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260727.mbx 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 27, 2026, Vol. 30, No. 208 Headlines 1400 PRAIRIE: Starts Chapter 11 Bankruptcy in Arkansas 303 THE HILL: Gets Final OK to Use Cash Collateral 3030 RIVERBEND: Case Summary & 15 Unsecured Creditors 3CLOGIC INC: Gets 30-Day Extension to Use Cash Collateral 7243 APRIL: To Sell Morrow Property to Rose Offord for $183K 850 AUTO: Available Cash & Avoidance Proceeds to Fund Plan ACADEMY AT PENGUIN: Motion for Wenham Property Sale Declared Moot ADEIA INC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive ADVANTECH INC: Gets Interim OK to Use Cash Collateral ALACHUA GOVERNMENT: Court OKs Ch. 11 Liquidation, DOD Settlement AM LOGISTICS: Gets Final OK to Use Cash Collateral ARDEN VENTURES: Seeks Chapter 11 Bankruptcy in Connecticut ARIZONA: Prison Healthcare System Enters 5-Year Receivership ATHERTON ASSOCIATES: Seeks Subchapter V Bankruptcy in California ATLANTIC RECOVERY: Gets Interim OK to Use Cash Collateral BACCI CAFE: Court Extends Cash Collateral Access to Aug. 4 BELLA CAPRI: Amends Unsecured Contingency Claims Pay BIG BATCH: Gets Interim OK to Use Cash Collateral BLOOMIN CRAZY: Gets OK to Use Cash Collateral Until Aug. 8 BOKQUA LLC: To Sell Colorado Assets to Multiple Buyers BONIFAS ENTERPRISES: Fine-Tunes Plan Documents BRAND INDUSTRIAL: Loan Pact Opens Door for Owners to Reclaim Stake BRIGHTLINE TRAIN: Debt Deadline Extended Again CALIBERCOS INC: Breaks Ground on Steamboat Springs Hyatt Studios CARLSBAD 10: Plan Exclusivity Period Extended to Sept. 1 CENTRAL FALLS: Gets Interim OK to Use Cash Collateral CENTRAL FALLS: Unsecureds be Paid in Full or be Reinstated CERTIFIED ROOFING: Seeks Subchapter V Bankruptcy in Florida CHIRON COMMUNICATION: Claims to be Paid from Disposable Income CLACKAMAS PHYSICAL: Hearing Today on Bid to Use Cash Collateral CLINTWOOD JOD: Court OKs Coal Mining Assets Sale to Multiple Buyers COLLABOW INC: Case Summary & Eight Unsecured Creditors COMJOT LLC: Seeks Subchapter V Bankruptcy in Louisiana COOKSON'S TRANSMISSION: To Sell Duncanville Property to DFF Outdoor COOPER EQUIPMENT: DBRS Confirms 'BB' LongTerm Issuer Rating COREWEAVE INC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Positive CUMULUS RESTAURANTS: Seeks Subchapter V Bankruptcy in California DATASITE INTERNATIONAL: S&P Affirms 'B' ICR, Outlook Stable DAX INTERNATIONAL: Gets Interim OK to Use Cash Collateral E.W. SCRIPPS: Fitch Affirms 'CCC' LongTerm IDR EXIT ZERO: Seeks Subchapter V Bankruptcy in New Jersey FAIRWAY AMERICA: Gets OK to Use $107,816 in Cash Collateral FORTRESS HOLDINGS: Amends Unsecureds & Several Secured Claims Pay FREEDOM FOREVER: Authorized to Pursue Expedited Ch. 11 Sale GALAXY HELIOS: S&P Assigns 'B+' Long-Term ICR, Outlook Stable GEE CONCEPTS: Unsecureds Last to Be Paid in Subchapter V Plan GENTLE DENTAL: Hearing Today on Bid to Use Cash Collateral GOLDENPEAKS POLAND: Creditors to Get Proceeds From Liquidation GREEN MEADOW: Claims to be Paid from Rental Income GRUPO ANTOLIN-TRAUSA: Seeks Chapter 15 Bankruptcy in New York HEALTHCARE FOR ALL: Plan Exclusivity Period Extended to Oct. 16 HRONIS INC: Unsecureds to Recover Less Than 5% in Liquidating Plan INTREPID LLC: Claims to be Paid from $300K Distribution Fund JOHN T. BURKE ENTERPRISES: Seeks Subchapter V Bankruptcy JOONKO DIVERSITY: Court Unseals Fraud Report for Shareholders KAHN PROPERTY: NY Castle Owner Defends Chapter 11 With Sale Plan LEO'S OYSTER: Shuts Down After Owner Files Personal Bankruptcy LESLIE'S INC: Considers Ch. 11 Bankruptcy Filing to Cut Debt Load LOCAL SEARCH: Gets Interim OK to Use Cash Collateral LRS HOLDINGS: Moody's Rates New Sr. Secured First Lien Debt 'B3' LSF 12 PILLAR: S&P Assigns 'B+' Long-Term ICR, Outlook Stable M.K. WEEDEN: Affiliate to Sell Lewistown Property to J. & L. Steen MACROFIT INC: Unsecureds Will Get 15% of Claims over 60 Months MAGNOLIA OIL: Moody's Affirms 'Ba2' CFR Amid WildFire Transaction MAIN LINE: Unsecureds Will Get 4.9% of Claims over 3 Years MARQUIS STAR: Unsecureds Will Get 100% of Claims over 4 Years MASTERBRAND INC: Fitch Alters Outlook on 'BB+' IDR to Negative MAZCOTA LLC: Gets Final OK to Use Cash Collateral MDA SPACE: S&P Rates Proposed Senior Unsecured Notes 'B' METALWORKING LUBRICANTS: Gets Extension to Access Cash Collateral MICROBILT CORPORATION: Case Summary & 20 Top Unsecured Creditors MILE HIGH: Claims to be Paid from Continued Operations MILLENIA COS: Has Until July 30 to Stop Centennial Bldg. Sale MKZ DISTRIBUTION: Case Summary & 19 Unsecured Creditors NEO ASSETS: Seeks Continued Cash Collateral Access NEWCAP INC: Seeks to Extend Plan Exclusivity to Sept. 30 NORTH AMERICAN CONSTRUCTION: DBRS Rates 2031 $200MM Notes BB(high) NORTH JERSEY: Gets Interim OK to Use Cash Collateral OBJECT & SUBJECT: Gets Final OK to Use Cash Collateral PACIFIC AVIATION: Seeks to Use $1.33MM in Cash Collateral PAGAYA TECHNOLOGIES: Fitch Alters Outlook on 'B' IDR to Positive PARKWAY CENTER: Starts Subchapter V Bankruptcy in Florida PHOENIX CONVERTING: Commences Chapter 11 Bankruptcy in Illinois PHOENIX FUND: Gets Court OK to Use USIC's Cash Collateral PIONEER GREEN: To Sell Myakka Property to C. Rinne and A. Gedeiko PLAZA CONTINENTAL: Seeks to Extend Plan Exclusivity to Oct. 26 POOLIN TECHNOLOGY: Seeks Chapter 11 After Market Slump, China Ban POOLIN TECHNOLOGY: Seeks to Sell Mining Assets via Auction PSC THRIVE: Commences Chapter 11 Bankruptcy in Maryland QVC GROUP: Shareholders Lose Bid to Stay Chapter 11 Plan REDEFINED TRANSPORTATION: Case Summary & 16 Unsecured Creditors RFNA LP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable RICHARD MEYER: Gets Final OK to Use Cash Collateral ROSE WAY: To Sell Bridgehampton Property to Michael & Michelle Cho SANGAMO THERAPEUTICS: Reaches Better Chapter 11 Financing Deal SATURN OIL: Moody's Rates Poposed Unsecured Notes 'B2' SIMAD HOLDINGS: Parents Raise Concerns Over Summer Camp SISTERS OF SAINT ANN: Faces October Auction SLEEP COUNTRY: S&P Withdraws 'BB-' Issuer Credit Rating SOCIAL DEVELOPMENT: Considers Bankruptcy Filing SOLLIO COOPERATIVE: DBRS Confirms 'BB(high)' Issuer Rating SOLSTICE ADVANCED: Fitch Puts 'BB+' IDR on Watch Negative SPIRIT AIRLINES: Cleared to Sell NYC Slots to JetBlue for $58.5MM STRIDE ACADEMY: S&P Assigns 'BB-' Rating on 2026/2016 Revenue Bonds T7 ENTERPRISES: Gets Extension to Use Cash Collateral TEAM SYSTEMS: Execs Push for Recusal in Chapter 7 Clawback Fight TGI FRIDAY'S: Secures Confirmation of Chapter 11 Liquidation Plan THORNCO HOSPITALITY: Seeks to Use Cash Collateral TRY TROUT: Updates Unsecured Claims Pay Details UNITED AIRLINES: Fitch Alters Outlook on 'BB+' IDR to Positive VALYRIAN MACHINE: Court Denies Bid to Extend Cash Collateral Access VERANDA PARK: Commences Chapter 11 Bankruptcy in Florida WAIKOLOA VILLAGE: Affiliates Seek to Sell Condominium Units WELTY SERVICES: To Sell Brazoria Property to Advanced Fitness 365 WILDFIRE INTERMEDIATE: Moody's Puts 'B1' CFR on Review for Upgrade WOODLAND MANOR: Case Summary & 20 Largest Unsecured Creditors [] Senior Living Continues to Top Healthcare Bankruptcies ********* 1400 PRAIRIE: Starts Chapter 11 Bankruptcy in Arkansas ------------------------------------------------------ On July 20, 2026, 1400 Prairie Creek Drive LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Arkansas. According to court filings, the Debtor reports between $1 million and $10 million in liabilities owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 18, 2026 at 09:00 AM at Ch. 11 Tele-Meeting of Creditors. About 1400 Prairie Creek Drive LLC 1400 Prairie Creek Drive LLC is a Bentonville, Arkansas-based lessor of real estate. The company owns and manages a real estate portfolio that includes The Nest at Prairie Creek event venue, student housing properties, a five-bedroom residential rental in Fayetteville, and commercial lots in the Rose Hill subdivision of Washington County. 1400 Prairie Creek Drive LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71408) on July 20, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by Stanley V. Bond, Esq. of the Bond Law Office. 303 THE HILL: Gets Final OK to Use Cash Collateral -------------------------------------------------- 303 The Hill, Ltd received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. Under the final order, the Debtor is required to use cash collateral only in accordance with the approved budget, with a permitted 15% variance for each monthly expense line item. The Debtor is required to pay all post-petition taxes during the bankruptcy case. As of the petition date, the Debtor had approximately $5,928 in cash, 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. 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 secured creditor holding a properly perfected security interest in the Debtor's cash collateral will be granted a replacement lien on post-petition accounts receivable to the extent the use of cash collateral diminishes the value of its collateral. The Debtor must also maintain adequate insurance on its personal property, preserve all collateral in good condition, and provide secured creditors with all required bankruptcy reports, including debtor-in-possession reports. The final order authorized the Debtor to renew the cash collateral authorization at the end of the current budget period by submitting a new budget to secured creditors and providing an opportunity to object. The order is available at http://bankrupt.com/misc/303THEHILL_FCCOrder49.pdf 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. 3030 RIVERBEND: Case Summary & 15 Unsecured Creditors ----------------------------------------------------- Debtor: 3030 Riverbend, LLC 1221 Riverbend Rd NW, Suite 115 Salem, OR 97304 Business Description: 3030 Riverbend, LLC is a property developer and landlord based in Salem, Oregon. The company owns a fully occupied commercial property at 1221–1233 River Bend Road NW comprising a 5,500-square-foot retail building with four tenants, a 5,500-square-foot dining pavilion and event center with one tenant, and an outdoor 15-cart food pod. It also owns a property on Wallace Road NW that is being developed into a 201-unit apartment project totaling approximately 190,700 square feet upon completion. Chapter 11 Petition Date: July 15, 2026 Court: United States Bankruptcy Court District of Oregon Case No.: 26-61943 Debtor's Counsel: Zoo F. Habekost, Esq. TONKON TORP LLP 1300 SW 5th Ave., Suite 2400 Portland, OR 97201 Tel: 503-221-1440 Fax: 503-274-8779 E-mail: zoe.habekost@tonkon.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Scott Martin as member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3NCWAPA/3030_Riverbend_LLC__orbke-26-61943__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 15 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. K&E Excavating, Inc. Phase 2 Earthwork $1,863,133 3871 Langley St SE Salem, OR 97317 2. Lenity Architecture, Inc. Judgment $199,946 c/o Sherman Sherman Johnnie & Hoyt LLP 1055 Commercial St SE Salem, OR 97302 3. Geoffrey James, A.I.A. Architectural Services $197,206 4115 Fraser Lane SE Salem, OR 97302 4. Simran Dhote Neighborhood Market Loan $44,000 152 W Main St. P.O. Box 30 Monmouth, OR 97361 5. Judson's Inc. Plumbing $30,290 4480 Commercial St SE Salem, OR 97302 6. U.S. Bank N.A. $23,890 (Collected by Apelles LLC) PO Box 1578 Middletown, OH 45042-1578 7. Northside Electric $14,230 2920 22nd St SE Salem, OR 97302 8. Focus Heating & Cooling HVAC $9,169 637 Wilco Rd Stayton, OR 97383 9. Maximum Finish LLC Polished Concrete $9,091 PO Box 376 Silverton, OR 97381 10. Advanced Security Inc. Security Services $8,176 1255 Cross St SE Salem, OR 97302 11. Phoenix Landscape Landscaping Service/ $1,660 2894 Battle Avenue SE Maintenance Salem, OR 97306 12. Oregon Dept. of NPDES Permit $1,484 Environmental Quality DEQ Financial Services LBX4244 PO Box 4244 Portland, OR 97208-4244 13. GeoEngineers Inc. Construction Observation $1,213 17425 NE Union Hill Rd, Ste. 250 Redmond, WA 98052 14. City of Salem Utility Billing Services $587 PO Box 2795 Portland, OR 97208-2795 15. VPN Investment Group, LLC Loan Servicing Fee $195 312 NW 10th Avenue, Suite 200 Portland, OR 97209 3CLOGIC INC: Gets 30-Day Extension to Use Cash Collateral --------------------------------------------------------- 3CLogic, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral for 30 days from July 16 to pay operating costs listed on its budget and expenses under a pre-petition loan agreement. The budget may be amended with consent of the Debtor's lender RCF2, LLC. RCF2 will be granted adequate protection through automatically perfected first-priority replacement liens on substantially all of the Debtor's post-petition assets to the same extent as its pre-petition liens. These replacement liens may extend to the proceeds of Chapter 5 avoidance actions upon entry of a final order. As additional protection, the lender will be granted a superpriority administrative claim to the extent its collateral diminishes in value. The Debtor's authority to use cash collateral automatically terminates on Aug. 7 or upon conversion of its Chapter 11 case, dismissal of the case, appointment of a trustee or examiner, or modification of the order without the lender's consent. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/4XEKN from PacerMonitor.com. A final hearing is scheduled for Aug. 7, with objections due by July 31. In February 2021 the Debtor entered into a Loan and Security Agreement with RCF2, which initially advanced $1.65 million and obtained a security interest in substantially all of its assets. Through six amendments to the loan agreement and 16 additional promissory notes, the financing expanded to a total principal balance of $15 million, with an additional $434,171 in capitalized interest outstanding as of the bankruptcy filing. RCF2 perfected its security interest through a UCC-1 financing statement filed in Delaware in March 2021 and continued in September 2025. The lender also holds a control agreement over the Debtor's bank accounts at Silicon Valley Bank, now owned by First Citizens Bank. No other creditor has filed a competing UCC financing statement, making RCF2 the sole cash collateral lender with a first-priority lien. The financial crisis intensified in 2026. On May 15, RCF2 issued a notice of default under various provisions of the loan agreement and subsequently issued a second notice of default on June 4 after the debtor missed an interest payment. Despite these defaults, the Debtor reports receiving a non-binding letter of intent on June 29 from a qualified buyer proposing to acquire the business at a price sufficient to satisfy all secured and unsecured claims in full. However, a scheduled principal payment of approximately $6.25 million became due on July 1 and was not paid. Although the parties attempted to negotiate a forbearance agreement to allow the sale process to proceed, negotiations failed, and on July 7 RCF2 froze all funds in the collateral account. The Debtor said that this action prevented it from paying employees, vendors, and contractual obligations, ultimately forcing the Chapter 11 filing. About 3CLogic Inc. 3CLogic, Inc. is a Rockville, Maryland-based provider of cloud Contact Center as a Service (CCaaS) and Voice AI solutions. It develops enterprise communication platforms that integrate with business applications such as ServiceNow and SAP, offering voice AI, omnichannel customer engagement, automated call handling, and service desk solutions for organizations worldwide. 3CLogic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-17338) on July 9, 2026, with between $10 million and $50 million in both assets and liabilities. Honorable Maria Ellena Chavez-Ruark oversees the case. The Debtor is represented by Justin Fasano, Esq., at McNamee Hosea, P.A. 7243 APRIL: To Sell Morrow Property to Rose Offord for $183K ------------------------------------------------------------ 7243 April Court, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor is a Georgia limited liability company whose principal asset is the residential real property located at 7243 April Court, Morrow, Georgia 30260. The Purchased Asset consists of the residential townhome unit, together with all improvements, fixtures, and appurtenances thereto. The real property is located at 7243 April Court, Morrow, Georgia 30260 (Clayton County). The Debtor and Rose Offord, the parties entered into an Asset Purchase Agreement dated as of July 20, 2026. The Asset Purchase Agreement establishes the terms and conditions for the sale of the Property by Debtor to the Proposed Purchaser. The Proposed Purchaser has agreed to provide the following consideration in exchange for the Purchased Assets: a cash payment in the amount of $183,000.00, which will be paid to Debtor. The Debtor believes that the sale to the Proposed Purchaser represents the highest and best offer for the sale of the Purchased Assets and will create the most value for the estate. The Debtor believes that the sale of the Purchased Assets pursuant to the Asset Purchase Agreement will result in significant benefits to Debtor's estate. The Property is the Debtor's principal asset, and the Debtor does not operate an ongoing business from which it can service the mortgage indefinitely. The Purchase Price of $183,000.00 substantially exceeds the aggregate of all secured and unsecured claims scheduled against the Debtor. The Debtor believes that the Proposed Purchaser's offer represents the highest and best bid for the Purchased Assets. The Proposed Purchaser has the financial ability to close the transaction and assume the obligations under the applicable agreements. The Debtor is aware of the following security interests, liens, and/or encumbrances on the Purchased Assets including NewRez LLC d/b/a Shellpoint Mortgage Servicing, which holds a first-priority security deed encumbering the Property. About 7243 April Court, LLC 7243 April Court, LLC is a Georgia limited liability company. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60025) on September 1, 2025, listing up to $50,000 in assets and $50,001 to $100,000 in liabilities. Will B. Geer, Esq., at Rountree Leitman Klein & Geer LLC, is the Debtor's counsel. 850 AUTO: Available Cash & Avoidance Proceeds to Fund Plan ---------------------------------------------------------- 850 Auto Detailing and Powerwashing, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement with respect to Plan of Liquidation dated July 10, 2026. The Debtor had an independent servicing contract with FedEx through which it delivered packages. During the two years prior to the date on which the bankruptcy petition was filed, as well as during this Chapter 11 case, the officer, director, manager or other person in control of the Debtor was and still is Michael Pevey. In 2025, the Debtor sold the majority of its assets in an attempt to pay the debt it owed its largest creditor, ReadyCap Lending. This case was filed to allow the Debtor to wind-down its business operations and distribute sales proceeds appropriately. Since the filing of the case, the Debtor has reached an agreement in principal and subject to approval with its largest creditor. That resolution has paved the way to the proposed Plan and resolution of the Debtor's case. Class 4 consists of General Unsecured Claims. Creditors with unsecured claims include ReadyCap Lending, LLC: $186,469.83; Ally Bank: $45,000.00; Financial Pacific Leasing: $80,000.00; Wells Fargo Bank, N.A.: $44,060.06; AmeriCredit Financial Services, Inc.: 34,035.13; WEX Bank: $2,713.47; Budget Truck: $0.00; Essential Funding: $197,000.00; FedEx: $10,000.00; and GM Financial: $40,000.00. The Class 4 general unsecured claims listed will be paid pro-rata from funds on hand within ninety days of the Effective Date. The amounts are not the amount that each creditor can expect to receive. The amounts listed next to each creditor is what the Debtor has determined their remaining claim(s) to be. If any funds are received from avoidance actions or any other causes of action the Debtor may have, then these creditors will receive additional pro-rata distributions from funds recovered, less administrative expenses approved by the Court. Class consists of Equity Interest Holders. There is one class of equity interest holders. Michael Pevey will receive no distributions via the Plan. Payments and distributions under the Plan will be funded by funds on hand. Additional funds will be distributed on a pro-rata basis in the event monies are recovered from avoidance actions or any other cause(s) of action. A full-text copy of the Disclosure Statement dated July 10, 2026 is available at https://urlcurt.com/u?l=28Jip8 from PacerMonitor.com at no charge. About 850 Auto Detailing and Powerwashing 850 Auto Detailing and Powerwashing, Inc., had an independent servicing contract with FedEx through which it delivered packages. The Debtor filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 26-40149) on March 13, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. The Debtor is represented by: Byron W. Wright III, Esq. Bruner Wright, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 E-mail: twright@brunerwright.com ACADEMY AT PENGUIN: Motion for Wenham Property Sale Declared Moot ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts has declared as moot The Academy of Penguin Hall Inc.'s motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The School is a Massachusetts non-profit charitable corporation under Section 501(c)(3) of the Internal Revenue Code, formed on or about November 24, 2015 for the purposes of founding and operating an all-girls' preparatory high school on the Massachusetts North Shore. The Debtor's Property is located at 36 Essex Street in Wenham, Massachusetts and will be sold to Cabot, Cabot, & Forbes, LLC for $17,750,000, subject to upward adjustments. However, the Court has declared the Motion as moot and the case was dismissed. About The Academy at Penguin Hall The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. ADEIA INC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings affirmed Adeia Inc.'s (Adeia) Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and Ba3 rating on the backed senior secured first lien term loan due 2028. The Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-1. The outlook was changed to positive from stable. The affirmation of the Ba3 CFR and positive outlook reflect Moody's expectations that growth in non-Pay TV licensing and semiconductor-related revenue will more than offset ongoing declines in traditional Pay TV licensing revenue driven by subscriber erosion. As a result, exposure to traditional Pay TV licensing within the media segment will decline to below 50% of total revenue over the next 12 to 18 months. Moody's also expects credit metrics to remain strong, with Moody's-adjusted leverage at or below 2.0x and very strong free cash flow generation. RATINGS RATIONALE The Ba3 CFR reflects Adeia's small revenue scale with notable customer concentration and narrow business focus on intellectual property (IP) licensing. Additionally, the company's exposure to traditional Pay-TV licensing on the media side exposes it to declines in subscribers, which can also impact its recurring revenue base. Adeia's IP assets of approximately 14,000 patent assets create a recurring revenue base of $332 million as of last twelve months ended March 31, 2026. Revenue can fluctuate due to "catch-up" fees on agreements as well as delays in renewals stemming from protracted negotiations or litigation. Adeia also benefits from multiyear agreements averaging five years. Solid EBITDA margins result in strong free cash flow generation, with free cash flow to debt expected to be in the 25%-35% range. Moody's expects revenue to decline by a low teens percentage in 2026, primarily due to the absence of non-recurring revenue recognized in 2025, including upfront license revenue and catch-up payments related to prior licensing periods. Moody's adjusted EBITDA margin is expected to decline to the low 50% range, reflecting less non-recurring revenue and higher operating expenses including R&D investment to support the development of internally generated IP. Despite these costs, Moody's expects Moody's adjusted debt to EBITDA to remain at or below 2.0x, supported by annual term loan amortization of 5% and mandatory excess cash flow repayments. The Speculative Grade Liquidity Rating (SGL) of SGL-1 reflects Adeia's very good liquidity, which is supported by consistent free cash flow generation and a combined cash and marketable securities balance of approximately $116 million as of March 2026. Moody's expects that the company will generate free cash flow of at least $110 million over the next 12-18 months. These sources of cash will provide sufficient coverage for basic cash needs, including the mandatory 1.25% amortization per quarter and including Moody's assumptions of small acquisitions, Although Adeia does not maintain a revolving credit facility, Moody's do not expect the company to require a backup source of liquidity in the near term, given its cash balance of $50–$60 million and approximately $62 million of marketable securities. The rating for the term loan incorporates Adeia's Ba3-PD PDR and an average expected family recovery rate of 50% at default. The Ba3 rating, which is in line with the CFR, reflects the single class debt structure and lack of financial maintenance covenants. The debt benefits from collateral comprised of a first lien on all assets. The positive outlook reflects Moody's expectations that Pay TV revenue will decline to below 50% of total revenue resulting in strong profitability over the next 12 to 18 months with Moody's adjusted EBITDA margin in the low 50% and annual free cash flow generation of about $110 million. Moody's also expects the company to refinance the term loan well ahead of its maturity of June 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Adeia sustains growth in recurring licensing revenues, is on the path for Pay TV revenue dependence to be closer to low to mid 40%, and generates strong free cash such that Moody's adjusted free cash flow to debt is sustained above 20%. The ratings could be downgraded if Adeia's loses a key customer, resulting in material decline in recurring revenue, if growth in non-Pay TV and semiconductor revenues fails to offset declines in Pay TV revenue, or if financial policy becomes more aggressive such that Moody's adjusted free cash flow to debt is sustained below 15%. Downward rating pressure could also arise if the term loan is not refinanced well ahead of the maturity. Adeia Inc. (Adeia) based in San Jose, California, licenses intellectual property related to content discovery, digital video recording, video-on-demand, and multi-screen functionality. Adeia also develops and licenses technologies and intellectual property used in semiconductor chip manufacturing and image processing for consumer electronics as well as audio technology. The company has an IP portfolio of about 14,000 media and semiconductor patent assets with revenue of $460 million as of LTM period ending March 2026. The principal methodology used in these ratings was Software published in December 2025. ADVANTECH INC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Advantech, Inc. received second interim approval from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral. The order authorized the Debtor to use cash collateral from May 21 through the effective date of its Chapter 11 plan, in accordance with the approved operating budget. The revised budget includes a $1,000 monthly escrow payment to the Subchapter V Trustee, together with ongoing adequate protection payments to the Debtor's secured lenders. As adequate protection, the Debtor must make monthly payments of $4,662.67 to Truist Bank, $5,595.87 to Byline Financial Group, $5,267.77 to BMO Bank, $2,500 to Kapitus (via debtor-initiated ACH beginning July 20, 2026), and $1,000 to Angela Shortall, Subchapter V Trustee. The order also directed distribution of escrowed funds from the May 20, 2026 payment among the trustee, Truist Bank, Byline Financial Group, and BMO Bank. The order further granted the prospective secured lenders replacement liens on all post-petition assets and proceeds to the same extent and priority as their prepetition collateral, but only to the extent the Debtor’s use of cash collateral causes any diminution in the value of their collateral. The order notes that Truist Bank appears to hold the first-priority lien on the Debtor's cash collateral, while Kapitus appears to hold the second-priority lien. The Debtor also identified Byline Financial Group and BMO Bank as secured creditors with liens on essential equipment and software, while additional UCC filings associated with previously satisfied loans remain subject to further notice. The Debtor's authority to use cash collateral will continue until the effective date of a confirmed Chapter 11 plan unless terminated earlier by court order. A copy of the court's order is available at https://shorturl.at/Ge9QM from PacerMonitor.com. About Advantech Inc. Advantech, Inc. provides asset tracking, inventory management, automatic identification technology, and automated data capture systems and software. Headquartered in Annapolis, MD, the company offers RFID, Bluetooth Low Energy, Barcode/QR Code technologies, AVA software products, real-time location tracking, package tracking, and logistics operations and warehouse management professional services. AdvanTech serves government and private-sector clients and is the North American distributor for CaptureTech Key Systems, including KeyManager and CapLocker Systems. Advantech, Inc. Advantech, Inc. Advantech filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 26-15431) on May 21, 2026, with $645,526 in total assets and $1,067,859 in total liabilities. Robert Bona, president of Advantech, signed the petition. Judge Nancy V. Alquist oversees the case. Geri Lyons Chase, Esq., at the Law Offices of Geri Lyons Chase, represents the Debtor as bankruptcy counsel. The U.S. Trustee for Region 4 appointed Angela Shortall of Cubed Advisory Services, LLC as Subchapter V trustee for the Debtor. ALACHUA GOVERNMENT: Court OKs Ch. 11 Liquidation, DOD Settlement ---------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge on Tuesday, July 21, 2026, confirmed the Chapter 11 liquidation plan of Alachua Government Services LLC after the biotechnology contractor reached a settlement resolving a dispute involving a $147 million Department of Defense claim. The compromise removed a key objection to the plan, enabling the debtor to proceed with its liquidation strategy and distribute proceeds to creditors under court supervision. The resolution spared the parties from further litigation over the disputed claim, the report states. Based in Florida, Alachua Government Services provides biotechnology research, laboratory operations and biodefense support for federal government agencies. The company sought Chapter 11 protection to restructure its affairs and maximize recoveries through an organized liquidation, according to report. About Alachua Government Services Inc. Alachua Government Services, Inc. is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. Based in Alachua, Florida, Alachua operates in the pharmaceutical manufacturing sector. Alachua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. AM LOGISTICS: Gets Final OK to Use Cash Collateral -------------------------------------------------- AM Logistics, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral only within the approved budget, with no more than a 10% variance for any budget expense category. In addition, the Debtor's net cash flow must remain at least 90% of the projected net cash flow in the budget. The order also directed depository institutions to release funds to the debtor and allows the debtor to maintain its existing bank accounts. As adequate protection, secured creditors, including Huntington Bank, will be granted replacement liens on the Debtor's post-petition cash collateral and other property to the same extent and priority as their prepetition interests, to the extent the use of cash collateral diminishes the value of their collateral. However, the order reserves all issues regarding the validity, extent, priority, and perfection of those liens for future determination. The Debtor must also maintain insurance, preserve its assets, comply with all reporting obligations, and continue operating its business in the ordinary course while the order remains in effect. The Debtor's authority to use cash collateral may terminate upon an event of default, including conversion or dismissal of the Chapter 11 case, appointment of a trustee or examiner, failure to comply with the budget or reporting requirements, or unauthorized payments, subject to a five-business-day cure period after written notice. A copy of the court's order is available at https://shorturl.at/aFLMz from PacerMonitor.com. About AM Logistics Inc. AM Logistics, Inc., a logistics service provider, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-03372) on May 27, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Andrew Manville, president of AM Logistics, signed the petition. Judge Jeffrey J. Graham oversees the case. KC Cohen, Esq., at KC Cohen, Lawyer, PC, represents the Debtor as bankruptcy counsel. ARDEN VENTURES: Seeks Chapter 11 Bankruptcy in Connecticut ---------------------------------------------------------- On July 21, 2026, Arden Ventures LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Connecticut. According to the court filing, the debtor reports between $1 million and $10 million in liabilities, between $1 million and $10 million in assets, and between one and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 14, 2026 at 10:00 AM via Zoomgov - Mackey: Meeting ID 165 279 87882, Passcode 1973731145, Phone 1 202-810-0745. About Arden Ventures LLC Arden Ventures LLC is a Wilton, Connecticut-based real estate investment and holding company. The company's principal asset is a 7-acre development site in Fitchburg, Massachusetts, approved for 156 multifamily rental units. Arden Ventures is a subsidiary of Arden Mills LLC and The Ideal Group of Companies Inc. The Chapter 11 filing followed a foreclosure notice issued by its senior mortgage lender after the loan became delinquent in July 2026. Arden Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 26-50527) on July 21, 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 Daniel S. DiBartolomeo, Esq., of The DiBartolomeo Law Firm. ARIZONA: Prison Healthcare System Enters 5-Year Receivership ------------------------------------------------------------ Kiera Riley of Arizona Capitol Times reports that a federal court has approved a five-year takeover of Arizona's prison healthcare system, placing former Ohio prison director Annette Chambers-Smith in charge as receiver to correct what Judge Roslyn Silver described as persistent constitutional violations in inmate medical care. The appointment marks the latest development in litigation that has stretched for nearly 14 years. The receiver will exercise broad powers over virtually every aspect of prison healthcare, including staffing, budgeting, healthcare programs, operational policies, and the contract with private medical provider NaphCare. Chambers-Smith may hire and dismiss healthcare employees, oversee expenditures, recommend legislative changes, and access prison facilities and records without restriction. Her authority will not extend to prison security or correctional staff, the report states. The Arizona Department of Corrections, Rehabilitation and Reentry continues to oppose the receivership, arguing that the scope of the order is too broad. State officials have announced plans to appeal and request that implementation be paused. Judge Silver delayed the receivership's start date pending resolution of any stay request, while attorneys representing inmates argued that immediate intervention is necessary after years of inadequate care. Silver's order pointed to chronic staffing shortages, poor physician coverage, failures to monitor the prison healthcare contractor, inadequate referrals, weak data systems, and insufficient medical resources as evidence that previous remedies had failed. Chambers-Smith must submit a detailed operational roadmap within 180 days, begin immediate corrective measures, and report annually to the court. The state will bear the costs of the receivership, including the receiver's $500,000 annual compensation. About The Arizona Department of Corrections, Rehabilitation and Reentry (ADCRR) The Arizona Department of Corrections, Rehabilitation and Reentry (ADCRR) is Arizona's statewide corrections agency, charged with operating the state's prison system and administering offender rehabilitation and reentry programs. Based in Phoenix, Arizona, the department manages correctional facilities, inmate healthcare, parole and community supervision, and educational and workforce development initiatives designed to reduce recidivism and improve public safety. A federal judge placed the Arizona Department of Corrections, Rehabilitation and Reentry's (ADCRR) healthcare system into receivership, citing persistent failures to provide constitutionally adequate medical treatment to incarcerated individuals. Under the court order, Annette Chambers-Smith will direct healthcare operations for an initial five-year period, oversee compliance with court mandates, and report regularly on the department's progress. State officials continue to oppose the receivership and plan to challenge the ruling on appeal. ATHERTON ASSOCIATES: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------------- On July 20, 2026, Atherton Associates, Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of California. According to the court filing, the debtor reports between $500,000 and $1 million in liabilities, between $100,000 and $500,000 in assets, and between one and 49 creditors. First meeting of creditors under Section 341(a) to be held on August 17, 2026 at 01:00 PM via UST Teleconference San Francisco, Call in number: 1-888-330-1716 Passcode: 8324431. The deadline to submit the Chapter 11 Small Business Subchapter V plan is October 19, 2026. About Atherton Associates, Inc. Atherton Associates, Inc. is a San Carlos, California-based specialized real estate leasing company operating under the Auto Vino brand. The company provides luxury automobile storage, wine tasting experiences and event venue services for private and corporate clients. Its San Carlos facility combines secure vehicle storage with hospitality offerings, including catering and event space. Atherton Associates, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30633) on July 20, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $500,000 to $1 million. Honorable William J. Lafferty is presiding over the case. The debtor is represented by Matthew D. Metzger, Esq., of Belvedere Legal, PC. ATLANTIC RECOVERY: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Atlantic Recovery Center, LLC and Centric Behavioral Health, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. Under the interim order, the Debtors are authorized to use cash collateral based on their respective 12-week budgets, subject to a 10% variance on individual line items and overall expenditures. Atlantic Recovery Center operates accredited residential mental health and substance use disorder treatment programs in Broward County, Florida, employs approximately 27 people, and currently cares for residential patients. Their only significant source of operating cash is commercial insurance receivables, which several lenders claim constitute cash collateral. Atlantic Recovery Center also operates Reign Residential Treatment Center in Southwest Ranches and Sanctuary Mental Health & Wellness in Fort Lauderdale, while parent company Centric Behavioral Health serves as the primary borrower on most funded debt. Both Debtors derive substantially all revenue from commercial insurance reimbursements paid by insurers including Aetna, Blue Cross Blue Shield of Florida, UnitedHealthcare, and Carelon. Because those insurance receivables represent virtually all available cash, the Debtors' continued access to them is indispensable to preserving the value of the business as a going concern and facilitating a successful reorganization. Prior to filing bankruptcy, the Debtors' counsel conducted UCC searches that identified several creditors asserting interests in the Debtors' assets. Royal Oaks Capital Corp. appears to hold the earliest-filed all-assets lien, securing approximately $1.13 million to $1.20 million in outstanding obligations arising from two lines of credit. Other apparent lienholders include those believed to represent Kapitus LLC, Rocket Capital NY LLC, Capital Assis, LLC, and Litefund Solutions, LLC, with asserted claims ranging from approximately $150,000 to $315,000. The Debtors also identified ODK Capital/OnDeck, Bluevine Capital/Celtic Bank, Verity Capital LLC (doing business as Cylerity), and Forward Financing, LLC as additional creditors that may claim interests in receivables or cash, although no Florida UCC financing statements were located for those creditors. As adequate protection, each lienholder will be granted replacement liens on post-petition assets similar to its pre-petition collateral. These replacement liens are automatically perfected without further filings and do not extend to Chapter 5 avoidance actions or the carveout established under the order. In case the replacement liens are insufficient, the lienholders will receive administrative expense claims under Section 507(b), subject to the fee carveout. Additionally, Royal Oaks Capital will receive a monthly payment of $10,000, beginning August 1. The interim order preserves all challenge rights regarding the validity, extent, priority, perfection, and characterization of asserted liens and receivables transactions. The Debtors, Subchapter V Trustee, and other parties in interest have 75 days from July 13 to commence any challenge proceedings, after which unchallenged liens will be deemed valid as against the estates. The court scheduled a final hearing for August 12. About Atlantic Recovery Center LLC Atlantic Recovery Center, LLC, doing business as Reign Residential Treatment Center, operates a mental health treatment center in Southwest Ranches, Florida. The center provides mental health treatment programs including residential inpatient care, multiple levels of care, cognitive behavioral therapy, dialectical behavioral therapy, family therapy, group therapy, trauma therapy, and 12-step therapy/program introduction. It serves clients seeking treatment for mental health concerns in South Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18871) on July 7, 2026. In the petition signed by Evan Prager, manager of Centric Behavioral Health, LLC, its sole member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Zach B. Shelomith, Esq., at Shelomith Law, represents the Debtor as bankruptcy counsel. BACCI CAFE: Court Extends Cash Collateral Access to Aug. 4 ---------------------------------------------------------- Bacci Cafe & Pizzeria on Milwaukee Ave., 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 seventh interim order extending the Debtor's authority to use the cash collateral of the U.S. Small Business Administration through August 4 in accordance with its budget, which projects total monthly operational expenses of $159,027. The SBA, a pre-bankruptcy secured lender, asserts a senior, valid blanket lien on the Debtor's assets and cash proceeds, securing debt of at least $141,859.00. Additional subordinate lienholders include Bill Me Later/WebBank and Funding Metrics. As adequate protection, the SBA and subordinate lienholders will be granted replacement liens on substantially all assets of the Debtor, maintaining the same priority and validity as their pre-petition liens, along with a potential administrative expense claim under section 507(b) of the Bankruptcy Code. The Debtor must comply with the reporting, inspection, insurance, and collateral maintenance obligations. A further hearing is scheduled for August 3. The interim order is available at https://shorturl.at/AbyuR from PacerMonitor.com. About Bacci Cafe & Pizzeria on Milwaukee Ave Inc. Bacci Cafe & Pizzeria on Milwaukee Ave, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19761) on December 30, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. BELLA CAPRI: Amends Unsecured Contingency Claims Pay ---------------------------------------------------- Bella Capri, LLC, submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated July 13, 2026. The Debtor is a single-asset real estate limited liability company whose sole material asset is a luxury condominium unit located at 17875 Collins Avenue, Penthouse 4506, Sunny Isles Beach, Florida 33160 (the "Property"). The Plan contemplates the marketing and sale of the Property free and clear of liens, claims, interests, and encumbrances pursuant to Section 363 of the Bankruptcy Code, with all valid, perfected, and enforceable liens to attach to the Sale Proceeds with the same validity, priority, and extent as such liens attached to the Property immediately before the Closing, subject to satisfaction and release as provided in the Plan and the Sale Order. If a contract for sale of the Property has not been accepted by the Debtor by September 30, 2026, then the Property shall immediately be marketed for sale by public auction which shall occur on or before November 23, 2026. Class 4 consists of General Unsecured Claims. Paid pro rata with Class 5 Claims from remaining Net Sale Proceeds, if any, after payment of Class 1, 2, 3, and Administrative Claims. The allowed unsecured claims total $21,691.85 plus interest if the estate is solvent. This Class is impaired. Class 5 consists of Deficiency Claims. Class 5 Claims, if any, shall be paid pro rata with Class 4 Claims from the remaining Net Sale Proceeds, if any, after payment in full of Class 1, 2, 3, and Administrative Claims. Class 6 consists of Unsecured Contingency Claims (Flagstar). If Claim 6 is Allowed or otherwise agreed upon, in exchange for satisfaction and release of the Flagstar Judgment and Flagstar Charging Order, Class 6 Claims shall receive all of the remaining Net Sale Proceeds after payment in full to Class 4 & 5 Claims up to a total of $500,000. Class 7 consists of Equity Interests. Interests cancelled; no distribution on account of existing Interests; new equity issued to Class 7 if Reorganized Debtor continues in business. The Plan will be funded primarily from the Sale Proceeds realized from the sale of the Property pursuant to Section 363 of the Bankruptcy Code and the Sale Order. After payment of ordinary and customary closing costs, taxes, brokerage commissions, and other expenses of sale approved by the Bankruptcy Court, the Net Sale Proceeds will be distributed in accordance with Article V of the Plan. To the extent necessary and available, any Cash on hand, refunds, or recoveries, including any potential recoveries on account of causes of action preserved by the Debtor, may be used to satisfy Plan obligations, subject to the provisions of the Plan and the Confirmation Order. From Confirmation through the Effective Date, the Debtor's Members, Semyon Shtayner and Yasya Shtayner, will continue to advance costs and provide services necessary to physically maintain the Property and keep current all required insurance coverages. A full-text copy of the Amended Disclosure Statement dated July 13, 2026 is available at https://urlcurt.com/u?l=Y8EevF from PacerMonitor.com at no charge. Bella Capri, LLC is represented by: SCHATZMAN & SCHATZMAN, P.A. Jeffrey N. Schatzman, Esq. 9990 S.W. 77th Avenue Penthouse 2 Miami, Florida 33156-8115 Telephone: (305) 670-6000 Email: jschatzman@schatzmanlaw.com About Bella Capri LLC Bella Capri, LLC, a company in Sunny Isles Beach, Fla., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24523) on Dec. 9, 2025. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $1 million and $1 million. Bankruptcy Judge Laurel M. Isicoff oversees the case. The Debtor is represented by Jeffrey N. Schatzman, Esq. BIG BATCH: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Big Batch Enterprises, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. Under the second interim order, the Debtor is authorized to use the cash collateral of Dime Saving Bank through August 7 based on an approved operating budget, subject to a variance of up to 5% on individual budget line items. Dime, which holds a perfected blanket lien on the Debtor's assets, will be provided with adequate protection through a monthly payment of $1,000 and replacement liens on the Debtor's assets similar to its pre-petition collateral, with the same validity and priority as its pre-petition lien. These replacement liens do not apply to Chapter 5 avoidance actions and any proceeds derived from such actions. Both the Debtor and Dime preserve all rights regarding future challenges, objections, requests for additional protection, and disputes concerning lien validity. The order also includes a carve-out for U.S. Trustee fees and up to $10,000 in Chapter 7 trustee fees if the Debtor's case is converted to Chapter 7. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/2jqs7 from PacerMonitor.com. A final hearing is scheduled for August 5. About Big Batch Enterprises LLC Big Batch Enterprises LLC, doing business as Box Pickleball, operates an indoor pickleball and recreation venue in Riverhead, New York. The company provides pickleball court booking, open play, lessons, clinics, leagues, and tournaments, along with recreational activities including cornhole, pool tables, golf simulators, and darts. It also offers food and bar service, parties and events, group table and court reservations, and a pro shop. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-72117) on May 27, 2026. In the petition signed by Curtis Morrison, managing member, the Debtor disclosed $409,303 in total assets and $1,574,271 in total liabilities. Judge Sheryl P Giugliano oversees the case. Heath S. Berger, Esq., at BFSNG Law Group, LLP, represents the Debtor as legal counsel. BLOOMIN CRAZY: Gets OK to Use Cash Collateral Until Aug. 8 ---------------------------------------------------------- Bloomin Crazy Nursery and More Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral from July 8 to August 8 based on the court-approved 30-day budget, subject to a 10% variance per line item. The budget projects total receipts of $543,511 and total operating expenses of $523,993, resulting in a projected ending cash balance of $19,518 for 30 days. Several creditors may claim security interests in the Debtor's cash collateral, including funds held in bank accounts and accounts receivable. Potential secured creditors identified include First Corporate Solutions, Inc., acting as representative for an unidentified secured party under a July 2024 UCC filing, QFS Capital, LLC, Ford Global, LLC, and two separate UCC filings by C T Corporation System, acting as representative for unidentified secured creditors. Because several financing statements list only filing agents rather than the actual secured lenders, the Debtor noted that it has been unable to identify all creditors asserting security interests. As adequate protection, secured creditors will be granted post-petition replacement liens on the same types of collateral in which they held valid, perfected pre-petition security interests. The Debtor retained the right to challenge the validity, priority, and enforceability of those pre-petition liens. The order is available at http://bankrupt.com/misc/BloominCrazy_ICCOrder32.pdf A further hearing is scheduled for August 4. About Bloomin Crazy Nursery and More, Inc. Bloomin Crazy Nursery and More, Inc. is a Leland, North Carolina-based nursery, garden center, and landscaping services company. The business provides landscape design, garden maintenance, hardscape installation, and retail nursery products. It also operates a fleet of heavy-duty vehicles to support its landscaping and construction operations. Bloomin Crazy Nursery and More, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03092) on July 8, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by George M. Oliver, Esq., of The Law Offices of George Oliver, PLLC. BOKQUA LLC: To Sell Colorado Assets to Multiple Buyers ------------------------------------------------------ Bokqua LLC seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Colorado limited liability company that owns and leases real property comprised of single family homes and condominium properties in Colorado. As of the Petition Date, the Debtor held approximately 169 properties. r2 advisors LLC serves as the Chief Restructuring Officer (CRO) of the Debtor and Atlas Real Estate acts as the Debtor's property manager. The CRO has been working with Atlas to organize and restructure the Debtor’s financial and operational affairs. The Debtor is continuing to operate and intends to file a plan of reorganization that will allow the Debtor to continue to maximize value of the portfolio for the value of its creditors. The Debtor has entered into the following eight contracts for the sale of real property: A. Kittredge Contract: 1140 S. Kittredge Street - Sean Badinski and Lorraine Ortega for $465,000 B. Duquesne Contract: 1148 S. Duquesne Circle - Christopher Johnson Jr. for $485,000 C. Newark Contract: 1616 Newark Street - Christine Ruppert for $270,000 D. Mowry Contract: 3400 Mowry Place - Edith Melendez and Jorge Martinez for $405,000 E. Morning Glory Contract: 3610 Morning Glory Drive - Dennis King for $565,000 F. Elk Court Contract: 5613 Elk Court - Mario Acevedo and Telly Acevedo for $514,000. G. Elk Street Contract: 7844 S. Elk Street - Majid Aslami for $630,000 H. 248 Contract: 10782 E. Exposition Avenue - Rogelio Acero for $105,000 The Debtor is marketing and selling the Sale Properties through a licensed Colorado broker employed with Atlas. The sales are the product of arms-length transactions as a result of Atlas' marketing efforts. The anticipated sale prices are reasonable. The Debtor has conducted an extensive evaluation of the Sale Properties and the local market conditions with Atlas prior to deciding the sell the Sale Properties and proceed with the Sale Contracts. The buyers are proceeding in good faith in a series of arms-length transactions. The buyers are purchasing the Sale Properties for at least fair market value and the sale prices have been determined as a result arm’s length negotiations between the parties. The Debtor has no prior relationship to any of the buyers. About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BONIFAS ENTERPRISES: Fine-Tunes Plan Documents ---------------------------------------------- Bonifas Enterprises, Inc. submitted an Amended Small Business Plan of Reorganization under Subchapter V dated July 10, 2026. The Plan provides creditors with a distribution on their Claims in an amount greater than any other potential known option available to the Debtor. The Debtor's financial issues were caused by an overexpansion. The Debtor hired too many employees, and the labor costs caused significant cash flow issues. The Debtor tried to remedy the cash flow issues by taking out merchant cash advances. The merchant cash advances, however, caused the Debtor's financial issues to spiral and ended up leading to the bankruptcy filing. Class 8 consists of those unsecured creditors of the Debtor who hold Allowed Claims that were either scheduled by the Debtor as undisputed, or subject to timely filed proofs of claim to which the Debtor does not successfully object. Class 8 is impaired by the Plan. In the first year after the Effective Date, no payments will be made to general unsecured creditors. In the second year after the Effective Date (months 13 to 24), the Debtor shall make quarterly payments to general unsecured creditors of $6,197.50, pro rata, with said payment to be made within 30-days after the end of each quarter. In the third year after the Effective Date (months 25 to 36), the Debtor's quarterly payment shall increase to $9,348.75, pro rata with each payment to be made within 30-days after the end of each quarter, at which point the Debtor's plan obligations shall be concluded. These guaranteed payments have been calculated using the Debtor's projections, attached to this Plan as Exhibit B. The Debtor's projections allow the Debtor to build a $50,000.00 emergency reserve, after which dollars will be paid to general unsecured creditors. Class 9 includes the interests in Debtor held by the its pre confirmation shareholders. Class 9 is not impaired by this Plan. On the Effective Date of the Plan, Class 9 Interest Holders shall retain their interests in Debtor which they owned prior to the Petition Date. The Debtor's Plan is feasible. As noted in the Debtor's projections, the Debtor projects to pay unsecured creditors the guaranteed sum of $62,185.00 over the life of the Plan. The Debtor's projections show the Debtor's projected annual revenue and expenses in detail. Based on those projections, the Plan is feasible. On the Effective Date of the Plan, Mr. Joshua Bonifas, the sole member of Debtor, shall be appointed pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Plan, and taking all actions deemed necessary or convenient to consummating the terms of the Plan. Mr. Bonifas' compensation will remain unchanged from his compensation prior to the Effective Date in the amount of $145,000.00 annually between salary and distributions. As noted in the Liquidation Analysis attached hereto as Exhibit C, in a liquidation in Chapter 7, virtually nothing would be available for creditors. By contrast, Debtor proposes a Plan which guarantees paying general unsecured creditors $62,185.00 over 3 years, or 3.9%, via this Plan, in addition to paying priority and administrative expense creditors in full. A full-text copy of the Amended Plan dated July 10, 2026 is available at https://urlcurt.com/u?l=XizJQ5 from PacerMonitor.com at no charge. Counsel to the Debtor: Jonathan M. Dickey, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: jmd@kutnerlaw.com About Bonifas Enterprises Bonifas Enterprises, Inc., doing business as Best Western Transmission, provides automotive repair and maintenance services in Colorado Springs, Colorado, and throughout El Paso County. Bonifas Enterprises, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 26-11160) on Feb. 27, 2026, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Joshua Bonifas as sole shareholder. Judge Kimberley H Tyson presides over the case. Jonathan M. Dickey, at KUTNER BRINEN DICKEY RILEY, P.C., serves as the Debtor's counsel. BRAND INDUSTRIAL: Loan Pact Opens Door for Owners to Reclaim Stake ------------------------------------------------------------------ Katherine Schwartz, Soma Biswas, Dorothy Ma, and Reshmi Basu of Bloomberg News report that the creditors of Brand Industrial Services Inc. have reached a cooperation pact that contains a rare clause giving the company’s owners the option to purchase lender debt holdings, people familiar with the situation said. The agreement, which was finalized in early July 2026, permits sponsors Clayton Dubilier & Rice and Brookfield Corp. to buy debt from certain lenders after meeting specified conditions and executing a joinder, according to the people, who requested anonymity because the matter is private. Gibson Dunn & Crutcher is representing the lenders, the report states. The unusual debt-purchase provision is designed as a protective mechanism, allowing creditors to limit the possibility that the owners could take actions that alter the balance of power among stakeholders, according to Bloomberg. The agreement highlights growing tensions between lenders and financially challenged companies as creditors seek greater influence over restructuring discussions. Brand Industrial Services operates in the industrial services sector, providing equipment and support services for construction and maintenance projects, the report relays. About Brand Industrial Services, Inc. Brand Industrial Services, Inc. is a global company that provides access, scaffolding, and specialized industrial services for construction, maintenance, and energy projects, operating under the name BrandSafway. BRIGHTLINE TRAIN: Debt Deadline Extended Again ---------------------------------------------- Alicia McElhaney of WSJ Pro reports that Brightline has secured another short-term extension of its interest payment deadline, allowing the Florida passenger rail operator more time to negotiate a bankruptcy financing arrangement with rival creditor groups. The revised deadline extends the payment date to July 24, according to a regulatory filing. The agreement was reached with holders of the railroad's commuter bonds, postponing the payment while discussions over restructuring financing continue. The extension is designed to preserve negotiations without triggering an immediate default, the report states. Backed by Fortress Investment Group, Brightline continues to explore options to address its financial obligations. The company remains engaged with creditors as it evaluates potential financing solutions that could support a broader restructuring, according to WSJ Pro. The additional week provides temporary relief while negotiations continue. The company's financial future will depend on whether creditors can reach agreement on a restructuring framework before the extended deadline expires, the report cites. About Brightline Train Florida Brightline offers high-speed rail between Miami, Fort Lauderdale, and Orlando. CALIBERCOS INC: Breaks Ground on Steamboat Springs Hyatt Studios ---------------------------------------------------------------- CaliberCos Inc. broke ground on a planned 114-room Hyatt Studios extended-stay hotel in Steamboat Springs, Colorado, according to a press release furnished with a regulatory filing. The four-story, 57,971-square-foot property at 1801 Lincoln Ave. is expected to open in the second half of 2027. Construction is targeted for completion in the second quarter of 2027, with stabilization anticipated in the first quarter of 2029. The project is the first of three Hyatt Studios developments in CaliberCos' multi-market platform to begin construction. The other planned developments are in Riverwalk/Scottsdale, Arizona, and Georgetown, Texas. The Steamboat Springs hotel will include kitchens in every guestroom, ski and bike storage, a self-service marketplace, fitness and laundry facilities, outdoor hot tubs, fire pits, grills and seating. CaliberCos said the property is one of 15 Hyatt Studios hotels it plans to develop. About CaliberCos Inc. CaliberCos Inc., based in Scottsdale, Arizona, operates an alternative asset management platform focused on real estate and digital assets. Its real estate activities include private equity funds and investments in hospitality, multifamily and other middle-market properties, while its treasury strategy includes holdings of LINK, the token used by the Chainlink network. The company reported more than $2.6 billion in managed assets and serves accredited investors seeking exposure to real and digital assets. On March 25, 2026, Urish Popeck & Co. LLC included substantial-doubt language in its audit report, citing significant operating losses, negative cash flows from operations and the company's dependence on increasing revenue and obtaining financing to continue operations. The firm has served as CaliberCos' auditor since 2024. As of March 31, 2026, CaliberCos had total assets of $179.59 million, total liabilities of $140.88 million and total stockholders' equity, including noncontrolling interests, of $38.72 million. CARLSBAD 10: Plan Exclusivity Period Extended to Sept. 1 -------------------------------------------------------- Judge Christopher B. Latham of the U.S. Bankruptcy Court for the Southern District of California extended Carlsbad 10 Hospitality, LLC's exclusive periods to file a plan of reorganization and disclosure statement to Sept. 1, 2026. As shared by Troubled Company Reporter, the Debtor explains that after lengthy and time consuming negotiations, the Parties have arrived at the Agreement regarding the sale of Debtor's assets for an amount Debtor anticipates will be sufficient to pay all allowed, non-insider creditors in full. After the sale of Debtor's assets closes in mid-June, Debtor will need time to file at least two objections to proofs of claim and then prepare the case for either dismissal or organization as appropriate. To the extent the Exclusive Filing Period deadline remains June 3, during this time, Debtor would be required to divert valuable time and resources away from these efforts to prepare and file a Chapter 11 plan. Thus, extending the Exclusive Filing Period by 90 days will allow Debtor to focus its time and energy in the near term on effectuating the terms of the Agreement will "facilitate moving the case forward toward a fair and equitable resolution." Henry Mayo Newhall Mem'l. Hosp., 282 B.R. at 453. This factor therefore weighs heavily in finding cause exists to extend the Exclusive Filing Period. Other factors present here also favor extending the Exclusive Filing Period: Factor 2, concerning the necessity of sufficient time to negotiate and prepare adequate information, supports extending the Exclusive Filing Period because the Parties need sufficient time to finalize and carry out their Agreement. Factor 3, concerning the existence of good faith progress toward reorganization, supports extending the Exclusive Filing Period because the Parties have entered the Agreement, which evidences the Parties' good faith efforts to negotiate a globally acceptable plan for reorganization. Factor 4, concerning Debtor's payment of its outstanding debts, supports extending the Exclusive Filing Period because Debtor is current on all post-petition obligations. Carlsbad 10 Hospitality, LLC is represented by: Paul J. Leeds, Esq. Meredith King, Esq. FRANKLIN SOTO LEEDS LLP 444 West C Street, Suite 300 San Diego, CA 92101 Telephone: (619) 872-2520 Facsimile: (619) 566-0221 E-mail: pleeds@fsl.law, mking@fsl.law About Carlsbad 10 Hospitality Carlsbad 10 Hospitality, LLC is a California-based company that operates hotel properties in Carlsbad under the brand names Hyatt House Carlsbad, Studio 6 Suites, and Carlsbad Suites, with Studio 6 Suites operated as a franchise of G6 Hospitality Franchising LLC. It holds a leasehold interest under a ground lease for the land, buildings, and associated improvements at 5010 Avenida Encinas, valued at $11 million. Carlsbad 10 Hospitality filed Chapter 11 petition (Bankr. S.D. Cal. Case No. 26-00434) on February 3, 2026, with between $10 million and $50 in both assets and liabilities. Judge Christopher B. Latham oversees the case. Paul Leeds, Esq., at Franklin Soto Leeds, LLP is the Debtor's legal counsel. CENTRAL FALLS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The Central Falls Detention Facility Corporation received interim approval from the U.S. Bankruptcy Court for the District of Rhode Island to use cash collateral. Under the interim order, the Debtor is authorized to use pre-petition collateral, including cash collateral constituting proceeds of accounts and revenues from operations of its Rhode Island facility. It does not include any other funds the Debtor received during its Chapter 11 case. The Debtor operates The Donald W. Wyatt Detention Facility, an adult maximum-security detention facility in Central Falls, Rhode Island, housing federal detainees for the U.S. Marshals Service, the Bureau of Prisons, and Immigration and Customs Enforcement. Following its July 10 bankruptcy filing, the Debtor faces critical operational and financial challenges due to its frequent inability to sustain population rates necessary to cover its substantial long-term debt obligations. Through its bankruptcy case, the Debtor intends to implement a restructuring plan to substantially refinance and reduce its existing debt. The core of the Debtor's financial obligations stems from the issuance of $106 million in Series 2005A Revenue Refunding Bonds on June 30, 2005, to fund a facility expansion. UMB Bank, N.A. serves as the successor indenture Bond Trustee. As of the petition date, the outstanding bond debt totals a principal amount of $97.3 million, plus an additional $71.7 million in accrued, unpaid interest that continues to accumulate at a daily rate of $19,595, alongside unliquidated prepetition professional fees. The Bond Trustee holds a first-priority security interest and lien on all facility revenues, tangible and intangible personal property, real property, leases, and rents. For comparison, the Debtor's commercial property insurance policy values the replacement cost of its real and personal property at $115.9 million, supplemented by a $7.054 million business interruption policy for debt service. To resolve the liquidity crisis, the Bond Trustee has consensually agreed to allow the Debtor to use a total of $15.6 million in cash collateral over a strict 13-week budget. This funding is dedicated solely to paying everyday operating maintenance, payroll, vendor invoices, and the administrative expenses of the Chapter 11 case. Under the interim order, the Bond Trustee will be granted adequate protection through replacement liens on all currently owned and post-petition assets of the Debtor, with the same priority, validity and extent as its pre-petition liens. These replacement liens do not apply to avoidance actions. In addition, the Bond Trustee is entitled to a superpriority expense claim allowed under section 507(b) of the Bankruptcy Code against all assets of the Debtor's estate, subject only to valid statutory priority liens and a "carveout" designed to cover U.S. Trustee fees and up to $300,000 in post-termination estate professional fees. Events of default under the interim order include failure to materially comply with these key milestones: (i) the Debtor must hold a weekly conference call with the Bond Trustee and bondholders to discuss cash flows, operations, budget compliance, and the Chapter 11 case; (ii) the Debtor must file on the petition date its Chapter 11 plan, disclosure statement, solicitation materials, and related motions, all acceptable to the Bond Trustee; (iii) the Debtor must obtain interim cash collateral order within three business days after the petition date; (iv) the Debtor must obtain a final cash collateral order and approval of the disclosure statement and solicitation materials within 50 days after the petition date; (v) the Debtor must obtain confirmation of a Chapter 11 plan within 90 days after the petition date; and (vi) the plan must become effective within 30 days after confirmation. Upon an event of default, the Debtor's authorization to use cash collateral will immediately terminate following a five-business-day notice and cure period, during which the Debtor may seek an expedited court hearing to contest the default. The order is available at http://bankrupt.com/misc/CentralFallsDetention_ICCOrder40.pdf The court scheduled a final hearing for August 20 and set an August 13 deadline for filing objections. UMB Bank is represented by: DUFFY & SWEENEY, DIVISION OF STEVENS & LEE Robert M. Duffy, Esq. Andrew G. Blais, Esq. 321 South Main Street, Suite 400 Providence, RI 02903 Tel: 401-455 0700 robert.duffy@stevenslee.com andrew.blais@stevenslee.com -and- MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C. Ian A. Hammel, Esq. One Financial Center Boston, MA 02111 Tel: 617-542-6000 Fax: 617-542-2241 IAHammel@mintz.com -and- MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C. Kaitlin R. Walsh, Esq. Megan Preusker, Esq. 919 Third Avenue New York, NY 10022 Tel: 617-542-6000 Fax: 617-542-2241 KRWalsh@mintz.com MPreusker@mintz.com About Central Falls Detention Central Falls Detention Facility Corporation is a Rhode Island nonprofit entity responsible for owning and operating the Donald W. Wyatt Detention Facility in Central Falls. Established by the State of Rhode Island, the corporation was formed to develop and manage a secure detention facility serving federal government needs. The company provides detention services through federal contracts, housing detainees referred by government agencies, including Immigration and Customs Enforcement. Central Falls Detention Facility Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. R.I. Case No. 26-10628) on July 10, 2026. In the petition signed by Daniel S. Polsky, the Debtor reported between $100 million and $500 million in both assets and liabilities. Honorable Bankruptcy Judge John A. Dorsey Jr. handles the case. The Debtor tapped Daniel E. Burgoyne, Esq., at Partridge Snow & Hahn, LLP and Troutman Pepper Locke, LLP as bankruptcy counsel; Pannone Lopes Devereaux & O'Gara, LLC as local counsel; Getzler Henrich & Associates, LLC as financial advisor; and Epiq Corporate Restructuring, LLC as claims and noticing agent. CENTRAL FALLS: Unsecureds be Paid in Full or be Reinstated ---------------------------------------------------------- Central Falls Detention Facility Corporation filed with the U.S. Bankruptcy Court for the District of Rhode Island a Disclosure Statement for Chapter 11 Plan dated July 10, 2026. The Debtor owns and operates the Donald W. Wyatt Detention Facility (the "Facility"). The Facility is comprised of (i) a three-story building built in 1993 located at 950 High Street, Central Falls, Rhode Island owned in fee simple by the Debtor, and (ii) the Wyatt Detention Facility Training Building at 935 High Street, Central Falls, Rhode Island (including adjacent employee and visitors parking lots) ("935 High Street"), which the Debtor acquired on December 23, 2019 following its exercise of a purchase option under a prior lease. The Debtor currently accepts detainees from the United States Marshals Service ("USMS") pursuant to that certain Office of Detention Services Intergovernmental Agreement, dated June 1, 2022 (as modified, amended, or supplemented from time to time, the "2022 IGA", and together with appendices and exhibits thereto referred herein as the "USMS Contract"). Under the USMS Contract, the Debtor houses federal detainees awaiting trial or sentencing in Federal Court. As also needed, the Debtor houses adult detainees from the Federal Bureau of Prisons. During this Chapter 11 Case, the Debtor continues to operate its business in the ordinary course. The Debtor is commencing this Solicitation to implement a comprehensive financial restructuring to deleverage the Debtor's balance sheet to ensure the long-term viability of the Donald W. Wyatt Detention Facility (the "Facility"). As a result of extensive negotiations with its secured bondholders and the City, the Debtor entered into a restructuring support agreement (including any amendments, modifications and joinders thereto, the "Restructuring Support Agreement") with the Consenting Holders who hold, in the aggregate, approximately 71.2% of the outstanding principal amount of the Existing Bonds and the City of Central Falls, Rhode Island (the "City", and together with the Consenting Holders, the "Consenting Parties"). The Restructuring contemplated by the Plan will result in a reduction of the Debtor's liability to the bondholders by over $100,000,000 and the dismissal of the Federal Court Litigation, bringing an end to years of costly and time-consuming litigation among the Debtor, bondholders, and the City. This deleveraging and settlement of liabilities will enhance the Debtor's long-term prospects and allow the Debtor to refocus its efforts on operating the Facility. The Plan provides for, in relevant part, the following treatment of Claims: * Holders of Allowed Other Secured Claims and Allowed Other Priority Claims will be unimpaired under the Plan. * Holders of Allowed Existing Bond Secured Claims shall receive, in full and final satisfaction of such Claims, their Pro Rata share of (i) $27.5 million in face amount of New Series 2026A Bonds, and (ii) $40 million in face amount of New Series 2026B Bonds, in each case, to be issued by the Reorganized Debtor on the Effective Date under the Restated Indenture; * In full and final satisfaction of the City Claims, the City shall receive the terms of the City Settlement set forth in Section 5.04 of the Plan, which includes, among other things, (i) goforward annual Local Impact Fees totaling $250,000 per year, payable in monthly installments so long as scheduled monthly payments to the Trustee on account of the New Series 2026A Bonds are current and there is no Event of Default under the Restated Bond Documents, (ii) five percent of Excess Cash Flow as and when Excess Cash Flow is remitted to the Bond Trustee for redemption of New Series 2026B Bonds, (iii) a $25,000 annual charitable donation to federally tax-exempt nonprofits providing services in the City for public safety, public health, or workforce development, and (iv) within the first twelve months following the Effective Date, reimbursement for up to $400,000 for community amenities identified by the City and approved by the Reorganized Debtor. * Holders of Allowed Unsecured Litigation Claims will have their Claims Reinstated as of the Effective Date. Any amounts payable on account of any Allowed Class 5 Claim that is or has been (i) reduced to judgment or (ii) settled, in each case, pursuant to a Final Order of a court of competent jurisdiction or settled by the Debtor or Reorganized Debtor, shall be payable by the Debtor or Reorganized Debtor solely to the extent that such amounts are not otherwise paid or payable from proceeds of applicable insurance policies of the Debtor or Reorganized Debtor. * Holders of Allowed Data Security Incident Class Action Claims shall receive either the terms of the Data Security Incident Class Action Settlement or have their Claims Reinstated, in each case, subject to the terms and conditions set forth in the Plan. * Holders of Allowed General Unsecured Claims shall receive on the Effective Date, in full and final satisfaction of such Claims, either (i) payment in full in Cash; or (ii) Reinstatement of their Allowed General Unsecured Claims. Class 7 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed Class 7 Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, and release of and in exchange for each Class 7 Claim, on the Effective Date, each Holder of an Allowed Class 7 Claim shall receive, at the Debtor's or Reorganized Debtor's option with the consent of the Bond Trustee, either (i) payment in full in Cash; or (ii) Reinstatement of its Allowed General Unsecured Claim. This Class is unimpaired. The Plan embodies and implements a comprehensive settlement and compromise among the Debtor, holders of a majority in principal amount of the Existing Bonds, and the City, related to a number of issues affecting the Debtor and the Facility (the "Global 9019 Settlement"). The Global 9019 Settlement is centered on resolving (i) the Debtor's obligations associated with its senior secured indebtedness, the Existing Bonds, which have been in default for over ten years, and (ii) the Federal Court Litigation and the City's claims for impact fees that have gone unpaid for years given the Debtor's financial condition. A full-text copy of the Disclosure Statement dated July 10, 2026 is available at https://urlcurt.com/u?l=FxKbfu from PacerMonitor.com at no charge. The Debtor's Counsel: Daniel. E. Burgoyne, Esq. Matthew A. Lopes, Jr., Esq. PARTRIDGE SNOW & HAHN LLP 40 Westminster Street, Suite 1100 Providence RI 02903 Tel: (401) 861-8254 Fax: (401) 861-8210 E-mail: dburgoyne@psh.com E-mail: mlopes@psh.com Jonathan W. Young, Esq. Hanna J. Redd, Esq. TROUTMAN PEPPER LOCKE LLP 111 Huntington Ave., 9th Floor Boston, MA 02199 Tel: (617) 239-0100 Fax: (617) 227-4420 E-mail: jonathan.young@troutman.com E-mail: hanna.redd@troutman.com - and - Aaron C. Smith, Esq. 111 South Wacker Drive, Suite 4100 Chicago, IL 60606 Tel: (312) 443-700 Fax: (312) 443-0336 E-mail: aaron.smith@troutman.com About Central Falls Detention Central Falls Detention Facility Corporation is a Rhode Island nonprofit entity responsible for owning and operating the Donald W. Wyatt Detention Facility in Central Falls. Established by the State of Rhode Island, the corporation was formed to develop and manage a secure detention facility serving federal government needs. The company provides detention services through federal contracts, housing detainees referred by government agencies, including Immigration and Customs Enforcement. Central Falls Detention Facility Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. R.I. Case No. 26-10628) on July 10, 2026. Honorable Bankruptcy Judge John A. Dorsey Jr. handles the case. The Debtor is represented by Daniel E. Burgoyne, of Partridge Snow & Hahn LLP. CERTIFIED ROOFING: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On July 19, 2026, Certified Roofing Solutions, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in liabilities owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 10, 2026 at 09:00 AM, CT, at/via with the U.S. Trustee by telephone at (888) 330-1716, Access Code 7738427. The court set Jan. 15, 2027 as the deadline for government proofs of claim and Oct. 19, 2026 as the due date for the Debtor's Subchapter V Chapter 11 plan. About Certified Roofing Solutions, LLC Certified Roofing Solutions, LLC is a Lynn Haven, Florida-based roofing contractor specializing in residential roofing services. The company operates in several Florida markets, including Ocala, Panama City, Pensacola, Orlando, St. Augustine, and Tallahassee, and utilizes five-person field crews for roofing projects. The company holds an active Florida contractor license through August 2026. Certified Roofing Solutions, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50145) on July 19, 2026. In its petition, the Debtor reports estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Karen K. Specie is handling the case. The Debtor is represented by Michael Howard Moody, Esq., of Michael H. Moody Law P.A. CHIRON COMMUNICATION: Claims to be Paid from Disposable Income -------------------------------------------------------------- Chiron Communication Services, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated July 10, 2026. The Debtor is a Texas limited liability company operating in the State of Texas. The 100% owner and sole managing member of the Debtor is Courtney McMaster. The Debtor continues to operate its fiber-optic system installation services business. The Debtor installs fiberoptic cabling systems at various constructions sites throughout the Houston metropolitan area. The Debtor had an uncharacteristically slow business year in 2025 (as reflected on the Debtor's Statement of Financial Affairs), which was caused primarily by a number of new private customer contracts not coming to fruition, and customers being delayed in providing payment to the Debtor for completed contracts (the Debtor had approximately $180,000 in unpaid accounts receivable as of the Petition Date). These events led to the Debtor falling behind in servicing its secured note liabilities and trade debt obligations with various vendors. Resulting litigation and collection efforts from lenders and vendors to which Debtor had defaulted had temporarily stifled Debtor's ability to complete pending projects, or successfully bid on new projects. Shortly before, and since the Petition Date, Debtor has secured several projects with TXDot for installation of fiber-optics at multiple government construction sites. The Debtor has concentrated on acquiring more government-based contracts, which has resulted in more consistent and reliable customer payments. The Debtor has also shifted away from the ongoing servicing section (trouble-shooting, network restoration) of its business, which after analysis, was not producing the same degree of revenues as the Debtor's installation projects. Class 8 consists of General Unsecured Creditors. Each creditor holding a Class 8 Claim shall be paid a pro rata share of its Allowed Claim from Debtor's monthly disposable income, paid out in equal monthly installments over 60 months, commencing on the 20th day of the first month after the Effective Date or when such claim is allowed or ordered paid by Final Order of the Court, whichever date is later. There are twenty-two known creditors in this class. Class 8 claims are impaired. The Debtor, or Reorganized Debtor, if applicable, shall fund its Plan of Reorganization out of projected monthly income earned by the Reorganized Debtor from operations of its fiberoptic system installation services business, after the Effective Date. The funds necessary for the satisfaction of the creditors' claims are to be generated, basically, from disposable income over 60 months (after deducting proposed payments to Classes 4, 5, 6 and 7) of $541,785. A full-text copy of the Plan of Reorganization dated July 10, 2026 is available at https://urlcurt.com/u?l=8Ppu7y from PacerMonitor.com at no charge. About Chiron Communication Services Chiron Communication Services, LLC is a telecommunications infrastructure contractor based in Humble, Texas. Founded in 2006, Chiron specializes in fiber optic and copper network installation, structured cabling, and outside plant engineering services for commercial, government, and institutional clients. It provides end-to-end deployment services, including splicing, testing, underground and aerial construction, and maintenance of communications networks, supporting large-scale connectivity projects across the U.S. Chiron Communication Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32549) on April 13, 2026, with between $1 million and $10 million in both assets and liabilities. Courtney McMaster, president of Chiron, signed the petition. Judge Jeffrey P. Norman oversees the case. The Debtor tapped Matthew Hoffman, Esq., at Hoffman & Saweris, P.C., as bankruptcy counsel, and Matthew J. Borror, Esq., as special counsel. Catherine Stone Curtis of McGinnis Lochridge was named as Subchapter V trustee for the Debtor. CLACKAMAS PHYSICAL: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon is set to hold a hearing today to consider extending Clackamas Physical Therapy Associates, Inc.'s authority to use cash collateral. The Debtor was initially allowed to access cash collateral under the court's July 16 interim order. The interim order authorized the Debtor to use cash collateral in accordance with the approved 14-day budget of $77,961.50. The order granted the U.S. Small Business Administration and all junior secured creditors adequate protection through automatically perfected replacement liens on post-petition collateral, and a monthly payment of $1,000 to the SBA. Before the Debtor's bankruptcy filing, several creditors recorded Uniform Commercial Code financing statements against its assets to secure repayment of outstanding obligations. The SBA is the principal secured creditor and appears to be the only creditor with a truly senior perfected security interest. The SBA filed its UCC financing statement on August 25, 2020, giving it a first-priority lien on substantially all of the Debtor's tangible and intangible personal property, including ongoing revenues generated by the business. The Debtor recognizes that the SBA is entitled to enforce its security interest in all of its assets, including cash collateral. About Clackamas Physical Therapy Associates Clackamas Physical Therapy Associates, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 26-32404-pcm11) on July 10, 2026. In the petition signed by Carlene Lewis, secretary, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Peter C. McKittrick oversees the case. Theodore J. Piteo, Esq., at Michael D. O'Brien & Associates PC, represents the Debtor as legal counsel. CLINTWOOD JOD: Court OKs Coal Mining Assets Sale to Multiple Buyers ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Kentucky, London Division, has granted Clintwood JOD LLC and affiliate, JOD Mineral Properties, LLC, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors are Delaware limited liability companies which maintain their principal place of business and business assets in Pike County, Kentucky. The Debtors were formed in 2019 to acquire and operate substantial coal mining assets, many of which were previously the subject of a prior case before this Court, Cambrian Coal. JOD Holdings, LLC (a non-debtor) is the sole member of Clintwood JOD, LLC and JOD Mineral Properties, LLC. Debtor Clintwood JOD, LLC operates both surface and underground mining on leasehold interests located in Pike County, Kentucky and in surrounding areas in Wise and Buchanan Counties, Virginia. The Court has authorized the Debtor to sell Assets to Caterpillar Financial Services Corporation, Align Equipment Finance LLC Series SL-A1, and Community Trust Bank, Inc. as the highest and best offer for the Purchased Assets. (i) Caterpillar Financial Services Corporation's (CFSC) credit bid in the aggregate amount of $1,500,000.00 was designated as the Successful Bid for the equipment of the Debtors in which CFSC has a PMSI lien. (ii) Align Equipment Finance LLC's (Align) credit bid in the amount of $7,000,000.00 was designated as the Successful Bid for the equipment of the Debtors in which Align has a PMSI lien. (iii) Community Trust Bank, Inc.'s (CTB) credit bids in the amounts of $312,420.00, $3,909,100.00 and $5,448,815.00 (totaling $9,670,335) were designated as the Successful Bidsfor the equipment of the Debtors in which CTB has a PMSI lien; and (iv) Square Resources US LLC's (Square) credit bid in the amount of $1,000,000.00 was designated as the Successful Bid for the equipment of the Debtors pursuant to which Square has a DIP lien. The $850,000.00 bid of Bryan Auction Company and Alex Lyon & Sons for the was designated as the Backup Bid for the equipment of the Debtors pursuant to which Square has a DIP lien. The Purchased Assets constitute property of the Debtors' estates and title thereto is vested in the Debtors' estates. The Debtors have demonstrated a sufficient basis and compelling circumstances requiring them to enter into the Sale Transaction, and sell the Purchased Assets. The total consideration provided by each Purchaser for their respective Purchased Assets is the highest or otherwise best offer for the Purchased Assets received by the Debtors. The Sale Transaction has been negotiated by the Debtors and each Purchaser in good faith, at arm’s length, and without collusion or fraud. The Debtors may sell the Purchased Assets free and clear of all Liens. About Clintwood JOD LLC Clintwood JOD, LLC is a coal mining company based in Belcher, Kentucky, operating surface and underground mining activities focused on producing bituminous coal for industrial and metallurgical use. Founded in 2019, the company works across eastern Kentucky and nearby regions, supplying coal to domestic energy and steel-related markets. Its operations center on extracting, processing, and transporting coal, supporting demand from industrial clients in the region. Clintwood JOD sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 26-60438) on March 22, 2026. In the petition signed by J. Christopher Adkins, authorized signatory, the Debtor disclosed assets of between $100 million and $500 million and liabilities of between $50 million and $100 million. Judge Gregory R. Schaaf oversees the case. Dean A. Langdon, Esq., at Gartland Thacker DelCotto, PLLC, represents the Debtor as legal counsel. COLLABOW INC: Case Summary & Eight Unsecured Creditors ------------------------------------------------------ Debtor: Collabow, Inc. 3215 Maple Ave. Suite B Los Angeles, CA 90011 Business Description: Collabow Inc. is a Bell Gardens, California- based apparel manufacturer and wholesaler that produces private- label and branded clothing, providing knitting, dyeing, printing, embroidery, sewing, washing and finishing services through manufacturing operations in the U.S. and overseas. Chapter 11 Petition Date: July 14, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-16986 Debtor's Counsel: Stella Havkin, Esq. STELLA HAVKIN 21650 Oxnard Street, Suite 1540 Woodland Hills, CA 91367 E-mail: shavkinesq@gmail.com Total Assets: $1,773,756 Total Liabilities: $1,743,500 The petition was signed by Jin Chul Jung as owner. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GVFXQMA/Collabow_Inc__cacbke-26-16986__0001.0.pdf?mcid=tGE4TAMA COMJOT LLC: Seeks Subchapter V Bankruptcy in Louisiana ------------------------------------------------------ On July 20, 2026, ComJoT LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to the court filing, the debtor reports between $500,000 and $1 million in liabilities, between $1 million and $10 million in assets, and between one and 49 creditors. The deadline to submit the Chapter 11 Small Business Subchapter V plan is October 19, 2026. About ComJoT LLC ComJoT LLC is a New Orleans, Louisiana-based electronic and communication equipment merchant wholesaler specializing in amateur radio products. Operating as a home-based business since February 2024, the company markets products including the CJ-1 Dual Band Android DMR Open Source Amateur Radio. As of 2026, the business holds a C- rating with the Better Business Bureau following a limited number of customer complaints. ComJoT LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-11769) on July 20, 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 Meredith S. Grabill is overseeing the case. The debtor is represented by Ryan James Richmond, Esq., of Sternberg, Naccari & White, LLC. COOKSON'S TRANSMISSION: To Sell Duncanville Property to DFF Outdoor ------------------------------------------------------------------- Cookson's Transmission City Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is an automotive repair shop located in Duncanville, Texas. The Debtor provides all types of automotive repair and service work, focusing particularly on transmission service and repair. It is one of the only shops in the area with a significant number of service bays and that has the expertise to work on both automatic and manual (standard) transmissions. Liquidity constraints and increased collection activity against the Debtor forced the company to seek the protection of the Bankruptcy Code. The Bankruptcy Case is intended to provide the Debtor and its estate a forum for the orderly and efficient reorganization of its assets and satisfaction of outstanding obligations, including working to restructure its debts. The Debtor owns two parcels of real property located at the following addresses: (a) 1207 Crestdell Drive, Duncanville, Texas 75137; and (b) 1211 Crestdell Drive, Duncanville, Texas 75127. On July 21, 2026, The Debtor enters into a contract with DFF Outdoor Solutions LLC, to purchase the Duncanville Property (that is, 1207 Crestdell Drive and 1211 Crestdell Drive) for the purchase price of $503,000.00, with closing currently scheduled for August 28, 2026. The Debtor believes that the offer received from DFF represents a fair value for the applicable Duncanville Property, that the purchase price is fair and reasonable, and that it is prudent and essential to close the Sale in accordance with the terms of the Commercial Contract. The Debtor submits that the Sale pursuant to the Commercial Contract represents a reasonable exercise of sound business judgment and is in the best interests of Debtor's estate. The Debtor submits that the Sale may be approved free and clear of all liens, claims, encumbrances, and interests, with any valid and enforceable liens, claims, encumbrances, or interests attaching to the proceeds of the Sale. About Cookson's Transmission City Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas-Fort Worth area. Cookson's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33212) on August 22, 2025, listing $1,063,188 in total assets and $880,770 in total liabilities. Joey Carbon, president, signed the petition. Judge Michelle V. Larson oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtor as counsel. COOPER EQUIPMENT: DBRS Confirms 'BB' LongTerm Issuer Rating ----------------------------------------------------------- DBRS Limited (Morningstar DBRS) confirmed its credit ratings on Cooper Equipment Rentals Limited (Cooper or the Company), including the Company's Long-Term Issuer Rating of BB and Long-Term Senior Debt credit rating of BB (low). This one-notch differential reflects Cooper's substantial balance-sheet encumbrance, as the vast majority of assets are pledged under the Company's asset-based credit facility (the ABL Facility). The trend on all credit ratings is Negative. The Company's Intrinsic Assessment (IA) was maintained at BB, and its Support Assessment is SA3, which reflects no expectation of timely external support and results in the Long-Term Issuer Rating being equalized to the IA. KEY CREDIT RATING CONSIDERATIONS The maintenance of the Negative trends reflects Cooper's still-elevated cash flow leverage, while recognizing a moderate improvement to date in 2026 and forecasted continued deleveraging. The Company's credit ratings are supported by its franchise as one of the largest equipment rental businesses in Canada, as well as an experienced senior management team with a high degree of industry knowledge. Additionally, the Company has a sound risk profile including modest credit risk, with asset risk and operational risk considered to be well managed. Morningstar DBRS views the Company's funding and liquidity profile as weak, with significant reliance on the ABL Facility; although, it did somewhat diversify its funding mix through the issuance of senior unsecured notes in 2024. CREDIT RATING DRIVERS Given the Negative trend, a credit rating upgrade is unlikely. Morningstar DBRS would return the trend to Stable if cash flow leverage continues to decline. The Long-Term Senior Debt credit rating would be equalized with the Long-Term Issuer Rating if asset encumbrance levels were reduced substantially. Morningstar DBRS would downgrade the credit ratings if cash flow leverage does not continue to improve. CREDIT RATING RATIONALE Franchise Building Block Assessment: Good/Moderate Founded in 1972, the Company has a well-established franchise in the Canadian equipment rental industry with a footprint of nearly 80 branches primarily in Canada's largest provinces. Cooper has an estimated top-five market share within a mostly fragmented industry, and it serves a diversified customer base across a broad range of market segments. The Company's focus on infrastructure, utilities, and nonresidential construction positions it well to take advantage of a historically strong infrastructure pipeline across the country, while the cyclical residential construction segment makes up less than 10% of revenue. Cooper rents over 56,000 pieces of equipment, including skid-steer loaders, compact track loaders, boom lifts, scissor lifts, telehandlers, forklifts, excavators, wheel loaders, rollers, dozers, articulated dump trucks, air compressors, generators, pumps, compaction, lighting, trench shoring, and a broad range of other general rental equipment and tools. The Company is majority-owned by SeaFort Capital Inc. (SeaFort), a Halifax-based investment company whose founding investors include two of Canada's wealthiest families. Meanwhile, the management team is highly seasoned. Of note, Brian Spilak, formerly Cooper's Chief Operating Officer, was named Chief Executive Officer (CEO), effective March 1, 2026. This change follows the Company's established succession plan, and Doug Dougherty, the former CEO, has been named Executive Chair of the board. Earnings Building Block Assessment: Moderate Cooper's core earnings performance remained relatively stable in 2025 as adjusted EBITDA increased 2% year over year (YOY) to $166.3 million, while unadjusted EBITDA declined 5%. Gross revenue growth slowed slightly YOY to 8%, significantly below historical growth rates, as the operating environment remained challenging, which reduced physical utilization, lowered used equipment sale margins, and pressured rental rates. Total expenses, including cost of sales and excluding amortization and depreciation, increased 13% YOY, a lower growth rate than prior years, with increases across all expense categories, reflecting increased headcount, branches, and rental volume. Amortization and depreciation increased 3% from 2024, a significantly lower rate than prior years as capital expenditure slowed, reflecting an 8% increase in average original equipment cost of the Company's rental fleet, while interest expense declined 8% because of a lower average interest rate on the ABL Facility. Overall, Cooper reported a net loss of $28.0 million on an unadjusted basis, compared with a $28.6 million net loss in 2024. Positively, the Company has seen good momentum in Q1 2026, as a renewed focus on cost containment, alongside utilization and rental rates recovering from a challenging 2025, resulted in a 16% YOY increase in adjusted EBITDA (21% on an unadjusted basis). Additionally, a net loss of $13.9 million in Q1 2026 was well below the Q1 2025 net loss of $23.7 million. Risk Building Block Assessment: Moderate Cooper maintains a sound risk profile, reflecting a moderate degree of credit risk, with asset risk and operational risk considered to be more relevant risks. Asset risk is well managed, as equipment is largely sourced from high-quality vendors and the Company employs a conservative depreciation approach. Although used equipment market values declined in 2025, before improving somewhat into 2026, Cooper has consistently generated positive margins on disposal. Operational risk is moderated by the extensive industry experience of senior management and initiatives including a crisis management plan, various insurance policies, and telematics fleet coverage. The Company's receivables written off increased moderately to $1.9 million in 2025 from $1.6 million in the prior year, and Morningstar DBRS continues to view this level of write-offs as highly manageable. Funding and Liquidity Building Block Assessment: Weak Morningstar DBRS views Cooper's funding and liquidity profile as weak. Funding remains relatively narrow in scope with a high reliance on the ABL Facility, although the Company somewhat diversified its funding mix in 2024 with a $250 million issuance of five-year senior unsecured notes. These funding sources are supplemented by capital leases and nominal vendor take-back loans. Liquidity is also highly reliant on the ABL Facility, with no additional credit facilities available; there is approximately $140 million in excess availability on the ABL Facility (taking into account borrowing base requirements). Net cash inflows from operating activities totalled $113.2 million in 2025, compared with $81.0 million in the prior year, while cash used in investment activities declined materially because of lower capital expenditures. The Company does not hold a material cash balance as all cash collections are used to pay down the ABL Facility on a daily basis. Capitalization Building Block Assessment: Weak Adjusted cash flow leverage (i.e., debt/adjusted EBITDA) was 4.9 times (x) as of December 31, 2025, unchanged from the prior year, but improved to 4.6x at March 31, 2026, as calculated by Morningstar DBRS. Leverage decreased because of lower ABL Facility and capital lease balances as well as higher adjusted EBITDA. However, despite this moderate improvement, Morningstar DBRS notes this leverage level remains well above Cooper's long-term target range of 3.0x to 3.5x. Additionally, the tangible common equity ratio declined to negative 3.0% in 2025, compared with 1.0% at year-end 2024, and fell further to negative 4.8% in Q1 2026, primarily driven by net losses as the Company has not paid a dividend since Q1 2025. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS ESG Considerations had a relevant effect on the credit analysis. Governance (G) Factors The following Governance factor had a relevant effect on the credit analysis: Morningstar DBRS views the Corporate Governance factor as relevant to the credit ratings, but it does not affect the assigned credit ratings or trends. The Company is governed by a board of directors totalling five members, including the President, the former CEO, and three nonexecutive members who are founders and partners of SeaFort. The lack of independent directors, as well as the absence of formal audit or risk committees, indicates a weaker corporate governance structure and is considered within the Franchise Strength and Risk Profile grid grades. There were no Environmental or Social factors that had a significant or relevant effect on the credit analysis. Notes: All figures are in Canadian dollars unless otherwise noted. COREWEAVE INC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Positive ----------------------------------------------------------------- Fitch Ratings has assigned CoreWeave, Inc.'s proposed new $2.6 billion senior secured delayed-draw term loan facility, DDTL 5.5, a 'BB+' rating with a Recovery Rating of 'RR2'. The facility will be borrowed by a subsidiary special purpose vehicle and used to buy GPUs and related equipment for newly signed take-or-pay customer contracts. Fitch also affirmed CoreWeave's Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook on the IDR is Positive. Fitch also affirmed the unsecured notes at 'BB-'/'RR4' and DDTL 5.0, a senior secured delayed-draw term loan also borrowed by a subsidiary special purpose vehicle, at 'BB+'/'RR2'. CoreWeave's ratings reflect strong revenue growth, improving EBITDA and a path to lower leverage as signed contracts ramp. The ratings remain constrained by high leverage and negative FCF during the current high-growth investment phase. Key Rating Drivers Credit Metrics to Improve: Fitch expects CoreWeave's credit profile to improve over the next two years, although leverage is likely to remain weak for the rating level through 2027 as the company continues to invest for growth. Gross EBITDA leverage, excluding leases, rose to 7.0x in 2025 and is expected to improve to 6.6x in 2026 and 4.5x in 2027. Lease-adjusted leverage was 7.7x in 2025 and is expected to improve to 6.9x and 5.0x, respectively. Strong contract wins continue to drive capacity additions, funded by debt and lease obligations. This is likely to keep free cash flow negative through fiscal 2027. Fitch expects free cash flow to turn positive thereafter as capex moderates. Robust Revenue Visibility: As of March 31, 2026, CoreWeave's revenue backlog was $99.4 billion, up 284% from March 2025. About 36% is scheduled to be recognized within 24 months and 75% within four years. Multiyear customer contracts with take-or-pay features support revenue visibility and cash flow generation, although visibility beyond the contracted period is weaker. CoreWeave generally invests in GPU-related capex after signing long-term customer contracts, aligning new GPU deployment with contracted demand. Longer-Term Visibility Less Clear: Visibility is weaker beyond the current contracted period over approximately the next five years, when CoreWeave will depend more on contract renewals, replacement contracts, and continued customer demand to sustain growth. Customer concentration remains a risk, including potential insourcing by hyperscalers. The company's short operating history and the rapid pace of change in AI hardware and workloads also add uncertainty to its longer-term business profile. High Customer Concentration: Customer concentration remains high. CoreWeave generated about 65% of 1Q26 revenue from its top two customers, with no other customer representing 10% or more. Recent committed contracts with OpenAI, Meta, Anthropic, Jane Street, and other various AI labs and institutions should support improving customer diversification. However, revenue will likely remain concentrated in a few large counterparties, exposing CoreWeave to potential non-renewal, customer insourcing, and counterparty risk. Potential Lease Term Mismatch Risk: CoreWeave faces a potential risk due to the mismatch between the terms of its leases with data center suppliers and its contracts with customers. While its leases typically span up to 15 years, its customer contracts generally have shorter durations of three to five years. This disparity creates challenges in aligning long-term obligations with short-and-medium-term revenue streams, exposing CoreWeave to the risk of having to meet lease commitments without guaranteed customer income. The company typically manages this risk by building enough of a buffer into its contract terms to mitigate the impact of contract length mismatches. Strategic Differentiation and Market Leadership: CoreWeave's first-mover advantage, partnership with Nvidia, and top-tier performance metrics bolster its competitive position against hyperscalers and smaller, AI-focused cloud providers. Its AI specialization also helps it compete specifically against hyperscalers. Managed software and application services integration into its technology stack further differentiate its offerings. However, the competitive landscape poses a significant risk over time as companies rapidly invest in their own infrastructure, potentially challenging CoreWeave's market position and requiring continuous innovation to maintain its leadership. AI Demand Supports Growth: CoreWeave is positioned to benefit from the broader AI buildout, which Fitch views as a multiyear investment cycle, supported by strong demand for AI services. Fitch estimates AI services revenue could reach about $800 billion to $1.4 trillion a year by 2030, with more than 95% tied to business applications. As enterprise and embedded AI adoption expands, Fitch expects demand to support continued investment in compute cloud capacity, and data centers and related infrastructure. As an independent AI compute cloud provider, CoreWeave is positioned to benefit from sustained demand for scalable, GPU-based infrastructure. Peer Analysis CoreWeave operates in digital infrastructure but differs from most rated peers in its business model and risk profile. Equinix, Inc. (BBB+/Stable) and Digital Realty Trust, Inc. (BBB/Stable) benefit from diversified customer bases, low churn, large global platforms and conservative financial policies. Their ratings are supported by real estate-based business models, long operating records and more stable cash flow. CoreWeave provides GPU-based cloud services under multiyear contracts, but its shorter track record, higher customer concentration, shorter contract tenor and greater technology risk lead to higher earnings and cash flow volatility than those of Equinix and Digital Realty. CoreWeave also faces risk that customers develop internal capacity or shift demand to larger cloud providers. Iridium Communications Inc. (BB/Stable) and Viasat, Inc. (B/Stable) are closer rating peers because they operate in capital-intensive, technology driven sectors with meaningful execution risk. CoreWeave's rating reflects its strong growth prospects, but also its limited diversification and greater exposure to changes in technology and customer demand. Fitch’s Key Rating-Case Assumptions - CoreWeave is able to renew or replace customer contracts that expire before the new DDTL 5.5 matures at favorable GPU lease rates; - Total revenue growing to approximately $13 billion in 2026, $26.5 billion in 2027 and $35 billion in 2028, with growth rates moderating thereafter, assuming recognition on remaining performance obligations (RPO) along with incremental future contract wins; - EBITDA margins pressured in fiscal 2026 to around 60% due to costs associated with new contract wins, expanding to the mid-to high 60% range thereafter, driven by operating leverage; - Capex of around $41 billion in 2026 and $37 billion in 2027, reflecting upfront investment in GPUs and related infrastructure needed to support contracted customer deployments, with capital intensity normalizing to around 30% over the medium term beginning in 2028; - Incremental future debt and equity issuance to support capex associated with new contract wins; - No debt repayment assumed beyond mandatory repayment schedules; - Free cash flow turning positive in 2028, driven by moderating capex and continued EBITDA growth. 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 ('b+', Moderate), market and competitive positioning ('bbb-', Moderate), diversification and asset quality ('b', Higher), company operational characteristics ('bbb-', Higher), profitability ('bbb-', Moderate), financial structure ('b', Higher), 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 - EBITDA leverage (excluding leases) sustained above 4.0x or lease-adjusted leverage sustained above 5.0x; - Failure to achieve positive FCF over the medium to long term due to operational weakness rather than stronger new contract growth; - Continued reliance on a limited number of revenue sources or major contracts, or weaker customer credit quality, increasing exposure to customer underperformance, contract non-renewal, or adverse industry conditions; - Inability to access additional debt capital on favorable terms to support its growth strategy; - A prolonged investment cycle that prevents deleveraging over the next 18 months, leading to weaker-than-expected improvement in credit metrics and a revision of the Outlook to Stable. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage (excluding leases) sustained below 3.0x or lease-adjusted leverage sustained below 4.0x; - Sustained positive FCF; - Expansion into new markets or services that diversify revenue streams and reduce dependence on a few large customers, improving business resilience; - Demonstrated ability to consistently renew or replace major customer contracts, ensuring stable revenue flow and minimizing disruption from contract expirations. Liquidity and Debt Structure Fitch expects CoreWeave to have sufficient liquidity. As of March 2026, the company had $2.2 billion in cash and equivalents and marketable securities, as well as $686 million capacity available under its $2.5 billion RCF. After the first quarter ended, CoreWeave repaid the outstanding balance on its RCF. Fitch expects that high capex in fiscal 2026 and fiscal 2027 will continue to pressure FCF, which will likely require additional debt financing sources in 2026 and 2027 to support the company's growth plans. As of March 2026, pro forma for recent transactions, CoreWeave's debt consists of a refundable deposit classified as debt with Magnetar of $281 million (NR), OEM financing arrangements of $5 billion (NR), unsecured high-yield notes of approximately $10 billion (BB-/RR4), unsecured convertible notes of approximately $6.5 billion (NR), and SPV-level DDTLs, including DDTL 4.0 ('A-sf') and DDTL 5.0 ('BB+'/RR2), along with various other DDTLs (DDTL 1.0, DDTL 2.0, DDTL 2.1, and DDTL 3.0) (NR). Issuer Profile CoreWeave provides GPU-based cloud infrastructure for AI/ML, rendering, and other compute-intensive workloads. Its cloud platform combines proprietary software with managed services. As of March 2026, CoreWeave's footprint spanned 49 active data centers, mainly accessed via long-term leases and hosting arrangements. 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 CoreWeave, Inc. ESG Considerations CoreWeave, Inc. has an ESG Relevance Score of '4' for Governance Structure due to concentrated shareholder voting power and an organizational structure that is somewhat more complex than average. This has a negative impact on the credit profile, and is relevant to the rating[s] 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 ----------- ------ -------- ----- CoreWeave, Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ New Rating RR2 senior secured LT BB+ Affirmed RR2 BB+ CUMULUS RESTAURANTS: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------------- On July 19, 2026, Cumulus Restaurants, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $500,000 and $1 million in liabilities owed to between 1 and 49 creditors. Deadline to file the Chapter 11 Plan under Subchapter V is Oct. 19, 2026 About Cumulus Restaurants, LLC Cumulus Restaurants, LLC is a Montebello, California-based full-service restaurant operator. The company operated restaurants under the Monty's Good Burger brand, a plant-based fast-casual concept. Bankruptcy filings indicate the company closed its Los Angeles location in January 2026, while previously operating two restaurants in Chula Vista, California. Court records do not specify the reason for the Chapter 11 filing. Cumulus Restaurants, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17131) on July 19, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $500,000 to $1 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Jason E. Turner, Esq., of J. Turner Law Group, APC. DATASITE INTERNATIONAL: S&P Affirms 'B' ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings affirmed all its ratings, including the 'B' issuer credit rating on global virtual data room (VDR) provider Datasite International LLC, and revised the outlook to stable from negative. The stable outlook reflects S&P's expectation for continued revenue growth in the mid- to high-teens-percentage range, and EBITDA margins in low-40% area, resulting in FOCF/debt sustained above 5% and adjusted leverage improving to below 6x over the next 12 months. Datasite increased revenues and adjusted EBITDA by more than 20% in its fiscal 2026 (the 12 months ending Jan. 31, 2026), with earnings momentum sustaining steady improvements in free operating cash flow (FOCF) generation. S&P Global Ratings-adjusted FOCF to debt is expanding and approaching 5% following last year's incremental debt issuance, and S&P expects that by the end of this fiscal year it will eclipse this level. Solid operating performance supports improving credit metrics. S&P said, "Datasite increased revenues by more than 20% in fiscal 2026 and we expect the momentum to continue. We forecast about 18% growth in fiscal 2027, reflecting rising average contract value from existing customers and expanding penetration of global capital-markets transaction volumes, with further contribution from acquisitions made over the last several months. While first-quarter S&P Global Ratings-adjusted EBITDA margin contracted year over year, operating leverage, cost efficiencies, and declining transaction-related and restructuring expenses through the remainder of the fiscal year drive our expectation for profit margins to be sustained at over 40%. Our EBITDA calculation does not add back transaction and restructuring-related costs. In fiscal 2028, we expect revenue growth will moderate to around 13%, while platform consolidations and other efficiency efforts, along with lower restructuring expenses, should drive margin expansion." While leverage remained elevated in the first quarter, resulting from a minority-shareholder exit and debt-financed acquisition activity, the company's revenue and earnings growth through the remainder of fiscal 2027 should result in S&P Global Ratings-adjusted leverage declining to around 5.5x. Meanwhile, strong flowthrough of earnings growth should support unadjusted FOCF expansion to about $130 million this year, compared to $87 million in fiscal 2026. This results in S&P's forecast for FOCF to debt improving to 6.7% this year from 4.4% in fiscal 2026. S&P said, "We expect Datasite to benefit from public and private investment trends and global transaction volumes. The company's specialized suite of cloud-hosted, subscription-based applications--developed primarily for sell- and buy-side deal flow management and diligence--is well-positioned to capitalize on capital-market tailwinds across its customer base, which includes investment banks, corporate M&A teams and portfolio companies, private equity, and consultancy firms. This positive operating environment is underpinned by increasingly complex, multibillion-dollar transactions that favor Datasite's secure, purpose-built hosting infrastructure and collaboration tools. We expect these trends to support wider adoption and utilization of VDRs, with potential opportunities for incremental revenue from effective integration of AI capabilities. We believe Datasite's large installed base, established market presence, as well as its efforts to deepen its platform's AI capabilities, will sustain growth in its top line and earnings over the long-term, augmented by stable contracted revenues, strong customer retention, a short sales cycle, and high cash flow conversion. However, execution missteps with respect to acquisition integration and platform streamlining efforts could weaken its long-term earnings trajectory, particularly given the fragmented VDR market and Datasite's relatively small size. "We believe financial policy limits ratings upside. While we expect the company will slow its acquisition activity, and we don't anticipate additional significant releveraging events, Datasite has a track record of aggressive financial policy with debt-financed transactions sustaining leverage above 5x. For example, the company's leverage increased to 6.4x in fiscal 2026 from 5x in fiscal 2025, following a series of transactions to buy out minority investors and finance an acquisition that increased debt by about $650 million. "The stable outlook reflects our expectation that Datasite will continue to generate good operating results, including revenue growth in the mid- to high-teens-percentage range and stable EBITDA margins in the low-40% area, resulting in FOCF/debt sustained above 5% and adjusted leverage improving to below 6x over the next 12 months." S&P could lower its ratings on Datasite within the next 12 months if it expects adjusted leverage to remain above 6x or FOCF to debt below 5% on a sustained basis. This could occur if Datasite: -- Faces a more competitive landscape that results in market share and client losses and slower-than-expected growth trends; or it -- Pursues a more aggressive financial policy, which could include large debt-funded acquisitions or shareholder distributions. S&P said, "Although unlikely based on our view of its financial policy and the inherent potential for debt-financed acquisitions or shareholder distributions, we could raise our ratings on Datasite within the next 12 months if it can achieve and maintain adjusted leverage below 5x while sustaining FOCF/debt at or above 10%." DAX INTERNATIONAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Dax International Brokers, Inc. received second interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral from Amerant Bank, N.A. and the U.S. Small Business Administration through August 26. The Debtor may use cash collateral only in accordance with the court-approved budget, with spending limited to 10% above each budgeted line item, unless the lenders provide written consent. As adequate protection, the court granted replacement liens to Amerant and the SBA on post-petition collateral and proceeds to the same extent and priority as their pre-petition liens. The Debtor must also make monthly payments of $36,141 to Amerant and $10,002 to the SBA, due on the 26th of each month. Amerant asserts a secured claim of at least $3.06 million and a first-priority lien on substantially all non-titled assets, although lien-priority issues remain reserved for future determination. Additional safeguards include insurance coverage on collateral, regular financial reporting and Amerant's right to inspect inventory. Events of default, including appointment of a trustee, conversion or dismissal of the Debtor's bankruptcy case, violations of the order, or defaults under loan documents. Upon default, Amerant may seek expedited relief. A continued hearing is scheduled for August 26. The order is available at https://shorturl.at/q6K9R About Dax International Brokers Inc. Dax International Brokers, Inc. based in Miami, Florida, distributes kitchen, bathroom, flooring, and tile products and operates a showroom in Medley, Florida. The company provides wholesale delivery services to contractors, kitchen and bath companies, designers, interior decorators, and other wholesale customers across North, South and Central America and the Caribbean. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15092) on April 22, 2026. In the petition signed by Alejandro A. Randazzo, secretary, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Corali Lopez-Castro oversees the case. Nicholas Rossoletti, Esq., at Ron S. Bilu, PA, represents the Debtor as legal counsel. E.W. SCRIPPS: Fitch Affirms 'CCC' LongTerm IDR ---------------------------------------------- Fitch Ratings has affirmed E.W. Scripps (Scripps) Long-Term Issuer Default Rating (IDR) at 'CCC', senior secured first-lien debt at 'B' with a Recovery Rating of 'RR1', senior secured second-lien notes at 'CCC-'/'RR5', and senior unsecured notes at 'CC/RR6'. Scripps' 'CCC' rating reflects several persistent headwinds. These include expected elevated EBITDA leverage throughout the rating period, $2.2 billion of debt maturing over the next four years, and a market capitalization below 10% of the combined balance of outstanding debt and preferred stock. The rating also reflects the company's heavy exposure to national advertising, ongoing weakness in its National Networks segment, and secular pressure on the local television sector from pay-TV cord-cutting and shifts in consumer media consumption. Key Rating Drivers EBITDA Leverage Remains Unsustainable: Fitch expects Scripps' EBITDA leverage, calculated on an industry-standard last eight quarters annualized basis (L8QA), to rise over the next three years from the mid-7x range. This calculation includes all outstanding preferred stock. Under Fitch's hybrid securities criteria, Scripps' preferred stock is treated as 100% debt. The company has actively sold assets over the past four quarters and used the approximately $313 million of proceeds to repay debt. Despite these actions, L8QA leverage increased during this period. Transformation Plan May Fall Short: In early 2026, Scripps announced a transformation plan to drive $125 million to $150 million of incremental annual EBITDA growth by 2028 through cost savings and revenue initiatives. Fitch expects the run-rate benefit to reach about $30 million in the second half of 2026, about $100 million in 2027, and the remainder in 2028. Fitch also expects costs to achieve these savings to total about $30 million, with most spending in the second half of 2026. Although Fitch recognizes the plan's potential, the targeted savings equal about 33% of L8QA EBITDA. However, the plan is unlikely to fully offset revenue deterioration over the same period. Debt Maturities Remain Significant: Despite actively using recent asset sale proceeds to proactively pay debt, there remain material upcoming debt maturities beginning in 2028. Fitch estimates the maturities at approximately $2.6 billion: $578 million in 2028, $831 million in 2029, $750 million in 2030, and approximately $401 million thereafter. Over this same period, Fitch anticipates internal FCF generation to be insufficient to address this overall debt obligation. Scripps is heavily reliant on favorable and receptive credit markets to extend these maturities without the need for future distressed debt exchanges (DDE). Highest National Advertising Exposure: National advertising remains highly volatile, both in overall growth and allocation to channels. Local television broadcasters have been increasingly losing share of national advertising to the benefit of more targeted digital alternatives. This has weighed on Scripps' national advertising performance as key sectors like automotive, travel, retail and financial services have increasingly chosen alternative channels. Scripps' National Networks segment derives all its revenue from national advertising and represents about 35% of the company's overall revenue. It has experienced declining revenue for the last three years. Nielsen Updates Present Ongoing Challenge: A Nielsen audience measurement change introduced in February 2026 shifted household viewership weighting in favor of cable networks at the expense of over-the-air networks (OTA). Given OTA is the predominant distribution channel for Scripps National Networks, this change has had an outsized impact on recent results. Nielsen's planned sports viewership methodology revision in September 2026 introduces additional measurement uncertainty for OTA broadcasters. Local Television Under Pressure: The trend of national networks retaining exclusive sports and entertainment content on their direct-to-consumer (DTC) platforms, rather than distributing it through local broadcast affiliates, increases pressure on Scripps' traditional distribution model and may constrain long-term revenue growth. Growth in Scripps' high-margin retransmission business may be nearing a peak, as rising cable network costs and continuing subscriber losses - driven by the shift to alternative video content distributors - pressure the segment. This trend will increase Scripps' dependence on core advertising, reflecting a more volatile operating profile. Peer Analysis Among major U.S. local television broadcasters, Fitch only rates Nexstar Media Group (BB/Stable). Nexstar commands a higher rating compared to Scripps because it has a significantly greater scale with about $8 billion in revenue versus Scripps at just over $2 billion. Nexstar's leverage is about one times lower than Scripps', and it has a path toward rapid delivering. Fitch expects Scripps' leverage to drift higher and that its internal FCF will not materially reduce its debt. Within the broader media peers, Fitch views Versant Media Group, Inc. (BB/Stable) as a relevant comparable to Scripps. Versant's cable networks support strong audience loyalty and long-standing advertiser relationships, while Scripps National Networks segment has continued to face revenue pressure. Versant also maintains a more conservative financial profile, with leverage expected to remain below 1.5x. Fitch’s Key Rating-Case Assumptions - Core advertising to decline by a low single-digits in 2026 due to political advertising overflow; - Retransmission and carriage revenue generation faces significant secular challenges, primarily driven by increasingly higher TV cable churn rates due to increasing popularity of streaming services, reflecting a declining trend at a low-single-digit pace over the rating period; - Scripps Network revenue continues to face revenue pressure; - EBITDA margins continue drifting lower despite the company's "transformation" program, resulting in margins fluctuating between 15% and 20% over the rating period; - Capex lower in 2026 and 2027 before returning to the company's normal annual spend of approximately $60 million. 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 ('ccc+', Moderate), sector characteristics ('ccc+', Higher), market and competitive positioning ('b', Moderate), diversification and asset quality ('b-', Lower), company operational characteristics ('b-', Moderate), profitability ('bb+', Moderate), financial structure ('ccc-', Higher), and financial flexibility ('b-', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. Assessments of the quantitative financial subfactors also include bespoke calculations. B+ to CC considerations apply in its analysis and results in an adjustment of -1 notch(es). The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'ccc'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC'. Recovery Analysis The recovery analysis assumes Scripps would be considered a going concern in bankruptcy and reorganized rather than liquidated, with a 10% administrative claim applied. EBITDA Scripps' going-concern EBITDA is based on pro forma LQ8A EBITDA. Fitch assumes post-bankruptcy operating performance will emerge under stress, reflecting consistent and increasing declines in TV cable subscribers, a weakened cable network position that challenges cost management in the retransmission segment, and sluggish advertising markets. Fitch anticipates traditional media, including television, to be disproportionately affected by declining advertising and rising alternative media competition. As a result, Fitch estimates a going-concern EBITDA of $330 million, representing erosion of its two-year average EBITDA results to a reasonable base level. Multiple Fitch applies a 5.5x distressed enterprise value multiple, reflecting the value of Scripps' FCC licenses in small- and medium-sized U.S. markets. This aligns with the median telecom, media, and technology emergence enterprise value/EBITDA multiple of 5.9x. The analysis also considers: - Public trading enterprise value/EBITDA multiples typically between 8.0x and 11.0x; - Recent M&A transaction multiples of 7.0x to 9.0x, including synergies (e.g., Gray Television's acquisition of Raycom Media at 7.8x, Apollo Global Management's acquisition of Cox Media at 9.5x, Nexstar Media Group's acquisition of Tribune Media at 7.5x, and Nexstar's divestiture of 22 stations at a blended 7.5x); - Scripps' acquisition of 15 television stations from Cordillera Communications at 8.3x and eight stations from Nexstar at 8.1x of average two-year EBITDA. Fitch estimates an adjusted, distressed enterprise valuation of about $1.4 billion. This results in the following Recovery Ratings: - 'B'/'RR1' for senior secured debt; - 'CCC-'/'RR5' for second-lien senior secured debt; - 'CC'/'RR6' for unsecured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Another distressed debt exchange transaction as defined by Fitch's "Corporate Rating Criteria" or the commencement of a bankruptcy process; - Further liquidity constraints; - Erosion of revenue and EBITDA growth, increasing refinancing risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated execution of operational improvements resulting in EBITDA margin expansion, leading to stronger FCF and an improved liquidity position; - Material decrease in the maturity wall through 2029. Liquidity and Debt Structure As of March 31, 2026, Scripps had $95 million in cash and cash equivalents and full $200 million availability to borrow under its existing revolving credit facility due in 2029, pro-forma for its 2Q26 repayment of the $20 million first quarter drawdown. Scripps also had $322 million outstanding under its accounts receivable securitization facility. Fitch treats the $600 million of preferred shares issued to Berkshire Hathaway as 100% debt, and does not apply any equity credit based on: The preferred shares are subordinated to all other debt instruments in Scripps' capital structure, and senior only to equity; Scripps has an unconstrained ability to defer coupon payments, and can accrue interest at 100 bps above the cash dividend rate; The preferred shares are perpetual, and there is no issuer call option until 2026; Although the preferred shares lack material covenants, they do have a Change of Control clause. The Change of Control must be settled via cash redemption of the preferred shares at 105% of par, unless the preferred shareholder chooses to exercise its warrant, in which case the preferred shares will convert to common equity. Because Scripps does not have discretion in whether it settles the change of control in cash or in equity, equity credit is negated and Fitch treats the shares as 100% debt. Issuer Profile Scripps is the fourth-largest TV broadcaster in the U.S. with 60 stations in 40+ markets, serving audiences through a diversified portfolio of local and national media brands. 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 The E.W. Scripps Company. ESG Considerations The E.W. Scripps Company has an ESG Relevance Score of '4' for Governance Structure due to the Scripps' family's control of approximately 93% of voting and control of the board of directors, which have a negative impact on the credit profile and are 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 ----------- ------ -------- ----- The E.W. Scripps Company LT IDR CCC Affirmed CCC senior unsecured LT CC Affirmed RR6 CC senior secured LT CCC- Affirmed RR5 CCC- senior secured LT B Affirmed RR1 B EXIT ZERO: Seeks Subchapter V Bankruptcy in New Jersey ------------------------------------------------------ On July 20, 2026, Exit Zero Publishing, Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. According to the court filing, the debtor reports between $1 million and $10 million in liabilities, between $50,000 and $100,000 in assets, and between one and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 17, 2026 at 09:00 AM via Zoomgov-Sponder: join.zoom.us Meeting ID 165 328 01361, Passcode 1042544782, or call 1-551-285-1373. The Chapter 11 Subchapter V plan must be filed by Oct. 19, 2026, while governmental units have until Jan. 16, 2027, to file proofs of claim. About Exit Zero Publishing, Inc. Exit Zero Publishing, Inc. is a Cape May, New Jersey-based periodical publisher and lifestyle media company. The company publishes the weekly Exit Zero magazine and the annual "Cool Cape May" visitors guide for the 2026-2027 season. It distributes its publications through approximately 300 locations and operates from its headquarters on Washington Street in Cape May. The company previously owned hospitality businesses, although those restaurant operations transitioned to new management in early 2026. Exit Zero Publishing, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-18235) on July 20, 2026. In its petition, the debtor reported estimated assets of $50,000 to $100,000 and estimated liabilities of $1 million to $10 million. The debtor is represented by Ellen M. McDowell, Esq., of McDowell Law, PC. FAIRWAY AMERICA: Gets OK to Use $107,816 in Cash Collateral ----------------------------------------------------------- Fairway America, LLC and Fairway America Management Group II, LLC received interim approval from the U.S. Bankruptcy Court for the District of Oregon to use cash collateral. Under the interim order, the Debtors are authorized to use $107,816 in cash collateral through Aug. 7 to fund their operations based on a court-approved budget. This amount includes Fairway America Management's $31,098 in expense share contribution. Any party holding funds that constitute cash collateral is required to deliver such funds to the Debtors or deposit them into an approved bank account for the Debtors. As of the petition date, approximately 64 investors assert $11.16 million in secured claims against substantially all of Fairway America's assets through various agreements. In addition, one investor claims a separate secured debt of approximately $588,185 that is collateralized by specific membership interests owned by Fairway America in affiliated entities. Most of the secured creditors' liens are purportedly perfected through three UCC-1 financing statements filed with the Oregon Secretary of State in May 2024, November 2024, and March 2025, covering substantially all of Fairway America's assets. The Debtors estimate that the collateral securing these obligations had a value of approximately $5.52 million as of the bankruptcy filing. Although certain taxing authorities, suppliers, and vendors could potentially assert statutory liens, the Debtors are not aware of any currently outstanding perfected statutory liens and do not seek to alter the rights of any such claimants. Secured creditors will be granted adequate protection through perfected liens on all property of the Debtors similar to their pre-petition collateral. These liens do not attach to Chapter 5 avoidance or recovery actions and maintain the same priority as their pre-petition liens. The order is available at http://bankrupt.com/misc/FairwayAmerica_ICCOrder46.pdf The final hearing is scheduled for Aug. 10. About Fairway America LLC Fairway America, LLC is a Tigard, Oregon-based boutique investment manager specializing in private real estate investments. It provides investment management services focused on real estate opportunities and related private investment strategies. Fairway America and Fairway America Management Group II, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Lead Case No. 26-32378) on July 8, 2026. In its petition, Fairway America reported estimated assets of $5.5 million and estimated liabilities of $11.8 million. Honorable Teresa H. Pearson handles the case. The Debtor is represented by Douglas R. Ricks, Esq., at Sussman Shank, LLP. FORTRESS HOLDINGS: Amends Unsecureds & Several Secured Claims Pay ----------------------------------------------------------------- Fortress Holdings, LLC, submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated July 13, 2026. The Plan constitutes a Chapter 11 plan of reorganization. Except as set forth in the Plan or otherwise provided by order of the Bankruptcy Court, Distributions will occur on the Effective Date or as soon thereafter as is practicable and at various intervals thereafter. Class 4 consists of the Secured Claim of Herc Rental Inc. Payment of the Allowed Claim over 5 years with interest at 7.5% per annum and 25-year amortization with a balloon after the 5th year. Upon entry of the Confirmation Order, any secured claim and/or lien held by such creditor shall be void and of no further effect. Class 5 consists of the Secured Claim of Samna Construction & Steel Fabrication. Payment of the Allowed Claim over 5 years with interest at 7.5% per annum and 25-year amortization with a balloon after the 5th year. Upon entry of the Confirmation Order, any secured claim and/or lien held by such creditor shall be void and of no further effect. Class 6 consists of Sherwin-Williams Co. Claim. To the extent Sherwin Williams has a claim, it shall be treated in Class 7. Default was entered against Sherwin Williams Inc. [Adv. Pro. No. 25- 1034 (VFP)] Upon entry of the Confirmation Order, any secured claim and/or lien held by such creditor shall be void and of no further effect. Class 7 consists of General Unsecured Claims. Allowed Class 7 Claims shall be paid their pro rata share of $10,000 per quarter payable for 20 consecutive quarters. All equity interests in the Debtor will be extinguished on the Effective Date and equity interests in the Reorganized Debtor shall be issued on the Effective Date to the following persons in exchange for the following contributions (collectively the "New Value Contribution"): * Paul Qassis shall, upon the Effective Date, (i) execute and deliver the Transition Agreement and consent to the filing of an Application with the Alcohol Beverage Commission, cooperate and diligently prosecute a transfer and assignment to the Reorganized Debtor or its nominee, all right, title and interest to the Plenary Retail Consumption License owned by Balcony as part of the Project; and (ii) extinguish any other debt owed by the Debtor to Paul Qassis or any other related person or entity. The Reorganized Debtor shall not pursue any avoidance claims against Qassis as part of the foregoing agreements provided Qassis fully cooperates with the Plan and the transfer of the Debtor, Balcony, Golden Sky and the Liquor License as provided for herein. * Majid Krikor shall receive 50% of the Reorganized Debtor in exchange of (i) extinguishment of all DIP Loans owed to MGAC Investments; and (ii) extinguishment of his prepetition indebtedness in the amount of approximately $5 million. As a result of Confirmation of the Plan, Majid Krikor and MGAC Investments shall have no direct or indirect monetary claim or lien personally or through any entity against the Reorganized Debtor, Balcony or Golden Sky or their assets including the Liquor License. * Abdallah Issa shall receive 50% of the Reorganized Debtor in exchange for (i) extinguishment of the Second DIP Loan and waiver of any rights to repayment of the waiver of any rights to repayment of the Additional Advances; and (ii) subordination of his pre-petition indebtedness of approximately $2.37 million. As a result of Confirmation of the Plan, Abdallah Issa shall have no direct or indirect monetary claim or lien personally or through any entity against the Reorganized Debtor, Balcony or Golden Sky, or their assets including the Liquor License. * Krikor and Issa shall pay BSB the sum of $4.5 million on the Effective Date. Golden Sky shall become the operational entity which shall provide monthly payments to the Debtor to meet the obligations of the plan and all operational expenses of the real estate after the Effective Date. As part of the operations, all revenue derived or generated through the Reorganized Debtor's operations including deposits, cash, receivables or other income of any kind or nature for the Debtor, Balcony and Golden Sky shall be remitted to the Reorganized Debtor and maintained in the Reorganized Debtor's bank accounts all located at BSB. A full-text copy of the Second Amended Disclosure Statement dated July 13, 2026 is available at https://urlcurt.com/u?l=jk1snA from PacerMonitor.com at no charge. Counsel to the Debtor: TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. Richard D. Trenk, Esq. Robert S. Roglieri, Esq. 290 W. Mt. Pleasant Ave., Suite 2370 Livingston, NJ 07039 Telephone: (973) 533-1000 Email: rtrenk@trenkisabel.law Email: rroglieri@trenkisabel.law About Fortress Holdings Fortress Holdings, LLC, a company in Totowa, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 25-10977) on January 30, 2025, listing up to $50 million in both assets and liabilities. Paul Qassis, managing member, signed the petition. Judge Vincent F. Papalia oversees the case. Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian P.C., is the Debtor's legal counsel. FREEDOM FOREVER: Authorized to Pursue Expedited Ch. 11 Sale ----------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Freedom Forever won court approval to continue an accelerated Chapter 11 sale after an insider-backed stalking horse bid was withdrawn, allowing the company's unsecured creditors committee to take control of the asset sale process. The bankruptcy court approved updated bidding procedures giving the creditors committee exclusive authority to market the business, negotiate with potential purchasers, and oversee any auction. The revised process aims to attract competitive offers following the withdrawal of the original stalking horse bidder and improve recoveries for creditors, the report cites. The decision represents a shift in the restructuring, placing creditors at the center of the sale process while the debtor continues operating under Chapter 11 protection. Court-supervised bidding deadlines and a potential auction will determine the ultimate buyer of the company's assets, according to Law360. About Freedom Forever Freedom Forever is a California-based home solar panel installer. Freedom Forever sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Curtis S. Miller, Esq. of Morris Nichols Arsht & Tunnell. GALAXY HELIOS: S&P Assigns 'B+' Long-Term ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issuer credit rating (ICR) to Galaxy Helios Data Centers II LLC (Helios) and its 'BB-' issue-level rating to the company's proposed secured notes. The recovery rating is '2', which indicates the likelihood of substantial (70%-90%; rounded estimate: 70%) recovery in a simulated default. The ICR reflects good cash-flow predictability, underpinned by a 15-year near-triple-net lease with pricing escalators and offset by reliance on a speculative-grade offtaker in an unproven market with high financial leverage. There is construction risk, as the tenant has termination rights if construction is delayed beyond 180 days from the ready-for-service dates. S&P said, "However, we view this risk as manageable considering the work is performed by a reputable general contractor under a guaranteed maximum price (GMP) contract. Moreover, long-lead items have been largely procured, power approvals are in place, and there's a track record of performance, as 133 MW was just delivered on time on the same campus. The stable outlook reflects S&P's expectation that construction will advance according to plan but that the relatively high leverage limits any near-term rating upside on the 'B+' ICR." Helios plans to issue $3.5 billion in secured amortizing notes due 2031 to fund the construction of two data centers (HEL03 and HEL04) on its Helios campus in West Texas. The facilities will have a combined total of 400 megawatts (MW) of utility capacity and 260 MW of critical IT load. S&P believes the strong contractual framework provides good earnings visibility. Galaxy Helios II Pledgor LLC has a 15-year non-cancelable lease agreement with CoreWeave (B+/Positive) with a minimum 3% annual escalator and near-triple-net structure. Substantially all operating expenses are direct tenant expenses, including utilities, taxes, insurance, and maintenance but excluding personnel costs provided by Galaxy to operate all mechanical, cooling electric, and administrative functions. This allows for stable and predictable revenue, earnings, and cash flow, with net operating income (NOI) margins of about 91%. In addition, the lease includes an additional annual base rent escalation based on CPI if CPI is 3%-5%. Exposure to a single, speculative-grade tenant remains the key risk. S&P said, "CoreWeave is rated 'B+' (with a positive outlook), which we view as a proxy for the company's financial capacity to service its lease obligations. Although we consider this level of concentration to be a key risk, our base case assumes CoreWeave's business model is supported by its growing role serving leading AI players such as Microsoft (currently its largest customer), OpenAI, and Meta as well as by the symbiotic relationship CoreWeave enjoys with NVIDIA, its sole chip supplier." S&P said, "We expect that CoreWeave will meet its lease obligations for the foreseeable future. Still, given that its customer contracts are shorter than its lease commitments to Galaxy Digital (and various other data centers), it could be challenging for CoreWeave to honor these lease obligations in an environment where the demand for AI services is lower than expected and the industry is facing excess infrastructure supply relative to demand. In assessing the impact of this risk, we also consider Helios' location outside of tier-one markets." While Texas offers certain advantages--such as an abundance of land and access to qualified data center tax exemptions--it doesn't benefit from being a highly concentrated data center market at this stage. This could limit its marketability to alternative tenants if CoreWeave was unable to meet its financial obligations under the lease. The data centers are designed to support AI requirements. The project's design is consistent with industry practices for large-scale data center development. The design reflects typical data center redundancy, resiliency, and maintainability practices. The project is designed to achieve an annualized power usage efficiency (PUE) of approximately 1.27, which is consistent with current industry practices for modern hyperscale data center developments using high density IT loads and advanced cooling architectures. The mechanical system design incorporates a combination of direct liquid cooling and air-cooled systems supported by air-cooled chillers, chilled water distribution, and computer room air handling units. The cooling infrastructure is designed with redundancy and concurrent maintainability features typical of hyperscale mission-critical facilities. This includes N+1 systems redundancy, ensuring concurrent maintainability while maintaining full operational capacity during single-failure conditions. The site will include on-site backup diesel power generators provisioned with fuel reserves sufficient for a minimum of 24 hours run time. The data halls are designed to support high-density computing using a combination of direct liquid cooling and air-cooled systems that can handle 190-250 kilowatts per rack. Power is procured through the ERCOT market structure. The project is located within the ERCOT West Load Zone, where electricity is supplied through a deregulated wholesale electricity market. ERCOT operates the Texas power grid and is responsible for maintaining a real-time balance between generation and load, while coordinating market participants including generators, transmission providers, retail electricity providers, and scheduling entities. Within the ERCOT market structure, power delivery to the project involves multiple entities. Electricity is procured through a retail electricity provider, while a qualified scheduling entity is responsible for load scheduling and coordination with ERCOT and transmission providers. The project also has access to wholesale market transactions and hedging arrangements through bilateral agreements with third parties. Based on the available information, the project is supported by an existing interconnection, defined transmission infrastructure, and on-site power distribution systems. These elements indicate that the project has access to transmission capacity and infrastructure required to serve its forecasted load. There are provisions for penalties if the facilities underperform. CoreWeave has the right to terminate the lease for a single critical interruption (power, temperature, humidity) lasting more than 15 consecutive days or three or more separate critical interruptions within any three-month period. S&P said, "This is a common feature in data center leases, and we view these requirements as more lenient than those of peers. For example, certain leases have termination rights available after a continuous outage of 12-24 hours or chronic outages (three or more) over a longer timeframe (often within 12 months). Therefore, we believe there's a very low probability of a lease termination event given the design characteristics of the building." Separately, and perhaps more likely, there is a possibility of a monthly service credit as penalties kick-in for any downtime. The 100% uptime is strict. However, the credits are more lenient than those of many peers, as the outage credit is only a fraction of the monthly rent, and up to three hours of downtime would trigger just a 25% rent credit. Furthermore, this risk is mitigated by the outage credit being applied to the affected racks (or other such portion of the data hall) as opposed to the entire lease. Still, this does introduce the potential for some cash-flow variations. S&P said, "We view the post-construction financial profile to be highly leveraged. When operations commence, credit metrics will initially be pressured by rent credits through 2028. CoreWeave made an upfront payment prior to the execution of Phase II to secure its option on the additional capacity. As Galaxy and CoreWeave ultimately executed the lease, the $100 million upfront payment is credited back to CoreWeave through monthly rent credits equal to 15% of the original amount until it has been fully recouped. Therefore, we place greater emphasis on credit metrics in 2029, which are more representative and include a full year of rent. "We also consider other ratios that include interest to be important measures of credit quality for digital infrastructure companies given the significant debt-service costs stemming from higher debt loads enabled by stable cash flows." More specifically: -- Debt to EBITDA of about 8.2x in 2028 and 6.5x in 2029; -- FFO to debt is projected at about 3.6% in 2028, rising to 6.7% in 2029; and -- EBITDA interest coverage is projected to be 1.4x in 2028, rising to 1.8x by 2029. S&P said, "We consider debt amortization to be important, as we would expect leverage to come down over time to sustain ratings. We expect that our rating thresholds will adjust to the business risks associated with re-letting as lease maturities approach and come into sharper focus." Required amortization can provide greater visibility into this de-leveraging trajectory. In this case, required amortization of 4% per year begins after the rent credits are exhausted, with the ability to fully repay the debt over the life of the lease with amortization step-ups. S&P assesses construction risk as low. The project benefits from executed interconnection arrangements, a GMP framework, significant progress on the procurements of long-lead items, and the recent successful completion of Phase 1 of the Helios campus. The lender's technical advisor confirms HITT Contracting Inc. (HITT) possesses the requisite expertise to deliver the project, and we see no material deviations from comparable rated transactions in this sector that would pose incremental risk. The Galaxy Helios project is being developed under a GMP framework, which is expected to provide significant cost certainty regarding the contractor's scope. The established GMP represents approximately $1.96 billion (roughly 54% of total development costs). Furthermore, cost risk is mitigated by the fact that orders for 97% of the electrical ($1.10 billion) and mechanical ($287 million) equipment budgets have already been placed. Capital costs are estimated at approximately $14.48 million/MW, which sits at the higher end of benchmarks for comparable data center developments. S&P said, "We understand that this premium is led by a combination of project scale, specialized electrical infrastructure, and site-specific requirements rather than any single point of complexity. Cost protection is further bolstered by a total contingency of approximately $164 million, comprising $59 million allocated to HITT and $105 million held by Galaxy Helios. We believe this embedded contingency provides a sufficient cushion against unexpected or unmitigated cost increases. The placement of orders for all long-lead items--including critical electrical equipment--is expected to further facilitate adherence to the budget." The data center has all power approvals secured, but it does need to build a private power substation. The project is supported by an existing, approved grid interconnection associated with the broader Helios Campus, which has secured up to 1.63 GW of interconnection capacity. Saber Power, a firm specializing in medium and high-voltage substations, is responsible for the substation construction and scope. Based on Sabre's schedule, permanent utility energization for Transformers T3, T4, and T5 is expected in the fourth quarter of 2026, which is ahead of the ready-for-service (RFS) date of second-quarter 2027, for the first data hall to be delivered for the project. Temporary power may be used on a limited basis to support construction, commissioning, and system testing prior to energization, consistent with hyperscale data center industry practice, and will not be relied upon for steady-state operations or long-term operability. Construction is scheduled to run from second-quarter 2026 through third-quarter 2027 for HEL03, and third-quarter 2026 through first-quarter 2028 for HEL04. While the project requires precise coordination due to overlapping schedules and closely sequenced commissioning activities, several structural mitigants are in place. Specifically, lease agreements provide a buffer between L4 commissioning completion and RFS dates, supplemented by a 180-day termination grace period in the event of delayed data hall completion. Finally, the project benefits from the combined track record of Galaxy's successful delivery of the 133 MW Helios Phase 1 and HITT's demonstrated expertise in data center execution. Still, termination rights are available if construction is delayed materially. CoreWeave has the right to terminate the lease if delays exceed 180 days (excluding force majeure delays). This buffer is in-line with that of many peers, and HITT's schedule has a built-in cushion. S&P also views that probability of a termination could be low considering there might not be readily available alternatives to move into the supply-constrained environment. Still, there are no substitutes for the protections of contractual certainty, particularly if delivery is past termination-option dates. Galaxy Helios is fully exposed to changes in market as well as offtaker-specific demands, renegotiation of terms, and cancellation in a prolonged construction delay. Galaxy Helios is partially insulated from its ultimate parent, Galaxy Digital Inc. There are structural protections that limit the parent's ability to extract resources from the subsidiaries to some degree. Galaxy Helios holds itself out as a separate entity, its financial performance and funding are highly independent from the group, there is no significant operational dependence on other group entities, it maintains its own records and funding arrangements, and it doesn't commingle funds, assets, or cash flow. Lease payments flow into a lockbox account controlled by the collateral agent and are distributed through a waterfall that includes operating expenses, mandatory debt amortization, interest expenses, and excess cash flow offers, in that order. S&P said, "We consider Core Scientific Finance I LLC (B+/Positive) and Applied Compute 3 (B+/Positive) to be peers. For all three issuers, CoreWeave is the tenant. We view the post-construction credit profile of Core Scientific to be stronger, primarily due to significantly better credit metrics and--to a lesser extent--modest geographic diversification. We generally consider construction risk to be lower at Core Scientific because the construction progress is further along, and there is little incentive for the tenant to exit. However, the construction is being funded by CoreWeave, limiting our rating to 'B+' during construction. "The issuer credit ratings on Applied Compute 3 and Galaxy Helios are the same at 'B+'. This is due to the moderately better credit metrics at Galaxy Helios offset by the likely lease enhancement in the APLD-3, which we view more favorably. "We rate the transaction using a ratings-to-principles criteria approach, integrating our digital infrastructure sector-specific corporate methodology with our project finance criteria. This reflects the presence of characteristics from both frameworks. Helios is undergoing material construction activities and benefit from certain typical project finance features, including a first-lien security on assets, contracts, and cash flows as well as a waterfall to ensure prioritization of debt service on the proposed financings. However, based on our assessment, eligibility requirements and covenants around new developments aren't sufficiently restrictive to constrain credit risk to the level contemplated under our project finance methodology. "We therefore assess the construction-phase SACP using project finance methodology and then apply our digital infrastructure corporate methodology to establish the post-construction SACP. The weaker of these two SACPs is ultimately selected as our final SACP during construction. "The stable outlook reflects good earnings and cash-flow visibility upon lease agreement commencement, combined with our expectation that construction will advance as planned and according to budget." S&P will lower the SACP if credit metrics deteriorate, likely due to a more aggressive financial policy such that: -- FFO to debt was lower than 6%; and -- EBITDA interest coverage is below 1.7x. S&P could lower the rating if the construction process becomes challenged due to delays and overruns, and despite Galaxy Helios' efforts to complete the project, there is an increasing probability of the tenant terminating its lease agreement. Under such a scenario, S&P would also expect deteriorating liquidity and very limited financial support from Galaxy Helios. Although unlikely over the next year, S&P could raise the rating if data center construction is completed such that it believes the company will be able to fully service its debt obligations with cash flows from lease income and generate the following credit metrics: -- FFO to debt of at least 10%; and -- EBITDA interest coverage above 1.8x. These triggers could be loosened if CoreWeave's creditworthiness and long-term business prospects improve. GEE CONCEPTS: Unsecureds Last to Be Paid in Subchapter V Plan ------------------------------------------------------------- Gee Concepts, LLC filed with the U.S. Bankruptcy Court for the District of Arizona an Amended Subchapter V Plan of Reorganization dated July 10, 2026. Stuart and Fawn Gee are the owners of the Debtor. Mr. and Mrs. Gee have owned the business since 2011 and operated Tru Burger Co. since 2017. Mr. Gee runs the business and will be paid a salary of $120,000.00 per year for managing the Debtor's business. This will be increased by 2.5% each year to adjust for inflation. Mr. and Mrs. Gee will be the 100% owners of the Reorganized Debtor, and Mr. Gee will continue to manage the business. Gee Concepts LLC is a business operating Tru Burger Co., a family owned and operated gourmet burger restaurant. It has been in business since 2011 and Tru Burger Co. since 2017. At the time of the bankruptcy filing, the Debtor had multiple loans with the United States Small Business Administration, credit cards and a high interest hard money loan that had gone into default. The Debtor is seeking to: * Pay its Secured Creditor, Midwest Regional Bank, in full for its Allowed Secured Claim; * Pay its Priority Creditor, Shamrock Foods Company, in full for the priority portion of its Claim, as determined under Section 503(b)(9) of the Bankruptcy Code; * Pay the Arizona Department of Revenue in full for its Allowed Secured Tax Claim and its Allowed Priority Tax Claim; * Pay its Secured Creditor, TriMark, in full for its Allowed Secured Claim determined under Section 506 of the Bankruptcy Code; * Pay all Administrative Creditors in full; and * Pay the remaining balance of Plan payments to the Class Five General Unsecured Creditors, to be divided pro rata. By this Plan the Debtor is seeking to retain all of its personal property, and continue operating its business Tru Burger Co., a family owned and operated gourmet burger restaurant, as the Reorganized Debtor. Class Five shall consist of all Allowed General Unsecured Claims. Class Five will be paid the balance under the Plan, pro rata. Class Five is Impaired. Plan Payments Months 1 through 12. The Debtor shall pay $4,684.53, to be distributed as follows: Midwest Regional Bank - $676.55; Shamrock Foods Company - $1,681.77; Arizona Department of Revenue (secured) - $2,286.21; and TriMark - $40.00. Months 13 through 14. The Debtor shall pay $4,859.53, to be distributed as follows: Midwest Regional Bank - $676.55; Shamrock Foods Company - $1,856.77; Arizona Department of Revenue (secured) - $2,286.21; and TriMark - $40.00. Month 15. The Debtor shall pay $4,859.53, to be distributed as follows: Midwest Regional Bank - $676.55; Shamrock Foods Company - $1,331.76; Arizona Department of Revenue (secured) - $2,286.21; Arizona Department of Revenue (priority) - $525.01; and TriMark - $40.00. Months 16 through 50. The Debtor shall pay $5,019.53, to be distributed as follows: Midwest Regional Bank - $676.55; Arizona Department of Revenue (secured) - $2,286.21; Arizona Department of Revenue (priority) - $2,016.77; and TriMark - $40.00. Month 51. The Debtor shall pay $5,019.53, to be distributed as follows: Midwest Regional Bank - $676.55; Arizona Department of Revenue (secured) - $2,286.21; Arizona Department of Revenue (priority) - $939.10; TriMark - $40.00; and General Unsecured Creditors, pro rata - $1,077.67. Months 52 through 60. The Debtor shall pay $5,019.53, to be distributed as follows: Midwest Regional Bank - $676.55; Arizona Department of Revenue (secured) - $2,286.21; TriMark - $40.00; and General Unsecured Creditors, pro rata - $2,016.77. Should this Case proceed to Confirmation under Section 1191(b) of the Bankruptcy Code, Debtor submits that this Plan does not discriminate unfairly and is fair and equitable with respect to each class of claims or interest that is impaired under, and has not accepted the Plan. The Debtor further submits that it will be able to make all payments under the Plan or there is a reasonable likelihood that the Debtor will be able to make all payments under the Plan. A full-text copy of the Amended Subchapter V Plan dated July 10, 2026 is available at https://urlcurt.com/u?l=PY4BOr from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald Ellett, Esq. Ellett Law Offices, PC 2999 N. 44th St. Phoenix, AZ 85018 Telephone (602) 235-9510 About Gee Concepts LLC Gee Concepts, LLC owns a gourmet burger restaurant. Gee Concepts filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01629) on February 23, 2026, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Brenda K. Martin oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, is serving as the Debtor's bankruptcy counsel. GENTLE DENTAL: Hearing Today on Bid to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing today to consider extending Gentle Dental of Island Lake Ltd.'s authority to use cash collateral. The Debtor is currently authorized to use cash collateral through July 31 under the court's July 13 interim order. The interim order granted Cadence Bank adequate protection through replacement liens and continuing security interests on the Debtor's existing and post-petition collateral, with the same priority and extent as its pre-petition liens. Additional safeguards include maintaining insurance coverage, preserving the collateral, and allowing lender inspections of its books and records. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Nb9pm from PacerMonitor.com. Cadence Bank holds a valid blanket lien on the Debtor's assets and cash proceeds, with an outstanding secured claim of at least $120,231. About Gentle Dental of Island Lake Ltd. Gentle Dental of Island Lake Ltd. provides general dental care for the community of Island Lake, Illinois and the surrounding area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16544) on October 28, 2025, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Michael B. Slade presides over the case. James Young, Esq., at James Young Law represents the Debtor as legal counsel. GOLDENPEAKS POLAND: Creditors to Get Proceeds From Liquidation -------------------------------------------------------------- GoldenPeaks Poland LLC and its Affiliated Debtors filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Plan of Liquidation dated July 13, 2026. The Debtors and their non-debtor affiliates are an independent renewable energy power producer in Eastern Europe and one of the largest owners of solar photovoltaic assets in Poland. Prior to the Petition Date, the Debtors were part of a larger group of companies that owned and operated a renewable energy platform that includes integration of project development and engineering, financing and structuring, supply chain management, construction and commissioning, asset operations, and commercial and energy sales, among others, where all services have been historically provided by the wider group. Additionally, prior to the Petition Date, the corporate entity providing those services became insolvent, and it could no longer provide critical services that were required to preserve the Debtors' value. To stem the bleeding, the Company's largest secured lender, Brookfield, infused over $12.1 million of emergency funding into the Company at a time when no other party was willing to provide financing on any basis. Without additional financing for a holistic restructuring outside of chapter 11, and to avoid the catastrophic demise of the Debtors' operations if enforcement actions were permitted to continue, on May 29, 2026, the Debtors commenced these Chapter 11 Cases. Thereafter, the Debtors were able to successfully negotiate the terms of a debtor-in-possession financing facility provided by Brookfield, which now has been approved on a final basis by the Bankruptcy Court. Such financing has fulfilled a critical liquidity need by the Debtors and allowed the Debtors to stabilize operations and fund the administrative expenses of the Chapter 11 Cases. On June 24, 2026, the Debtors filed the Sale Motion, seeking approval of bid procedures and authority to sell substantially all of the Debtors' assets through a competitive marketing and auction process, free and clear of all liens, claims, encumbrances, and other interests pursuant to section 363(f) of the Bankruptcy Code, and to assume and assign certain executory contracts and unexpired leases pursuant to section 365 of the Bankruptcy Code. In connection with the Sale Motion, the Debtors entered into the Stalking Horse APA with the Stalking Horse Bidder, Bid Administrator, LLC and certain funds and accounts managed by Brookfield, to serve as the stalking horse bid and establish a floor for the Sale, subject to higher or otherwise better bids. Subject to the terms of the Final DIP Order, the Stalking Horse Bidder is entitled to credit bid up to the full amount of its claims under the DIP Facility and the Prepetition Credit Facility pursuant to section 363(k) of the Bankruptcy Code. Through this Plan, the Debtors are seeking to effectuate an orderly wind down of their remaining operations and assets and to distribute the proceeds therefrom to their Creditors. On the Effective Date, the Debtors will transfer the Liquidation Trust Assets, consisting of the Retained Causes of Action and the Liquidation Trust Cash, to the Liquidation Trust, which is established for the benefit of the Liquidation Trust Beneficiaries. The Liquidation Trust will liquidate, collect, prosecute, sell, settle, or otherwise dispose of the transferred assets. The Liquidation Trust will distribute the net proceeds thereof to the Liquidation Trust Beneficiaries in accordance with the allocation methodology and other procedures set forth in the Plan and the Liquidation Trust Agreement. All other assets will be retained by the Debtors, which will remain in existence after the Effective Date and, under the direction of the Independent Directors, will object to and resolve Claims other than Class 4 Claims, make Distributions to Holders of Allowed Claims other than Class 4 Claims, and wind down the Debtors' corporate existence in their respective local jurisdictions. Class 4 consists of General Unsecured Claims. Holders of Allowed Class 4 Claims shall receive their Pro Rata share of the GUC Liquidation Trust Interests in exchange for their Allowed Class 4 Claims, entitling the Beneficiaries thereof to a share of any net proceeds of the Liquidation Trust Assets, after payment of all Liquidation Trust Expenses. General Unsecured Claims are subject to all statutory, equitable, and contractual subordination claims, rights, and grounds available to the Debtors, the Estates, and the Liquidation Trustee, which subordination claims, rights, and grounds are fully enforceable prior to, on, and after the Effective Date. This Class is impaired. Class 6 consists of Interest Holders. On the Effective Date, at the option of the Debtors and the Required DIP Lenders, each Interest shall either (i) be transferred, sold, reinstated, or otherwise treated as contemplated by the Sale, to the extent such Interest constitutes an acquired asset thereunder; or (ii) be cancelled or otherwise extinguished in connection with the wind-down of the Debtors in accordance with applicable nonbankruptcy law. On the Effective Date, the Liquidation Trust will be formed. On the Effective Date, the Debtors will be deemed to transfer the Liquidation Trust Assets to the Liquidation Trust. The Debtors will remain in existence following the Effective Date and, under the direction of the Independent Directors, will administer and distribute their remaining assets, object to and resolve Claims other than Class 4 Claims, and wind down and dissolve. On or as of the Effective Date, if not otherwise consummated, the Debtors are authorized to consummate the Sale and the transactions contemplated by the Stalking Horse APA (or such other Successful Bidder's purchase agreement) and the Sale Order. The Debtors may implement the Sale and the other transactions contemplated by the Plan through one or more structures, including (a) a sale of assets (including equity interests in one or more Debtors or their subsidiaries) or a sale of the equity of one or more OpCos, in each case pursuant to sections 363, 365, 1123, and/or 1141 of the Bankruptcy Code; (b) a credit bid pursuant to section 363(k) of the Bankruptcy Code; (c) a Cash sale; and/or (d) the conversion or equitization of the DIP Claims as contemplated by Section VIII.D, in each case as set forth in the Sale Order, the Stalking Horse APA, and any restructuring steps memorandum included in the Plan Supplement. A full-text copy of the Combined Disclosure Statement and Plan dated July 13, 2026 is available at https://urlcurt.com/u?l=cF3oe3 from PacerMonitor.com at no charge. The Debtors' Counsel: Benjamin L. Wallen, Esq. Michael D. Warner, Esq. Maxim B. Litvak, Esq. Steven W. Golden, Esq. PACHULSKI STANG ZIEHL & JONES LLP 700 Louisiana Street, Suite 4500 Houston, TX 77002 Tel: (713) 691-9385 Fax: (713) 691-9407 Email: bwallen@pszjlaw.com mwarner@pszjlaw.com mlitvak@pszjlaw.com sgolden@pszjlaw.com - and - Richard M. Pachulski, Esq. Debra I. Grassgreen, Esq. 10100 Santa Monica Blvd., 13th Floor Los Angeles, CA 90067 Tel: (310) 277-6910 Fax: (310) 201-0760 Email: rpachulski@pszjlaw.com dgrassgreen@pszjlaw.com About GoldenPeaks Poland LLC GoldenPeaks Poland LLC is a European renewable energy developer. GoldenPeaks Poland LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90564) on May 29, 2026. The case is jointly administered in Case No. 26-90564. In its petition, GoldenPeaks Poland disclosed up to $10 billion in assets and up to $1 billion in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped Benjamin Lawrence Wallen, Esq., at Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez & Marsal North America, LLC as financial advisor; and SSW Spaczynski, Szczepaniak, Wickel, Gozdziowska spk as special Polish counsel. GREEN MEADOW: Claims to be Paid from Rental Income -------------------------------------------------- Green Meadow Apartments, LLC filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Disclosure Statement describing Plan of Reorganization dated July 13, 2026. The Debtor is an Alabama limited liability company. Ronnie Underwood serves as the Debtor's Managing Member. The Debtor's Statement of Financial Affairs also reflects a disputed membership or managing-member interest asserted by Brandon T. Smith; that dispute is unresolved and is not adjudicated by the Plan or this Disclosure Statement. The Debtor is engaged in the business of owning and leasing residential real property. As of the Petition Date, the Debtor's real property holdings, consisted of eleven parcels with a scheduled aggregate fair market value of $13,838,200.00, including the Green Meadow Apartments residential complex located at 1044 Sunhill Road NW, Birmingham, Alabama, and real property located at 1911 Tiger Walk, Bessemer, Alabama (two parcels), together with nine additional parcels located in and around Bessemer, Alabama. The Debtor derives its income principally from the operation of its residential rental property. The Debtor filed this Chapter 11 case on March 13, 2026 (the "Petition Date"). At the time of filing, the Estate of Robert Barnett had non-judicial foreclosures pending against the apartments located at 1044 Sunhill Road NW, Birmingham, AL 35215, and against the land located at 1911 Tiger Walk, Birmingham, AL 35212. The Debtor commenced this case in order to preserve property of the estate and protect it from foreclosure pending a judicial determination of whether, and in what amount, any debt is owed to the Estate of Robert Barnett. The identity and fair market value of the Debtor's material assets are listed in Exhibit B. The Debtor's real property holdings consist of eleven parcels with a scheduled aggregate fair market value of $13,838,200.00. The Debtor holds approximately $38,000.00 in its operating account as of the date of this Disclosure Statement, together with additional cash held at Alamerica Bank and PNC Bank as reflected in the Liquidation Analysis. The purpose of the Plan is to allow the Debtor to reorganize its financial affairs, pay its four Priority Tax Claim creditors in full with 7.00% interest per annum, fund a Disputed Claims Reserve for the benefit of the Estate of Robert Barnett pending resolution of its disputed $10,884,003.67 claim, and continue operating its rental real estate business, funded by rental income. The Debtor's four Priority Tax Claim creditors (Class 1) will be paid in full with 7.00% interest per annum. The Debtor's sole disputed creditor, the Estate of Robert Barnett, asserts a claim of $10,884,003.67 (Class 2), which the Debtor disputes in its entirety; no distribution will be made on that claim unless and until it becomes Allowed by Final Order. There are no scheduled general unsecured claims (Class 3). Equity interests (Class 4) will be retained, subject to the ownership dispute between Ronnie Underwood and Brandon T. Smith, which is not resolved by the Plan. There are no general unsecured claims currently scheduled in this case ($0.00 scheduled). Class 3 is impaired. Any Allowed General Unsecured Claim will be paid in full, without post-petition interest, within thirty days after such claim becomes Allowed. Plan Payments will be funded from the Debtor's rental income, as projected in Exhibit E (Projected Operating Budget, August 2026 through January 2027). The Debtor currently receives $22,000.00 per month in rental income from the Green Meadow Apartments complex. A full-text copy of the Disclosure Statement dated July 13, 2026 is available at https://urlcurt.com/u?l=dzq0AC from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Keller, Esq. Russo, White & Keller, PC 315 Gadsden Highway, Suite D Birmingham, AL 35235 Telephone: (205) 833-2589 Email: rjlawoff@bellsouth.net About Green Meadow Apartments Green Meadow Apartments, LLC, is a real estate entity that owns and operates multifamily residential properties, generating revenue through apartment leasing and property management activities. Green Meadow Apartments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00953) on March 13, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities ranging from $10 million to $50 million. Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller. GRUPO ANTOLIN-TRAUSA: Seeks Chapter 15 Bankruptcy in New York ------------------------------------------------------------- Kirk O'Neil of The Street reports that Grupo Antolin has turned to Chapter 15 bankruptcy protection in the United States as part of efforts to implement a Spanish restructuring plan aimed at reducing its debt burden. The auto components supplier filed the cross-border bankruptcy petition July 20, 2026, in the Southern District of New York, asking the court to recognize the Spanish proceedings and provide protections for its U.S. assets. The Burgos, Spain-based company recorded 3.73 billion euros ($4.25 billion) in 2025 revenue and is a major supplier to global automakers such as Ford, General Motors, Stellantis, Volkswagen, Hyundai, and Renault-Nissan. Grupo Antolin operates a global manufacturing network of 111 plants and delivery centers in 23 countries, with a workforce of 20,000 employees, including 2,100 workers in the United States, according to report. Despite the restructuring, Grupo Antolin said it expects to continue normal operations and keep its workforce intact. The company's foreign representative told the bankruptcy court that the Spanish restructuring process is designed to allow continued operations while liabilities are reorganized and creditor claims are addressed, the report states. The company's financial strain stems from years of pressure on the automotive industry, including pandemic-related production interruptions, geopolitical instability, supply chain disruptions, rising energy and material costs, and new trade restrictions. Grupo Antolin also cited heavy debt obligations and upcoming loan maturities in 2027 and 2028 as key factors behind its restructuring efforts. The filing follows a wave of financial distress among auto suppliers, including First Brands Group, which filed Chapter 11 in 2025 with billions of dollars in liabilities, the report relays. About Grupo Antolin-Irausa, S.A.U. Headquartered in Burgos, Spain, Grupo Antolin-Irausa, S.A.U. is a leading global supplier of automotive interior components, including overhead systems, door modules, lighting and cockpit/instrument panel components. The company generated reported sales of around EUR3.7 billion in 2025 and is owned by the Antolín family. Grupo Antolin operates a global footprint of plants across Europe, the Americas, Asia and Africa, and supplies the world's major OEMs. Grupo Antolin-Irausa, S.A.U. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11714) on July 20, 2026. Honorable Bankruptcy Judge Shireen A. Barday handles the case. The Debtor is represented by Kirkland & Ellis LLP. Cristina Blanco Santo Tomas is the Debtor's foreign representative. HEALTHCARE FOR ALL: Plan Exclusivity Period Extended to Oct. 16 --------------------------------------------------------------- Judge Sheryl P. Giugliano of the U.S. Bankruptcy Court for the Eastern District of New York extended Healthcare for All Women OB/GYN PLLC and True Health Medical P.C.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Oct. 16 and Dec. 18, 2026, respectively. As shared by Troubled Company Reporter, the Debtors submit that cause exists to grant the proposed extensions of the current exclusive periods. The Debtors believe that it is essential and therefore beneficial to the estates and their creditors that the Debtors be afforded the time necessary in an environment where the Debtors are not distracted with the concomitant threat of competing plans, unproductive confrontations and the increasing administrative costs associated therewith. The Debtors believe that the proposed extension of the current exclusive periods will not prejudice creditors of the Debtors' estates or other parties-in-interest. To terminate the exclusive periods prematurely would be to deny the Debtors a meaningful opportunity to negotiate with creditors, resume operations, and propose a confirmable plan. This would be contrary to the overall purpose of the Chapter 11 process. Finally, a premature termination of the exclusive periods might force the Debtors to waste valuable time and efforts combating competing plans and result in increasing administrative expenses, all to the detriment of the estate, the creditors and other parties-in-interest. Accordingly, the Debtors respectfully submit that sufficient cause exists under Section 1121(d) of the Bankruptcy Code to extend the current exclusive periods without prejudice to the Debtors' right to seek additional extensions upon appropriate notice and hearing therefore. The development of any plan of reorganization at this stage of the Chapter 11 case is premature and would not serve the best interest of the Debtors, their estates or their creditors. Counsel for the Debtors: Robert J. Spence, Esq. Spence Law Office, P.C. 55 Lumber Road, Suite 5 Roslyn, NY 11576 Tel: (516) 336-2060 Fax: (516) 605-2084 E-mail: rspence@spencelawpc.com About Healthcare for All Women OB/GYN Healthcare for All Women OB/GYN PLLC, which operates a women's health clinic in Great Neck, New York, provides obstetric and gynecological services including preventive care, reproductive health management, and routine screenings. The practice delivers patient-centered care through services such as prenatal management, gynecologic examinations, and diagnostic evaluations, supporting patients across different stages of care within a single clinical setting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71056) on March 17, 2026. In the petition signed by Sarita Khatri, MD, managing member, the Debtor disclosed $7,306,957 in total liabilities. Robert J. Spence, Esq., at Spence Law Office, P.C., represents the Debtor as bankruptcy counsel. HRONIS INC: Unsecureds to Recover Less Than 5% in Liquidating Plan ------------------------------------------------------------------ Hronis, Inc., and its affiliates filed with the U.S. Bankruptcy Court for the Eastern District of California a Combined Plan of Liquidation and Disclosure Statement dated July 10, 2026. The Debtors are part of a single business enterprise that has farmed in the San Joaquin Valley since 1945 (the "Business"), operating out of a headquarters complex located at 10443 Hronis Road in Delano, California. Kosta Hronis and Peter Hronis are the principal shareholders of the Business. Kosta Hronis was, until January 13, 2026, the Chief Executive Officer and President of Hronis, Inc. Peter Hronis was, until January 13, 2026, the Secretary and Senior Vice President of Sales and Marketing of Hronis, Inc. On May 5, 2026, the Debtors filed a motion to approve (i) the Sales of substantially all of the Debtors' assets free and clear of liens, claims, interests, and encumbrances, and (ii) the assumption and assignment of executory contracts and unexpired leases (the "Sale Motion"). On June 24, 2026, the Auction was conducted and concluded, with Conterra designated as the Successful Bidder for the majority of the Debtors' assets and each of SSJMD, Mark Kovacevich, Louis Pandol, SE Land Company, and Malley designated as a Successful Bidder for certain other assets (together with Conterra, collectively, the "Successful Bidders"). On June 30, 2026, the Bankruptcy Court conducted the Sale Hearing and entered an order approving the sale of the Debtors' assets to the Successful Bidders. Based upon the outcome of the auction, and pursuant to the Stipulation, Conterra must fund an initial cash carve-out of $500,000, with the potential for additional carve-out amounts up to $3 million. Pursuant to the asset purchase agreement with Conterra (the "APA"), Conterra or its designee will take assignment of certain assets, including the Conterra Acquired Real Estate, and assume certain liabilities of the Debtors. Class 5 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim against the Debtors agrees to a different treatment, each Holder of an Allowed Unsecured Claim shall receive a Pro Rata Share of any Distributable Proceeds. Notwithstanding anything to the contrary set forth herein (i) no Holder of an Allowed General Unsecured Claim shall be entitled to receive Cash under the Plan in excess of 100% of such Holder's Allowed General Unsecured Claim plus interest thereon accrued after the Petition Date at the Federal Judgment Rate; and (ii) the Liquidating Trustee may delay any Distribution otherwise payable hereunder to Holders of Allowed General Unsecured Claims if the Liquidating Trustee determines, in consultation with the Plan Oversight Committee, that the cost of making such Distribution is not cost-effective, in relation to the amount of the Distribution. Class 5 is impaired. The allowed unsecured claims total $70.3 million. This Class will receive a distribution of less than 5% of their allowed claims. On the Effective Date, all Equity Interests shall be deemed canceled, extinguished and discharged and of no further force or effect, and the Holders of Equity Interests shall not be entitled to receive or retain any property on account of such Equity Interests. On the Effective Date, all assets of the Debtors will be transferred to the Hronis Liquidating Trust and the Liquidating Trustee shall be appointed and thereafter serve in accordance with this Plan and the Liquidating Trust Agreement. The Liquidating Trustee shall not be required to give any bond or surety or other security for the performance of his duties unless otherwise directed by the Bankruptcy Court. The Plan provides for the limited consolidation of the Debtors' Estates, but solely for the purposes of this Plan, including making any Distributions to Holders of Allowed Claims. The Debtors propose limited consolidation to promote efficient administration and effectuation of the Plan, including for purposes of Distributions to be made under the Plan, and to avoid the inefficiency of proposing Entity-specific Claims for which there would be little to no impact on Distributions. A full-text copy of the Combined Plan and Disclosure Statement dated July 10, 2026 is available at https://urlcurt.com/u?l=TABV1v from PacerMonitor.com at no charge. Counsel to the Debtors: Zev Shechtman, Esq. Steven F. Werth, Esq. Maxwell M. Hanamirian, Esq. Saul Ewing LLP 1888 Century Park East, Suite 1500 Los Angeles, CA 90067 Telephone: (310) 255-6100 Facsimile: (310) 255-6200 E-mail: zev.shechtman@saul.com About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, Calif., that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. Hronis and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. Conterra Agricultural Capital, LLC, as DIP lender, is represented by: Bernie Kornberg, Esq. Andrew Morton. Esq, Brianna Morrison, Esq. MILLER NASH LLP 340 Golden Shore, Suite 450 Long Beach, CA 90802 Telephone: (562) 435-8002 andy.morton@millernash.com brianna.morrison@millernash.com - and - Marc Hirschfield, Esq. Marc F. Skapof, Esq. ROYER COOPER COHEN BRAUNFELD LLC 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 994-0451 mhirschfield@rccblaw.com mskapof@rccblaw.com INTREPID LLC: Claims to be Paid from $300K Distribution Fund ------------------------------------------------------------ Intrepid, LLC and Seth Spaulding Gomm filed with the U.S. Bankruptcy Court for the District of Utah a Subchapter V Plan dated July 10, 2026. Intrepid was formed in 2019 and holds interests in various income producing entities and investments. The initial primary business purpose of Intrepid was to create, manage, seek opportunities, and invest in its namesake entity, Intrepid Biosciences, LLC, and its sister company, Zion Pharmaceuticals. Mr. Gomm is a practicing attorney admitted to practice before the courts of Utah, Colorado, and Wyoming, and the United States District Court for the District of Utah. Before becoming an attorney, Mr. Gomm worked as a school teacher and business operations manager. Along with his law degree, Mr. Gomm earned an MBA with an emphasis in finance. Mr. Gomm and Intrepid co-founded and invested in Zion Pharmaceuticals. The Debtors were integral to the formation of Zion Pharmaceuticals and Intrepid Biosciences, LLC, which are both currently engaged in the cannabis industry. The Debtors' successful licensing applications led to the formation of Zion Pharmaceuticals, and its subsidiaries. Three other individuals also helped to found Zion Pharmaceuticals, and each individual (including Mr. Gomm) held their respective ownership interests in Zion Pharmaceuticals in entities owned or managed by the respective individual. Under this Plan, David L. Miller, a disinterested, qualified, experienced, and well respected chapter 7 panel trustee, shall serve as the Plan Trustee. The Plan Trustee shall be vested with all causes of action that the Estate owns, or potentially holds, against insiders of the Debtor ("Claims Against Insiders"). Allowed Claims will be paid in the order of priority established by the Bankruptcy Code and this Plan in an amount at least equivalent to (a) the Debtors' Projected Disposable Income, or (b) if greater, the liquidation value of the Debtors' assets. The Total Distributions to be paid under the Plan are $300,000, which is more than the aggregate amount each Debtor is required to fund to confirm a plan by cram down. In a chapter 7 liquidation case, it is anticipated that the Debtors' unsecured creditors would receive significantly less. With respect to Allowed Claims that are not Secured, Administrative Expenses will be paid first, including the fees and expenses of the Plan Trustee, the Subchapter V Trustee, and the Debtors' Professionals. Priority Claims will be paid next. Then General Unsecured Claims will be paid pro rata from any cash available for distribution. If General Unsecured Claims are paid in full, Subordinated Claims will be paid next. And if all Claims are paid in full, any remaining proceeds will be distributed to the respective Debtor who provided the funds for distribution. Class 2 shall consist of all Allowed General Unsecured Claims against the Debtors. The holders of Allowed Class 2 Claims shall be paid the lesser of (a) the full amount of their claim as of the Petition Date, plus interest from and after the Effective Date at the Applicable Rate, or (b) a pro rata share of the Total Distributions available after payment of Allowed Claims having greater priority in distribution. Class 2 is impaired under the Plan. Subject to the limitations and priorities described in section 6.6, the holders of Allowed Class 2 Claims shall be paid, pro rata, (a) from time to time, but in any event at least on the Initial Distribution Date and the subsequent Interim Distribution Dates, to the extent that a full or partial distribution of Cash is available on such dates, and (b) on the Final Distribution Date. The funds in the Distribution Account will be paid, first, to the holders of Allowed Claims having greater priority in distribution. Specifically, the holders of Allowed Class 2 Claims will not receive distributions until the holders of claims with higher priority (listed under sections 6.6.1 through 6.6.11 of the Plan) have been paid or reserved in full. Class 4 shall consist of all Equity Interests in the Intrepid. Holders of Equity Interests in Intrepid will not receive any distributions, including from liquidation proceeds, until and unless the full amount of Total Distributions have been paid and distributed to the holders of claims having senior priority, as listed under sections 6.6.1 through 6.6.13 of the Plan. Both before and after the Effective Date, the Debtors shall set aside, segregate, pay, and distribute funds in the aggregate amount of $300,000.00 (the "Distribution Fund" or the "Distribution Fund Amount" or the "Total Distributions") to be paid to the holders of Administrative Expense Claims, Unclassified Priority Claims, Class 1 Priority Claims, Class 2 General Unsecured Claims, and Class 6 Subordinated Section 510(b) Claims, in the order of priority set forth in section 6.6 of this Plan. The Distribution Fund Amount shall include, and shall not be in addition to, all amounts paid by the Debtors to holders of Allowed Administrative Expense Claims, whether pre- or post-Effective Date, including but not limited to any compensation and reimbursement awarded to Professionals under Sections 330, 331 and/or 503(b) of the Bankruptcy Code (but excluding and excepting any such amount paid from pre-Petition Date retainers held by Professionals). Excepting only distributions to the holders of secured claims, the Distribution Fund Amount is the maximum amount that shall be paid, in the aggregate, to creditors. A full-text copy of the Subchapter V Plan dated July 10, 2026 is available at https://urlcurt.com/u?l=SLFGma from PacerMonitor.com at no charge. Attorneys for Intrepid, LLC: Matthew M. Boley, Esq. Grant Coffey, Esq. COHNE KINGHORN, P.C. 111 E. Broadway, 11th Floor Salt Lake City, UT 84111 Telephone: (801) 363-4300 E-mail: mboley@ck.law gcoffey@ck.law Attorneys for Seth Spaulding Gomm: Michael R. Johnson, Esq. Mark C. Rose, Esq. RAY QUINNEY & NEBEKER 36 South State Street, Suite 1400 Salt Lake City, Utah 84111 Telephone: (801) 532-1500 E-mail: mjohnson@rqn.com E-mail: mrose@rqn.com About Intrepid Intrepid, LLC, was formed in 2019 and holds interests in various income producing entities and investments. The Debtor its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 26-20852) on Feb. 20, 2026, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Seth S. Gomm as manager. Judge Michael F Thomson presides over the case. Matthew M. Boley, at COHNE KINGHORN, P.C., serves as the Debtor's counsel. JOHN T. BURKE ENTERPRISES: Seeks Subchapter V Bankruptcy -------------------------------------------------------- On July 20, 2026, John T. Burke Enterprises, LLC commenced a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the District of New Hampshire. Court records show the company has estimated liabilities ranging from $1 million to $10 million, estimated assets between $100,000 and $500,000, and between one and 49 creditors. Government proof of claim filings must be submitted by Jan. 19, 2027. About John T. Burke Enterprises, LLC Headquartered in Manchester, New Hampshire, John T. Burke Enterprises, LLC operates under the trade name Burke Emergency Restoration. The company provides emergency restoration services, including fire, water and mold damage remediation, biohazard cleanup, sewage cleanup and soft contents restoration, and holds specialized industry certifications. The company sought protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Case No. 26-10635) on July 20, 2026. Bankruptcy schedules list assets of $100,000 to $500,000 and liabilities of $1 million to $10 million. The case has been assigned to Chief Judge Kimberly Bacher. William J. Amann, Esq., of Amann Burnett, PLLC, serves as counsel to the debtor. JOONKO DIVERSITY: Court Unseals Fraud Report for Shareholders ------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has cleared the way for certain shareholders of Joonko Diversity Inc. to obtain an unsealed investigative report by permitting them to subpoena the company's insolvency plan administrator. The report reportedly examines allegations of misconduct that contributed to the startup's downfall. Shareholders contend the findings may help determine whether former executives or other parties could face liability, and the court found there was sufficient justification to permit discovery of the document, the report states. The decision could expand shareholder investigations into the company's failure and provide evidence for potential claims against individuals involved in Joonko's operations. The Chapter 11 case continues as the bankruptcy estate works through remaining administrative matters and creditor recoveries, according to Law360. About Joonko Diversity Inc. Joonko Diversity Inc. is an AI-powered employee recruitment venture. Joonko Diversity sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-11007) on May 14, 2024. In the petition filed by Ilan Band, as chief executive officer, the Debtor estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. McDermott Will & Emery LLP, led by David R. Hurst, is the Debtor's counsel. KAHN PROPERTY: NY Castle Owner Defends Chapter 11 With Sale Plan ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the entity that owns Oheka Castle has asked a bankruptcy judge to reject the U.S. Trustee's bid to dismiss its Chapter 11 case, arguing that the proceedings are critical to ongoing efforts to sell the historic Long Island estate. Kahn Property Owner LLC said that Chapter 11 allows it to preserve the property's value, continue operating the business and pursue a court-supervised sale for the benefit of creditors. The debtor argued that ending the bankruptcy case now would undermine those efforts and reduce potential recoveries. Kahn Property Owner is the owner of Oheka Castle, a century-old mansion on Long Island's Gold Coast that functions as a luxury hotel, hospitality venue and tourist destination. The company says restructuring under Chapter 11 provides the best avenue to complete a successful sale of the property, the report states. About Kahn Property Owner Kahn Property Owner, LLC owns a 22-acre estate at 135 West Gate Drive in Huntington, New York, located in the Gold Coast region of Long Island. The property includes Oheka Castle & Resort, a historic mansion that operates as a restaurant and catering venue hosting weddings, private parties, corporate functions, and other events. Kahn Property holds the real estate, while the Oheka Castle business is operated separately. Kahn Property Owner, LLC in Huntington, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 25-72946) on July 31, 2025, listing $92,813,057 in assets and $63,508,319 in liabilities. Kahn Associates LLC, the Debtor's member, signed the petition. Judge Louis A Scarcella oversees the case. LAMONICA HERBST & MANISCALCO, LLP serve as the Debtor's legal counsel. LEO'S OYSTER: Shuts Down After Owner Files Personal Bankruptcy -------------------------------------------------------------- Michael Barba of San Francisco Chronicle reports that San Francisco's Leo's Oyster Bar has closed its doors after its lease expired, ending the run of a once-celebrated Financial District restaurant recognized for its seafood menu, signature cocktails, and nostalgic décor. Owner Anna Weinberg confirmed that the lease ended on July 1, adding that renewing the location was no longer feasible due to changing personal and business priorities. The restaurant debuted in 2016 and quickly established itself as one of the city's premier oyster bars. Operated by the Big Night Restaurant Group, Leo's was opened by Weinberg, her former husband James Nicholas, and other partners. The establishment gained praise for its selection of oysters, shellfish, caviar, and refined small plates, earning favorable reviews from local critics, the report states. Leo's closure follows a difficult period for Weinberg, whose business and personal challenges have mounted in recent years. Following her divorce, disputes over ownership interests and unpaid vendor obligations resulted in several lawsuits. A California judge recently awarded $1.1 million to business partner David Stanton in a breach-of-contract case, while additional claims filed by Bi-Rite remain unresolved, according to report. Weinberg also filed for bankruptcy earlier this year, disclosing limited assets and significant liabilities. Bankruptcy records show modest cash holdings, personal property valued at roughly $23,000, outstanding credit card debt, and continuing income generated through Tosca Dream Team LLC, which operates her remaining restaurant interests, San Francisco Chronicle reports. About Leo's Oyster Bar Founded in 2016, Leo's Oyster Bar was an upscale seafood restaurant and oyster bar located in San Francisco's Financial District. The restaurant offered oysters, lobster, crab, shrimp, caviar, and other seafood specialties alongside an extensive cocktail program. Leo's was operated under the Big Night Restaurant Group, a hospitality company behind several prominent San Francisco restaurants. LESLIE'S INC: Considers Ch. 11 Bankruptcy Filing to Cut Debt Load ----------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Leslie's Inc. is exploring strategic alternatives to reduce its debt load, including a potential Chapter 11 bankruptcy filing, as it negotiates with creditors over possible extensions of its existing borrowings, according to people familiar with the discussions. The Phoenix-based pool supply retailer has been holding confidential talks with lenders, but those negotiations have become more complicated amid industry headwinds. Executives are contending with weather-related sales disruptions, elevated input costs, and softer consumer demand as inflation continues to pressure household budgets, the report states. People familiar with the matter said bankruptcy is only one of several restructuring options under review, with the company still pursuing an out-of-court solution if a consensual agreement can be reached. Deliberations remain ongoing, and no decision has been finalized. About Leslie's Inc. Founded in 1963, Leslie's operates one of the nation's largest specialty retail networks for pool and spa products and services. The company sells chemicals, cleaning equipment, replacement parts, and maintenance services while serving millions of residential pool owners across the United States. LOCAL SEARCH: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Local Search Masters, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay expenses based on its operating budget. This cash collateral includes cash, deposit accounts, cash equivalents, post-petition revenues, accounts receivable, and funds held by third-party payment processors or merchant service providers. The Debtor generates between $120,000 and $135,000 in recurring monthly revenue from approximately 150 clients under ongoing service agreements and currently holds approximately $420,000 in accounts receivable. Much of its incoming cash represents pass-through advertising expenditures that the Debtor pays to advertising platforms on behalf of clients, making uninterrupted access to cash essential to maintaining customer relationships and preserving recurring revenue. Lineage Bank and U.S. Bank, N.A., the servicer of the Debtor's SBA loan, are the creditors that may assert interests in the cash collateral. Based on the Debtor's review of Uniform Commercial Code filings, Lineage Bank is the principal lender with security interests covering accounts, deposit accounts, and their proceeds through financing statements filed in 2021 and 2023, with a subsequent amendment increasing the secured indebtedness by $100,000. Meanwhile, U.S. Bank's 2019 financing statement, continued in 2024, appears to cover equipment, chattel paper, instruments, and general intangibles but does not expressly include accounts or deposit accounts. Although the Debtor does not concede the validity, perfection, priority, or scope of any creditor's liens, it intends to use any cash that could arguably constitute cash collateral while reserving all rights to challenge those liens, pursue avoidance actions, and assert defenses later in its Chapter 11case. Under the interim order, creditors claiming an interest in the cash collateral will be granted adequate protection through replacement liens on the Debtor's post-petition property and proceeds, with the same priority and extent as their pre-petition liens. Local Search Masters is required to maintain a positive balance in its debtor-in-possession account and, if a negative balance is anticipated, the Debtor's owner must defer compensation or otherwise fund the shortfall. The order reserves all parties' rights to dispute the validity, priority, or enforceability of any liens or the adequacy of the protection provided. A copy of the court's order is available at https://short.do/V8Ft2P from PacerMonitor.com. The court scheduled a hearing for August 12. Objections to continued use of cash collateral must be filed by August 7. About Local Search Masters LLC Local Search Masters, LLC is a Franklin, Tennessee-based provider of digital marketing and local search advertising services. It specializes in helping franchise organizations and multi-location businesses improve their online visibility through SEO, SEM, paid social advertising, website development, and marketing analytics. It is also known for its LSM Insight CRM-integrated reporting platform. Local Search Masters sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-03278) on July 9, 2026. In its bankruptcy petition, Local Search Masters reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC. LRS HOLDINGS: Moody's Rates New Sr. Secured First Lien Debt 'B3' ---------------------------------------------------------------- Moody's Ratings assigned a B3 rating to LRS Holdings, LLC's (LRS) proposed senior secured first lien bank credit facility consisting of a term loan B and revolving credit facility. All other ratings for LRS are unaffected at this time, including the B3 corporate family rating, the B3-PD probability of default rating and the B3 rating on the company's existing senior secured bank credit facility. The stable outlook is unchanged. The net proceeds from the new $475 million term loan due 2033 are expected to be used to refinance the company's term loan due 2028, of which $432 million remained outstanding as of March 31, 2026. The proceeds will also be used to increase balance sheet cash by $38 million and pay transaction expenses. In connection with the transaction, LRS is entering into a new $180 million revolving credit facility due 2031, which is not expected to be drawn at transaction close. Moody's will withdraw the ratings on the existing term loan and $180 million revolving credit facility due 2028 once the outstanding debt is repaid. The transaction results in an extension of debt maturities and an increase in the cash balance. But it also increases total debt and leverage while free cash flow remains negative. Pro forma debt rises to $580 million, from $535 million as of March 31, 2026, resulting in pro forma adjusted debt-to-EBITDA above 6.5x. Moody's expects the ratio to improve over the next 12-18 months, though Moody's now expects year-end 2026 leverage of about 6.1x, compared with Moody's previous expectation of about 5.8x, assuming debt remains around the pro forma level. Higher pricing, new contract wins and synergies from recent acquisitions will support EBITDA growth, enabling leverage to decline into 2027. The company will also benefit from efficiency improvements and cost reductions undertaken over the past year, as well as a portfolio realignment toward higher margin business and markets. This includes a key Indianapolis municipal contract that commenced in January 2026. RATINGS RATIONALE The B3 CFR reflects the company's competitive position in its core markets and steady waste volumes underpinned by contracts that provide a base of recurring revenue. This tempers industrial volume pressures during weak economic cycles. LRS has increased its proportion of steady municipal contracts to 60% of revenue while reducing its revenue share of cyclical construction and demolition business. The company's strategically-located recycling facilities, transfer stations and landfill provide barriers to entry while enabling vertical integration. These assets make LRS well-positioned to meet demand as the company grows in its core US Midwest markets over the long term. Continued focus on gaining efficiencies, including optimization of collection routes, investments to modernize facilities and pricing collections above inflation will help support returns over time. The B3 CFR also reflects LRS modest scale with a regional focus in the US Midwest (primarily Chicago), high leverage driven by an acquisitive growth strategy and negative free cash flow. Acquisitions will remain core to the growth strategy given the fragmented industry. In addition, the company is exposed to volatility in commodity prices, which continue to be weak. Contracts include annual price escalators tied to an index, usually CPI, though this may not always fully offset the rate of cost increases. Pricing and cost discipline will help offset labor cost inflation following a renegotiated labor union contract and support improving margins. Moody's expects LRS to maintain adequate liquidity. Cash on hand and ample revolver availability will balance negative free cash flow in 2026. Moody's expects annual free cash flow to remain negative in 2026 with high capital expenditures, but turn positive in 2027 with higher earnings and capital expenditures expected to moderate. Continued fleet modernization and a pull forward of new truck investments ahead of changes in emission regulations in 2027 will lower the company's fleet age and maintenance costs. Pro forma availability on the new $180 million revolving credit facility is $151 million, net of $29 million in letters of credit as of March 31, 2026. Moody's anticipates the company will use the facility periodically to help fund working capital needs and capital expenditures. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with prudent and profitable scale expansion and significant earnings growth with EBITDA margin approaching 20%, debt-to-EBITDA approaching 5x and EBITDA-to-interest above 2x. Additionally, good liquidity with sustained positive free cash flow and ample revolver availability would be a prerequisite for an upgrade. Reduced geographic concentration would also be viewed favorably. The ratings could be downgraded if liquidity erodes, including diminishing revolver availability, tightening covenant headroom, or declining funds from operations. Revenue contraction and no margin expansion, including from a meaningful drop in pricing, the loss of a contract or ineffective cost controls could also lead to a downgrade. Quantitatively, debt-to-EBITDA expected to remain above 6x, EBITDA-to-interest below 1.5x, or funds from operations-to-debt falling below 4% could prompt a downgrade. Finally, acquisition integration challenges or debt funded transactions that weaken the credit metrics could also result in a downgrade. The principal methodology used in these ratings was Environmental Services and Waste Management published in November 2025. LRS Holdings, LLC, based in Rosemont, Illinois, provides waste collection, disposal and recycling services for residential, commercial and roll-off customers primarily in Chicago and adjacent core markets in the US Midwest region. LRS also provides ancillary services, including street sweeping and renting portable restrooms for construction sites, parks and outdoor events. Revenue approximated $617 million for the twelve months ended March 31, 2026. LSF 12 PILLAR: S&P Assigns 'B+' Long-Term ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issuer credit rating to LSF 12 Pillar Investments (US) Inc. and its 'B+' issue rating to the group's senior secured term loan B (TLB) and notes due 2033. The recovery rating is '3' (rounded recovery estimate: 60%). S&P said, "The stable outlook indicates that we expect Capsugel to benefit from solid organic revenue growth prospects in the next two years, with S&P Global Ratings-adjusted EBITDA margins expanding toward 27.5%. We also anticipate smooth carve-out process from Lonza, which will remain invested in the business." Lone Star is finalizing its acquisition of Capsugel from Lonza Group AG. In connection with the transaction, Lonza has reinvested about 40% of the equity, with financial sponsor Lone Star holding the remaining stake. LSF 12 Pillar Investments (US) Inc., Capsugel's new parent entity, raised senior secured notes and a term loan B (TLB) equivalent to Swiss franc (CHF) 1.38 billion to support the acquisition. The terms and conditions are in line with those presented to us in April 2026, when we assigned preliminary ratings to the holding company and TLB. S&P forecasts annual revenue growth of 7%-8% in 2026-2027 with average S&P Global Ratings-adjusted EBITDA margins of about 27.5%. Free operating cash flow (FOCF) will be constrained by investments but still positive at or over CHF20 million, enabling adjusted debt to EBITDA of about 4x. The ratings are consistent with the preliminary ratings assigned in April 2026. S&P said, "We forecast Capsugel will post revenue growth of 7%-8% in 2026-2027, a marked acceleration from the decline observed over the past three years. This growth is supported by the January 2026 announcement from the U.S. Department of Commerce imposing antidumping measures on low-cost hard empty capsule importers (notably from Brazil, China, Vietnam, and India), which allows the group to regain market share and benefit from higher pricing. We anticipate that S&P Global Ratings-adjusted EBITDA margins will improve toward an average of approximately 27.5% over 2026-2027 (from an estimated 23% in 2024 and 25% in 2025). Margin expansion will be supported by the aforementioned revenue growth, although we factor in approximately CHF56 million in cumulative one-off costs over the next 24 months linked to IT infrastructure, sales force investments, and net transition services agreement (TSA) costs to Lonza as part of the carve-out process. We project the group's capital expenditure (capex) to remain elevated at CHF150 million-CHF160 million in 2026-2027 (up from CHF84 million-CHF 95 million in the previous three years), from planned production capacity investments in Asia and more efficient new machine technology systems. While these investments will temporarily depress FOCF (after leases) to approximately CHF20 million-CHF30 million in 2026, we expect FOCF to improve toward CHF35 million-CHF45 million in 2027. We forecast broadly stable S&P Global Ratings-adjusted (gross) debt to EBITDA of about 4.2x-4.3x." Capsugel maintains a leading market position across its business segments, supported by a refreshed strategy of cost leadership and commercial strength. In the hard empty capsules market, it is the global volume leader with a 27% market share, supported by strong regional footprints in Europe, the Middle East, and Africa (40%); the Americas (31%); and Asia-Pacific (18%). The group is also the No. 1 player in the U.S. dosage form solutions segment, with proprietary liquid-filling technology and a unique global manufacturing presence. In the health ingredients segment, Capsugel maintains niche leadership as the No. 1 producer of UC-II (40% share) and the No. 2 global manufacturer of L-Carnitine. The group's growth prospects are underpinned by aging demographics, increasing health awareness, and innovation in high-growth therapeutic areas like obesity, which is expected to drive significant sales in dosage form solutions from 2028 onward. To address recent revenue headwinds from destocking and pricing pressures, the group is executing a refreshed strategy under Lone Star ownership. This approach focuses on transitioning to a solutions-focused sales model to drive cross-selling opportunities, alongside driving operational efficiencies through increased Asia-Pacific capacity, the deployment of proprietary D90 technology, and enhanced automation. The group's strengths are balanced by a narrow technology focus and intense competition in a volume-driven market. S&P notes the hard empty capsule market is a fraction of the CHF16.2 billion oral solutions market, and the extended addressable market in the dosage form solutions segment is about CHF4 billion. Growth may be constrained by the prevalence of alternative formats, such as tablets in Asia-Pacific, and that oral doses are often secondary to injectables for breakthrough therapies. Furthermore, the market is highly fragmented, with the five top players accounting for about 58% of total revenue with the remainder being largely local. This fragmentation, combined with increasing price sensitivity, could create margin pressure in a largely volume-driven market. S&P said, "We think the carve-out process from Lonza should be manageable with focus on operational execution and no acquisitions. The process is significantly de-risked by Capsugel's existing dedicated sales force and a largely independent manufacturing footprint; of its nine current facilities, eight will remain with the group, while L-Carnitine production in China will be maintained via a post-separation supply agreement with Lonza. Lonza's continued investment for at least the next two to three years is viewed as credit positive. While the fragmented market offers inorganic opportunities, our base case assumes a focus on the separation process rather than acquisitions. "The stable outlook reflects our view that Capsugel should be able to benefit from solid organic revenue growth prospects in the next two years and smoothly manage the carveout process from Lonza. We forecast improving S&P Global Ratings-adjusted EBITDA margins toward an average of about 27.5% and FOCF toward CHF35 million-CHF45 million by the end of 2027, enabling broadly stable adjusted debt to EBITDA of about 4x. "We could lower the rating on the group if we observe a material negative deviation from our base case, such that adjusted debt to EBITDA increased to 6x with no prospects for rapid improvement, likely translating into negative FOCF." This would occur under the following scenarios: -- The company is unable to execute under its commercial strategy with heightened competitive pressures continuing to persist across key markets; or -- If, contrary to S&P's current expectations, the carveout process from Lonza turns out to be more complex, resulting in strong additional cost increase. S&P said, "Alternatively, we could also lower the rating on the group if it takes a aggressive stance on discretionary spending, notably acquisitions, given the degree of end-market fragmentation. "We could consider raising the rating on the group if we have visibility that it will maintain strong credit metrics, notably adjusted debt to EBITDA comfortably at 4x-5x, coupled with improving FOCF to debt at 5%-10%. This would occur if the company successfully executes under its commercial strategy, outperforming market growth rates and recapturing some market share lost since the COVID-19 era, while smoothly managing the carve-out process from the wider Lonza Group. Under such a scenario, an upgrade would hinge on a commitment by management and owners to maintain strong metrics." M.K. WEEDEN: Affiliate to Sell Lewistown Property to J. & L. Steen ------------------------------------------------------------------ Debtor-in-possession Weeden Ranch LLC and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Montana, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is 652 +/- acres in Judith Mountains located seven miles east of the city of Lewistown, County of Fergus, Montana (Judith Ranch). The Judith Ranch Property is to be sold to James Steen and Lacey Steen for a total purchase price of $2,282,000.00. The Judith Ranch Property has been marketed by Debtor for months, and is the highest and best offer available on the Judith Ranch Property. Should any offer on better terms come to Debtor in advance of the hearing on this motion, Debtor would propose to approve the sale to that higher offer. The lienholders of the Property are Stockman Bank of Montana, First Bank of Montana, John Seibel, and Employers Mutual Casualty Company. On December 11, 2025, Debtor's related construction entities MK Weeden Construction Inc. (MKW Corp), MK Equipment Co., LLC (MKE) and WMK Holding LLC (WMK) filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code. The Debtors MKW Corp, MKE and WMK engage in construction and excavating projects. Buyers and Debtor negotiated the PSA at arm's length with each side negotiating through separate real estate brokers. The Buyers are not related to Debtor, its affiliates, or any insiders. Debtor seeks to reduce ongoing costs and burdens on the bankruptcy estate and to satisfy the terms of Stockman Bank’s negotiated Plan treatment. By selling the Judith Ranch Property, the estate will save money by not having to continue to insure the property or expend funds to maintain the property. The Debtor has been represented in the transaction by Todd Phillips and Phillips Realty as brokers. About M.K. Weeden Construction Inc. M.K. Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40100) on December 11, 2025. In the petition signed by Monte K. Weeden, president and manager, the Debtor disclosed $27,956,847 in total assets and $23,678,668 in total liabilities. Judge Benjamin P. Hursh oversees the case. Laurie Thornton, Esq., at DBS LAW, represents the Debtor as legal counsel. MACROFIT INC: Unsecureds Will Get 15% of Claims over 60 Months -------------------------------------------------------------- Macrofit, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization dated July 10, 2026. The Debtor is a connected fitness company offering hardware and digital fitness products, including home gym equipment and Pilates reformers, sold direct-to-consumer and through partnerships. The Debtor's most significant asset home gym equipment and Pilates reformers. The Debtor experienced financial distress due to a combination of factors including rising tariffs impacting cost of goods, reduced marketing spend, constrained liquidity, and payment processor disruptions. The company faced liquidity constraints due in part to restricted access to funds held by a lender and payment processors. Class 3 consists of General Unsecured Claims. In the present case, the Debtor estimates that Class 3 general unsecured debt totals $1,004,713.04. Class 3 will be paid $152,400.00 over the 60-month plan. Debtor's projected disposable income for the 60 months after the effective date of the plan projects that these payments are feasible. Payments to Class 3 will not commence until administrative claims have been paid in full. Class 3 creditors shall receive a pro rata distribution from each monthly disbursement. It is estimated that Class 3 creditors will receive approximately 15%. This Class is impaired. Equity interest holders shall retain the same equity positions post confirmation as held prior to the case filing. The Plan will be funded from Debtor's continued operations. A full-text copy of the Plan of Reorganization dated July 10, 2026 is available at https://urlcurt.com/u?l=sttDva from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 About Macrofit Inc. Macrofit, Inc., is a health and fitness company that provides nutrition planning, wellness programs, and lifestyle solutions designed to support personal fitness goals. Macrofit, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13505) on April 11, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $1,000,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. MAGNOLIA OIL: Moody's Affirms 'Ba2' CFR Amid WildFire Transaction ----------------------------------------------------------------- Moody's Ratings affirmed Magnolia Oil & Gas Operating LLC's (Magnolia, Ba2 stable) ratings, including its Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and Ba3 backed senior unsecured notes rating. The company's Speculative Grade Liquidity Rating (SGL) is maintained at SGL-1 and the rating outlook remains stable. This follows Magnolia's planned acquisition of WildFire Intermediate Holdings, LLC (WildFire) in a transaction valued at $4.06 billion. The transaction is expected to close by the end of the third quarter of 2026 and is subject to customary closing conditions. "Magnolia will substantially increase debt to fund this transaction, resulting in a temporary deterioration of its credit metrics," said Thomas Le Guay, a Moody's Ratings Vice President. "The affirmation considers the acquisition's sound strategic fit, improved production and reserves scale, sizable equity portion of funding, as well as Magnolia's commitment to restore its leverage metrics to levels consistent with its Ba2 CFR." RATINGS RATIONALE In acquiring WildFire, Magnolia will add approximately 810,000 net acres in the Eagle Ford and Austin Chalk shale formations in South Texas, which are highly contiguous with its existing Giddings position. This acquisition will greatly enlarge Magnolia's Giddings position and improve the capital and cost efficiency of its expanded operations. However, the acquisition entails inherent valuation risk and will increase its leverage from a very low base, making the transaction credit negative pending execution of the company's follow on debt reduction plans. Magnolia will fund the acquisition using a balanced mix of equity and debt, including the assumption of WildFire's $600 million senior unsecured notes. This will result in a substantial amount of debt in comparison with Magnolia's $400 million of existing debt, but the company intends to use most of its free cash flow after shareholder returns to repay debt and estimates it can reduce its net leverage to under 1.0x net debt-to-EBITDA by the end of 2027. Magnolia's credit metrics will weaken from very strong levels, but Moody's expects these to return to a level more compatible with the Ba2 rating. The acquisition will add about 50 thousand barrels of oil equivalent per day (mboe/d) of net production with a higher oil content and strengthen Magnolia's business profile, boosting Magnolia's total pro forma production by 47% to 156 mboe/d in the second quarter of 2026. Moody's anticipates that Magnolia's debt-to-production ratio will decline back under $12,000/boe, its debt-to-proved developed reserves ratio back under $7.5/boe, and its RCF/Debt ratio rise to at least 60% by the end of 2027, with all continuing to improve thereafter. Magnolia's Ba2 CFR continues to reflect its resilient low cost production, commitment to prudent financial policies and free cash flow generation. The WildFire acquisition will significantly contribute to the company's production growth in the Giddings Field and confirm its position as the leading driller there. But Magnolia's scale will continue to be comparatively smaller and its reserve life shorter relative to similarly and higher rated peers. While Magnolia intends to partially hedge its production to help protect its balance sheet against a decline in oil prices, the company's initially elevated debt and financial leverage will make its ratings and outlook more vulnerable to potential oil price declines. The stable outlook reflects Moody's expectations that Magnolia will successfully execute on its stated debt reduction plans following the acquisition of WildFire and restore credit metrics to levels consistent with its ratings by the end of 2027. Magnolia will maintain very good liquidity through 2027 pro forma for the acquisition, reflected in its maintained SGL-1 rating. The liquidity position will be supported by partial availability under its upsized senior secured reserve-based revolving credit facility that matures in 2031 (or 91 days prior to maturity of Wildfire October 2029 notes if more than $100 million remains outstanding at that time). The revolving credit facility has been upsized to $1.75 billion of elected commitments and a $2.0 billion borrowing base to finance the transaction. Magnolia's liquidity is further supported by Moody's expectations of continued positive free cash flow generation, and that the company will not rely on external funding to support operations, resource development, or distributions to shareholders. Magnolia's revolving facility has financial covenants, including maintaining net leverage under 3.5x and a current ratio above 1.0x. Moody's expects the company to maintain ample headroom under the covenants through 2027. Magnolia's $400 million senior unsecured notes due 2032 are rated Ba3, one notch below the Ba2 CFR, reflecting the effective subordination of the unsecured notes relative to the senior secured revolving credit facility which has a first lien claim on all oil and gas assets. Moody's expects that the company's funding for the acquisition, including the assumption of WildFire's $600 million senior unsecured notes will maintain a mix of senior secured and unsecured debt consistent with a Ba3 senior unsecured rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Magnolia's ratings could be upgraded if the company increases its scale through profitable growth in production, geographic diversification and further extension of its proved developed reserve life, while substantially reducing its debt level toward its long-term target. To support an upgrade, the company should maintain a leveraged full cycle ratio (LFCR) above 2x and strong leverage metrics at mid-cycle oil and gas prices. The ratings could be downgraded if the company does not reduce its debt level as expected following the leveraging acquisition of WildFire, there is a substantial increase in shareholder returns or additional debt funded acquisitions. A downgrade could occur if RCF/ debt falls below 40% or LFCR is sustained below 1.25x. Magnolia Oil & Gas Corp. is a publicly listed independent oil and gas producer in the Eagle Ford Shale and Austin Chalk Oil & Gas formations in South Texas. The company owns over 600,000 net acres with production averaging 106 mboe/d in the second quarter of 2026 (40% oil). Magnolia Oil & Gas Operating LLC (Magnolia) is the operating holding company, 97% owned and controlled by publicly listed holding company Magnolia Oil & Gas Corp., with a 3% passive stake in the operating company held by non-controlling interests. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. Magnolia's Ba2 CFR is two notches below the scorecard-indicated outcome of Baa3. The difference reflects among other factors, the company's comparatively modest size, limited asset diversification, and short proved developed reserve life. Moody's anticipates that scorecard-indicated outcome will converge towards Magnolia's ratings following the Wildfire acquisition and the leveraging effect it will have on Magnolia's credit metrics. MAIN LINE: Unsecureds Will Get 4.9% of Claims over 3 Years ---------------------------------------------------------- Main Line Expo, Inc. ("MLE") submitted a First Modified Plan of Reorganization dated July 10, 2026. This Plan effects the Debtor's reorganizational goals, providing benefits for the Debtor's creditors, employees, and clients. The Debtor intends to fund its Plan payments from its disposable income as well as from any proceeds recovered from the TANA Litigation. The "Effective Date" of the Plan shall be the later of either September 1, 2026 or the first business day that is at least 15 days following entry of a confirmation order by the Court. These projections consist of a cash flow from the anticipated Effective Date of the Plan (i.e., September 1, 2026) through August 2029. As shown therein, the Debtor is projected to produce net income from its operations and is committing all of its disposable income over the life of the Plan to payment of its creditors. Further, the Plan provides for additional payments to creditors from the net proceeds of the TANA Litigation, should the Debtor prevail therein and recover on its claims. This Plan under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from disposable income as more fully set forth in this Plan. General unsecured creditors holding allowed claims will receive distributions, based on the Debtor's projected disposable income, which the proponent of this Plan has valued at approximately 4.9 cents on the dollar. Additional distributions may also be made to general unsecured creditors if the Debtor prevails and recovers on its claims in the TANA Litigation. This Plan also provides for the payment in full of administrative and secured claims. Class 2A consists of the allowed secured claim of The Victory Bank on account of the Victory Loan. Class 2B is unimpaired. The Debtor is current on the Victory Loan and shall continue to pay the Victory Loan by making regular monthly payments of $604.36 until the Victory Loan is paid in full. In addition, should the Debtor successfully prosecute its claims against Telugu Association of North America in the TANA Litigation, the net proceeds of such litigation shall be paid first to The Victory Bank on account of its first-position lien in and to the Debtor's rights in the TANA Litigation, in accord with the TANA Litigation Waterfall. Any such payment will be credited against and satisfy the monthly payments owed to The Victory Bank on account of its Class 2A claim. The Victory Bank shall retain its lien on the Debtor's property to the same extent, priority, and validity as it held as on the Petition Date, plus any replacement liens provided under the orders authorizing the Debtor's use of cash collateral during the bankruptcy case, until the allowed Class 2A secured claim is paid in full, at which point The Victory Bank shall file a UCC-3 termination statement. Class 2B consists of the allowed secured claim of the SBA on account of the SBA Loan. Class 2B is impaired. During the first 10 months of the Plan, the Debtor will pay the SBA on account of the Class 2B claim the interest that accrues thereon at the contract rate of interest under the applicable loan documents (i.e., an annual rate of 3.75%). The monthly amount of calculable interest is $537.57. During the final 26 months of the Plan, the Debtor will amortize and pay the SBA's Class 2B secured claim with interest at the contract rate of 3.75% over a 26-month period i.e., 26 monthly payments of principal and interest in the amount of $6,859.38. In addition, should the Debtor successfully prosecute its claims against Telugu Association of North America in the TANA Litigation, the net proceeds of such litigation shall be paid second to the SBA on account of its second-position lien in and to the Debtor's rights in the TANA Litigation, in accord with the TANA Litigation Waterfall. Any such payment will be credited against and satisfy the monthly payments owed to the SBA on account of its Class 2B claim. The SBA shall retain its lien on the Debtor's property to the same extent, priority, and validity as it held as on the Petition Date, plus any replacement liens provided under the orders authorizing the Debtor's use of cash collateral during the bankruptcy case, until the allowed Class 2B secured claim is paid in full, at which point the SBA shall file a UCC-3 termination statement. Class 3 consists of General Unsecured Claims. Holders of allowed general unsecured claims shall be paid pro rata from the Debtor's disposable income during the Plan, as set forth in the Projections. Based on the Projections, the Debtor shall make three annual distributions to Class 3 claimants: $10,000.00 in September of 2027, 2028 and 2029. The payments to be made to Class 3 total $30,000.00, representing a payment of approximately 4.9% for each allowed Class 3 claim based upon the scheduled and filed Class 3 claims in the aggregate amount of $611,105. In addition, should the Debtor successfully prosecute its claims against Telugu Association of North America in the TANA Litigation, the net proceeds of such litigation (less payments to Class 2A and Class 2B) shall be paid pro rata to Class 3 claimants, in accord with the TANA Litigation Waterfall. The treatment and consideration to be received by holders of Class 3 claims shall be in full settlement, satisfaction, release and discharge of their respective claims. The Plan begins on the Effective Date (anticipated September 1, 2026) and concludes after three years on August 31, 2029 (the "Plan Period"). The Debtor will fund its payments under the Plan primarily from its disposable income received in the Plan Period. In addition, the Debtor will continue to prosecute the TANA Litigation for the benefits of creditors, and will pay the net proceeds of such litigation (recovery less attorneys' fees and costs of the litigation), if and as recovered, to creditors in accord with the TANA Litigation Waterfall. A full-text copy of the First Modified Plan dated July 10, 2026 is available at https://urlcurt.com/u?l=t0SAjI from PacerMonitor.com at no charge. Counsel to the Debtor: SMITH KANE HOLMAN, LLC Nicholas M. Engel, Esq. David B. Smith, Esq. 112 Moores Road, Suite 300 Malvern, PA 19355 Tel: (610) 407-7216 Fax: (610) 407-7218 Email: nengel@skhlaw.com About Main Line Expo Inc. Main Line Expo, Inc., was founded in 1991 by Patricia Gallagher as a Pennsylvania-based, family-owned, tradeshow service contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14225) on Oct. 19, 2025, with $500,001 to $1 million in assets and liabilities. Judge Derek J. Baker presides over the case. Nicholas M. Engel, Esq., at Smith Kane Holman, LLC, represents the Debtor as legal counsel. MARQUIS STAR: Unsecureds Will Get 100% of Claims over 4 Years ------------------------------------------------------------- Marquis Star Holding, Inc., and Marquis Solar Frame Works, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Joint Disclosure Statement for Plan of Reorganization dated July 10, 2026. MSH is a Florida corporation incorporated on March 23, 2016 which owns real estate in Miami, Florida and Wisconsin. MSFW is a Wisconsin corporation incorporated on Sept. 26, 2022, and is wholly-owned operating subsidiary of MSH. The Plan contemplates the reorganization of each of the Debtors through the continued operation of their respective businesses as the means for implementation of the Plan. Distributions to the holders of Allowed Claims and Equity Interests shall be made from Available Cash generated by the Debtors' ongoing operations. In addition, the Plan appoints a Plan Administrator to investigate and prosecute the Preserved Causes of Action, including Causes of Action against the Shareholder and the Related Parties, and to apply the net Litigation Proceeds thereof to prepay Plan obligations. The feasibility of the Plan does not depend on any recovery on account of the Preserved Causes of Action. The Debtors believe that the net income generated from their respective business operations will be sufficient to pay in full all Allowed Administrative Claims, Allowed Priority Tax Claims, and all Allowed Claims in Classes 1 through 6 under the Plan, and to permit holders of Equity Interests in MSFQ (Class 6) and MSH (Class 17) to retain such Equity Interests in the Reorganized Debtors, subject to dilution from any conversions of Class 5 or Class 16 Subordinated GUC into newly-issued equity and to the dividend, redemption, and distribution restrictions set forth in the Plan. Notably, the Debtors have funded their operations and these Chapter 11 Cases entirely from operating cash flow. The Debtors' ability to self-fund these Chapter 11 Cases without post-petition borrowing reflects the underlying strength of MSFW's manufacturing operations and supports the going-concern premise on which the Plan is based. Class 4 consists of General Unsecured Claims against Marquis Solar. Each Allowed Unsecured Claim in Class 4 shall be satisfied and paid in full, with interest at a fixed rate of 8.75% per annum, in equal quarterly installments over the four-year term of the Plan commencing on the first Distribution Date after the effective date. Class 3 is impaired. This Class will receive a distribution of 100% of their allowed claims. Class 15 consists of General Unsecured Claims against MSH. Each Allowed General Unsecured Claim in Class 15 shall be satisfied and paid in full, with interest at a fixed rate of 8.75% per annum, in equal quarterly installments over the four-year term of the Plan commencing on the first distribution date after the effective date. Such treatment shall be in full and final satisfaction, settlement, release, extinguishment, and discharge of such Allowed Class 15 General Unsecured Claims. Class 15 is impaired. This Class will receive a distribution of 100% of their allowed claims. Distributions to the holders of Allowed Claims and Equity Interests shall be made from Available Cash generated by the continued operations of MSH and MSFW in the ordinary course of business. A full-text copy of the Joint Disclosure Statement dated July 10, 2026 is available at https://urlcurt.com/u?l=1rF1IR from PacerMonitor.com at no charge. Counsel for the Debtors: Linda Leali, Esq. LINDA LEALI, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671 Email: lleali@lealilaw.com - and - Jason R. Alderman, Esq. THE ALDERMAN LAW FIRM 9999 NE 2nd Ave ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“ Suite 211 Miami Shores, FL 33138 Telephone: (305) 200-5473 Email: jalderman@thealdermanlawfirm.com About Marquis Star Holding Marquis Star Holding, Inc., is a Florida corporation that operates as a real estate holding company, owning multiple properties including a condominium in Florida and manufacturing facilities in Wisconsin, while Marquis Solar Frame Works, Inc. is a Wisconsin corporation engaged in the fabrication and supply of aluminum solar panel frames, operating manufacturing facilities in Wisconsin and Canada, including facilities owned by Marquis Star Holding, Inc. Marquis Star Holding, Inc. and Marquis Solar Frame Works, Inc. filed their petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10660 and 26-10661, respectively) on January 20, 2026. Marquis Star listed $10 million to $50 million in assets and $1 million to $10 million in liabilities, while Marquis Solar listed $10 million to $50 million in assets and $1 million to $50 million in liabilities Marquis Star Holding's petition was signed by its president, Michelle Chiever, while the petition for Marquis Solar Frame was signed by Jun Niu, the Company's chief operating officer. Linda Leali, at LINDA LEALI, P.A., is the Debtor's counsel. MASTERBRAND INC: Fitch Alters Outlook on 'BB+' IDR to Negative -------------------------------------------------------------- Fitch Ratings has revised MasterBrand Inc.'s Rating Outlook to Negative from Stable and affirmed its Long-Term Issuer Default Rating (IDR) at 'BB+' and its senior unsecured notes at 'BB+' with a Recovery Rating of 'RR4'. Fitch has also assigned a 'BBB-'/'RR1' ratings to the company's first lien senior secured revolver and term loan A. The Negative Outlook reflects Fitch's expectation that leverage will remain above negative rating sensitivities through at least year-end 2027, along with integration risks from the American Woodmark merger, particularly in a weak operating environment. Slower-than-expected margin expansion, including integration delays that defer synergies, could pressure the IDR. The 'BB+' IDR reflects MasterBrand's leading post-merger position in residential cabinets, enhanced scale and geographic reach, conservative capital allocation, and moderate profitability and FCF generation. These strengths are offset by exposure to cyclical end markets, temporarily elevated leverage, narrow product focus, customer concentration, and low barriers to entry. Key Rating Drivers Temporarily Elevated Leverage: MasterBrand's EBITDA leverage increased to 4.1x for the LTM ended March 29, 2026, from 3.2x at YE 2025. On a pro forma basis, Fitch expects EBITDA leverage to remain elevated at about 3.8x on a pro forma basis at YE 2026 before declining to 3.0x by YE 2027, driven by EBITDA growth and synergy realization. Leverage is expected to remain above Fitch's 3.0x negative sensitivity until YE 2027. Management targets a net debt to EBITDA ratio below 2.0x. Fitch expects the company to temporarily exceed its leverage target during construction downturns or when completing sizable acquisitions, but to return to its target as the cycle improves. (CFO-capex)/debt was 11.9% in 2025 and forecast to decline to low single digits in 2026 before increasing to low double digits in 2027. The weaker 2026 ratio reflects lower EBITDA (due in part to partial contribution from the American Woodmark acquisition) in a subdued operating environment as well as non-recurring costs. Near-Term Profitability Pressure: Fitch expects EBITDA margins to decline 300 bps to 350 bps in fiscal 2026 to 7.5%-8.5%, from 11.3% in fiscal 2025, driven by weaker volumes, unfavorable operating leverage and tariff impacts. Fitch expects EBITDA margins to improve to 9.5%-10.5% in fiscal 2027 and 10%-11% in fiscal 2028, supported by improved operating leverage and synergy realization. Slower-than-expected margin expansion could pressure the rating, particularly if American Woodmark integration difficulties delay synergy realization. FCF margin is expected to decline to the low single-digit negative range in fiscal 2026 from 4.3% in fiscal 2025, driven by negative working capital, transaction-related costs and restructuring charges. Fitch expects FCF margin to return to the low single-digit positive range in fiscal 2027. Subdued Demand Environment: Fitch expects a subdued demand environment to constrain organic growth, with mid-single-digit revenue decline in 2026 and 2027, driven primarily by lower volumes despite modest pricing actions before growing by low single digits in 2028 as large, more discretionary remodel activity improves. Fitch's rating case assumes existing home sales and repair and remodel (R&R) spending will be flat to slightly lower in 2026, with weaker demand for larger discretionary R&R cabinetry projects. Fitch also forecasts mid-single-digit declines in single-family housing starts and mid-single-digit growth in multifamily starts. Cyclical End Markets: MasterBrand serves cyclical housing markets, with approximately 40% of sales tied to residential new construction and 60% to residential remodel activity. Fitch views the company's significant exposure to remodel as a credit positive, as this segment is relatively less volatile than new construction. However, this benefit is tempered by cabinetry's association with larger, more discretionary remodel projects. High interest rates and weak consumer confidence may lead consumers to delay these projects or trade down to lower priced products, negatively affecting demand and product mix. Leading Market Position: MasterBrand is the largest manufacturer of residential cabinets in North America following its merger with American Woodmark. Fitch believes the company's increased scale enhances its pricing power and shelf-space allocation across distribution channels. Fitch estimates MasterBrand holds a leading share of the U.S. cabinet market. However, its market share could face pressure from the commoditized nature of its offerings, particularly in stock and semi-custom products, as well as competition from imports and unbranded substitutes. Singular Product Focus: MasterBrand specializes in residential cabinetry, offering a broad range of designs and price points. However, Fitch expects demand across its product portfolio to decline in a weaker economic environment. Fitch also believes cabinetry has limited brand equity and differentiation, which can limit pricing power and make it more susceptible to consumer trade-downs during weaker economic conditions relative to some other non-discretionary building products. Customer Concentration: MasterBrand's top 10 customers accounted for about half of its net sales, with significant exposure to Lowe's Companies, Inc. (unrated) and The Home Depot, Inc. (A/Stable) which represented 20% and 13% of 2025 sales, respectively. Fitch believes these big-box retailers have significant bargaining power, which may limit MasterBrand's ability to raise prices or increase sales volumes. Peer Analysis MasterBrand is smaller and less diversified by product offering and geography compared with other building products manufacturers, such as James Hardie International Group Ltd. (James Hardie; BBB/Negative), Fortune Brands Innovations, Inc. (Fortune; BBB/Stable) and Standard Building Solutions Inc. (Standard; BB/Stable). MasterBrand's credit metrics are stronger than Standard's and broadly in line with James Hardie's, but weaker than Fortune's. However, MasterBrand has lower EBITDA margins than these peers and more concentrated new construction market exposure. MasterBrand also has a narrower product offering than Fortune, James Hardie and Standard. In addition, MasterBrand's end markets are more discretionary and cyclical than Standard's. Fitch’s Key Rating-Case Assumptions - Organic revenue declines by mid-single digits in 2026 and 2027, then grows by low single digits in 2028; - EBITDA margin between 7.5% and 8.5% in 2026, increasing to 9.5%-10.5% in 2027 and 10%-11% in 2028; - Cost synergies of around $10 million in 2026, $40 million in 2027 and $60 million in 2028; - Capex of around 3% to 3.5% of revenue in 2026, 2027 and 2028; - FCF margin at low single-digit negative in 2026, improving to low single-digit positive in 2027 and 2028; - FCF applied to repay debt in 2027 and 2028; - No share repurchases assumed in 2026 and 2027, with modest share repurchases in 2028; - No acquisitions assumed during the forecast period; - Average SOFR assumed at 3.75% in 2026 and 3.4% in 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb, Lower), sector characteristics (bbb-, Moderate), market and competitive positioning (bbb-, Moderate), diversification and asset quality (bb, Higher), company operational characteristics (bb+, Moderate), profitability (bb, Higher), financial structure (bbb-, Higher), and financial flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'good' has no impact. - The Operating Environment assessment of 'aa-' has no impact. - The SCP is 'bb+'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA margins consistently below 9% and EBITDA leverage sustained above 3.0x; - (CFO-capex)/debt sustained below 8%; - The loss of key major customers, which results in substantially lower revenue and EBITDA. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA margins sustained above the low teens and EBITDA leverage maintained below 2.5x; - (CFO-capex)/debt sustained above 12%; - The company increases its size or expands its product portfolio while maintaining a majority of sales to the remodel market. Liquidity and Debt Structure MasterBrand has ample liquidity, supported by $332.3 million of availability under its $750 million RCF that matures in June 2029 and $138.4 million of cash as of March 29, 2026. The company fully drew its $375 million term loan A facility in May 2026 to fund the American Woodmark acquisition. MasterBrand's debt maturities are well-laddered, with no major debt maturities until June 2029, when its $750 million RCF and $375 million term loan A comes due. The next maturity is in July 2032, when its $700 million senior notes mature. Issuer Profile MasterBrand is the largest manufacturer of residential cabinets in North America. The company sells its products to dealers, distributors, retailers, and builders in the remodeling and new construction markets. Summary of Financial Adjustments Fitch adds back non-recurring transaction expenses, including acquisition, integration and restructuring costs, as well as stock-based compensation. 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 MasterBrand. 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 ----------- ------ -------- ----- MasterBrand, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- New Rating RR1 senior unsecured LT BB+ Affirmed RR4 BB+ MAZCOTA LLC: Gets Final OK to Use Cash Collateral ------------------------------------------------- Mazcota, LLC received final approval from the U. S. Bankruptcy Court for the Western District of Missouri to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral only in accordance with the approved budget attached to the motion to pay ordinary and necessary operating expenses. As adequate protection, the United States Small Business Administration, as the primary secured creditor, will be granted replacement liens on the Debtor's post-petition rents, income, and proceeds to the extent the Debtor's use of cash collateral causes any diminution in the value of the SBA's secured interest. The Debtor is also required to maintain adequate insurance coverage and take reasonable steps to preserve and protect the collateral. The final order further required the Debtor to make monthly adequate protection payments of $731 to the SBA, with payments deemed to have commenced on April 1, and to continue until a Chapter 11 plan is confirmed and supersedes the order. The court preserved all parties' rights by providing that the order does not determine the validity, extent, priority, or enforceability of any lien or claim, nor does it waive any defenses, avoidance actions, or surcharge rights. A copy of the court's order available at https://tinyurl.com/33snhnk2 from PacerMonitor.com. About Mazcota LLC Mazcota, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-50059) on February 18, 2026, with $50,001 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Cynthia A. Norton presides over the case. Ryan A. Blay, Esq., at Wm Law represents the Debtor as bankruptcy counsel. MDA SPACE: S&P Rates Proposed Senior Unsecured Notes 'B' -------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '6' recovery rating to MDA Space Ltd.'s proposed senior unsecured notes. The '6' recovery rating indicates its expectation that lenders would receive negligible (0%-10%; rounded estimate: 0%) recovery in the event of default. S&P said, "We expect MDA to use net proceeds from the proposed debt issuance--along with an equity raise of about US$819 million (about C$1.15 billion) completed earlier this month--to fund the acquisition of 70% of Collecte Localisation Satellites (CLS). MDA announced on July 8, 2026, that it would acquire the majority stake in CLS for about EUR567 million (C$920 million). We assume this deal will close by the end of this year. This announcement came less than one month after MDA announced its acquisition of U.S.-based Blue Canyon Technologies LLC for US$620 million (about C$874 million), which we also expect will close by the end of this year." CLS is headquartered in Toulouse, France, and provides satellite-based data, monitoring, and geospatial intelligence solutions with a global sales network. S&P said, "We consider the acquisition to be a good strategic fit for MDA, as it would add a distribution channel to drive revenue from the company's MDA Chorus satellite constellation, which we expect will launch later this year. Beyond 2026, we expect CLS will contribute more than C$100 million of annual EBITDA (about 37% of 2025 consolidated adjusted EBITDA), with an EBITDA margin of 18%-20% and positive free operating cash flow generation. On a pro forma basis, we expect adjusted debt to EBITDA to be about 3x in 2027 and in the mid- to high-2x area in 2028 as MDA executes on its sizable backlog that includes satellite constellations for Telesat and GlobalStar." S&P said, "We could downgrade MDA over the next 12 months if we expect it to sustain adjusted debt to EBITDA above 3x. In our view, this could occur if FOCF deficits are larger than we forecast, potentially resulting from supply-chain challenges, higher operating costs, or delivery delays. We could also downgrade the company if its growth prospects weaken, potentially from the loss of a significant contract. "We view an upgrade as unlikely within the next 12 months due to MDA's operating and customer concentrations along with the execution risk associated with its existing satellite constellation contracts. However, we could upgrade MDA if its backlog growth far exceeds our expectations, with milestone payments that contribute to sustained adjusted debt to EBITDA well below 2x and an adjusted FOCF-to-debt ratio above 10%." METALWORKING LUBRICANTS: Gets Extension to Access Cash Collateral ----------------------------------------------------------------- Metalworking Lubricants Company received third interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to use cash collateral through August 31. Under the third interim order, the Debtor is authorized to use up to $3,173,680 in cash collateral, plus a 20% variance, to fund operating expenses in accordance with the updated budget. The Debtor is required to submit a revised 13-week budget to JPMorgan Chase Bank, N.A. each week for review and approval, together with supporting documentation. Weekly variance reports comparing actual receipts and disbursements with budgeted amounts must also be provided, and operating expenses may not exceed approved budget levels by more than 20% without JPMorgan's written consent or further court approval. As adequate protection, JPMorgan and any other secured creditors with interests in the cash collateral received replacement liens on post-petition collateral of the same type as their pr-petition collateral, to the extent of any diminution in value, excluding Chapter 5 avoidance actions. The Debtor is also authorized to continue making monthly interest payments of $18,500 to JPMorgan, with the lender permitted to automatically debit those payments from the designated debtor-in-possession account in accordance with prepetition practices. A final hearing will be held on August 31. About Metalworking Lubricants Company Metalworking Lubricants Company is a manufacturer and marketer of industrial lubricants and related products, including cutting oils, hydraulic fluids, greases, cleaners, quenching fluids, rust inhibitors, and specialty compounds used in metalworking and industrial applications. The company operates from two facilities: a headquarters and primary manufacturing location in Pontiac, Michigan, and a second facility in Indianapolis, Indiana. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-46501-lsg) on June 5, 2026. In the petition signed by Keith Johnson, co-president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Lisa S. Gretchko oversees the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark, represents the Debtor as legal counsel. MICROBILT CORPORATION: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: MicroBilt Corporation 100 Canal Pointe Blvd. Princeton, NJ 08540 Business Description: MicroBilt is a Delaware corporation headquartered in Princeton, New Jersey, that provides credit reporting, verification, fraud prevention, compliance, and risk management solutions. Its technology-enabled offerings include screening, collections analytics, customized data products, predictive analytics, and automated decisioning tools. The company serves organizations across financial services, insurance, property management, telecommunications, healthcare, government, retail, and collections. Founded in 1978 as Equipment Resources Incorporated, it adopted the MicroBilt name in 1984. Chapter 11 Petition Date: July 16, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-18129 Judge: Hon. Michael B. Kaplan Debtor's Counsel: Daniel M. Stolz, Esq. STEVENS & LEE 110 Allen Road, Suite 304 Basking Ridge, NJ 07920 Tel: 973-387-7807 Debtor's Special SEC Litigation Counsel: KROVATIN NAU LLC Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Walt Wojciechowski as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7RKBGLA/MicroBilt_Corporation__njbke-26-18129__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Anderson Kill PC $137,129 One Gateway Center, Suite 1510 Newark, NJ 07102 2. Arnall Golden Gregory LLP $37,463 PO Box 117800 Atlanta, GA 30368 3. Axis Insurance Services $35,967 US Premium Finance PO Box 630035 Cincinnati, OH 45263 4. Black Knight Financial Services LLC $20,800 PO Box 742971 Los Angeles, CA 90074-2971 5. Consumer Data Industry Assoc $140,965 1090 Vermont Ave NW Suite 200 Washington, DC 20005-4905 6. CyberMaxx/Ciphertechs Data Vendor $109,128 PO Box 8078 Carol Stream, IL 60197 7. Equifax Data Vendor $100,398 PO Box 4265 Station A Toronto, Ontario Canada M5W 5T7 8. Experian Data Vendor $1,135,734 PO Box 881971 Los Angeles, CA 90088-1971 9. Fair Isaac Credit Services $189,204 PO Box 201129 Dallas, TX 75320-1129 10. Krovatin Nau LLC $119,348 60 Park Place, Suite 1100 Newark, NJ 07102 11. Lexis Nexis Risk Data Mgmt Inc. Data Vendor $295,498 28330 Network Place Chicago, IL 60673-1283 12. McCabe Law Group LLC $191,025 6172 Argos Drive Blue Bell, PA 19422 13. Neustar Info Services Inc. Data Vendor $91,251 Bank of America PO Box 742000 Atlanta, GA 30374-2000 14. Oracle America, Inc. $15,642 Bank of America 15612 Collections Center Drive Chicago, IL 60693 15. ReedSmith LLP $161,786 PO Box 360110 Pittsburgh, PA 15251-6110 16. Sherman Silverstein Professional Services $79,558 Bruce Luckman, Esq. 308 Harper Dr., Suite #200 Moorestown, NJ 08057 17. TD Bank Credit Card Purchases $34,083 TD Card Services PO Box 2580 Cherry Hill, NJ 08034-0372 18. Telecheck Services $208,375 c/o Jeffrey Wilson, Esq. Suite 21, 5755 North Point Parkway Alpharetta, GA 30022 19. TransUnion Data Vendor $41,363 PO Box 99506 Chicago, IL 60693-9506 20. Troutman Pepper Locke LLP $227,444 PO Box 933652 Atlanta, GA 31193-3652 MILE HIGH: Claims to be Paid from Continued Operations ------------------------------------------------------ Mile High Recovery Center, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Subchapter V Plan of Reorganization dated July 10, 2026. The Debtor was formed in 2016 specializing in drug and alcohol rehabilitation in the Debtor metro area. The business grew to nine houses (including affiliated entities) and an addiction treatment center, including both in and out-patient care. Two major events prompted the bankruptcy filing. First COVID impacted the operations and cash flow of the Debtor, which caused the Debtor to begin to fall behind on meeting its creditor obligations. The problem was exacerbated when one of the major insurance carriers stopped paying the Debtor and claimed the funds were lost. During this period the Debtor borrowed from a hard money lender which impacted its cash flow. Ultimately the insurance carrier funds were paid to the Debtor but at this point creditor obligations were mountainous. At the same time, the IRS had obtained and exercised its lien rights against the Debtor's payments from insurance carriers, cutting off a significant portion of the Debtor's cash flow. Class 7 consists of general unsecured creditors of the Debtor who hold Allowed Claims. Holders of Class 7 Allowed Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account. As set forth in Article III, paragraph 3.2 of this Plan, upon the first full month following the Effective Date of the Plan and every month until Administrative Claims are paid in full and then for the remainder of the Term of the Plan the Debtor will every month in accordance with the terms of this Plan deposit into the Unsecured Creditor Account for the three year Term of the Plan: (a) during the first year of the Plan $3,103.55; (b) during the second year of the Plan $3,585; and (c) during the third year term of the Plan $4,082. On or before the last day of the calendar quarter, the balance of the Unsecured Creditor Account will be distributed to the holders of Allowed Administrative Claims on a Pro Rata basis until such time as all holders of Allowed Administrative Claims have been paid in full and then distributed to Class 7 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. The account will be maintained at a federally insured banking institution and shall be maintained within the insurance limit of the institution. All funds recovered by the Debtor on account of Avoidance Actions shall be deposited into the Unsecured Creditor Account and then distributed to Allowed Administrative Claims until paid in full and then to Class 7, net of attorneys' fees and costs. Whether or not the Debtor pursues any Avoidance Actions shall be up to the Debtor and the decision to pursue such claims shall be discretionary with the Debtor. Class 8 includes the Interests in the Debtor, which Interests are unimpaired by the Plan. Upon confirmation of the Plan, all Class 8 Interest holders will retain their ownership Interests in the Debtor. The Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. On or prior to the Effective Date of the Plan, the Debtor will open a deposit account at a federally insured commercial bank selected by the Debtor. The bank account will be maintained by the Debtor as the Unsecured Creditor Account into which all payments made by the Debtor for the benefit of holders of Allowed Administrative Claims and Class 3 creditors will be made until the obligations under the Plan are completed. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued operations. Attached hereto as Exhibit B is the Debtor's three year projections for its financial performance for the Term of the Plan. Exhibit B is referred to herein as the "Projections." As detailed in the Projections, the Debtor will have sufficient cash on hand and profits during the term of the Plan to satisfy its Plan obligations. A full-text copy of the Subchapter V Plan dated July 10, 2026 is available at https://urlcurt.com/u?l=a6PjhI from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: agarber@wgwc-law.com About Mile High Recovery Center Mile High Recovery Center, LLC provides drug and alcohol rehabilitation services and expanded to multiple residential facilities and a treatment center offering inpatient and outpatient care. Mile High Recovery Center filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-12796) on April 23, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Brice Hancock, president of Mile High Recovery Center, signed the petition. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. Kapitus Servicing, Inc., as lender, is represented by: Scott K. Brown, Esq. Anderson Clarkson Brown PLLC 2158 North Gilbert Road, Suite 114 Mesa, Arizona 85203 Telephone: (480) 247-0557 Email: sbrown@acblawgroup.com MILLENIA COS: Has Until July 30 to Stop Centennial Bldg. Sale ------------------------------------------------------------- Dan Shingler of Crain's Cleveland Business reports that the planned sale of Cleveland's 925 Building, officially known as the Centennial Building, remains on track through a court-supervised receivership, but owner Millennia Cos. has until the end of July 2026 to prevent the transaction by paying off the debt that triggered the legal action. Should the company fail to cure its default before the deadline, the receiver will continue efforts to market and sell the downtown property. The receivership was established to preserve the property's value and maximize recoveries for creditors following the company's financial default, the report relays. Located at 925 Euclid Ave., the landmark building is among several assets impacted by Millennia's financial restructuring. The outcome of the sale will determine whether ownership changes through the receivership or remains with the developer if its financial obligations are satisfied in time, according to report. About Millenia Cos. Headquartered in Cleveland, Ohio, Millennia Cos. is a fully integrated real estate investment and development company focused on affordable housing, historic preservation, multifamily communities, senior housing, and mixed-use developments. Established in 1995, the company provides development, construction, financing, asset management, and property management services through its affiliated businesses. The Centennial Building, commonly known as the 925 Building, is the subject of a court-ordered receivership arising from debt defaults involving owner Millennia Cos. Under the receivership, an independent receiver has authority to manage, market, and sell the downtown Cleveland property on behalf of creditors. However, the owner may still retain the building if it satisfies its outstanding loan obligations before the receivership sale is completed. MKZ DISTRIBUTION: Case Summary & 19 Unsecured Creditors ------------------------------------------------------- Debtor: MKZ Distribution LLC d/b/a Glamour Boutique d/b/a The Glamour Boutiques 10480 NW 14th St Plantation, FL 33322 Business Description: MKZ Distribution LLC, doing business as Glamour Boutique, is an online retailer based in Sunrise, Florida, that sells preserved rose arrangements made from real flowers. The company offers arrangements in formats including heart boxes, glass domes, bouquets, and curated gift packages, as well as customized color and packaging options. Its products are used for personal, holiday, sympathy, wedding, and corporate gifting. Chapter 11 Petition Date: July 15, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-19255 Debtor's Counsel: Thomas L. Abrams, Esq. THOMAS L ABRAMS PA 1213 SE 3rd Avenue Fort Lauderdale, FL 33316 Tel: (954) 523-0900 E-mail: tabrams@tabramslaw.com Total Assets: $193,507 Total Liabilities: $2,600,034 The petition was signed by Keren Berdugo as president and manager. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BXA3HJQ/MKZ_DISTRIBUTION_LLC__flsbke-26-19255__0001.0.pdf?mcid=tGE4TAMA NEO ASSETS: Seeks Continued Cash Collateral Access -------------------------------------------------- NEO Assets, LLC asks the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, to extend its authority to use cash collateral. The court originally entered an order on March 27 authorizing the use of post-petition rental income generated by its property pursuant to an approved operating budget and subject to specified adequate protection measures. During a status conference on July 9, the court noted that the authorization had lapsed by its own terms. Although the Debtor and its primary secured lender, CTBC Bank Corp. (USA), had continued working cooperatively toward a consensual restructuring, the Debtor inadvertently failed to seek an extension before the order expired. The request is, therefore, intended to correct that procedural oversight and obtain renewed authority to continue using cash collateral while the Chapter 11 case progresses. The Debtor has fully complied with the material requirements of the prior cash collateral order. Since March, the Debtor has continued operating the income-producing property, timely filed its monthly operating reports, maintained required insurance coverage, and continued generating rental income. It has consistently made adequate protection payments of approximately $190,000 per month to CTBC and that no party has alleged any misuse or improper handling of the cash collateral. The Debtor argues that the existing arrangement has protected CTBC's interests and facilitated ongoing good-faith negotiations toward a consensual restructuring, including the transfer of the Debtor's membership interests and the restructuring of CTBC's secured loan. The parties have recently exchanged financial, ownership, and restructuring materials, and the Debtor argues that continuing the current cash collateral arrangement will preserve the status quo while negotiations proceed. NEO Assets requests continuation of the existing cash collateral arrangement on the previously approved terms, including use of cash collateral under the approved budget, monthly adequate protection payments of approximately $190,000 to CTBC, maintenance of the previously granted replacement liens and other adequate protection, and continuation of all other provisions of the March 27 cash collateral order unless modified by the court. A hearing is set for Aug. 18, at 2 p.m. A copy of the motion is available at https://urlcurt.com/u from PacerMonitor.com. About NEO Assets LLC NEO Assets, LLC is a single-asset real estate company that owns and operates a four-story mixed-use property in San Jose, California, comprising 50 multifamily residential units above ground-floor commercial office space and an 85-stall parking garage. The property totals about 77,050 square feet on a roughly 43,515-square-foot site. NEO Assets sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-50015) on January 6, 2026. In the petition signed by Lucy Cai, authorized representative, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Stephen L. Johnson oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C., represents the Debtor as legal counsel. NEWCAP INC: Seeks to Extend Plan Exclusivity to Sept. 30 -------------------------------------------------------- Newcap, Inc. asked the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 30 and Nov. 30, 2026, respectively. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA") amended section 1121 by limiting the maximum length of the extensions. This is the Debtor's first request for an extension of these periods, and the BAPCPA limitations on the maximum length of such extensions are not implicated. Importantly, BAPCPA did not restrict a bankruptcy court's power to grant extensions on a showing of cause. Pre-BAPCPA cases therefore continue to be persuasive authority for reasons that the Court should consider in granting or denying extensions within BAPCPA limitations. The Debtor submits that each of these factors are neutral or otherwise weigh in favor of extending the exclusivity periods: First, since the Debtor in Possession is a not-for-profit primarily government-funded agency to provide services to low income people, certain rules and regulations typically unknown to anyone without substantial experience in the liquidation of such an entity need to be dealt with. Specifically, certain grants provided to the Debtor in the past by certain government agencies contain reversionary clauses. Second, there is no creditors' committee, so this factor is inapplicable in this case. Third, the Debtor has exhibited good faith progress towards reorganization inasmuch as it has, and continues to cooperate with its (a) Court-approved auctioneer to liquidate the various assets of its business locations via auction; (b) Court-approved broker to list, market and sell its underlying real estate assets and (c) its various federal and state governmental agencies to transition its grants and community-based programs to new agencies, all for the benefit of its customers and creditors. Fourth, the Debtor is working hard to identify potential purchasers or transferees of its assets which would not only provide value to the estate but also continue to operate such assets for the benefit of low-income individuals. Through the date of this motion, the Debtor is continuing to work with and learn the nuances or contingencies contained in certain grant documents which funded a portion of the acquisition of the assets sought to be sold. The Debtor believes it reasonable to be given more time to identify potential purchasers of the property who would operate on a going-forward basis as well as negotiate with the appropriate agencies, if any, which may have contractual rights in the property sought to be transferred. Fifth, the Debtor is generally current on its post-petition financial obligations, has reduced its staff to several individuals on a full-time basis and a handful of individuals who perform ad hoc duties at the request of the Executive Director. Expenses have been reduced to minimal levels, properties are maintained, requests for information are provided as requested by government agencies and interested parties such as liquidators and interested parties for the acquisition of real estate. Sixth, the Debtor's proposed exclusive periods fit comfortably within section 1121's statutory framework: the Court will have extended the Debtor's exclusive period to file a plan and solicit acceptances of that plan to dates that are approximately six and one-half months and eight and one-half months, respectively, after the Petition Date—meaning that the statute still affords the Debtor the opportunity to request additional extension of up to approximately eleven and one-half months for each period. Seventh, the Debtor asserts that no breakdown in communications and negotiations regarding the plan or plan treatment have occurred to date and, as such, the Debtor holds no unfair bargaining position over its creditors. Indeed, it is the hope of the Debtor that all claims will be paid in full, however, that determination can only be made after the assets are valued and sold given the complexities. Newcap, Inc. is represented by: Paul G. Swanson, Esq. Swanson Sweet LLP 107 Church Avenue Oshkosh, WI 54901 Telephone: (920) 385-1905 Facsimile: (920) 426-5530 About Newcap, Inc. Newcap, Inc., a nonprofit community action agency based in Green Bay, Wisconsin, operates a regional network of social service programs, including healthcare clinics, affordable housing, and community assistance initiatives across northeastern Wisconsin. Founded in 1965, the organization manages and develops subsidized housing assets, including duplex units, shelters, and interests in multi-unit affordable housing projects, many of which are subject to land use restriction agreements tied to government funding programs. It also provides clinical services through health centers, along with weatherization and home energy-efficiency services. Newcap primarily serves low-income individuals and families across counties including Brown, Oconto, Marinette, and Shawano. Newcap, Inc. in Green Bay, WI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Wis. Case No. 26-22088) on April 15, 2026, listing $5,922,532 in assets and $4,036,209 in liabilities. Deborah A. Barlament as acting executive director, signed the petition. Judge Katherine M Perhach oversees the case. SWANSON SWEET LLP serve as the Debtor's legal counsel. NORTH AMERICAN CONSTRUCTION: DBRS Rates 2031 $200MM Notes BB(high) ------------------------------------------------------------------ DBRS Limited (Morningstar DBRS) finalized its provisional credit rating of BB (high) with a Stable trend on North American Construction Group Ltd.'s (NACG or the Company) $200 million Senior Unsecured Notes (the Notes) due June 16, 2031. The credit rating is based on a recovery rating of RR4. The Company will use the net proceeds to repay indebtedness and for general corporate purposes. The Notes, issued on a private placement basis, are senior unsecured obligations of the Company and rank pari passu in right of payment with all other existing and future senior unsecured indebtedness. The Notes are effectively subordinated to all existing and future senior secured indebtedness. The credit rating assigned to the Notes is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. The credit rating listed above is based on the final Offering Memorandum, the Trust Indenture dated May 1, 2025, the Supplemental Trust Indenture dated June 16, 2026, and information provided by NACG to Morningstar DBRS as of June 16, 2026. Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating. NORTH JERSEY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey granted North Jersey Living, LLC another extension to use cash collateral. The court authorized the Debtor to use cash collateral through August 13 in accordance with the approved budget, subject to a 10% variance, with monthly use capped at $15,225 for ordinary operating expenses, including repairs, utilities, taxes, insurance, management fees, professional fees, and mortgage payments. As adequate protection, the court granted the secured creditor replacement liens on the Debtor's post-petition collateral and proceeds, automatically perfected upon entry of the order. In addition, the Debtor must make monthly adequate protection payments of $9,790, representing the estimated regular mortgage payment, including escrow for taxes and insurance, until the parties agree on the final payment amount or the Court orders otherwise. The order preserves the rights of the Debtor, the U.S. Trustee, committees, and other parties to challenge the validity, priority, perfection, or amount of the secured creditor's liens and claims. The secured creditor will be granted reasonable inspection and audit rights and may seek a hearing if the Debtor defaults under the order. A carveout protects payment of allowed professional fees, U.S. Trustee fees, and certain administrative expenses, with the Debtor required to escrow $2,500 per month toward professional fees. Any objections to the interim order must be filed by August 6, with responses due by August 10. A final hearing is scheduled for August 13. If no objections are filed or pursued, the interim order will automatically become the Final Order without further notice or hearing. The order is available at https://shorturl.at/Tk3wP About North Jersey Living LLC North Jersey Living LLC is a Newark, New Jersey-based real estate entity that owns a residential multifamily property at 54-56 North 3rd Street in Paterson, New Jersey. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-16653) on June 9, 2026. In the petition signed by Joaquim Ferreira, managing member, the Debtor disclosed $0 in assets and $1,321,786 in liabilities. Judge Vincent F Papalia oversees the case. John O'Boyle, Esq., at Norgaard OBoyle Hannon, represents the Debtor as legal counsel. OBJECT & SUBJECT: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Utah granted Object & Subject, LLC final approval to use cash collateral through October 31 to continue operating its business. Under the order, the Debtor is authorized to use cash collateral in line with the approved budget and may exceed individual line items by up to 10%, with the ability to carry forward savings from prior periods. The Debtor may spend cash collateral beyond the approved budget only with the express written consent of the affected creditors. As adequate protection, secured creditors including Decathlon Alpha V, L.P., Cache Valley Bank, and Clear Finance Technology Corporation will be granted replacement liens on post-petition assets to the extent of any diminution in the value of their collateral. These liens are automatically perfected and maintain the same priority as prepetition liens. In addition, the Debtor must provide weekly written reports to Decathlon and CVB showing its cash on hand and weekly receipts. The order also preserves the creditors' rights regarding the validity, priority, and amount of their claims and allows Decathlon or CVB to withdraw their consent and seek termination of the Debtor's authority to use cash collateral. The authority granted under the order remains effective until 11:59 p.m. (Mountain Time) on October 31. The order became effective immediately upon entry, while expressly stating that it does not determine the ultimate validity, extent, or priority of the affected creditors' liens or claims. The order is available at https://rb.gy/oww0um from PacerMonitor.com. The creditors with interests in the cash collateral are Cache Valley Bank and Decathlon Alpha V, L.P. Although Clear Finance Technology Corporation nominally holds a secured interest, it is entirely unsecured under Bankruptcy Code section 506 because the Debtor's assets are insufficient to satisfy the senior claims of Cache Valley Bank and Decathlon. Cache Valley Bank extended two separate SBA loans to the Debtor's former subsidiaries totaling $1.5 million. The loan balance stands at approximately $1.061 million. These loans have always been paid current and are both the senior secured obligations of the former subsidiaries. Meanwhile, Decathlon is owed more than $2 million while Clear Finance Technology is owed $63,346 by the Debtor's former subsidiaries. In addition, the Debtor had approximately $2.5 million in unsecured debt (this excludes the unsecured parts of Decathlon and Clear Finance Technology's claims) as of the petition date. Of this total unsecured debt, approximately $1.5 million is owed to insiders, largely loans extended simply to keep the Debtor and its former subsidiaries in operation. About Object & Subject LLC Object & Subject LLC, doing business as Ascendant Brands, manages consumer product businesses across the U.S., focusing on brand development, product design, packaging, and supply chain operations. The Company specializes in online marketing, particularly on the Amazon marketplace, and works with brand partners and brick-and-mortar retailers to distribute their products. Ascendant Brands partners with businesses generating $500,000 to $5 million in annual revenue, offering acquisition, operational management, or investment collaboration opportunities. Object & Subject LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Case No. 25-25418) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by George B. Hofmann, Esq., at Cohne Kinghorn, P.C. PACIFIC AVIATION: Seeks to Use $1.33MM in Cash Collateral --------------------------------------------------------- Pacific Aviation Northwest, Inc. asked the U.S. Bankruptcy Court for the District of Oregon for final approval to use cash collateral. The Debtor initially received approval to use up to $246,644.77 in cash collateral from July 12 to August 8 under the court's July 15 interim order. In its motion, the Debtor requested to use approximately $1.33 million in cash collateral to cover routine operating expenses through December 31, including approximately $246,645 needed during the first four weeks of the bankruptcy case. The proposed operating budget divides the initial four-week period into weekly projections and the remaining five months into monthly budgets. The Debtor's authority to spend funds would generally be limited to the cumulative amounts set forth in the approved budget. However, the Debtor requested limited flexibility to address normal business fluctuations by allowing spending variances of up to 15% for expense categories, with projected expenditures below $2,000 and up to 12.5% for all other budget line items without seeking additional court approval. The Debtor's principal assets consist of cash, accounts receivable, and equipment used in its aviation-related operations. The Debtor currently holds approximately $10,140 in cash and about $72,000 in accounts receivable derived from services provided to customers. Both the existing cash and future collections constitute cash collateral because they are subject to the security interests of various creditors. The four lenders that may claim liens on the cash collateral through previously filed Uniform Commercial Code financing statements are Samson Funding, Can Capital, Fox Funding and nited First Capital Experts. Samson Funding filed a financing statement in May 2024 asserting a security interest in all of the Debtor's accounts and their proceeds. Can Capital filed a blanket lien on substantially all of the Debtor's personal property in November 2025. Fox Funding filed financing statements in February 2026 claiming a security interest in all accounts and their proceeds, while United First Capital Experts filed a financing statement in April 2026 covering accounts receivable and payment rights. Aside from these lenders, the Debtor is unaware of any other creditors asserting security interests in its personal property. The Debtor said that North Mill Credit Trust holds a purchase-money security interest in a flight simulator that is rented to customers. While rental income from the simulator would ordinarily serve as North Mill's collateral, the Debtor reported that no simulator rents were outstanding on the bankruptcy petition date. To provide adequate protection to the secured lenders, the Debtor proposed maintaining the value of the collateral by continuing normal business operations and using cash collateral only for necessary operating expenses that preserve the business. The Debtor also agreed to take all actions necessary to protect the lenders' collateral from any decline in value and to prevent unnecessary accumulation of unpaid accounts payable. Rather than proposing replacement liens or periodic cash payments, the Debtor said that preserving the ongoing viability of the business itself constitutes adequate protection because it maintains the value of the lenders' collateral while supporting the reorganization effort. A copy of the motion is available at https://urlcurt.com/u?l=IPD86z from PacerMonitor.com. About Pacific Aviation Northwest Inc. Pacific Aviation Northwest, Inc. sought protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 26-61910) on July 10, 2026. At the time of the filing, the company had estimated assets of between $50,001 and $100,000 and estimated liabilities of between $1 million and $10 million. Judge Kathryn F Evans oversees the case. Keith Y. Boyd, Esq., at Keith Y. Boyd, P.C. is the Debtor's legal counsel. PAGAYA TECHNOLOGIES: Fitch Alters Outlook on 'B' IDR to Positive ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Pagaya Technologies, Ltd. (Pagaya) and its wholly owned subsidiary, Pagaya US Holding Company LLC (Pagaya US Holding), at 'B'. The Rating Outlook has been revised to Positive from Stable. Fitch has also affirmed the senior unsecured debt rating of Pagaya US Holding at 'B'. Key Rating Drivers Positive Outlook: The Positive Outlook reflects the improvement in Pagaya's profitability, leverage, and interest coverage metrics which have now met Fitch's upgrade triggers in the last two quarters. Fitch could upgrade Pagaya's ratings by one notch if the improved financial profile is sustained over the Outlook horizon. Franchise, Financial Profile Support the Rating: The rating affirmation reflects Pagaya's solid franchise and partner network, less-capital-intensive business model, and adequate liquidity and funding diversity. Limited Track Record Constrains the Rating: The ratings are constrained by Pagaya's limited track record through credit cycles, business model reliance on capital markets availability and demand for consumer assets, and the low quality of its investment holdings which are susceptible to write-downs. Solid Franchise and Partner Network: Fitch views Pagaya's franchise as solid, facilitating second-look originations from 36 lending partners by raising capital from its large base of institutional investors. The company funded over $40 billion of originations from 2018 through 1Q26 and is the largest U.S. personal loan ABS issuer by deal volume. Improving Product Diversification: Strategic diversification into auto loan and point-of-sale loan ABS broadens Pagaya's partnership opportunities and allows for network growth while maintaining underwriting standards. Still, Fitch views the business model as relatively untested through credit cycles, as it has only operated since 2016. While rapid inflation has pressured consumer performance in recent years, unemployment has remained relatively low throughout the company's history. An employment shock would negatively affect demand for consumer assets and, in turn, Pagaya's network and fee volumes. Continuing Investment Impairments: Fitch believes Pagaya is less exposed to credit risk than traditional consumer lenders as the company does not hold loans on its balance sheet prior to securitization. Still, it is required to hold risk retention investments to support its ABS issuance. These assets experienced writedowns totaling $105 million in trailing 12 months (TTM) ended 1Q26, primarily driven by weaker-than-expected credit performance of the underlying consumer loans. Impairments improved from $361 million in TTM ended 1Q25, as the company has reduced its holdings of residual certificates in its issued ABS in favor of speculative grade-rated notes. Stronger Investment Mix: Speculative grade-rated notes were 49% of investments at 1Q26, up from 13% at YE23. Fitch believes these notes are less susceptible to impairments and are of relatively higher quality than residual certificates given they are typically rated in the 'Bsf' category. Improving Profitability: Pagaya's profitability has improved in recent quarters, with enhanced scale and moderating impairments supporting operating margins. After recording negative EBITDA and GAAP operating losses from 2022-2024, the company has been profitable in each quarter since 1Q25. EBITDA was 20% of total revenue in TTM ended 1Q26, up from 19% in 2025 and negative 23% in 2024. Adjusted for impairment losses on its investments, which are non-cash upon recognition, the EBITDA margin was 28% in TTM ended 1Q26, up from 26% in 2025 and 15% in 2024. Fitch believes earnings will improve over time as the network scales and the company reduces its balance sheet exposure to credit investments. Improving Leverage: Leverage, calculated as debt to TTM EBITDA, was 3.5x at 1Q26, which is at the lower bound of Fitch's 'b' category quantitative benchmark range of 3.5x-5.0x for balance sheet-light finance and leasing companies. Adjusted for impairments, leverage was 2.5x, down from 3.4x at TTM ended 1Q25. Leverage on a debt-to-tangible-equity basis was 1.5x, which Fitch deems appropriate relative to the risk profile of the assets. Fitch expects leverage to decline over time as earnings grow and capital investments needed to support ABS issuance decline relative to loan volume. Preferred Shares Treated as Equity: Pagaya had $30 million of preferred equity shares outstanding at 1Q26. Fitch assessed the preferred equity shares under its "Corporate Rating Criteria," which are the applicable criteria for instruments that are held by affiliated investors whose economic and strategic interests are expected to remain aligned with those of common equity holders. Fitch treated the preferred equity as equity in its leverage calculation because it does not increase the probability of default of the rated entity and is considered permanent, loss-absorbing capital. Adequate Liquidity and Coverage: Fitch views Pagaya's liquidity as adequate to support its operations and near-term funding obligations. As of 1Q26, liquidity resources were $380 million cash, plus repurchase agreements to fund its risk retention investments and a secured facility to finance its ABS administration fee receivables. The company also has a $115 million secured corporate revolver which was fully drawn at 1Q26 but repaid in 2Q26. Interest coverage, calculated as EBITDA to interest expense, was 3.2x in TTM ended 1Q26, near the lower bound of Fitch's 'bb' category quantitative benchmark range of 3.0x-6.0x for balance sheet-light finance and leasing companies. Adjusted for impairment losses, coverage was 4.4x, up from 2.0x yoy. Limited Short-Term Maturities: Near-term debt maturities are limited and covered by available liquidity. The exchangeable and unsecured notes do not mature until 2029 and 2030, respectively. The revolver, which matures in 2028, was repaid in 2Q26. At 1Q26, Pagaya had $40 million of secured borrowings coming due over the next year, and repayment is expected from collateral cash flows rather than corporate liquidity resources. Unsecured Mix Supports Funding Profile: Pagaya's total debt outstanding was 70% unsecured at 1Q26, driven by the company's sole $500 million unsecured issuance in 3Q25, of which $486 million remains outstanding. Fitch believes this provides the company with adequate funding flexibility, as the transaction unencumbered significant balance sheet assets that can be monetized for additional liquidity in times of stress. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Outlook could be revised to Stable if the financial profile weakens such that metrics no longer meet Fitch's upgrade triggers. Beyond that, a rating downgrade could result from: - Deterioration in profitability and/or continued impairment charges that result in sustained negative EBITDA; - Material reduction in liquidity resources; - Reduced growth in network volume due to deterioration in consumer credit performance or capital markets conditions that weaken investor demand, or due to attrition of lender partners; - Sustained increase in debt/adjusted EBITDA above 5x; - Sustained increase in debt/tangible equity above 2x; - Sustained decrease in adjusted EBITDA/interest expense below 1x; - Sustained reduction in unsecured debt below 10% of total debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained maintenance in the EBITDA margin above 5%, unadjusted for impairments, or 20% on an adjusted basis; - Sustained maintenance of debt/EBITDA below 5x, unadjusted for impairments, or 4x on an adjusted basis; - Sustained maintenance of debt/tangible equity below 2x; - Sustained maintenance of EBITDA to interest expense above 2x, unadjusted for impairments, or 3x on an adjusted basis; - Demonstrated durability of the business model through credit and market cycles; - Continued growth in network volume and further diversification of lending partners and the investor base; - Sustained maintenance of the proportion of unsecured debt to total debt above 20%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is equalized with the Long-Term IDR with a Recovery Rating of 'RR4', reflecting Fitch's expectation of average recovery prospects in a stress scenario. 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 recovery prospects in a stressed scenario. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The rating of Pagaya US Holding Company LLC is equalized with that of Pagaya, the parent, given it is a wholly owned subsidiary, and its senior unsecured debt benefits from a corporate guarantee from Pagaya. The rating of Pagaya US Holding Company LLC is equalized with that of Pagaya and is expected to move in tandem. 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 above the implied score due to the following adjustment reason: Historical and future metrics (positive). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). The Funding, Liquidity & Coverage score has been assigned above the implied score due to the following adjustment reason: Historical and future metrics (positive). Criteria Variation Fitch's "Corporate Rating Criteria" states that instruments that are held by affiliated investors whose economic and strategic interests are expected to remain aligned with those of common equity may be treated as non-debt of the rated entity. In this case, Fitch has treated Pagaya's preferred equity as equity in its leverage calculations, which represents a criteria variation. Fitch does not believe the use of such variation had a measurable impact on the rating given the modest impact to the leverage ratio. ESG Considerations Pagaya Technologies, Ltd. 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. 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 ----------- ------ -------- ----- Pagaya Technologies Ltd. LT IDR B Affirmed B Pagaya US Holding Company LLC LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B PARKWAY CENTER: Starts Subchapter V Bankruptcy in Florida --------------------------------------------------------- On July 21, 2026, Parkway Center LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division. According to the court filing, the debtor reports between $1 million and $10 million in liabilities, between $1 million and $10 million in assets, and between one and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 24, 2026 at 11:00 AM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238#. The debtor must submit its Chapter 11 Small Business Subchapter V plan by October 19, 2026. About Parkway Center LLC Parkway Center LLC is a Kissimmee, Florida-based commercial real estate company engaged in the leasing of nonresidential buildings. The company operates as a single asset real estate (SARE) entity, with its principal asset consisting of a commercial property in Osceola County. The Chapter 11 filing coincided with a scheduled foreclosure sale involving the property, allowing the company to seek bankruptcy protection while retaining control of the asset. Parkway Center LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Orlando Division, Case No. 26-05468) on July 21, 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 Honorable Tiffany P. Geyer is presiding over the case. The debtor is represented by John Andrew Braithwaite, Esq., of Braithwaite & Associates, P.A. L. Todd Budgen is appointed as Subchapter V Trustee. PHOENIX CONVERTING: Commences Chapter 11 Bankruptcy in Illinois --------------------------------------------------------------- On July 20, 2026, Phoenix Converting, Inc. and its debtor affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the debtors report estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The petition states that funds will be available for distribution to unsecured creditors. About Phoenix Converting, Inc. Phoenix Converting, Inc. is an Itasca, Illinois-based flexible packaging manufacturer that produces custom flexible packaging solutions for customers in a variety of consumer and industrial markets. Phoenix Converting, Inc. and its debtor affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11935) on July 20, 2026. In their petition, the debtors reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Hon. David D. Cleary is overseeing the case. The debtors are represented by Adam P. Silverman, Esq., of Adelman & Gettleman, Ltd. PHOENIX FUND: Gets Court OK to Use USIC's Cash Collateral --------------------------------------------------------- Driven P.S.C., the court-appointed receiver for The Phoenix Fund, LLC, obtained an order authorizing the release and use of funds held by United Surety and Indemnity Company. The U.S. Bankruptcy Court for the District of Puerto Rico authorized United Surety and Indemnity Company to release $5,596,885 in cash collateral held at its UBS Financial Services account, and approved the receiver's use of part of those funds for the bankruptcy estate's liquidation. A court-approved budget contemplates aggregate expenditures of $4,429,730 for the period from June 1 to Dec. 31 (inclusive of $350,000 for adequate protection payments to Brevet Capital Advisors to reduce the replacement lien granted through the Brevet stipulation), plus a 10% permitted variance in the amount of $407,973. The receiver's authority to use cash collateral terminates upon expiration of the interim period; dismissal or conversion of Phoenix Fund's Chapter 11 case to Chapter 7; appointment of a Chapter 11 trustee; or an uncured material breach of the terms of the order after written notice. Upon termination, the receiver must immediately cease using cash collateral unless otherwise authorized by the court. The order is available at http://bankrupt.com/misc/PHOENIXFUND_Order305.pdf A final hearing is scheduled for Aug. 12. Phoenix Fund is an insolvent Chapter 11 debtor in the District of Puerto Rico with virtually no unencumbered liquidity, holding just $72.19 as of its Feb. 23 bankruptcy filing. A previous stipulation with pre-petition lender Brevet expired on May 31 and subsequent negotiations failed because Brevet's proposed terms conflicted with the receiver's fiduciary duties. Consequently, the estate lacks the necessary funds to preserve its assets, investigate its 25 internal subsidiaries, pursue litigation, or formulate a confirmable Chapter 11 liquidation plan, which threatens immediate and irreparable harm to all creditors. The release of funds held by United Surety and Indemnity Company will allow the receiver to resolve this liquidity crisis. These funds stem from a 2023 agreement where Phoenix Fund wired $6 million to United Surety and Indemnity Company to secure a tax credit financial guarantee bond and are currently held in a restricted UBS account under United Surety and Indemnity Company's control. The funds will be used exclusively to cover U.S. Trustee quarterly fees and allowed administrative fees of the receiver and its legal and financial advisors, alongside $300,000 in monthly payments to Brevet. 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 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, PR 00968-3349 Telephone: (787) 945-9122 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, NY 10020 Telephone: (212) 335-4500 Facsimile: (212) 335-4501 jamila.willis@us.dlapiper.com malithi.fernando@us.dlapiper.com PIONEER GREEN: To Sell Myakka Property to C. Rinne and A. Gedeiko ----------------------------------------------------------------- Pioneer Green Farms Inc. seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 4625 241st St. E. Myakka City, FL 34251. The secured lienholders of the Property are Scott Perry and Lisa Perry in the approximate amount of $83,527.50. The Debtor enters into a contract to sell the Property to Carl Rinne III and Allie Gedeiko. The closing is scheduled to occur on or before August 18, 2026. The sale of the Property will benefit the Debtor and will provide funds that can be used to reorganize the Debtor. About Pioneer Green Farms Pioneer Green Farms, Inc. owns real estate located at 4625-241st Street East, Myakka, FL 34251. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07160) on September 29, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Roberta A. Colton presides over the case. David A. Altier, at David A. Altier, P.A., is serving as the Debtor's legal counsel. PLAZA CONTINENTAL: Seeks to Extend Plan Exclusivity to Oct. 26 -------------------------------------------------------------- Plaza Continental 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 Oct. 26 and Dec. 28, 2026, respectively. This is a single asset real estate case involving a mixed use office and retail center at 3440-3550, 3660 Porsche Way, and 3700-3760 Inland Empire Blvd., Ontario, CA 91764 (the "Property"). The Property is worth approximately $39,680,000 and its tenants include Benihana, Platt College, Hamburger Mary's and El Torito. It appears to be subject to two bank liens: (1) a lien in favor of Preferred Bank, which is owed approximately $21,881,109 and (2) a lien in favor of Nano Banc, which is owed approximately $4,314,300. When the Debtor filed its bankruptcy case, its manager was Rafael Duarte, who had been appointed to succeed Deba Shyam, the former manager, upon the former manager's resignation. Because of allegations of fraudulent conduct by Continuum Analytics in this and other cases and the concern of various constituencies and so this case could proceed without those allegations hampering its ability to move forward, Mr. Duarte agreed to resign postpetition and to appoint Mr. Grobstein as the manager and to eliminate the requirement that the manager of the Debtor be a member. Unfortunately, the financial information from former management and the former property manager has not been reliable or complete so Mr. Grobstein has had to essentially start from scratch. Because of these delays, the Debtor requires additional time to prepare a disclosure statement and plan. The Debtor explains that 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 does not currently have accurate financial information that will support its feasibility. 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 do not appear to be 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. Plaza Continental 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 About Plaza Continental Group Plaza Continental Group LLC is a California-based company engaged in real estate investment and management, likely overseeing commercial or mixed-use properties. Plaza Continental Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10986) on March 30, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $10 Million to $50 million. Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by William J. Wall, Esq. of Wall & Son. POOLIN TECHNOLOGY: Seeks Chapter 11 After Market Slump, China Ban ----------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that cryptocurrency miner Poolin Technology has sought Chapter 11 bankruptcy protection in New Jersey after reporting more than $173 million in debt, with the company planning to market and sell its remaining assets under court supervision. Poolin attributed its financial collapse to sharp swings in cryptocurrency prices, deteriorating market conditions and China's crackdown on digital asset mining, which disrupted operations and significantly reduced revenue. The company said those pressures left it unable to meet its financial obligations, according to report. Poolin is a global Bitcoin mining platform that has provided mining pool services, digital wallets and blockchain infrastructure to cryptocurrency miners. Through Chapter 11, the company hopes to complete a structured sale process and distribute proceeds to creditors, the report states. About Poolin Technology Founded in 2017, Poolin Technology is a blockchain technology company focused on cryptocurrency mining services. The company operates one of the world's largest Bitcoin mining pools and offers digital asset wallets, staking products and mining management tools. Poolin serves a global customer base of cryptocurrency miners and digital asset participants. Poolin Technology sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-18325) on July 22, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Stephen M. Packman, Esq. of Archer & Greiner, P.C. POOLIN TECHNOLOGY: Seeks to Sell Mining Assets via Auction ---------------------------------------------------------- Poolin Technology Pte. Ltd. and its affiliate, Lonestar Dream Inc. (LSD) and Lonestar Taproot LLC (LST), seek permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. Prior to cessation of business operations on July 10, 2026, LSD had two core business segments: mining digital assets for its own account; and providing top-tier equipment hosting services at its Mining Facilities for other large-scale mining clients, utilizing advanced technologies like air cooling, hydro cooling, and a proprietary immersion cooling system. As part of its operations, LSD operated two mining facilities: a "land leased" facility located at 4143 N US Highway 285, Pecos, Texas 79772 (Tarbush Facility), and an owned facility located at 3072 FM 1927 Pyote, Texas 79777. LST owns the real property (Pyote Site) where the Pyote Facility is located, and certain equipment used in the Mining Facilities. The Debtors retained Michael DuFrayne of DuFrayne LLC as the Chief Restructuring Officer of the Debtors to implement an enterprise-wide restructuring initiative to preserve and enhance its value for the benefit of creditors and other parties-in-interest to the Debtors' estates. The Debtors determined that Thor CALAP LLC (Stalking Horse Bidder) submitted the highest or otherwise best offers for the Assets. The Debtors signed Letters of Intent with Thor for the purchase of the Pyote Site and associated power rights, equipment and other assets, and the power rights and equipment and other assets associated with the Tarbush Facility excluding certain specified assets. On July 22, 2026, the Debtors and Thor entered into two asset purchase agreements – one for the Tarbush Assets (Tarbush APA) and another for the Pyote APA. Each APA represents a separate and independent asset purchase transaction, and each will proceed on its own terms, with the rights and obligations of the parties under each APA being separate and distinct. Under the Tarbush APA, Thor CALAP agrees to purchase the Tarbush Assets for a purchase price of $37 million plus certain assumed liabilities. Under the Pyote APA, Thor CALAP agrees to purchase the Pyote Assets for a purchase price of $15 million. Each Stalking Horse APA also provides certain bid protections, including a break-up fee and expense reimbursement, to the Stalking Horse Bidder. In connection with the Sale of the Assets, the Debtors submit that conducting an Auction in accordance with the Bidding Procedures will obtain the highest or otherwise best offer for the Assets and will maximize the value of the Debtors' estates. About Poolin Technology Pte. Ltd. Poolin Technology Pte. Ltd. is a private limited company registered under the laws of Singapore. Poolin historically operated under the Poolin brand in the People's Republic of China through affiliated operating entities, including Beijing Satoshi Smart Technology Co. Ltd., and provided cryptocurrency mining pool, wallet, and related blockchain infrastructure services. Poolin Technology sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-18325) on July 22, 2026. Stephen M. Packman at Archer & Greiner, P.C., represents the Debtor as legal counsel. PSC THRIVE: Commences Chapter 11 Bankruptcy in Maryland ------------------------------------------------------- On July 19, 2026, PSC Thrive, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports between $100,000 and $500,000 in liabilities owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 26, 2026 at 12:00 PM via Conference Call - Chapter 11 Baltimore: Phone number 1-888-330-1716, Access Code 6624329#. The Debtor's exclusive period to file a Chapter 11 plan expires Nov. 16, 2026. The Statement of Financial Affairs is due Aug. 3, 2026, and government proofs of claim must be filed by Jan. 15, 2027. About PSC Thrive, LLC PSC Thrive, LLC is a Pikesville, Maryland-based real estate investment holding company. The company owns and manages real estate investment interests and has operated within a network of Maryland-registered real estate entities, including PSC Towson, LLC and PSC Waldorf, LLC. Bankruptcy filings indicate the company was previously listed as an active business entity under Maryland's SAVE program. Court records do not specify the reason for the Chapter 11 filing. PSC Thrive, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17757) on July 19, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,000 to $500,000. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Maurice Belmont VerStandig, Esq., of The VerStandig Law Firm, LLC. QVC GROUP: Shareholders Lose Bid to Stay Chapter 11 Plan -------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge refused to block QVC Group's Chapter 11 plan from taking effect, concluding that shareholders objecting to the restructuring had not established sufficient grounds for a stay pending appeal. The shareholders contended that the confirmed plan improperly eliminates existing equity interests and requested that implementation be suspended until higher courts review the confirmation order. The judge determined that the opponents failed to meet the standards required for injunctive relief, including demonstrating probable success on the merits and balancing the equities in their favor, the report relays. As a result, QVC Group may continue carrying out its Chapter 11 plan, which seeks to restructure the company's balance sheet through a significant debt reduction. The ruling keeps the company on track to complete its bankruptcy reorganization despite the pending appeal, Law360 reports. About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. An ad hoc group of beneficial holders to QVC Group, Inc. is represented by Brown Rudnick LLP as counsel. Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. REDEFINED TRANSPORTATION: Case Summary & 16 Unsecured Creditors --------------------------------------------------------------- Debtor: Redefined Transportation Inc 3605 Long Beach Blvd Suite 400 Long Beach, CA 90807 Business Description: Redefined Transportation Inc. provides freight transportation and logistics services, specializing in import and export container drayage from the ports of Los Angeles and Long Beach. Based in Long Beach, California, the company transports general freight, intermodal containers and dry-bulk commodities to customers across Southern California, the Inland Empire and the Central Valley. Chapter 11 Petition Date: July 14, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-16977 Judge: Hon. Deborah J. Saltzman Debtor's Counsel: Yeznik Kazandjian, Esq. LAW OFFICES OF YEZNIK O. KAZANDJIAN 177 East Colorado Blvd. Suite 200 Pasadena, CA 91105 Tel: (818) 240-5996 Fax: (818) 550-1863 Email: yeznik@gmail.com Total Assets: $391,008 Total Liabilities: $1,086,052 The petition was signed by Randy Gordon as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QGAG56A/Redefined_Transportation_Inc__cacbke-26-16977__0001.0.pdf?mcid=tGE4TAMA RFNA LP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed RFNA, LP's (Republic Finance) Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed Republic Finance's senior unsecured debt rating at 'B+' with a Recovery Rating of 'RR4'. This rating action follows Republic Finance's announcement on June 26, 2026 that it has entered into a definitive agreement under which an investor group led byJ.C. Flowers & Co. (J.C. Flowers), alongside Nowlake Technology, LLC (Nowlake), will acquire the majority stake held by CVC Capital Partners (CVC), Republic Finance's majority owner since November 2017. The transaction is subject to customary regulatory approvals and is expected to close in 2H26. Key Rating Drivers No Impact from Company Sale: The rating affirmation reflects Fitch's expectation that, based on information provided to the agency, Republic Finance's overall credit profile will not be affected by the company's sale. The long-term business strategy, risk management framework, core financial policies including the leverage target, and key management team will all remain largely unchanged. Financial Profile Supports Ratings: The rating affirmation also reflects Republic Finance's relatively consistent profitability, appropriate leverage, adequate funding flexibility and liquidity, and credit performance that is in line with expectations for the risk profile of the portfolio and the rating category. Modest Franchise, Risk Profile Constrain Ratings: The ratings are constrained by Republic Finance's modest franchise and nominal market share, monoline business model with high subprime exposure, elevated geographical concentrations, and partial private equity ownership, which increases the possibility of more aggressive financial objectives and shareholder-friendly actions and adds long-term strategic uncertainty. Improving Scale, Limited Product Diversification: Republic Finance has grown its franchise primarily through de novo branch openings, operating 266 total branches across 17 states as of 1Q26. The company supplements its lending income with fee-based optional insurance products but lacks the revenue diversification of peers that offer a wider range of products, such as direct auto purchase loans. This is mitigated by the presence of secured collateral in 74% of the gross loan portfolio as of 1Q26, comprised of auto and personal property loans, which should reduce overall performance volatility. The company's bank partnership with Column N.A launched in May 2026 and should support growth in additional states. Asset Quality Stabilizing: Delinquencies of 30+ days rose to 12.1% at 1Q26 from 11.1% at YE 2025 but improved from 13.7% at YE 2023 and 14.4% at YE 2022. Credit performance weakened in 2022-2023 amid inflationary pressures and rising interest rates, prompting the company to proactively tighten credit and focus on originations with higher credit-profile customers and auto-secured loans, which generally exhibit materially lower loss rates than personal property collateral loans. Net charge-offs were 9.3% in the trailing 12 months (TTM) ended 1Q26, up from 8.6% in 2025 but below the 12.9% peak in 2023. Fitch expects asset quality to stabilize as the company introduced credit tightening in 1Q26. That said, Fitch believes the company's subprime customer base will be particularly vulnerable to economic stresses. Lower but Adequate Profitability: Profitability, as measured by pretax return on average assets (ROAA), was 2.7% in TTM 1Q26, down from 3.3% in 2025 and 4.0% in 2024, driven by growth in originations, particularly in auto and pre-approved segments, and the accompanying provision expenses. Fitch believes profitability remains highly sensitive to consumer credit performance given the business model's subprime focus. Appropriate Leverage: Fitch views Republic Finance's leverage (debt/tangible equity) as appropriate for the risk profile of the portfolio and the rating level. Leverage was 5.6x at 1Q26, flat from YE 2025 and up from 4.0x at YE 2024 due to the $500 million unsecured debt issuance and $62.5 million dividend in 1Q25. Management evaluates leverage on a debt to tangible equity plus reserves basis, which was 3.7x as of 1Q26, within management's target range of 3.5x-4.5x, which is expected to be maintained following the change of control. This translates to 5.5x to 6.6x leverage as calculated by Fitch. Preferred Equity Treatment: Fitch assesses the preferred equity units under the Corporate Rating Criteria and treats the instruments as equity in its leverage calculation, as they are held by affiliated investors, do not increase the probability of default, and are considered permanent, loss-absorbing capital. Upon closing of the announced acquisition by the J.C. Flowers-led investor group, Fitch expects the existing preferred units to be redeemed or converted into common equity. Secured Funding Profile: Republic Finance'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. After the inaugural unsecured issuance of $500 million in February 2025, unsecured debt comprised 25.1% of total debt at 1Q26; within Fitch's 'bb' category quantitative benchmark range of 10%-35% for balance sheet-heavy finance and leasing companies with an SROE score in the 'bbb' category. Fitch would view further increases in funding diversification and unencumbered assets as incrementally credit positive. Adequate Liquidity: Fitch views Republic Finance's cash liquidity of $30 million at 1Q26 as sufficient to support its operations and near-term funding obligations. The unsecured notes mature in February 2030 and warehouse facilities mature in 2027 and 2028. Additionally, the company had approximately $695.6 million of unencumbered receivables at 1Q26 which could be borrowed against with undrawn warehouse capacity or securitized. Stable Outlook: The Stable Outlook reflects Fitch's expectation that the business strategy will remain consistent after the company sale, leverage will increase but remain below 7x, credit performance will remain relatively stable, and the unsecured funding mix will be sustained above 15% of total debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained increase in leverage above 7x (unadjusted for CECL); - Sustained deterioration in credit performance, including net charge-offs above 10%; - Sustained decline in ROAA below 3%; - Sustained decrease in the unsecured debt mix below 10% of total debt; - Sustained increase in the risk profile of the portfolio, as evidenced by weaker credit-quality borrowers or lower presence of secured collateral; - Inability to access term funding; - The imposition of new and more onerous regulations that negatively affect Republic Finance's ability to execute on its business model. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in the business profile through market share gains that enhance Republic Finance's franchise, geographical expansion within the U.S. or further product diversification; - Sustained strengthening of the risk profile of the portfolio, supported by its mix shifting toward auto-secured lending and higher credit quality borrowers; - A sustained decline in leverage below 4x; - Continued maintenance of charge-offs within management's target range through credit cycles; - Maintenance of unsecured debt above 25% of total debt. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is equalized with the Long-Term IDR, reflecting the firm's funding mix and Fitch's expectation of average recovery prospects in a stress scenario. 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. 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 reasons: Business model (negative) and Market position (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Divergent benchmarks (negative) Criteria Variation Fitch's "Corporate Rating Criteria" states that instruments held by affiliated investors whose economic and strategic interests are expected to remain aligned with those of common equity may be treated as "non-debt" of the rated entity. In this case, Fitch has treated the preferred equity as equity in its leverage calculations, which represents a criteria variation. Fitch does not believe the use of such variation had a measurable impact on the rating, given offsetting adjustments to the capitalization and leverage score and the influence of other key rating drivers. ESG Considerations RFNA, LP 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. RFNA, LP 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. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- RFNA, LP LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ RICHARD MEYER: Gets Final OK to Use Cash Collateral --------------------------------------------------- Richard Meyer Gallery, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with the final budget while preserving the Debtor's right to seek additional use of cash collateral and the secured lender's right to object to any future requests. The Debtor's secured debt primarily consists of loans from the U.S. Small Business Administration, Renaissance Economic Development Corporation, and Webster Bank, all of which claim security interests in substantially all of the Debtor's assets, including cash collateral. Of these, the SBA appears to hold the only partially secured claim. The Debtor has not made payments on the SBA loan since mid-2025. As adequate protection, the Debtor must make monthly payments of $5,366 to the SBA and grant the lender automatically perfected replacement liens on all present and after-acquired property to the extent of any post-petition decline in the value of its cash collateral. The replacement liens remain subject to any valid senior prepetition liens, and Chapter 5 avoidance actions and their proceeds are expressly excluded from the SBA's collateral. The order identifies several events of default, including dismissal or conversion of the Chapter 11 case, appointment of a Chapter 11 trustee or examiner with expanded powers, unauthorized use of cash collateral outside the approved budget, spending more than a 10% variance above the budgeted line-item disbursements without the SBA's written consent, transferring collateral without authorization, or violating the terms of the order. The Debtor has a five-business-day cure period after receiving written notice of a default before the SBA may seek termination of cash collateral use. The order became immediately effective upon entry and authorized modification of the automatic stay to permit implementation of its terms and perfection of the replacement liens. The protections and replacement liens survive confirmation of a plan, conversion to Chapter 7, dismissal of the case, or appointment of a trustee, remaining effective until the SBA's obligations are paid in full. The order is available at http://bankrupt.com/misc/RichardMeyer_FCCOrder25.pdf About Richard Meyer Gallery Inc. Richard Meyer Gallery, Inc., doing business as Beads of Paradise, is a New York City-based retail and online specialty store operating from Manhattan that sells beads, gemstones, and jewelry-making materials sourced globally, including Africa, India, Southeast Asia, the Middle East, and Latin America. Founded in the late 1980s, the company also operates a showroom offering finished jewelry, trade beads, and decorative artifacts, along with services such as custom jewelry design, repair work, and instructional beadwork classes. Its customers primarily include independent jewelry designers, collectors, artisans, and craft enthusiasts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10842) on April 13, 2026, with $18,036 in assets and $1,014,927 in liabilities. Brian Kenner, president, signed the petition. Judge John P. Mastando III presides over the case. Adrienne Woods, Esq., at WZMP Weinberg Zareh Malkin Price, LLP represents the Debtor as legal counsel. ROSE WAY: To Sell Bridgehampton Property to Michael & Michelle Cho ------------------------------------------------------------------ Rose Way II LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 114 Rose Way, Bridgehampton, NY. The Debtor signs pre-petition, with Michael and Michelle Cho (Buyers). The Property, which was recently completed (but awaiting a final certificate of occupancy expected shortly), contains 7-8 bedrooms and approximately 16,770 square feet of living space near the beach in Bridgehampton. In recent years, the Property has been subject to multiple litigations based in large part on delays in construction. The site was first acquired in 2019 for approximately $5.0 million with the goal of constructing a high-end summer house. The initial acquisition and construction financing was provided by Goldman Sachs Bank USA. While construction continued into 2025, a private investor, Mohammed Grimeh, commenced litigation in Supreme Court, Suffolk County against Jonathan Bognacki, the Debtor's prior manager, Mr. Bognacki's company, Woodmont Horn LLC, and the Lender, challenging the authority for certain of the Lender's loans. The lawsuit does not challenge the mortgages assigned by Goldman Sachs, but has nevertheless put a cloud on title due to the filing of a notice of pendency. The notice of pendency, however, functionally prevents a sale of the Property, necessitating the need for Chapter 11 relief to allow a sale to proceed. With that goal in mind, the Debtor is moving to approve the proposed pre-petition sale contract pursuant to the applicable provisions of the Bankruptcy Code. The Contract provides for a total purchase price of $21,665,000 (including a 10% deposit, which is being held by the law firm of Antilety Law, PLLC). The Contract has no financing or other contingencies, with a closing date pegged to receipt of a final certificate of occupancy. This purchase price is sufficient to satisfy the first mortgage held by the Lender and pay the other costs associated with these cases in full. The Debtor is prepared to escrow the balance of the sale proceeds pending a determination of the scope and validity of any disputed claims. An affidavit relating to the marketing of the Property will be submitted by the Debtor's pre-petition real estate broker, Nest Seekers International. This pre-petition brokerage agreement will also be assumed under separate motion with appropriate disclosures. The purchase price of the Property is $21,665,000 – all cash, no financing contingency or other due diligence. The Debtor has conferred with the mortgage holder and projects that the purchase price is sufficient to pay allowed claims while leaving excess funds for a reserve for disputed claims. About Rose Way II LLC Rose Way II LLC is a single-asset real estate holding company that owns a luxury home located at 114 Rose Way in Bridgehampton, New York. The company was formed to hold and manage the residential property. The debtor filed under Chapter 11 of the U.S. Bankruptcy Code (Case No. 26-72485) and disclosed estimated assets and liabilities ranging from $10 million to $50 million. Judge Sheryl P. Giugliano presides over the case. J. Ted Donovan at Goldberg Weprin Finkel Goldstein LLP, represents the Debtor as legal counsel. SANGAMO THERAPEUTICS: Reaches Better Chapter 11 Financing Deal -------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that bankrupt gene therapy developer Sangamo Therapeutics Inc. has asked a Delaware bankruptcy court to approve a new Chapter 11 financing arrangement that would increase available funding while lowering the company's financing costs compared with its existing DIP facility. The biotechnology company said the replacement loan would improve liquidity during the bankruptcy process by reducing interest expense and eliminating several fees contained in the original financing agreement. The revised terms are expected to extend the company's financial runway as it markets its assets. Sangamo entered Chapter 11 to conduct a court-supervised sale of its business and intellectual property, with Eli Lilly and Astellas serving as stalking-horse bidders for key assets. The company continues to seek approval of transactions designed to maximize value for creditors and stakeholders, Law360 reports. About Sangamo Therapeutics Inc. Sangamo Therapeutics Inc. is a biotechnology firm specializing in genome engineering and gene therapy research. It is best known for its zinc finger nuclease platform, which is designed to modify genes to treat inherited and rare diseases. Sangamo Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10989) on June 23, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Kristin Cunningham, Esq. of Richards, Layton & Finger. SATURN OIL: Moody's Rates Poposed Unsecured Notes 'B2' ------------------------------------------------------ Moody's Ratings assigned B2 ratings to Saturn Oil & Gas Inc.'s (Saturn) proposed US$560 million and C$150 million senior unsecured notes. At the same time, Moody's affirmed Saturn's B2 Corporate Family Rating and B2-PD Probability of Default Rating. The B2 rating on the existing $650 million senior secured notes remains unchanged and was reviewed in rating committee. The speculative grade liquidity rating (SGL) was upgraded to SGL-2 from SGL-3. The outlook remains stable. Proceeds from the offerings will be used to refinance the existing USD senior secured notes, repay borrowings under the revolving credit facility, shore up additional cash on the balance sheet, and fund the acquisition of assets from Burgess Creek Exploration Inc., adding about 2,250 boe/d of gross production. At close of the senior unsecured notes offering Moody's will withdraw the ratings of the senior secured notes. Pro-forma leverage will increase modestly, but Saturn will benefit from better financial flexibility, a stronger liquidity position with the new notes maturing until 2031 and an upsized three-year revolving credit facility. RATINGS RATIONALE Saturn is supported by a conservative hedging strategy providing good cash flow visibility and a track record of allocating free cash flow toward debt reduction. The company benefits from a high concentration of higher-value light oil and a weighting toward proved developed reserves supporting its ability to sustain production levels near-term. A presence in several plays within Saskatchewan and Alberta also provides some capital allocation flexibility and partially mitigates exposure to region-specific risks. The company also benefits from good liquidity. Saturn remains constrained by the small scale of its production and reserves, with a somewhat short operating and financial policy track record. While Moody's expects Saturn to focus on developing core assets and small tuck-ins, the company has an active M&A history and may pursue re-leveraging transactions. Saturn's liquidity is good (SGL-2). Pro forma for the proposed issuance as of Q2-26, Moody's estimates sources totaling over $300 million through year end 2027, consisting of around C$30 million in cash on hand, over ~C$110 million in positive free cash flow under Moody's base case price assumptions and full availability, under a C$200 million reserve-based lending (RBL) facility expiring in June 2029. The new notes will include a mandatory offer to repurchase up to 5% annually (up to $50 million). The RBL has no financial covenants. Saturn's presence in several plays in Alberta and Saskatchewan also provides some ability to sell assets. The B2 rating on Saturn's proposed notes is in line with the B2 CFR given that senior unsecured liabilities represent the bulk of the capital structure. Significant permanent drawings on the RBL facility or a substantial increase in elected commitments could put downward pressure on the senior unsecured notes' rating. The stable outlook reflects Moody's expectations that Saturn will maintain a conservative financial policy while sustaining production volumes and reserves. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Saturn demonstrates significant organic growth in reserves and production while reducing debt and maintaining a conservative financial policy with retained cash flow to debt (RCF/debt) remaining comfortably above 50% and the leveraged full-cycle ratio (LFCR) trending toward 2x. The ratings could be downgraded if Saturn's production or reserves decline, liquidity deteriorates, if financial policy becomes more aggressive, RCF/debt declines below 25% or LFCR is under 1x. Headquartered in Calgary, Saturn is a publicly traded independent exploration and production company with assets in Saskatchewan and Alberta. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. The scorecard indicated rating is Ba3, two notches above the assigned B2 CFR. The lower rating reflects Saturn's small scale, limited track record and higher financial leverage pro-forma for the proposed issuance. SIMAD HOLDINGS: Parents Raise Concerns Over Summer Camp ------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that the families with children attending a New York summer camp owned by SIMAD Holdings Inc. have voiced strong objections to the company's proposed bankruptcy sale, questioning whether the leading bidder is equipped to operate the camp successfully. The concerns were presented as SIMAD moves through a fast-tracked Chapter 11 asset sale process designed to preserve business value. While the debtor argues that speed is essential to completing a successful transaction, parents say the court should also weigh the impact on campers, staff and the camp's long-standing traditions, the report states. SIMAD Holdings entered Chapter 11 to market and sell its summer camp assets under court supervision. The dispute highlights the competing interests between maximizing creditor recoveries and protecting the interests of families who rely on the camps each summer, 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. SISTERS OF SAINT ANN: Faces October Auction ------------------------------------------- Juliet Schulman-Hall of Mass Live reports that the attorneys for Anna Maria College appeared before the U.S. Bankruptcy Court on Thursday as the Massachusetts institution continues addressing significant financial obligations through Chapter 11. The college filed for bankruptcy protection last month after announcing in April that it would permanently close. Court records show the school entered bankruptcy with less than $55,000 in available funds, leaving limited resources to meet outstanding obligations. The closure also left faculty members without severance compensation and ended employee benefits after June. Students remain among the affected stakeholders, with unpaid scholarships and stipends listed among the college's outstanding obligations. Those claims are expected to be addressed during the bankruptcy process, the report staates. The proceedings will establish how the college's remaining assets are distributed and how creditor claims are handled as the institution completes the wind-down of its academic operations, according to report. About Sisters of Saint Ann Inc. Sisters of Saint Ann Inc., doing business as Anna Maria College, is a private Catholic liberal arts college located in Paxton, Massachusetts. Sisters of Saint Ann Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40758) on June 26, 2026. In its petition, the Debtor reports both assets and liabilities at $10 million to $50 million. The Debtor is represented by John J. Monaghan, Esq., of Holland & Knight. SLEEP COUNTRY: S&P Withdraws 'BB-' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings withdrew its 'BB-' issuer credit rating on Sleep Country Canada Holdings Inc. At the time of the withdrawal, outlook on the company was stable. On Jan. 1, 2025, Sleep Country Canada Holdings Inc. amalgamated with Sleep Country Canada Inc., with the new surviving entity being Sleep Country Canada Inc. SOCIAL DEVELOPMENT: Considers Bankruptcy Filing ----------------------------------------------- Meredith Melland of Milwaukee Neighborhood News Service reports that the Social Development Commission has not yet decided whether to seek bankruptcy protection, with board members opting to further study the nonprofit's financial condition before selecting a path forward. Once one of the region's leading anti-poverty agencies, SDC has remained largely inactive since halting operations amid financial turmoil and now faces mounting debts with limited remaining assets. Commissioners reviewed potential bankruptcy alternatives during a virtual meeting, including liquidation under Chapter 7 and reorganization under Chapter 11. Legal guidance prepared by Foley & Lardner LLP explained that Chapter 11 would require a credible business plan supported by adequate funding, while Chapter 7 would result in the orderly liquidation of SDC's assets to repay creditors, the report relays. Opinions among board members varied considerably. Commissioner Peter Fetzer questioned whether any viable funding sources exist to support a successful turnaround, while Interim CEO Jorge Franco argued that bankruptcy may not produce meaningful benefits and suggested focusing instead on creditor negotiations and identifying new funding opportunities. Other commissioners emphasized the need for a concrete strategic plan before moving forward, according to report. The board also heard public comments from organizations still awaiting payment from SDC. COA Youth & Family Centers reiterated that it is owed more than $150,000 and called for greater accountability and transparency. Franco acknowledged the agency's obligations and said SDC will continue working toward repayment while developing strategic recommendations for consideration at its next board meeting, the report cites. About Social Development Commission The Social Development Commission (SDC) is a Milwaukee-based nonprofit organization that serves as the official Community Action Agency for Milwaukee County, Wisconsin. For more than six decades, the organization has worked to combat poverty by delivering workforce development, financial empowerment, housing assistance, energy assistance, weatherization, early childhood education, and other social services to underserved communities. SOLLIO COOPERATIVE: DBRS Confirms 'BB(high)' Issuer Rating ---------------------------------------------------------- DBRS Limited (Morningstar DBRS) confirmed Sollio Cooperative Group's (Sollio or the Company) Issuer Rating at BB (high) and Senior Unsecured Notes credit rating at BB based on a recovery rating of RR5. All trends are Stable. KEY CREDIT RATING CONSIDERATIONS The credit rating confirmations reflect Sollio's strong operating performance in F2025 and through Q2 2026 and the Company's prudent capital allocation, resulting in key credit metrics that remained generally in line with Morningstar DBRS' expectations. The Stable trends reflect Morningstar DBRS' expectation that the Company will continue to deliver strong operating performance and key credit metrics that are commensurate with the current credit ratings, benefitting from industry tailwinds in F2026 and despite some normalization in F2027. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should the Company materially improve its business risk profile through increased size and diversification while sustaining its credit metrics at levels acceptable for the higher credit rating category (i.e., debt-to-EBITDA toward 3.00 times (x)). Conversely, should operating performance deteriorate and/or the Company implement more aggressive financial management practices such that credit metrics weaken to levels no longer appropriate for the current credit ratings (i.e., debt-to-EBITDA above 4.50x), Morningstar DBRS would likely take a negative credit rating action. EARNINGS OUTLOOK Morningstar DBRS anticipates Sollio's earnings profile will remain solid for the current credit rating category over the forecast period, as we anticipate the Company to experience strong operating performance in F2026 due to strong tailwinds in the first half of the year, before experiencing some moderation in H2 F2026 and F2027 as the operating environment normalizes. Morningstar DBRS forecasts Sollio's revenue to grow toward $8.8 billion in F2026 and to over $9.0 billion in F2027, from $8.4 billion in F2025. Morningstar DBRS expects revenue growth will be primarily driven by strong growth in the Sollio Food segment on the back of higher pricing and increased volumes benefitting from strong demand and supply disruptions of poultry products, as well as growth in the Agriculture segment on the back of a higher fertilizer pricing environment and favourable weather resulting in a strong first half of F2026. Revenue growth is expected to be partially offset by lower sales in the Retail division driven by lower lumber prices and volume pressures amid a challenging operating environment. Morningstar DBRS forecasts the Company's EBITDA margins to improve modestly in F2026 primarily driven by higher margins in the Food and Agriculture segments because of elevated poultry and fertilizer pricing and the continued focus on growing higher-margin, value-added pork and poultry products, partially offset by lower lumber pricing. Morningstar DBRS anticipates margins will moderate in H2 F2026 and through F2027 as poultry supply catches up to demand and fertilizer prices somewhat normalize. As such, Morningstar DBRS anticipates Sollio's EBITDA will increase to over $550 million in F2026 before declining modestly into the $525 to $550 million in F2027, from $519 million in F2025. FINANCIAL OUTLOOK Morningstar DBRS believes Sollio's financial profile will remain appropriate for the current credit ratings over the forecast horizon and continue to be supported by the Company's strong free cash flow (FCF) generating capacity and relatively stable debt levels following the redemption of its preferred shares. Cash flow from operations (including distributions from joint ventures and before any patronage refunds) is expected grow in line with earnings to over $500 million in F2026 before returning to more normalized levels in the $425 million to $450 million range in F2027, from $462 million in F2025. Morningstar DBRS anticipates capital expenditures (capex) to be elevated in F2026 and F2027, increasing to over $200 million before returning to more normalized levels in the $150 million to $200 million range thereafter. Elevated capex are expected to be driven by Sollio's investment in technology, including a new enterprise resource planning system at Olymel, a new centralized automated hardware distribution facility, and higher maintenance capex. Morningstar DBRS expects the Company will continue to distribute its patronage refund at the end of the year to qualifying dealers in the form of cash or common shares. Morningstar DBRS anticipates Sollio will have elevated net working capital requirements in F2026 in the $150 million to $200 million range because of the impact of higher fertilizer prices. As such, Morningstar DBRS anticipates Sollio's FCF will be approximately $100 million in F2026 and $200 million in F2027, which is expected to be allocated toward lease principal payments, mandatory debt repayments, and share redemptions. Morningstar DBRS notes that Sollio's lease liabilities are expected to increase by approximately $150 million in F2027 related to a new efficient distribution center. As a result, Morningstar DBRS anticipates Sollio's credit metrics will remain appropriate for the current credit ratings, as debt-to-EBITDA is expected to improve to below 3.5x in F2026 before returning to approximately 3.5x in F2027, from 3.6x in F2025. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): bb (high) Sollio's CBRA is supported by the Company's established brands, market position, and distribution network, as well as by the business risk benefits associated with the Company's cooperative structure and the high barriers to entry in the agri-food business. The CBRA also takes into consideration Sollio's relative geographic concentration, competitive market environment, exposure to economic cycles (particularly in the home improvement segment), and volatility in the Olymel business segment. Comprehensive Financial Risk Assessment (CFRA): bbb (low) Sollio's CFRA reflects Morningstar DBRS' expectation that the Company will prudently manage capital allocation priorities, particularly in the case of any earnings volatility, to maintain key credit metrics at levels that are acceptable for the current credit rating category. The Company's CFRA also takes into consideration the possibility of future share redemption obligations over the medium term held by noncontrolling interests. Intrinsic Assessment (IA): bb (high) The IA of bb (high) is within the IA Range and is based on the CBRA and CFRA, also taking into consideration peer comparisons, among other factors. Additional Considerations: The credit ratings include no further negative or positive adjustments from additional considerations. Notes: All figures are in Canadian dollars unless otherwise noted. SOLSTICE ADVANCED: Fitch Puts 'BB+' IDR on Watch Negative --------------------------------------------------------- Fitch Ratings has placed Solstice Advanced Materials, Inc.'s (Solstice) ratings on Rating Watch Negative (RWN), including the company's 'BB+' Issuer Default Rating (IDR). This action reflects Solstice's planned acquisition of Element Solutions, Inc. (ESI) and the increased debt burden that it will incur despite a significant equity contribution. There is also execution risk associated with the transaction, but it offers significant cost synergies and the potential for integrated solutions and cross-selling opportunities to both firms' customers. Fitch will continue to monitor the transaction for additional clarity on viability of synergies, integration plans and post-merger financial policy and deleveraging plans. Fitch expects to resolve the RWN upon close of the acquisition, which may take more than six months. Key Rating Drivers Material Acquisition Raises Leverage: Solstice's planned acquisition of ESI is a large, transformational transaction that will materially raise its leverage. The $14.5 billion deal will be funded with about $4.7 billion of cash and $10.1 billion of equity. Even with the large equity component, Solstice will more than triple its debt load, with pro forma leverage rising to almost 4.0x at YE2027, from 2.0x at YE2025. Fitch expects the combined company's FCF profile, supported by cost synergies, to drive deleveraging over the following years. Solstice should move closer to Fitch's leverage sensitivities in 2029, about two years after closing. High Integration Risk: Integration risk is high due to the transaction's size and the need to combine operations, product lines and customer relationships. Solstice expects the acquisition to close in the first half of 2027, subject to regulatory and shareholder approvals. Management is targeting around $180 million in run-rate cost synergies by year three. Execution risk is also high because Solstice became an independent company in September 2025 and has a limited history as a standalone entity. Combining two global, multi-segment chemical platforms adds complexity. Fitch will review integration plans and timing as part of its broader review of the transaction. Broader Portfolio with More Electronics: The acquisition broadens Solstice's advanced materials platform and increases exposure to electronics, AI infrastructure, thermal management, data center cooling and other specialty markets. The acquisition does increase potential cyclical exposure from the semiconductor end market. The electronics market is experiencing strong growth from secular investments in AI & data centers. A big drop in spending in those markets would affect the combined company's performance and slow deleveraging. Strong Competitive Position: The combined company should have a stronger position in advanced materials and electronics. Complementary offerings in semiconductor fabrication, packaging, assembly and thermal management should create a broader platform and stronger value proposition. The combined business would also have strong positions in attractive end-markets, more than 8,300 patents, customer-led innovation and on-site technical service teams. Solstice also has a strong position in low-global-warming potential refrigerants and blowing agents, with exposure to stationary, automotive and healthcare applications. Healthy Margins Support Deleveraging: The combined company should retain a solid earnings and cash generation profile that supports deleveraging. EBITDA margins should remain in the mid-20% range, while post-dividend FCF margins stay in the low- to mid-single digits. Fitch expects capex to remain high due to investments in Solstice's sputtering targets, protective fibers and nuclear fuel capacity, as well as growth spending at ESI. Margins should also improve as the shift to hydrofluoroolefins matures and revenue mix moves toward higher-margin replacement sales. Fitch expects post-dividend FCF to support debt repayment and modest share buybacks to offset dilution. Peer Analysis Pro forma the proposed ESI acquisition, Solstice gains improved scale and broader operating scope, along the lines of Orbia Advance Corporation S.A.B. de C.V. (BB+/Stable), and greater scale and diversity than its pure-play electronics peers Qnity Electronics, Inc. (BB+/Stable) and Entegris, Inc. (BB/Stable). Celanese Corp. (BB+/Negative) has the largest scale among the 'BB' peer set, supported by its number one global positions in acetic acid and vinyl acetate monomer. Fitch-calculated EBITDA margins in the mid-20% range for Solstice are materially higher than for Orbia due to its greater exposure to building and infrastructure, PVC piping and limited aftermarket and replacement dynamics. Solstice's margins are also well above those of H.B. Fuller, which has a more fragmented end market and faces greater competitive dynamics. Solstice's margins remain below both Qnity's and Entegris' due to business-mix differences and because both benefit from a more favorable electronics revenue mix. Solstice's pro forma EBITDA leverage is higher than both Entegris and Qnity, driven by the company's planned ESI acquisition. However, the company's initially lower leverage means that it still remains more conservatively capitalized than peers Celanese and Orbia, as Celanese's leverage remains elevated from its 2022 acquisition of DuPont's materials and mobility business. While Solstice's leverage currently exceeds H.B. Fuller's, Fitch expects Solstice will focus on debt reduction after the ESI acquisition, ultimately bringing its leverage metrics more in-line with Entegris. Fitch’s Key Rating-Case Assumptions - Significant top-line growth in 2027 driven mainly by ESI acquisition as well as strong growth in key electronics end markets from continued AI and data center spend. Revenue growth of mid-single digits thereafter supported by continued AI investments; - Solstice's revenues decline by low single digits in 2025, driven by the absence of one-time sales in 2024, as well as a mix-shift from hydrofluorocarbons (HFCs) to HFOs that leads to less replacement revenue, with revenue growth in the low to mid-single digits thereafter as the shift to HFOs concludes and key construction end markets start to recover toward the end of the decade. Solstice also benefits from steady growth in its Electronics & Specialty Materials (ESM) segment from continued data center growth; - EBITDA margins improve moderately to around 26% over the forecast, supported by strong pricing power and cost synergy realization; - Capex of 7%-9% of revenue as Solstice invests in expansion for its sputtering target and protective fibres facilities and makes investments in nuclear fuel expansions, as well as incremental growth investments at ESI related to commercializing its ActiveCopper technology; - Dividends increase in 2027 to reflect greater share count from the transaction; - Share buybacks limited to offset dilution. 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 ('bbb+', Moderate), market and competitive positioning ('bbb', Moderate), diversification and asset quality ('bb+', Higher), company operational characteristics ('bbb', Moderate), profitability ('a', Lower), financial structure ('bb', Higher), and financial flexibility ('bbb', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2027, 30% for the forecast year 2028, 30% for the forecast year 2029 and 30% for the forecast year 2030. 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 3.0x with no credible path to deleveraging; - EBITDA margins consistently below 20%, indicating a loss of competitive position; - FCF margins (after dividends) below 2%; - Additional aggressive acquisition activity or capital allocation inconsistent with stated financial policies; Successful closing of the proposed Element Solutions acquisition may lead to a resolution of the Rating Watch Negative. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage durably maintained below 2.3x and CFO-Capex/Debt consistently above 10%; - Demonstrated commitment to maintaining investment-grade credit metrics; Liquidity and Debt Structure Solstice exhibits solid liquidity. As of 1Q'2026, the company reported almost $650 million in cash and had full access to its $1 billion undrawn credit facility. Solstice's liquidity is further bolstered by $750 million in bilateral letter of credit facilities that backstop certain asset retirement obligations. With no upcoming debt maturities, required debt amortization will be minimal and very manageable with Solstice's existing liquidity and cash flow. Fitch expects Solstice will continue to exhibit solid liquidity pro forma for the ESI acquisition, with an anticipated $1.5 billion revolving credit facility and a strong cash balance. Issuer Profile Solstice Advanced Materials is leading global provider of refrigerants, semiconductor materials, protective fibers and healthcare packaging. 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 Solstice Advanced Materials, 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 ----------- ------ -------- ----- Solstice Advanced Materials Inc. LT IDR BB+ Rating Watch On BB+ senior secured LT BBB- Rating Watch On RR1 BBB- sr unsecured LT BB+ Rating Watch On RR4 BB+ SPIRIT AIRLINES: Cleared to Sell NYC Slots to JetBlue for $58.5MM ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that JetBlue Airways Corp. won bankruptcy court approval Wednesday, July 22, 2026, to acquire 22 LaGuardia Airport slots from Spirit Airlines for $58.5 million, after a 14-hour auction held as part of the airline's Chapter 11 liquidation. The court also approved Frontier Airlines Inc. as the backup purchaser if the JetBlue transaction is unable to close. The competitive bidding process generated higher value for the bankruptcy estate and forms part of Spirit's broader effort to liquidate assets and repay creditors, the report states. Spirit Airlines built its business as a budget carrier serving domestic and international leisure markets before entering Chapter 11 amid persistent financial difficulties. The LaGuardia slot sale is a major milestone in the carrier's ongoing liquidation and asset recovery efforts, the report states. 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. STRIDE ACADEMY: S&P Assigns 'BB-' Rating on 2026/2016 Revenue Bonds ------------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term rating to the city of St. Cloud, Minnesota's $22.455 million series 2026 charter school revenue bonds, to be issued for STRIDE Academy (STRIDE). At the same time, S&P assigned its 'BB-' long-term rating to the city's previously issued $16.375 million series 2016 charter school revenue bonds, also issued for STRIDE. The outlook is stable. S&P said, "The stable outlook reflects our expectation that STRIDE will hit enrollment targets over the outlook period such that it generates at least breakeven operations and improves lease-adjusted MADS coverage. The stable outlook also reflects our expectation that STRIDE will achieve its liquidity projections and will not issue any additional debt in the near term. "We could consider a negative rating action should management fail to execute its enrollment growth plans, such that STRIDE does not reach its enrollment target, or if there is a significant deterioration in operations, financial performance, and lease-adjusted MADS coverage, or deviations from projected operations. We could also consider a negative rating action if cash declines more than anticipated or if covenant violations occur. "We could consider a positive rating action over time if STRIDE is able to consistently meet its growth targets and strengthen financial metrics to levels commensurate with those of higher-rated peers." T7 ENTERPRISES: Gets Extension to Use Cash Collateral ----------------------------------------------------- T7 Enterprises, LLC received another extension 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 Sept. 17. The principal reason for the extension is the anticipated deployment of a rented Komptech Crambo 3400 industrial shredder, expected to arrive this month. The shredder will restore the Debtor's ability to process larger tires, recover steel, and produce tire-derived fuel—critical revenue-generating activities that have been unavailable since its primary shredding equipment was destroyed. The additional interim period will allow the Debtor to place the shredder into service, evaluate its actual operating costs and revenue generation, and later present the court with a final cash collateral budget based on real operating results rather than projections. The Debtor's revised second interim budget also increases transparency by separately identifying insider compensation. The only substantive compensation change is an increase in Chief Executive Officer Gary Thomas's annual salary from $125,000 to $150,000, along with a $1,500 monthly automobile allowance for use of his personal vehicle in company operations. Compensation for Anetra Thomas remains unchanged. The Debtor argued that the salary adjustment is reasonable because Mr. Thomas had been paid below market rates for executives managing businesses of similar size and complexity. It further said that the revised compensation has been fully incorporated into the budget and will not impair liquidity or reduce recoveries for creditors. In exchange for the use of cash collateral, the Debtor offers to continue providing the same adequate protection previously approved by the court, including replacement liens and the existing budget variance provisions that permit reallocations among budget categories so long as aggregate expenditures do not exceed 110% of the approved budget. About T7 Enterprises LLC T7 Enterprises, LLC, doing business as Reliable Tire Disposal, provides tire recycling and recovery services from locations in Burnet and Victoria, Texas. The company picks up scrap tires from businesses, accepts drop-offs, and processes scrap tires into tire-derived fuel and crumb rubber products. It also sells wholesale used tires to commercial, retail, and agricultural customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-11103) on June 9, 2026. In the petition signed by Gary Thomas, chairman and CEO, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad M. Robinson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. TEAM SYSTEMS: Execs Push for Recusal in Chapter 7 Clawback Fight ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a group of former Team Systems International LLC executives has petitioned a Delaware bankruptcy court to remove the presiding judge from the company's Chapter 7 case and a related $14 million avoidance action seeking to recover pre-bankruptcy transfers. The executives contend that reassignment is necessary to ensure confidence in the judicial process, while the Chapter 7 trustee maintains the lawsuit is intended to maximize recoveries for creditors by reclaiming assets allegedly transferred before the bankruptcy filing. Team Systems International was a government contractor serving federal agencies with technology and support services. Its Chapter 7 liquidation has focused on collecting assets and pursuing litigation that could increase distributions to creditors, according to report. About Team Systems International Formed in 2001, Team Systems International LLC is a small business serving the United States government as a contractor with offices in Lewes, Del. and Ponte Vedra Beach, Fla. TSI has performed government projects as a prime contractor and subcontractor in the areas of program management, financial and contracts management, tactical and specialized military training development, naval ordinance engineering, information systems design and integration, military firearms training, Department of State overseas foreign officer training, vehicle or weapons platform simulation, training center or classroom A/V system integration, force protection services, maritime security, and administrative staffing for government projects. Team Systems International sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022, listing up to $50 million in assets and up to $10 million in liabilities. Deborah Devans Mott, member, signed the petition. Jamie L. Edmonson, Esq., at Robinson & Cole LLP, was the Debtor's legal counsel. The case was converted to Chapter 7 on March 31, 2022. George L. Miller is the Chapter 7 trustee. TGI FRIDAY'S: Secures Confirmation of Chapter 11 Liquidation Plan ----------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that A bankruptcy court approved TGI Friday's Inc.'s Chapter 11 liquidation plan Thursday, July 23, 2026, after the casual dining chain settled disputes with creditors over its proposed wind-down strategy. The approved plan authorizes the company to liquidate its remaining assets and place the proceeds into a liquidation trust that will handle distributions to creditors and oversee any unresolved claims. The settlements eliminated the final obstacles to confirmation, the report states. TGI Friday's is a well-known restaurant chain that built its brand around casual American dining and franchised operations. The Chapter 11 case is intended to maximize value from the company's remaining assets while providing an orderly process for paying creditors through the liquidation trust, according to Law360. About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entrees, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. THORNCO HOSPITALITY: Seeks to Use Cash Collateral ------------------------------------------------- Thornco Hospitality, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas for authority to use cash collateral and provide adequate protection. The Debtor requests approval to use cash collateral in which State Bank of Texas, its secured lender, claims an interest, primarily rents, lease proceeds, and other cash generated by the business. The requested use is narrowly limited to payroll expenses, with a cash collateral budget covering employee wages attached to the request. Thornco argues that continued access to these funds is essential because it has no alternative financing available and must continue operating to preserve the business, pay employees, and generate revenue while pursuing a Chapter 11 reorganization. The Debtor proposes to adequately protect State Bank of Texas by granting the bank post-petition replacement liens and an administrative priority claim. The Debtor has also submitted a payroll-only cash collateral budget supporting the request. Counsel for the Debtor conferred with counsel for the bank, who confirmed that the lender does not object to the limited use of cash collateral for payroll under the terms of the proposed agreed interim order. However, the agreement does not waive the bank's rights to later argue that the automatic stay should be annulled or that the Chapter 11 case should be dismissed pursuant to a prior confirmation order. A copy of the motion is available at https://urlcurt.com/u?l=sOZaBU from PacerMonitor.com. About Thornco Hospitality LLC Thornco Hospitality, LLC is a Thornton, Colorado-based hospitality company that owns and operates a Homewood Suites by Hilton hotel. The company is engaged in the ownership and management of extended-stay lodging properties. Thornco Hospitality, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33059) on July 7, 2026. In its petition, the debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The debtor is represented by Gregory Wayne Mitchell, Esq., of The Mitchell Law Firm, L.P. TRY TROUT: Updates Unsecured Claims Pay Details ----------------------------------------------- Try Trout and Industrial, LLC, submitted a Disclosure Statement to accompany Second Amended Plan of Reorganization dated July 13, 2026. The Debtor owns two properties, referred to as Heritage Village and Creekside Village (the "Properties"). On April 20, 2026, Debtor filed Debtor's Motion for Entry of an Order Approving Bidding Procedures and Scheduling Auction and Sale Hearing; and an Order Authorizing Sale of Real Property Free and Clear of Liens, Claims, and Encumbrances Pursuant to Sections 363(B), 363(F), and 363(K) of the Bankruptcy Code (the "Sale Motion"). The Sale Motion proposed bidding procedures and contemplated Builders Capital serving as the stalking horse bidder. The bid procedures were approved by order entered on May 5, 2026. The Brokers undertook additional marketing in in accordance with the Court-approved bid procedures. Despite these significant marketing efforts, Builders Capital's $25.5 million credit bid was the prevailing bid. On June 30, 2026, the Bankruptcy Court orally approved the sale of the properties to Builders Capital for the $25.5 million credit bid, and agreement to pay the Secured Tax Claims and the Broker Compensation. The Order (I) Authorizing Sale of Real Property Free and Clear of Liens, Claims, Interests, and Encumbrances Pursuant to Section 363 of the Bankruptcy Code and (II) Granting Related Relief (the "Sale Order") will be entered and the Sale Transaction closed in accordance therewith. The closing of the Sale Transaction will satisfy in full the Builders Capital Secured Claim, the Secured Tax Claims, and the Broker Commission, which is an Administrative Claim. The Debtor has also resolved two other secured claims. Specifically, on March 31, 2026, Debtor commenced an adversary proceeding against Keith Dudum seeking to avoid his judgment Lien recorded within the ninety-day preference period. After the adversary was commenced, the Debtor and Mr. Dudum were able to resolve the matter through the Stipulation Avoiding Prepetition Recordation of Abstract of Judgment as an Avoidable Preference and Allowance of Unsecured Claim and the corresponding order, which stipulated to avoid Mr. Dudum's asserted Lien against the Properties, did not alter his lien against The Landing, and liquidated Mr. Dudum's general unsecured claim in this Chapter 11 Case. Class 7 is comprised of the Allowed Builders Capital Unsecured Claim. After application of Builders Capital's $25,500,000 credit bid through the Sale Transaction against its asserted claim set forth in Proof of Claim number 6 in the amount of $25,790,367.34, the Builders Capital Unsecured Claim is estimated to be $290,367.34. Class 8 is comprised of the Allowed Dudum Claim. The Allowed Dudum Claim is the unsecured Claim held by Keith Dudum in the amount of $1,395,978.71, as established by the Stipulation Avoiding Pre-petition Recordation of Abstract of Judgment as an Avoidable Preference and Allowance of Unsecured Claim and the corresponding order entered in the Chapter 11 Case. Class 9 consists of the Allowed General Unsecured Claims, which includes all Claims that are not secured by a Lien or other charge against or interest in property in which the Estate has an interest and is not (i) an Administrative Claim, (ii) a Priority Tax Claim, (iii) a Priority Unsecured Claim; (iv) the TDA Claim; (v) the Sortis Unsecured Claim; (vi) the Dudum Unsecured Claim; or (vii) the Builders Capital Unsecured Claim. General Unsecured Claims shall include all Claims arising under Section 502(g) of the Bankruptcy Code. As of the filing of this Disclosure Statement, the asserted General Unsecured Claims total approximately $5,677,410.57. Because TDA, Sortis, Builders Capital, and Dudum's unsecured Claims are subject to personal guaranties and/or secured by additional collateral such that they have additional sources of recovery, they are separately classified from the General Unsecured Claims. However, as non-priority, unsecured claims, the Class 5, Class 6, Class 7, Class 8, and Class 9 Claims shall receive the same treatment under this Plan. Except to the extent that a Holder of an Allowed Class 5, Class 6, Class 7, Class 8, or Class 9 Claim agrees to less favorable treatment, each Holder of an Allowed Class 5 TDA Claim, Allowed Class 6 Sortis Unsecured Claim, Allowed Class 7 Builders Capital Unsecured Claim, Allowed Class 8 Dudum Claim, and/or an Allowed Class 9 General Unsecured Claim, shall, in full and final satisfaction of such Allowed Claim, be restructured and treated as follows: * On the second anniversary of the Effective Date, the Reorganized Debtor shall pay each Holder of an Allowed Class 5, Class 6, Class 7, Class 8, or Class 9 Claim on such date, each Holder's Pro Rata share of the greater of: (i) Three Million Dollars; and (ii) the Remaining Cash. * On the third anniversary of the Effective Date, the Reorganized Debtor shall pay each Holder of an Allowed Class 5, Class 6, Class 7, Class 8, or Class 9 Claim on such date, each Holder's Pro Rata share of the greater of: (i) Five Million Dollars ($5,000,000); and (ii) the Remaining Cash. * On the fourth anniversary of the Effective Date, the Reorganized Debtor shall pay each Holder of an Allowed Class 5, Class 6, Class 7, Class 8, or Class 9 Claim on such date, the balance of their Allowed Claims, plus interest at the Plan Interest Rate, which interest shall begin accruing on the Effective Date. * Prior to any Distribution being made on account of Class 10 Equity Securities, the Allowed Class 5 TDA Claim, the Allowed Class 6 Sortis Unsecured Claim, the Allowed Class 7 Builders Capital Unsecured Claim, the Allowed Class 8 Dudum Claim, and all Allowed Class 9 General Unsecured Claims shall have been paid in full with interest at the Plan Interest Rate. Class 5, Class 6, Class 7, Class 8, and Class 9 are Impaired under this Plan and are therefore entitled to vote on this Plan. The Debtor will implement its Plan by completing the Sale Transaction, which will result in the sale of the Heritage Village and Creekside Village Properties to Builders Capital in full satisfaction of the Builders Capital Secured Claim, the Secured Tax Claims, and the Broker Compensation. The On the Effective Date, Debtor shall be reorganized pursuant to the terms of the Plan and shall continue to exist as a separate entity in accordance with applicable law. The Reorganized Debtor shall be managed by Lamb Partners, LLC, Debtor's current manager. A full-text copy of the Disclosure Statement dated July 13, 2026 is available at https://urlcurt.com/u?l=bxsrpg from PacerMonitor.com at no charge. Counsel to the Debtor: William M. Noall, Esq. Talitha Gray Kozlowski, Esq. Garman Turner Gordon LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Tel: (725) 777-3000 Fax: (725) 777-3112 Email: wnoall@gtg.legal tgray@gtg.legal About Try Trout and Industrial Try Trout and Industrial LLC develops and manages property in Truckee, California, focusing on parcels located at 11157, 11158, and 11189 Church Street. The Company's projects are part of the Downtown and Railyard Master Plan zones, including the Trout Creek and Industrial Heritage Districts. It operates within the real estate and property development sector, holding ownership of multiple parcels. Try Trout and Industrial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24548) on August 27, 2025. 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 Christopher D. Jaime handles the case. The Debtor is represented by William M. Noall, Esq. at GARMAN TURNER GORDON LLP. UNITED AIRLINES: Fitch Alters Outlook on 'BB+' IDR to Positive -------------------------------------------------------------- Fitch Ratings has revised its Rating Outlook for United Airlines Holdings, Inc. and United Airlines, Inc. to Positive from Stable. Fitch has also affirmed the companies' Long-term Issuer Default Ratings (IDRs) at 'BB+'. The Positive Outlook reflects United's commitment to maintaining a strong balance sheet including its sub-2x net leverage target. The Outlook also incorporates United's peer-relative margin performance, which Fitch expects to be sustained given the company's strengthening market position and less disruptive low-cost carrier competition. United's financial profile, including supportive liquidity, and a sizeable base of unencumbered assets also support an improving credit profile. Fitch expects United's gross and net leverage metrics to trend to the upper 2x and upper 1x range respectively in 2027, in line with its positive rating sensitivities. The rating is tempered by near-term headwinds from jet fuel prices and heavy upcoming capital spending requirements driven by United's fleet renewal efforts, that will limit FCF generation. Fitch may revise the Outlook back to Stable if margin and leverage improvement fails to materialize in the next 12-18 months. EETCs Fitch Ratings has upgraded United's 2016-1 class AA certificates to 'A+' from 'A' and affirmed the remaining class AA, class A, and class B EETC tranches, as detailed below. The rating actions reflect continued strength in collateral aircraft values, supported by broad-based travel demand. Since the last review, collateral values have generally depreciated less than Fitch expected, leading to several-percentage-point declines in stressed LTVs across United's EETC portfolio. UAL 2019-2: - $495.6 million class AA certificates due 2032 affirm at 'A+'; - $200.6 million class A certificates due 2028 affirm at 'BBB+'; - $68.3 million class B certificates due 2028 affirm at 'BBB'. UAL 2019-1: - $438.1 million class AA certificates due in 2031 affirm at 'A+'; - $181.6 million class A certificates due in 2031 affirm at 'BBB+'. UAL 2018-1: - $420.5 million class AA certificates due March 2030 affirm at 'A+'; - $160.2 million class A certificates due March 2030 affirm at 'A-'. UAL 2016-2: - $369.7 million class AA certificates due in 2028 affirm at 'A'; - $164.4 million class A certificates due in 2028 affirm at 'BBB+'. UAL 2016-1: - $382.7 million class AA certificates due in 2028 upgrade to 'A+' from 'A'; - $170.2 million class A certificates due in 2028 affirm at 'BBB+'. UAL 2014-2: - $344.5 million class A certificates due in 2026 affirm at 'A'. Key Rating Drivers Leverage to Gradually Improve: Fitch expects United's credit metrics to show continued improvement beyond 2026 as profit margins recover from Iran conflict-related fuel headwinds and management progresses toward debt reduction targets. Fitch forecasts gross leverage will increase to approximately 4x at YE2026 from 3.7x at YE2025, a modest increase given the scale of fuel cost pressures. Operating margins have proven to be resilient, as double digit unit revenue increases partly offset the 84% increase in per gallon fuel costs in the second quarter. Fitch expects net leverage to remain at 2.5x or below at YE 2026, supported by a sizeable liquidity balance, trending toward management's stated target of below 2x. Fitch anticipates United will mitigate incremental 2Q26 borrowings through debt prepayment opportunities as fuel pressures abate, potentially supporting investment-grade metrics over the next 12-18 months. Liquidity and Financial Flexibility: United maintains substantial financial flexibility, with total liquidity of approximately 31% of LTM revenue at 2Q26, materially above peer levels and providing downside protection. Debt maturities are manageable at just over $4 billion in 2026, declining to $2 billion-$3 billion annually from 2027-2029. Fitch expects United to make payments from FCF generation, cash on hand, and refinancings, including unsecured issuances as the company transitions toward a less secured capital structure. United's unencumbered asset base, including its loyalty program, provides an additional material source of contingent liquidity. Uncertain Jet Fuel Prices: Jet fuel cost pressures eased substantially following the resumption of shipping through the Strait of Hormuz, though the trajectory through the end of the year is uncertain given re-escalating tensions. Fitch believes below-peak fuel costs combined with sustained demand strength improve the likelihood of stronger second-half profitability, partially offsetting first-half headwinds. Favorable industry dynamics, including Spirit Airlines' liquidation and continued profitability challenges among low-cost carriers, should support retention of recent fare increases, providing an additional tailwind to margins even as ticket prices moderate. Demand Environment Remains Supportive: Airlines in the U.S. continue to report solid demand, supporting improved second-half financial performance. United and Delta both recently reported double-digit unit revenue improvement in 2Q. Passenger throughput over the Fourth of July holiday weekend held essentially flat year-over-year despite higher airfares, underscoring consumers' continued prioritization of travel spending. Business travel demand has also strengthened, with Amex GBT reporting solid booking growth through 2Q26, recovering from a soft patch in 2025. Downside risks remain as fuel prices and consumer pressures could weigh on demand later in the year. Fleet Expansion Risks Manageable: United's substantial orderbook, with potential deliveries of 100 or more aircraft annually over the next several years, presents capacity discipline risks, as aggressive fleet growth could add excess seats into the market and dilute unit revenues. However, Fitch views these risks as manageable given flexibility within United's fleet plan, including the ability to retire older aircraft or choose not to exercise delivery options. United's track record of executing fleet renewal while adapting to demand conditions and generating competitive margin performance demonstrates management's capacity discipline. Healthy Cash Flows: United's FCF generation capacity supports the Positive Outlook. Fitch projects FCF will be roughly neutral in 2026, conservative relative to management guidance, but still representing a solid outcome considering the scale of this year's fuel impact. Heavy capital spending will continue to constrain cash generation through 2027. Nonetheless, substantial cash generation in recent years and the prospect of mid-single-digit FCF margins beyond 2027, driven primarily by margin expansion from United's fleet and network initiatives, offset near-term constraints and support the improving credit trajectory. Initiatives Strengthen Market Position: United's investments in its network and loyalty program are improving its market position in strategic hubs across the U.S. United provides customers with competitive travel offerings, including high-frequency routes across a wide range of destinations and comprehensive rewards and benefits. This combination of services attracts and retains a loyal customer base around its key hubs, allowing the company to benefit from premium pricing compared to its peers. EETCs Class AA Upgrade and Affirmations: Fitch upgraded United's 2016-1 class AA certificates to 'A+' from 'A' due to a material decline in stressed LTV, which improved to the high-70% range from 80.3% in the prior review. Improvement was driven by solid collateral performance and maturity of its class B certificates earlier in the year. The affirmation of the class AA certificates for the 2019-2, 2019-1, and 2018-1 transactions at 'A+' is supported by strong LTVs in the 70% to 80% range, providing headroom under Fitch's 'A' stress scenario. Fitch affirmed the 2016-2 class AA certificates at 'A' because it continues to pass its 'A' stress scenario, with LTVs in the mid-80% range. Class A Affirmations: The affirmation of United's 2018-1 class A certificates at 'A-' reflects improving LTVs, with the transaction continuing to pass 'A' level stresses with modest headroom at 94%. Affirmation of United's class A certificates for 2014-2 at 'A' reflects modest LTV decline to 81% as the transaction approaches maturity in September 2026. The LTVs for United's remaining transactions do not pass Fitch's 'BBB' stress test, and according to Fitch's criteria, are rated using a bottom-up approach and notched from United's IDR. Fitch's bottom-up approach calls for ratings to be notched from the airline IDR based on three primary variables: 1) the affirmation factor (0-2 notches); 2) the presence of a liquidity facility (0-1 notch); and 3) recovery prospects (0-1 notch). Other than the class A certificates in the 2018-1 and 2014-2 transactions mentioned above, all of the class A certificates are rated either 'BBB+' or 'BBB'. These certificates received a two-notch uplift for a high affirmation factor and a one-notch uplift for the presence of a liquidity facility. United's 2019-2, 2019-1, and 2016-1 are rated 'BBB+' and received a one-notch adjustment for superior recovery prospects. However, per Fitch's criteria, these three subordinated tranches rated through the bottom-up method are capped at 'BBB+' for non-IG issuers. The 2016-2 transaction is rated 'BBB+' and is the only class A certificate that received a zero-notch adjustment for average recovery prospects. 2019-2 Class B Affirmation: United's 2019-2 class B certificates are also rated using Fitch's bottom-up approach and are affirmed at 'BBB'. The rating incorporates a two-notch uplift for a high affirmation factor, a one-notch uplift for the presence of a liquidity facility, and, as of this review, an additional one-notch uplift for strong recovery prospects of more than 100% under the 'BB' stress scenario. Under Fitch's criteria, adjacent tranches must be separated by at least one notch; accordingly, the 2019-2 class B certificates are capped at 'BBB' because the class A certificates are rated 'BBB+'. Aircraft Tiers: United's EETC transactions are secured by the 787-9, 737-900ER, 737 MAX 9, 777-300ER, and E175. Tier classifications for each of these aircraft types are unchanged from Fitch's prior review. Fitch considers the 787-9 and 737-800 to be Tier 1 aircraft. The 737-800 is prior generation technology, but it is the workhorse of the industry, with a very large in-service fleet (about 4,500) and operator base (about 240), and Fitch believes that replacement of the 737-800 will be slow due to the long production backlog of new aircraft and robust travel demand. The 787-9 has remained in Tier 1 as it is the best-in-class aircraft with a reasonable fleet size (about 750) and a growing order backlog. The remaining aircraft in United's EETCs are considered Tier 2 due to limited user bases and backlogs. Affirmation Factor: Fitch has assigned the maximum of '+2' notching to subordinated tranches for affirmation. Fitch's views on transaction-specific affirmation factors are consistent with prior reviews, and this maximum affirmation factor is driven by the collateral pools for these transactions, which Fitch believes are highly likely to be affirmed in a bankruptcy scenario as they comprise aircraft that are essential to United's fleet strategy. Slow, albeit improving production rates from Boeing (BBB-/Positive) and Airbus (NR) further underscore the importance of these aircraft to United's fleet. Fitch continues to expect that, in the event of a bankruptcy, United would prioritize rejecting leased aircraft ahead of newer, owned aircraft. As of YE 2025, the company leased 108 mainline aircraft which includes older, less-fuel-efficient A319s, 737s, 757-200, and 777-200ER. LTV Summary: LTV calculations are approximate and reflect the lower of mean or median of three appraised values. - UAL 2019-2 Class AA: Base Case - 48.2%, 'A' Stress Case - 79.7%; - UAL 2019-2 Class A: Base Case - 67.7%, 'BBB' Stress Case - 102.2%; - UAL 2019-1 Class AA: Base Case - 45.4%, 'A' Stress Case - 79.6%; - UAL 2019-1 Class A: Base Case - 64.2%, 'BBB' Stress Case - 100.3%; - UAL 2018-1 Class AA: Base Case - 46.8%, 'A' Stress Case - 70.9%; - UAL 2018-1 Class A: Base Case - 64.6%, 'A' Stress Case - 94.0%; - UAL 2016-2 Class AA: Base Case - 51.3%, 'A' Stress Case - 85.9%; - UAL 2016-2 Class A: Base Case - 74.1%, 'BBB' Stress Case - 111.5%; - UAL 2016-1 Class AA: Base Case - 48.3%, 'A' Stress Case - 77.4%; - UAL 2016-1 Class A: Base Case - 69.7%, 'BBB' Stress Case - 100.1%; - UAL 2014-2 Class A: Base Case - 49.1%, 'A' Stress Case - 80.8%; Peer Analysis United's 'BB+' rating is three notches above American Airlines (B+/Stable). The rating differential is driven by lower leverage at United (3.7x on a gross basis as of March 31, 2026, compared to 6.0x at American) and stronger profit margins. The differential is partly balanced by American's deleveraging prospects in coming years, driven by lower planned capital spending. Fitch also views United's more aggressive growth plans as carrying greater incremental execution risk than American's. United is rated one notch below Delta Air Lines (BBB-/Positive), with the difference driven by higher gross leverage at United, though the two are similar when compared on a net basis, as well as by Fitch's expectations of better near-term FCF generation at Delta. Delta also benefits from slightly higher operating margins and a pre-pandemic track record of FCF generation. United also compares well with network carriers outside of the U.S., including Air France (BBB-/Stable) and Deutsche Lufthansa (BBB-/Stable). Fitch views the business profiles of these carriers as similar, with European peers having some revenue diversification benefit from MRO and cargo businesses, balanced by the strength of United's loyalty business. United's gross and net leverage metrics are similar to both peers, while its EBITDAR fixed charge coverage is better than both. EETCs The certificates rated 'A+' are in line with other class 'AA' certificates in certain American Airlines transactions and one notch higher than ratings for several class A certificates issued by other carriers. Stress scenario LTVs for the 2019-2, 2019-1, 2018-1, and 2016-1 transactions remain low and continue to support the 'A+' rating. Class A certificates that are rated 'A' compare well with issuances from American and Air Canada that are also rated 'A'. Rating similarities are driven by similar levels of overcollateralization and high-quality pools of collateral. Certificates rated at 'BBB+' or 'BBB' are notched up from United's IDR through Fitch's bottom-up approach. The four-notch uplift (capped at 'BBB+' per Fitch's criteria) for transactions rated 'BBB+' is higher than transactions issued by American Airlines (B+/Stable) despite the latter receiving maximum notching (+5) due to the differential in issuer default rating. Certificates rated 'BBB' receive less uplift compared to similar transactions from other issuers due to weaker recovery prospects. Fitch’s Key Rating-Case Assumptions - United grows available seat miles in the low single digits in 2026 and mid-single digits annually thereafter through the forecast period; - Load factors remain in the 82%-83.5% range; - Unit revenues up in the low double-digits in 2026 and in the low single-digits annually thereafter; - Jet fuel prices average around $3.25/gallon in 2026, falling to $2.75 in 2027; - Capital spending in line with the company's public guidance. EETCs - Key assumptions within the rating case for the issuer include a harsh downside scenario in which United declares bankruptcy, chooses to reject the collateral aircraft, and where the aircraft are remarketed in the midst of a severe slump in aircraft values. A United Airlines bankruptcy is hypothetical and is not Fitch's current expectation as reflected in United's 'BB+' IDR. Fitch's models also incorporate a full draw on liquidity facilities and include assumptions for repossession and remarketing costs; - Fitch's recovery analyses for subordinated tranches utilize its 'BB' level stress tests and include a full draw on liquidity facilities and assumptions for repossessions and remarketing costs; - Fitch's analysis incorporates a 6% annual depreciation rate for Tier 1 aircraft and a 7% annual depreciation rate for Tier 2 aircraft. Fitch has increased its depreciation rate assumptions modestly reflecting updated analysis of historical aircraft value trends; - 'A' level stresses incorporate a 25% haircut for 787-9 and 737-800 aircraft, a 30% haircut for 737 MAX 9 aircraft, and a 35% haircut for 777-300ER, 737-900ER, ERJ 175, and 787-10 aircraft. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb', Moderate), market and competitive positioning ('bbb', Moderate), diversification and asset quality ('bbb+', Higher), company operational characteristics ('bb', Moderate), profitability ('bb', Moderate), financial structure ('bb', Higher), and financial flexibility ('bbb', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. 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 - EBITDAR leverage sustained above 3.8x or net EBITDAR leverage sustained above 2.8x; - EBITDAR margins deteriorating into the low double-digit range; - Persistently negative or negligible FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDAR leverage sustained below 3.0x or adjusted net EBITDAR leverage sustained below 2.0x; - Sustained positive FCF generation; - EBITDAR margins expanding into the upper teens; - Progress towards United's fleet renewal efforts while maintaining financial flexibility, including maintaining or increasing unencumbered assets. EETCs Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Top-down approach: United's class AA certificates and the 2018-1, 2014-2 class A certificates are primarily based on a top-down analysis of collateral value. Therefore, a negative rating action could be driven by an unexpected decline in collateral values. All the class AA certificates remain well overcollateralized, and therefore negative actions based on declining aircraft values are less likely. Collateral coverage for the 2018-1 class A certificates is less robust than 2014-2 class A certificates. Modest value declines for the former transaction could drive a one-notch downgrade. Bottom-up approach: United's remaining EETC tranches are notched from United's IDR. Tranches rated 'BBB+' or 'BBB' are sensitive to recovery expectations in a stress scenario. Declining asset values could drive weaker recovery prospects, leading to further downgrades. Subordinate tranches are also subject to changes in Fitch's view of the likelihood of affirmation for the underlying collateral. In addition, tranches rated using the bottom-up approach would be subject to downgrade should Fitch downgrade United's corporate rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Top-down approach: United's class AA certificates and the 2018-1 and 2014-2 class A certificates are primarily based on a top-down analysis of collateral value. Positive rating actions could be driven by sustained collateral overperformance. Bottom-up approach: United's remaining EETC tranches are notched from United's IDR. However, an upgrade of United's corporate rating is unlikely to trigger upgrades on these tranches, as subordinated tranches rated using a bottom-up approach are capped at 'BBB+'. Fitch also maintains a minimum of one-notch differential between each senior and subordinated tranche. Liquidity and Debt Structure United ended 2Q 2026 with cash and short-term investments totaling $16.6 billion and with $3 billion available under its revolver, equivalent to 31% of United's LTM revenue. United's liquidity balance was higher than either of its major peers and provides a material amount of protection against potential economic pressure. Fitch expects the company's current liquidity balance, along with improving operating cash flows, to be more than sufficient to cover near-term obligations. Fitch expects United to direct cash toward aircraft deliveries and scheduled debt maturities. As such, unencumbered assets are expected to rise through its forecast period. United's debt structure is largely secured, consisting of aircraft backed equipment notes and a term loan and notes backed by slots, gates and routes. United also has $2.6 billion in unsecured debt provided under the payroll support program during COVID, and $2 billion in unsecured notes. EETCs UAL 2019-2 All three tranches of debt in this transaction feature a dedicated liquidity facility provided by NAB (Fitch rated AA-/F1+/Stable). UAL 2019-1 The 'A' and 'B' tranches of debt in this transaction feature a dedicated liquidity facility provided by NAB (Fitch rated AA-/F1+/Stable). UAL 2018-1 All three tranches of debt in this transaction feature a dedicated liquidity facility provided by NAB (Fitch rated AA-/F1+/Stable). UAL 2016-2 All three tranches of debt in this transaction feature a dedicated liquidity facility provided by Commonwealth Bank of Australia (Fitch rated AA/F1+/Stable). UAL 2016-1 All three tranches of debt in this transaction feature a dedicated liquidity facility provided by Commonwealth Bank of Australia (Fitch rated AA/F1+/Stable). UAL 2014-2 The 'A' and 'B' tranches of debt in this transaction feature a dedicated liquidity facility provided by BNP Paribas (Fitch rated AA-/F1+/Stable). Issuer Profile United Airlines is one of the largest airlines in the world. The company maintains hubs at Newark Liberty International Airport, Chicago O'Hare International Airport, Denver International Airport, George Bush Intercontinental Airport in Houston, and Los Angeles International Airport, among others. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2025 revenue-weighted Climate.VS for United for 2035 is 50 out of 100, suggesting moderate exposure to climate-related risks in that year. This is in line with other airlines and reflects the gradually growing costs linked to the decarbonization of the sector, and potential for lower demand over time. Currently, climate transition risks do not have a material influence on airline ratings, as the potentially disruptive changes due to energy transition are unlikely to materialize in the next eight to 10 years. Like other airlines, United has pledged to be carbon-neutral by 2050. The company has pledged to meet its goals without using traditional carbon offsets and has made material investments in items such as sustainable aviation fuels and carbon capture technology. Fleet replacement modernization will play a material role in United's carbon reduction plans. The company currently has a large orderbook of new generation, fuel-efficient aircraft. For further information on how Fitch perceives climate-related risks in the Airlines sector, see Transportation - Long-Term Climate Vulnerability Signals Update. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- United Airlines Pass Through Trust Series 2014-2 senior secured LT A Affirmed A United Airlines Pass Through Trust Series 2016-2 senior secured LT A Affirmed A senior secured LT BBB+ Affirmed BBB+ United Airlines Pass Through Trust Series 2016-1 senior secured LT A+ Upgrade A senior secured LT BBB+ Affirmed BBB+ United Airlines, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ United Airlines Holdings, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ United Airlines Pass Through Certificate Series 2019-2 senior secured LT BBB Affirmed BBB senior secured LT A+ Affirmed A+ senior secured LT BBB+ Affirmed BBB+ United Airlines Pass Through Certificates Series 2019-1 senior secured LT A+ Affirmed A+ senior secured LT BBB+ Affirmed BBB+ United Airlines Pass Through Trust Series 2018-1 senior secured LT A+ Affirmed A+ senior secured LT A- Affirmed A- VALYRIAN MACHINE: Court Denies Bid to Extend Cash Collateral Access -------------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, Detroit, denied Valyrian Machine, LLC's bid to extend its authority to use cash collateral. The court previously entered interim and final cash collateral orders in September and October 2025 with ChoiceOne's consent. However, on May 4, ChoiceOne filed an affidavit of default, alleging that the Debtor failed to make required monthly adequate protection payments. ChoiceOne subsequently foreclosed through a sheriff's sale on June 4 on the manufacturing facility located in Romulus, Michigan. Following the appointment of new bankruptcy counsel on June 9, the parties negotiated a temporary consensual arrangement after an expedited court hearing. On June 13, the court entered a stipulated order authorizing the Debtor to use cash collateral through July 14, subject to weekly spending limits and detailed weekly financial reporting to ChoiceOne. A liquidation analysis values the Debtor's machinery and equipment at approximately $469,500, accounts receivable at $125,000, and work-in-process inventory at $35,841. ChoiceOne asserts a first-priority blanket security interest in substantially all of the Debtor's assets while Horizon Bank/Horizon Equipment Finance Solutions holds purchase-money security interests in two specific pieces of machinery. About Valyrian Machine LLC Valyrian Machine, LLC manufactures high-tolerance parts and assemblies for industries such as automotive, aerospace, defense, and energy. Valyrian Machine sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49284) on September 16, 2025. In the petition signed by Kris J. Surcek, sole member, the Debtor disclosed up to $1 million in assets and $10 million in liabilities. Judge Paul R. Hage oversees the case. Julie Beth Teicher, Esq., at Maddin, Hauser, Roth & Heller, P.C., is the Debtor's legal counsel. ChoiceOne Bank, as secured lender, is represented by Sandra S. Hamilton, Esq. at Clark Hill, PLC. VERANDA PARK: Commences Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On July 20, 2026, Veranda Park Enterprise LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to the court filing, the debtor reports between $1 million and $10 million in liabilities, between $1 million and $10 million in assets, and between one and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 17, 2026 at 01:00 PM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238#. Both the Chapter 11 reorganization plan and disclosure statement are scheduled to be submitted by Nov. 17, 2026. About Veranda Park Enterprise LLC Veranda Park Enterprise LLC is an Orlando, Florida-based commercial real estate company engaged in the leasing of nonresidential buildings. The company operates as a single asset real estate (SARE) business and has historically been associated with the Veranda Park mixed-use development in Orlando, where it owned and managed commercial property. Court records indicate the property had delinquent tax obligations in prior years. Veranda Park Enterprise LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-05466) on July 20, 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 Tiffany P. Geyer is presiding over the case. The debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC. WAIKOLOA VILLAGE: Affiliates Seek to Sell Condominium Units ----------------------------------------------------------- Waikoloa Village Lofts West LLC and its affiliates, MP Elk Grove LLC, MP Elko II LLC 5425 Pau A Laka LLC, The Gary & Janice Pinkston Family Trust, and Gary L. Pinkston, seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors own a condominium project on the Island of Kauai in the State of Hawaii, known as "Kauanoe o Koloa" consisting of an anticipated 279 condominium units (DIP units) which are subject to the liens of the DIP Lender and are currently under construction. Phase 1 of the Project consists of 36 condominium units. The DIP Lender has recently provided financing for the Debtors to complete Buildings 5,6,7 and 8 of the Project. Fifty-eight purchase agreements have been signed to purchase units in the Project. There are currently four units in Phase 1 that are not under a sales contract. One of these four includes one unit that has an existing interest in dispute with the CB Operations Group Parties. The lienholders of the Property are American Savings Bank, National Association, SWCPT HI KAUANOE LLC, CB Operations Group LLC and BAZ Properties LLC, and The State of Hawaii, Department of Taxation. The Debtors seek authorization to sell the DIP Units free and clear of all claims, encumbrances, and interests. The Debtors also request the Court authorize it to enter into the subject Purchase Agreements relating to the proposed sales, and to approve the payment of the proceeds of sales to the DIP Lender pursuant to the terms of the Budget approved by the DIP Order. The Debtors entered into various Purchase Agreements with customers which are in a form that is customary for condominium sales in Hawaii and comply with the requirements of the Hawaii Revised Statutes. The Debtors respectfully request that the Court approve the form of Purchase Agreements to minimize disruption in completing the proposed sales of the DIP Units. The Debtors have used good, sufficient, and sound business judgment in entering into the Purchase Agreements with the purchasers in the best interests of their estates and their creditors. The purchasers acquiring the DIP Units are acting in good faith and are good faith purchasers. About Waikoloa Village Lofts West LLC Waikoloa Village Lofts West, LLC owns and manages a 100-unit apartment complex in Waikoloa Village, Hawaii, which constitutes its primary business operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20761) on May 14, 2026. In the petition signed by Gary Pinkston, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge James R. Sacca oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. WELTY SERVICES: To Sell Brazoria Property to Advanced Fitness 365 ----------------------------------------------------------------- Welty Services, LLC, d/b/a Brazoria County Truck Outfitters, d/b/a Jones And Hadley and d/b/a Mike's Paint and Body Shop, seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 1417 South Velasco, Hwy 288B, Brazoria County, TX, in the Angleton area. The Property contains a building with an auto body repair shop. The lienholder of the Property is Third Coast Bank. The Debtor has operated Brazoria County Truck Outfitters, an aftermarket business selling truck accessories, parts such as hitches, wheels, tires, bumpers for the past 15 years. It also sells products to chemical plants and to automobile dealers. The Debtor has operated Brazoria County Truck Outfitters, an aftermarket business selling truck accessories, parts such as hitches, wheels, tires, bumpers for the past 15 years. It also sells products to chemical plants and to automobile dealers. The Debtor had operated two vehicle collision repair shops but closed both of them post-petition. The subject Property is one of two locations where the repair hops had operated. The Debtor previously returned the other property to a former owner via a deed-in-lieu of foreclosure and with the Court's consent. Buyer Advanced Fitness 365 LLC, an entity that the Debtor understands operates gyms, express interest to purchase the Property for $600,000. The Purchaser and its owners are not related to any insider of the Debtor. The Purchaser has no connection with the Debtor other than this transaction. The Debtor has considered selling the Property in the past, had marketed the Property and had worked with its broker to determine a sales price for the Property. The Debtor incurs monthly costs to own the Property including insurances, taxes, maintenance, utilities and mortgage payments. The sale of the building will reduce the estate’s liabilities by thousands of dollars monthly. Reduction of operating expenses is crucial here because the Debtor worked for months without success for its two auto body shops to cash flow positively. The Debtor, when it shut down the shops, had some $40,000 in unpaid bills to pay and the profitable truck outfitters business had been supporting the two auto body shops. About Welty Services LLC Welty Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80315) on July 10, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Donnie Welty Jr. as managing member. Judge Alfredo R. Perez oversees the case. The Debtor tapped Genevieve Marie Graham, Esq., at Genevieve Graham Law, PLLC and Steven Robert Fox, Esq., as legal counsel; and Lucove, Say & Co. as accountant. WILDFIRE INTERMEDIATE: Moody's Puts 'B1' CFR on Review for Upgrade ------------------------------------------------------------------ Moody's Ratings placed WildFire Intermediate Holdings, LLC's (WildFire) ratings on review for upgrade, including its B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured notes. The outlook was changed to rating under review from stable. These rating actions follow the announced acquisition of WildFire by Magnolia Oil & Gas Corp. (rated subsidiary Magnolia Oil & Gas Operating LLC (Magnolia, Ba2 stable)) in an equity and debt funded transaction. The transaction is expected to close in the third quarter of 2026, subject to regulatory clearance and other customary closing conditions. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS WildFire's ratings were placed on review for upgrade based on their potential ownership by Magnolia which has a stronger credit profile. WildFire's assets are adjacent to Magnolia's and are expected to be readily integrated into its operations. Magnolia has stated an intention to legally assume WildFire's senior notes following the acquisition. The review will conclude once the transaction has closed and the notes will likely be upgraded to the same Ba3 rating as Magnolia's senior notes. WildFire is an independent exploration and production company with operations in the east Eagle Ford, Austin Chalk and Woodbine formations in Texas. The company was controlled by funds managed by financial sponsors Warburg Pincus and Kayne Anderson. Magnolia Oil & Gas Corp. is a publicly listed independent oil and gas producer in the Eagle Ford Shale and Austin Chalk Oil & Gas formations in South Texas. Magnolia Oil & Gas Operating LLC is the operating holding company, 97% owned and controlled by Magnolia Oil & Gas Corp., with a 3% passive stake in the operating company held by non-controlling interests. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. WildFire's B1 CFR is two notches below the scorecard-indicated outcome of Ba2. The assigned rating places a higher priority on the company's relatively small scale and relatively high organic reserve replacement costs relative to peers. WOODLAND MANOR: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Woodland Manor Best Living, LLC 1412 Main St., Ste 500 Dallas, TX 75202 Business Description: Woodland Manor Best Living, LLC is a Dallas- based real estate company that owns a 74.5% tenant-in-common interest in Woodland Manor, a senior apartment community in Tulsa, Oklahoma, offering one- and two-bedroom residences to adults age 55 and older. Chapter 11 Petition Date: July 14, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-33167 Judge: Hon. Stacey G Jernigan Debtor's Counsel: Joyce Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marc Kulick as authorized signer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5ID73NQ/Woodland_Manor_Best_Living_LLC__txnbke-26-33167__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Public Service Company of Oklahoma $96,370 PO Box 371496 Pittsburgh, PA 15250-7496 2. US Acquisition Property XIII, LLC $83,624 8110 E Union Ave Ste 700 Denver, CO 80237-2966 3. Empire Protection Services $36,931 14083 S State Highway 51 #134 Coweta, OK 74429-7100 4. Prime Cleaning, LLC $35,587 9830 S Oswego Ave Tulsa, OK 74137 5. PwC US Tax LLP $29,086 4040 W Boy Scout Blvd. Tampa, FL 33607 6. Cartridge Smart $28,913 5147 S Harvard Suite 311 Tulsa, OK 74135 7. Coral Swimming Pool Supply Co $10,375 2315 E 69th St Tulsa, OK 74136-3924 8. Protech Pest Specialist LLC $9,416 11951 N 168th East Pl Collinsville, OK 74021-5857 9. 4 Seasons Cleaning $9,140 PO Box 702225 Tulsa, OK 74170-2225 10. Kings III of America $7,946 751 Canyon Drive Suite 100 Coppell, TX 75019 11. Boomerang Printing $7,750 3615 S Harvard Ave Tulsa, OK 74135-2227 12. ResMan, LLC $7,310 2901 Dallas Pkwy Ste 200 Plano, TX 75093 13. Entrata Inc. $6,531 PO Box 30015 Salt Lake City, UT 84130-0015 14. Lucky 13 Carpet Cleaning $5,970 2369 S 65th West Ave Tulsa, OK 74107-2350 15. Diakrit USA Inc $5,915 420 S Orange Ave Ste 500 Orlando, FL 32801-3399 16. Sherwin Williams Company $5,840 1 Sherwin Wy Cleveland, Ohio 17. J&J Cleaning $5,594 1417 S 122nd E Ave Tulsa, OK 74128 18. Firewatcher's of Tulsa $5,495 10026 S Mingo Rd #313 Suite A Tulsa, OK 74133 19. Stewart Management Company $5,085 Farmers Bank Building 301 N Market Street, Suite 1410 Wilmington, DE 19801 20. APS FireCo $4,984 PO Box 1939 Lowell, AR 72745 [] Senior Living Continues to Top Healthcare Bankruptcies --------------------------------------------------------- Kathleen Steele Gaivin of McKnights Senior Living reports that senior living and care organizations continued to account for the highest number of healthcare bankruptcies during the first half of 2026, tying clinics and physician practices for the most filings, according to a report issued Monday by Gibbins Advisors. Both sectors recorded seven bankruptcy cases through the first six months of the year, with Gibbins forecasting 14 filings for each by the end of 2026. Hospitals followed with six filings, while pharmaceutical companies recorded five and other healthcare businesses posted four. Overall, healthcare bankruptcies averaged 13 cases per quarter, remaining broadly consistent with historical trends, the report states The report found that bankruptcy activity is increasingly concentrated among smaller healthcare organizations, particularly those with $10 million to $50 million in liabilities, which are projected to rise from 23 filings in 2025 to 36 this year. Meanwhile, filings involving larger organizations with liabilities exceeding $50 million have remained stable or declined, according to report. Gibbins Advisors cited Medicaid funding cuts, reimbursement challenges, labor shortages, supply constraints and broader economic pressures as the primary drivers of healthcare financial distress. Clare Moylan said providers are moving beyond pandemic-related staffing concerns and are now confronting growing pressure over reimbursement levels and payment for healthcare services, particularly following significant federal reductions in Medicaid spending. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. 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