risk appetite and subprime exposure, and its partial private
equity ownership. Private equity ownership increases the risk of
shareholder-friendly actions, such as the $35 million dividend paid
in excess of earnings and required tax distributions in 4Q24.

Improving Scale: Lendmark has continued to grow its franchise
primarily through de novo branch openings, with 542 branches across
22 states as of Dec. 31, 2025. The company also maintains direct
auto purchase and indirect sales finance offerings, totaling 14%
and 5% of receivables, respectively, at YE25. Fitch believes the
resulting product diversification and presence of secured auto
collateral reduce the overall risk profile of the portfolio.
However, the company's scale is still modest compared to its
largest peer and the overall unsecured personal installment loan
sector.

Stabilizing Asset Performance: Delinquencies of 30+ days were 7.1%
at 1Q26, in line with YE25 but above 6.8% at YE24 and 6.9% at YE23,
as deferrals granted for the November 2025 government shutdown
affected the ratio. Net charge-offs (NCO) were 9.6% in 1Q26
(annualized) and 9.2% in 2025. While NCOs may increase in the next
one-to-two quarters due to higher 1Q26 delinquencies, Fitch expects
NCOs for 2026 to remain relatively stable and manageable for
Lendmark's rating level. Despite this, the company's customer base,
which is already challenged by high inflation, is particularly
vulnerable to economic stresses such as higher unemployment.

Earnings Driven by Credit Performance: Profitability, measured as
pre-tax return on average assets (ROAA), was 2.3% in 1Q26
(annualized), compared with 2.4% in 2025 and improved from an
average of 1.4% from 2022-2024. This was driven by lower loss
provisioning expenses, as NCOs improved in 2025. Fitch expects
profitability to remain stable over the next year, although
operating results remain sensitive to credit performance.

High Leverage: Lendmark's leverage (debt/tangible equity) is a
primary rating constraint and is high given the risk profile of the
portfolio. Leverage was 18.3x at 1Q26, up from 17.8x at YE25. This
falls near the upper boundary of Fitch's 'b' category quantitative
benchmark range of 7x-20x for balance sheet-heavy finance and
leasing companies with a sector risk operating environment score
(SROE) in the 'bbb' category. Fitch expects leverage to remain
relatively stable over the Outlook horizon as growth in retained
earnings is offset by increasing securitization balances.

Loss Absorbing Capital through Allowance: Additional capital to
absorb credit losses is present via the high loss reserve required
by CECL accounting standards. Debt to tangible equity plus reserves
was 6.0x at 1Q26, which Fitch views as adequate for the rating.

Secured Funding Profile: Lendmark's funding profile is largely
secured, which Fitch views as credit negative due to the
encumbrance of assets, which limits financial flexibility during
periods of stress. The company's proportion of unsecured debt was
10.6% at 1Q26, which is near the lower bound of Fitch's 'bb'
category quantitative benchmark range of 10% to 35% for balance
sheet-heavy finance and leasing companies with a SROE score in the
'bbb' category. Fitch would view further increases in funding
diversification and unencumbered assets as incrementally positive
for the credit profile.

Adequate Liquidity: Fitch views Lendmark's liquidity as adequate
for its operational and funding needs. At 1Q26, liquidity consisted
of $20 million of cash to support its operations and $2 billion of
undrawn warehouse capacity to fund originations. The $360 million
unsecured notes mature in 2030, and outstanding ABS are mostly
still in their three-to-five-year revolving periods. Additionally,
the company had approximately $360 million of gross unencumbered
receivables as of 1Q26, which could be borrowed against with
undrawn warehouse capacity. Refinancing risk could still arise over
the next four years given the concentrated maturity profile of the
unsecured notes.

Stable Outlook: The Stable Outlook reflects Fitch's expectations
that leverage will remain relatively stable, debt to tangible
equity plus reserves will be sustained below 7x, credit performance
and profitability will continue to improve moderately, and the
unsecured funding mix will be sustained above 5% of total debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Debt to tangible equity plus reserves sustained above 7x;

- A reduction in capitalization levels such that tangible equity
(unadjusted for CECL) becomes negative;

- Sustained operating losses;

- Sustained deterioration in credit performance above Lendmark's
NCO target range of 8.75%-9.25%;

- Inability to access term funding for a prolonged period of 12-24
months;

- The imposition of new and more onerous regulations that
negatively impact Lendmark's ability to execute on its business
model.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A sustained decline in leverage below 15x (unadjusted for CECL);

- Sustained improvement in credit performance with delinquencies
below 7% and NCOs within management's target range of 8.75%-9.25%;

- ROAA sustained above 1%;

- Maintenance of the proportion of unsecured funding above 5% of
total debt;

- Further diversification of the business model either through
product offering or geographical expansion.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The unsecured debt rating is equalized with the Long-Term IDR,
reflecting Fitch's expectation of average recovery prospects in a
stress scenario.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Fitch expects the senior unsecured debt rating to move in tandem
with the IDR, but a meaningful decline in unencumbered assets could
result in the unsecured debt rating being notched down from the
IDR.

ADJUSTMENTS

The Standalone Credit Profile (SCP) has been assigned below the
implied SCP due to the following adjustment reason: weakest link -
capitalization & leverage (negative).

The Business Profile score has been assigned below the implied
score due to the following adjustment reasons: business model
(negative), market position (negative).

The Asset Quality score has been assigned below the implied score
due to the following adjustment reason: Risk profile and business
model (negative).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason: portfolio
risk (negative).

The Funding, Liquidity & Coverage score has been assigned below the
implied score due to the following adjustment reasons: divergent
benchmarks (negative), historical and future metrics (negative).

ESG Considerations

LFS TopCo, LLC has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the
importance of fair collection practices and consumer interactions
and the regulatory focus on them, which has a negative impact on
the credit profile and is relevant to the ratings in conjunctions
with other factors.

LFS TopCo, LLC has an ESG Relevance Score of '4' for Governance
Structure due to the presence of private equity ownership, which
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   Prior
   -----------               ------         --------   -----
LFS TopCo, LLC        

                       LT IDR  B-  Affirmed             B-
   senior unsecured    LT      B-  Affirmed    RR4      B-


LIFE TIME: Moody's Affirms 'B1' CFR & Alters Outlook to Positive
----------------------------------------------------------------
Moody's Ratings affirmed Life Time, Inc.'s (Life Time) B1 Corporate
Family Rating and B1-PD Probability of Default Rating.
Concurrently, Moody's affirmed the B1 rating on the company's
senior secured first lien revolving credit facility due 2029,
senior secured first lien term loan B due 2031, and senior secured
notes due 2031. The rating outlook was changed to positive from
stable.

The outlook was changed to positive because Life Time continues to
demonstrate sustained revenue and earnings growth, supported by
same center revenue growth, strong membership trends, good cost
discipline, and continued expansion of its premium athletic club
footprint. The company's growing earnings base and improved
operating cash flow, driven by the continued scaling of its
operations, and the expansion of luxury amenities and service
offerings across its existing venues.  Additionally, the company's
operating performance continues to improve as evidenced by high
single-digit same center revenue growth and an improved membership
mix as the company shifts toward higher value memberships. Moody's
expects continued improvement in EBITDA will support near term
deleveraging toward a Moody's adjusted debt-to-EBITDA in the mid-3x
range.

The rating affirmations reflect Life Time's constrained free cash
flow due to significant capital investments in new and existing
facilities and reliance on external funding sources such as sale
leaseback transactions. New location openings carry a degree of
execution risk related to high startup costs, competition and
membership recruitment, which could delay completion, increase
costs, or limit the revenue ramp. The affirmation also reflects the
exposure to discretionary spending and a competitive fitness and
leisure industry. The company has a target net debt to adjusted
EBITDA leverage of at or below 2.0x (based on the company's
definition and excluding leases). Because leverage is below this
level (1.6x as of March 2026), the company is focused on growth
investments including approximately $1.2 billion of capital
expenditures for 2026, and it announced a $500 million share
repurchase authorization in February 2026, Moody's expects
incremental deleveraging will be limited.

Life Time's liquidity remains good, supported by approximately $120
million of cash on hand and about $650 million of availability
under its revolving credit facility, as well as continued access to
sale leaseback transactions, which provide financial flexibility to
fund its growth initiatives.

RATINGS RATIONALE

Life Time benefits from a strong competitive position underpinned
by the scale and premium nature of its athletic club locations,
many of which are strategically situated and supported by a
substantial portfolio of owned real estate. This physical footprint
is capital-intensive to replicate and enhances brand visibility and
long-term asset value. The company's affluent membership base and
comprehensive suite of wellness, fitness, and lifestyle services
further differentiate it from more value-oriented fitness
operators, supporting stronger pricing power, customer loyalty, and
a more stable revenue stream, as this demographic is typically less
impacted by shifts in discretionary spending and more likely to
maintain health and wellness-related expenditures. Additionally,
Life Time is demonstrating improved operating cash flow,
increasingly enabling it to fund growth capital expenditures
internally and reducing reliance on external financing. These
strengths are further supported by favorable secular trends,
including rising awareness of health and wellness, which continue
to drive demand for premium fitness experiences.

Despite its strong market position, Life Time faces several credit
challenges that constrain its financial profile. Moody's expects
leverage to remain moderate over the next 12 months, reflecting
earnings growth and continued investment in new facilities,
including incremental operating lease obligations to support
expansion. The fitness and leisure club industry is inherently
exposed to cyclical risks, including economic downturns, shifting
consumer preferences, and intense competition from both boutique
studios and digital fitness platforms. Life Time's membership
attrition rates, while not currently disclosed by the company, have
historically been in the mid-30% range, requiring ongoing
investment in club enhancements and marketing to sustain its
revenue base. Furthermore, the company's aggressive expansion
strategy relies heavily on external financing mechanisms such as
sale-leaseback transactions and revolving credit facilities, which
introduce refinancing risk that must be carefully managed. The
company's exposure to event risk related to potential debt issuance
to facilitate sponsor exits has diminished as private equity
ownership has declined through secondary share sales. Recent
transactions, including secondary offerings and share repurchases,
have reduced sponsor ownership to approximately 15%. While
additional secondary share sales remain the most likely exit path,
the shift toward a more traditional public company shareholder base
increases the likelihood for shareholder returns, as evidenced by
the recently approved $500 million share repurchase authorization.

The rating is further supported by Life Time's substantial asset
base, including ownership of approximately one-third of its 190
centers, which provides an additional source of liquidity through
real estate monetization and differentiates it from predominantly
leased peers. While the company continues to invest in new center
development, it retains flexibility to moderate the pace of
openings to manage cash needs. Its growing earnings base supports
funding of capital spending primarily through internally generated
cash flow and sale leaseback proceeds, thereby limiting reliance on
the revolver.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company generates sustained
membership, revenue and earnings growth, and sustains
debt-to-EBITDA below 3.75x. An upgrade would also require a track
record of positive free cash flow while maintaining good
reinvestment and maintenance of good liquidity.

The ratings could be downgraded if Life Time's operating earnings
weakens due to factors such as membership declines, pricing
pressure or increasing costs. Debt-to-EBITDA sustained above 5x,
weak or negative free cash flow, a deterioration in liquidity, or a
more aggressive financial policy could also prompt a downgrade.

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

The B1 Corporate Family Rating is two notches below the Ba2
scorecard-indicated outcome, based on Moody's 12–18 month
forward-looking projections under the Business and Consumer
Services industry rating methodology. The lower rating reflects
Life Time's substantial capital requirements to fund new club
development, reliance on external financing, exposure to consumer
discretionary spending, and operation within a highly competitive
industry.

Life Time (is headquartered in Chanhassen, MN) operates a portfolio
of more than 190 premium athletic clubs across 31 states and one
province in Canada. The company provides wellness and fitness
services. Offerings include indoor and outdoor activities, such as
swimming pools, rock climbing, cycling, weight loss coaching, spa
services, as well as pickleball and basketball courts. Amenities
vary by location. Life Time offers a range of programs and
information via the Life Time digital app. Life Time's parent
company, Life Time Group Holdings, Inc. (LTH), became a publicly
traded company in October 2021 and remains owned by a mix of public
shareholders, private equity sponsors and its founder. Leonard
Green, TPG and Partners Group continue to hold meaningful minority
stakes of 8.5%, 6.1% and 1.3%, respectively; founder and CEO Bahram
Akradi retains a significant ownership position (approximately 7.0%
as of May 05, 2026). Life Time generated about $3.1 billion of
revenue for the 12 months ended March 31, 2026.


LIQUOR WORLD: Unsecured Creditors Will Get 1% of Claims in Plan
---------------------------------------------------------------
Liquor World of Syracuse, Inc. filed with the U.S. Bankruptcy Court
for the Northern District of New York a Plan of Reorganization for
Small Business dated June 25, 2026.

The Debtor is a New York corporation engaged in the operation of a
retail liquor store located in East Syracuse, New York.

Since commencing operations in or about 2017, the Debtor has
developed an established customer base, cultivated longstanding
relationships with distributors and vendors, and built substantial
goodwill within the surrounding community.

The Debtor operates in a heavily regulated industry subject to
oversight by the New York State Liquor Authority. Continued
operation requires the maintenance of appropriate licensing,
preservation of customer and supplier relationships, and the
maintenance of inventory levels sufficient to satisfy consumer
demand and preserve ordinary business operations.

The Debtor commenced this case because extraordinary liabilities
exceeded the amount that could reasonably be serviced through
ordinary cash flow while preserving the business as a going
concern. The Debtor did not seek relief under chapter 11 because
its business model had failed, nor was the filing precipitated by
an inability to attract customers or continue operations. Rather,
the Debtor sought relief under Subchapter V of Chapter 11 in order
to preserve the going concern and maximize creditor recoveries
through continued operations.

In particular, the Debtor became burdened by substantial
obligations owing to taxing authorities and litigation arising from
disputes involving its landlord. These liabilities impaired cash
flow and hindered the Debtor's ability to satisfy obligations as
they became due. Notwithstanding these challenges, the Debtor has
continued operating and has sought to reorganize its obligations
while preserving the value associated with the business.

This Plan of Reorganization under Chapter 11 of the Bankruptcy Code
proposes to pay creditors of Liquor World of Syracuse, Inc. from
future operations and projected disposable income while preserving
the going-concern value of the Debtor's business. The Debtor
commenced this case because extraordinary liabilities exceeded the
amount that could reasonably be serviced through ordinary cash flow
while preserving the Debtor as a going concern.

Class 2 consists of Allowed General Unsecured Claims, including,
without limitation:(a) trade claims; (b) unsecured deficiency
claims; (c) nonpriority tax claims; (d) penalty portions of tax
claims; (e) rejection damages claims; and (f) all other claims not
otherwise classified herein.

Holders of Allowed Class 2 Claims shall receive 12 quarterly pro
rata distributions commencing in year 3 sufficient to provide
aggregate distributions equal to one percent of their Allowed
Claims. Class 2 claims shall be paid over a period not to exceed 60
months from the Effective Date. Class 2 is impaired and entitled to
vote on the Plan.

Existing ownership interests shall be retained. No transfer of
ownership is contemplated by this Plan. The Debtor intends to
continue operating the business under existing management following
confirmation.

Payments required under the Plan shall be funded through future
operations and projected disposable income. The Debtor believes
that projected revenues and ordinary business operations will
provide sufficient funds to satisfy the obligations imposed by the
Plan.

A full-text copy of the Plan of Reorganization dated June 25, 2026
is available at https://urlcurt.com/u?l=b97EnJ from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Robert B. Gleichenhaus, Esq.
     Gleichenhaus, Marchese & Weishaar, PC
     43 Court Street, Suite 930
     Buffalo, NY 14202
     Tel: (716) 846-6446

                About Liquor World of Syracuse

Liquor World of Syracuse, based in East Syracuse, New York,
operates as a retail liquor store offering a wide selection of
wines, spirits, and beers, while featuring staff-curated picks and
hosting tastings and events designed to introduce customers to new
products. The store serves local residents through in-store
purchases and delivery, and its online platform allows customers to
browse inventory organized by type, country, and region, check
promotions, and manage accounts, combining convenience with a
community-focused shopping experience.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-30231) on March 27,
2026, with $479,500 in assets and $1,973,714 in liabilities.
Kirandeep Nafri, president, signed the petition.

Judge Wendy A. Kinsella presides over the case.

Gleichenhaus, Marchese & Weishaar, P.C., led by Robert B.
Gleichenhaus, is serving as counsel to the Debtor.


LKM CONVENIENCE: Huynh Wins Bid to Sever Non-Debtor Surety Claims
-----------------------------------------------------------------
In the case captioned as TOAN HUYNH VERSUS LKM CONVENIENCE, LLC and
LENNY MOTWANI, Case No. 26-cv-00190 (E.D. La.), Judge Anna St. John
of the U.S. District Court for the Eastern District of Louisiana
granted the motion of Toan Huynh to sever claims against non-debtor
surety Lenny Motwani from the claims asserted against LKM
Convenience LLC and to abstain and remand.

Huynh is the owner and lessor of commercial property in Bridge
City, Louisiana. In August 2015, Huynh entered into a commercial
lease with LKM as lessee. Co-defendant Motwani executed the lease
as surety, thus becoming a party to the lease and bound with LKM in
solido, waiving all rights to release from this obligation due to
the filing of bankruptcy of Lessee, or upon Lessee's suspension,
failure of insolvency, or to the appointment of a receiver for
Lessee by any competent court. LKM subsequently subleased the
property to R&E Petroleum, LLC.

On May 19, 2022, Huynh filed a Petition for Breach of Lease against
LKM and Motwani in the Twenty-Fourth Judicial District Court for
the Parish of Jefferson, Louisiana. Huynh alleges that LKM breached
the lease by failing to maintain required insurance coverage and,
following damage to the property by Hurricane Ida in August 2021,
failing to make necessary repairs and to pay rent, among other
violations. In particular, Huynh alleges that LKM did not have the
minimum general liability insurance coverage required by the lease.
As a result of this breach, the building was not repaired, and the
convenience store remained closed. During this time, R&E Petroleum
and its guarantors filed for Chapter 11 bankruptcy, which stayed
certain claims that these parties had been litigating separately.
Ultimately, the parties reached a global settlement of the claims
involving R&E Petroleum and its guarantors as well as the claims
brought by Huynh against LKM and Motwani. Under the consent
judgment entered by the state court on November 14, 2023, LKM and
Motwani agreed to joint payment obligations in favor of Huynh and
to enter into a new five-year commercial lease that included
repairs to the building. The new lease agreement contained a
"Guaranty Addendum" in which Motwani, as guarantor, "solidarily,
personally and unconditionally guaranteed" to Huynh the full
payment of rent and other amounts and full performance and
observation of all obligations of LKM under the lease. The addendum
provided that such obligations continue in full force and effect
notwithstanding the insolvency or bankruptcy of LKM.

The resolution did not last. About two years later, on October 29,
2025, Huynh filed a petition to partially annul the consent
judgment and reinstate his claims. Huynh alleges that LKM and
Motwani are in default under the consent judgment for failing to
obtain financing, make repairs to the premises, or make required
payments.

Before the hearing date on Huynh's petition, LKM filed a petition
seeking relief pursuant to Chapter 11 of the Bankruptcy Code on
January 14, 2026. The filing of the bankruptcy petition triggered
an automatic stay under 11 U.S.C. Sec. 362. About two weeks later,
on January 27, 2026, LKM filed a notice of removal with this Court
pursuant to 28 U.S.C. Sec. 1452 on the grounds that the state court
matter relates to and could have an effect upon property belonging
to the bankruptcy estate. On February 11, 2026, Huynh moved to
sever the claims asserted against Motwani from the claims asserted
against LKM pursuant to Federal Rule of Civil Procedure 21 and to
remand the severed claims pursuant to 28 U.S.C. Sec. 1334(c) and/or
28 U.S.C. Sec. 1452(b) to allow them to proceed in state court.

Huynh moves to have his claims against LKM severed from his claims
against Motwani. He argues the latter do not arise under and are
not related to a bankruptcy case under title 11 and that Motwani is
not a debtor subject to the automatic stay. He further argues that
these claims arise from Motwani's independent obligations as
surety/guarantor on the parties' lease and settlement obligations
and are separate and distinct such that their adjudication does not
require any assessment of bankruptcy-related issues or
determination affecting the estate's assets or distribution to
creditors. He seeks to have such claims remanded to state court
pursuant to 28 U.S.C. Sec. 1334(c)(2).

When the issue before the court involves severance and transfer, as
essentially is the case here, judicial economy is a central
consideration.

Judge St. John explains, "The claims against Motwani arise from his
written agreement to act as surety for LKM under the 2015 lease
agreement with Huynh.  Under Louisiana law, suretyship is an
accessory contract by which a person binds himself to a creditor to
fulfill the obligation of another upon the failure of the latter to
do so. As such, a surety is liable for the full performance of the
obligation of the principal obligor, without benefit of division or
discussion. The lease provided that Huynh could proceed to enforce
this lease against LKM or Surety Motwani. Huynh's ability to
proceed separately against Motwani is reinforced by the consent
judgment and the guaranty addendum to the new lease in which
Motwani unconditionally guaranteed payment regardless of any
insolvency or bankruptcy by LKM."

The District Court finds state law, the underlying lease agreement,
the subsequent consent judgment, and the new lease all treat
Motwani's surety obligation as independent of LKM's ability to pay,
whether due to bankruptcy or otherwise. Accordingly, LKM's
bankruptcy does not impede Huynh's ability to enforce the terms of
the lease and consent judgment as to Motwani.

LKM argues that the automatic stay prevents this Court from
severing and remanding any of the claims in this case. However, the
automatic stay applies only to LKM as debtor -- not to an
individual surety distinct from the debtor.

The approach that better promotes judicial economy and minimizes
prejudice is for the District Court to sever those claims that are
not related to LKM's bankruptcy so that the claims may proceed. LKM
acknowledges that the claims between Huynh and Motwani arise under
state law and are "non-core." LKM still insists that these claims
are properly before the bankruptcy court if they could alter the
debtor's estate, but fails to explain how the claims could in fact
do so, the Court relates.

The District Court notes that while LKM argues that Huynh's claims
against Motwani are "related to a case under" title 11, this
characterization is unsupported by the law.  In this case, the
outcome of Huynh's claims against Motwani will not affect the
bankruptcy estate, as he is a separate party with an independent
surety obligation. In any event, the interests of justice, and the
fact that the claims began in state court and can be timely
adjudicated there, weigh strongly in favor of this Court abstaining
from jurisdiction and remanding the state law claims to allow them
to be adjudicated in due course by the state forum in which they
were litigated for years before LKM filed its bankruptcy petition.
The claims against Motwani are thus properly remanded pursuant to
28 U.S.C. Sec. 1334(c) and 28 U.S.C. Sec. 1452(b).

Meanwhile, the District Court concludes Huynh's claims against LKM
are properly transferred to the bankruptcy court.

Accordingly, it is ordered that the claims asserted by Huynh
against Motwani are severed and remanded to the 24th Judicial
District Court for the Parish of Jefferson, State of Louisiana.  

It is further ordered that the claims asserted by Huynh against LKM
are referred to the U.S. Bankruptcy Court for the Eastern District
of Louisiana in accordance with Local Rule 83.4.1.

A copy of the Court's Order dated June 24, 2026, is available at
http://urlcurt.com/u?l=zfaxqMfrom Pacermonitor.com.

                   About LKM Convenience LLC

LKM Convenience, LLC, a company in Metairie, La., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No.
26-10083) on January 14, 2026, with $8,500 in assets and $3,456,486
in liabilities.

Judge Meredith S Grabill presides over the case.

Robert L. Marrero, Esq., at Robert L. Marrero, LLC represents the
Debtor as legal counsel.


LMC CONSTRUCTION: Janice Seyedin Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 11 appointed Janice Seyedin as
Subchapter V trustee for LMC Construction Inc.

Ms. Seyedin will be paid an hourly fee of $295 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Ms. Seyedin declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.

                       LMC Construction Inc.

LMC Construction, Inc. provides masonry construction, renovation,
restoration, waterproofing, concrete, general contracting, and
related construction services. The company is based in Bensenville,
Illinois, and serves commercial, multi-family residential,
cultural, civic, educational, and religious masonry building
projects. LMC Construction employs union tradesmen and is an EPA
Lead-Safe Certified Firm with City of Chicago masonry and general
contracting licenses.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-10512) on June 23,
2026, with $0 in asset and $1,051,011 in liabilities. Luke Ciula,
president, signed the petition.

Ben Schneider, Esq., at The Law Offices of Schneider & Stone
represents the Debtor as bankruptcy counsel.


LOMAS VERDES: Court Directs U.S. Trustee to Appoint PCO
-------------------------------------------------------
Judge Enrique Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico directed the U.S. Trustee to appoint a
patient care ombudsman for Lomas Verdes Family Dental CSP.

The bankruptcy judge finds that the provisions of Section 333(a)(1)
of the Bankruptcy Code for appointment of a PCO apply to Lomas
Verdes Family Dental CSP after having filed its bankruptcy
petition, indicating that it operates a health care business.

On May 17, Lomas Verdes Family Dental CSP filed a Chapter 11
petition designating the company as a health care business.  

               About Lomas Verdes Family Dental CSP

Lomas Verdes Family Dental CSP sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-02240) on May
17, 2026, with $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.

Judge Enrique S. Lamoutte Inclan oversees the case.

Maria Soledad Lozada Figueroa, Esq., at Lozada Law & Associates
represents the Debtor as bankruptcy counsel.


LUCID GROUP: Selects New CFO in Massive Management Overhaul
-----------------------------------------------------------
Kara Carlson of Bloomberg Law reports that Lucid Group has replaced
its finance chief and unveiled a sweeping management reorganization
after quarterly production and delivery figures came in below
analysts' forecasts. The executive changes are intended to
strengthen the luxury EV maker's leadership as it works to improve
operating performance.

Alexander De Bock will become Lucid's new chief financial officer,
succeeding Taoufiq Boussaid after a transition period. A former CFO
at TI Automotive, De Bock joins five additional executives
appointed to oversee technology, engineering, sales, and other
strategic functions, the report states.

The appointments reflect Chief Executive Officer Silvio Napoli's
efforts to simplify the company's organizational structure and
align management with its long-term growth strategy. The
restructuring is designed to enhance accountability and speed
decision-making across the business, according to Bloomberg.

Lucid continues to navigate a challenging electric vehicle market
characterized by uneven demand and intense pricing competition. The
company hopes its revamped leadership team will help improve
operational execution and restore investor confidence, the report
relays.

                   About Lucid Group Inc.

Lucid Group, Inc., is a technology and automotive company focused
on designing, developing, manufacturing, and selling the next
generation of electric vehicles, EV powertrains and battery
systems.

In August 2024, Lucid announced that an affiliate of Saudi Arabia's
Public Investment Fund is set to provide Lucid Group with up to
$1.5 billion in cash, which will boost the company's shares as it
prepares to launch its first sport utility vehicle. Ayar Third
Investment Company has committed to make the investments through
the purchase of $750 million in convertible preferred stock and the
provision of a $750 million unsecured credit. The new investment is
provided while the automaker tries to deal with declining demand
for electric vehicles and production obstacles.


LUGANO DIAMONDS: Creditors to Get Proceeds From Liquidation
-----------------------------------------------------------
Lugano Diamonds & Jewelry Inc. and affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a Disclosure
Statement for the Chapter 11 Plan of Liquidation dated June 24,
2026.

The Debtors were established by Mordechai Haim Ferder and his wife,
Idit Ferder, in 2004 as a designer, manufacturer, and retailer of
high-end jewelry.

In May 2025, the Debtors' majority shareholder publicly disclosed
an investigation into the Debtors' financing, accounting, and
inventory practices and that Mr. Ferder had resigned from his
offices and directorships with Lugano and its affiliates. Following
the announcement of the investigation, the Debtors took steps to
stabilize their operations and engaged Armory Securities, LLC as
their financial advisor and investment banker in connection with a
possible restructuring, sale, or financing. The ensuing sale and
restructuring efforts led to the Debtors' entry into an Agency
Agreement (the "Agency Agreement") with Enhanced Retail Funding,
LLC (the "Agent") dated as of November 16, 2025.

As a result of the Agent being the successful bidder, the Agency
Agreement advanced to Tier 2. During the Tier 2 Period, the Agent
is responsible for the sale of the Agency Assets. The Tier 2
payment structure provides, among other things, for (i) the Debtors
to receive a guaranteed amount equal to 40% of the aggregate cost
value of certain merchandise, (ii) proceeds in excess of that
amount are allocated between the Debtors and the Agent, and (iii)
the Agent to be responsible for sale expenses (including related
payroll and occupancy costs).

On November 16, 2025 (the "Petition Date"), the Debtors commenced
their chapter 11 cases. They immediately sought certain "First Day"
relief, including interim approval of the Agency Agreement, interim
approval of debtor-in-possession financing and the use of cash
collateral, and authority to make payments to certain prepetition
creditors, including their employees for accrued wages and
expenses. The Bankruptcy Court granted certain relief, including
authorizing the Debtors to perform under the Agency Agreement on an
interim basis.

The Plan provides for the creation of a Liquidation Trust, which
will own (a) the Debtors' remaining assets, other than any tax
refunds owed to Lugano Holding, Inc., and (b) the stock of Debtor
Lugano Holding, Inc. after the Effective Date of the Plan. The Plan
also implements a settlement agreement among the Debtors, the
Creditors' Committee and CODI.

As a result of a settlement among the Debtors (acting through the
Special Committee), CODI, and the Committee (the "CODI
Settlement"), the Debtors anticipate a recovery to holders of
Allowed General Unsecured Claims. The Plan incorporates the terms
of the CODI Settlement and provides that the Liquidation Trustee
will monetize any of the Debtors' remaining non-cash assets,
including litigation claims against third parties, and distribute
the proceeds to creditors in accordance with the Plan and the
Liquidation Trust Agreement.

Under the Plan, Administrative Claims, Priority Claims, and Other
Secured Claims, and Priority Tax Claims will receive Cash
Distributions in the amount of their Allowed Claims on or soon
after the Effective Date (or, if later, following their Claim
becoming Allowed) in accordance with the Plan and as described
further herein. Priority Tax Claims will receive Cash Distributions
in the amount of their Allowed Claims on or after the Effective
Date or in regular installment payments plus interest (subject to
prepayment). Holders of Convenience Class Claims (those nonpriority
unsecured Claims less than or equal to $10,000 or which the Holders
elect to reduce their Claims to $10,000) will be paid 50% of the
amount of their Allowed Claims on or soon after the Effective
Date.

The following is a general overview of certain material terms of
the Plan:

     * All Allowed Administrative Claims, Allowed Professional Fee
Claims, Allowed Priority Tax Claims, Allowed Other Secured Claims,
and Allowed Priority Claims will be paid or otherwise satisfied in
full as required by the Bankruptcy Code, unless otherwise agreed to
by the Holders of such Claims and the Liquidation Trustee.

     * Holders of Allowed CODI Claims will receive the Special
Beneficial Interest in full satisfaction of their Claims against
the Debtors and their estates and the Allowed DIP Claim is deemed
satisfied in connection with the CODI Settlement.

     * Holders of Allowed General Unsecured Claims will receive
General Beneficial Interests in full satisfaction of their Claims
against the Debtors and their estates.

     * Holders of Allowed Convenience Class Claims will receive 50%
of their Allowed Claims in Cash in full satisfaction of their
Claims against the Debtors and their estates.

     * Holders of Subordinated Claims will not receive or retain
any property or interest in property under the Plan on account of
such Subordinated Claims.

     * Holders of Intercompany Claims (i.e., Claims that could be
asserted by one Debtor against another Debtor) will not receive or
retain any property or interest under the Plan on account of such
Intercompany Claims.

     * All Equity Interests in the Debtors shall be deemed void,
cancelled, and of no further force and effect. On and after the
Effective Date, Holders of Equity Interests shall not be entitled
to, and shall not receive or retain any property or interest in
property under the Plan on account of such Equity Interests. The
Liquidation Trust will become the sole owner of the Post
Confirmation Debtor and will hold such ownership interest as a
Liquidation Trust Asset.

     * The Liquidation Trust will (a) sell, liquidate, transfer, or
otherwise dispose of the Liquidation Trust Assets, (b) pursue
Causes of Action for the collective benefit of all the Liquidation
Trust Beneficiaries, (c) wind down the Debtors and the
Post-Confirmation Debtor, and (d) make Distributions, all in
accordance with the Plan.

Class 4 consists of all General Unsecured Claims. Class 4 is
Impaired under the Plan and is entitled to vote on the Plan. Each
Holder of a General Unsecured Claim, in full satisfaction,
settlement, and release of and in exchange for such General
Unsecured Claim receives on the Effective Date its Pro Rata share
of the General Beneficial Interests in the Liquidation Trust.
Holders of General Beneficial Interests are entitled to GUC
Interest to the extent of the Liquidation Trust Available Cash, if
they receive Distributions equal to the full amount of their
Allowed General Unsecured Claims.

Each Contributing Creditor who executes any documents the
Liquidation Trustee reasonably requests to complete the
Contributing Creditor's transfer of its Contributed Claim to the
Liquidation Trust will be entitled to an additional Distribution
(that does not count against any other Distribution) on account of
that Contributing Creditor's General Beneficial Interest equal to
that Contributing Creditor's Pro Rata portion of 10% of the Net
Proceeds of all Causes of Action against GT, net of the CODI share
of those Net Proceeds under Section 3.02(c)(v), not to exceed the
amount of that Contributing Creditor's Allowed General Unsecured
Claim, provided that (i) the Contributing Creditor certifies on its
Ballot or its Contribution Form under penalty of perjury that the
Contributed Claim is colorable and supportable by evidence and (ii)
the Liquidation Trustee (in consultation with the Liquidation Trust
Oversight Board) independently and reasonably confirms that the
Contributed Claim is colorable and supportable by evidence.

Class 5 consists of all Convenience Class Claims. Class 5 is
Impaired under the Plan and is entitled to vote on the Plan.
Convenience Class Claims are any Claim that would otherwise be a
General Unsecured Claim but, with respect to any such Claim, the
applicable Claim either (a) is in an amount less than or equal to
$10,000 or (b) is reduced to $10,000 pursuant to a Convenience
Class Election.

Each Holder who makes a Convenience Class Election is deemed to
have voted to accept the Plan irrespective of any vote to reject
the Plan reflected on a Ballot that also reflects a Convenience
Class Election. Each Holder of an Allowed Convenience Class Claim,
in full satisfaction, settlement, and release of and in exchange
for such Allowed Convenience Class Claim, on or as soon as
reasonably practicable after the later of the Effective Date and
the date on which such Convenience Class Claim becomes an Allowed
Claim, receives Cash from the Liquidation Trust in the amount equal
to 50% of its Allowed Convenience Class Claim.

The Plan provides for the distribution of the proceeds of the
liquidation of all Estate Assets to various Creditors as
contemplated under the Plan and for the wind up of the Debtors'
corporate affairs. More specifically, the Plan provides for the
creation and funding of a Liquidation Trust to administer and
liquidate all remaining property of the Debtors (other than Tax
Refunds), including the Liquidation Trust Actions, and the
implementation of the CODI Settlement.

A full-text copy of the Disclosure Statement dated June 24, 2026 is
available at https://urlcurt.com/u?l=1S90sh from Omni Agent
Solutions, Inc., claims agent.

Counsel to the Debtors:             

                     Edmon L. Morton, Esq.
                     Sean M. Beach, Esq.
                     Timothy R. Powell, Esq.
                     Benjamin C. Carver, Esq.
                     YOUNG CONAWAWY STARGATT & TAYLOR, LLP
                     Rodney Square
                     1000 North King Street
                     Wilmington, Delaware 19801
                     Tel: (302) 571-6600
                     Fax: (302) 571-1253
                     Email: emorton@ycst.com
                            sbeach@ycst.com
                            tpowell@ycst.com
                            bcarver@ycst.com
                     
                     -and-

                     Tobias S. Keller, Esq.
                     Traci L. Shafroth, Esq.
                     Scott Friedman, Esq.
                     KELLER BENVENUTTI KIM LLP
                     101 Montgomery Street, Suite 1950
                     San Francisco, California 94104
                     Tel: (415) 496-6723
                     Fax: (650) 636-9251
                     Email: tkeller@kbkllp.com
                            tshafroth@kbkllp.com
                            sfriedman@kbkllp.com

               About Lugano Diamonds & Jewelry Inc.

Lugano Diamonds & Jewelry, Inc. designs, manufactures, and retails
high-end jewelry, offering rings, necklaces, earrings, bracelets,
and brooches produced through an in-house workshop and a network of
specialized vendors. It operates boutiques in affluent and
destination markets such as Newport Beach, Aspen, Houston, Palm
Beach, Chicago, and Ocala, and also sells through equestrian events
and pop-up showrooms.

Lugano Diamonds & Jewelry and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 25-12055) on November 16, 2025. The affiliates that filed for
Chapter 11 separately are Lugano Buyer Inc. (Case No. 25-12052),
K.L.D. Jewelry LLC (Case No. 25-12053), Lugano Prive LLC (Case No.
25-12054), and Lugano Prive LLC (Case No. 25-12056).

In its petition, Lugano Diamonds & Jewelry reported assets of
between $100 million and $500 million and liabilities of between
$500 million and $1 billion. J. Michael Issa, chief restructuring
officer, signed the petition.

Judge Brendan Linehan Shannon presides over the cases.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Keller
Benvenutti Kim, LLP as bankruptcy counsel; GlassRatner Advisory &
Capital Group, LLC as restructuring advisor; and Armory Securities,
LLC as investment banker. Omni Agent Solutions, Inc. is the
Debtors' claims, noticing and administrative agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Pachulski Stang Ziehl & Jones, LLP as legal
counsel and Force Ten Partners, LLC as financial advisor.


MAD ENGINE: S&P Raises ICR to 'B-' on Performance, Debt Repayment
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating to 'B-' from
'CCC+' on U.S.-based Mad Engine Global LLC.

Following the upgrade, S&P subsequently withdrew the rating at the
issuer's request.

Mad Engine Global LLC refinanced its capital structure, eliminating
near-term default risk. The company's performance has improved such
that S&P expects positive sustained cash flow generation and higher
EBITDA going forward.

As a result, S&P no longer views the capital structure as
unsustainable and raised its issuer credit rating to 'B-' from
'CCC+'.

S&P said, "We no longer view Mad Engine's capital structure as
unsustainable. The company used proceeds from its refinancing to
fully repay its existing senior secured debt. As operations have
improved--including sustained positive free operating cash flow
(FOCF) generation and EBITDA growth from higher sales and
cost-savings initiatives--we no longer view the capital structure
as unsustainable."

The company reported about 15% sales growth for the last 12 months
ended March 31, supported by strong growth in the mass and
off-price channels from new category expansions, holiday demand,
and introduction of fashion and club channels. Profitability has
improved by over 600 basis points (bps) over the last four years
from cost-control initiatives, including sourcing changes, vendor
consolidation, and headcount reductions in favor or automation. S&P
believes organic volume growth will be supported by a stable demand
environment and the company implemented further initiatives
expected to reduce distribution and product costs in 2026. These
factors support sustained improvement in credit metrics.



MARRIOTT OWNERSHIP: Moody's Alters Outlook on 'B1' CFR to Negative
------------------------------------------------------------------
Moody's Ratings affirmed the ratings of Marriott Ownership Resorts,
Inc. (Marriott Vacations) including its B1 Corporate Family Rating,
B1-PD Probability of Default Rating, Ba1 Senior Secured Bank Credit
Facility Ratings and B2 Backed Senior Unsecured Ratings. Moody's
also changed the outlook to negative from stable. The SGL-2
speculative grade liquidity rating is unchanged.

The change in outlook to negative reflects performance that has
been weaker than Moody's expectations and sustained debt/EBITDA
above 6.0x. Earnings for the last 12 months ("LTM") ended March 31,
2026  declined because of weak sales execution, inability to expand
earnings in exchange and rental businesses and the continued
negative impact of high interest rates in the financing business.
Debt/EBITDA for the 12 months ended March 31, 2026 was
approximately 7.0x including asset backed securities debt. The
company appointed new senior management starting in February 2026,
including the CEO, President and COO positions and other senior
management roles. Moody's expects that significant changes will
occur at the company but related performance improvements at this
stage are limited and macroeconomic conditions are challenging.  

RATINGS RATIONALE

Marriott Vacations' B1 CFR benefits from its strong brand presence
in the upscale segment of the timeshare industry, its geographic
diversity, and the portion of its earnings derived from recurring
and fee-based sources such as resort management and exchange,
rentals and consumer finance. The company also benefits from its
position as one of the largest vacation ownership companies in
terms of revenue, number of owners and timeshare exchange network
membership. Its supportive business profile is balanced by
lackluster sales results and ineffective growth strategies in
recent years. Lower earnings and a higher debt balance have
increased debt/EBITDA to approximately 7.0x at LTM March 31, 2026.
EBITDA for this same period trails that achieved in 2024 by the
mid-single digits while adjusted debt including asset backed
securities increased by 6%. During this period, Marriott Vacations
net revenue growth has been close to 1% while industry peers have
been in excess of 4%.

With new executive management in place, Moody's expects changes to
the company's growth and sales and marketing strategies, intended
to positively inflect the company's financial performance. For
example, Moody's expects projects for the development of new
properties to be scaled back and investments in the sales force and
go to market strategies. If well executed and macroeconomic
headwinds do not strengthen, the new management's plans provide a
framework for improved financial performance. Under the revised
sales strategies, global contract sales increased 8% on a
year-over-year basis in April 2026. However, it remains uncertain
whether the updated sales practices will drive strong growth
quarter in and quarter out in upcoming years and how the
performance of the loan portfolio will be impacted.

The negative outlook reflects the execution risk in the new
management team's strategy designed to materially increase sales
and the performance of credit losses on the loan portfolio. The
negative outlook also reflects the potential for debt/EBITDA to
remain elevated above 6.5x.

Moody's expects the company to maintain good liquidity. Marriott
Vacations SGL-2 reflects its good cash balance of $268 million and
$478 million of availability under the $800 million committed
revolving credit facility as of March 31, 2026. Marriott Vacations
also maintains a $500 million non-recourse warehouse facility for
vacation ownership interest loans which had $157 million of
availability as of March 31, 2026.  

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if debt/EBITDA, inclusive of
securitized debt, is sustained above 6.5x or there is weakening in
the performance of the vacation ownership notes receivable
portfolio. A downgrade could also occur if EBITDA/interest expense,
including treating financing expense as interest expense,
approaches 2.0x or liquidity weakens. Ratings could be upgraded if
Marriott Vacations reduces debt/EBITDA, inclusive of securitized
debt, towards 5.25x, sustains improved performance in the vacation
ownership notes receivable portfolio and EBITDA/interest expense,
including financing expense as interest expense approaches 3.0x.

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

Marriott Ownership Resorts, Inc., a subsidiary of Marriott
Vacations Worldwide Corporation, is one of the largest vacation
ownership and timeshare exchange companies. The company develops,
markets, sells and/or manages vacation ownership properties under
brands including the Marriott Vacation Club, Westin Vacation Club,
Sheraton Vacation Club, Grand Residences by Marriott, Hyatt
Residence Club and The Ritz-Carlton Residences brand. Marriott
Vacations has a portfolio of approximately 120 properties and has
the second largest timeshare exchange business with access to
approximately 3,200 resorts. Gross revenue in 2025 was about $5.0
billion.


MCCAMEY COUNTY HOSP: Moody's Rates New 2026 GOLT Bonds 'Ba2'
------------------------------------------------------------
Moody's Ratings has assigned a Ba2 General Obligation Limited Tax
(GOLT) rating to McCamey County Hospital District, TX's proposed
$13.9 million General Obligation Refunding Bonds, Series 2026.
Moody's maintain a B2 issuer rating and a Ba2 GOLT rating for the
district. The outlook is stable.

RATINGS RATIONALE

The B2 issuer rating reflects the district's very small scale,
rural location and modest market profile, reflected in declining
utilization and a limited, oil and gas - concentrated tax base that
is prone to assessed valuation volatility. Financial performance is
supported by sizable property tax receipts, which contribute nearly
half of total revenue.  Though the operating levy is beneficial,
financial flexibility is constrained as the district is approaching
its statutory property tax rate cap.  Management retains some
ability to reallocate tax revenue between operations and debt
service, which will provide opportunity to maintain financial
performance.  EBIDA is solid with margins in the high single-digit
range and liquidity is good with approximately 160 days cash on
hand, following several years of stable operations enabling the
organization to maintain liquidity. Debt service should decline
following the Series 2026 refunding, which will aid financial
flexibility and support maintenance of liquidity.  However,
persistent demographic challenges and a stagnant local economy will
continue to weigh on long-term growth prospects.

The Ba2 GOLT rating incorporates the district's rural economy,
below-average demographic profile, and dedicated property tax levy
to support the district's GOLT debt service, which supports a
higher GOLT rating than the issuer rating.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the district
will continue to generate EBIDA margins above 5%.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

-- Greater headroom under the tax cap that allows for greater
financial flexibility

-- Sustained increase of days cash above 200 days

-- Significant taxable value growth along with improved resident
income levels

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

-- Negative EBIDA

-- Materially weaker liquidity with days cash dropping below 50
days

-- Significant tax base contraction without sufficient tax levy
flexibility to offset property tax revenue declines

PROFILE

McCamey County Hospital District is a rural public healthcare
district in Upton County, Texas, and operates as a sole-community
provider. The district operates a 14-bed Critical Access Hospital,
a 30-bed non-skilled nursing facility, a rural health clinic, and a
wellness center, and the closest tertiary care center in Odessa or
Midland is approximately 52 miles away. In 2025, the district had
an estimated population of 1,825 residents.

METHODOLOGY

The principal methodology used in this rating was Not-for-profit
Healthcare published in May 2026.


MENTORING AND BEHAVIORAL: Case Summary & Two Unsecured Creditors
----------------------------------------------------------------
Debtor: Mentoring and Behavioral Services (MBS) LLC
        4321 Blvd Park S
        Mobile, AL 36609

Business Description: Mentoring and Behavioral Services (MBS)
provides Applied Behavioral Analysis therapy and individual
counseling therapy for children. The company operates in Mobile,
Alabama and Columbus, Georgia.

Chapter 11 Petition Date: June 29, 2026

Court: United States Bankruptcy Court
       Southern District of Alabama

Case No.: 26-11917

Judge: Hon. Jerry C Oldshue

Debtor's Counsel: Barry A Friedman, Esq.
                  BARRY A FRIEDMAN & ASSOCIATES, PC
                  Post Office Box 2394
                  Mobile, AL 36652-6652
                  Tel: 251-439-7400
                  Fax: 251-432-2665
                  E-mail: bky@bafmobile.com

Total Assets: $13,318

Total Liabilities: $1,351,625

The petition was signed by Pauline Henry as authorized
representative of the Debtor.

A full-text copy of the petition, which includes a list of the
Debtor's two unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/EQ4MXNY/Mentoring_and_Behavioral_Services__alsbke-26-11917__0001.0.pdf?mcid=tGE4TAMA


MIDDLE GEORGIA: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Middle Georgia Vascular Surgery Center L.L.C.
        1025 N. Houston Road
        Warner Robins, GA 31093

Business Description: Middle Georgia Vascular Surgery Center,
based in Warner Robins, Georgia, operates Middle Georgia Vascular
Surgery Center & Vein Solutions, a specialty medical practice
providing vascular surgery, vein treatment, dialysis access
procedures, wound care, and related vascular healthcare services.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       Middle District of Georgia

Case No.: 26-51113

Judge: Hon. Robert M Matson

Debtor's Counsel: David L. Bury, Jr., Esq.
                  STONE & BAXTER, LLP
                  577 Third Street
                  Macon, GA 31201
                  Tel: 478-750-9898
                  Fax: 478-750-9899
                  E-mail: dbury@stoneandbaxter.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Allison B. Burkett as manager.

A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/3R3B63I/Middle_Georgia_Vascular_Surgery__gambke-26-51113__0001.0.pdf?mcid=tGE4TAMA


MMA LAW: Updates Liquidating Plan Disclosures
---------------------------------------------
MMA Law Firm, PLLC, submitted a Second Amended Disclosure Statement
in support of Amended Joint Plan of Liquidation dated June 24,
2026.

This is a Plan of Liquidation. Upon the Effective Date, MMA Law
Firm, PLLC shall cease operations as an active law firm. The Plan
does not contemplate, and does not provide for, the Debtor
continuing as a going concern. The Debtor will not receive a
discharge.

Allison Byman is appointed as Plan Administrator as of the
Effective Date. The retention of certain former personnel as
Consultants is solely to assist the Plan Administrator in the
liquidation of prepetition assets and claims and shall not be
construed as a continuation of the Debtor's law firm operations in
any form.

Administrative Claims (Including Professional Fee Claims) total
$550,000.00. Except to the extent that a Holder of an Allowed
Administrative Claim and the Debtor agree to less favorable
treatment for such Holder, each Holder of an Allowed Administrative
Claim (including all Professional Fee Claims and Claims for fees
and expenses pursuant to Section 1930 of Chapter 123 of Title 28 of
the United States Code) shall be paid in full in cash on the later
of (a) the Effective Date, or (b) the date on which such
Administrative Expense Claim becomes an Allowed Administrative
Claim, or as soon as reasonably practicable thereafter.
Alternatively, all Allowed Administrative Claims (excluding
Professional Fee Claims and Claims for fees and expenses pursuant
to Section 1930) may be assumed by the Reorganized Debtor and paid
in the ordinary course.

The estimated amount of Administrative Claims set forth above
reflects estimated accrued and unpaid Professional Fee Claims and
other Administrative Claims as of the anticipated Effective Date
and does not include ongoing post-Effective-Date Permitted
Expenses, which are described in, and will be projected in the
Wind-Down.

Class 4 consists of any General Unsecured Claims against the
Debtor, including, for the avoidance of doubt, an Allowed General
Unsecured Claim of EAJF in the amount of $17,000,000.00 pursuant to
the terms of the EAJF Settlement. Except to the extent agreed
otherwise in writing by such Holder, each Holder of an Allowed
General Unsecured Claim shall receive, in full and final
satisfaction of such Claim, such Holder's Pro Rata Share of the GUC
Funds.

"GUC Funds" means all proceeds of Estate assets held or received at
any time by the Plan Administrator, including those proceeds that
are not EAJF Funds, after (i) satisfaction of all Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed Other
Priority Claims, and Allowed Other Secured Claims, and (ii) payment
of Permitted Expenses (including any appropriate Reserves for
anticipated Permitted Expenses). The Plan Administrator shall
continue to prosecute Causes of Action until all claims are either
determined to be not cost effective or have been resolved.
Distributions shall be made on no less than a bi-annual basis.

Class 4 is Impaired. The allowed unsecured claims total
$27,000,000.00 (including EAJF's $17,000,000.00 Allowed GUC). This
Class will receive a distribution of $0.00 to $5,000,000.00.

Class 5 consists of any Interests in the Debtor. Because this is a
Plan of Liquidation, all Equity Interests shall be extinguished as
of the Effective Date. Holders of Equity Interests shall receive no
distribution on account of such Interests unless and until all
Holders of Allowed Claims in Classes 1 through 4 have been paid in
full. Upon payment in full of all Allowed Claims and satisfaction
of all wind-down expenses and obligations of the Estate, any
remaining funds shall be distributed to Holders of Allowed Equity
Interests in Class 5 in accordance with their respective membership
interests.

The Plan is a Plan of Liquidation. Upon the Effective Date, MMA Law
Firm, PLLC shall cease active law firm operations. The Debtor shall
not undertake any new client engagements, enter into any new fee
agreements, or otherwise operate as an active law firm from and
after the Effective Date. Any actions taken after the Effective
Date shall be limited to those reasonably necessary to preserve,
liquidate, and monetize existing Estate assets and to wind down the
Debtor's affairs.

The Debtor discloses that the enforceability of a non-consensual
stay of actions against the Stay Parties in their individual or
personal capacities is contested and subject to material legal
risk, and that the Court may decline to approve disclosure of, or
to confirm, a plan containing such a provision. Holders of Claims
and Interests should consider this risk in evaluating the Plan. The
Debtor believes that the relief is supported by adequate
consideration in the form of the continued availability and below
market rate compensation agreed to by the Stay Parties. The Debtor
believes that the independent, adequate consideration sufficiently
supports the institution of the stay.

The Debtor further discloses that the EAJF Settlement, as approved
by the 9019 Order, preserves EAJF's guaranty and related claims
against Mr. Moseley. The stay set forth in this Section does not
release, discharge, or impair those preserved claims. The Debtor
reserves the right, in a further amended Plan, to remove this
provision, to restructure it as a consensual mechanism binding only
those creditors who affirmatively opt in, or to seek any temporary
injunctive relief through a separate adversary proceeding under
Bankruptcy Rule 7065 and Section 105(a) of the Code upon a proper
evidentiary showing.

The Plan further provides that, during the Stay Period, all
applicable statutes of limitation and repose, and any laches or
delay-based defense, are tolled as to any claim that is stayed
under the Plan, and that the holder of any such stayed claim shall
have until the later of the original limitations or repose period
or sixty days after the stay terminates to commence its claim. This
tolling is for the benefit of the holders of the stayed claims,
including EAJF's preserved guaranty and related claims against Mr.
Moseley.

To assist Holders in understanding the sources and order of
distributions, and as further described in the Distribution
Waterfall, the EAJF Settlement allocates the proceeds of the
Estate's asset categories substantially as follows: (i)
seventy-five percent to EAJF and twenty-five percent to the Estate
with respect to the Mass Tort Dockets; (ii) ninety percent to EAJF
and ten percent to the Estate with respect to the Non-WP Cases; and
(iii) ninety-five percent to EAJF and five percent to the Estate
with respect to the WP Cases (each as defined in the EAJF
Settlement), in each case subject to the $25,000,000.00 cap on
EAJF's Secured Claim and the one-year deferral of EAJF's ninety
percent share of the proceeds of the Two Cases.

A full-text copy of the Second Amended Disclosure Statement dated
June 24, 2026 is available at https://urlcurt.com/u?l=H9EcXT from
PacerMonitor.com at no charge.

MMA Law Firm PLLC is represented by:

     Johnie Patterson, Esq.
     Walker & Patterson, P.C.
     P.O. Box 61301
     Houston, TX 77208-1301
     Tel: (713) 956-5577
     Fax: (713) 956-5570
     E-mail: jjp@walkerandpatterson.com

                    About MMA Law Firm, PLLC

MMA Law Firm, PLLC is a Houston-based law firm specializing in
insurance claim management, negotiation and litigation.

MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No.
24-31596) on April 9, 2024, with $100 million to $500 million in
assets and $10 million to $50 million in liabilities. Zach Moseley,
a managing member, signed the petition.

Judge Eduardo V. Rodriguez oversees the case.

The Debtor tapped Johnie Patterson, Esq., at Walker & Patterson,
PC, as bankruptcy counsel; Andrew Gould, Esq., at Hicks Johnson,
PLLC as special counsel; and Kristin Lausten, Esq., at The Lausten
Group, PLLC as special Louisiana counsel.


MORA OAK: Court Extends Cash Collateral Access to July 27
---------------------------------------------------------
Mora Oak Park, LLC received another extension from the U.S.
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, to use cash collateral.

Under the sixth interim order, the Debtor is authorized to use cash
collateral through July 27 to pay its expenses in accordance with a
court-approved budget. This authorization terminates if the
Debtor's Chapter 11 case is dismissed or if the court orders the
use of cash collateral to stop.

The Debtor projects total operational expenses of $34,860 for
July.

The Debtor listed the U.S. Small Business Administration as a
primary secured creditor with a lien on its assets.

As protection for any use or diminution in the value of its
interests in the Debtor's pre-bankruptcy assets, the SBA will be
granted replacement liens on all post-petition property of the
Debtor, including cash collateral, with the same validity, priority
and extent as its pre-petition lien.

Additionally, the SBA will receive a monthly payment of $245.

The order is available at https://shorturl.at/rIrYa

The final hearing is set for July 24.

Mora Oak Park, LLC operates a restaurant, which generates
approximately $850,000 in annual revenue and employs 15 to 20 staff
members.

                       About Mora Oak Park LLC

Mora Oak Park, LLC operates an upscale Japanese restaurant in Oak
Park, Illinois.

Mora Oak Park filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03137) on
February 23, 2026. In the petition signed by Christine M Cancel,
managing member, the Debtor disclosed up to $50,000 in assets and
up to $500,000 in liabilities.

Judge Nancy A. Peterman oversees the case.

David R. Herzog, Esq., at the Law Office Of David R. Herzog, LLC,
and Tang & Associates Law Office, LLC serve as the Debtor's
bankruptcy counsel.

Matthew Brash of Newpoint Advisors Corporation serves as Subchapter
V trustee for the Debtor.


MTF HOLDINGS: Appointment of Chapter 11 Trustee Sought
------------------------------------------------------
Subway Real Estate, LLC, Subway Realty, LLC and Doctor's Associates
LLC asked the U.S. Bankruptcy Court for the Eastern District of
Pennsylvania to appoint a Chapter 11 trustee in MTF Holdings, LLC
and affiliates' bankruptcy cases.

Doctor's Associate is the franchisor of Subway(R) sandwich shops
and is engaged in the highly competitive quick service restaurant
market in the United States.

The Debtors, either directly or through their manager and member
Michael Fay are franchisees within the Subway(R) franchise system.
As of the petition date, the Debtors operated 43 Subway(R)
restaurants in Pennsylvania, New Hampshire, Maine and Virginia.

Matthew Wilson, Esq., attorney for the Subway creditors, argued
that the factors under Section 1104(a)(2) strongly support
appointing a Chapter 11 trustee in the Debtors' Chapter 11 cases.
He claimed that creditors have lost confidence in Mr. Fay because
of his post-petition conduct, including his alleged
misappropriation and retention of $500,175.39 in merchant
settlements.

Those funds belong to another franchisee and were mistakenly routed
by the payment processor for the Subway(R) restaurants to the bank
account of MTF Network, LLC, a non-debtor affiliate wholly owned by
Mr. Fay. Mr. Fray has allegedly refused to return those funds
despite the efforts of the Subway creditors and the payment
processor over the last four months, according to the attorney.

Mr. Wilson also argued that the Debtors cannot realistically
reorganize as Subway franchisees because they cannot assume the
franchise agreements without Doctor's Associates' consent and that
the benefits of appointing an independent Chapter 11 trustee to
oversee the sale of the restaurants outweigh the costs of such an
appointment.

"While the appointment of a trustee may add a layer of
administrative expenses, the creditor body will benefit in the
confidence they will have with an independent fiduciary in control
of the Debtors to properly run the sale process," the attorney
said.

A court hearing is scheduled for July 14.

The Subway creditors can be reached through:

     Fisher Zucker, LLC
     Matthew D. Wilson, Esq.
     21 S. 21st Street
     Philadelphia, PA 19103
     Telephone: 215-825-3110
     Fax: 215-825-3101
     Email: mwilson@fisherzucker.com

     Glenn D. Moses, Esq.
     Venable, LLP
     801 Brickell Avenue, Suite 1500
     Miami, Florida 33131
     Telephone: 305-372-2522
     Fax: 305-349-2310
     Email: gmoses@venable.com

                         About MTF Holdings

MTF Holdings, LLC is a privately held investment holding company
that manages strategic investments across real estate, corporate
equity, and alternative asset classes. The company is based in
Lancaster, Pa., and engages in allocating capital and providing
oversight to its portfolio businesses.

MTF Holdings and five affiliates sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Lead Case No.
26-10236) on January 21, 2026. At the time of the filing, MTF
Holdings listed between $500,001 and $1 million in assets and
between $1 million and $10 million in liabilities.

Judge Patricia M. Mayer oversees the cases.

The Debtors are represented by:

   Albert Anthony Ciardi, III, Esq.
   Ciardi Ciardi & Astin
   1905 Spruce Street
   Philadelphia, PA 19103
   Tel: 215-557-3550


NATIONAL REALTY: Trust Has Standing to Appeal Bankruptcy Decision
-----------------------------------------------------------------
The Hon. Claire C. Cecchi of the U.S. District Court for the
District of New Jersey denied the motion of Javier Torres and Media
Effective LLC ("Appellees") to dismiss AIRN Liquidation Trust Co.,
LLC's appeal from the decision of the U.S. Bankruptcy Court for the
District of New Jersey on Count III in the adversary proceeding
captioned as AIRN LIQUIDATION TRUST CO., LLC, Plaintiff v. MEDIA
EFFECTIVE LLC, et al., Defendants, Adversary Case No. 23-1335
(D.N.J.).

The Bankruptcy Court, Hon. John K. Sherwood, confirmed the Amended
Chapter 11 Plan of National Realty Investment Advisors and its
Affiliated Debtors, on August 10, 2023, which created the Trust
("Appellant") as the successor to the Debtors' bankruptcy estates
for purposes of liquidating real estate assets and pursuing
litigation.

On January 26, 2024, the Trust filed a nine-count amended complaint
against Appellees and other individuals based upon allegations that
Torres:

   (1) defrauded innocent investors by knowingly promoting NRIA's
fraudulent statements in the media; and

   (2) deceived NRIA by charging an egregious commission for work
largely done by a third-party vendor.

After a five-day preliminary injunction hearing, which the parties
later consented to consolidate with a trial on the merits, Judge
Sherwood held that the Trust prevailed on many of its claims and
awarded the Trust $4,605,112.16 plus pre- and post-judgment
interest. However, Judge Sherwood ruled that no relief was
warranted under Count III, Plaintiff's aiding and abetting
securities fraud claim under New Jersey law, because the Trust
failed to prove that Appellees acted as agents to effectuate the
purchase and sales of securities.

In October 2024, the Trust appealed the bankruptcy court's decision
on Count III.  Appellees filed their Motion to Dismiss this appeal,
arguing that the Trust lacked prudential standing to appeal Judge
Sherwood's decision.

The Court will deny Appellees' Motion to Dismiss the appeal,
because the challenged bankruptcy-court decision directly
diminishes the Trust's property. In the challenged decision, Judge
Sherwood held that the Trust failed to prove that Mr. Torres and
Media Effective (i.e., Appellees) acted as agents to effectuate the
purchase and sales of securities and therefore no relief was
warranted under Count III, Plaintiff's aiding and abetting
securities fraud claim under New Jersey law. In so holding, Judge
Sherwood extinguished one of the Trust's legal claims. And because
there can be little doubt that a legal claim is property within the
meaning of the Bankruptcy Code, Judge Sherwood's decision clearly
diminished the Trust's property. Therefore, the Court concludes the
Trust has standing to pursue this appeal.

A copy of the Court's Opinion & Order dated June 25, 2026, is
available at https://urlcurt.com/u?l=uZAPRj from Pacermonitor.com.

                About National Realty Investment

National Realty Investment Advisors, LLC is a luxury-homes
developer based in Secaucus, N.J.

National Realty Investment Advisors and 102 affiliates, including
NRIA Partners Portfolio Fund I, LLC, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No.
22-14539) on June 7, 2022.  

In the petition filed by its independent manager, Brian Casey,
National Realty Investment Advisors listed up to $50,000 in both
assets and debt. NRI Partners Portfolio listed assets between $50
million and $100 million and liabilities between $500 million and
$1 billion.

Judge John K. Sherwood oversees the cases.

S. Jason Teele, Esq., at Sills Cummis & Gross P.C., is the Debtors'
counsel.  Omni Agent Solutions is the claims and noticing agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors on June 30, 2022. The committee is
represented by Ice Miller, LLP.


NATIONAL ROAD: Claims to be Paid from Income & Capital Contribution
-------------------------------------------------------------------
National Road Logistics, LLC filed with the U.S. Bankruptcy Court
for the Central District of California an Original Disclosure
Statement describing Chapter 11 Plan dated June 24, 2026.

National Road Logistics, LLC is an asset-based logistics provider
operating in Southern California, including the Port of Los
Angeles–Long Beach market.  

The Debtor provides integrated drayage, transload, warehousing, and
over-the-road transportation services to freight forwarders and
direct shippers. Its services include the movement of imported and
domestic freight among ports, rail facilities, warehouses,
distribution centers, and final destinations.

Beginning in approximately the second quarter of 2025, the Debtor's
revenue declined materially. Revenue thereafter stabilized at
approximately $1.0 million to $1.2 million per month, which
management believes reflects the current operating baseline of the
business. One such sweep was approximately $832,000, and with
subsequent sweeps totaled approximately $1.056 million. These
actions materially impaired the Debtor's near-term liquidity and
operating capacity.

Faced with legacy real-estate and operating obligations, creditor
enforcement activity, litigation, and insufficient liquidity to
satisfy obligations as they became due while preserving operations,
the Debtor commenced this Chapter 11 case on April 6, 2026. The
purpose of the Chapter 11 case is to address these liabilities in
an orderly manner, preserve the Debtor's going concern value,
maintain customer relationships and operations, and position the
business for a stable and sustainable path forward.

The Plan is proposed as an operating reorganization. The
Reorganized Debtor will continue its transportation, drayage,
transload, warehousing, and logistics operations. Payments under
the Plan will be funded from ordinary-course operating revenue,
projected disposable income, available cash, and the contribution.

Class 4-A is the administrative-convenience class of General
Unsecured Claims. It includes all Allowed nonpriority unsecured
claims against the Debtor that are not otherwise classified under
the Plan and that are in an Allowed amount of $100,000.00 or less
per holder. Holders of Allowed Class 4-A Claims will receive a
single lump-sum cash payment on or within thirty days after the
Effective Date. The amount of the payment will equal the greater
of: (a) ten percent of the Allowed amount of the Claim; or (b) the
lesser of $1,000.00 or the Allowed amount of the Claim.

Thus, a holder of an Allowed Class 4-A Claim of $10,000.00 or less
will receive the lesser of $1,000.00 or the Allowed amount of its
Claim, while a holder of an Allowed Class 4-A Claim exceeding
$10,000.00 will receive ten percent of its Allowed Claim. In no
event will a Class 4-A distribution exceed the Allowed amount of
the applicable Claim. Payment constitutes full satisfaction of the
Class 4-A Claim, and the holder will have no further right to
receive distributions under the Plan on account of that Claim.

Class 4-A is impaired. Holders of Allowed Class 4-A Claims are
entitled to vote to accept or reject the Plan. The Plan presently
estimates aggregate Class 4-A distributions of $179,798.52. That
estimate may change depending on the amount of Allowed Class 4-A
Claims, including the allowance, disallowance, amendment,
liquidation, estimation, or reclassification of Claims.

Class 4-B consists of all Allowed nonpriority unsecured claims
against the Debtor that are not otherwise classified under the Plan
and that are in an Allowed amount exceeding $100,000.00 per holder.
Holders of Allowed Class 4-B Claims will receive quarterly
distributions beginning in the first calendar quarter following the
Effective Date and continuing throughout the Plan term.

The Plan provides for aggregate distributions to Class 4-B of not
less than $1,492,045.75 over the Plan term, with a projected
quarterly distribution of $74,602.29, subject to adjustment of the
final quarterly payment and the terms of Exhibit D. Class 4-B
distributions are funded from available cash after payment or
provision for ordinary-course operating expenses, secured-claim
payments, priority claims, administrative claims, United States
Trustee fees, and reasonable operating reserves.

The Plan is a base-plan and pot-plan arrangement. Additional
operating cash, recoveries, contributions, expense savings, and
other funds available under the Plan may be added to the Class 4-B
distribution fund and distributed pro rata to holders of Allowed
Class 4-B Claims. The stated recovery percentage for Class 4-B is
an estimate only and is not a guaranteed percentage recovery.
Actual recovery may vary based on the amount of Allowed Class 4-B
Claims and additional funds available for distribution.

Class 5 consists of the membership interests in the Debtor. Class 5
is impaired. Existing membership interests will receive no
distribution on account of those interests, but the existing owner
will retain the membership interests and continue operating the
Reorganized Debtor.

Paul Dukesherer will contribute approximately $179,798.52 in non
estate funds to the Reorganized Debtor or the Disbursing Agent on
the Effective Date. The contribution may be funded through third
party financing, borrowing secured by exempt or other non-estate
assets, cash, or a combination of those sources. It is separate
from projected operating income and will be available for
distributions to holders of Allowed Class 4-B Claims after payment
of amounts otherwise required under the Plan. The Plan
characterizes the contribution as new value in exchange for
retention of membership interests and continued operation of the
Reorganized Debtor. Failure to make the contribution on the
Effective Date constitutes a material default under the Plan.

The Plan will be funded through ordinary-course operational
revenue, projected disposable income, and available cash on hand as
of the Effective Date. The Debtor's projected Effective Date
liquidity is a good-faith estimate based on anticipated operating
cash flow; it is not a representation that unrestricted funds are
presently held in a segregated account in a fixed amount.

In addition, Paul Dukesherer will make the approximately
$179,798.52 capital contribution on the Effective Date. That
contribution is separate from projected operating income, is
intended to supplement Plan feasibility, and will provide
additional distributions to holders of Allowed Class 4-B Claims.

A full-text copy of the Original Disclosure Statement dated June
24, 2026 is available at https://urlcurt.com/u?l=gCSyk6 from
PacerMonitor.com at no charge.

General Bankruptcy Counsel for the Debtor:
   
     Anerio Ventura Altman, Esq.
     Jay K. Chien, Esq.
     Lake Forest Bankruptcy II, APC
     P.O. Box 515381
     26632 Towne Centre Drive #300
     Foothill Ranch, CA 92610
     Tel: (949) 218-2002
     E-mail: avaesq@lakeforestbkoffice.com

                 About National Road Logistics

National Road Logistics, LLC, operates as a transportation and
logistics company.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-13324) on April
6, 2026.  In the petition signed by Paul Dukesherer, president, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.

Anerio Ventura Altman, at Lake Forest Bankruptcy, is serving as the
Debtor's legal counsel.


NEGRONI BRICKELL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Negroni Brickell LLC
          d/b/a Negroni Bistro & Sushi Bar
        4770 Biscayne Blvd Suite 100
        Miami FL 33137

Business Description: Negroni Brickell LLC, doing business as
Negroni Brickell, operates a Miami restaurant and sushi bar in the
city's Brickell neighborhood, offering globally inspired cuisine,
sushi, cocktails and private dining for local diners, business
customers and visitors.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 26-18741

Debtor's Counsel: Jacqueline Calderin, Esq.
                  AGENTIS PLLC
                  45 Almeria Avenue
                  Coral Gables, FL 33134
                  Tel: (305) 722-2002
                  E-mail: jc@agentislaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Albert Llodra as chief restructuring
officer.

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/YLX4VDA/Negroni_Brickell_LLC__flsbke-26-18741__0001.0.pdf?mcid=tGE4TAMA


NEGRONI BRICKELL: Seeks Subchapter V Bankruptcy in Florida
----------------------------------------------------------
On July 1, 2026, Negroni Brickell LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Florida. According to court filings, the Debtor reports between
$1 million and $10 million in liabilities owed to 1-49 creditors.

             About Negroni Brickell LLC

Negroni Brickell LLC is a Miami, Florida-based full-service
restaurant operating Negroni Bistro & Sushi Bar in the city's
Brickell neighborhood. The restaurant specializes in Nikkei sushi
and international comfort cuisine and continues to operate
following the bankruptcy filing, with scheduled promotional events
and holiday celebrations throughout July 2026. The Negroni brand
originated in Buenos Aires' Palermo Hollywood district before
expanding into South Florida.

Negroni Brickell LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. Case No. 26-18741) on July 1,
2026. In its petition, the Debtor reported estimated assets of $1
million to $10 million and estimated liabilities of $1 million to
$10 million.

The Debtor is represented by Jacqueline Calderin, Esq. and Jesse R.
Cloyd. Carol Lynn Fox is appointed as Subchapter V Trustee.


NEPTUNE BIDCO: S&P Upgrades ICR to 'B', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised its ratings on Neptune Bidco US Inc. (dba
Nielsen), including the issuer credit rating, to 'B' from 'B-'.

The stable outlook reflects S&P's expectation that Nielsen will
generate increasingly positive FOCF as it benefits from earlier
cost-reduction actions and revenue growth tied to its streaming,
advertising solutions, and Gracenote businesses.

Nielsen is making good progress reducing leverage and improving
free operating cash flow (FOCF) with expanding profit margins.
S&P Global Ratings expects Nielsen will improve its FOCF to debt to
about 3% this year, followed by further growth in 2027.

Nielsen is materially strengthening its credit profile. Nielsen
recently optimized its capital structure by refinancing high-cost
second-lien debt, significantly reducing its annual cash interest
burden. Meanwhile, earnings growth enabled by operational
efficiency improvements is reducing leverage and driving greater
cash flow generation.

S&P said, "We project FOCF to debt will reach 3% in 2026, with
further improvement next year. S&P Global Ratings-adjusted gross
leverage will remain elevated at 7.6x in 2026; accruing preferred
shares included in our debt calculation add about 2x to our
leverage measure. Lower interest and restructuring expenses as well
as debt repayment are strengthening cash flow and deleveraging. We
believe Nielsen's financial policy supports maintaining lower
leverage compared with historical levels (9.7x in 2024 and 8.4x in
2025). Consequently, we have revised our financial policy modifier
to 'FS-6' from 'FS-6 (minus)'."

Nielsen is shifting successfully toward streaming and nonlinear
measurement products. The company is capturing the transition from
linear to streaming media by expanding its footprint in high-growth
areas such as connected TV (CTV), free ad-supported streaming
television (FAST) channels, and AI-driven analytics.Good growth in
streaming, ad intel, and Gracenote is offsetting secular declines
in its niche segment (which includes local TV, audio, and
international) and should enable about 2% consolidated organic
growth this year.

S&P said, "In 2027, we think continued momentum in growth verticals
will accelerate revenue growth to about 3.5%. Our view reflects
expected growth in CTV consumption, which continues to take share
of audience viewership and advertising from linear television."

Earlier this year, Nielsen renewed its partnership with Disney and
expanded its coverage to include the company's full suite of
streaming services. It also secured multiyear agreements with A&E
Television Networks and Univision. Its ability to renew and expand
partnerships reflects its position as the industry standard
third-party measuring service and will lead to sustained growth.

Demand for Gracenote's metadata will persist amid increasing
adoption of AI-enabled tools and services. By integrating
Gracenote's metadata into real-time programmatic workflows, the
company is capturing higher-margin revenue from the shift toward
streaming and live sports. This growth is supported by improved
revenue visibility, as evidenced by the expansion of multiyear,
cross -platform agreements with major media companies such as
Disney, Netflix, and Univision.

Earlier cost reduction initiatives are significantly improving
profitability. S&P said, "Our forecast for 2026 reflects more than
550 basis points (bps) of EBITDA margin improvement in 2026,
resulting from its improved cost base as well as declining
restructuring expenses related to business optimization
initiatives, which we do not add back to EBITDA. We also forecast
another 120 bps of margin improvement in 2027 as Nielsen scales
revenue faster than costs and its revenue mix shifts toward
higher-margin streaming and AI-related services."

S&P said, "We think Nielsen can keep operating expenses largely
flat based on its high fixed-cost structure and pursuit of
efficiency opportunities. Meanwhile, the company has largely
concluded its intensive restructuring programs, and we anticipate
declining nonrecurring costs. Its improved profitability should
support strengthening cash flow, resulting in our forecast for
unadjusted FOCF of about $380 million in 2026, improving to around
$550 million in 2027.

"The stable outlook reflects our expectation that Nielsen will
continue to reduce leverage through earnings growth and debt
repayment. Expansion in growth verticals (streaming, ad solutions,
and Gracenote) will more than offset modest declines in niche
segments (local TV, audio, and international). We expect
strengthening cash generation supported by earlier cost reduction
initiatives and lower interest costs. Although credit measures will
continue to improve, we expect Nielsen will maintain a highly
leveraged capital structure, with FOCF to debt sustained below 5%
and debt to EBITDA above 5x.

"We could lower the rating if execution challenges or emerging
competition threaten the company's status as the industry standard
third-party audience measurement provider." These risks would
likely be indicated by:

-- Stalling organic growth within its streaming and ad solutions
offerings and declining revenue in its core TV measurement
vertical;

-- Contracting profit margins relative to our base case, with
deteriorating cash flow prospects; or

-- Deleveraging progress slowing or reversing, such that S&P no
longer expect FOCF to debt sustained above 3%.

S&P could raise its rating on Nielsen if it improves credit metrics
and demonstrates successful execution with sustained growth in its
streaming measurement segment, evidenced by meaningful expansion in
market share. These would be indicated by:

-- S&P Global Ratings-adjusted FOCF to debt approaching 5% or
leverage approaching 6.5x; and

-- Sustained organic revenue growth of over 3% annually and
expanding EBITDA margins.



NEW ENGLAND INVESTMENT: Seeks Subchapter V Bankruptcy in Mass.
--------------------------------------------------------------
On June 30, 2026, New England Investment Holding Corp. filed for
Chapter 11 protection in the U.S. Bankruptcy Court for the District
of Massachusetts. According to the court filing, the Debtor reports
between $100,000 and $500,000 in debt owed to 1–49 creditors.

The filing follows a foreclosure action initiated by Greenfield
Cooperative Bank involving the company's principal real estate
asset.

           About New England Investment Holding Corp.

New England Investment Holding Corp. is a Charlemont,
Massachusetts-based lessor of nonresidential real estate. The
company's primary asset is a 142-acre commercial property located
at 300 Zoar Road in Charlemont, which it manages as part of its
real estate operations.

New England Investment Holding Corp. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. Case No. 26-30429) on June 30,
2026. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $100,000
and $500,000.

The Debtor is represented by Louis S. Robin, Esq. of the Law
Offices of Louis S. Robin.


NFUZE LLC: Seeks Subchapter V Bankruptcy in Illinois
----------------------------------------------------
On June 30, 2026, NFuze LLC filed for Chapter 11 protection in the
U.S. Bankruptcy Court for the Southern District of Illinois.
According to court filings, the Debtor reports between $100,000 and
$500,000 in debt owed to 1-49 creditors.

Government Proofs of Claim due by December 28, 2026; Chapter 11
Subchapter V Plan due September 28, 2026.

                About NFuze LLC

NFuze LLC is an Edwardsville, Illinois-based ambulatory wellness
and infusion therapy services provider offering IV hydration
treatments and GLP-1 weight loss therapy. The company continues
operating as a debtor-in-possession following the commencement of
its Chapter 11 case and an adversary proceeding initiated in May
2026.

NFuze LLC sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-30581) on June 30, 2026.
In its petition, the Debtor reports estimated assets of $50,000 to
$100,000 and estimated liabilities of $100,000 to $500,000.

Honorable Mary E. Lopinot handles the case.

The Debtor is represented by Jerry D. Graham, Jr., Esq. of JD
Graham PC.


NORTHERN HOSPITAL: S&P Affirms 'CCC' LT Rating on 2017 Bonds
------------------------------------------------------------
S&P Global Ratings revised the outlook to developing from negative
and affirmed its 'CCC' long-term rating on Northern Hospital
District of Surry County (NHDSC), North Carolina's (doing business
as Northern Regional Hospital) series 2017 bonds.

The outlook revision follows the June 15, 2026, adoption of an
asset purchase agreement (APA) under which substantially all of the
operating assets of Northern Regional Hospital would be sold to
Novant Health Northern Regional Medical Center LLC, a wholly owned
affiliate of Novant Health. S&P said, "As outlined in the APA, the
district would defease the series 2017 bonds, our only rated debt
on the district, using funds provided by Novant at or near the
anticipated closing. We expect to resolve the outlook upon the
defeasance of the bonds, at which point we would likely withdraw
the rating. We continue to view the stand-alone profile as
vulnerable given NHDSC's limited reserves and lack of track record
producing sufficient debt service coverage."

S&P said, "The outlook reflects our expectation that there is at
least a one-in-three chance we could change the rating within the
next year. The positive scenario reflects the pending asset
purchase agreement with Novant Health, while the negative scenario
reflects the district's financial vulnerabilities as a standalone
entity if the transaction does not close. We expect to resolve the
outlook upon the closing of the Novant transaction and the funding
of the defeasance escrow for the series 2017 bonds, which the
parties anticipate on or about Sept. 30, 2026.

"We could lower the rating if the transaction does not close, is
materially delayed, or is restructured such that the defeasance
does not occur as contemplated, particularly if the district's
liquidity and operating performance continue to deteriorate and
covenant pressure on the series 2017 bonds persists absent the
transaction.

"We would likely withdraw the rating following defeasance if the
district funds an irrevocable escrow sufficient to defease the
series 2017 bonds as expected."


OCEAN PARKWAY: Seeks to Extend Plan Exclusivity to Nov. 4
---------------------------------------------------------
Ocean Parkway BH 26 LLC asked the U.S. Bankruptcy Court for the
Eastern District of New York to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to Nov.
4, 2026 and Jan. 7, 2027, respectively.

The Debtor explains that an extension of the exclusive periods will
give the Debtor a reasonable opportunity to negotiate the
resolution of the claims filed in this case.

The Debtor claims that the requested extensions of the exclusivity
period to file a plan and disclosure statement will not harm any
economic stakeholder. Rather, the time will be used to negotiate a
resolution of claims filed in this case, in order to propose
feasible plan and disclosure statement, meeting requirements of
Section 1125 of the Bankruptcy Code.

The Debtor believes that sufficient cause exists to support the
requested extension of the exclusive periods.

The Debtor asserts that the extension of the exclusivity periods
will enable the Debtor to harmonize the diverse and competing
interests that exist and seek to resolve any conflicts in a
reasoned and balanced manner for the benefit of all parties in
interest.

Ocean Parkway BH 26 LLC is represented by:

     Alla Kachan, Esq.
     LAW OFFICES OF ALLA KACHAN P.C.
     2799 Coney Island Avenue, Suite 202
     Brooklyn, NY 11235
     Telephone: (718) 513-3145

                  About Ocean Parkway BH 26 LLC

Ocean Parkway is a Single Asset Real Estate debtor (as defined in
11 U.S.C. Section 101(51B)).  The Debtor is the owner of real
property located at 2105 Ocean Parkway, Brooklyn, NY 11223 having
an appraised value of $9.8 million.

Ocean Parkway BH 26 LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-40210) on Jan. 17, 2024. In the petition signed by Salomao
Laniado as manager, the Debtor disclosed $9,802,500 in assets and
$5,387,703 in liabilities.

Judge Nancy Hershey Lord presides over the case.

Jonathan S. Pasternak, at DAVIDOFF HUTCHER & CITRON LLP, is serving
as the Debtor's counsel.


OLIVE LEAF: Seeks Chapter 11 Bankruptcy in Indiana
--------------------------------------------------
On June 30, 2026, The Olive Leaf, LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Indiana. According to the court filing, the Debtor reports
between $50,000 and $100,000 in debt owed to 1–49 creditors.

The Corporate Ownership Statement is due by July 14, 2026, and the
List of 20 Largest Unsecured Creditors is due by July 7, 2026.

              About The Olive Leaf, LLC

The Olive Leaf, LLC is a Bloomington, Indiana-based specialty food
and confectionery retailer. The company operates the Kirkwood Sweet
Shop in downtown Bloomington, offering handmade truffles, gourmet
confections, and specialty olive oils, along with community-focused
baking classes and local food initiatives.

The Olive Leaf, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. not provided) on June 30, 2026. In
its petition, the Debtor reports estimated assets between $0 and
$50,000 and estimated liabilities between $50,000 and $100,000.

Honorable Bankruptcy Judge Jeffrey J. Graham handles the case.

The Debtor is represented by Joseph A. Ross, Esq. of Joseph A. Ross
Law Office.


OMNI BAG: Seeks Subchapter V Bankruptcy in Tennessee
----------------------------------------------------
On June 30, 2026, Omni Bag, Inc. filed for Chapter 11 protection in
the U.S. Bankruptcy Court for the Western District of Tennessee.
According to the court filing, the Debtor reports between $1
million and $10 million in debt owed to 1–49 creditors.

The Chapter 11 Subchapter V plan is due by September 28, 2026.

                 About Omni Bag, Inc.

Omni Bag, Inc. is a Gallaway, Tennessee-based manufacturer of
plastic bags and pouches. The company operates a manufacturing
facility producing water-soluble bags for industrial and medical
applications and has expanded its production space by approximately
4,000 square feet to support increased demand for environmentally
friendly packaging products.

Omni Bag, Inc. sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. Case No. 26-23518) on June 30,
2026. In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million.

Honorable Bankruptcy Judge Jennie D. Latta handles the case.

The Debtor is represented by Toni Campbell Parker, Esq. of the Law
Office of Toni Campbell Parker.


OMNICARE LLC: Strikes $440MM DOJ Settlement in Chapter 11
---------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that
bankrupt pharmacy provider Omnicare LLC and its parent, CVS Health
Corp., have agreed to pay $440 million to settle an approximately
$1 billion False Claims Act judgment held by the U.S. Department of
Justice. The proposed resolution is intended to resolve the
government's claims as part of Omnicare's Chapter 11 proceedings.

The settlement would substantially reduce the amount owed under the
prior judgment while avoiding further litigation over the
government's claims. Company representatives said the agreement
supports the ongoing bankruptcy process by addressing a major
financial liability facing the estate, the report cites.

The bankruptcy court must still approve the settlement before it
becomes effective. If authorized, the agreement will allow the
debtors to move forward with their restructuring efforts while
resolving one of the most significant outstanding disputes in the
case, according to Law360.

               About Omnicare, LLC

Omnicare, LLC is a subsidiary of CVS Health that provides
comprehensive pharmacy services.

Omnicare and affiliates sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its
petition, Omnicare reported estimated assets between $100 million
and $500 million and estimated liabilities between $1 billion and
$10 billion.

Judge Stacey G. Jernigan oversees the cases.

The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal
counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as
restructuring advisor; and Stretto, Inc. as claims agent.


ONE WORLD: Has Deal on Cash Collateral Access
---------------------------------------------
One World Real Estate, LLC asks the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, for authority
to use cash collateral and provide adequate protection, in
accordance with its stipulation with Mechanics Bank.

The Debtor's primary asset consists of rental real property located
at 800 Clark Avenue, Yuba City, California. This property secures a
September 1, 2020 promissory note in the original principal amount
of $2.1 million held by Mechanics Bank. The debt is further secured
by a recorded Deed of Trust, Assignment of Rents, Leases and
Profits, Security Agreement, and Fixture Filing. Mechanics Bank
asserts that as of June 1, 2026, the outstanding balance due under
the loan documents totals $1.9 million in principal, plus accrued
interest, attorneys' fees, and costs. Because the rents generated
from the property constitute the bank's cash collateral, the Debtor
requires formal authorization to utilize these funds to pay
necessary operating expenses, general overhead, and maintenance
costs.

The parties agreed that during the "First Interim Period" (June 1,
2026, through August 31, 2026), the Debtor is authorized to use
cash collateral exclusively for the ordinary and necessary expenses
detailed in the "First Budget." While monthly interest payments to
the bank are permitted to be deferred during this initial period,
the Debtor is strictly limited to the budgeted categories, with a
permissible variance of no more than 10% per month and the right to
carry over unused funds to the subsequent month.

To extend the use of cash collateral past August, the Debtor must
submit a proposed three-month successor budget by August 20, 2026,
and continue submitting rolling three-month budgets on the 20th day
of every third month thereafter. Mechanics Bank has seven calendar
days to review, approve, or object to these proposals. If the bank
fails to object in writing within seven days, the successor budget
is deemed approved.

To safeguard the bank against any post-petition diminution in the
value of its collateral, Mechanics Bank is granted a fully
perfected, valid, and enforceable first-priority post-petition
replacement lien on all rents, income, and profits derived from the
property. Furthermore, the bank reserves the right to seek a
superpriority administrative expense claim if its interests become
inadequately protected. In exchange, the Debtor waives any right to
impose surcharge provisions against the bank or the property under
11 U.S.C. Section 506(c).

The Debtor must provide monthly financial packages to the bank
starting July 20, 2026. These packages must include internal income
and expense statements, profit and loss statements, budget variance
reports, and an updated rent roll. Additionally, the bank may
request standard financial books and records every 30 days and
conduct physical property, appraisal, or environmental inspections
upon providing five business days' written notice.

The Debtor is explicitly restricted from granting any new
mortgages, security interests, or priming liens under 11 U.S.C. §
364(d) that would rank senior to or on equal parity with the
bank’s pre-petition liens without prior written consent or a
court order.

A copy of the motion is available at https://urlcurt.com/u?l=Ysnj7i
from PacerMonitor.com.

A copy of the stipulation is available at
https://urlcurt.com/u?l=lczM67 from PacerMonitor.com.

              About One World Real Estate, LLC

One World Real Estate, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-15134)
on May 25, 2026. In the petition signed by Diljit K. Bains,
manager, the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Barry Russell oversees the case.

Bernard R. Given, II, Esq., at Loeb & Loeb LLP, represents the
Debtor as legal counsel.

Mechanics Bank, as lender, is represented by Robert B. Kaplan Esq.,
at Jeffer Mangels & Mitchells, LLP.



ORYX MIDSTREAM: S&P Withdraws 'BB-' Issuer Credit Rating
--------------------------------------------------------
S&P Global Ratings withdrew all its ratings on Oryx Midstream
Services Permian Basin LLC (OMSPB), including the 'BB-' issuer
credit rating, at the issuer's request. The withdrawal follows the
full repayment of OMSPB's term loan due 2028 and revolving credit
facility on June 29, 2026, and the subsequent termination of its
credit agreement. At the time of the withdrawal, S&P's outlook on
the company was stable.



PACIFIC RIM: Seeks to Extend Plan Filing Deadline to Aug. 28
------------------------------------------------------------
Pacific Rim Winemakers, Inc. asked the U.S. Bankruptcy Court for
the Eastern District of New York to extend its period to file a
plan of reorganization to Aug. 28, 2026.

The Debtors explain that the Sealock Declaration clearly shows that
the need for their requested extension of the Plan Filing Deadline
is attributable to circumstances for which the Debtors should not
justly be held accountable, and which are beyond the Debtors'
control.

As detailed in the Sealock Declaration, the Debtors have done up to
now all they are able to do to liquidate assets in an orderly
fashion without disposing of them at pennies on the dollar. The
bulk of the recovery for creditors has yet to occur, making
Debtors' Chapter 11 plans and liquidation analyses premature.

The Debtors claim that the bulk of the recoveries will come from
sales of Pacific Rim's and G-4 Oregon's valuable real estate (which
is being marketed for sale by Debtors' retained real estate brokers
in Washington and Oregon), and from sales of Pacific Rim's
trademarks and other assets which the Debtors have been actively
marketing and which are the subject of certain ongoing discussions
and negotiations. The Debtors require additional time to sell the
remaining assets in order for them to maximize value for creditors
and file plans based on accurate financial data.

The Debtors note that various issues and matters beyond their
control remain unresolved in these Cases. First, there are
approximately 414,000 gallons of unsold bulk wine in the wineries
in Washington and Oregon, which is difficult to sell due to
oversupply in the Pacific Northwest bulk market (Washington and
Oregon).

Second, just recently on June 12, 2026, Pacific Rim received a
non-binding Letter of Intent for 50,000 gallons of sweet Reisling
together with related brand trademarks from a privately held wine
company focused on acquiring legacy brands and repositioning them
for growth. The LOI is subject to a 30-day due diligence period and
an additional 20 days for an asset purchase agreement followed by
submission to the court for approval.

Third, Pacific Rim still has approximately 100 large steel tanks
and other major wine making equipment which it is currently
marketing for sale.

Fourth, Pacific Rim is still negotiating with its lessor, Red
Mountain Wine Estates, L.L.C. in connection with its leases of the
white grape side and red grape side of the winery in West Richland,
Washington. Since Pacific Rim intends to file a liquidating plan,
it will be rejecting its leases with Red Mountain. Pacific Rim and
Red Mountain are currently in discussions regarding the timing of
the rejections as well as the amount of Red Mountain's rejection
claims.

The Debtors assert that rather than file plans and liquidation
analyses that are incomplete and based on unknown financial data,
the Debtors are requesting a 60-day extension of the Plan Filing
Deadline.

Counsel to the Debtors:

     Alex Spizz, Esq.
     Jill Makower, Esq.
     TARTER KRINSKY & DROGIN LLP
     1350 Broadway, 11th Floor
     New York, NY 10018
     Phone: (212) 216-8000
     E-mail: aspizz@tarterkrinsky.com
     E-mail: jmakower@tarterkrinsky.com

                   About Pacific Rim Winemakers

Pacific Rim Winemakers, Inc. doing business as Pacific Rim &
Company, is a West Richland, Washington-based wine producer that
makes Riesling-focused wines ranging from dry to dessert styles. A
member of Banfi Vintners' U.S. portfolio, the company produces
labels including Pacific Rim Dry Riesling, Rainstorm, Silver Raven,
and Thick Skinned from grapes sourced in the Columbia and Yakima
valleys.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-71230) on March 30,
2026. In the petition signed by Cristina Mariani-May, vice
president, the Debtor disclosed up to $10 million in both assets
and liabilities.

Judge Sheryl P. Giugliano oversees the case.

Alex Spizz, Esq., at TARTER KRINSKY & DROGIN LLP, represents the
Debtor as legal counsel.


PAP-R PRODUCTS: Seeks to Extend Plan Exclusivity to Aug. 30
-----------------------------------------------------------
Pap-R Products Company asked the U.S. Bankruptcy Court for the
Southern District of Illinois to extend its exclusivity periods to
file a plan of reorganization and obtain acceptance thereof to Aug.
30 and Dec. 1, 2026, respectively.

The Debtor believes that the instant request for an extension is
consistent with sound case management, and will allow Debtor's
management, and all creditors and other parties in interest
adequate time to focus on the development, negotiation and
documentation of a plan of reorganization.

The Debtor explains that while its case isn't large, it has dealt
with and continues to deal with several complicated matters,
including multiple secured creditors and the need to seek DIP
financing. The Debtor's reorganization is proceeding at a pace
consistent with the size of the case and the complex and difficult
issues confronting Debtor.

The Debtor claims that an extension of the Exclusive Periods as
requested herein will not prejudice any party in interest, but
rather will afford Debtor an opportunity to achieve and propose a
confirmable chapter 11 plan. Failure to extend the Exclusive
Periods as requested herein would defeat the very purpose of
section 1121 of the Bankruptcy Code -- i.e., to provide Debtor with
a meaningful and reasonable opportunity to negotiate with creditors
and other parties in interest and propose a confirmable chapter 11
plan.

Pap-R Products Company is represented by:

     Larry E. Parres, Esq.
     Lewis Rice LLC
     600 Washington Ave., Suite 2500
     St. Louis, MO 63101
     Telephone: (314) 444-7600
     Facsimile: (314) 612-7660
     Email: lparres@lewisrice.com

                    About Pap-R Products Company

Founded in 1947, PAP-R Products specializes in a wide range of coin
and currency wrapping solutions. The Company's product lineup
includes flat coin wrappers, automatic coin rolls, currency bands,
and specialized wraps for items such as napkins and canceled
checks. All products are crafted from high-quality Kraft paper and
adhere to ABA standards when applicable. The company also offers
custom imprinting services for most products, excluding basic bill
bands and storage boxes.

Pap-R Products Company sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3,
2025, listing up to $50 million in both assets and liabilities. The
petition was signed by Kenneth Scott Ware as president.

Larry E. Parres, Esq., at Lewis Rice LLC, serves as the Debtor's
counsel.


PCR AGAWAM: To Sell Agawam Property to Ahmet & Canan Gunay
----------------------------------------------------------
PCR Agawam LLC seeks permission from the U.S. Bankruptcy Court for
the District of Massachusetts, Western Division, to sell Property,
free and clear of liens, claims, interests, and encumbrances.

The Debtor is the owner of 21 Dwight Street. 21 Dwight Street is
residential rental property with 22 units in Agawam, MA.

The Debtor receives an offer from Ahmet Gunay and Canan Gunay of
107 Normandy Road, Longmeadow, Massachusetts, to purchase the
Property for $2,250,000.

The proposed sale has financing and inspection contingencies. The
proposed transaction requires completion by August 26, 2026.

A deposit of $50,000.00 is required in the purchase & sale
agreement.

Higher offers are being solicited and all contingencies will have
expired by August 1, 2026, under the P&S, and any higher offer
should take into account and the closing date of August 28, 2026.

If an offer less than $2,250,000.00 is offered by another party,
the Court may consider that offer as a backup offer if the Buyer's
offer (or other offer) fails to close.

Regardless, the Court will consider all issues in determining the
best offer.

There is no broker's fee for the sale.

The Debtor believes that the purchase price represents a fair and
reasonable price for 21 Dwight Street.

The lienholders of the Property are real estate taxes, water and
sewer charges, and a mortgage to Freedom Credit Union.

The sale is free and clear of all liens and encumbrances, excepting
real estate taxes, water and sewer charges,
and other municipal charges.

Ahmet Gunay is presently a broker at Premier Management and Realty
Inc., an affiliate of the Debtor, although he will be leaving
Premier Management and Realty Inc. no later than August 1, 2026.

            About PCR Agawam LLC

PCR Agawam LLC is a Massachusetts-based limited liability company
engaged in real estate ownership and investment activities.

PCR Agawam LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-30101) on February 16, 2026. In
its petition, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities in the same
range.

Honorable Bankruptcy Judge Elizabeth D. Katz handles the case.

The Debtor tapped Louis S. Robin, Esq., at the Law Offices of Louis
S. Robin as bankruptcy counsel, and Damien D. Bertiaume, Esq., at
Berthiaume & Berthiaume as special counsel.


PHIL KEAN: Court Confirms Subchapter V Plan of Reorganization
-------------------------------------------------------------
Judge Lori V. Vaughan of the U.S. Bankruptcy Court for the Middle
District of Florida confirmed Phil Kean Designs, Inc.'s Subchapter
V Plan of Reorganization.

Debtor filed a voluntary petition for relief under chapter 11,
subchapter V of the Bankruptcy Code on November 25, 2025 following
a prolonged contract dispute with a former client. Although the
$1.3 million arbitration award initially entered against Debtor in
that dispute was later vacated, litigation costs significantly
impaired Debtor's liquidity and disrupted its business operations
resulting in this bankruptcy. Debtor filed its Subchapter V Plan of
Reorganization on February 16, 2026 which provided for payment of
Debtor's projected disposable income over three years based on
attached projections. This initial plan drew objections from
homeowners asserting construction defect claims, including, Tim and
Petra Holt (collectively "Holts"), William C. Bray and Christine A.
Bray (collectively "Brays") and the Stasnys (together, the
"Homeowners"). After some negotiations, Debtor amended its plan to
provide for distribution of its surplus income in an effort to
resolve the objections raised by the Homeowners. The Holts and
Brays withdrew their objections. This and other changes were
incorporated into Debtor's Final Chapter 11 Subchapter V Plan
("Plan") which Debtor seeks to confirm. Debtor's plan amendments
did not resolve the objection of creditors Daniel and Patricia
Stasny (collectively "Creditors" or "Stasnys").

Debtor's Plan divides claims and interests into five classes.
Classes 1 and 2 comprise the allowed secured claims of Cogent Bank,
which are unimpaired. Class 2(a) consists of the allowed secured
claim of Golden Oak which is likewise unimpaired. As unimpaired
classes, these secured creditors are presumed to accept the Plan
under Sec. 1126(f). Class 3 consists of all allowed general
unsecured claims, the majority of which consist of claims by the
Homeowners for alleged construction defects. Class 4 consists of
equity interests, which are likewise unimpaired and presumed to
accept the Plan. Debtor's Plan proposes to pay unsecured creditors,
pro rata, its projected disposable income over three-years for a
total distribution of $91,217.76, paid in quarterly distributions.
The Plan also requires Debtor to remit its "Surplus Income" to
unsecured claimants on a semiannual basis. Debtor's Plan will be
funded out of the continued operation of its construction business.
Debtor projects total income of $2,440,642.17 in year one,
$2,485,115.01 in year two, and $2,530,477.31 in year three.
Insiders, Philip Kean and Bradley Grosberg, are not receiving any
compensation or distributions from the reorganized Debtor during
the Plan term.

The dispute in this case centers around Debtor's payment of
projected disposable income under the Plan. Debtor is not eligible
to confirm the Plan as consensual under Sec. 1191(a) having not
received the vote of all impaired classes of creditors as required
by Sec. 1129(a)(8). Still, Debtor may confirm the Plan under the
cramdown provisions of Sec. 1191(b) if the plan is fair and
equitable with respect to each impaired, nonaccepting class.

Creditors argue the Plan is not fair and equitable under Sec.
1191(b) because Debtor is underestimating its projected disposable
income. Debtor responds the Plan pays projected disposable income
as required by Sec. 1191(c) and that, in any event, inclusion of
the Surplus Income provision cures any deficiency by increasing the
payment to creditors if Debtor's actual disposable income exceeds
its projections.

The Court finds that Debtor's Plan devotes its projected disposable
income over the life of the Plan as required by Sec. 1191(c).

Creditors also object to a three-year plan term requesting the
Court fix a longer term due to Debtor's unique business model and
revenue cycle. Creditors assert the Plan does not fully capture
Debtor's projected disposable income and pays too little to Class 3
creditors. The Court disagrees. The Court concludes three years is
the default. In certain circumstances and using its discretion, the
Court may determine whether a longer period is required to make the
plan fair and equitable.

The Court finds that extending the plan term carries risks
considering these business uncertainties. Accordingly, the Court
finds that Debtor's three-year Plan meets the "fair and equitable"
standard under Sec. 1191(b), and no unusual circumstances exist
that justify extending the plan term. Accordingly, Debtor has met
its burden to satisfy the requirements for confirmation under Sec.
1191(b).

In their initial objection, Creditors argued other bases to deny
confirmation including, lack of good faith under Sec. 1129(a)(3),
lack of feasibility under Sec. 1129(a)(11), and failure to satisfy
the best interest of creditors test under Sec. 1129(a)(7). The
Court says creditors' argument regarding the lack of good faith is
based simply on the other alleged failures in the Plan which have
already been addressed. Creditors' remaining objections are
likewise overruled.

As shared by the Troubled Company Reporter, Phil Kean Designs Inc.
filed with the U.S. Bankruptcy Court for the Middle District of
Florida a Subchapter V Plan of Reorganization dated  February 16,
2026.

Phil Kean is a Florida for-profit corporation formed in 2002 by
Philip Kean, its current Chief Executive Officer.

The Debtor is one entity in a group of companies which comprises
the Phil Kean Design Group and is the only entity of the group
which has elected to utilize the Chapter 11 process to improve its
business and insulate itself from future impacts to its revenue
generating activities. All other sister companies associated with
the Phil Kean Design Group are unimpacted by this Chapter 11 filing
and do not require relief from the bankruptcy process.

The Company currently serves as the construction arm of the Phil
Kean Design Group. Acting as a licensed general contractor, PKD
constructs high-end custom luxury homes throughout the State of
Florida and has gained recognition as a preeminent home builder in
Central Florida, where the Debtor maintains its offices. Throughout
the pendency of this Chapter 11 case, PKD has continued to
construct high-end custom homes without interruption.

Much like many other contractors, PKD was not exempt from supply
chain issues and cost increases during the pandemic which caused
project cost overruns and delays in some instances. Some delays and
cost variances led to litigation. For one particular project (the
"Arbitration Project"), PKD pursued a claim through arbitration to
recover damages stemming from a client's breach of contract for
failure to pay project costs under a Construction Agreement. The
client/customer submitted its own counterclaims to arbitration
seeking recovery for amounts due from Philip Kean under the
Construction Agreement.

Shortly after the commencement of its Chapter 11 case, Debtor
resolved all claims associated with the Arbitration Project and
recovered funds for the benefit of its Estate and creditors in the
net amount of $71,861.04. While the arbitrator's follow-up decision
was favorable to PKD, the costs of litigation and the additional
costs associated with the Arbitration Project were too much for the
Debtor to address within a short timeframe without impacting its
business and operations.

Class 3 consists of all Allowed General Unsecured Claims against
the Debtor. The Debtor's projected disposable income will not
exceed $91,217.76. In full satisfaction of the Allowed Class 3
General Unsecured Claims, Holders of Class 3 Claims shall receive a
pro rata share of Distributions totaling $91,217.76 paid pursuant
to the following payment schedule, which payments shall commence on
the 14th day following the Effective Date:

   Quarters 1 through 4 (Plan Year 1): $7,601.48 per quarter.
   Quarters 5 through 8 (Plan Year 2): $7,601.48 per quarter.
   Quarters 9 through 12 (Plan Year 3): $7,601.48 per quarter.  

Class 4 consists of all equity interests in Phil Kean Designs,
Inc., Class 3 Interest Holders shall retain their respective
Interests in Phil Kean Designs, Inc., Inc. in the same proportions
such Interests were held as of the Petition Date (i.e., 50.00%
Interest retained by Mr. Philip Kean (CEO) and 50.00% Interest
retained by Mr. Grosberg (Vice President)). Class 4 is Unimpaired.

The Plan contemplates the Debtor will continue to manage and
operate its business in the ordinary course, but with restructured
debt obligations. It is anticipated the Debtor's postconfirmation
business will mainly involve continued operation of its
construction business throughout the state of Florida, the income
from which will be committed to make the Plan Payments to the
extent necessary.

Funds generated from the Debtor's operations through the Effective
Date will be used for Plan Payments; however, the Debtor's cash on
hand as of Confirmation will be available for payment of
Administrative Expenses.

A full-text copy of the Subchapter V Plan dated February 16, 2026
is available at https://urlcurt.com/u?l=fG8xOQ from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Daniel A. Velasquez, Esq.
     Latham, Luna, Eden & Beaudine, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Telephone: (407) 481-5800
     Facsimile: (407) 481-5801

A copy of the Court's Memorandum Opinion dated June 29, 2026, is
available at https://urlcurt.com/u?l=UYSZOI from Pacermonitor.com.

                 About Phil Kean Designs Inc.

Phil Kean Designs, Inc., provides integrated architecture, interior
design, and residential construction services, specializing in
luxury custom homes for clients in Central Florida and surrounding
coastal areas. It is based in Winter Park, Florida.

Phil Kean Designs filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07667) on Nov.
25, 2025, with $500,000 to $1 million in assets and $1 million to
$10 million in liabilities. Tommy Watkins, president of Phil Kean
Designs, signed the petition.

Daniel A. Velasquez, at Latham, Luna, Eden & Beaudine, LLP is the
Debtor's counsel.


PHOENIX FUND: Plan Exclusivity Period Extended to Sept. 21
----------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico extended The Phoenix Fund LLC's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to Sept. 21 and Nov. 20, 2026, respectively.

As shared by Troubled Company Reporter, Driven, P.S.C., the
appointed receiver for The Phoenix Fund, explains that it is not
dealing with a single-asset estate or a straightforward operating
business. Conversely, the Fund's liquidation requires the Receiver
to evaluate a complex investment structure, multiple portfolio
companies, secured and unsecured claims, substantial intercompany
activity, insider transactions, potential avoidance actions,
potential alter ego claims, and possible additional bankruptcy
filings for entities under the Fund's control.

The Receiver claims that the ultimate purpose of the endeavors is
for the obtainment of assets and information which the Receiver
deems is critical to make an accurate assessment of the value of
the Estate's assets, all of which will be devoted to repayment of
its claims under a chapter 11 liquidation plan. Under these
circumstances, requiring the Receiver to file a plan by June 23,
2026, would force plan formulation before the Receiver completes
the analysis necessary to propose a reliable and value-maximizing
liquidation strategy.

The Receiver asserts that that the requested extension is not the
result of delay or inaction. To the contrary, as is evident from
the case record, the Receiver has made substantial progress in a
compressed period of time. The requested extension preserves,
rather than delays, the plan process. It gives the Receiver a
reasonable period to turn the work already performed into a
disclosure statement and plan grounded in palpable facts, claims,
assets, and causes of action that will drive recoveries.

The Receiver further asserts that it is seeking an extension solely
to obtain a reasonable opportunity to complete the investigation,
valuation, claims review, liquidity analysis, and plan formulation
work that must occur before the filing of a meaningful disclosure
statement and plan, not to pressure any creditor.

The Phoenix Fund LLC is represented by:

     Luis C. Marini Biaggi, Esq.
     Ignacio J. Labarca-Morales, Esq.
     Marini Pietrantoni Muniz, LLC
     250 Ave. Ponce de Leon, Suite 900
     San Juan, PR 00918
     Telephone: (787) 705-2173
     Facsimile: (787) 936-7494
     Email: lmarini@mpmlawpr.com

                   About The Phoenix Fund LLC

The Phoenix Fund LLC is a Puerto Rico based private equity firm
formed in 2018 and headquartered in Guaynabo, Puerto Rico. The
company focuses on making strategic equity and debt investments in
privately held businesses in Puerto Rico and international
markets.

Phoenix Fund LLC sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 26-00712) on Feb. 23, 2026.  In its
petition, the Debtor listed assets between $500 million and $1
billion and estimated liabilities between $100 million and $500
million.

Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the
case.

The Debtor is represented by Alexis Fuentes Hernandez, Esq. of
Fuentes Law Offices, LLC.

Acrecent Financial, as secured creditor, is represented by
McConnell Valdes, LLC.

Driven, P.S.C., as receiver, is represented by Luis C.
Marini-Biaggi, Esq. and Ignacio J. Labarca-Morales, at Marini
Pietrantoni Muniz LLC.

FCS Advisors, LLC d/b/a Brevet Capital Advisors, as secured lender,
is represented by:

        Margarita Mercado Echegaray, Esq.
        Sonia Torres, Esq.
        DLA Piper (Puerto Rico) LLC
        B7 Tabonuco Street, Suite 1501
        Guaynabo, Puerto Rico 00968-3349
        Telephone: (787) 945-9122
        E-mail: margarita.mercado@us.dlapiper.com
                sonia.torres@us.dlapiper.co

                       -and-

        Jamila Justine Willis, Esq.
        Malithi P. Fernando, Esq.
        DLA Piper LLP (US)
        1251 Avenue of the Americas
        New York, New York 10020
        Telephone: (212) 335-4500
        Facsimile: (212) 335-4501
        E-mail: jamila.willis@us.dlapiper.com
                malithi.fernando@us.dlapiper.com


PHOENIX RACK: Seeks Subchapter V Bankruptcy in Arizona
------------------------------------------------------
On June 30, 2026, Phoenix Rack & Axle, Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Arizona. According to court filings, the Debtor reports between $1
million and $10 million in debt owed to 1–49 creditors.

A meeting of creditors under Section 341(a) to be held on August 4,
2026 at 11:15 AM as a Chapter 11 Teleconference Call in number:
1-888-330-1716, Passcode: 4038524.

Deadline for filing the Chapter 11 Small Business Subchapter V Plan
is September 28, 2026.

                About Phoenix Rack & Axle, Inc.

Phoenix Rack & Axle, Inc. is a Phoenix, Arizona-based automotive
parts remanufacturing company specializing in steering and
drivetrain components. The company refurbishes rack-and-pinion
systems, driveshafts, and gearboxes from its Phoenix production
facility.

Phoenix Rack & Axle, Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-06438)
on June 30, 2026. In its petition, the Debtor reports estimated
assets of $100,000 to $500,000 and estimated liabilities of $1
million to $10 million.

Honorable Chief Judge Madeleine C. Wanslee handles the case.

The Debtor is represented by Allan D. Newdelman, Esq. of Allan D.
Newdelman PC.


PITNEY BOWES: S&P Lowers Guaranteed Senior Unsecured Notes to 'B'
-----------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Pitney Bowes
Inc.'s guaranteed senior unsecured notes due in 2029 to 'B' from
'B+'. This reflects the greater amount of secured debt in the final
capital structure following the company's recent $150 million
upsize of its term loan A and increase of its revolving credit
facility to $450 million from $400 million earlier in the year. S&P
believes the guaranteed unsecured notes due in 2029 will have lower
recovery prospects in a hypothetical default scenario and revised
the recovery rating to '5' from '4'.

Pitney Bowes used net proceeds of the term loan increase and
existing liquidity to fully repay its $347 million guaranteed
unsecured notes due in 2027. S&P therefore withdrew its rating on
those notes.

S&P said, "All our other ratings, including our 'B+' issuer credit
rating and positive outlook, are unchanged. We still view the
legacy unguaranteed unsecured notes (which we rate 'B') as
structurally subordinated due to their lack of guarantees from
operating subsidiaries.

"Our issuer credit rating and positive outlook reflect Pitney
Bowes' improved EBITDA margins above 20% and annual reported free
operating cash flow of more than $300 million. S&P Global
Ratings-adjusted leverage has remained below 3x despite
significantly greater share repurchases. While we acknowledge these
strong credit metrics, the company just started the second phase of
its strategic review, working with independent advisers to consider
potential actions to increase shareholder value, including possible
changes in strategy or business transactions. There is therefore
uncertainty that sizeable transactions or shifts in its strategy or
business profile could change our view of its business or financial
risk.

"Furthermore, revenues have not yet stabilized as we expect
reported organic revenues to decrease 2%-4% this year. Volumes in
the Presort business are still affected in the first half by client
losses in 2025 due to a less competitive price setting strategy. At
the same time, sales activity in the SendTech segment improved in
the first quarter, with greater bookings and lower meter churn.
Although Pitney Bowes' credit metrics may compare favorably with
other 'B+' rated peers, we would look for greater stabilization in
its revenues and clarity on its business profile, including from
the ongoing strategic review, before raising the issuer credit
rating."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's '1' recovery rating on Pitney Bowes' senior secured term
loan B indicates its expectation of very high (90%-100%; rounded
estimate: 95%) recovery in the event of a payment default.

-- S&P's '5' recovery rating on its guaranteed unsecured notes due
in 2029 indicates its expectation of modest (10%-30%; rounded
estimate: 15%) recovery.

-- S&P's '5' recovery rating on its legacy unsecured notes due in
2037 and 2043 indicates its expectation of modest (10%-30%; rounded
estimate: 10%) recovery.

-- S&P's hypothetical default scenario considers a default in 2030
due to a severe economic recession coupled with an accelerated
decline in mailing volumes.

-- S&P's recovery valuation considers that Pitney Bowes would
reorganize and remain a going concern because of its diverse and
long-standing customer relationships and the profitability of the
SendTech and Presort businesses.

Simulated default assumptions

-- Year of default: 2030

-- Emergence EBITDA after recovery adjustments: About $265
million

-- EBITDA multiple: 5.5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): About
$1.4 billion

-- Valuation split (obligors/nonobligor): 90%/10%

-- Collateral value available to senior secured creditors: About
$1.25 billion

-- Senior secured debt claims*: About $1.2 billion

    --Recovery expectations**: 90%-100% (rounded estimate: 95%)

-- Value available to guaranteed unsecured creditors: About $136
million

-- Guaranteed unsecured debt claims*: About $725 million

    --Recovery expectations**: 10%-30% (rounded estimate: 15%)

-- Value available to legacy unsecured creditors: About $51
million

-- Legacy unsecured debt claims*: About $393.5 million

    --Recovery expectations**: 10%-30% (rounded estimate: 10%)

*All debt amounts include six months of prepetition interest.
Revolving credit facility assumed drawn 85% at default.

**Rounded down to the nearest 5%.


PLANVIEW PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Planview Parent Inc. to
negative from stable.

At the same time, S&P affirmed the 'B-' issuer credit rating, the
'B-' issue-level ratings on its revolving credit facility and
first-lien term loan, and the 'CCC+' issue-level rating on its
second-lien term loan.

The negative outlook reflects S&P's view that Planview's
refinancing risk is increasing as the maturities of its first-lien
term loan and revolver (due December 2027) approach.

Planview's nearing debt maturities, coupled with the company's
elevated leverage and its soft financial performance, are
increasing refinancing risk.

The negative outlook reflects Planview's increasing refinancing
risk. Planview's first-lien term loan and revolving credit facility
are maturing in December 2027. S&P said, "While we understand the
company is in the process of addressing these maturities, its
elevated leverage and soft financial performance could impede
management's efforts. Therefore, if Planview is unable to address
its upcoming maturities, we believe there's an increased risk that
the company won't meet its debt service requirements or choose to
restructure its debt in a way we could consider tantamount to a
default (which may differ from what constitutes a default under the
credit agreement). We're closely monitoring this situation and
could take a negative rating action if the company is unable to
address its debt maturities on a timely basis."

S&P said, "We expect modest revenue growth and cash generation in
fiscal 2026. We anticipate the company will increase its revenue by
low-single-digit percentages in fiscal 2026 and 2027 on improved
bookings and renewals. Although we view project and portfolio
management (PPM) software to be more discretionary in nature than
other software applications, we believe that Planview's diversity
across various industries, along with its large customer base that
primarily comprises enterprise-scale clients, provide it with some
cushion against ongoing economic uncertainties.

"We estimate Planview's S&P Global Ratings-adjusted EBITDA margin
for fiscal years 2026 and 2027 will remain in the low-30% area, in
line with fiscal 2025. This is because we expect its continued
investments to promote growth will largely offset the benefits from
its cost-efficiency efforts. We expect the company will generate
S&P Global Ratings-adjusted free operating cash flow of $10
million-$20 million in fiscal 2026."

The company's liquidity provides it with a financial cushion.
Plainview has adequate liquidity, including a cash balance of about
$52 million and a $75 million revolving credit facility that was
undrawn as of March 31, 2026. S&P said, "We believe this provides
it with a cushion to weather the currently cautious operating
environment. However, considering our forecast for modest FOCF
generation, EBITDA interest coverage of slightly above 1x, and
mandatory debt amortization of nearly $13 million in fiscal 2026,
we believe operational underperformance relative to our base-case
forecast could strain Plainview's liquidity."

The negative outlook reflects S&P's view that Planview's
refinancing risk is increasing as the maturities of its first-lien
term loan and revolver (due December 2027) approach.

S&P could lower the rating if:

-- The company is unable to address its debt maturities on a
timely basis; or

-- The company addresses debt maturity but under terms that, in
S&P's view, do not provide adequate compensation to lenders, which
it would consider a distressed exchange and tantamount to default.

S&P could revise the outlook back to stable if Planview:

-- Addresses the upcoming debt maturities; and

-- Generates sustained revenue growth and positive cash after debt
service such that S&P views the likelihood of a near-term default
to be reduced.


PNP LLC: Joli Lofstedt Named Subchapter V Trustee
-------------------------------------------------
The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt,
Esq., as Subchapter V trustee for PNP, LLC.

Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be
paid an hourly fee of $400 for her services as Subchapter V trustee
and will be reimbursed for work-related expenses incurred.  

Ms. Lofstedt declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Joli A. Lofstedt, Esq.
     P.O. Box 270561
     Louisville, CO 80027
     Phone: (303) 476-6915
     Fax: (303) 604-2964
     Email: joli@jaltrustee.com   

                           About PNP LLC

PNP, LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Colo. Case No. 26-14493) on June 22, 2026, with
$100,001 to $500,000 in assets and $500,001 to $1 million in
liabilities.

Judge Thomas B. Mcnamara presides over the case.

Payton Buhler, Esq. at Bell, Gould, Linder, & Scott, P.C.
represents the Debtor as legal counsel.


PORTLAND HUNT: Unsecured Creditors Will Get 1.57% of Claims in Plan
-------------------------------------------------------------------
Portland Hunt & Alpine Club LLC filed with the U.S. Bankruptcy
Court for the District of Maine a Plan of Reorganization for Small
Business dated June 24, 2026.

The Debtor, based in Portland, Maine, is a nationally recognized
cocktail bar which first opened in 2013.

Hunt's operations have suffered over recent years due to the
overall economic uncertainty, changes in the Portland hospitality
industry and changes in the tourism industry in Maine. Due to the
debt structure, it has not been able to adapt to the changes and
remain profitable.

Hunt filed this bankruptcy case to restructure its secured debt and
reduce the impact of the overall debt burden on its cash flow so
that it can continue to operate.

The financial projections show that Hunt will have projected
disposable income of $40,800 plus a $5,000 Initial Distribution.
The final Plan payment is expected to be paid on or before the date
that is 49 months after the Effective Date of this Plan.

The Debtor will have sufficient disposable income to fund this Plan
and fully satisfy his creditors' allowed priority claims, allowed
secured claims and allowed nonpriority unsecured claims as further
set forth in this Plan.

This Plan filed under chapter 11 of the Bankruptcy Code proposes to
pay creditors of the Debtor from what is referred to herein as
"Plan Cash." During the pendency of the Plan, the Debtor shall make
periodic payments into Debtor's Counsel's Trust Account totaling
$45,800 (the "Plan Cash"). Such funds shall be distributed to
creditors in one initial distribution (the "Initial Distribution")
and four annual distributions.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 1.57%. The distribution percentage is an estimate
since creditors may still timely file claims while the Plan is
pending. The Plan also provides for payment of administrative
claims.

Class Three claims of all remaining non-priority general unsecured
creditors are impaired and entitled to vote on the Plan. Because
U.S. Small Business Administration ("SBA") Proof of Claims #8 and
#9 (collectively the "SBA POC's") were perfected later in time than
BSB and based on the fair market value of the Debtor's assets,
there is no collateral value to support the SBA POC's secured
status pursuant to Section 506 of the Code.

Accordingly, the SBA POC's shall be classified as a general
unsecured claims in Class Three, and SBA shall not hold any secured
claim or any liens against the Debtor or its assets after the entry
of the order confirming the Plan, with all such liens being deemed
discharged and released automatically upon entry of the order
confirming Plan. Holders of Allowed Unsecured Claims will receive
pro rata distributions from Plan Cash after payment of Counsel Fees
as estimated in Exhibit 3 of the Plan.

Class Four claim of the interests of equity security holder Volk in
property of the Debtor's estate are unimpaired and not entitled to
vote on the Plan. Volk is not taking distributions under the Plan
on account of his equity. Upon entry of the order confirming Plan,
all property of the Debtor shall vest in the Debtor, free and clear
of all liens, claims and encumbrances, except to the extent
provided in the Plan pursuant to Section 1141(b) of the Code.

The Debtor shall have adequate means for implementation of this
Plan pursuant to Section 1123(a)(5) of the Code by (a) income
earned by the Debtor; and (b) any other funds generated or received
by the Debtor and not allocated or paid pursuant to this Plan that
may become available.

The payments shall be as follows: (a) $5,000 within 30 days of the
Effective Date; and (b) monthly payments of $850.00 for months 1 to
48. The total to be paid into the plan is $45,800.

A full-text copy of the Plan of Reorganization dated June 24, 2026,
is available at
https://urlcurt.com/u?l=Nm5MnE from PacerMonitor.com at no charge.


Counsel to the Debtor:

     Tanya Sambatakos, Esq.
     Molleur Law Office
     190 Main St., 3rd Fl
     Saco, ME 04072
     Tel: (207) 283-3777
     E-mail: tanya@molleurlaw.com

                About Portland Hunt & Alpine Club

Portland Hunt & Alpine Club LLC is a Maine-based hospitality
company operating a cocktail bar and restaurant known for craft
beverages and curated dining experiences in Portland.

Portland Hunt & Alpine Club sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Maine Case No. 26-20076) on March 30,
2026.  In its petition, the Debtor estimated assets of $0 to
$100,000 and estimated liabilities of $1 million to $10 million.
Bankruptcy Judge Michael A. Fagone handles the case.  The Debtor is
represented by Tanya Sambatakos, of Molleur Law Office.


POWER LANE: Scott Sackett Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 17 appointed Scott Sackett as
Subchapter V trustee for Power Lane Logistics Distribution &
Warehousing, Inc.

Mr. Sacket 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. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Scott M. Sackett
     4030 S. Land Park Dr., Suite C
     Sacramento, CA 95822
     Phone: (916) 930-9900
     Email: scott.sackett@efmt.com

       About Power Lane Logistics Distribution & Warehousing

Power Lane Logistics Distribution & Warehousing, Inc., doing
business as Power Lane Logistics, Inc., is a Tracy,
California-based logistics company with operations in Stockton,
California, that provides trucking, warehousing and distribution
services, including 3PL warehousing, order fulfillment, loading and
unloading, and related cargo-support services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-23510) on June 19,
2026, with $1 million to $10 million in assets and liabilities.
Nilton Ayala, president, signed the petition.

Christopher D. Jaime presides over the case.

David C. Johnston, Esq. represents the Debtor as legal counsel.


PRECIOUS HEARTS: Seeks Subchapter V Bankruptcy in New York
----------------------------------------------------------
On June 30, 2026, Precious Hearts Child Center LLC filed for
Chapter 11 protection in the U.S. Bankruptcy Court for the Northern
District of New York. According to the court filing, the Debtor
reports between $100,000 and $500,000 in debt owed to 1–49
creditors.

The Small Business Subchapter V Chapter 11 plan is due by September
28, 2026.

              About Precious Hearts Child Center LLC

Precious Hearts Child Center LLC is a Cohoes, New York-based child
day care services provider. The company previously operated a
licensed child care facility with capacity for 44 children,
offering preschool and early childhood education services.

Precious Hearts Child Center LLC sought relief under Subchapter V
of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No.
26-10716) on June 30, 2026. In its petition, the Debtor reports
estimated assets between $50,000 and $100,000 and estimated
liabilities between $100,000 and $500,000.

Honorable Bankruptcy Judge Patrick G. Radel handles the case.

The Debtor is represented by Michael Leo Boyle, Esq. of Boyle
Legal, LLC.


PRECISELY SOFTWARE: Moody's Cuts CFR to Caa1, Outlook Stable
------------------------------------------------------------
Moody's Ratings downgraded Precisely Software Incorporated's
(Precisely) corporate family rating to Caa1 from B3 and probability
of default rating to Caa1-PD from B3-PD. Concurrently, Moody's
downgraded the ratings of the company's senior secured first lien
bank credit facilities and senior secured second lien bank credit
facility to B3 from B2 and to Caa3 from Caa2 respectively. The
outlook is stable.

The rating action, inclusive of the downgrade in CFR, reflects a
sustained elevated leverage above 8x (Moody's adjusted) and
compressed cash flow generation coupled with upcoming debt
maturities that the company needs to address. Moody's acknowledges
that revenue retention of high 90s gross and around 100 net as well
as continued historic ARR growth support the company's operating
profile, and that the company has taken steps to remain relevant
amidst rapid AI advancements. This includes moving toward an AI
enabled platform solution and executive leadership updates that
align with an AI strategy. Nonetheless, Moody's expects leverage to
remain above 8x (Moody's adjusted) and negative free cash flow in
2026 as Precisely works through management, operational, and go to
market transitions; all while first lien debt comes due in April
2028. Moody's also notes that Precisely experienced some pressure
on its ARR and net retention in its first quarter of 2026, although
Moody's still expects stable retention and modest ARR growth in the
next 12-18 months. The rating action considers risks to the
sustainability of the current capital structure as well as any
potential negative impact the cost of achieving a transaction that
addresses debt maturities can have on its cash flow profile.

RATINGS RATIONALE

The Caa1 CFR reflects Precisely's modest scale relative to high
debt levels and aggressive financial policies that lead to
sustained high leverage. As a result of M&A activity and a debt
funded ownership-related transaction in 2022, Precisely's leverage
has remained high since the buyout. Debt/EBITDA exceeds 8x for the
last twelve months ended March 31, 2026, including adjustments for
integration expenses, or just over 9x excluding these add-backs.
Frequent M&A transactions also result in heightened integration
risks and restructuring expenses, and limit free cash flow
generation.

Precisely benefits from its differentiated niche product
positioning with a track record of high retention rates and a
growing share of recurring revenue. The company's full suite of
data integration, quality and enrichment services provide customers
with mission critical and complementary software for their
enterprise data management processes. As the company continues to
expand subscription-based offerings, Moody's expects annual
recurring revenue (ARR) to grow in the low single digit percent
range annually. Precisely had $794 million of pro forma ARR as of
March 31, 2026, which grew +1% year-over-year on a
constant-currency basis but declined less than 1% from the December
30th, 2025 quarter.

Precisely's adequate liquidity position is supported by $63 million
of cash and an undrawn $200 million revolver as of March 31, 2026.
Moody's anticipates cash burn in 2026 as a result of a high
interest rate environment and investments into the business with
elevated integration costs, followed by potential for modest cash
generation in 2027.

The stable outlook reflects Moody's expectations that Precisely
will grow earnings modestly in the next 12-18 months, but that its
financial leverage will remain above 8x in that timeframe and its
free cash flow could be constrained.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if Precisely demonstrates consistent,
strong organic growth and adheres to a financial policy that will
sustain adjusted debt/EBITDA below 8x and positive free cash flow
to debt. Positive rating action can occur if debt maturities are
addressed in a constructive manner.

Ratings could be downgraded if Precisely experiences organic
revenue declines, margin deterioration, or other operating
challenges that lead to further elevated leverage or constrained
liquidity. Ratings could also be downgraded if there is further
risk to the sustainability of the capital structure.

Headquartered in Burlington, MA, Precisely is a global provider of
data integrity software to enterprise customers. Precisely's
products include data integration, data quality, data governance,
process automation and data enrichment software and services. The
company is majority-owned by Clearlake and TA Associates, with
remaining ownership stakes held by Centerbridge Partners, Partners
Group, Insight Partners, and management. Revenue was around $855
million in the LTM period ended March 31, 2026.

The principal methodology used in these ratings was Software
published in December 2025.


PURDUE PHARMA: Lojko, et al., Lose Bid to File Late Claim
---------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York denied the motions of Janice Lojko,
Rosemary Walker, Sally Ann Cates and Jacqueline Torres Herrera
seeking leave to file a late claim in the bankruptcy cases of
Purdue Pharma LP and its debtor affiliates.

These bankruptcy cases were filed in 2019 to address the thousands
of pending and potential lawsuits alleging that the Debtors and
their owners -- the Sackler family -- fueled the national opioid
crisis through, among other things, the deceptive marketing of
OxyContin. A large number of claims -- over 130,000 -- were filed
in these cases by individuals seeking recompense for their opioid
related injuries.

Some seventeen claimants have filed motions seeking to have their
claims accepted notwithstanding that the claims were filed after
the bar date deadline by which the claimants were required to file
their claims. The majority of these motions
have been resolved.

Before the Court are the four remaining motions seeking such
relief, which were filed by the pro se parties.

The Court's Bar Date Order established June 30, 2020, at 5:00 pm
(Prevailing Eastern Time) as the deadline to file a proof of claim
for all persons and entities (as defined therein) holding a
prepetition claim, as defined in Section 101(5) of the Bankruptcy
Code, against the Debtors which arose on or prior to the Petition
Date.  A subsequent order extended the initial bar date one month
until July 30, 2020, at 5:00 p.m. (Prevailing Eastern Time) (the
"Bar Date").

The Court concludes that unknown creditors -- including Ms. Lojko,
Ms. Walker, Ms. Cates, and Ms. Torres Herrera -- received
constructive notice consistent with the requirements of applicable
law. When unknown creditors receive appropriate
notice -- as is the case here -- they are required to file the
claim before the applicable bar date unless they can establish
excusable neglect under the Pioneer standard.

The Court concludes that Ms. Lojko, Ms. Walker, Ms. Cates, and Ms.
Torres Herrera do not satisfy the strict standard for excusable
neglect. Accordingly, the Court denies these four late filed claims
motions.

According to the Court, allowing Ms. Lojko, Ms. Walker, Ms. Cates,
and Ms. Torres Herrera's late claims would prejudice the Debtors
and claimants who filed timely claims. The Court finds that the
length of delay in each instance in this case is substantial and
may greatly affect these proceedings.

Judge Lane explains, "These four claims were filed between four and
five years after the Bar Date of July 30, 2020. Such substantial
delay risks opening the floodgates and inviting untold numbers of
late claims, particularly given the scope of the allegations as to
Debtors' opioid related activities and the already large claim pool
of over 130,000 claimants. There is great risk that expanding the
period of time for filing claims for so many years would render the
bar date a nullity, and harm both the Reorganized Debtors and
existing creditors who have waited so many years for their claims
to be paid in these cases."

A copy of the Court's Memorandum Decision and Order dated July 1,
2026, is available at https://urlcurt.com/u?l=wvlIfr
from Pacermonitor.com.

                     About Purdue Pharma LP

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the re-imagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 19 23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain
oversees the cases.  

The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.

David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.

                            *     *     *

U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals, and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.

Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.

In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.


QNITY ELECTRONICS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Qnity Electronics, Inc.'s (Qnity)
Long-Term Issuer Default Rating (IDR) at 'BB+'. Fitch has also
affirmed Qnity's senior secured debts ratings at 'BBB-' with a
Recovery Rating of 'RR1', as well as its senior unsecured notes at
'BB+'/'RR4'. The Rating Outlook is Stable.

Qnity's ratings and Outlook reflect its conservative capital
structure and growth profile as a pure-play global electronics
materials and component solutions provider. Qnity's EBITDA leverage
is positioned to improve organically though the forecast and is
already below Fitch's upgrade sensitivity. The credit profile also
considers Qnity's untested longer-term commitment to conservative
financial policies.

Key Rating Drivers

Conservatively Capitalized: Following a post-spinoff EBITDA
leverage of 3.0x at YE25, Fitch forecasts EBITDA leverage to
decline to about 2.6x at YE26 supported by organic EBITDA growth.
Qnity's EBITDA leverage is a strength for its 'BB+' rating as it is
currently operating below its 3.0x EBITDA leverage upgrade
sensitivity. Similarly rated semiconductor market peers typically
use leveraged mergers and acquisitions (M&A) to grow and then
deleverage. Building a standalone track record of a maintaining
conservative financial structure and EBITDA leverage headroom
through a cycle and M&A would be beneficial to Qnity's credit
profile.

Fitch anticipates annual post-dividend FCF generation of around
$500 million in 2026 and growing annually, providing flexibility
for capital returns or smaller tuck-in acquisitions within Qnity's
rating level.

Secular Tailwinds, Cyclical Exposure: Qnity benefits from the
increasing technological intensity and complexity within the
semiconductor market. Secular growth trends, like miniaturization,
higher densities, expanded use cases and new materials across a
variety of applications, support this demand, with end-use
applications in AI, data centers, electric vehicles and consumer
electronics. Its exposure to AI infrastructure investments
benefitted overall revenue, which can balance potential weaknesses
in consumer end markets to the extent that the less elastic premium
consumer devices in Qnity's end markets are impacted by higher
input costs such as memory.

Qnity is impacted by the revenue cyclicality of the semiconductor
supply chain and wafer starts. Long-standing customer relationships
developed under DuPont, a broad product portfolio, and limited
exposure to volatile fabrication capital equipment spending help to
reduce margin volatility.

Stable FCF Profile: Qnity's demand tailwinds and moderate
investment intensity, inclusive of reduced capex requirements as
its recently opened Delaware facility and Taiwan facility planned
to open in 2027, are expected to support FCF growth. The existing
balanced geographic footprint and capacity investments support
management's longer-term capex expectations of roughly 6% of sales.
Significant shifts in customer supply chains could increase
multiyear spending given the company's co-located footprint. Qnity
will likely sustain R&D intensity in the mid- to high single digits
to support its market positions and customer collaboration as
electronics complexity increases.

Operating Profile Initiatives: Execution on Qnity's efforts to
improve its operating profile through its Transformation Plan that
aims to improve run-rate adjusted EBITDA by $100 million by YE28
would expand EBITDA margins, currently around 30%, that are already
a strength for Qnity's credit profile at the 'BB+' IDR level.

Flexible, Short Supply Chains: Qnity's manufacturing footprint is
mainly in local markets, resulting in a strong presence in Asia
where most chip manufacturing occurs, and about one-third of its
total facilities being North America. Most customers qualify
multiple production lines, allowing Qnity to shift production
between assets. This production redundancy protects the company
from downtime at any one of its facilities and reduces its exposure
to supply chain impacts. The local sourcing focus of its supply
chain provides diversification and supports overall resilience.
Qnity generated about $1.6 billion of its 2025 sales in China,
which Fitch notes as a potential risk.

Deep Customer Relationships: The semiconductor market is relatively
concentrated, with the top 10 companies accounting for about
two-thirds of total market revenue. Qnity's top 10 customers
represent approximately 34% of its revenue, led by Samsung
Electronics Co., Ltd. (AA-/Stable) and TSMC at approximately 11%
and approximately 8%, respectively. Qnity has maintained
relationships with each of these customers for over 15 years,
supported by the growing complexity of semiconductors, which
incentivizes customers to retain established partners, and
collaborative R&D efforts that further strengthen retention.

Peer Analysis

Qnity's EBITDA margins of around 30% are comparable with Entegris,
Inc.'s (BB/Stable) and slightly above MKS Inc.'s (BB/Stable) in the
mid-20% range. All three companies have comparable FCF margins
around 10%. Qnity is the largest of these peers by revenue, roughly
around $5 billion, compared to about $4 billion and just over $3
billion for MKS and Entegris respectively. Like Qnity, MKS and
Entegris should benefit from secular trends, including expanding
use cases in new end markets and increasing technological
complexity.

Both MKS and Entegris are in the latter stages of reducing leverage
after M&A. Fitch forecasts MKS and Entegris' respective fiscal YE26
EBITDA leverage at 4.0x and 3.5x, compared to 2.6x for Qnity. All
three are exposed to semiconductor market cyclicality. Qnity's
relationships with original equipment manufacturers (OEMs) and
breadth of offerings are expected to reduce its operating
volatility through a cycle.

Compared with BB category peer Coherent Corp. (BB/Positive), whose
AI and data center exposure also has supported its financial
results, Coherent is larger than Qnity by revenues, but generates
similar EBITDA broadly about $1.5 billion and lower FCF due to its
lower margins. Coherent has reduced its leverage to below Fitch's
upgrade sensitivity and is forecast at 2.1x at its fiscal YE 2026
following a period of post-M&A deleveraging. With both Qnity and
Coherent operating below their respective EBITDA leverage upgrade
sensitivities, developing a longer track record of maintaining
below sensitivity leverage would be beneficial to their credit
profiles.

Fitch’s Key Rating-Case Assumptions

- Semiconductor Technologies' (ST) revenues benefit from the trend
of increasing complexity and performance requirements. Overall
growth from the ST and Interconnect Solutions segments around 10%
in 2026 and approximately mid-single digits annually through the
remainder of the forecast period is supported by continued AI
investments;

- EBITDA margins about 30%, up slightly from 2025 and pro forma
2026 with variance of around 1%. Margins supported by operating
leverage growth and supportive sales mix during the forecast
period;

- Capex at roughly 8%-9% of revenues in 2026, supporting current
facility investments. Declining over the forecast toward the
longer-term forecast around 6% of net sales;

- Dividends of around $67 million in 2026, growing each year
roughly in line with earnings. Share buybacks around $100 million
in 2026 and supported by FCF increase directionally to $500 million
annually during the forecast period, offsetting cash balance
growth;

- Term loan B repriced at SOFR + 175. Base interest rates
applicable to variable debts reflect current SOFR forward curve of
approximately 3.6%, 4.1%, 3.9% and 3.8% between 2026 and 2029,
respectively. No revolver draws are expected in Fitch's forecast.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bbb, Lower), sector characteristics (bbb-,
Higher), market and competitive positioning (bb+, Moderate),
diversification and asset quality (bb+, Moderate), company
operational characteristics (bbb-, Lower), profitability (a-,
Lower), financial structure (bbb-, Higher), and financial
flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- The Governance assessment of 'good' has no impact.

- The Operating Environment assessment of 'a-' has no impact.

- The other risk elements adjustment applies and results in an
adjustment of -1 notch.

- The SCP is 'bb+'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BB+'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage sustained above 3.5x;

- A structural deterioration in the company's market position,
potentially highlighted by the loss of major customers or pricing
power;

- (CFO-capex)/total debt ratio trending below 10%.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A commitment to and demonstrated track record of maintaining
EBITDA leverage below 3x through the cycle;

- Demonstration of reduced volatility through the semiconductor
cycle;

- Measured, successful near- to medium-term M&A activity, leading
to a less cyclical operating profile and reducing cash flow risk.

Liquidity and Debt Structure

Qnity's liquidity position is supported by an $857 million cash
balance and an undrawn $1.25 billion revolving credit facility with
approximately $12 million in letters of credit outstanding at 1Q26.
Fitch expects Qnity's liquidity to remain strong through the
forecast period, supported by growing positive FCF. After
dividends, Qnity will have flexibility in how it uses its cash.
Fitch does not expect any discretionary debt repayments in its
forecast.

Issuer Profile

Qnity Electronics is one of the largest pure-play global leaders in
the design and development of materials and solutions for the
semiconductor and electronics industries.

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 Qnity Electronics.

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
   -----------                   ------           --------   -----
Qnity Electronics, Inc.  

                           LT IDR  BB+   Affirmed             BB+
   senior secured          LT      BBB-  Affirmed    RR1      BBB-

   senior unsecured        LT      BB+   Affirmed    RR4      BB+


RAILHEAD INC: Court Dismisses Bankruptcy Case Without Prejudice
---------------------------------------------------------------
Chief Judge Brian F. Kenney of the U.S. Bankruptcy Court for the
Eastern District of Virginia dismissed the bankruptcy case of
Railhead Inc. sua sponte. The motion of Republic Capital Access,
LLC ("RCA") to appoint a Chapter 11 trustee is denied as moot.

Railhead is a government subcontractor, working for prime
contractors in the national security field. It had gross revenue in
2025 of $5.7 million.

RCA is a factor. It is not a secured lender. It purchases invoices,
and did so in this case. The primary agreement between RCA and
Railhead is an Accounts Receivable Purchase Agreement ("ARPA"),
dated as of September 13, 2018.

On August 12, 2025, Jason Butler, Railhead's CEO, emailed Matt
Stavish, RCA's Senior Vice President, and advised Mr. Stavish that,
owing to the Department of State termination, Railhead had
"diverted" $400,000.00 in RCA's purchased receivables to payroll.

Mr. Butler testified that, although this amount had been diverted
to pay payroll, it had been repaid well before the bankruptcy was
filed. RCA did not offer any testimony to rebut Mr. Butler's
testimony on this issue.

As of the filing of this bankruptcy case, RCA was owed
$1,235,515.24 in unpaid invoices.

The Court concludes that, although there was a pre-petition
diversion in the use of RCA's purchased receivables, this was
remedied by the repayment of the $400,000.00 before the bankruptcy
filing. On balance, the Court finds that this does not constitute
cause for the extraordinary remedy of the appointment of a Chapter
11 Trustee.

Railhead has defaulted on its obligations to RCA and its reporting
obligations to the Court in a number of important respects. It
defaulted on the $250 per week adequate protection payments
requirement. It failed to provide RCA with all of the remittance
information it is entitled to under the Second Interim Cash
Collateral Order. It now maintains that compliance with the
invoices requirement of Section 8 is impossible -- meaning, it
should never have agreed to this provision in the first place. It's
using Pay Pal and PEX to pay its vendors. The first MOR used
accrual method accounting where the form plainly required the
disclosure of cash in and cash out. Railhead agreed to replacement
liens in favor of RCA, which never had a lien on those assets in
the first place.

Railhead argues that the appointment of a Chapter 11 Trustee will
destroy its business because of the sensitive and classified nature
of its contracts with the prime contractors. The Court accepts that
proposition. But it does not mean that the Court is powerless when
it comes to demonstrated non-compliance with its Orders and
mismanagement during the case.

The Court has the power under Bankruptcy Code Section 1112(b) to
dismiss this case sua sponte.

The Court finds that it is in everyone's best interests to dismiss
this case and to start over. The Debtor has vastly exceeded its
Cash Collateral Budget, whether viewed on an accrual or a cash
basis. The case will be dismissed without prejudice, meaning that
the Debtor is free to re-file a Chapter 11 case.

A copy of the Court's Memorandum Opinion and Order dated June 30,
2026, is available at https://urlcurt.com/u?l=nRGpcp
from Pacermonitor.com.

                     About Railhead Inc.

Railhead, Inc., is a Virginia-based government contracting and
consulting firm.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10508-BFK) on
March 2, 2026. In the petition signed by Jason Butler, managing
member, the Debtor disclosed up to $10 million in both assets and
liabilities.

Jeffery T. Martin, Esq, at Martin Law Group PC, represents the
Debtor as legal counsel.


RAND PARENT: Fitch Rates $650MM Incremental Term Loan 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned Rand Parent, LLC's (dba Atlas Air)
planned senior secured term loan a rating of 'BB+' with a Recovery
Rating of 'RR3'. Atlas's current Long-Term Issuer Default Rating
(IDR) is 'BB' and its senior secured credit facilities and notes
rated 'BB+'/'RR3'. The Rating Outlook is Stable.

The planned $650 million incremental term loan will be used to fund
the acquisition of Atlanta Air and for general corporate purposes.
Pro forma EBITDAR leverage in 2026 is expected to be about 3.4x,
before synergies, consistent with Fitch's rating thresholds.

Atlas's ratings reflect its heavily contracted customer model,
which provides revenue visibility and mitigates exposure to
cyclical air cargo rates. The ratings also reflect flexible service
networks and competitive air cargo markets, which can weigh on
rates and profitability over time. Atlas's fleet is fully
encumbered, but maintains good liquidity.

Key Rating Drivers

Low-to-Mid 3.0x EBITDAR Leverage: Fitch expects consolidated
leverage to remain in the 3.3x-3.5x range, consistent with 'BB'
rating tolerances. The acquisition of Atlanta Air is expected to be
completed within this range on a pre-synergy pro forma basis in
2026, including scheduled debt repayment. Atlas has identified
commercial and cost synergies with opportunities to execute in the
near term.

Continued debt-funded fleet growth is likely and could cause
leverage to fluctuate, but Atlas's practice of having demand in
place before purchases helps reduce execution risk. Fitch will
continue to evaluate Atlas's planned purchase of 20 Airbus A350
freighters during 2029-2034, considering the multi-year cash flow
generation and the variety of financing options.

Growth, Shareholder Capital Allocation: Fitch expects Atlas will
maintain its capital allocation strategy, which prioritizes
credit-conscious aircraft purchases before shareholder returns,
while maintaining its capital structure. Fitch expects Atlas to
maintain through-the-cycle financial flexibility and collateral
coverage, supported by its ability to reduce common dividends,
about $490 million in 2025, and revert to pay-in-kind (PIK)
preferred dividends, about $128 million per year.

Dividend distributions are expected to balance cash flows, leverage
management and the preservation of the collateral base. Greater
reliance on subordinated cash flows may lead to negative rating
action.

Initiatives Supporting FCF, Profitability: FCF before preferred and
common distributions is expected to be nearly $200 million in 2025.
Fitch forecasts FCF before shareholder distributions and any
aircraft purchases to be nearly $500 million in 2026, up from $426
million in 2025. Fitch forecast PF EBITDA of about $1.4 billion in
2026, up from $1.2 billion in 2025. This reflects cost-saving
initiatives, new aircraft entering service and the exit of business
where returns did not meet hurdle rates.

Airfreight Operating Environment: International trade and economic
uncertainty pose lingering risks to Atlas's rates and flying
activity. Fitch expects the company's contracted service offerings
and operational and financial flexibility to moderate this
sensitivity. A small but meaningful portion of Atlas's business
serves routes between China and the U.S., which have faced the most
pressure from changing trade policies. However, Atlas has the
flexibility to change trade lanes, which reduces this risk. Growth
in tech, electronic components and e-commerce supports long-term
demand. Industry widebody capacity growth also appears constrained,
limiting supply-driven pressures on rates.

Contracted Flights Moderate Rate Exposure: Fitch views Atlas's
heavily contracted customer model as a key strength. It provides
predictable revenue through multiyear pricing and minimum volume
arrangements and gives Atlas time to adjust to changes in the air
cargo environment. Atlas's book of business is typically structured
so that about 10% of block hours come up for contract renewals each
year, while another 10% is ad hoc, marked-based flying, often
special event or non-freight cargo. Fitch does not believe contract
cancellations pose a meaningful risk during a rate cycle because
penalties for breaking contracts are high.

Corporate Secured Debt 'RR3': The 'RR3' rating on the senior
secured corporate debt reflects the collateral base.
Appraisal-based LTV's are expected to remain in the mid-to-high 70%
range pro forma for the Air Atlanta acquisition and scheduled
aircraft debt payment in 2026. Fitch will continue to monitor
Atlas's maintenance of the collateral asset pool and the mix of
earnings and cash flow between restricted and unrestricted assets.

Peer Analysis

Stonepeak Nile Parent LLC (ATSG; BB+/Stable) is Atlas's close
operational peer in the cargo freight market. Atlas is primarily an
ACMI/CMI provider, which carries somewhat higher volumetric
exposure than ATSG's dry lease heavy business, which supports lower
operating risk. Fitch forecasts ATSG's leverage in the low-3.0x
range.

When comparing Atlas with passenger airlines such as Air Canada
(BB/Stable), Fitch considers the different business profile and
industry structure of freight airlines. Atlas benefits from a high
degree of contracted revenue, including multiyear rate agreements,
fuel surcharges that substantially limit fuel price risk and
activity minimums. These features support fundamental cash flow
visibility. Competitive advantages include fleet composition, scale
and service quality. Passenger airlines typically have more
entrenched route structures, which support their competitive
positioning. Air Canada's EBITDAR leverage is expected to trend to
the mid- 3.0x range in 2026.

Fitch’s Key Rating-Case Assumptions

- Total revenue, before Air Atlanta, nearing $5.7 billion in 2026,
considering new aircraft contributions and yield growth.

- Fitch defined EBITDA approximately $1.3 billion in 2026 followed
by modest growth supporting EBITDA in the $1.3 billion to $1.4
billion range over the medium term, supplemented by Air Atlanta
contributions;

- Expenditures for aircraft and related equipment additions of
about $175 million in 2026, before any further aircraft purchases.

- SOFR rates remain around 4% through the forecast.

Corporate Rating Tool Inputs and Scores

Fitch Scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bb, Moderate), Sector Characteristics
(bbb-, Moderate), Market and Competitive Positioning (bb+,
Moderate), Diversification and Asset Quality (bbb-, Moderate),
Company Operational Characteristics (bbb-, Higher), Profitability
(bb, Lower), Financial Structure (bb-, Higher), and Financial
Flexibility (bb, Moderate).

- The quantitative financial subfactors are based on Standard CRT
financial period parameters: 20% weight for the historical year
2024, 40% for the forecast year 2025 and 40% for the forecast year
2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bb'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to A
Negative Rating Action/Downgrade:

- Mid-cycle EBITDAR leverage sustained above 3.5x;

- Mid-cycle EBITDAR Fixed Charge Coverage sustained below 3.5x;

- Increased proportion of EBITDA from unrestricted assets that
changes the cash flow risk profile;

- Capital deployment actions that reduce collateral asset quality
(e.g., increased average age) and financial flexibility;

- A shift in operating profile that heightens through-the-cycle FCF
variability, including weaker contract structures and durations, or
constrains FCF (excluding growth capex) to consistently below $200
million.

Factors that Could, Individually or Collectively, Lead to A
Positive Rating Action/Upgrade:

- Establishment of a clear, credit-conscious capital allocation and
fleet planning policy that enhances collateral asset quality and
financial flexibility;

- A less-encumbered capital structure with mid-cycle EBITDAR
leverage sustained below 3.0x;

- Effective implementation of strategic growth plans, coupled with
maintaining healthy contract structures and durations, that
strengthen FCF stability through business cycles.

- Maintaining a balance of contributions from the restricted group
on consolidated EBITDA.

Liquidity and Debt Structure

As of March 31, 2026, Atlas had a comfortable liquidity position
comprised of $227 million of cash, full availability under the $350
million RCF, plus availability under the $150 million AR
securitization facility. Mandatory debt amortization is scheduled
to be $250 million to $290 million per year over the next four
years, primarily from aircraft financing and to a lesser extent,
annual term loan amortization.

The senior secured credit facilities and notes at the parent are
structurally subordinated to the aircraft-secured debts, which are
borrowed under various subsidiaries and do not carry cross or
downstream guarantees.

Fitch does not treat the $900 million of preferred stock as debt
since it was issued outside of the rated entity/restricted group,
is unable to trigger a default under Atlas' debt terms, and does
not have event of default provisions or debt-like remedies under
the terms.

Issuer Profile

Atlas Air is a global cargo airline that operates over 100 aircraft
including a mix of Boeing 747, 777, 767 and 767 aircraft. It serves
a variety of customers in freight forwarding, express shipping,
retail and e-commerce, and military markets.

Date of Relevant Committee

20 February 2026

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS for 2035 for Rand Parent, LLC is 50.
The score reflects the broader airline category's transition risk
and rising compliance costs for emissions compliance. The
consideration is not influencing Atlas's ratings due to its focus
on airfreight over passenger flying and contract structures that
pass-through fuel costs to its customers.

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   
   -----------             ------           --------   
Rand Parent, LLC

   senior secured       LT   BB+   New Rating   RR3


RAND PARENT: New Term Loan Add-on No Impact on Moody's 'Ba1' CFR
----------------------------------------------------------------
Moody's Ratings said that Rand Parent, LLC's (Rand) senior secured
first lien term loan B add-on does not affect Ba1 rating. Rand is
the parent company of Atlas Air Worldwide Holdings, Inc. (Atlas), a
global provider of air cargo services. Additionally, the
transaction has no effect on Rand's Ba1 corporate family rating or
senior secured ratings. The outlook remains unchanged at stable.

The term loan add-on issuance (outstanding term loan amount of
$1.27 billion as of March 31, 2026) will fully finance Rand's
recently announced investment in Air Atlanta. On May 28, Rand
announced that it signed an agreement to acquire 49% of the voting
stock of Air Atlanta Icelandic ehf. and Air Atlanta Europe Ltd.
(collectively, Air Atlanta), alongside the acquisition of all of
Air Atlanta group's aircraft assets.

RATINGS RATIONALE

The Ba1 CFR reflects Rand's strong competitive position in
outsourced cargo transport services globally, recent solid
operating performance, moderate debt-to-EBITDA leverage (3.7x based
on last 12 months EBITDA ended March 31, 2026, pro-forma for the
transaction), and solid free cash flow generation. The company's
ability to generate solid free cash flow allows it to manage debt
levels more effectively, although in the last 18 months the
company's sponsors took out approximately $600 million through
dividend distributions. Credit challenges include Rand's high
customer concentration and reliance on secured debt, which
encumbers its most valuable assets, constraining its liquidity and
financial flexibility in times of stress.

Rand specializes in widebody dedicated freighter aircraft that
serve companies, particularly in Asia, which need timely and
efficient transportation of their goods to key markets, primarily
the US. Rand's operating performance has benefited from the growing
penetration of e-commerce in global markets, particularly in the
Asia-Pacific trade corridors, which has steadily driven cargo air
transportation volumes higher. Approximately 90% of Rand's flying
is contracted, which provides transparency into the company's
operating performance in the near term.

Under the terms of the transaction, Rand will acquire 49% of the
voting equity of Air Atlanta but will be entitled to 90% of the
economic interest through enhanced dividend rights. In addition,
Rand will acquire Air Atlanta group's aircraft assets, consisting
of 10 747 400 freighters and four B777 passenger aircraft. Despite
not holding majority voting control, Rand expects to consolidate
Air Atlanta's financial results as the primary beneficiary and
recognize a noncontrolling interest. Moody's views the investment
in Air Atlanta as credit positive because it expands Rand's global
operating platform and increases access to widebody capacity in
growing air cargo markets.

Rand has good liquidity, supported by predictable operating cash
flow and availability under its $350 million senior secured first
lien revolving credit facility. Liquidity is further supported by
well distributed debt maturities and manageable aircraft purchase
requirements. However, the company's fully secured capital
structure and history of debt-funded shareholder distributions
continue to constrain financial flexibility.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade Rand's ratings if: 1) the company maintains a
profitability ratio of net income to average managed assets that
continues to compare well with peers as economic conditions weaken;
2) debt-to-EBITDA is sustainably less than 3.0x; 3) customer
concentrations do not increase and are effectively managed; and 4)
the company maintains strong liquidity coverage of at least 120% of
its debt refinancing and capital expenditure requirements.

The ratings could be downgraded if: 1) the company's operating
results deteriorate; 2) debt-to-EBITDA leverage is sustained above
4.0x; 3) liquidity weakens; or 4) the company loses a material
customer or suffers a business disruption that weakens its
financial prospects.

Rand is the parent company of Atlas, a global provider of freighter
aircraft and aviation operating services, operating the world's
largest fleet of 747 freighters, as well as other aircraft for
cargo and passenger services. Following the March 2023 merger by an
investor group led by funds managed by affiliates of Apollo Global
Management, Inc. together with investment affiliates of J.F Lehman
& Company and Hill City Capital., AAWW became a privately held
company. Rand Parent's principal office is located in White Plains,
New York.


RAPID REPAIR: Commences Subchapter V Bankruptcy in Illinois
-----------------------------------------------------------
On June 30, 2026, Rapid Repair Pro LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Illinois. According to court filing, the Debtor reports between
$100,000 and $500,000 in debt owed to 1–49 creditors.

Deadline for filing the Government Proof of Claim is December 28,
2026, while the Chapter 11 Subchapter V Plan must be filed by
September 28, 2026.

              About Rapid Repair Pro LLC

Rapid Repair Pro LLC is a Collinsville, Illinois-based residential
remodeling and handyman services provider operating under the brand
Hero Handy Man Pro, with services also coordinated from O’Fallon,
Illinois.

Rapid Repair Pro LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. Case No. 26-30584) on June 30,
2026. In its petition, the Debtor reports estimated assets of
$50,000 to $100,000 and estimated liabilities of $100,000 to
$500,000.

Honorable Mary E. Lopinot handles the case.

The Debtor is represented by Jerry D. Graham, Jr., Esq. of JD
Graham PC.


REDDEN-WOOD & ASSOCIATES: Claims in First Insurance Case Narrowed
-----------------------------------------------------------------
Judge David L. Bissett of the U.S. Bankruptcy Court for the
Northern District of West Virginia denied, in part, and granted, in
part, Redden-Wood & Associates, Inc.'s motion to dismiss the case
captioned as FIRST INSURANCE FUNDING, Plaintiff, v. REDDEN-WOOD &
ASSOCIATES, INC., and RANDY REDDEN, Defendants, Adversary No.
2:26-ap-14 (Bankr. N.D. W. Va.).

Redden-Wood & Associates, Inc., (the "Defendant") seeks dismissal
under Fed. R. Civ. P. 12(b)(6) ("Rule 12(b)(6)"), made applicable
here by Fed. R. Bankr. P. 7012(b), of the Complaint filed by First
Insurance Funding (the "Plaintiff"). In that regard, the Defendant
asks the Court to dismiss the Plaintiff's Complaint based on
numerous grounds including that:

   1) the Court lacks subject matter jurisdiction over causes of
actions concerning Randy Redden;
   2) the Plaintiff filed a proof of claim that has not yet been
objected to so a cause of action for money damages is not
ripe;
   3) a cause of action for breach of the duty of good faith and
fair dealing does not exist in West Virginia;
   4) there can be no cause of action for breach of a fiduciary
duty when the parties did not have a "special relationship;"
   5) the "economic loss" rule in West Virginia prohibits causes of
action that are tort or equitable in nature when the parties are in
a contractual relationship and the exception for fraud does not
apply when the action for tort did not arise independent of the
existence of the contract;
   6) a cause of action for conversion cannot exist when funds were
obtained with consent and then comingled with other funds;
   7) causes of action for exceptions to discharge under 11 U.S.C.
Sec. 523(a) cannot be held against a Chapter 11 corporation when
Sec. 523(a) only applies to individuals; and
   8) even if Sec. 523(a) is found to be applicable to subchapter V
corporations, said causes of action are not ripe until confirmation
of a non-consensual plan.

The Plaintiff counters that it adequately states causes of action
with factual assertions that, accepted as true, plausibly state
each asserted claim and that any dispute cannot be resolved on a
motion to dismiss. In that regard, the Plaintiff contends that:

   1) the Court does have subject matter jurisdiction over the
claims asserted against Randy Redden because the claims are "core"
claims within 28 U.S.C. Sec. 157(b) or, at a minimum, are "related
to" the Defendant's bankruptcy case as they arise from the same
conduct underlying the claims against the Defendant and the outcome
of any decision on the claims would have an effect on the estate;
   2) the filing of the proof of claim does not eliminate the
existence of a ripe controversy or preclude liquidation of claims
through an adversary proceeding;
   3) the separate cause of action for breach of the duty of good
faith and fair dealing is properly pled as part of the  Plaintiff's
contract-based claims;
   4) the Defendant's alleged role as an insurance agent or broker
and its agreement to hold funds in trust, thus acting as an
intermediary, are sufficient to support the existence of a
fiduciary relationship;
   5) the Plaintiff's Complaint alleges independent fraudulent and
intentional misconduct such that the economic loss rule does not
bar the tort-based claims;
   6) the allegations concerning the diversion of specifically
entrusted funds, the failure to use the funds for the intended
purpose, and the exercise of wrongful dominion over said funds
sufficiently state the claim for conversion;
   7) the Plaintiff's Complaint adequately pleads claims for relief
under 11 U.S.C. Sec. 523(a), which applies to both individual and
corporate debtors in a Chapter 11 Subchapter V case based on
binding Fourth Circuit precedent; and  
   8) any concerns relating to the applicability of 11 U.S.C. Sec.
523(a) to the Defendant's eventual discharge are not appropriate
for resolution at the pleading stage.

The Defendant contends dismissal of Counts I through VII is
warranted because the Plaintiff filed a proof of claim in the
underlying bankruptcy case and that claim has not yet been
challenged. According to the Defendant, the existence of the proof
of claim renders the Plaintiff's claim for damages not yet ripe and
eliminates the existence of any present controversy between the
parties. The Court finds this argument unavailing. The proof of
claim itself does not forbid a creditor from pursuing causes of
action through an adversary proceeding particularly where the
Complaint seeks to establish liability under multiple legal
theories and forms the basis for additional relief sought. The
proof of claim does not liquidate tort claims, determine liability,
or resolve dischargeability issues.

The Court finds it appropriate to deny the Defendant's motion as to
Counts I and III through XI and to grant the Defendant's motion as
to Count II. As to the breach of contract claim in Count I, the
Complaint identifies the Finance Agreements, alleges specific
contractual obligations, identifies alleged breaches, including
failure to remit financed premiums to carriers and failure to
comply with representations and warranties, and alleges damages as
a result. The allegations are sufficient to state a plausible claim
for breach of contract. As to Count II, even accepting all factual
allegations as true and drawing all reasonable inferences in favor
of the Plaintiff, West Virginia generally does not recognize a
standalone cause of action for breach of the covenants of good
faith and fair dealing separate from a breach of contract claim.
The factual allegations may support Count I but do not
independently state a cognizable claim. In fact, the Plaintiff
seemingly recognizes this. As such, Count II must be dismissed.

Accordingly, the Defendant's motion to dismiss is denied in part in
regard to Counts I and III-XI and granted in part in regard
to Count II. Count II of Plaintiff's Complaint is dismissed without
prejudice.

A copy of the Court's Order dated June 29, 2026, is available at
https://urlcurt.com/u?l=dHu2Ox from Pacermonitor.com.

                About Redden-Wood & Associates

Redden-Wood & Associates, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. N.D. W. Va. Case No. 25-00754) on Dec. 30, 2025,
listing up to $50,000 in both assets and liabilities.

The Debtor tapped Johnson Legal Services, PLLC as counsel and David
Gantzer, CPA, as accountant.



REDSTONE BUYER: Moody's Alters Outlook on 'Caa3' CFR to Stable
--------------------------------------------------------------
Moody's Ratings affirmed Redstone Buyer LLC (RSA Security)'s (RSA
Security or RSA) Caa3 corporate family rating and Caa3-PD
probability of default rating. At the same time, Moody's appended a
"/LD" limited default designation to the company's PDR, changing it
to Caa3-PD/LD from Caa3-PD, following the company's January 2026
debt restructuring. Moody's treated the debt restructuring as a
distressed exchange. Moody's will remove the "/LD" designation from
the company's PDR in about three business days. The new tranches of
secured debt are rated B3/B3/B3/Caa3/Ca/Ca/C as outlined below
depending on seniority. The outlook was revised to stable from
negative.

The outlook revision to stable reflects the debt reduction,
reduction in cash interest expense and extension of debt
maturities. Although the debt and cash interest reductions were
material, RSA will still face challenges covering the reduced
interest and generating positive free cash flow. While the revised
debt may need to be restructured prior to maturity, the revision
allows time to further invest in growth initiatives and AI
capabilities and potentially improve SecurID's and Outseer's future
sale proceeds.

The limited default assignment reflects the distressed exchange of
the vast majority of the existing 1st and 2nd lien debt for less
than face value of new debt. The affirmation of the CFR at Caa3
reflects the company's still very high debt levels and ongoing
business challenges.

RATINGS RATIONALE

RSA's Caa3 CFR reflects the still very high financial leverage and
continuing challenges at the remaining SecurID and Outseer
businesses. The company has the potential to sell the two
businesses but given the challenges at the segments (and valuations
in the software industry in general), it remains uncertain whether
net proceeds will be sufficient to repay all the debt. Cash flow
remains negative though improved from recent years. The credit
profile benefits from RSA's solid positions across various
enterprise cybersecurity and risk management software markets and
favorable demand drivers in the security software industry. RSA has
been updating and modernizing its platforms including cloud
security and AI capabilities over the past several years after
falling behind several of its competitors. Though the company has
made progress in new product development, the competitive
environment remains challenging and continued investment will
likely be required to grow the business.

Despite the challenges, RSA has made significant progress
establishing its different business units to be separable. While
sales of the remaining businesses have the potential to repay the
majority of the debt, challenges around valuations and past liberal
use of asset sale proceeds for operating shortfalls, taxes and
shareholder distributions leaves uncertainty about debt repayment
from future asset sales.

Liquidity is weak based on $25 million of cash as of January 2026
and an undrawn $165 million revolver. Although interest expense is
declining materially and separation and restructuring costs are
winding down, free cash flow will likely continue to be negative
over the next 12 months, and possibly longer. The revolving credit
facility contains a springing first out net leverage ratio covenant
of 4.25x when utilization exceeds 35%. The revolver matures in
2030.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if performance continues to weaken
and cash flow does not show signs of reaching breakeven levels. The
ratings could also face downward pressure if future asset sale
proceeds are not used to permanently pay down debt.

Moody's could upgrade RSA's ratings if the company stabilizes
operations, reduces debt and generates sustained positive free cash
flow, while maintaining ample liquidity. This could be achieved
with the sale of one of the remaining businesses if debt repayment
leaves a business with a manageable capital structure.

Issuer: Redstone Buyer LLC (RSA Security)

Assignments:

Backed Senior Secured Revolving Credit Facility, Assigned B3

Backed Senior Secured New Money First-out Term Loan A1, Assigned
B3

Backed Senior Secured First-out Term Loan A2, Assigned B3

Backed Senior Secured Second-out Term Loan, Assigned Caa3

Backed Senior Secured Third-Out Term Loan B1, Assigned Ca

Backed Senior Secured Third-Out Term Loan B2, Assigned Ca

Backed Senior Secured Forth-Out Term Loan , Assigned C

Affirmations:

Corporate Family Rating, Affirmed Caa3

Probability of Default Rating, Affirmed Caa3-PD /LD (/LD
appended)

Withdrawals:

Senior Secured Bank Credit Facility, Withdrawn , previously rated
Ca

Senior Secured Bank Credit Facility, Withdrawn , previously rated
Caa2

Outlook Actions:

Outlook, Changed To Stable From Negative

Redstone Buyer LLC (RSA Security) is an enterprise security
software company with around $458 million of revenue for the fiscal
year ended January 31, 2026. RSA was acquired from Dell in
September 2020 by a group of funds led by private equity firm
Symphony Technology Group (STG). Clearlake Capital Group
(Clearlake) is now the controlling shareholder.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
published in December 2025.

RSA's CFR is Caa3, two notches below the scorecard indicated
forward outcome of Caa1. The difference partially reflects the
concerns about sustainability of the capital structure and
uncertainty around net proceeds from asset sales.


RELEASE WELL-BEING: Gets Interim OK to Use Cash Collateral
----------------------------------------------------------
Release Well Being Center, Inc. received interim approval from the
U.S. Bankruptcy Court for the District of Massachusetts to use cash
collateral.

Under the interim order, the Debtor is authorized to use cash
collateral through July 23 based on a court-approved budget.

The Debtor needs immediate access to its cash collateral to meet
operating costs and maintain its wellness facility located in
Westborough, Massachusetts. While the Debtor's operations generate
immediate cash rather than traditional accounts receivable, its
liquid assets and the underlying commercial real estate are fully
encumbered by a first-priority mortgage and security interest held
by Avidia Bank.

The Debtor's financial disclosures highlight a severe equity
cushion deficit, revealing that Avidia Bank is a grossly
undersecured creditor. While Avidia is owed an outstanding balance
of approximately $5.362 million, the total estimated value of its
collateral is just $2.495 million. This collateral pool consists of
the Westborough real estate valued at $2.3 million, existing cash
holdings of $145,000, and $50,000 in other non-cash assets.

In addition to operational income from wellness services, the
encumbered cash collateral includes a steady $2,000 monthly gross
rental payment generated from a single on-site tenant, Tacoborough
Café, Inc.

To protect Avidia Bank from any post-petition diminution of its
collateral value, the Debtor is required to make weekly payments of
$2,500, with payments applied to the principal balance of the
bank's secured claim.

In addition, the bank will retain security interests in the
Debtor's post-petition cash collateral and other assets as
protection from any diminution in the value of its pre-petition
collateral.

The order preserves the rights of creditors and any future Chapter
11 or Chapter 7 trustee to challenge the validity, extent, or
priority of Avidia Bank's liens within a 60-day period.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/2YVtG from PacerMonitor.com.

A further hearing is scheduled for July 23, with objections due by
July 22.

                About Release Well-Being Center Inc.

Release Well-Being Center, Inc. operates a wellness center in
Westborough, Massachusetts, offering spa, fitness, yoga,
meditation, private training, wellness coaching, therapeutic
massage, skin care, Reiki, and body composition analysis services.
The center also hosts private events, corporate events, and
workshops. Its facilities include spa rooms, yoga and fitness
spaces, locker rooms, steam and salt therapy areas, a red light
sauna, an outdoor mineral spa, a garden, and outdoor fitness areas.


Release Well-Being Center sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40730) on June
18, 2026, with $2,536,000 in assets and $6,821,535 in liabilities.
Linda Townsend, president of Release Well-Being Center, signed the
petition.

Michael B. Feinman, Esq., at Feinman Law Office, represents the
Debtor as bankruptcy counsel.


RELLIS CAMPUS: Judge Clears $40MM Texas A&M Data Center Sale
------------------------------------------------------------
Yun Park of Law360 Bankruptcy Authority reports that a Texas
bankruptcy judge on Wednesday, July 1, 2026, announced he will
authorize the sale of RELLIS Campus Data and Research Center LLC, a
data center affiliated with Texas A&M University, after concluding
that the proposed transaction is in the best interests of the
bankruptcy estate. The deal is valued at roughly $40 million.

According to the debtor, the purchaser submitted the winning bid
after a competitive sale process designed to maximize value for
creditors. The company argued that completing the sale will
monetize one of its principal assets while allowing the Chapter 11
case to move toward resolution.

With court approval expected, the parties can proceed toward
closing the transaction. Sale proceeds are anticipated to support
creditor recoveries and facilitate the administration of the
debtor's remaining obligations in bankruptcy, the report relays.

            About RELLIS Campus Data and Reserch Center

RELLIS Campus Data and Research Center, LLC and Optimus
DataCenters, LLC are two non-operator entities owned by TenTech-3
Holdings, LLC, formed to develop and manage a data center on Texas
A&M University's RELLIS Campus in Bryan, Texas. The RELLIS Campus,
designed to foster innovation and technology for public and private
sector applications, provides the setting for the planned facility
along State Highway 21 on its northern side.

The Debtors filed Chapter 11 petitions (Bankr. S.D. Tex. Lead Case
No. 25-90666) on Nov. 5, 2025.  At the time of the filing, RELLIS
listed between $10 million and $50 million in assets and
liabilities while Optimus DataCenters listed between $10 million
and $50 million in assets and up to $50,000 in liabilities.

Judge Alfredo R Perez oversees the cases.

The Debtors tapped Christopher Adams, Esq., at Okin Adams Bartlett
Curry, LLP, as legal counsel, and Veritas Restructuring Group as
restructuring and financial advisor.


RESONETICS LLC: Moody's Affirms 'B3' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings affirmed Resonetics, LLC's (Resonetics) B3
Corporate Family Rating and B3-PD Probability of Default Rating.
Moody's also affirmed the B3 rating on the company's senior secured
bank credit facility consisting of a $1.37 billion term loan and a
$105.6 million revolving credit facility. The outlook remains
stable.

The affirmation of ratings reflects Moody's views that the company
will sustain revenue and earnings growth, underpinned by steady
demand for its niche products. Moody's expects that the company
will continue its business expansion through a combination of
organic growth and contributions from acquired tuck-in businesses,
while operating with high financial leverage over the next 12-18
months. Moody's also expects that the company will maintain good
liquidity with sustained positive free cash flow generation.

RATINGS RATIONALE

Resonetics' B3 CFR reflects its high financial leverage, modest
scale and execution risk related to the company's ongoing
acquisition strategy. The company has some customer concentration,
with the top five customers contributing approximately 39% of the
company's total revenue.

The rating benefits from high barriers to entry and switching costs
in the contract manufacturing business, which involves
sophisticated laser-based processes and precision
grinding/machining. The rating also benefits from strong demand for
interventional, diabetes care, surgical and ophthalmic surgery
products – which require precision manufacturing.

The stable outlook reflects Moody's expectations that the company
will grow its earnings with sustained positive free cash flow,
while operating with high financial leverage.

Moody's expects that Resonetics will maintain good liquidity over
the next 12 to 18 months. The company's liquidity is supported by a
cash balance of approximately $64 million and almost full access to
the $105.6 million revolving credit facility at the end of first
quarter of 2026. Moody's also expects that the company will
generate $35-$50 million in positive free cash flow in the next 12
months.

The term loan and the revolver under the company's senior secured
bank credit facility are both rated B3, at the same level as the
company's B3 CFR. This reflects the preponderance of senior secured
first lien debt in the company's capital structure.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be downgraded if Resonetics' liquidity and/or
operating performance deteriorates, including sustained negative
free cash flow. The ratings could also be downgraded if the company
experiences operational disruptions, including challenges related
to the integration of recent acquisitions.

Ratings could be upgraded if Resonetics maintains its good
liquidity position, demonstrates solid revenue and EBITDA growth
and successfully integrates recent acquisitions. Quantitatively,
adjusted debt/EBITDA sustained below 6.0 times could support an
upgrade.

Headquartered in Nashua, New Hampshire, Resonetics is a high-tech
manufacturer supplying product and manufacturing services primarily
to the medical device industry. The company's primary business
operations include thin-wall metal tubing, laser-based and
precision grinding/machining, metal fabrication, and nitinol
processing for medical device components beginning at the
prototyping phase through contract manufacturing. Resonetics is
owned by private equity firms Carlyle Group, Inc. and GTCR, LLC.
Revenue was $682 million for the twelve months that ended on April
04, 2026.

The principal methodology used in these ratings was Medical
Products and Devices published in October 2025.


RINGCENTRAL INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed RingCentral, Inc.'s Long-Term Issuer
Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. Fitch
has also affirmed the company's senior unsecured notes at 'BB+'
with a Recovery Rating of 'RR4'.

The ratings reflect RingCentral's focus on improving profitability
in recent years. While the company's exposure to the small-to
midsize-business (SMB) and middle markets creates some sensitivity
to macroeconomic softening, financial leverage has declined, and
cash generation has improved significantly. Fitch expects leverage
to remain low, at 2.0x or below, over the rating horizon.
RingCentral, Inc.'s ratings are also supported by its large base of
recurring revenue, representing around 95% of total revenue.

Key Rating Drivers

Improved Leverage: Fitch-defined EBITDA leverage declined to a low
2.3x as of March 2026, as profitability improved over the past
year, driven by solid revenue growth, embedded operating leverage
and disciplined cost management. Fitch expects adjusted EBITDA
margins to be in the mid-20s. Fitch believes leverage could trend
below 2.0x by YE 2026 through EBITDA growth, while management
continues to make steady progress toward its goal of reducing gross
debt to $1 billion.

Fitch has also reviewed the company on FCF-based leverage metrics,
including cash funds from operations (CFO) minus capex to debt
ratio, which has improved in recent years, ranging from negative in
2021 to mid-30% in 2025 as FCF increased. Fitch projects this
metric will improve to mid-to-high 50% over the next few years.

Competition and Concentration in UCaaS: The Unified
Communications-as-a-Service (UCaaS) and Contact Center-as-a-Service
(CCaaS) markets are highly competitive and fragmented. They require
continuous product innovation to address evolving business and
consumer demands. Competitive intensity is escalating, particularly
from large-scale platform incumbents such as Microsoft (Teams
Phone) and Zoom that leverage bundling to pressure specialist
vendors.

RingCentral's revenue concentration in core UCaaS constrains its
business profile. Subscription revenue is anchored by its flagship
RingEX platform, leaving the company exposed to adverse shifts in a
single end-market and to displacement risk from bundled platform
incumbents. The company is actively pursuing diversification across
adjacent products and revenue streams, including its CCaaS offering
and an expanding portfolio of AI-led products. However, these
initiatives remain nascent contributors, and Fitch expects core
UCaaS to remain the predominant revenue driver over the rating
horizon.

Improved FCF Profile: Fitch expects FCF margins to stabilize in the
high teens over the medium term, with improving EBITDA-to-FCF
conversion. Fitch forecasts RingCentral will generate at least $590
million of Fitch-defined FCF annually in fiscal years 2026-2028,
with most directed toward investing in innovation, debt reduction
and returning capital to shareholders. This stable FCF generation
provides RingCentral with ample financial flexibility for
investments to further strengthen its capabilities under an
AI-first, multi-product strategy.

SMB Exposure Tempered by Recurring Revenue: RingCentral's
cloud-based communication solutions have seen strong adoption among
SMB customers across its UCaaS and CCaaS businesses. While SMB
clients can be more sensitive to economic cycles, potentially
resulting in higher churn, this is partly mitigated by the
mission-critical nature of its communication and customer
engagement platform, which supports the trend toward remote and
global workforces. Revenue visibility provides further support,
with approximately 95% of revenue recurring and net dollar
retention of over 99% at end-1Q26. Annualized exit monthly
recurring subscriptions improved to $2.7 billion at YE 2025 from
$2.1 billion at YE 2022, rising a further 7% yoy in 1Q26.

Evolving Industry Demand: As hybrid work expands, RingCentral's
user base can communicate across devices, including smartphones,
tablets, PCs and desk phones. This flexible communication model
enables employee productivity in ways that traditional on-premise
systems cannot. RingCentral's solutions support distributed
workforces, improving the capability of remote offices through its
cloud-based software. Its location-independent nature enables
business communication under a single identity, supporting
multinational workforces globally, and reducing the complexity of
on-premise solutions and private branch exchanges.

AI Disruption Risk: Fitch believes RingCentral is more likely to
benefit from AI than be disrupted by it, provided it sustains
product innovation and AI monetization. The accelerating shift
toward generative and agentic AI poses a structural risk,
potentially commoditizing standalone functionality, putting
pressure on pricing and, over the longer term, challenging the
seat-based licensing model. RingCentral's platform is deeply
embedded in customer workflows with high switching costs. The
company is also deploying AI offensively, embedding capabilities
across its portfolio as an upsell and stickiness driver layered on
its existing infrastructure.

Peer Analysis

RingCentral is rated in line with Open Text Corporation (OTEX;
BB+/Stable), Gen Digital Inc. (GEN; BB+/Stable) and TriNet Group,
Inc. (TNET; BB+/Stable). The company has lower scale than all three
peers, with 2025 revenue of approximately $2.5 billion.

RingCentral's adjusted EBITDA margins are lower than those of OTEX
and GEN, but higher than TriNet's. Fitch estimates that
RingCentral's adjusted EBITDA margins will remain in the mid-20%,
compared with OTEX in the low-to-mid 30% and GEN in the low-50%.
TriNet operates at materially lower margins of approximately
8.5%-9.0%. GEN differs from both RingCentral and OTEX because it
primarily serves consumers, whereas RingCentral and OTEX are more
focused on business and enterprise customers.

From a leverage perspective, RingCentral is deleveraging the
fastest within the peer group. Fitch anticipates the company's
EBITDA leverage to fall below 2.0x. By comparison, Fitch expects
leverage for OTEX and GEN to decline more gradually, potentially
reaching around 3.0x by end-2027. TriNet operates at relatively low
leverage of approximately 2.0x-2.1x, broadly comparable to
RingCentral's near-term levels, despite its much lower EBITDA
margins.

RingCentral's combination of below-2.0x leverage, consistent
revenue growth and strong FCF margins supports its credit profile
despite its smaller scale than peers.

Fitch’s Key Rating-Case Assumptions

- Revenue growth in the mid-single digit range;

- EBITDA margins maintained in the mid-20s over the rating
horizon;

- Capex of about 1.2% of revenue per year, excluding capitalized
internal use software;

- Share repurchases, and dividend continue throughout the rating
horizon;

- Fitch assumes tuck-in acquisitions of $100 million in total
throughout the rating horizon;

- Fitch assumes Secured Overnight Financing Rate (SOFR) base rates
of 3.7% for rating horizon.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

Business and financial profile factors (assessment, relative
importance): management ('bbb', Lower), sector characteristics
('bb', Moderate), market and competitive positioning ('bb+',
Moderate), diversification and asset quality ('bb', Higher),
company operational characteristics ('bbb', Lower), profitability
('bb+', Higher), financial structure ('a+', Moderate), and
financial flexibility ('bb+', Moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2026,
40% for the forecast year 2027 and 40% for the forecast year 2028.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'aa-' has no impact.

The SCP is 'bb+'.

To derive the Long-Term IDR:

Fitch made no adjustments to the SCP, resulting in an IDR of
'BB+'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Fitch's expectation of EBITDA leverage above 3.0x on a sustained
basis;

- (CFO-capex)/debt below 15% on a sustained basis;

- Evidence of negative organic growth driven by elevated churn and
erosion of EBITDA and FCF margins;

- Significant debt-financed acquisitions or share repurchases that
significantly weaken the company's credit profile for a prolonged
period.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Increased diversification across business lines along with
sustainable revenue and EBITDA growth;

- A public commitment to sustain EBITDA leverage below 2.5x coupled
with broad access to capital markets through a shift toward an
unsecured debt structure.

Liquidity and Debt Structure

As of March 31, 2026, RingCentral had liquidity consisting of
$116.6 million of cash and cash equivalents, including $8.4 million
of restricted cash, $305 million of revolver availability, and
access to $50 million of undrawn capacity on its delayed draw term
loan. The company fully repaid the remaining $609.1 million of 2026
convertible notes in cash upon maturity as of March 2026.

Remaining maturities now include a $890.7 million Term Loan due
Sept. 11, 2030 and $250 million of senior notes due 2030. The
outstanding principal amount of the 2030 senior notes was $325
million at the end of 1Q26 and was reduced to $250 million
following a $75 million principal repurchase in April 2026.
RingCentral has publicly stated that it is committed to further
reducing its gross debt level to below $1 billion by the end of
2026.

Fitch notes that RingCentral has $200 million of series A preferred
that is treated as 100% debt. The preferred equity series include a
provision requiring redemption for cash upon a change of control.
Under Fitch's "Corporate Hybrids Treatment and Notching Criteria,"
this negates equity credit.

Issuer Profile

Ring Central, Inc. offers cloud-based business communications and
collaboration software solutions. Its software offerings also
utilize AI-powered conversation intelligence to improve business
outcomes.

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 RingCentral, Inc.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating           Recovery   Prior
   -----------               ------           --------   -----
RingCentral, Inc.  

                       LT IDR  BB+   Affirmed            BB+
   senior unsecured    LT      BB+   Affirmed    RR4     BB+


RINGCENTRAL INC: Moody's Affirms Ba2 CFR & Cuts Unsec. Notes to B1
------------------------------------------------------------------
Moody's Ratings affirmed RingCentral, Inc.'s (RingCentral)
corporate family rating at Ba2 and probability of default rating at
Ba2-PD. Simultaneously, Moody's downgraded the company's senior
unsecured notes to B1 from Ba3. The Speculative Grade Liquidity
Rating (SGL) remains SGL-1. The outlook is stable.

The affirmation and stable outlook of the Ba2 CFR reflects
RingCentral's continued progress in profitability improvement, debt
reduction, and strong free cash flow generation. Moody's adjusted
debt/EBITDA declined to 3.0x for the LTM period ended March 31,
2026, from 5.9x at year end 2024, supported by over $300 million of
debt reduction over the same period. Moody's expects leverage to
decline further toward low 2x by year end 2026 as the company
continues to use free cash flow to repay debt and for EBITDA
margins to expand toward the high-teens percent range (including
the burden of stock-based compensation).

The downgrade of the senior unsecured notes to B1 (two notches
below the CFR) reflects its shrinking share of the capital
structure as management has prioritized repayment of unsecured
debt, thus increasing its subordination to secured debt

RATINGS RATIONALE

RingCentral's Ba2 CFR reflects the company's strong market position
as one of the largest unified communications-as-a-service (UCaaS)
providers, with annualized recurring revenue (ARR) of more than
$2.5 billion which Moody's expects to grow in the mid-single digit
percent range. The rating is further supported by modest leverage,
very strong free cash flow generation, with FCF/debt expected to
exceed 50% in 2026 (Moody's adjusted), and management's continued
commitment to gross debt reduction in 2026. The company's contact
center-as-a-service (CCaaS) solution, RingCX, also continues to
gain traction, supporting RingCentral's multi-product strategy and
expansion into AI-enabled offerings.

The rating also considers ongoing competitive threats from
significantly larger and well-capitalized providers in both the
UCaaS and CCaaS markets. Moody's expects overall UC endpoints to
gradually decline and ARPUs to face pressure as enterprises realize
operating efficiencies and services become increasingly
commoditized. Continued execution and product innovation,
particularly around AI-enabled functionality, will be critical to
sustaining ARR growth.

The senior unsecured notes are rated B1, two notches below the CFR,
reflecting their position relative to a substantially larger
proportion of senior secured debt (unrated) in the capital
structure.

The Speculative Grade Liquidity Rating of SGL-1 reflects very good
liquidity supported by Moody's expectations of over $550 million in
Moody's adjusted annual free cash flow over the next two years,
more than $100 million of cash on the balance sheet, and an undrawn
$305 million revolving credit facility. The company has no material
near-term debt maturities following the March 2026 repayment of the
convertible notes.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if RingCentral demonstrates
meaningfully improved profitability and continued strong free cash
flow generation, while maintaining a disciplined financial policy
demonstrating a consistent track record of sustaining
Moody's-adjusted debt to EBITDA below 3x.

There could be downward pressure on ratings if revenue growth
decelerates as a result of sustained competitive pressures, or if
debt/EBITDA rose above 4.5x. An erosion of the company's liquidity
position including free cash flow to debt less than 15% could also
lead to a downgrade.

The principal methodology used in these ratings was Software
published in December 2025.

RingCentral, Inc., headquartered in Belmont, California, is a
provider of cloud unified communications and contact center
software-as-a-service. Revenues were approximately $2.5 billion for
the LTM period ended March 31, 2026.


RK PARISI: Commences Subchapter V Bankruptcy in New Hampshire
-------------------------------------------------------------
On June 30, 2026, RK Parisi Enterprises, Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the District of New
Hampshire. According to the court filing, the Debtor reports
between $1 million and $10 million in debt owed to 50–99
creditors.

The Chapter 11 Subchapter V plan must be filed no later than
September 28, 2026.

            About RK Parisi Enterprises, Inc.

RK Parisi Enterprises, Inc. is a Keene, New Hampshire-based
e-commerce and showroom retailer specializing in kitchen, bath, and
home furnishings. The company operates a physical showroom in
Manchester, New Hampshire, alongside its online platform,
poshhaus.com, focusing on home improvement and interior products.

RK Parisi Enterprises, Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10581)
on June 30, 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 Judger Carl L. Bucki handles the case.

The Debtor is represented by David H. Ealy, Esq. of Cristo Law
Group LLC d/b/a Trevett Cristo.


ROGUE FARE: Case Summary & 13 Unsecured Creditors
-------------------------------------------------
Debtor: Rogue Fare LLC
           d/b/a Mountain Mike's Pizza
        2640 E Barnett Rd, Suite F
        Medford, OR 97504

Business Description: Rogue Fare LLC, doing business as Mountain
Mike's Pizza, operates a pizza restaurant offering dine-in,
carryout, and delivery services. The restaurant is located at 2640
E. Barnett Road in Medford, Oregon, and serves pizzas made with
fresh daily rolled dough, whole milk mozzarella, sliced vegetables
and meats, and crispy curly pepperoni. The company serves
families,
parties, sports teams, company events, groups, and local
organizations through dining, event, and fundraising programs.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       District of Oregon

Case No.: 26-61830

Judge: Hon. Kathryn F Evans

Debtor's Counsel: Keith Y Boyd, Esq.
                  KEITH Y. BOYD, PC
                  724 S Central Ave 106
                  Medford, OR 97501
                  Tel: (541) 973-2422
                  E-mail: keith@boydlegal.net

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by James Smith as sole member.

A full-text copy of the petition, which includes a list of the
Debtor's 13 unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/DNFS4SY/Rogue_Fare_LLC__orbke-26-61830__0001.0.pdf?mcid=tGE4TAMA


RUNITONETIME LLC: Court Okays Settlement Agreement with SBA
-----------------------------------------------------------
Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the
Southern District of Texas approved the Settlement Agreement among
RunItOneTime LLC and its debtor affiliates, the non-debtor
affiliates and the U.S. Small Business Administration.

The releases, settlements, and compromises provided for in the
Settlement Agreement are reasonable, fair, equitable, appropriate,
and approved in all respects.

The Settlement Agreement shall be binding and enforceable in
accordance with its terms on the Debtors, their estates, the
Non-Debtor Parties, and the SBA, and each of their respective
successors and permitted assigns.

As shared by the Troubled Company Reporter, the settlement is
intended to resolve competing claims regarding repayment
obligations and loan forgiveness eligibility. While specific terms
were not publicly detailed, the agreement is expected to streamline
issues in the bankruptcy case and limit further litigation exposure
with the SBA.

Under the Settlement Agreement, the SBA Claims shall be resolved as
follows:

   * Claim No. 479 is fixed and allowed as a general unsecured
claim against Red Garter Operator LLC in the amount of
$566,972.00;
   * Claim No. 480 is fixed and allowed as a general unsecured
claims against Utah Trailways Charter Bus Company LLC in the amount
of $89,185.49.;
   * Claim No. 481 is fixed and allowed as a general unsecured
claim against Maverick Lakewood LLC in the amount of $570,370.00;
   * Claim No. 482 is fixed and allowed as a general unsecured
claim against Maverick Kirkland LLC in the amount of $511,335.00;
   * Claim No. 483 against Maverick Kirkland II LLC is disallowed;
   * Claim No. 484 is fixed and allowed as a general unsecured
claim against NG Washington III LLC in the amount of $318,674.66;
   * Claim No. 485 is fixed and allowed as a general unsecured
claim against Johnny Z Casino Operator LLC in the amount of
$73,219.00;
   * Claim No. 486 against Gold Country Operator LLC is disallowed;
and
   * Claim No. 491 against Wendover Nugget Operator is disallowed.


A copy of the Court's Order dated June 29, 2026, is available at
https://urlcurt.com/u?l=0aezE4 from Pacermonitor.com.

                  About RunItOneTime LLC

RunItOneTime LLC, formerly known as Maverick Gaming LLC,
headquartered in Kirkland, Washington, is a regional casino and
cardroom operator across Washington State, Nevada, and Colorado.
The company operates a portfolio of 31 properties, with 1,800 slot
machines, 350 table games, 1,020 hotel rooms, and 30 restaurants.
Maverick was founded in 2017 by Eric Persson and Justin Beltram,
who hold over 70% ownership in the company.

RunItOneTime LLC and 67 affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on
July 14, 2025. In its petition, RunItOneTime estimated assets and
liabilities between $100 million and $500 million each.

Judge Alfredo R. Perez oversees the cases.

The Debtors tapped Latham & Watkins LLP as counsel; and Hunton
Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also
engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as
investment banker, and Triple P TRS, LLC as financial advisor. The
Debtors' tax advisor is KPMG LLP.


RUZBEHJON INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Ruzbehjon Inc.
          DBA Delphi Greek Restaurant
          DBA Delphi Restaurant
          DBA Delphi Restaurant & Bar
          DBA Mary & Robs
          DBA Westwood Cafe
          DBA Mary & Robs Westwood Cafe
          DBA Persian Gulf
       1383 Westwood Blvd.
       Los Angeles, CA 90024

Business Description: Ruzbehjon Inc. is a Los Angeles-based
holding and consulting company that, founded in 2009, provides
strategic, operational and executive advisory services across
the hospitality, food service and community-based enterprise
sectors, while serving as the parent of restaurant and catering
businesses including Delphi Greek Restaurant & Bar, Mary & Robbs
Westwood Cafe, and Persian Gulf Restaurant.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       Central District of California

Case No.: 26-16640

Judge: Hon. Sheri Bluebond

Debtor's Counsel: Michael Jay Berger, Esq.
                  LAW OFFICES OF MICHAEL JAY BERGER
                  9454 Wilshire Boulevard, 6th Floor
                  Beverly Hills, CA 90212
                  Tel: (310) 271-6223
                  Fax: (310) 271-9805
                  E-mail: michael.berger@bankruptcypower.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Roozbeh Farahanipour as CEO and owner.

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/KAYKZIA/Ruzbehjon_Inc__cacbke-26-16640__0001.0.pdf?mcid=tGE4TAMA


RUZBEHJON INC: Seeks Subchapter V Bankruptcy in California
----------------------------------------------------------
On July 1, 2026, Ruzbehjon Inc. filed for Chapter 11 protection in
the U.S. Bankruptcy Court for the Central District of California.
According to court filings, the Debtor reports between $1 million
and $10 million in liabilities owed to 1-49 creditors.

The deadline to file the Summary of Assets and Liabilities (Form
106Sum or 206Sum) is July 15, 2026, while the Chapter 11 Subchapter
V Plan is due by September 29, 2026.

               About Ruzbehjon Inc.

Ruzbehjon Inc. is a Los Angeles, California-based full-service
restaurant operator engaged in the hospitality industry. As of
mid-2026, the company remained in operation after celebrating its
40th anniversary in 2025. The business has also been involved in
recent litigation, including a trademark infringement lawsuit filed
in late 2025.

Ruzbehjon Inc. sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code on July 1, 2026. In its petition, the
Debtor reported estimated assets of $50,000 to $100,000 and
estimated liabilities of $1 million to $10 million.

Honorable Bankruptcy Judge Sheri Bluebond handles the case. The
Debtor is represented by Michael Jay Berger, Esq.


SALEM POINTE: Unsecured Creditors to Get Share of GUC Trust
-----------------------------------------------------------
The Club at Rarity Bay, Inc. and BEP Rarity Bay, LLC (collectively
the "Plan Proponent") filed with the U.S. Bankruptcy Court for the
Eastern District of Tennessee a Disclosure Statement for the Plan
of Reorganization for Salem Pointe Capital, LLC dated June 25,
2026.

The Debtor is a Tennessee limited liability company that was
organized in 2014.

According to the List of Equity Security Holders filed with the
Petition, Michael Ayers and Amy Ayers jointly own 100% of the
equity interest in the Debtor. The Debtor's principal office is
located at 403 Rarity Bay Parkway, Vonore, Tennessee.

The Debtor owns, operates, manages, and develops real estate,
recreational, golf, country club, hospitality, and development
assets associated with the Rarity Bay master-planned residential
community and country club located in Loudon and Monroe Counties,
Tennessee ("Rarity Bay").

The Debtor's involvement in Rarity Bay began in 2015 through the
acquisition of assets from a federal receivership case –
Community Development Partners, LLC, et al. v. Rarity Bay Partners,
et al., Case No. 3:12-cv-00625 (E.D. Tenn. 2015). In May 2015, the
District Court approved the sale of the right, to the extent they
existed in substantially all of the Rarity Bay assets to Debtor for
approximately $5.75 million.

A significant aspect of the Debtor's history involves its
relationship with RBP. While the Debtor was the actual court
approved purchaser that acquired title to the Rarity Bay assets,
RBP (through its principals and affiliated entities) contributed
substantial acquisition capital for Debtor's court approved
receivership purchase and was part of the original transaction
structure. Accordingly, following the receivership acquisition, the
Debtor and RBP entered into various agreements intended to
facilitate operation of the club and amenities by the Debtor and
redevelopment of the community by RBP.

Under the Assignment Agreement, the Debtor purported to assign
significant development related rights and fee exemptions to RBP.
Under the Partnership Agreement, the parties delineated their
roles, with the Debtor owning and operating the club and golf
course and holding the Declarant Rights, and RBP providing capital
toward the acquisition, owning residential lots and sharing in
future development related revenues. The Collection Agreement
allowed RBP to share in any recoveries that the Debtor realized in
enforcing collection actions against lot owners BEP Rarity Bay, LLC
and Bald Eagle Ventures, LLC (collectively, "BEP").

Following appointment of the chapter 11 Trustee on August 12, 2025,
management and control of the Debtor's operations transferred to
Gary M. Murphey, chapter 11 Trustee. Day-to-day country club and
golf operations are currently administered with the assistance of
Hampton Golf pursuant to management and operational service
arrangements.

The Plan Proponent does not believe the chapter 11 filing resulted
from a collapse in operating revenues nor from any burden
associated with Debtor's secured debt. Rather, the Debtor faced
increasing liquidity pressures arising from multi-forum litigation,
governance disputes, and uncertainty regarding Declarant Rights,
collection rights, membership obligations, and related contractual
rights. Indeed, the extensive litigation caused substantial
professional expenses and required significant management resources
to address these matters.

On June 4, 2026, the Trustee filed a motion styled "Second Motion
by Chapter 11 Trustee Pursuant to Sections 363(B), (F), (K), and
(M), and 365 and Fed. R. Bankr. P. 2002, 6004, and 6006, to: (A)
Approve Sale Procedures, (B) Schedule a Sale Approval Hearing and
Objection Deadline, (C) Approve the Form of Notices of the Motion
to Sell, the Sale Approval Hearing, and Objection Deadline, and (D)
Approve Procedures to Establish Certain Cure Amounts for Executory
Contracts and Unexpired Leases that May Be Assumed and a Notice
Related Thereto; (E) Approve the Sale of Certain Assets Free and
Clear of Claims, Liens, Encumbrances, and Other Interests; (F)
Approve the Assumption and Assignment of Certain Executory
Contracts and Unexpired Leases" (the "Second Sale Motion").

Numerous parties have filed objections to the Second Sale Motion.
The Bankruptcy Court held a preliminary hearing on the Second Sale
Motion on June 18, 2026 and continued the hearing to June 25, 2026.


Class 10 consists of General Unsecured Claims. Each holder of an
Allowed Class 10 Claim will be paid in Cash, in annual
distributions, its pro rata share of (a) the Class 10 Guaranteed
Payment from the Reorganized Debtor; and (b) the distribution of
funds held in the GUC Trust from the GUC Trustee on the
Distribution Date in accordance with the provisions of the GUC
Trust.

Holders of other general unsecured claims in Class 10 are impaired
and their projected recovery is still "to be determined", according
to the Disclosure Statement.

Class 11 consists of Hoban AP Unsecured Claims. Class 11 is
Impaired by this Plan. Each holder of an Allowed Class 11 Claim
shall receive its proportionate share of the Class 11 Settlement
Consideration (as defined in the Plan), in full and complete
satisfaction of the Allowed Class 11 Unsecured Claims.

Class 13 consists of RBP Unsecured Claims. Class 13 is Impaired by
this Plan. Each holder of an Allowed Class 13 Claim will be paid in
Cash, in annual distributions, its pro rata share of the Class 10
Guaranteed Payment from the Reorganized Debtor. Class 13 shall not
receive any distribution of funds held in the GUC Trust from the
GUC Trustee until such time as all Class 10 Claims have been paid
in full.

The existing Equity Security Interests in the Debtor will be
canceled on the Effective Date and the holders of Equity Security
Interests in the Debtor shall not receive or retain any property or
interest in the Debtor on account of their existing Equity Security
Interests. For the avoidance of doubt, no member of TCRB shall be
liable individually or personally for any of the debts of the
Reorganized Debtor under the Plan.

For the fair value cash sum of $1,000,000 (the "BEP Purchase
Price") and the BEP Settlement Consideration set forth in Section
14.05 of the Plan, the Reorganized Debtor shall convey to BEP that
certain real property owned by the Debtor listed on Schedule 7.01
attached to the Plan (the "BEP Sale Property") generally consisting
of 51 lots situated in Phase 17 and located near Turnstone Lane
(the "Phase 17 Lots"), 8 lots located near Shearwater Drive (the
"Shearwater Lots"), approximately 3 acres situated near the
community garden and dog park (the "3 Acres"), and approximately
11.2 acres located near Keeble Road (the "11.2 Acres").

For the BEP Additional Funds, the Reorganized Debtor and TCRB shall
provide $1,250,000 in credits that may be applied by BEP (or
conveyed by BEP to subsequent purchasers of any lot owned by BEP)
to the then current value/price for membership certificates,
initiation fees, dues, or like charge necessary to apply or
maintain a golf or social membership marketed by the Reorganized
Debtor.

The BEP Purchase Price and BEP Additional Funds are conditioned
upon the negotiation, execution, and delivery of (a) an agreement
(the "Use Agreement"), satisfactory to BEP in its sole and absolute
discretion, permitting the Phase 17 Lots or other property not
previously annexed into the Rarity Bay development, to enjoy the
rights to access, utility connection and use of the amenities
afforded properties within the Rarity Bay development (which such
rights shall be fully transferrable upon a sale by BEP of such
property); and (b) an agreement (the "ARG Agreement"), satisfactory
to BEP, in its sole and absolute discretion, governing the
architectural design process for certain of BEP's existing lots and
the BEP Sale Property.

Upon the occurrence of the Effective Date, TCRB shall infuse the
sum of $1,500,000 (the "TCRB Equity Infusion") which amount shall
be used first toward the satisfaction the Allowed unclassified
claims in Sections 3.01 through 3.05 of the Plan. Any surplus of
the TCRB Equity Infusion after satisfaction of the Allowed
unclassified claims in Sections 3.01 through 3.05 of the Plan shall
be utilized to make the payments to the holders of Allowed Claims
in Class 10.

A full-text copy of the Disclosure Statement dated June 25, 2026 is
available at https://urlcurt.com/u?l=m2eEox from PacerMonitor.com
at no charge.

Attorneys for The Club at Rarity Bay, Inc.:

     MARY D. MILLER, PLLC
     Mary D. Miller, Esq.
     P.O. Box 5339
     Knoxville, TN 37928
     (865) 934-4000
     Email: mmillerservice@millerlaw.solutions

Attorneys for BEP Rarity Bay, LLC:

     BUTLER SNOW LLP
     William R. O’Bryan, Jr., Esq.
     C.E. Hunter Brush, Esq.
     1320 Adams Street, Suite 1400
     Nashville, TN 37208
     (615) 651-6724
     Email: Bill.OBryan@butlersnow.com
            Hunter.Brush@butlersnow.com

     And

     R. Campbell Hillyer, Esq.
     6075 Poplar Avenue, Suite 500
     Memphis, TN 38119
     (901) 680-7326
     Email: cam.Hillyer@butlersnow.com

                     About Salem Pointe Capital

Salem Pointe Capital, LLC, is a financial services company that
typically focuses on investment and capital management.  Its
operations include providing financing solutions, investment
opportunities, and asset management to various sectors.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-31702) on Sept. 29,
2024, with $10 million to $50 million in both assets and
liabilities.

Judge Suzanne H. Bauknight oversees the case.

The Debtor is represented by James R. Moore, at Moore & Brooks.    


SALT TECHNOLOGIES: 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 Salt Technologies
Inc.

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 Salt Technologies Inc.

Salt Technologies Inc., doing business as Ageint Security Inc.,
provides custom-designed security solutions for residential and
commercial customers. The company offers video surveillance, smart
home security, commercial security systems, and fire alarm system
design and installation. Ageint Security is based in Conroe, Texas,
and serves areas across Texas, including Houston, The Woodlands,
Dallas, Fort Worth, Austin, San Antonio, and nearby communities.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 26-34389) on June 23,
2026, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Darrell Haynes, president, signed the
petition.

Judge Eduardo V. Rodriguez presides over the case.

Jeremy T. Wood, Esq., at the Law Office of Jeremy T. Wood, PLLC
represents the Debtor as bankruptcy counsel.


SCHLETTER INC: Court Affirms Summary Judgment in Favor of Brice
---------------------------------------------------------------
In the appeal styled CAROL BLACK, Plan Administrator of Liquidating
Debtor, Schletter, Inc., Plaintiff – Appellant, v. DENNIS BRICE,
Defendant – Appellee, No. 25-2069 (4th Cir.), Judge Adam B.
Abelson of the U.S. District Judge for the District of Maryland,
sitting by designation, and Senior Judge James Andrew Wynn and
Judge Henry F. Floyd of the U.S. Court of Appeals for the Fourth
Circuit upheld the affirmation by the U.S. District Court for the
Western District of North Carolina of the bankruptcy court's order
granting summary judgment in favor of Dennis Brice, the president
and CEO of Schletter, Inc.

Schletter, Inc. ("Schletter"), a wholly-owned subsidiary of
Schletter Beteiligungs, GmbH & Co. KG ("Schletter Germany"), was a
manufacturer and distributor of racks for solar panel systems.
Under the leadership of Brice, Schletter developed an upgraded
system that the executive believed would be superior to existing
systems. Schletter Germany supported the strategy, but the strategy
failed. Schletter was left unable to deliver on various large
contracts, and filed for Chapter 11 bankruptcy. Carol Black,
Schletter's bankruptcy plan administrator, seeks to recover from
Brice personally, alleging his business decisions breached
fiduciary duties that he owed to Schletter --- duties that she
seeks to enforce on behalf of Schletter's creditors based on
Schletter later becoming insolvent. The bankruptcy court granted
summary judgment to Brice, which the district court affirmed,
holding that Brice's relevant fiduciary duties were to Schletter
Germany rather than to the creditors of its wholly-owned
subsidiary, that Black did not have a valid claim for a breach of
the duty of oversight against Brice, and that the business judgment
rule shielded Brice from liability.

The panel finds Black has not proffered any evidence that Schletter
was insolvent at any time during Brice's employment. The sole
evidence she points to is a report prepared by a forensic
accounting firm, BDO USA, LLC, retained by the Official Committee
of Unsecured Creditors of Schletter, Inc. But the earliest date of
insolvency identified in that report is June 30, 2017—three days
after Schletter fired Brice. Therefore, there is no evidence that
the company was insolvent at the time of any of Brice's decisions
that Black challenged though her adversary proceeding. Thus, during
the relevant period, Brice owed fiduciary duties to Schletter
Germany, not to Schletter's creditors. At oral argument, Black's
counsel argued that given the temporal proximity between Brice's
termination and the period for which there is evidence of
Schletter's insolvency, a reasonable factfinder could conclude that
Schletter was in the "zone of insolvency" prior to Brice's
termination.

The panel holds, "Because there is no evidence in the record from
which a reasonable factfinder could conclude that Brice owed duties
to Schletter's creditors at the time of the decisions that Black
challenges, Black's breach-of-fiduciary-duty claim fails as a
matter of law, as the district and bankruptcy courts correctly
held."

A copy of the Court's Opinion dated June 26, 2026, is available at
https://urlcurt.com/u?l=Fr621Q

Counsel for Appellant:

Thomas Richard Fawkes, Esq.
TUCKER ELLIS LLP
233 South Wacker Drive
Suite 6950
Chicago, IL 60606-6395
E-mail: thomas.fawkes@tuckerellis.com

Counsel for Appellee.:

Charles M. Sims, Esq.
O'HAGAN MEYER PLLC
411 E. Franklin, Suite 500
Richmond, VA 23219
E-mail: csims@ohaganmeyer.com

                   About Schletter Inc.

Schletter Inc. -- https://www.schletter.us/ -- is a Shelby,
N.C.-based manufacturer of photovoltaic mounting systems made of
aluminum and steel for utility-scale, commercial, and residential
PV applications.  The Debtor is part of the Schletter Group that
manufactures mounting systems for roofs, facades and open areas
(solar farms) as well as solar carports.  With production
facilities in Germany, the USA and China as well as an
international network of distribution and service companies, the
Schletter Group is active in all important international markets.

Schletter filed a Chapter 11 petition (Bankr. W.D.N.C. Case No.
18-40169) on April 24, 2018.  In the petition signed by Russell
Schmit, president and chief executive officer, the Debtor Estimated
$10 million to $50 million in both assets and liabilities.

The Hon. Craig J. Whitley presides over the case.   

The Debtor has tapped Moore & Van Allen PLLC as its legal counsel
and Prime Clerk LLC as its claims and noticing agent.

On May 10, 2018, the court appointed an official committee of
unsecured creditors upon recommendation by the Bankruptcy
Administrator for the Western District of North Carolina.  The
committee tapped Lowenstein Sandler LLP as its bankruptcy counsel
and JD Thompson Law as local counsel.


SEEETA ARJUN: Loses Bid to Expunge Advocare's Proof of Claim
------------------------------------------------------------
Judge Andrew B. Altenburg, Jr. of the U.S. Bankruptcy Court for the
District of New Jersey denied Seeta Arjun's motion to expunge
claims of AdvoCare, LLC. AdvoCare's motion for summary judgment is
granted.

The Debtor filed for bankruptcy under chapter 11, subchapter V on
September 3, 2024, due to debts arising from her medical practice.
Through her expungement motion, the Debtor has moved to expunge
Proof of Claim No. 16 filed by AdvoCare. The Debtor seeks to
disallow AdvoCare's unsecured proof of claim in the amount of
$344,600.29. The claim arises from money obtained by the Debtor
pursuant to a line of credit agreement to establish and maintain
AdvoCare primary care centers.

AdvoCare filed its summary judgment motion seeking an order:

   (i) denying the motion to expunge with prejudice;
  (ii) allowing Advocare's claim in full; and
(iii) entering summary judgment in favor of AdvoCare and against
the Debtor.

The Debtor initially argued that AdvoCare's failure to obtain for
her credentials to provide primary care services, an alleged
condition fundamental to the business arrangement, constitutes a
material breach of their agreement. During oral argument at the
first hearing, The Debtor indicated that she was also asserting a
claim for fraudulent inducement based upon AdvoCare's alleged
representations that it would obtain for her credentials to provide
primary care services.

AdvoCare asserts it was never its practice to represent to
providers that it could obtain credentialing. It further argues
that the parol evidence rule and the integration clauses prohibit
the Debtor from introducing pre-contract representations to support
her claim of breach of contract. Without such extrinsic evidence,
the Debtor is unable to prevail on her breach of contract claim.

AdvoCare also argues that the Debtor cannot prove fraudulent
inducement because any statement regarding credentialing are
statements as to future or contingent events, to expectations or
probabilities at to what will or will not be done in the future
which cannot constitute misrepresentations particularly where
events are contingent upon acts of third parties.

The Debtor opposes AdvoCare's motion for summary judgment arguing
that the court should not weigh credibility at the summary judgment
phase in a breach of contract and fraudulent inducement case,
because such causes of action are fact intensive and require a
determination as to whether reliance was reasonable.

The relevant contracts are silent regarding credentialing and
therefore AdvoCare was not obligated to obtain credentialing as a
primary care provider for the Debtor as alleged. Accordingly, the
court will enter summary judgment in favor of AdvoCare on the
breach of contract claim.

The basis of the Debtor's claim is that AdvoCare made a material
misrepresentation regarding its ability to obtain credentialing. If
the court was to accept that AdvoCare made such representations,
which it denies doing, this alleged promise does not constitute a
misrepresentation regarding past or present fact but rather is a
promise to do something in the future, which is not actionable to
support a claim sounding in fraud. According to the court, even if
AdvoCare made representations regarding credentialing, the Debtor
has not presented any evidence that AdvoCare knew that its
statements were false or intended to induce the Debtor's reliance.
The Debtor did not present any evidence that AdvoCare never
intended to fulfill its alleged promise or that it knew it could
not fulfill its promise. Both the Debtor and AdvoCare attempted to
obtain primary care credentials for the Debtor and both failed
despite substantial effort. Accordingly, the court grants summary
judgment in favor of AdvoCare on the claim for fraudulent
inducement.

The court concludes that summary judgment should be entered in
favor of AdvoCare and the Debtor's expungement motion must be
denied.

A copy of the Court's Memorandum Decision dated June 25, 2026, is
available at http://urlcurt.com/u?l=okfo4rfrom Pacermonitor.com.

Seeta Arjun filed for Chapter 11 bankruptcy protection (Bankr.
D.N.J. Case No. 24-18726) on September 3, 2024, listing under $1
million in both assets and liabilities.  The Debtor is represented
by David Kasen, Esq.


SEIC HOLDINGS: To Sell Orange Beach Property to Randy Suggs
-----------------------------------------------------------
SEIC Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Alabama, to sell Property, free and
clear of liens, claims, interests, and encumbrances.

The Debtor's Property is located at 4610 White Avenue, Unit 408,
Orange Beach, Alabama 36561, which consists of a single residence
condominium.
  
Huntingdon Bank (formerly, Cadence Bank) holds a first-priority
mortgage lien against the Property.

The Debtor enters into a Residential Purchase Contract with Randy
Suggs to purchase the Property in the price of  $520,000.00.

The proposed sale is an arm's-length transaction, was negotiated in
good faith, and the Buyer is not an "insider" of the
Debtor-in-Possession.

The Debtor-in-Possession believes that the Purchase Price is fair
and reasonable based on the value of the Property under current
market conditions, and is in the best interests of the estate, its
creditors, and all parties in interest in the Bankruptcy Case.

The proposed sale will generate cash that will be applied to the
principal balance due on the mortgage loan to the Bank, which will
significantly reduce the balance owed on the mortgage loan, and
facilitate the Debtor-in-Possession's reorganization efforts.

           About SEIC Holdings LLC

SEIC Holdings, LLC, is an entity that was organized on or around
March 15, 2022, in Lee County, Alabama.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-81609) on Dec.
17, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to
$10 million in liabilities.

Judge Bess M Parrish Creswell presides over the case.

Anthony B. Bush, Esq. at The Bush Law Firm, LLC, is the Debtor's
counsel.


SENSIENCE INC: Moody's Affirms Caa3 CFR Following Recapitalization
------------------------------------------------------------------
Moody's Ratings downgraded Sensience, Inc.'s Probability of Default
Rating to D-PD from Caa3-PD following the completion of the
company's debt exchanges, which Moody's considers a distressed
exchange per Moody's definitions. The PDR will be upgraded to
Caa3-PD in three business days, reflecting the new capital
structure. Moody's affirmed Sensience's Caa3 corporate family
rating following the company's recapitalization. Moody's assigned
B2 ratings to the new backed senior secured first lien revolving
credit facility (first out) and new $50 million backed senior
secured first lien term loan (first out). Moody's also assigned a
Caa3 rating to the new $455 million backed senior secured first
lien term loan (second out) and assigned a Ca rating to the new $41
million backed senior secured first lien term loan (third out). The
outlook is stable. Moody's have withdrawn the Caa3 ratings on the
backed senior secured first lien credit facilities and the Ca
rating on the backed senior secured second lien term loan that are
no longer outstanding.

The company did not make interest payments of $13.5 million that
were due at the end of April 2026 related to its senior secured
first lien term loan and its senior secured second lien term loan.
On May 06, 2026, Sensience entered into a Transaction Support
Agreement which provided forbearance for the missed interest
payments. On June 02, 2026, upon the execution of a new loan
agreement, Sensience made the missed interest payments, including
accrued interest.

The affirmation of the Caa3 CFR reflects that the benefits of the
June 2026 recapitalization (reduced near-term refinancing risk,
increased liquidity, and the ability to PIK $10 million in annual
interest expense) will be more than offset by various credit
challenges. These challenges include Sensience's untenable capital
structure, end market uncertainty, and Moody's expectations of
negative free cash flow over the next 12-18 months.

RATINGS RATIONALE

Sensience's Caa3 CFR is constrained by the company's high leverage,
small scale, and its history of negative free cash flow. Revenue
will remain under pressure given the headwinds in some of
Sensience's end markets, including residential HVAC and consumer
appliances. The company's safety sensors and related components are
included in home appliances such as washing machines and
dishwashers. Demand for appliances has been weak given the decline
in consumer confidence and the challenged housing market in the
US.

Governance was a key driver of the rating action. The company's
track record of operating with high leverage has resulted in a
distressed exchange. The substantial amount of debt that Sensience
holds was not materially reduced by the June 2026
recapitalization.

The stable outlook reflects Sensience's weak liquidity, highlighted
by Moody's expectations of continued negative free cash flow and
limited availability under its revolving credit facility.

Notwithstanding Moody's views that the company will operate with
weak liquidity over the next 12-18 months, the June 2026
recapitalization will temporarily alleviate short-term liquidity
concerns and provide a modest runway for Sensience to reinvigorate
its business. The refinancing included several measures to bolster
liquidity, including the injection of $20 million in new common
equity from the sponsor. In addition, the company was granted the
ability to PIK up to $10 million in interest expense over the next
12 months. The financial covenant, the first lien first out net
leverage ratio, will not constrain revolver access in the near-term
as it does not become effective until the end of 2026. In addition,
all debt maturities will be pushed out to November 2030 or later.

At the closing of the transaction in early June 2026, liquidity was
improved given the increased revolver availability (35%
availability at close) and the aforementioned cash flow enhancing
measures. However, Moody's do not believe Sensience's future cash
generation will be sufficiently supportive of the current capital
structure over an extended period. Overall, Moody's views liquidity
as weak given the headwinds the company is facing.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if liquidity improves, supported by
positive free cash flow. EBITA/interest expense sustained above
1.0x would also be supportive of an upgrade.

The ratings could be downgraded if there is any deterioration in
liquidity, operating performance, or interest coverage that results
in a higher probability for a distressed exchange.

Sensience, Inc. is a designer and manufacturer of mission critical
safety seniors and sealed connecting components, such as bimetal
snap controls and thermal cutoff fuses. The devices are found in
home appliances, air conditioning terminals, and temperature
sensors used in HVAC systems. Revenue through March 31, 2026 was
$350 million. The entity is owned by One Rock Capital Partners.

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.


SILVER STAR: Houston Property Sale to Black Eye Properties OK'd
---------------------------------------------------------------
The U.S. Bankruptcy Court for the  Northern District of Texas, Fort
Worth Division, has granted Silver Star Virginia Parkway LLC, to
sell Property, free and clear of liens, claims, interests, and
encumbrances.

The Debtor owns real property located at 17211 North Freeway,
Houston, Texas 77090.

The Debtor received an offer from Black Eye Properties, LLC, a
Texas limited liability company, and/or assigns, to purchase the
Real Property and certain personalty located on the Real Property
for $1,400,000.00 which offer the Debtor has accepted subject to
Court approval.

The Court has authorized the Debtor to sell the Property to  Black
Eye Properties in an "as-is" condition.

The sale process was non-collusive, fair and reasonable and was
conducted in good faith.

The consideration paid for the Property constitutes reasonably
equivalent value and adequate and fair value for the Property.

Upon closing, the Buyer shall assume no liabilities relating to
acts, omissions, or other matters relating to the Property that
occurred prior to such closing date.

The Buyer is entitled to the protections of a good faith purchaser
pursuant to section 363(m) of the Bankruptcy Code.

The Buyer must close on the Property no later than 30 days after
receipt of the Order by the title company of record, Republic Title
of Texas.

The Buyer is a good faith purchaser under section 363(m) of the
Bankruptcy Code in connection with the sale and purchase of the
Property and shall be entitled to the protections afforded to a
good faith purchase.

            About Silver Star Virginia Parkway LLC

Silver Star Virginia Parkway LLC, doing business as Silver Star
Storage, is a real estate company that owns and operates a
self-storage facility in McKinney, Texas, as its sole asset.

Silver Star Virginia Parkway LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex.
Case No. 26-42315) on May 28, 2026, listing $7,650,856 in assets
and $5,982,406 in liabilities. The petition was signed by David T.
Wheeler as president of Silver Star Property Management, Manager
of
the Debtor.

Judge Mark X Mullin presides over the case.

Robert T DeMarco, Esq. at DEMARCO MITCHELL, PLLC serves as the
Debtor's counsel.


SIMAD HOLDINGS: Offers Over 2 Dozens US Summer Camps for Sale
-------------------------------------------------------------
Hilary Russ of Law360 Bankruptcy Authority reports that bankrupt
SIMAD Holdings is seeking to sell more than two dozen summer camps
through a fast-moving Chapter 11 sale process that coincides with
the start of the camping season. The compressed schedule has raised
questions over whether buyers can complete transactions while camp
operations continue uninterrupted.

At a recent bankruptcy hearing, the parties discussed the
challenges of marketing and transferring camp properties on such
short notice. Supporters of the process argued that an expedited
sale is necessary to preserve asset values, while others expressed
concern that the timetable could discourage competitive bidding or
complicate operations, the report relays.

The court is weighing whether to approve the proposed sale
procedures as the debtor works to maximize recoveries for
creditors. Any ruling could determine not only the pace of the
sales but also the continuity of camp programs during the
restructuring, according to Law360.

             About SIMAD Holdings LLC

SIMAD Holdings LLC company operates a portfolio of camp and
recreational facilities that provide seasonal educational and
outdoor experiences for children and young adults.

SIMAD Holdings sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 26-16515) on June 4, 2026.
In its petition, the Debtor reports estimated assets between $100
million and $500 million and estimated liabilities between $500
million and $1 billion.

Honorable Bankruptcy Judge Christine M. Gravelle handles the case.

The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz
P.C.


SLEEP NUMBER: Court Okays July Chapter 11 Auction
-------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that Sleep
Number Corp. received court approval to proceed with a mid-July
Chapter 11 auction after a New York bankruptcy judge endorsed the
company's proposed sale procedures. The process is anchored by a
$415 million stalking horse offer, which establishes the minimum
value for the assets.

The approved bidding procedures allow interested buyers to compete
for substantially all of the company's assets through a structured
auction process. Company representatives said the stalking horse
agreement provides both a floor price and protections intended to
encourage additional bidding, the report relays.

Following the auction, the bankruptcy court will review the winning
bid before authorizing a final sale. The transaction represents a
key milestone in Sleep Number's efforts to restructure through
Chapter 11 while maximizing recoveries for creditors, according to
Law360.

               About Sleep Number Corp.

Sleep Number Corp., based in Minneapolis, Minnesota, is a leader in
personalized sleep wellness. Its mattresses are designed to evolve
with each sleeper to help them feel and perform their best. With
adjustable firmness, pressure-relieving support, and
temperature-balancing comfort built into every mattress, Sleep
Number beds adapt to customers' changing needs, night after night,
year after year.

Sleep Number Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12,
2026. In its petition, the Debtor reports estimated assets between
$500 million and $1 billion and estimated liabilities between $1
billion and $10 billion.

Honorable Bankruptcy Judge Kyu Young Paek handles the case.

The Debtor is represented by  Brian Resnick, Esq. of Davis Polk &
Wardwell LLP.


SLEEP NUMBER: Court OKs Bid Rules for Sleep Wellness Business Sale
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
granted Sleep Number Corporation and its direct and indirect
subsidiaries, to conduct bidding procedures to sell substantially
all Assets in an auction, free and clear of liens, claims,
interests, and encumbrances.

Sleep Number is the leader in personalized sleep wellness. Its
mattresses are designed to evolve with each sleeper to help them
feel and perform their best. With adjustable firmness,
pressure-relieving support, and temperature-balancing comfort built
into every mattress, Sleep Number beds adapt to customers' changing
needs, night after night, year after year. Backed by over 40 years
of innovation, over 1,000 patents and patents pending, and billions
of hours of sleep data, Sleep Number has helped more than 16
million people achieve their best sleep. Headquartered in
Minneapolis, Minnesota, Sleep Number employs approximately 2,920
employees and operates 572 Sleep Number stores with locations in 50
U.S. states.

The Court has authorized the Debtor to conduct bidding procedures
for the sale of substantially all Assets.

The Court has approved the designation of SNBR Inc. as Stalking
Horse Bidder.

The Debtors' proposed notice of the Motion, the Bidding Procedures,
and the proposed entry of the Bidding Procedures Order are
appropriate and reasonably calculated to provide all interested
parties with timely and proper notice, in compliance with all
applicable requirements of the Bankruptcy Code.

The Bidding Procedures are fair, reasonable, and appropriate, and
are designed to maximize recoveries from a sale of the Assets.

The Bidding Procedures were negotiated in good faith and at arm's
length among the Debtors and the Stalking Horse Bidder, and the
Stalking Horse Agreement was negotiated in good faith and at
arm’s length among the Debtors and the Stalking Horse Bidder.

The Debtors have demonstrated a compelling and sound business
justification for the Court to enter this Bidding Procedures Order.


The Stalking Horse Bidder is a third-party purchaser and is
unrelated to any of the Debtors.

The Stalking Horse Bidder is deemed a Qualified Bidder for all
purposes, and the Stalking Horse Bid as set forth in the Stalking
Horse Agreement is deemed a Qualified Bid.

           About Sleep Number Corp.

Sleep Number Corporation, formerly Select Comfort Corporation, is a
Minneapolis, Minnesota-based company founded in 1987. The company
offers mattresses and bases, including smart mattresses with
adjustable firmness, digital sensing, automatic comfort
adjustments, and temperature-control features. Sleep Number uses a
direct-to-consumer distribution model through Sleep Number stores
and online retail touchpoints, and provides home delivery and
professional set-up services.  The company operates 572 stores in
50 U.S. states and employs approximately 2,920 employees.

Sleep Number Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12,
2026. In its petition, the Debtor reports total assets of
approximately $642.32 million and total debts of approximately
$1.28 billion as of April 30, 2026.

Honorable Bankruptcy Judge Kyu Young Paek handles the case.

Davis Polk & Wardwell LLP is serving as Sleep Number's legal
advisor in the restructuring. The company also retained Guggenheim
Securities, LLC as investment banker, A&G Real Estate Partners as
real estate advisors, and Kroll Restructuring Administration LLC as
claims, noticing, solicitation, and administrative agent.


SORRENTO THERAPEUTICS: Mevi, et al. Win Bid to Stay RICO Case
-------------------------------------------------------------
The Hon. Dana M. Sabraw of the U.S. District Court for the Southern
District of California granted the motion to stay filed by Ethan
Mevi, Enrique Curbello, Bruce Bradley, Michael Broome, Cynthia
Broome, Aladdin Asfour, Kyle Hodes, Jennifer Hodes, Alexander
Espalin, Moayad Altahhan, Shawn Franz, Leo Kishko, and AC Choudhury
in the case captioned as ETHAN MEVI et al., Plaintiffs, v. HENRY JI
et al., Defendants, Case No. 26-cv-02113-DMS-DEB (S.D. Cal.)
pending resolution of proceedings in the U.S. Bankruptcy Court,
Southern District of Texas.

On April 3, 2026, Plaintiffs filed this action against Henry Ji, M3
Advisory Partners, L.P., MIII Partners, L.P., Mohsin Meghji,
Jackson Walker LLP, Dorman Followwill, Kim D. Janda, David Lemus,
Tammy Reilly, Jaisim Shah, Yue Alexander Wu, Stephen Ma, Vivasor
Holding Company, Scilex Holding Company, and Semnur
Pharmaceuticals. Plaintiffs allege Violation of the Racketeer
Influenced and Corrupt Organizations Act, 18 U.S.C. Sec. 1962(c);
Conspiracy to Violate RICO, 18 U.S.C. Sec. 1962(d); Breach of
Fiduciary Duty; Aiding and Abetting Breach of Fiduciary Duty; and
Violation of California Penal Code Sec. 496. Plaintiffs' claims
arise from Defendants' alleged conduct in connection with the
Chapter 11 bankruptcy of Sorrento Therapeutics, Inc., currently
pending in the Bankruptcy Court. In that action, on April 14, 2026,
Defendants M3 Advisory Partners, L.P., MIII Partners, L.P., and
Mohsin Meghji filed an Emergency Motion to Enforce the Plan of
Reorganization.

On April 24, 2026, the Bankruptcy Court entered an Order
Temporarily Enjoining the Sorrento Shareholders' Prosecution of
Their California Lawsuit, which prohibited Plaintiffs from taking
any action to prosecute, advance, or otherwise pursue this action
until the Bankruptcy Court had ruled on the emergency motions.

On April 28, 2026, Plaintiffs filed the present Motion to Stay
Proceedings, including without limitation all deadlines for service
of the Complaint and all response deadlines, pending resolution of
the emergency motions. On June 21, 2026, the Bankruptcy Court
granted the emergency motions in a memorandum opinion, concluding
that Plaintiffs lack standing to pursue the claims asserted in the
Complaint and were required to seek authorization under the
Gatekeeping Provision of the Debtors' Plan before filing suit.

As Plaintiffs request the stay and no Defendant has been served or
appeared in this action, the Court discerns no damage that would be
caused by a stay. Furthermore, because final resolution of the
emergency motion matter might narrow or eliminate the issues in
this action, a stay would spare all parties expense and serve the
orderly course of justice. Accordingly, the Court grants
Plaintiffs' Motion to Stay. All deadlines in this action, including
the deadline to serve the Complaint, are tolled for the duration of
the stay.

A copy of the Court's Order dated June 25, 2026, is available at
https://urlcurt.com/u?l=ZiXS2V from Pacermonitor.com.

                  About Sorrento Therapeutics

Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/
-- is a clinical and commercial stage biopharmaceutical company
developing new therapies to treat cancer, pain (non-opioid
treatments), autoimmune disease and COVID-19. Sorrento's
multimodal, multipronged approach to fighting cancer is made
possible by its extensive immuno-oncology platforms, including key
assets such as next-generation tyrosine kinase inhibitors "TKIs"),
fully human antibodies ("G-MAB(TM) library"), immuno-cellular
therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and
oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing
potential antiviral therapies and vaccines against coronaviruses,
including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM;
and diagnostic test solutions, including COVIMARK(TM).

Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of
Feb. 10, 2023.

Judge David R. Jones originally oversaw the cases.

The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel;
Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts
counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin
Y. Meghji, managing partner at M3, serves as the Debtors' chief
restructuring officer. Stretto Inc. is the claims, noticing and
solicitation agent.

Norton Rose Fulbright US, LLP and Milbank, LLP represent the
official committee of unsecured creditors appointed in the Debtors'

Chapter 11 cases.

On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders.

On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig,
LLP serve as the equity committee's bankruptcy counsel.



SPIRIT AIRLINES: Lands $630MM Chapter 11 Bid for 27 Aircraft
------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that Spirit
Airlines has requested court approval to launch a Chapter 11
auction for 27 aircraft, anchored by a $630 million stalking horse
offer from one of its secured lenders. The motion was filed with
the U.S. Bankruptcy Court in New York as part of the airline's
restructuring efforts.

The proposed bidding procedures would allow other qualified buyers
to compete against the stalking horse bid while providing customary
bid protections to the initial purchaser. Spirit said the process
is designed to maximize value for creditors through a transparent
and competitive sale, according to report.

The bankruptcy court will determine whether to approve the proposed
procedures. If authorized, the auction will establish whether a
competing bidder is willing to exceed the $630 million offer before
the aircraft are ultimately sold, Law360 reports.

             About Spirit Aviation Holdings Inc.

Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit
Airlines, a U.S.-based low-cost carrier providing air
transportation services across the United States, Latin America,
and the Caribbean. They employ approximately 25,000 direct
employees and independent contractors.

Spirit Aviation Holdings and its subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead
Case No. 25-11897) on August 29, 2025. In the petition signed by
Frederick Cromer, authorized signatory, Spirit Aviation Holdings
disclosed $8,576,287,000 in assets and $8,096,842,000 in
liabilities as of June 30, 2025.

Judge Sean H. Lane oversees the cases.

The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy
counsel; PJT Partners LP as investment banker; FTI Consulting, Inc.
as restructuring, fleet and communications advisor; Debevoise &
Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell,
LLP as conflicts counsel, and Ernst & Young, LLP as its audit and
tax services provider. Epiq Corporate Restructuring, LLC is the
claims, noticing, solicitation and administrative agent.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Willkie Farr & Gallagher, LLP as legal counsel;
Alton Aviation Consultancy, LLC as specialized aviation advisor;
Jefferies. LLC as investment banker; and AlixPartners, LLP as
financial advisor.


SPORTSCAPERS CONSTRUCTION: Seeks Subchapter V Bankruptcy in Texas
-----------------------------------------------------------------
On June 30, 2026, Sportscapers Construction Inc. filed for Chapter
11 protection in the U.S. Bankruptcy Court for the Southern
District of Texas. According to the court filing, the Debtor
reports between $1 million and $10 million in debt owed to 1–49
creditors.

The Chapter 11 Small Business plan is due by September 28, 2026.

              About Sportscapers Construction Inc.

Sportscapers Construction Inc. is a Houston, Texas-based
specialized athletic facility and sports court construction
company. The business provides turnkey architectural design and
construction services for basketball, pickleball, and tennis
facilities throughout the Gulf Coast region, including Ganado,
Edna, and Livingston, and is an authorized dealer of specialized
sports lighting systems.

Sportscapers Construction Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-34660)
on June 30, 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 Jeffrey P. Norman handles the case.

The Debtor is represented by Jeremy Thomas Wood, Esq. of the Law
Office of Jeremy T. Wood, PLLC.


STG LOGISTICS: DOJ Opposes Company's Bid to Dismiss IRS Tax Claims
------------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that bankrupt
freight transportation company STG Logistics is facing opposition
from the U.S. Department of Justice over its effort to expunge more
than $30 million in IRS tax claims from its Chapter 11 case. The
government argued Tuesday that the debtor has not provided
sufficient evidence to invalidate the claims.

The Justice Department told the bankruptcy court that STG failed to
demonstrate either that the IRS claims are legally defective or
that the underlying tax obligations do not exist. As a result, the
government urged the court to deny the debtor's objections and
allow the tax claims to remain pending.

As an alternative, federal attorneys requested 120 days of
discovery to examine STG's allegations before any decision is
reached. The government contends that further factual development
is necessary to properly evaluate the company's challenges to the
IRS claims, the report relays.

The matter is scheduled for a hearing on July 7, 2026 in the U.S.
Bankruptcy Court for the District of New Jersey. The ruling could
have a material impact on creditor recoveries and the overall
restructuring of STG Logistics, Bloomberg reports.

                    About STG Logistics

STG Logistics Inc. is a North American logistics and supply chain
solutions provider, known as the largest fully integrated
port-to-door service provider in the United States and Canada.

STG Logistics and several affiliated entities sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No.
26-10258) on January 12, 2026. In its petition, STG Logistics
listed up to $10 billion in both assets and liabilities.

The Honorable Bankruptcy Judge Mark Edward Hall handles the cases.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Cole Schotz P.C. as local bankruptcy counsel;
AlixPartners, LLP as financial advisor; PJT Partners, LP as
investment banker; KPMG, LLC as tax service provider; Gordon
Brothers Realty Services, LLC as real estate consultant and
advisor; and Epiq Corporate Restructuring, LLC as claims, noticing,
and solicitation agent and administrative advisor.

White & Case, LLP serves as independent counsel to Reception
Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception
Purchaser, LLC, acting at the direction of each of the special
committees.

Wilmington Savings Fund Society, FSB serves as agent for the DIP
lenders and is advised by ArentFox Schiff.

The ad hoc group of existing lenders is represented by Gibson, Dunn
& Crutcher, LLP as legal counsel and Evercore Group, LLC as
financial advisor.

White & Case, LLP serves as counsel to the special committee of STG
Logistics' board of managers.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped McDermott Will & Schulte, LLP and
Kelley Drye & Warren, LLP as legal counsel; and Province, LLC as
financial advisor.


STONEBRIAR ABF: Fitch Rates $500MM Sr. Unsec. Notes 'BB(EXP)'
-------------------------------------------------------------
Fitch Ratings expects to assign a 'BB(EXP)' rating, with a Recovery
Rating of RR4, to Stonebriar ABF Issuer LLC's announced issuance of
$500 million in senior unsecured notes. Fitch does not expect the
issuance to materially affect the company's leverage, because the
proceeds will be used largely to pre-fund repayments of outstanding
borrowings and for general corporate purposes.

Stonebriar ABF Issuer LLC has a Long-Term Issuer Default Rating
(IDR) of 'BB'. The Rating Outlook is Stable.

Key Rating Drivers

Solid Franchise; Strong Asset Quality: The ratings reflect
Stonebriar's niche position as a market leader in the equipment
financing sector, strong asset quality, an adequate unsecured
funding mix, appropriate leverage, solid cash flow generation with
consistent operating performance through various cycles, and the
quality and experience of its senior management team.

Business Model and Concentrations Constrain Rating: Stonebriar's
ratings are primarily constrained by the monoline nature and
cyclicality of its business model, significant obligor
concentration relative to other large equipment finance companies
and the potential effects of new financial policies following the
January 2025 organizational restructuring and management
internalization within the parent company, Eldridge Industries
(Eldridge).

Stable Outlook: The Stable Outlook reflects Fitch's expectation
that Stonebriar's leverage and unsecured funding mix will remain in
the 'bb' category benchmark ranges over the Outlook horizon. Fitch
also expects that the credit quality of the company's borrower base
will remain sound.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Leverage at or approaching 6.0x, on Fitch's basis;

- A material decline in profitability, such that pre-tax ROAA is
sustained below 2%;

- Rapid asset growth that is not accompanied by a commensurate
increase in the risk management infrastructure;

- Material deterioration in asset quality metrics; and/or

- Weakening of the liquidity profile.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Enhanced portfolio diversity;

- A sustained reduction in leverage below 4.5x as calculated by
Fitch;

- Further expansion of the firm's franchise and market position
while maintaining strong asset quality and consistent earnings
performance; and/or

- An increase in unsecured debt exceeding 35% of total debt.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The expected rating is equalized with the ratings assigned to
Stonebriar ABF Issuer LLC's existing unsecured debt, because the
new notes will rank equally in the capital structure. The alignment
of the unsecured debt rating with the Long-Term IDR reflects
average recovery prospects under a stress scenario.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The expected unsecured debt rating is primarily linked to the
Long-Term IDR and is expected to move in tandem with it. However,
the notching could change if there is a shift in the funding mix or
a reduction in available asset coverage that Fitch believes would
affect the recovery prospects of the instruments in a stress
scenario.

ADJUSTMENTS

The Standalone Credit Profile (SCP) has been assigned in line with
the implied SCP.

The Business Profile score has been assigned below the implied
score due to the following adjustment reason: Business model
(negative).

The Asset Quality score has been assigned below the implied score
due to the following adjustment reason: Concentrations; asset
performance (negative).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason: Revenue
diversification (negative).

Date of Relevant Committee

20 January 2026

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   
   -----------             ------                     --------   
Stonebriar ABF
Issuer LLC

   senior unsecured     LT   BB(EXP)   Expected Rating    RR4


STUDIO 22: Seeks Subchapter V Bankruptcy in New York
----------------------------------------------------
On June 30, 2026, Studio 22 Fitness, Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Western District of
New York. According to the court filing, the Debtor reports between
$1 million and $10 million in debt owed to 1–49 creditors.

The Chapter 11 Subchapter V plan is due by September 28, 2026.

               About Studio 22 Fitness, Inc.

Studio 22 Fitness, Inc. is an East Rochester, New York-based
operator of fitness and recreational sports centers. The company
runs a regional network of four fitness facilities across Upstate
New York, offering 24/7 gym access, personal training, and group
fitness classes.

Studio 22 Fitness, Inc. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20517) on June
30, 2026. In its petition, the Debtor reports estimated assets
between $100,000 and $500,000 and estimated liabilities between $1
million and $10 million.

Honorable Bankruptcy Judge Carl L. Bucki handles the case.

The Debtor is represented by David H. Ealy, Esq. of Cristo Law
Group LLC d/b/a Trevett Cristo.


SUNSHINE HEALING: Aaron Cohen Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq.,
a practicing attorney in Jacksonville, Fla., as Subchapter V
trustee for Sunshine Healing Arts, LLC.

Mr. Cohen will be paid an hourly fee of $325 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Mr. Cohen declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Aaron R. Cohen, Esq.
     P.O. Box 4218
     Jacksonville, FL 32201
     Tel: (904) 389-7277
     Email: aaron@arcohenlaw.com

                  About Sunshine Healing Arts LLC

Sunshine Healing Arts, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02808) on
June 23, 2026, with assets of up to $50,000 and liabilities of
between $100,001 and $500,000.

Thomas C. Adam, Esq., at Adam Law Group, P.A. represents the Debtor
as legal counsel.


SVETNESS CORP: Unsecureds to Recover 22.05% or 16.43% in Plan
-------------------------------------------------------------
Svetness, Corp. filed with the U.S. Bankruptcy Court for the
Eastern District of Virginia a Disclosure Statement with respect to
Amended Plan of Reorganization dated June 25, 2026.

The Debtor was formed in 2012 by Svetlozar Zurkov in Leesburg,
Virginia. At the time, it was a one-person company that Mr. Zurkov
used to provide his own personal training service.

Until 2019, the Debtor's typical revenue was about $115,000 per
month. However, during COVID-19, demand initially dropped but then
spiked significantly after the Debtor abandoned its previous
in-home visit sales model and switched to an online platform. The
Debtor also expanded to new markets with more relaxed COVID
restrictions.

Eventually, the Debtor's revenue increased to over $7000,00 a month
in 2023 and 2024. In response to the increased revenue, the Debtor
increased its payroll beyond its ability to pay from revenue. To
finance its expansion, the Debtor took significant high interest
loans and merchant cash advances.

In 2025, the Debtor's revenues began to decrease as the Debtor had
to spend significant funds to service its debt. The Debtor shrank
its payroll and other cost but was still spending over $60,000 a
week in debt service. As the Debtor was about to run out of money
it filed this Chapter 11 case.

The Plan proposes to bifurcate the claim of the SBA into a $50,000
secured claim, to be paid at 3.75% interest over three years and a
general unsecured claim for the balance of the amount due. All
other creditors will be treated as unsecured. There are an
estimated $5.2 million of unsecured claims. Unsecured creditors
will be paid $720,000 in quarterly payments over three years, plus
an estimated $250,000 in Net Avoidance Action Proceeds.

Additionally, the Debtor's principal, Svetlozar Zurkov, will,
subject to the right of creditors, to submit competing plans, make
a $10,000 cash infusion to be distributed to creditors with the
first quarterly distribution, in exchange for his equity interest.


Class 2 shall consist of all Allowed Unsecured Claims, which shall
include all claims except the Allowed Secured Claim of the SBA and
MCA Claims. In full and complete satisfaction of any and all Class
2 Allowed Unsecured Claims, the Debtor shall pay each Holder of an
Allowed Unsecured Claim: 90% of the (1) the Quarterly Payments; (2)
the Net Avoidance Action Proceeds; and (3) the Cash Infusion.
However, if more than 50% of voting Holders of Class 2 Claims (in
terms of amount of their Claims) vote that the Debtor waive the
pursuit of actions under Section 547 of the Bankruptcy Code against
non-insiders, the Debtor will abandon the pursuit of those
particular Causes of Action.

The Debtor anticipates making $720,000 in Quarterly Payments, plus
$250,000 in Net Avoidance Action Proceeds, plus $10,000 in the Cash
Infusion, for a total of $980,000 to approximately $4.0 million in
Class 2 Claims for estimated distributions of 22.05%, or 16.43% if
creditors vote against the pursuit of Avoidance Actions. Holders of
Allowed Class 2 Claims are impaired entitled to vote to accept or
reject the Plan.

Class 3 shall consist of MCA Claims. In full and complete
satisfaction of any and all Class 3 Allowed MCA Claims, the Debtor
shall pay each Holder of an Allowed Unsecured Claim: 10% of the (1)
the Quarterly Payments; (2) the Net Avoidance Action Proceeds; and
(3) the Cash Infusion. However, if more than 50% of voting Holders
of Class 2 Claims (in terms of amount of their Claims) vote that
the Debtor waive the pursuit of actions under Section 547 of the
Bankruptcy Code against non-insiders, the Debtor will abandon the
pursuit of those particular Causes of Action.

The Debtor anticipates making $720,000 in Quarterly Payments, plus
$250,000 in Net Avoidance Action Proceeds, plus $10,000 in the Cash
Infusion, for a total of $98,000 to approximately $1.6 million in
Class 3 Claims for estimated distributions of 6.125%, or 4.5% if
creditors vote against the pursuit of Avoidance Actions.

Holders of Class 4 Interests shall have their Interests reinstated
under the Plan in exchange for the Cash Infusion, subject to the
rights of creditors to submit competing plans. Class 4Interests are
impaired.

On the Effective Date, all property of the estate shall vest in the
Debtor, subject to the Liens and other obligations expressly
created or preserved by this Plan, but otherwise free and clear of
all other liens, claims, interests and encumbrances. All rights to
manage the Debtor shall be vested in the Debtor. Upon the Effective
Date, the Debtor shall be authorized to file UCC-3 termination
statements for each loan made to the Debtor, except the loan of the
SBA. Upon completion of payments to the Class 1 Claimants, the
Debtor may file a UCC-3 termination statement for the loan to the
SBA.

Within 14 days of the Effective Date, Zurkov shall cause to be paid
$10,000.00 to the Bankruptcy Estate (the "Cash Infusion"). The
order approving the Disclosure Statement shall provide that any
creditor shall have the right to propose a competing Chapter 11
plan.

Beginning on the last business day that is in the first full
quarter after the Effective Date, and continuing on the last
business day of each quarter thereafter for a total of twelve
quarters, the Debtor shall pay Quarterly Payments of $60,000.00
(the "Quarterly Payments") plus the Net Avoidance Action Proceeds
pro rata to holders of General Unsecured Claims. Should the Court
determine that more Quarterly Payments are necessary to satisfy
Section 1129 of the Bankruptcy Code, the Debtor shall make such
additional subsequent quarterly payments as are necessary to deem
such section satisfied.

A full-text copy of the Disclosure Statement dated June 25, 2026 is
available at https://urlcurt.com/u?l=yD8y5e from PacerMonitor.com
at no charge.

Counsel to the Debtor:

     Justin Fasano, Esq.
     McNamee Hosea, PA
     6404 Ivy Lane, Suite 820
     Greenbelt, MD 20770
     Telephone: (301) 441-2420
     Facsimile: (301) 982-9450
     E-mail: jfasano@mhlawyers.com

                        About Svetness Corp.

Svetness, Corp. was formed in 2012 by Svetlozar Zurkov in Leesburg,
Virginia.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10365) on
February 17, 2026, listing $50,001 to $100,000 in assets and $1
million to $10 million in liabilities.

Judge Brian F. Kenney oversees the case.

Justin Fasano, Esq., at Mcnamee Hosea, P.A. serves as the Debtor's
legal counsel.


SYNAPTICS INC: Moody's Puts 'Ba2' CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Ratings placed the ratings of Synaptics, Inc.'s (Synaptics)
under review for upgrade, including its Ba2 corporate family
rating, Ba2-PD probability of default rating, and the Ba3 senior
unsecured notes rating. The company's SGL-1 Speculative Grade
Liquidity (SGL) remains unchanged. Previously, the outlook was
stable.

On June 25, 2026, Synaptics announced it had entered into an
agreement to be acquired by ON Semiconductor Corporation (ON Semi)
(Ba1 stable) in an all-stock transaction, representing a total
enterprise value of approximately $7 billion. The transaction is
subject to approval by Synaptics stockholders, the receipt of
required regulatory approvals and other customer conditions, and is
expected to close in mid-2027.

The review for upgrade reflects ON Semi's stronger credit profile
and its larger size and scale.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

The review for upgrade will focus on the successful completion of
the transaction, its final capital structure, whether Synaptics'
debt will get repaid and if it remains outstanding what terms and
conditions would apply to it and whether it would be guaranteed by
ON Semi. Moody's ability to maintain ratings on Synaptics following
closing of the transaction will consider whether Synaptics' debt
remains outstanding, guarantees, and adequacy of financial and
operational disclosures available.

Excluding the ratings review, the ratings could be upgraded if it
increases its scale and product diversity with organic revenue
growth sustained above the mid-single digits percent level, if it
sustains EBITDA margin (Moody's adjusted) improvement on other than
a temporary basis, and it maintains a conservative financial policy
with sustained, significant deleveraging.

Excluding the ratings review, the ratings could be downgraded if
Synaptics experiences cyclical revenue declines beyond the end
market recovery, the company fails to materially improve its EBITDA
margin (Moody's adjusted), free cash flow to debt (Moody's
adjusted) is below 10% on an other than temporary basis, and
liquidity shows signs of deteriorating, including a large reduction
in the company's cash balance or a material weakening in its free
cash flow generation.

The principal methodology used in these ratings was Semiconductors
published in October 2025.

Synaptics' Ba2 corporate family rating is three notches above the
scorecard-indicated outcome of B2. The three notch differential
reflects, among other factors, temporarily elevated leverage that
Moody's expects to improve over the next year.

Synaptics, Inc. is a developer and fabless supplier of mixed signal
semiconductor solutions. Net revenue for the LTM period ended March
28, 2026 was about $1.2 billion.

ON Semiconductor Corp. designs and manufactures a broad array of
discrete and integrated circuit analog, mixed-signal, and logic
semiconductors and sensors, primarily serving the automotive and
industrial markets. ON Semi generated about $6.1 billion in revenue
in the LTM period ended April 03, 2026.


SYSOREX GOVERNMENT: Seeks $972,043 Interim DIP Loan From Southstar
------------------------------------------------------------------
Sysorex Government Services, Inc. asks the U.S. Bankruptcy Court
for the Southern District of New York for authority to obtain
interim financing from its pre-bankruptcy lender and to sell
certain accounts receivables.

Specifically, the Debtor seeks approval of $972,042.83 in
post-petition secured financing from Southstar Financial, LLC to
fund two U.S. Bureau of Prisons purchase orders issued under the
NASA SEWP V contract -- $468,000 for Tek84 Engineering Group's
annual warranty support and $504,042.83 for ShawnTech mobile
assessments -- as part of its requested authority to obtain up to
$6 million in debtor-in-possession financing under a Sale and
Assignment of Accounts with the lender.

Under the Southstar agreement, the lender provides the Debtor
financing by paying the Debtor up to 85% of the face amount of
account receivables accepted by the lender, subject to certain
charges. This financing operates via a factoring mechanism:
Southstar pays the vendors directly on behalf of the Debtor, the
vendor ships the goods to the government agency, and the agency
remits payment directly to the lender. Southstar then deducts the
cost of goods sold plus its factoring fees, which function as
interest equivalents starting at 0.80% for the first 10 days and
scaling upward based on the age of the invoice, before transferring
the remaining balance to the Debtor.

The Debtor says the requested $972,042.83 in interim financing is
urgent to avoid immediate and irreparable harm from potential
defaults and cancellation of its government contracts due to
insufficient capital to purchase and provide required goods and
services.

The urgency stems from a complex operational transition following
an asset auction. The Debtor sold its business to SY Acquisition
Co. LLC (doing business as Secure Federal Technologies), closing
the deal in November 2025. However, the federal government's
official contract novation process under procurement regulations
remains incomplete for major contract vehicles like NASA SEWP and
GSA Schedules. Because federal agencies still legally recognize the
Debtor as the primary contractor of record, Secure Federal
Technologies cannot independently perform or bill the government.

In addition to the $972,042.83 in interim financing, the Debtor
seeks court approval to continue using post-petition secured
financing available from the lender within the $6 million credit
limit in the Southstar Agreement.

To secure this financing, Southstar will receive a senior,
first-priority priming lien on all resulting accounts receivable
and collections. This senior lien will explicitly prime the
Debtor's substantial pre-petition secured debt, which includes a
$25.1 million guarantee owed to Senior Secured Convertible
Debenture Holders represented by Cavalry Fund I.

A copy of the motion is available at https://urlcurt.com/u?l=tSqCAR
from PacerMonitor.com.

               About Sysorex Government Services
Inc.

Sysorex Government Services, Inc. is a government IT solutions
provider in Herndon, Va.

Sysorex filed Chapter 11 petition (Bankr. S.D. N.Y. Case No.
25-10920) on May 5, 2025, listing up to $10 million in assets and
up to $50 million in liabilities. A. Zaman Khan, president of
Sysorex, signed the petition.

Judge John P. Mastando III oversees the case.

Ralph E. Preite, Esq., at Cullen and Dykman LLP, represents the
Debtor as legal counsel.



TALON LOGISTICS: Commences Chapter 11 Bankruptcy in California
--------------------------------------------------------------
On June 29, 2026, Talon Logistics, Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Central District of
California, San Fernando Division. According to the court filing,
the Debtor reports between $1 million and $10 million in
liabilities owed to 1 to 49 creditors.

A meeting of creditors under Section 341(a) to be held on July 28,
2026 at 10:00 AM at UST-SVND1, TELEPHONIC MEETING. CONFERENCE
LINE:1-888-330-1716, PARTICIPANT CODE:5961145.

Government Proof of Claim is due by December 28, 2026. The Chapter
11 Small Business Subchapter V Plan must be filed by September 28,
2026.

          About Talon Logistics, Inc.

Talon Logistics, Inc. is a Woodland Hills, California-based general
freight trucking company specializing in drayage and intermodal
transportation throughout the Los Angeles region. The company
operates a fleet of approximately 40 to 50 power units and has
invested in transitioning to zero-emission vehicles, including
electric and hydrogen-powered trucks.

Talon Logistics, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-11399) on June 29, 2026. In its
petition, the Debtor reports estimated assets of $1 million to $10
million and estimated liabilities of $1 million to $10 million.

Honorable Victoria S. Kaufman is overseeing the case.

The Debtor is represented by Ron Bender, Esq. of Levene, Neale,
Bender, Yoo & Golubchik L.L.P.


TARZANA PLAZA: Tabatabai Loses Bid to Enforce Confirmation Order
----------------------------------------------------------------
Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the
Central District of California denied without prejudice
the motion of party in interest Shawn Tabatabai to enforce Tarzana
Plaza Condominiums Association's Confirmed Plan and Confirmation
Order, to compel an accounting, and to direct the Liquidating
Trustee to account in the bankruptcy case.

The Court confirmed the Debtor's Second Amended Chapter 11 Plan of
Reorganization dated April 9, 2024 by Order Confirming Debtor's
Second Amended Plan dated April 9, 2024, entered May 30, 2024. The
Confirmation Order confirmed the Plan under 11 U.S.C. Sec. 1191(b),
overruled any objection not withdrawn on the record, and provided
that the Confirmation Order and Plan are binding on the Debtor, its
creditors, its shareholders, and other parties in interest,
regardless of whether such creditor, shareholder, or party in
interest voted in favor of the Plan.

The Confirmation Order approved and incorporated the Liquidating
Trust by reference, vested the Liquidating Trust with the
Litigation Claims and Avoidance Actions on the Effective Date, and
authorized the Liquidating Trust to enforce, file, litigate,
prosecute, settle, and collect on those claims and actions,
including actions under 11 U.S.C. Secs. 544, 547, and 548. The
Confirmation Order appointed Howard B. Grobstein as Liquidating
Trustee.

In general terms, the Motion arises from a post-confirmation
dispute between Movant, an Association member, and the Reorganized
Debtor's current Board concerning the Board's post-confirmation
governance, financial controls, and handling of Association funds
during the Plan payout period. Movant contends that, after
confirmation, the Board lost the confidence of a significant
portion of the membership, transitioned the Association to
self-management, exercised direct control over operating and
assessment accounts, failed to provide adequate financial records
or accountings, failed to maintain sufficient fidelity/crime
coverage, and invoked this Court's bankruptcy
jurisdiction to discourage or prevent a member recall effort.
Movant further contends that these issues affect Plan
implementation because assessment funds are the source of Plan
payments and because the Plan and Confirmation Order require the
Reorganized Debtor and responsible parties to carry out the Plan.
Movant also challenges the adequacy of reporting by the Liquidating
Trustee concerning Litigation Claims and Avoidance Actions, and
seeks relief requiring an accounting, professional management,
proof of coverage, recall-related clarification, pool remediation,
and further Court oversight.

Movant now seeks broad post-confirmation relief directed to the
Reorganized Debtor, its Board, and the Liquidating Trustee. Movant
asks the Court to interpret and enforce the Plan and Confirmation
Order with respect to funds used or designated for Plan payments,
and to find that the Reorganized Debtor has failed to provide
sufficient information to establish compliance with the Plan and
Confirmation Order. Movant further asks the Court to compel the
Reorganized Debtor, within twenty-one days, to provide a detailed
accounting of operating, reserve, special-assessment, balcony
assessment, and plan-disbursement accounts, including monthly
statements from confirmation to present, transaction histories,
deposits, canceled checks, electronic transfers, ledgers,
reconciliations, source-and-use tracing, account signers and online
users, any change in depository institution, remittances to the
secured creditor, and
backup for bankruptcy-related budget line items.

Movant also asks the Court to direct the Reorganized Debtor to
retain a qualified independent professional managing agent and to
obtain and provide proof of Civil Code Sec. 5806-compliant
crime/fidelity, computer-fraud, and funds-transfer-fraud coverage
protecting the plan-payment accounts. In addition, Movant asks the
Court to confirm that neither the Plan, the Confirmation Order, nor
the Reorganized Debtor's status as a debtor requires
bankruptcy-court authorization for the Association's members to
exercise asserted recall rights under California Corporations Code
Secs. 7222 and 7511(c) and Civil Code Sec. 5115, and to direct the
Reorganized Debtor to stop representing to members that such
authorization is required.

Movant further asks the Court to direct the Liquidating Trustee,
within twenty-one days, to file the status accounting required by
Liquidating Trust Agreement Sec. 2.4, including an explanation of
the Trustee's investigation, prosecution, settlement,
abandonment, and limitations-related decisions as to each
Litigation Claim and Avoidance Action. Movant also asks the Court
to direct the Reorganized Debtor to remediate and reopen the pool
consistent with alleged Plan health-and-safety obligations and to
file a corrective-action report addressing the April 29, 2026 LADBS
Notice of Code Violation. Finally, Movant asks the Court to retain
jurisdiction to impose further relief warranted by the accounting
and to grant other relief the Court deems just and proper.

The Court finds the Motion is denied without prejudice for several
independent reasons:

   (i) the lack of a substantive opposition does not establish
entitlement to relief;
  (ii) Movant has not established standing to obtain the broad
relief requested;
(iii) the requested relief has not been shown to fall within the
Court's retained post-confirmation jurisdiction;
  (iv) much of the requested relief is procedurally improper by
contested motion; and
   (v) Secs. 105(a) and 1142 do not provide an independent basis
for the relief requested on this record.

Movant asserts that he is the trustee of the record owner of Units
216 and 334, exercises membership rights appurtenant to those
units, pays regular and special assessments, and has been unable to
obtain certain Association records and accountings. According to
Judge Clarkson, "Those allegations may identify a state-law
membership or assessment-related interest. They do not, without
more, establish a direct, legally protected bankruptcy interest
sufficient to seek the full range of relief requested in the
Motion, including relief directed to the Plan-payment rights of
creditors, the internal governance of the Reorganized Debtor, the
administration of the Liquidating Trust, or the prosecution,
settlement, abandonment, or reporting of Litigation Claims and
Avoidance Actions. The Motion therefore does not establish that
Movant is the proper party to seek the full range of requested
relief, including orders compelling professional management,
directing fidelity coverage, declaring the effect of the Plan and
Confirmation Order on asserted recall rights, directing pool
remediation, or compelling the Liquidating Trustee to account
concerning Litigation Claims and Avoidance Actions. Those requests
appear to rest, at least in substantial part, on rights belonging
to the Reorganized Debtor, the Association's membership generally,
Plan creditors, or the Liquidating Trust, rather than on a direct
bankruptcy right held by Movant."

A copy of the Court's Amended Order dated June 29, 2026, is
available at https://urlcurt.com/u?l=ADUokA from Pacermonitor.com.

            About Tarzana Plaza Condominiums Association

Tarzana Plaza Condominiums Association, filed a Chapter 11
bankruptcy petition (Bankr. C.D. Cal. Case No. 23-12372) on
November 11, 2023, disclosing under $1 million in both assets and
liabilities.

The Debtor is represented by TOTARO & SHANAHAN, LLP.


TERRAFORM POWER: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed TerraForm Power Operating, LLC's (TERPO)
Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook
is Stable. Fitch has also affirmed the senior secured Term Loan B
and senior unsecured ratings at 'BB+' with a Recovery Rating of
'RR2' and 'BB-'/'RR4', respectively.

The ratings and Outlook reflect TERPO's highly contracted,
diversified portfolio of renewable assets, which supports stable
long-term cash flows. Acquisitions in 2026 and 2025 added a
pipeline of nearly 7GW in development opportunities and marked a
shift in management strategy. Nevertheless, Fitch expects
development activities to remain modest relative to the operating
portfolio and to be managed in a credit-neutral manner. Fitch
calculates TERPO's credit metrics on a deconsolidated basis due to
the nonrecourse financing of its operating assets and projects
holdco-only funds from operations (FFO) leverage to remain in the
mid-5.0x range over the forecast period.

Key Rating Drivers

Increasing but Managed Development Risk: TERPO is transitioning
from a closed operating-portfolio model to selective greenfield
development. Following the Sun Tribe acquisition in May 2025, it
acquired the approximately 1.56 GW Steward Creek solar project in
Lee County, IL, from Hexagon Energy in February 2026 and a 225 MW
solar and storage project in Georgia in 2Q26. These transactions
expand TERPO's pre-construction pipeline to nearly 7 GW. While the
company expects only modest conversion of its development pipeline
into operating assets during the forecast period, Fitch continues
to view the associated construction and execution risk as potential
credit concerns.

Fitch expects TERPO to remain predominantly an operating company,
financing growth through nonrecourse project-level debt structured
to investment-grade metrics and fully amortizing over the project
life, alongside retained cash flows and opportunistic asset sales.
TERPO mitigates development risk through back-weighted,
milestone-linked acquisition payments and by finalizing
engineering, procurement and construction contracts before locking
in power purchase agreement prices. The company has safe-harbored
more than 3 GW through 2030 to preserve tax-credit eligibility,
with phased Steward Creek construction starting late 2026.

Highly Contracted Portfolio: TERPO owns and operates a diversified
portfolio of approximately 2,691 MW of wind and solar assets across
North America and Western Europe. Approximately 97% of cash flows
derived from long-term contracts or rate-regulated frameworks, with
over 72% of offtakers rated investment grade or exhibiting
investment-grade characteristics. The weighted average remaining
contract life is approximately 10 years.

Around 82% of generation capacity in the U.S., while the remainder
is in Spain, Chile and the United Kingdom. The fleet comprises
approximately 64% wind and 36% solar assets, with geographic
diversification partially mitigating wind resource variability.

Fleet Reinvestment and Organic Growth: In 1Q26, TERPO commenced
reinvestment at two of its largest wind sites totaling 440 MW,
replacing key components in 20 turbines, with work starting or
completed on four towers. These investments are expected to yield
3% higher generation and revenues, reduced sustaining capital
expenditure and a 10-year extension of useful life. Fitch expects
TERPO to execute 230 MW of wind repowering and 800 MW of solar
construction through 2029. Earlier organic initiatives, including
the Mount Signal inverter replacement and Bishop Hill wind
repowering, each contributed approximately $14 million in annual
incremental cash flows.

Stable Credit Metrics: Fitch calculates TERPO's credit metrics on a
deconsolidated basis, which reflects the non-recourse nature of
project-level debt. The company reported total revenue of $1,019
million and remittable cash flow of $457 million in 2025. Fitch
expects revenue to decline to approximately $934 million in 2026,
reflecting the disposal of the distributed generation platform,
before recovering as reinvestment projects come online. Fitch also
expects holdco-only FFO leverage to remain in the mid-5.0x range.

Disciplined Portfolio Management: Fitch expects TERPO to remain an
operating company despite its expanded development pipeline. Growth
projects will be financed through nonrecourse project-level debt
structured with investment-grade metrics and fully amortized over
each project's useful life, supplemented by retained distributions.
Over 87% of non-recourse project debt carries fixed or swapped
interest rates. TERPO prepaid $150 million of Term Loan B at the
holding company across 2024 and 2025 and annual project debt
amortization of over $250 million supports growth in remittable
cash flows.

Private Ownership: TERPO's private ownership by Brookfield
Renewable Partners and its affiliates removes pressures typically
associated with publicly listed companies, including aggressive
distribution growth targets, management fee obligations and the
administrative costs of a public listing. Fitch views private
ownership as broadly supportive of TERPO's credit profile relative
to publicly held renewable energy companies. However, private
ownership typically results in reduced financial transparency,
which Fitch considers a modest constraint.

Parent-Subsidiary Linkage: Fitch rates TERPO on a standalone basis.
Consistent with Fitch's approach to Brookfield affiliates, Fitch
considers Brookfield as a financial investor and does not apply
parent-subsidiary linkage. Brookfield Corporation (A-/Stable) and
Brookfield Renewable Partners L.P. (BBB+/Stable) nonetheless
provide indirect benefit through operational expertise, capital
markets access and financial flexibility.

Peer Analysis

TERPO's ratings are assigned based on a deconsolidated approach.
The company's subsidiaries are project subsidiaries that are
largely funded by nonrecourse debt. Fitch applies a similar
approach to Pattern Energy Operations LP (PEO; BB-/Stable) and
Leeward Renewable Energy Operations, LLC (LREO; BB-/Stable), both
of which own and operate portfolios of nonrecourse projects.

Following the sale of Saeta, PEO is larger than TERPO and LREO in
terms of generation capacity. TERPO's renewable portfolio benefits
from a large proportion of solar generation assets (36%) that
exhibit less resource variability. In comparison, PEO and LREO
operate portfolios with majority wind generation assets. TERPO's
long-term contracted fleet has an average remaining contract life
of 10 years, lower than the 11 years for PEO's and LREO. Fitch
views PEO's and LREO's 100% geographic exposure in North America as
favorable compared with TERPO's 82%.

TERPO's favorable asset mix is offset by its relatively weaker
credit metrics compared to PEO and LREO. Fitch forecasts TERPO's
holdco-only FFO leverage in the mid-5.0x range from 2026 to 2029.
PEO's is expected to be in the low 4x range in 2025, with further
improvement following the SunZia project dropdown, and LREO's to
average around 3.0x through 2028.

Like PEO and LREO, TERPO has been taken private and is no longer
subject to public growth targets. It also has a moderate and
relatively stable growth strategy. Strong private sponsors provide
a more predictable funding source and remove capital market
uncertainties. Furthermore, TERPO benefits from its affiliation
with Brookfield .

Fitch’s Key Rating-Case Assumptions

- Execution of 230 MW of repowering and 800 MW of development
opportunities through 2029;

- Project-level debt amortization of about $250 million over the
next four years;

- Holdco interest rate assumed at 6%;

- Brookfield Renewable Partners L.P. uses a flexible dividend
policy to maintain TERPO's credit quality and support growth
pipeline currently under development.

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, Lower),
diversification and asset quality (bb, Higher), company operational
characteristics (bbb, Moderate), profitability (bbb, Moderate),
financial structure (b+, Higher), and financial flexibility (bb-,
Moderate).

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

- The Governance assessment of 'good' has no impact.

- The Operating Environment assessment of 'aa-' has no impact.

- The SCP is 'bb-'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BB-'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Holdco-only FFO leverage above 6.0x on a sustainable basis;

- Underperformance in project assets that lends material
variability or a shortfall to expected project distributions on a
sustained basis and without a clear path to recovery;

- Aggressive growth strategy leading to change or deviation from
stated financial policies.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Holdco-only FFO leverage below 5.0x on a sustainable basis;

- A record of a conservative and consistent approach to executing
the business plan from a credit perspective.

Liquidity and Debt Structure

Fitch considers TERPO's liquidity adequate, with approximately $396
million in available corporate liquidity as of March 31, 2026. This
includes $277 million from the revolving credit facility and $119
million of unrestricted corporate and project-level distributable
cash. In addition, the company has access to about $70 million in
other project-level restricted and unrestricted cash. Fitch expects
TERPO to continue funding portfolio reinvestments through operating
cash flows and project financings structured to investment grade
metrics.

The company prepaid approximately $150 million using proceeds from
the 2024 sale of Saeta Yield and the 2025 sale of distributed
generation assets. TERPO does not have any material upcoming debt
maturities before the January 2028 unsecured notes, which
management has indicated it will refinance in 2H26.

Issuer Profile

TERPO owns and operates approximately 2.6 GW of diversified wind
and solar assets mainly in the U.S., Europe and Canada.

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 TerraForm Power Operating, LLC.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
TerraForm Power
Operating, LLC       

                      LT IDR  BB-  Affirmed             BB-
   senior unsecured   LT      BB-  Affirmed     RR4     BB-
   senior secured     LT      BB+  Affirmed     RR2     BB+


TFH FITNESS: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
TFH Fitness, LLC got the green light from the U.S. Bankruptcy Court
for the Western District of Texas, Austin 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
27.

The Debtor needs continued access to operating funds to maintain
payroll, preserve business operations, and facilitate a successful
reorganization under Chapter 11. These funds may constitute cash
collateral of two merchant cash advance lenders, EBF Holdings, LLC
and Texas Funding Group. These lenders claim security interests in
the Debtor's future receivables. However, the Debtor claims that it
had no accounts receivable as of the bankruptcy petition date
because its business model generates revenue differently from a
traditional credit-based enterprise.

The Debtor operates a fitness center in Harker Heights, Texas, and
previously operated a second gym in Temple, Texas, although that
location closed after its lease was terminated before the
bankruptcy filing. The gym receives income primarily through
monthly membership dues, which are automatically drafted in advance
on each member's monthly renewal date, as well as from
cash-and-carry merchandise sales. As a result, the lenders'
asserted collateral interests in future receivables may have little
or no present value.

TFH Fitness identifies the principal creditors asserting security
interests in its assets. Cadence Bank, formerly BancorpSouth,
claims a lien on the gym equipment based on a Uniform Commercial
Code filing recorded in May 2022. The outstanding debt secured by
that filing is estimated at approximately $75,000, while the
equipment is valued at roughly $115,946. This obligation originated
before its acquisition of the business in June 2025, when it
purchased the gym operations and equipment from a prior owner. The
seller represented that the assets would be transferred free and
clear of liens, but the Debtor later discovered that the Cadence
Bank lien remained in place. Importantly, neither the Debtor nor
Timothy Koenitzer is personally liable for the underlying debt. The
Debtor also listed Everest and Texas Funding Group as MCA lenders
with estimated claims of approximately $28,400 and $22,500,
respectively, but estimates the value of their collateral at zero
because no accounts receivable existed on the petition date.

As adequate protection for any creditor with a valid, perfected,
and enforceable prepetition security interest, the Debtor offers
granting replacement liens on the same categories of collateral,
preserving each creditor's existing priority only to the extent its
pre-petition lien is legally valid and enforceable.

                       About TFH Fitness LLC

TFH Fitness, LLC operates The Field House Gym fitness facilities in
Temple and Harker Heights, Texas.  The gym provides fitness
training and trainer coaching for members, with its Harker Heights
facility emphasizing strength training and a weightlifting-focused
environment.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-11084) on June 5,
2026. In the petition signed by Timothy Koenitzer, managing member,
the Debtor disclosed up to $50,000 in assets and up to $10 million
in liabilities.

Judge Shad M Robinson oversees the case.

Frank B. Lyon, Esq., represents the Debtor as legal counsel.


TPI COMPOSITES: Court Confirms Chapter 11 Liquidating Plan
----------------------------------------------------------
Vince Sullivan of Law360 Bankruptcy Authority reports that TPI
Composites secured approval from a Texas bankruptcy court for its
liquidating Chapter 11 plan, which sets the terms for distributing
proceeds from the sale of company assets. The ruling allows the
wind turbine blade maker to advance its wind-down process.

The approved plan governs how proceeds from asset sales will be
allocated among creditors and other stakeholders, ensuring an
orderly liquidation of the debtor’s remaining estate. The process
is intended to conclude the company's Chapter 11 case efficiently,
the report cites.

The confirmation order issued by the U.S. Bankruptcy Court for the
Southern District of Texas enables the company to proceed with
implementing its exit strategy through liquidation, according to
Law360.

                   About TPI Composites

TPI Composites -- https://tpicomposites.com/ -- is a leading
wind-blade manufacturer and the only independent wind blade
manufacturer with a global footprint.

On Aug. 11, 2025, TPI Composites, Inc. and several subsidiaries
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
25-34655).

TPI disclosed $591,709,000 in total assets against $1,077,146,000
in total debt as of June 30, 2025.

Bankruptcy Judge Christopher M. Lopez handles the case.

Weil, Gotshal & Manges LLP is serving as legal counsel, Jefferies
LLC. is serving as financial advisor, and Alvarez & Marsal North
America, LLC is serving as restructuring advisor to TPI.  Kroll is
the claims agent.

Sullivan & Cromwell LLP and Moelis & Company are serving as
advisors to senior secured lenders.

Bracewell, LLP, is advising Oaktree Capital Management L.P., as DIP
agent.

The official committee of unsecured creditors retained Lowenstein
Sandler LLP as counsel, Munsch Hardt Kopf & Harr, P.C. as
co-counsel, and Berkeley Research Group, LLC as its financial
advisor.


TRADITIONS OIL: Court Won't Reinstate Bankruptcy Case
-----------------------------------------------------
Judge James J. Tancredi of the U.S. Bankruptcy Court for the
District of Connecticut declines to reinstate Traditions Oil Group,
LLC's bankruptcy case and sanctions the Debtor and its counsel.

Before the Court are its Order to Show Cause and the Debtor's
Motion for Relief from Order. The Court previously dismissed this
Chapter 11 case on the United States Trustee's motion.

The Debtor filed this bankruptcy case on March 23, 2026. Four days
after the petition was filed, the U.S. Trustee filed a Motion to
Dismiss for, among other reasons, failure to provide proof of
adequate insurance and failure to timely respond to the U.S.
Trustee's request for documents and information.

On April 1, 2026, the Court granted the U.S. Trustee's Motion to
Dismiss and issued the instant Order to Show Cause, which ordered
"the Debtor and its counsel to appear and show cause as to whether
the dismissal shall be with prejudice, including a two-year bar to
re-filing a bankruptcy petition based on a finding of bad faith,
and whether sanctions, including the disgorgement of any fee for
services, shall issue against the Debtor and/or its counsel in
connection herewith and for the failure to appear at the hearing
held on March 31, 2026, before this Court." The show cause hearing
was set for April 23, 2026. Neither the Debtor nor its counsel
appeared at the
April 23, 2026 hearing.

On May 21, 2026, the Court held the continued hearing, at which the
Debtor's counsel, John A. Sodipo, appeared. That same day, he filed
a response to the Order to Show Cause and also asked the Court to
set aside the dismissal. At the hearing, he blamed staffing and
medical issues for his nonresponsiveness.

On June 16, 2026, the Court held a final hearing on the Order to
Show Cause and the Motion for Relief. The Debtor's counsel
reiterated his staffing woes, along with the medical issues
experienced by the Debtor's representative, for the delays.
He insisted that, if given the chance, he would set the course of
the case right and would work to accomplish the tasks necessary to
move the case forward. He admitted, however, that he had seen no
insurance binder for either property, that the Debtor had no cash,
and that the properties were both underwater and not
generating any revenue.

The Debtor in this case has no income-generating business, no
insurance on the properties, no cash, and, despite the passage of
eight years of foreclosure proceedings and mixed real estate
markets, has been unable to repair the properties or monetize those
assets. At the June 16, 2026 hearing before this Court, the
Debtor's counsel acknowledged that there is no insurance binder in
place (at least not one that he has seen), no proposed sale in
place, and no written and enforceable commitment for funding of the
Chapter 11 case or the preservation, repair, and maintenance of the
properties.

The Debtor's counsel has no meaningful Chapter 11 experience or
knowledge, as demonstrated by his dialogue with the Court at the
June 16, 2026 hearing. Thus, notwithstanding the urgings and naked
assurances of the Debtor's counsel, his inexcusable delays,
nonappearances, noncompliance, and absence of sound, realistic
judgment would not permit this Court to approve his retention as
the Debtor's counsel in this case.

Accordingly, this Court will not set aside the dismissal of this
Chapter 11 case. Moreover, the Debtor's lack of good faith and
financial feasibility, coupled with the patent abuse evidenced by
the lack of a proper bankruptcy purpose, support the imposition of
a 180-day bar to refiling under any chapter of the Bankruptcy Code
by the Debtor.

Additionally, in the face of the Debtor's counsel's unqualified and
deficient service, any fees paid or to be paid by the Debtor to its
proposed counsel with regards to this bankruptcy case shall be
disallowed, with any paid to date to be disgorged within 10 days of
the date of this Memorandum of Decision. According to the Court,
the Debtor's counsel shall also be precluded from filing any
Chapter 11 cases in this district for this Debtor -- or any other
debtor -- for a period of 180 days and shall not file any such
cases after that period unless and until he completes (within 120
days) a qualified and comprehensive full-day continuing legal
education (CLE) program on representing debtors in Chapter 11
cases. Finally, as an admonishment for this patently deficient
filing and nonappearances in court, the Debtor's counsel is
directed to pay the sum of $150 to the Krechevsky Fund within 14
days of this Memorandum of Decision.

A copy of the Court's Memorandum Decision dated June 30, 2026, is
available at https://urlcurt.com/u?l=wnAiAU
from Pacermonitor.com.

Traditions Oil Group, LLC filed for Chapter 11 bankruptcy
protection (Bankr. D. Conn. Case No. 26-20268) on March 23, 2026,
listing under $1 million in both assets and liabilities. The Debtor
is represented by John A Sodipo, Esq., at Sodipo Law Group, LLC.


TRICIDA INC: Court Tosses Insider Trading Claims vs OrbiMed
-----------------------------------------------------------
Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the
District of Delaware will grant David Bonita, et al.'s motion to
dismiss the adversary proceeding captioned as JACKSON SQUARE
ADVISORS, LLC, in its capacity as the Liquidating Trustee of the
Tricida Liquidating Trust, Plaintiff, v. DAVID BONITA, et al.,
Defendants, Adv. Proc. No. 25-52431-CTG (Bankr. D. Del.).

The defendants are Klaus Veitinger and David Bonita, both of whom
were directors appointed by OrbiMed Advisors, LLC, the company's
largest shareholder; Robert Alpern, a director who was not
appointed by OrbiMed; Robert McKague; Geoffrey Parker; and Gerrit
Klaerner, all officers of the company who allegedly participated in
the decision to open the trading window, and who were alleged to
have received retention bonuses; and Dawn Otto, formerly Parsell,
an officer who is not alleged to have participated in the decision
to open the trading window, but who is alleged to have received a
retention bonus.

After years of development and operating losses, Tricida learned in
October 2022 that its drug to treat kidney disease had failed
clinical trials and would not receive FDA approval.

The trustee filed this adversary proceeding alleging that the
company lost the value of its tax attributes, before bankruptcy,
through a complex set of self-dealing transactions. The allegation
is that OrbiMed, the company's largest shareholder, desperately
wanted to sell its shares after the failed clinical trials. OrbiMed
was apparently concerned, however, that having appointed two
directors to the company's board, it would have securities law
exposure if it sold during a time when the company did not permit
its own insiders to trade the company's shares.

The trustee's theory is that the directors -- Bonita, Veitinger,
and Alpern, the first two of whom were appointed by OrbiMed --
approved retention bonuses for the officers who made the decision
whether to open the trading window -- McKague, Parker, and
Klaerner. In exchange for those bonuses, it is alleged that the
Officers in fact opened the trading window. OrbiMed then sold its
shares, which amounted to a change in ownership that under the tax
laws destroyed the company's net operating losses.

The trustee alleges that the directors' decision to approve the
bonuses and the officers' decision to open the trading window was
motivated not by what was best for the debtor, but by
self-interest. The trustee thus brings claims for breach of
fiduciary
duty against all of the defendants, as well as a claim for
corporate waste against the three director defendants who allegedly
approved the retention bonuses, unjust enrichment claims against
the officer defendants who allegedly received retention bonuses,
and aiding and abetting against OrbiMed.

But despite the complaint's intonation of a conspiracy, the
complaint does not allege that the company had a duty to make
decisions about opening or closing the trading window with an eye
towards preserving the value of its net operating losses. Instead,
the trustee's argument is that the company's insiders in fact had
access to material nonpublic information at the time the officers
decided to open the trading window, and that opening the window
while insiders had material nonpublic information breached the
fiduciary duty by permitting what was, in substance, improper
insider trading. As the trustee puts it, the directors and officers
broke their promised fidelity to Tricida and breached their
fiduciary duties by decimating the value of Tricida's net operating
losses, paying themselves millions of dollars in bonuses, and
trading on insider non-public information.

The defendants moved to dismiss the complaint under Rule 12(b)(6),
asserting that it failed to state a claim.

The core problem with the trustee's various claims is that he
acknowledges that the Court can take judicial notice of the fact
that the decision to open the trading window was made promptly
after the company made a public disclosure, in an 8-K filing with
the SEC, of the fact that the company had begun exploring strategic
alternatives. That 8-K, however, is not mentioned in the complaint.
Without addressing the substance of those disclosures, the
complaint does not plausibly allege that the company in fact opened
the trading window while its insiders were still in possession of
material inside information.

The Court says that failure is fatal to the complaint's core
allegation of improper manipulation of that trading window for the
benefit of OrbiMed. The complaint's basic claim for breach of
fiduciary duty against the directors and officers fails for that
reason.

The Delaware Court of Chancery held in Brophy v. City Service Co.
that a corporate insider who trades on confidential information
violates the insider's fiduciary duty to the corporation even if
the corporation did not itself suffer direct injury from the
trading.

According to the Court, the claim that the officers breached the
duty of care when they opened the trading window fails because
there is no allegation that the company had material nonpublic
information at the time the officers voted to open the trading
window. The Brophy claim, one for trading on material nonpublic
information, likewise fails for the same reason. The Court finds
the claim of corporate waste fails to meet the very high bar
applicable to such claims because the trustee acknowledges that the
decision to pay retention bonuses to retain the company's senior
leadership as the company encountered financial distress is
customary in such circumstances.

The trustee's aiding and abetting claim is premised on the
allegation that OrbiMed encouraged the company to open the trading
window, which it is argued was a breach of the fiduciary duties of
both the officers and the directors. However, the trustee fails to
make plausible allegations of an underlying breach. The aiding and
abetting claim therefore fails as a matter of law and will be
dismissed, the Court concludes.

The motion to dismiss will be granted without prejudice to the
trustee's right to seek leave to amend (and the defendants' right
to oppose a motion for leave) within 30 days of the issuance of the
order dismissing the complaint.

A copy of the Court's Amended Memorandum Opinion dated June 30,
2026, is available at https://urlcurt.com/u?l=Cs87HM from
Pacermonitor.com.

                      About Tricida Inc.

Tricida Inc. -- https://www.tricida.com/ -- is a pharmaceutical
company working to turn the tide on metabolic acidosis and
progression of chronic kidney disease.  The company is based in
South San Francisco, Calif.

Tricida filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10024) on Jan. 12,
2023, It disclosed $93,879,000 in total assets against $229,977,000
in total debt as of Sept. 30, 2022.

The Debtor tapped Sidley Austin, LLP and Young Conaway Stargatt &
Taylor, LLP, as counsels; SierraConstellation Partners, LLC as
financial advisor; and Stifel, Nicolaus & Company, Inc., and Miller
Buckfire, LLC as investment bankers. Kurtzman Carson Consultants,
LLC is the claims agent and administrative advisor.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Womble Bond Dickinson (US) LLP and Rock Creek Advisors, LLC serve
as the committee's legal counsel and financial advisor,
respectively.



TRUCORDIA INTERMEDIATE: Moody's Affirms 'B3' CFR, Outlook Stable
----------------------------------------------------------------
Moody's Ratings has affirmed the B3 corporate family rating and the
B3-PD probability of default rating of Trucordia Intermediate, LLC
(together with its subsidiaries, Trucordia), a US personal and
commercial lines insurance broker. Moody's also affirmed the B2
rating of Trucordia Insurance Holdings, LLC's senior secured
first-lien term loan and senior secured first-lien revolving credit
facility. The rating outlook for these entities is stable.

RATINGS RATIONALE

The affirmation of Trucordia's ratings reflects its good presence
among the top 20 US property and casualty (P&C) insurance brokers
serving small to midsize businesses as well as individuals; its
diversification across products, clients, producers and insurance
carriers; and solid proforma EBITDA margins. Trucordia has grown
rapidly since 2020 through an aggressive acquisition strategy. In
2025, the company shifted its focus to improving its infrastructure
including streamlining operations and consolidating technology,
resulting in in significant implementation costs. The company has
recently hired seasoned professionals to expedite organic revenue
growth, supplemented by opportunistic acquisitions that enhance
product capabilities and geographic diversification.

Credit challenges for Trucordia include high financial leverage,
low interest coverage, and weak cash flow metrics. The company
continues to make substantial cash payments to fund its business
optimization plan, service its debt, and pay significant but
decreasing contingent earnout liabilities. Trucordia has some
geographic concentration with over 40% of its revenue from western
states (Mountain West, Northwest and Southern California). Like
other brokers, the company also faces potential liabilities arising
from errors and omissions in the delivery of professional
services.

Moody's estimates that for the 12 months ending March 2026,
Trucordia's pro forma debt-to-EBITDA ratio was above 7.5x, with
(EBITDA - capex) interest coverage around 1.5x, and breakeven
free-cash-flow-to-debt. Moody's expects the company to reduce its
leverage below 7.5x over the next 12-18 months through growth in
EBITDA, and to generate positive free cash flow. Moody's expects
business optimization costs to decline in the second half of the
year. These pro forma metrics reflect Moody's accounting
adjustments for operating leases, contingent earnout obligations
and certain non-recurring items. Trucordia's high financial
leverage and weak operating cash flow leave the company little room
for error in managing its operations. Its main external investor,
private equity firm Carlyle, will likely provide additional
support, if needed, in Moody's views.

Trucordia generated revenue of $869 million for the 12 months
through March 2026, in line with the prior-year period. Revenue
growth was held back by lower fourth-quarter 2025 commissions from
two government-subsidized insurance programs, the Affordable Care
Act program and the Pasture, Rangeland, Forage program. Trucordia
expects to return to overall organic revenue growth in the next few
quarters, including in its niche agricultural business.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could lead to an upgrade of Trucordia's ratings
include: (i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA – capex)
coverage of interest above 2x, (iii) free-cash-flow-to-debt ratio
exceeding 5%, and (iv) successfully executing its business
optimization plan and improving organic growth.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA – capex) coverage
of interest below 1.2x, (iii) free-cash-flow-to-debt ratio below
2%, or (iv) disruptions to existing or newly acquired operations.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in February 2024.

Based in Lindon, Utah, Trucordia is a P&C insurance broker that
offers a wide range of commercial lines, health & benefits,
personal lines, and specialty insurance brokerage services. The
company generated revenue of $869 million for the 12 months through
March 2026.


TWENTY EIGHT: Gets OK to Use Cash Collateral Until July 31
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire
authorized Twenty Eight Hundred Lafayette, Inc. to continue using
cash collateral through July 31 to fund operations.

During the authorized period, the Debtor may spend up to
$216,178.85 in accordance with the court-approved budget for July.

As protection for the Debtor's use of their cash collateral,
secured creditors including Enterprise Bank & Trust, Rockingham
Economic Development Corp. and the U.S. Small Business
Administration will be granted replacement liens on property
acquired by the Debtor after the petition date that is similar to
their pre-bankruptcy collateral.

The replacement liens do not apply to any Chapter 5 actions.

As additional protection, the Debtor is required to continue making
monthly payments to its secured creditors, including $3,907.48 to
Rockland Trust (formerly Enterprise Bank), $3,156.11 to the U.S.
Small Business Administration/Wells Fargo, and $1,509.26 to
Rockingham Economic Development Corporation.

The Debtor is also required to continue satisfying additional
administrative obligations, including monthly payments of $5,000
toward outstanding U.S. Trustee fees, and to continue payments to
REDC under prior court orders.

The order preserves all parties' rights by providing that it does
not determine the validity, priority, extent, or enforceability of
any asserted liens or claims, nor does it prejudice the Debtor's or
creditors' rights to pursue claims under Chapter 5 of the
Bankruptcy Code or seek further relief.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/Jj86g from PacerMonitor.com.

The next hearing is scheduled for July 22. Objections are due by
July 15.

                About Twenty Eight Hundred Lafayette

Established in 1992, Twenty Eight Hundred Lafayette, Inc. is a
seafood restaurant with locations in Epping, Portsmouth, Salem, and
North Hampton (seasonal) in New Hampshire. It conducts business
under the names The Beach Plum 2 Portsmouth and The Beach Plum 3
Epping.

Twenty Eight Hundred Lafayette filed Chapter 11 petition (Bankr.
D.N.H. Case No. 25-10046) on January 27, 2025. In its petition, the
Debtor reported assets between $50,000 and $100,000 and liabilities
between $1 million and $10 million.

Judge Kimberly Bacher handles the case.

Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional
Association is the Debtor's legal counsel.

Enterprise Bank & Trust, as secured creditor, is represented by:

     Patricia J. Ballard, Esq.
     Preti, Flaherty, Beliveau & Pachios, PLLP
     P.O. Box 1318
     Concord, NH 03302-1318
     (603) 410-1500
     pballard@preti.com


UMBRELLA PROJECT: Seeks Chapter 11 Bankruptcy in Texas
------------------------------------------------------
On June 30, 2026, The Umbrella Project, LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Texas. According to the court filing, the Debtor reports between
$1 million and $10 million in debt owed to 1–49 creditors.

               About The Umbrella Project, LLC

The Umbrella Project, LLC is a Dallas, Texas-based provider of
specialized design and custom fabrication services. Operating under
the registered trade names Artifacture and Artifacture Studios, the
company is based in Houston and offers custom fabrication, laser
cutting, die-cutting, and related design solutions for commercial
clients.

The Umbrella Project, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-32881) on June 30, 2026.
In its petition, the Debtor reports estimated assets between
$100,000 and $500,000 and estimated liabilities between $1 million
and $10 million.

Honorable Bankruptcy Judge Scott W. Everett handles the case.

The Debtor is represented by Robert Lane, Esq. of The Lane Law Firm
PLLC.


UNCLE NEAREST: Receiver Fights Founder's Bankruptcy Appeal
----------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the court-appointed
receiver overseeing Uncle Nearest Inc. has asked a federal court to
dismiss founder Fawn Weaver's appeal, arguing she lacked authority
to file the Tennessee whiskey maker for Chapter 11 bankruptcy after
a receiver assumed control of the company.

Receiver Phillip G. Young Jr. told the U.S. District Court that
Weaver's attorney previously acknowledged the receiver had
exclusive authority over all corporate actions once the
receivership began. According to Young, that admission alone
defeats Weaver's attempt to revive the dismissed bankruptcy case,
the report cites.

Young argued that the bankruptcy court correctly concluded the
Chapter 11 petition was unauthorized because only the receiver had
the power to approve such a filing. He maintained that allowing the
appeal to proceed would contradict both the receivership order and
the representations already made by Weaver's counsel.

The receiver asked the district court to uphold the bankruptcy
dismissal and end the litigation, asserting that the issue of
corporate authority has already been resolved. The dispute remains
focused on whether Weaver retained any power to act for the company
after the receiver's appointment, according to Bloomberg.

                  About Uncle Nearest

Uncle Nearest Real Estate Holdings, LLC, based in Shelbyville,
Tennessee, owns the Nearest Green Distillery, including the
building, furniture, equipment, and fixtures used in its
operations.

Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Tenn. Case No. 26-30472) on March 17, 2026. In
its petition, the Debtor reports estimated assets between $50
million and $100 million and estimated liabilities between $10
million and $50 million.

Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case.

The Debtor is represented by Lynn Tarpy, Esq., of Tarpy,Cox,
Fleishmann, & Leveille, PLLC.


VE LAKEVIEW: Freddie Mac Wants Trigild's Chris Nielson as Receiver
------------------------------------------------------------------
Federal Home Loan Mortgage Corporation (Freddie Mac) filed an
emergency motion with the U.S. District Court for the Middle
District of Georgia, seeking the appointment of Trigild IVL's Chris
Neilson as a receiver ex parte for Lakeview Apartments, a
multifamily residential property located at 1105 Edward Street,
Fort Valley, Georgia, 31030, owned by VE Lakeview LP.

Freddie Mac is the current owner and holder of the commercial
mortgage of the Property securing a loan in the principal amount of
$2,564,000.00 owed by Defendant VE Lakeview LP. Borrower has now
defaulted under the Loan Documents, entitling Freddie Mac to
several remedies, including the appointment of a receiver. Equally
important, the Property's physical condition is actively
deteriorating and creating an unsafe environment for residents.

Freddie Mac was created by Congress to facilitate the nationwide
secondary residential mortgage market. The Housing and Economic
Recovery Act of 2008 (HERA) established the Federal Housing Finance
Agency (FHFA or Conservator) as Freddie Mac's primary regulator.

On September 6, 2008, pursuant to HERA, the Director of FHFA placed
Freddie Mac into conservatorship, where it remains to this day. As
Conservator, FHFA succeeded to all of Freddie Mac’s rights,
titles, powers, privileges, and assets.  

FHFA, as Conservator, is statutorily empowered to preserve and
conserve Freddie Mac's assets and property, to operate Freddie Mac,
to perform all of Freddie Mac’s functions in Freddie Mac's name,
and to collect all obligations and money due to Freddie Mac.
Congress also mandated that "no court may take any action to
restrain or affect the exercise of [FHFA's] powers or functions as
a conservator." Because any appointed Receiver derives its
authority from the Court, it also precludes a Receiver from
restraining or affecting the Conservator's exercise of its
statutory powers and functions. HERA provides that no property of
[Conservator] FHFA has represented to Freddie Mac that FHFA
supports the appointment of a receiver on the terms outlined in the
proposed Order accompanying Freddie Mac's Motion.

However, FHFA reserved its rights as to any other or different
terms for the appointment of a receiver that have not been approved
by FHFA in advance.

Freddie Mac is the present holder and owner of the note and
mortgage with a first position lien secured against the Property by
virtue of the Assignment of Security Instrument, dated September
24, 2021 and the Omnibus Assignment, dated September 24, 2021 that
collectively assigned and transferred, inter alia, all right,
title, and interest in the Multifamily Loan and Security Agreement,
the Multifamily Note, and the Multifamily Deed to Secure Debt,
Assignment of Rents and Security Agreement.

Freddie Mac now moves, pursuant to Federal Rule of Civil Procedure
66, to enforce its contractual right to the appointment of Chris
Neilson of Trigild IVL as receiver of the Property herein.

Based on the Loan Documents, Borrower's express consent to the
immediate appointment of a receiver upon default, and applicable
law governing receiverships, Freddie Mac now seeks the appointment
of a receiver for the Property to protect the Property from further
waste, preserve its value, and account for and collect the rents,
issues, profits, and revenues generated from the Property. Freddie
Mac is also entitled to the appointment of a receiver as such an
appointment would conserve Borrower's assets, including the
Property and rents, which act as collateral for the Loan. By
failing to make payments when due and failing to cover insurance
premiums and utility costs, Borrower is flouting its obligations
under the Loan Documents and threatening Freddie Mac's security
interest.

Effective as of September 24, 2021, Borrower and Walker & Dunlop,
LLC, executed a loan agreement whereby the Original Lender
made a loan to Borrower in the principal amount of $2,564,000.00.
The Loan is evidenced by a Note, effective September 24, 2021, in
the principal amount of $2,564,000.00, executed by Borrower, in
favor of the Original Lender. The Instrument was dated effective as
of September 24, 2021, and recorded on October 5, 2021, in the
Superior Court of Peach County, Georgia

The Security Instrument provides that if an Event of Default has
occurred and is continuing, regardless of the adequacy of Lender's
security, without regard to Borrower's solvency and without the
necessity of giving prior notice (oral or written) to Borrower,
Lender may apply to any court having jurisdiction for the
appointment of a receiver for the Mortgaged Property to take any or
all of the actions outlined in the preceding sentence. If Lender
elects to seek the appointment of a receiver for the Mortgaged
Property at any time after an Event of Default has occurred and is
continuing, Borrower, by its execution of this Instrument,
expressly consents to the appointment of such receiver, including
the appointment of a receiver ex parte if permitted by applicable
law.

Freddie Mac is the present owner and holder of the Note and
Security Instrument with a first position lien secured against the
Property by virtue of the Security Interest Assignment, effective
September 24, 2021, and recorded in Deed Book 660, Pages 440-442,
in the records of Peach County, Georgia, on October 5, 2021.
Pursuant to the Security Instrument Assignment, Freddie Mac was
assigned the Note, Security Instrument, and all other obligations
described in or secured by the Security Instrument.

Lender also agreed to assign all of its right, title, and interest
in the Loan Agreement and other related documents as they relate to
the Property to Freddie Mac pursuant to the Omnibus Assignment.

The Original Lender likewise negotiated the Note to Freddie Mac as
non-recourse. The Security Interest Assignment also constitutes the
Original Lender’s transfer to Freddie Mac of all rights, title,
and interest in the Assignment of Rents contained within the
Security Instrument. As a result of the foregoing, Freddie Mac is
the current owner and holder of the Loan Documents, including, but
not limited to, the Note and Security Instrument.

The Note has required at all relevant times that all remaining
Indebtedness, including all principal and interest, will be due and
payable by Borrower on the Maturity Date, which is defined as the
earlier of October 1, 2028, or the date on which the unpaid
principal balance of this Note becomes due and payable by
acceleration or otherwise pursuant to the Loan Documents or the
exercise by Lender of any right or remedy under any Loan Document.

Additionally, the Loan Agreement provides that Borrower will keep
the Improvements insured at all times against relevant physical
hazards that may cause damage to the Mortgaged Property, as Lender
may require. Borrower failed to pay $88,796.75 in insurance
premiums for the Property for the first fiscal quarter of 2026,
resulting in an Insurance Advance carried out by Servicer and
constituting an Event of Default under the Loan Agreement. Servicer
notified Borrower of this default on April 28, 2026. The borrower
has not repaid the advanced sum.

Borrower has failed to pay its utility bills to the Fort Valley
Utility Commission, requiring Freddie Mac to advance $50,000.00
from Borrower's escrow account on September 25, 2025, to prevent
the utilities from being shut off for the Property and its
residential tenants.

On May 15, 2026, Servicer sent notice on behalf of Freddie Mac,
reminding Borrower of its obligation to remit the advanced sum to
replenish the escrow account, and notifying Borrower that failure
to do so would constitute default. Borrower has failed to remit any
such funds to escrow or to indicate any intention of doing so.

On June 4, 2026, Freddie Mac, through a letter from counsel, again
notified Borrower of the Events of Default, further notified
Borrower of the Event of Default arising from Borrower's failure to
make any monthly installment payments since February 1, 2025, and
notified Borrower that Freddie Mac intended to foreclose on the
property.

Rule 66 of the Federal Rules of Civil Procedure governs the
appointment of a receiver in diversity jurisdiction cases. Federal
courts apply federal common law in determining whether the
appointment of a receiver is appropriate and the decision to
appoint a receiver is in the sound discretion of the Court.

The Loan Documents provide for Freddie Mac's right and entitlement
to the appointment of a receiver. Indeed, Courts routinely enforce
clauses permitting the lender to seek appointment of a receiver
upon a borrower’s default. Courts have recognized that the
existence of an express contractual right to appointment of a
receiver, coupled with adequate prima facie evidence of a default,
can be sufficient to warrant such an appointment of a receiver.

The Security Instrument provides for the appointment of a receiver
by evidencing:

     -- Borrower's absolute assignment of the leases and rents to
Freddie Mac;
     -- a revocable license to Borrower to collect the rents; and
     -- Borrower's obligation to hold in trust sufficient rents or
a portion thereof to pay sums due under the Loan Documents.

Borrower has not made an installment payment on the Loan since
February 1, 2025, and has thus been in direct violation of the Loan
Agreement for over 14 months. This failure to pay constitutes an
Event of Default under the Loan Documents. As a result of such
default of the Security Instrument, Borrower's license to collect
the rents and profits generated by the Property was automatically
revoked.

Even if the Court were to find that Borrower's express consent
under the Loan Documents does not provide a sufficient basis for
the appointment of a receiver, the Court should nevertheless
appoint a receiver under its equitable authority. Federal courts
appoint receivers, where, there is substantial risk that the
property at issue will be wasted, dissipated, or otherwise
materially impaired, legal remedies are inadequate to protect the
plaintiff's interests, and the balance of equities favors
appointment.

Further, upon information and belief, the Property, including the
leases, rents, books, records, and other property relating to the
ownership and operation of the Property, are the sole and primary
asset of the Borrower.

Plaintiff's ability to recover on the Loan is therefore limited to
the Property, which serves as the Loan’s only source of
collateral. By ignoring its rent turnover and other obligations
under the Loan Documents, failing to make payments when due, and
failing to maintain the property, Borrower has flouted its
contractual obligations under the Loan Documents to Freddie Mac's
detriment.

Indeed, Freddie Mac, as a secured party, is immediately threatened
with substantial pecuniary loss and injury should the Property
suffer waste, dissipation, or a diminution in value, which would
affect Plaintiff's ability to recover the Loan.

Moreover, third parties would benefit from the appointment of a
receiver. The Property is a 96-unit apartment complex where
individuals and families live.

An inspection last year by the U.S. Department of Housing and Urban
Development (HUD) identified severe and life-threatening
deficiencies in the condition of the Property, culminating in a
score of zero under HUD's National Standards for the Physical
Inspection of Real Estate. Similarly, an inspection conducted on
behalf of Freddie Mac found that the Property was rife with
significant safety hazards, including smoke detectors missing in
the majority of vacant apartments, evidence of mold in many of the
apartments inspected that appears to be the result of fire/water
damages and condensate leaks, and fire-damaged units that will need
to be completely demolished. Even more pressing, the property in
its diminished state has seen violent crime in just the last two
weeks -- including the death of a 67-year-old resident who was shot
and killed on June 16, 2026.

Accordingly, Freddie Mac's access to the Property, including to
secure the rents -- which would be accomplished by the appointment
of a receiver -- is needed to prevent irreparable loss and injury
to Freddie Mac's security interests in the Property.

Freddie Mac requests that the Court appoint Chris Neilson of
Trigild as receiver of the Property. Mr. Neilson and his firm are
exceptionally qualified and have deep, relevant experience
stabilizing and maximizing value in distressed, income-producing
real estate. Mr. Neilson is a Managing Partner at Trigild and an
experienced court-appointed fiduciary who has served as receiver
across the United States on commercial properties including
apartments, offices, retail, hotels, malls, and golf courses.

Furthermore, Mr. Neilson is unaffiliated with Freddie Mac and has
no interest in this case or the Property. Trigild has a national
track record of over 3,000 court-appointed fiduciary assignments
and over forty years of experience in stabilizing real estate and
business assets, including extensive receivership work in both
federal and state courts. Indeed, with Mr. Neilson's proven
receivership leadership nationwide and Trigild's comprehensive,
scalable platform, the appointment will conserve and maximize the
Property's value, and provide the Court with a capable fiduciary
ready to act immediately.

While the decision of whom to appoint ultimately remains in the
Court's sound discretion, Plaintiff is confident that its proposed
receiver would effectively serve the needs of the mortgaged
Property and its tenants.

                  About VE Lakeview LP

VE Lakeview LP owns a multifamily residential property located at
1105 Edward Street, Fort Valley, Georgia, 31030.

VE Lakeview LP is facing a receivership case captioned as Federal
Home Loan Mortgage Corporation v. VE Lakeview LP, Case No.
5:26-cv-00271 (M.D. Ga.), before the Hon. Tilman E. Self, III. The
case was filed on June 30, 2026. Freddie Mac alleges that VE
Lakeview has defaulted on its obligations under the note, mortgage
and other loan documents evidencing and/or securing a $2,564,000.00
loan, originally provided on Sept. 24, 2021, by Walker & Dunlop,
LLC.

Counsel for Freddie Mac:

     Christopher A. Riley, Esq.
     John Evan Laughter, Esq.
     ALSTON & BIRD LLP
     1201 West Peachtree Street
     Atlanta, GA 30309
     Tel: (404) 881-7000
     Fax: 404-881-7777
     E-mail: chris.riley@alston.com
             johnevan.laughter@alston.com


VIALE INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Viale Industries, LLC
          Viale Asphalt
        771 N Moody Road
        Palatka, FL 32177

Business Description: Viale Industries LLC manufactures and
supplies hot mix asphalt and provides asphalt paving services.
The company is located in Palatka, Florida, and operates a
Palatka asphalt plant. Its services are used for asphalt supply,
paving projects, and road construction-related work.

Chapter 11 Petition Date: July 1, 2026

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 26-02976

Judge: Hon. Jacob A Brown

Debtor's Counsel: Byron W. Wright III, Esq.
                  BRUNER WRIGHT, P.A.
                  2868 Remington Green Circle
                  Tallahassee, FL 32308
                  Tel: (850) 385-0342
                  E-mail: twright@brunerwright.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Amanda Ramsey as authorized member.

A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/7F7TTBA/Viale_Industries_LLC__flmbke-26-02976__0001.0.pdf?mcid=tGE4TAMA


VIALE INDUSTRIES: Initiates Chapter 11 Bankruptcy in Florida
------------------------------------------------------------
On July 1, 2026, Viale Industries, LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida. According to court filings, the Debtor reports between $1
million and $10 million in liabilities owed to 1-49 creditors.

The Debtor's Chapter 11 Plan and accompanying Disclosure Statement
are due on October 29, 2026.

           About Viale Industries, LLC

Viale Industries, LLC is a Palatka, Florida-based asphalt paving
and specialty trade construction company operating under the Viale
Asphalt brand. The company owns and operates an asphalt
manufacturing facility that produces hot mix asphalt and provides
paving, resurfacing, and related construction services for
commercial, municipal, and infrastructure projects throughout the
region.

Viale Industries, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code on July 1, 2026. In its petition, the Debtor
reported estimated assets of $1 million to $10 million and
estimated liabilities of $1 million to $10 million.

Honorable Bankruptcy Judge Jacob A. Brown handles the case.

The Debtor is represented by Robert C. Bruner, Esq. and Byron
Wright III, Esq. of Bruner Wright, P.A.


VOICES OF FAITH: Plan Exclusivity Period Extended to Sept. 29
-------------------------------------------------------------
Judge Lisa Ritchey Craig of the U.S. Bankruptcy Court for the
Northern District of Georgia extended Voices of Faith Ministries,
Inc.'s exclusive periods to file a plan of reorganization and
obtain acceptance thereof to Sept. 29 and Nov. 28, 2026,
respectively.

As shared by Troubled Company Reporter, the Debtor explains that it
has made the difficult decision to sell some of its real property
in order to reduce the amount of the claim of Foundation Capital
Resources, Inc. ("FCR"), its senior secured lender, which will help
the Debtor successfully reorganize.

The Debtor states that it has closed one sale and paid net proceeds
of $1,235,715.87 to FCR. The Debtor has other properties that are
currently being marketed for sale and intends to close four more
sales before the end of September 2026.

The Debtor claims that it needs additional time to continue to sell
its real property and determine how much of FCR's claim will be
paid from the proceeds of the sales before it can propose its plan
or reorganization. The Debtor seeks an extension to the Exclusivity
Periods to preclude the costly disruption and instability that
would occur if competing plans were proposed.

The Debtor asserts that its request for an extension will not
unfairly prejudice or pressure its creditor constituencies or grant
the Debtor any unfair bargaining leverage. The Debtor needs
creditor support to confirm any plan, so the Debtor is in no
position to impose or pressure its creditors to accept unwelcome
plan terms. The Debtor seeks an extension of the Exclusivity
Periods to advance the case and continue good faith negotiations
with its stakeholders.

Voices of Faith Ministries, Inc. is represented by:

     Will B. Geer, Esq.
     Elizabeth A. Childers, Esq.
     Rountree Leitman Klein & Geer, LLC
     2987 Clairmont Road, Suite 350
     Atlanta, GA 30329
     Telephone: (404) 584-1238
     Email: wgeer@rlkglaw.com

                    About Voices of Faith Ministries

Voices of Faith Ministries, Inc., is a nonprofit organization
established for religious and charitable purposes. The ministry
provides faith-oriented programs and outreach services aimed at
supporting spiritual development and community involvement, relying
largely on donor support to sustain its operations.

Voices of Faith Ministries sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50055) on Jan. 2,
2026.  In its petition, the debtor reported estimated assets
ranging from $0 to $100,000 and estimated liabilities between $10
million and $50 million.

Bankruptcy Judge Lisa Ritchey Craig handles the case.

The Debtor is represented by Will B. Geer, of Rountree Leitman
Klein & Geer LLC.


WELLPATH HOLDINGS: Court Narrows Claims in McHugh Lawsuit
---------------------------------------------------------
Chief Judge Wendy Beetlestone of the U.S. District Court for the
Eastern District of Pennsylvania dismissed certain claims
in the case captioned as RYAN MCHUGH, Plaintiff, v. PENNSYLVANIA
DEPARTMENT OF CORRECTIONS, et al., Defendants, Case No.
25-cv-05799, (E.D. Pa.).

Pro se Plaintiff Ryan McHugh, who is incarcerated at SCI Phoenix
("SCIP"), commenced this civil action by filing a Complaint
pursuant to 42 U.S.C. Sec. 1983, naming as Defendants the
Pennsylvania Department of Corrections ("DOC"), SCIP Superintendent
Joseph Terra, SCIP Deputy Superintendent Mandy Sipple, SCIP Medical
Administrator Huner, and SCIP Medical Infection Control Nurse
O'Neill1 (collectively "the Commonwealth Defendants"), Wellpath
Health Care Services ("Wellpath"), and Wellpath Medical Director
Dr. Letizio (collectively "the Wellpath Defendants"). Currently
before the Court are motions to dismiss McHugh's Complaint.

In 2018, McHugh was transferred to SCI Camp Hill, the DOC's
classification and diagnostic center, where he underwent an
extensive intake medical exam and a screening process.  He was
instructed by the health care provider and medical director that he
was medically clear and all "lab lines were cleared. Later in 2018,
he was transferred to SCIP as his permanent housing assignment.
Upon arrival at SCIP, McHugh underwent a mandatory secondary
screening process identical to the testing at SCI Camp Hill, the
SCIP medical department told him his lab results were clear, and
the site medical director released him into general population. In
2025, during a Wellpath telehealth medical call, an unnamed
non-defendant doctor noticed serious historic abnormalities with
McHugh's lab work.  When the results were received and were
reviewed by the Medical Director, McHugh was informed he had a
severe case of Hepatitis since the very first screening and that
the medical department must have overlooked this medical issue.

McHugh asserts that he has been subjected to a variety of layers of
medical negligence for seven years by DOC officials at SCI Camp
Hill, SCIP, and by Wellpath, which constitutes cruel and unusual
punishment. As a proximate result of this negligence, he has been
left untreated and it has lead him sustaining further serious
medical complications" that he does not identify.

In Count I of the Complaint McHugh asserts a claim against the DOC
for negligence. In Count II he asserts claims for deliberate
indifference to his serious medical needs against Terra and Sipple
pursuant to 42 U.S.C. Sec. 1983 because they adopted policies and
practices that govern the delivery and the withholding of the
medical services, a policy not to attend to the serious medical
needs of inmates, and blame them for "the fact that the facility
has medical staffing problems on a daily basis. In Count III he
asserts deliberate indifference claims against Wellpath, Letizio,
Huner, and O'Neill under Sec. 1983 because, despite actual
knowledge of McHugh's abnormal lab results and the need for
treatment to be started, they knowingly and intentionally failed to
take any kind of immediate action that was within the scope of
their authority to provide him with medical attention, and
maintained policies not to attend to the serious medical needs of
inmates. McHugh seeks money damages and injunctive relief requiring
the Defendants to provide appropriate medical care.

The Commonwealth Defendants argue that all claims for money damages
brought against them in their official capacities must be dismissed
because, as the official capacity claims are actually claims
against the Commonwealth, they are barred by the Eleventh Amendment
and because they do not constitute "persons" subject to suit under
42 U.S.C. Sec. 1983.  They argue that the claims against Terra,
Sipple, Huner, and O'Neill also fail because McHugh does not allege
they were personally involved in the actions that allegedly caused
his injury and that McHugh has not stated plausible deliberate
indifference claims against them. They also argue that McHugh's
negligence claim is barred by sovereign immunity.

Wellpath argues that McHugh has not alleged facts to make plausible
any deliberate indifference claim against it as a corporate health
care provider. Dr. Letizio argues that McHugh has not alleged facts
to indicate that he was personally involved in a violation of
McHugh's constitutional rights and, because prison health care
officials are entitled to a presumption that their care decisions
are valid, the deliberate indifference claim is not plausible
anyway. Both Defendants add that McHugh's claims must be dismissed
because his failure to request monetary relief in a prison
grievance means he has failed to exhaust his claim for money
damages in this lawsuit.  Finally, in Wellpath's separate motion to
dismiss, it argues that its discharge in bankruptcy included
McHugh's claim and, as a released party he may not maintain his
claims against Wellpath in this case.

The Court dismissed the following claims with prejudice:

   (1) claims for money damages against the DOC and all
Commonwealth employees in their official capacities,
and

   (2) the negligence claims against the DOC and Commonwealth
employees, with the exception of the claim against ICN O'Neill.

The individual capacity Eighth Amendment claims and the negligence
claim against ICN O'Neill are dismissed without prejudice and with
leave to file an amended complaint.

Any prepetition claims for money damages against the Wellpath
Defendants are dismissed without prejudice but with no leave to
amend in this case. McHugh must pursue those claims in the
Bankruptcy Court. Any post-petition claims are also dismissed
without prejudice and McHugh may include in an amended complaint
any claims against Wellpath and any of its employees that arose
after November 11, 2024, or that seek injunctive relief, if he is
able to plead more facts to cure the defects regarding policies and
personal involvement.

A copy of the Court's Memorandum dated June 26, 2026, is available
at https://urlcurt.com/u?l=1GWvDl from Pacermonitor.com.

                    About Wellpath Holdings

Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc.,
is a provider of medical and mental healthcare in jails, prisons,
and inpatient and residential treatment facilities.

Wellpath Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief
restructuring officer and chief financial officer, signed the
petitions. At the time of the filing, the Debtors reported $1
billion to $10 billion in assets and liabilities.

Judge Alfredo R. Perez oversees the cases.

The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery,
LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial
advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as
investment banker.

The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025.


WELLPATH HOLDINGS: Trust Can Substitute as Defendant in Pugh Case
-----------------------------------------------------------------
In the case captioned as DARYL LEON PUGH, SR., individually and as
successor in interest to Decedent Daryl Leon Pugh, Jr.; Plaintiff,
vs. WELLPATH, LLC, a Delaware corporation; DINESH NAGAR, MD,
individually; DON PURCELL, MD, individually; JOHN MAIKE, MFT,
individually; JORDAN ALARCON, RN, individually; COUNTY OF SOLANO, a
public entity; County of Solano Sheriff THOMAS A. FERRARA,
individually; JOSHUA ESQUIBEL, Solano County Sheriff's Sergeant,
individually; RAYMOND JOHNSON, Solano County Correctional Officer,
individually; RICKY PEREZ, Solano County Correctional Officer,
individually; ROBERTO VALDEZ, Solano County Correctional Officer,
individually; and DOES 5–50, jointly and severally, Defendants,
Case No. 3:23-cv-03677-CRB (N.D. Cal.), the Hon. Charles R. Breyer
of the U.S. District Court for the Northern District of California
approved the parties' stipulation that pursuant to Federal Rule of
Civil Procedure 15(a)(2), Plaintiff Daryl Leon Pugh, Sr. may file
the proposed Second Amended Complaint, which substitutes in
Wellpath Liquidating Trust for Wellpath, LLC, and California
Forensic Medical Group, Inc., for DOE Defendant.

Through the bankruptcy proceedings of Defendant Wellpath, LLC, a
Liquidating Trust assumed the liability of Defendant for wrongful
death claims such as this, which arose before November 11, 2024,
the date on which it filed for bankruptcy.

Information that came to light after the bankruptcy proceedings of
Defendant Wellpath, LLC, indicates there is an additional party,
California Forensic Medical Group, Inc. (“CFMG”), which is a
required party under Federal Rule of Civil Procedure 19(a), who
needs to be substituted in for DOE Defendant 5. CFMG is an entity
that is separate and distinct from Defendant Wellpath, LLC.

A copy of the Stipulation and Court's Order dated June 29, 2026, is
available at https://urlcurt.com/u?l=fEI6xY
from Pacermonitor.com.

                  About Wellpath Holdings

Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc.,
is a provider of medical and mental healthcare in jails, prisons,
and inpatient and residential treatment facilities.

Wellpath Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief
restructuring officer and chief financial officer, signed the
petitions. At the time of the filing, the Debtors reported $1
billion to $10 billion in assets and liabilities.

Judge Alfredo R. Perez oversees the cases.

The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery,
LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial
advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as
investment banker.

The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025.


WHITE ROCK: No Decline in Patient Care, 2nd PCO Report Says
-----------------------------------------------------------
Susan Goodman, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Southern District of Texas her second
report regarding the quality of patient care provided by White Rock
Medical Center, LLC and affiliates.

At the time of the PCO's appointment, the Debtors were actively
providing clinical care at two separate locations: (1) White Rock
Medical Center located at 9440 Poppy Drive in Dallas, Texas, and
(2) White Rock Medical Center doing business as The Heights
Hospital located at 1917 Ashland Street in Houston, Texas. The
Heights location ceased clinical operations in April.

The PCO filed the second report regarding her continued engagement
and monitoring at WRMC.

Ms. Goodman observed that WRMC's patient care has not materially
declined to require immediate reporting under Section 333(b) of the
Bankruptcy Code. However, due to several recent material changes,
the PCO determined that another site visit should be conducted
promptly after this report.

The PCO met with inpatient staff and leaders from the Haven/SUD
unit, radiology, laboratory, kitchen, environmental services,
pharmacy, supply chain, respiratory therapy, and physical therapy.
Clinical inpatient staffing ratios were consistent with those
observed during the PCO's prior site visit.

Staff reported no concerns regarding disposable patient care
supplies or linens. Pharmacy, EVS, Kitchen, and Laboratory
similarly denied any issues with disposable supplies or food.
However, kitchen staff continued to report strain due to the need
to hand-wash all dishes and cookware while the automatic dishwasher
remained out of service.

At the time of the PCO's site visit, all supplies, records and
equipment, except the CT scanner and hard-mounted X-ray equipment,
had been relocated from Heights to WRMC. The Chief Clinical Officer
reported that she had been verbally informed that the XR
Equipment's hard drives had been wiped of patient data before
transfer but had not received a certificate from the third-party
vendor confirming the data destruction.

The remaining executive team comprised of the CCO, the Assistant
Chief Nursing Officer, and the COO requested to speak with the PCO
to convey their collective account of the events leading to the
resignation. Meanwhile, the former Chief Medical Officer contacted
the PCO to raise concerns that contributed to the resignation.

At the time of reporting, the PCO remains engaged in data requests
and follow-up on event reporting, root cause analysis, staff
competencies, telemetry equipment sufficiency, and laboratory
result delays. The PCO is also coordinating ongoing data requests
and planning site visits to reassess patient care delivery in light
of recent changes.

Ms. Goodman noted that the remaining leadership team reported
active recruitment for a full-time, in-house clinical quality role.
The PCO also continues to track whether outstanding patient refunds
have been processed and will seek confirmation of closure in the
next reporting cycle.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=fpwh5z from Epiq, claims agent.

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734 | Oro Valley, AZ 85737
     Ph: 520.744.7061|Fax: 520.575.4075
     Email: sgoodman@pivothealthaz.com

               About White Rock Medical Center LLC

White Rock Medical Center, LLC operates a healthcare facility
providing medical and hospital services to patients in Texas.

White Rock Medical Center sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20,
2026. In its petition, the Debtor reports estimated assets ranging
from $10 million to $50 million and estimated liabilities between
$50 million and $100 million.

Honorable Bankruptcy Judge Christopher M. Lopez handles the case.

The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed
Smith, LLP.


WORLD OF DISCOVERY: Francis Brennan Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Francis Brennan, Esq., at
Whiteman Osterman & Hanna, LLP as Subchapter V trustee for World of
Discovery Inc.

Mr. Brennan will be paid an hourly fee of $525 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.

Mr. Brennan declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.

The Subchapter V trustee can be reached at:

     Francis Brennan, Esq.
     Whiteman Osterman & Hanna LLP
     80 State Street, 11th Floor
     Albany, NY 12207
     Phone: (518) 487-7600
     Email: fbrennan@woh.com

                   About World of Discovery Inc.

World of Discovery Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Vt. Case No. 26-10154) on June 23,
2026, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.

Judge Heather Z. Cooper presides over the case.

Todd Taylor, Esq. at the Law Offices of Todd Taylor, P.C.
represents the Debtor as bankruptcy counsel.


WORMLEY ROOFING: Commences Chapter 11 Bankruptcy in Florida
-----------------------------------------------------------
On June 30, 2026, Wormley Roofing, Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Middle District of
Florida. According to court filings, the Debtor reports between
$100,000 and $500,000 in liabilities owed to 1-49 creditors.

A meeting of creditors under Section 341(a) to be held on August 3,
2026, at 11:00 a.m. telephonically via US Trustee - Orlando. Filed
by U.S. Trustee United States Trustee - ORL.

              About Wormley Roofing, Inc.

Wormley Roofing, Inc. is an Apopka, Florida-based roofing
contractor specializing in residential and commercial roofing
installation, repair, and maintenance services. As of June 2026,
the company maintained active Florida profit corporation status,
held a certified roofing contractor license, and was recruiting
roofing repair technicians in the Orlando area. Its active project
portfolio carried an estimated aggregate value of approximately
$912,337.

Wormley Roofing, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-04890) on June 30, 2026. In its
petition, the Debtor reported estimated assets of $0 to $50,000 and
estimated liabilities of $100,000 to $500,000.

The Debtor is represented by Jeffrey Ainsworth, Esq., of Bransonlaw
PLLC. Andrew Layden is appointed as Subchapter V Trustee.


YESCARE CORP: Gets OK to Use Lender Funds as Venue Battle Continues
-------------------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that a
Florida bankruptcy judge Wednesday, July 1, 2026, approved YesCare
Corp.'s request to use cash collateral and pay employee wages,
giving the prison healthcare provider access to necessary operating
funds despite an unresolved fight over where its Chapter 11 case
should proceed.

The court adjourned a hearing on a motion seeking to transfer or
otherwise challenge the bankruptcy venue but determined that
immediate relief was necessary to prevent disruptions to the
company's operations. YesCare said access to lender cash will allow
it to meet payroll, pay vendors, and continue providing healthcare
services at correctional facilities, the report cites.

The ruling provides the company with short-term financial stability
while litigation over the appropriate bankruptcy venue continues.
Additional hearings will determine the venue dispute as YesCare
advances its restructuring under Chapter 11, according to report.

              About YesCare Corp.

YesCare Corp. is a correctional healthcare company.

YesCare Corp. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 26-01089) on May 8, 2026. In its
petition, the Debtor reports  estimated assets between $50 million
and $100 million and estimated liabilities between $100 million and
$500 million.

Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the
case.

The Debtor is represented by Michael R. Dal Lago, Esq. of Dal Lago
Law. Polsinelli PC serves as general bankruptcy counsel. The Debtor
tapped David Goldwasser of FIA Capital Partners, LLC as financial
advisor and Omni Agent Solutions, Inc. as claims agent.


ZIPRECRUITER INC: Fitch Alters Outlook on 'B-' IDR to Positive
--------------------------------------------------------------
Fitch Ratings has affirmed ZipRecruiter Inc.'s (ZIP) Long-Term
Issuer Default Rating (IDR) at 'B-' and upgraded its unsecured
notes to 'B+' with a Recovery Rating of 'RR2' from 'B'/'RR3'. The
Rating Outlook has been revised to Positive from Negative.

The upgrade of ZIP's unsecured notes reflects improved recovery
prospects following the company's recent announcement of a partial
repurchase of $295 million of unsecured notes which has
significantly improved its leverage profile.

The Positive Outlook reflects Fitch's expectation that operating
metrics will improve through a gradual recovery in revenue and
margin expansion. The 'B-' rating continues to reflect the risk of
AI substitution and the possibility that EBITDA generation could
remain pressured for an extended period.

Key Rating Drivers

Improved Leverage: Fitch forecasts EBITDA leverage to remain in the
4x-5x range through 2026-2027 given the partial repurchase of its
existing debt. This reflects a substantial improvement in leverage
from 13.5x at YE 2025. Furthermore, ZIP's cash flow from operations
minus capex to debt ratio is expected to remain in the high
single-digit range, coupled with increased FCF generation and
reduced interest expenses. This substantial improvement in the
company's leverage profile is a credit positive.

Recovery in Operating Performance: ZIP's growth has been
constrained by a sharp decline in demand for recruiting services
amid a challenging macroeconomic environment over the four-year
period through 2025. Fitch expects operating performance to improve
going forward, with revenue remaining flat in 2026 before returning
to growth thereafter. Concurrently, EBITDA margins should gradually
recover to the low to mid-teens and continue expanding, while the
company maintains positive FCF. Fitch views a sustained recovery in
both revenue and profitability as key rating sensitivities for the
company.

Reduced Cash Balance, Positive FCF: Because ZIP is partially
repurchasing its debt, its cash and marketable securities balance
of around $393 million as of March 31, 2026, are expected to
deteriorate drastically during 2026, thereby impacting the
company's liquidity. However, Fitch expects ZIP to generate
mid-single-digit FCF over the next two years despite depressed
hiring conditions. The company's liquidity is further supported by
ZIP-increased share buybacks to $101.9 million in 2025 from $40.3
million in 2024. However, Fitch expects the company to protect its
financial position by maintaining its low buyback activity in a
scenario of continued weak financial performance.

Risk of AI Substitution: AI may significantly disrupt the
recruiting industry by automating key functions such as resume
screening, applicant ranking, and preliminary interviews, enabling
companies to bring hiring processes in-house and reduce reliance on
external recruiters. This technological shift is compounding
challenges from the current low-hire environment, pressuring
margins and likely leading to recruiter layoffs as clients cancel
contracts or demand lower fees. Fitch believes AI's effect on the
company's performance will be a key rating sensitivity over the
medium term.

Competitive Landscape: The U.S. job recruitment marketplace is
highly competitive and fragmented. ZIP has established itself as a
familiar online job search resource, showcasing strong execution
capabilities, but it faces competitive threats. Other online
marketplace operators like Monster Worldwide, Inc. and
CareerBuilder faced execution challenges and lost market share
after establishing a strong presence. ZIP also competes with
alternative solutions such as recruiters, vertical-focused job
sites, employers' own sites, LinkedIn, Indeed and others.

Peer Analysis

ZIP competes in a large and fragmented online job search industry.
The company's rating is constrained to the 'B-' category due to its
small EBITDA scale, risks pertaining to AI substitution and the
recruiting industry's inherent cyclicality. Many of ZIP's primary
peers, including LinkedIn, Indeed, Monster, CareerBuilder and
others, are private or divisions of larger companies that are not
rated by Fitch. Staffing companies derive revenue from a
pass-through spread for employees that are assigned to temporary
roles, while ZIP derives its revenue from online platform fees for
subscription services and performance-based job postings.

Fitch’s Key Rating-Case Assumptions

- Average paid employers and quarterly revenue per paid employer
remain in line with 2025 performance;

- EBITDA margins gradually improve to the low to mid-teens driven
by cost-saving initiatives;

- Neutral to low single-digit positive FCF to revenue through the
forecast period due to limited working capital, cash taxes and
capex requirements;

- Leverage remains below 5x through the forecast given most recent
repurchase of notes.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): management (bb+, Moderate), sector characteristics
(b+, Moderate), market and competitive positioning (b, Moderate),
diversification and asset quality (b+, Lower), company operational
characteristics (b-, Higher), profitability (b-, Higher), financial
structure (b+, Moderate), and financial flexibility (b+,
Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 50% weight for the forecast year 2026
and 50% for the forecast year 2027.

- 'B+' to 'CC' considerations apply in its analysis and have no
impact.

- The Governance assessment of 'good' has no impact.

- The Operating Environment assessment of 'aa-' has no impact.

- The SCP is 'b-'.

To derive the Long-Term IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'B-'.

Recovery Analysis

For entities rated 'B+' and below, where default is closer and
recovery prospects are more meaningful to investors, Fitch
undertakes a tailored, or bespoke, analysis of recovery upon
default for each issuance. The resulting debt instrument rating
includes a Recovery Rating or published 'RR' (from RR1 to RR6) and
is notched from the IDR accordingly. In this analysis, there are
three steps: (i) estimating the distressed enterprise value (EV),
(ii) estimating creditor claims, and (iii) distribution of value.

Fitch assumed ZIP would emerge from a default scenario under the
going concern (GC) approach versus liquidation. Key assumptions
used in the recovery analysis are as follows:

- A $66 million GC EBITDA, which is a depressed yet realistic
estimate driven by macro issues, mis-execution and/or share loss
followed by corrective action;

- An EV/EBITDA multiple of 6.0x upon emergence from bankruptcy.
This multiple is validated based upon comparable public trading
multiples (current and historical), industry M&A and comparable
reorganization multiples Fitch has witnessed in the past;

- 10% administrative claim.

This results in a senior unsecured notes recovery of 'RR2' and a
'B+' issue-level rating.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Expectations of sustained weakness in revenue and EBITDA;

- Significant decrease in cash or deterioration in cash flow
generation;

- Mid-cycle EBITDA leverage sustained above 6.5x;

- Expectations of sustained neutral or negative FCF;

- Interest coverage sustained below 2.0x.

Factors That Could Lead to an Outlook Revision to Stable

- Delay in recovery of business reflected by degrowth in revenue
and EBITDA.

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Sustained increase in scale coupled with improved profitability
leading to a more stable revenue, margin and leverage profile
throughout economic cycles;

- Mid-cycle EBITDA leverage sustained below 5.5x.

Liquidity and Debt Structure

ZIP had approximately $393 million of cash and investments as of
March 31, 2026; however, the company partially repurchased its debt
in June 2026, thereby impacting its cash position. The company has
a relatively simple debt capital structure with $255 million of
senior unsecured notes outstanding that mature in 2030, which bear
interest at 5% per year. ZIP previously held a $290 million senior
secured revolving facility; however, it matured on April 30, 2026.

Issuer Profile

ZIP is a two-sided online job marketplace. It generates revenue
from employers largely via flat-rate pricing, but also through
performance-based pricing terms.

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 ZipRecruiter, Inc.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                 Rating           Recovery   Prior
   -----------                 ------           --------   -----
ZipRecruiter, Inc.

                         LT IDR  B-  Affirmed               B-
   senior unsecured      LT      B+  Upgrade       RR2      B


ZYTON GOURMET: Seeks Cash Collateral Access
-------------------------------------------
Zytoun Gourmet Mediterranean, Inc. asks the U.S. Bankruptcy Court
for the Southern District of California for authority to use cash
collateral and provide adequate protection.

The Debtor requests that financial institutions and platforms,
specifically Chase Bank and DoorDash, immediately lift any holds on
its funds. Specifically, the Debtor seeks to make the funds in
Chase Bank accounts ending in #8211 and #8229 fully available and
to compel DoorDash to release held revenues according to their
existing contract. Furthermore, the Debtor instructs these entities
to ignore any prepetition payment demands from creditors.

To safeguard the interests of potential secured creditors against
any diminution in value of the cash collateral, the Debtor proposes
an adequate protection package consisting of a $1,000 monthly
payment to the first-priority secured creditor, Mission Valley
Bank/ARF Financial, LLC, alongside a full replacement lien matching
the validity and priority of the prepetition liens.

Financially and operationally, the Debtor is a California
corporation operated under the sole ownership, officer roles, and
directorship of Hamdi Abukhalaf. The business is a family-owned,
oceanfront restaurant in downtown San Diego serving premium,
scratch-made Middle Eastern cuisine, established to extend the
33-year legacy of its sister local institution, Aladdin
Mediterranean Restaurant. The principal reasons precipitating this
chapter 11 restructuring stem from severe financial setbacks
experienced during a five-year pre-opening phase, primarily driven
by an unlicensed general contractor and architect who defrauded the
company for three and a half years—an issue that significantly
inflated development costs and delayed the grand opening until May
10, 2025. Immediately following the launch, the business suffered
another major financial blow due to extensive daily media coverage
concerning an alleged salmonella outbreak at its sister restaurant,
Aladdin. Although subsequent government investigations yielded no
findings or lawsuits, the public association between the
family-owned establishments severely suppressed Zytoun's initial
sales, leading to negative cash flow caused by high-interest debt
and loan payments after informal debt restructuring and SBA loan
refinancing attempts failed.

Despite these hardships, management asserts a strong probability of
a successful reorganization based on a reliable cash flow budget
prepared alongside bookkeeper Ashley Klein, utilizing historical
profit and loss statements, payroll reports, and bank records from
late May to mid-June 2026. The Debtor continues to operate actively
as a going concern, funding ordinary expenses and payroll through
ongoing sales, and enters the week ending June 20, 2026, with an
initial bank balance of $103,876.92. Projections stretching through
August 29, 2026, estimate the bank balance will grow to $110,490,
yielding an average monthly net projected disposable income of
$2,605.04 after factoring in a $750 monthly allocation for the
Subchapter V Trustee, a $1,000 monthly advance payment to its
Chapter 11 bookkeeper, and the proposed $1,000 adequate protection
payment. To maintain transparency, the Debtor commits to filing and
serving weekly budget updates detailing actual historical
performance by Thursday of each following week.

The Debtor identifies six creditors that have filed UCC-1 financing
statements with the California Secretary of State: Mission Valley
Bank/ARF Financial, LLC (holding a senior claim valued at $150,000
with a lapse date extended to October 2030), an anonymous filer,
Everest Business Funding, LLC ($70,000 claim), Lifetime Funding,
LLC ($50,000 claim), Ford Global, LLC ($70,000 claim), and Forward
Financing, LLC ($70,000 claim). However, borrowing from recent
Ninth Circuit Bankruptcy Appellate Panel precedent, the Debtor
argues that under California law, a security interest in a deposit
account can only be perfected by "control"—such as through a
Deposit Account Control Agreement, being the repository bank, or
holding joint title—rather than by merely filing a financing
statement. Because none of the listed creditors possess a control
agreement or hold joint account titles with the Debtor, counsel
contends that no creditor holds a legally perfected prepetition
interest in the Chase Bank funds. Furthermore, the Debtor argues
that postpetition revenues generated from restaurant services are
driven by ongoing postpetition labor, equipment, and operating
expenses rather than the simple disposition of prepetition
collateral, meaning they are excluded from the "proceeds exception"
of 11 U.S.C. section 552(b) and remain unencumbered.

The Debtor seeks authorization to operate flexibly within its
budget, requesting the ability to exceed individual line items by
up to 20%—provided the overall aggregate expenditure does not
exceed 10% of the budget—and to carry over unused monthly funds
to support the ongoing preservation of the business's going-concern
value.

A copy of the motion is available at https://urlcurt.com/u?l=tLaBaH
from PacerMonitor.com.

              About Zytoun Gourmet Mediterranean Inc.

Zytoun Gourmet Mediterranean, Inc. is a restaurant company
specializing in Mediterranean cuisine. The company operates in the
food service industry, offering Mediterranean-inspired dishes and
dining services to its customers.

Zytoun Gourmet Mediterranean, Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. Case No. 26-02620) on June 19,
2026. In its petition, the debtor reported estimated assets of
between $100,001 and $1 million and estimated liabilities of
between $1 million and $10 million.

Honorable Bankruptcy Judge J. Barrett Marum handles the case.

The Debtor is represented by Steven E. Cowen of S.E. Cowen Law.


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