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260728.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, July 28, 2026, Vol. 30, No. 209 Headlines 121 NORTH: Seeks Approval to Employ Atlantic Coastal as Realtor 25 AUGUSTA: Hearing Today on Bid to Use Cash Collateral 36 HANDLES: Initiates Chapter 11 Bankruptcy in California 4US CORP: Court Extends Cash Collateral Access to Aug. 14 609 5TH AVE: Taps Greenspoon Marder as Legal Counsel AFFIRMED ENERGY: Case Summary & Five Unsecured Creditors AIP MC HOLDINGS: S&P Withdraws 'B-' ICR on Full Debt Repayment AIR AUTHORITY: Gets Interim OK to Use Cash Collateral Until Aug. 17 AKORN INC: Court Approves $18.5MM Chapter 7 Settlement ALEA HOLDINGS: Voluntary Chapter 11 Case Summary ALLIANCE LAUNDRY: S&P Withdraws 'B+' Issuer Credit Rating ALPINE CORPORATION: Seeks to Extend Plan Exclusivity to Nov. 3 AMERICAN STRUCTURAL: Unsecureds to Split $10K over 36 Months ARCHROCK INC: Moody's Assigns 'Ba3' CFR, Outlook Positive ARTERRA WINES: S&P Alters Outlook to Positive, Affirms 'B-' ICR ASH STREET PLAZA: Case Summary & Five Unsecured Creditors ASPIRA INC: Hearing Today on Bid to Use Cash Collateral AW FARMS: Court Extends Cash Collateral Access to August 12 BACHTEL ELECTRIC: Gets Final OK to Use Cash Collateral BAILEY VENTURES: Seeks to Hire Russell Van Beustring as Attorney BANNER CHEMICAL: Unsecureds Will Get 10% of Claims over 5 Years BAYOU CRAFTING: Joseph Moore Named Subchapter V Trustee BELL'S BETTER: Seeks Subchapter V Bankruptcy in Illinois BENCHMARK PRODUCTIONS: Gets Final OK to Use Cash Collateral BKR LLC: Court OKs Deal on Cash Collateral Access BLOOMIN' CRAZY: Gets OK to Use Cash Collateral Until Aug. 8 BLUE SUN: Taps Circle Forensic Consulting as Valuation Experts BMI OLDCO: Court Puts Ch. 11 Case on Hold During Asbestos Review BULLET ENERGY: Gets Final OK to Use Cash Collateral Until Oct. 30 BYRUM'S FLOOR: Gets Final OK to Use Cash Collateral BYRUM'S FLOOR: Unsecureds Will Get 100% of Claims over 48 Months C-M TRANSPORT: Deborah Fish Named Subchapter V Trustee CANDICE SKINNER: Seeks Subchapter V Bankruptcy in Louisiana CANDY SENSE: Hires Law Offices of Frank B. Lyon as Legal Counsel CARE ONE: Court Extends Cash Collateral Access to August 19 CARROLL CREEK: Claims to be Paid from Available Cash & Income CASHCALL INC: Secures Court OK to Tap About $4MM DIP Financing CERA TILE: Court OKs Interim Use of Cash Collateral CERTIFIED ROOFING: Daniel Etlinger Named Subchapter V Trustee CITY HILLS: Voluntary Chapter 11 Case Summary CITY VIEW: Case Summary & Four Unsecured Creditors CLUB HOLDCO: Fitch Assigns 'B' LongTerm IDR, Outlook Stable CORNERSTONE EQUITIES: Case Summary & Four Unsecured Creditors CRAFT CONSTRUCTION: Gets Extension to Access Cash Collateral CRESCENT CITY: Plan Confirmation Hearing Continued to Aug. 5 DATA443 RISK: Hires Adviser for Proposed De-SPAC Deal DATA443 RISK: Takes On $2M Payment for FORL-XYDD Deal Termination DESIGN MOVES: Files Emergency Bid to Use Cash Collateral DIAMOND AUTO: Seeks Chapter 11 Bankruptcy in New York DILLING PA: Claims to be Paid from Disposable Income DISCOUNT WAREHOUSES: To Hire Simen Figura as Legal Counsel DIVISION STREET: Case Summary & Four Unsecured Creditors DRY CLEANERS: Gets Interim OK to Use Cash Collateral Until Aug. 6 EAGLE LOGISTICS: Seeks Subchapter V Bankruptcy in New Jersey ECHOSTAR CORP: Judge OKs Additional Chapter 11 Deadline Extension ECO-ALPHA ENVIRONMENTAL: Has Deal on Cash Collateral Access ELEVATE MARKETING: Robert Eggmann Named Subchapter V Trustee ELIAS & COMPANY: Unsecureds Will Get 100% of Claims over 60 Months FAMILY DOLLAR: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable FINCH THERAPEUTICS: Gets Conditional Okay for Ch.11 Plan Disclosure FINME LLC: Seeks Approval to Hire Geri Lyons Chase as Counsel FINTHRIVE SOFTWARE: S&P Downgrades ICR to 'CCC-', Outlook Negative FIRST BRANDS: Ch. 11 Plan Renews Battle Over Admin Expense Claims FREEDOM MORTGAGE: Fitch Assigns BB-(EXP) Rating on Sr. Unsec Notes GAINESVILLE HOSPITAL: Moody's Assigns 'Ba2' Issuer Rating GOLDENPEAKS POLAND: Cleared to Send Ch. 11 Plan for Creditor Vote GOLF SERVICES: Plan Confirmation Hearing Scheduled for Sept. 1 GOVASSIST LLC: Case Summary & 20 Largest Unsecured Creditors GOVASSIST LLC: Seeks Chapter 11 Bankruptcy in Puerto Rico GREEN BLUFF: Case Summary & Four Unsecured Creditors GRUPO ANTOLIN: Wins Court OK to Protect US Assets GULFPORT ENERGY: S&P Raises ICR to 'BB-', Outlook Stable GVO PARTNERS: Firstrust Bank Seeks Chapter 11 Trustee Appointment HAGO PACK: Seeks Subchapter V Bankruptcy in Pennsylvania HARLING INC: Court Extends Cash Collateral Access to Aug. 7 HEALTH DRIP: Unsecured Creditors to be Paid in Full in Plan HOTEL CHARLOTTE: Scott Sackett Named Subchapter V Trustee HOWARD MIDSTREAM: Moody's Rates New Senior Unsecured Notes 'B1' HTCI CO: Gets Interim OK to Use Cash Collateral HUDSON 1701/1706: Seeks Another Extension to File Chapter 11 Plan HUDSON PACIFIC: Fitch Alters Outlook on B+ LongTerm IDR to Negative HUTCO CORP: To Hire The Bankruptcy Group as Legal Counsel INNOVATIVE TECHNOLOGIES: Taps Circle Forensic as Valuation Expert INOTIV INC: Exits Chapter 11 Bankruptcy, Slashes Debt by $326MM INSPIRED HEALTHCARE: Welltower Submits $197MM Bid for 3 Facilities INTERTRADE HOLDINGS: Gets Extension to Access Cash Collateral IWC JACKSONVILLE: Gets Interim OK to Use Cash Collateral JANE STREET: Moody's Alters Outlook on Ba1 Issuer Rating to Pos. JFY PROPERTIES: Gets Court OK to Use Cash Collateral Until Aug. 31 JJTA10 REAL PROPERTIES: Case Summary & One Unsecured Creditor JJTA12 REAL PROPERTIES: Case Summary & One Unsecured Creditor JJTA14 REAL PROPERTIES: Case Summary & Two Unsecured Creditors JMKA LLC: Court Extends Cash Collateral Access to Aug. 28 KWR BEDFORD: Commences Chapter 11 Bankruptcy in New York LEGAL AND ADMINISTRATIVE: Aleida Molina Named Subchapter V Trustee LISA GILMORE: Gets Extension to Use Cash Collateral LOUIS INVESTMENTS: Creditors Seek Chapter 11 Trustee Appointment LSF12 CROWN: Moody's Affirms 'B1' CFR & Alters Outlook to Stable MAD DUMPLINGS: Seeks Continued Cash Collateral Access MAGELLAN AEROSPACE: Seeks Chapter 11 Bankruptcy in Ohio MAGNOLIA OIL: Moody's Rates New Senior Unsecured Notes 'Ba3' MALLINCKRODT PLC: Appellate Court Upholds Opioid Coverage Exclusion MALO ES NA: Seeks Approval to Tap Cuevas & Aponte as Accountant MARMAR BEDFORD: Commences Chapter 11 Bankruptcy in California MARPAI INC: Restructures AXA Debt Payment Schedule MCHUGH JUNK: Claims to be Paid from Continued Operations MINGS GARDEN: Secured Party Sets Sept. 15, 2026 Public Auction MITT REAL ESTATE: Taps Nationwide Tax Service as Accountant MOUNTAIN REGIONAL: Plan Exclusivity Period Extended to Aug. 17 MVMT LABS: Case Summary & Nine Unsecured Creditors MY BROTHER'S BBQ: Carol Fox Named Subchapter V Trustee NA RAIL: S&P Ups ICR to 'B' on Business Stability, Outlook Stable NATUS MEDICAL: S&P Rates $50MM Revolving Credit Facility 'B' NNN DEVELOPMENT: Case Summary & Five Unsecured Creditors NORTH STAR: To Close Sleep, Primary Care, Physical Therapy Services OPENLANE INC: Moody's Affirms 'B1' CFR & Alters Outlook to Positive OSAIC HOLDINGS: Moody's Alters Outlook on 'B2' CFR to Positive PAXTON & ASSOCIATES: Taps Buckeye Bookkeeping Plus as Accountant PHARMA-NATURAL INC: Seeks to Use Cash Collateral PHOENIX CONVERTING: Case Summary & 20 Largest Unsecured Creditors PHOTO HOLDINGS: Moody's Withdraws B2 Rating on 1st Lien Term Loan PINNACLE PROPERTY: Case Summary & Four Unsecured Creditors PMIC PROPERTY: Seeks Chapter 11 Bankruptcy in Louisiana PORTERO COMMERCIAL: Taps Kowal Law as Special Appellate Counsel PREMIER MEAT: Claims to be Paid from Continued Operations PROVIDENTIAL LENDING: Seeks Cash Collateral Access R INTERCONNECTIONS: To Retain Ellis & Ellis as Tax Counsel RAMANUJAN GROUP: Seeks to Extend Plan Exclusivity to Oct. 16 RAMBO TRANSPORT: Seeks Subchapter V Bankruptcy in California RAPID TEST: Court Extends Cash Collateral Access to August 7 RAYMOND GROUP: Seeks to Extend Plan Exclusivity to Oct. 16 RAZIF MANAGEMENT: Court Extends Cash Collateral Access to Aug. 14 REDDING SCHOOL: S&P Assigns 'BB+' LT Rating on 2026 Revenue Bonds RICHARD MEYER: Unsecured Creditors to Split $20K over 36 Months RIDGEVIEW REALTOR: Seeks Chapter 11 Bankruptcy in New York RITCHEY'S TRUCK: Gets Final OK to Use Cash Collateral ROMANOV GROUP: Hires Raines Feldman Littrell as Counsel ROSLAND CAPITAL: Hires Greenberg Glusker Fields Claman as Counsel RYAN FAMILY PROPERTIES: Starts Chapter 11 Bankruptcy in New Jersey RYE MARBLE: Retains Maltz Auctions as Broker and Marketing Agent SALT TECHNOLOGIES: Gets Interim OK to Use Cash Collateral SANGAMO THERAPEUTICS: Court Sets August 4 Bid Submission Deadline SANGAMO THERAPEUTICS: Gets Interim OK to Tap $35MM Chapter 11 Loan SCHRAPPER'S FINE: Court Converts Bankruptcy Case to Chapter 7 SHEA HOMES: Moody's Affirms 'Ba3' CFR, Outlook Stable SILVERSTRAND FITNESS: Amends Unsecureds & FSB Secured Claim SIMAD HOLDINGS: DAMIS Reaches Deal w/ Nearly All Lenders SIMAD HOLDINGS: Judge Addresses Summer Camp Sale Concerns SKYTHERAPIST MANAGEMENT: Tamara Ogier Named Subchapter V Trustee SOARING EAGLES: Jonathan Dickey Named Subchapter V Trustee SVETNESS CORP: Unsecureds to Recover 22.5% or 18.75% in Plan SYSTEM1 INC: S&P Lowers ICR to 'D' on Completed Debt Restructuring TALA REAL: Case Summary & Three Unsecured Creditors TNT DEALS: Neema Varghese Named Subchapter V Trustee TOLLANIS TECHNOLOGY: Gets Interim OK to Use Cash Collateral TOM'S METAL: Court Denies Bid to Use Cash Collateral TRAJECTOR HOLDINGS: Commences Chapter 11 Bankruptcy in Florida TRANSALTA CORP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR TRANSCODE THERAPEUTICS: Stockholders Approve Share Issuances TRUETT MEMORIAL: To Employ Jamelle Nelson CPA as Accountant VICTORINA LLC: Seeks Chapter 11 Bankruptcy in Arizona VILLA CHARDONNAY: Noah's Ark Loses Bid to Intervene as Party VITAL YOU: Angela Shortall of 3Cubed Named Subchapter V Trustee WATCO COS: S&P Raises ICR to 'B' on Business Stability WINTER DESERT: Hires Myrick Property as Real Estate Broker WISER SOLUTIONS: SSG Served as Investment Banker in Asset Sale WORLD CLASS: Claims to be Paid from Asset Sale Proceeds [] Emilie Simone Joins Barclay Damon's Bankruptcy Practice [] Joseph Brown Joins A&O Shearman's Restructuring Practice ********* 121 NORTH: Seeks Approval to Employ Atlantic Coastal as Realtor --------------------------------------------------------------- 121 North Common LLC seeks approval from the United States Bankruptcy Court for the District of Massachusetts to employ Michael Becker, a realtor with Atlantic Coastal Homes, to assist with the sale of the real estate located at 121 North Common Street, Lynn, MA. The firm will provide these services: (a) assist with the sale of the real estate; (b) seek a sale price between $1.1 Million and $1.2 Million; (c) handle the buyer and seller ends of the transaction if the sale is kept in-house; and (d) provide services related to the sale of the property. Mr. Becker would be paid a commission of 4% if the sale is kept in-house, meaning his firm handles the buyer and seller ends of the transaction. Mr. Becker would be paid a commission of 5% of the sales price if his firm does not also handle the buyer end of the transaction. Mr. Becker was previously working with the Debtor prior to the filing for bankruptcy and is therefore familiar with the property and the needs, making him an ideal choice for a retained professional. The firm can be reached at: Michael Becker ATLANTIC COASTAL HOMES 22 Hawthorne Boulevard Salem, MA 01970 About 121 North Common LLC 121 North Common LLC is a Lynn, Massachusetts-based congregate housing lessor. Its principal asset is a 14-room congregate housing facility totaling approximately 4,982 square feet. 121 North Common LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-11510) on June 24, 2026. The Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Michael Walsh, Esq. of Walsh & Walsh LLP. 25 AUGUSTA: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois is set to hold a hearing today to consider extending 25 Augusta, LLC's authority to use cash collateral. The Debtor's authority to access its cash collateral under the court's July 14 interim order expires today. The interim order authorized the Debtor to use the cash collateral of secured creditors, LP25 Asset Fund I, LLC and LP25 Asset Fund II, LLC, subject to the terms of the court-approved budget. The order granted lenders adequate protection through replacement liens on the Debtor's post-petition collateral and related proceeds, with the same priority, validity, and enforceability as their pre-petition security interests. A copy of the July 14 order and the Debtor's budget is available at https://shorturl.at/zCRO2 from PacerMonitor.com. About 25 Augusta LLC 25 Augusta, LLC is a private limited-liability company, is principally a real-estate holding entity associated with the ownership of a multi-family residential property in the West Town/Ukrainian Village area of Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04618) on March 16, 2026. In the petition signed by Monserrate Hernandez, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., at Bach Law Offices, represents the Debtor as bankruptcy counsel. 36 HANDLES: Initiates Chapter 11 Bankruptcy in California --------------------------------------------------------- On July 20, 2026, 36 Handles Public House filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to the court filing, the debtor reports between $100,000 and $500,000 in liabilities, between $500,000 and $1 million in assets, and between one and 49 creditors. About 36 Handles Public House 36 Handles Public House is an El Dorado Hills, California-based full-service restaurant and gastropub. The establishment offers casual dining, craft beer and community-focused entertainment, including weekly trivia nights and live music events. The restaurant also maintains an expanded outdoor dining area and has benefited from a PG&E Foundation employee retention grant. 36 Handles Public House sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-24121) on July 20, 2026. In its petition, the debtor reported estimated assets of $500,000 to $1 million and estimated liabilities of $100,000 to $500,000. The Honorable Christopher D. Jaime is presiding over the case. 4US CORP: Court Extends Cash Collateral Access to Aug. 14 --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division issued a seventh interim order authorizing 4 US Corp, Inc. to use cash collateral to fund ordinary business operations. Under the seventh interim order, the Debtor is authorized to use assets considered cash collateral, including $1,000 in a checking account at Bank of America, $50,000 in accounts receivable, office equipment valued at $2,000, a fleet of 26 trucks and 30 trailers valued at about $3.03 million, and a forklift valued at $35,000. These assets can be used only to pay necessary operating expenses and only within the limits of a court-approved budget. The order places restrictions on how the collateral can be used. Any spending that exceeds a budgeted line item by more than 5% requires prior written approval from the U.S. Small Business Administration or additional authorization from the court. The Debtor is also required to maintain insurance coverage on its property and assets to protect the collateral while it is being used during the bankruptcy process. The authorization to use the cash collateral is temporary and will expire on August 14 unless the court extends it. A status hearing regarding the Debtor's continued use of cash collateral is scheduled for August 12. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/zo8Zw from PacerMonitor.com. About 4US Corp Inc. 4US Corp, Inc. operates as a transportation and logistics company, providing freight hauling services through ownership of commercial trucks and trailers, including Freightliner trucks and Wabash, Dorsey, Mac, Fontaine, Hyundai, and Eagle trailers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01936) on February 2, 2026. In the petition signed by Eli Malikovsky, president, the Debtor disclosed $3,118,000 in total assets and $9,253,165 in total liabilities. Judge Timothy A. Barnes oversees the case. David Freydin, Esq., at the Law Offices of David Freydin, represents the Debtor as bankruptcy counsel. 609 5TH AVE: Taps Greenspoon Marder as Legal Counsel ---------------------------------------------------- 609 5th Ave Owner LLC and 609 Fifth Partners LLC seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Greenspoon Marder LLP to serve as legal counsel. The firm will provide these services: (a) take all necessary actions to protect and preserve the Debtors' estates; (b) prepare on behalf of the Debtors, as Debtors in possession, all necessary motions, applications, answers, orders, reports and other papers in connection with the administration of the Debtors' estates; (c) take all necessary actions in connection with any sale of the Debtors' assets, a chapter 11 plan and related disclosure statement, and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; (d) provide both real estate and litigation services for the Debtors as and when the need for these services arise; (e) take all necessary action to protect and preserve the value of the Debtors' assets including without limitation on behalf of Property Owner in connection with its interest in the Condominium of which the Property is a unit therein; and (f) perform all other necessary legal services, including and not limited to the preparation and filing of a Chapter 11 Plan and Disclosure Statement and the prosecution of these filings to approval and confirmation by this Court. Greenspoon’s current customary hourly rates for attorneys that may work on these Chapter 11 Cases, subject to change from time to time, are $800 to $1,095 for partners and counsel and $645 to $745 for associates. The Debtors will also be responsible for expenses incurred by Greenspoon on the Debtors' behalf in relation to the Chapter 11 Cases, such as filing fees, duplication, binding, and postage. Guarantor delivered retainers to Greenspoon in the amount of $75,000 each for the Property Owner and Sole Member bankruptcy cases. Greenspoon Marder LLP is a "disinterested person" within the meaning of sections 101(14) and (41) and 327(a) of the Bankruptcy Code, according to court filings. Pursuant to the U.S. Trustee Guidelines, Greenspoon responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: The Firm has not represented the Debtors in the past 12 months prepetition. The representation of the Debtors commenced on the same day the Petitions were filed. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Debtors and GM have discussed the staffing requirements of these Chapter 11 Cases and have agreed that a formal budget and staffing plan are not necessary given the anticipated scope and duration of these proceedings. The firm can be reached at: Victor A. Sahn, Esq. Mark S. Horoupian, Esq. GREENSPOON MARDER LLP 1875 Century Park East, Suite 1900 Los Angeles, CA 90067 Telephone: (213) 626-2311 Facsimile: (954) 771-9264 E-mail: victor.sahn@gmlaw.com mark.horoupian@gmlaw.com - and - Philippe Zimmerman, Esq. GREENSPOON MARDER LLP 1345 Avenue of the Americas, Suite 2200 New York, NY 10105 Telephone: (212) 524-50000 Facsimile: (954) 771-9264 E-mail: philippe.zimmerman@gmlaw.com About 609 5th Ave Owner LLC 609 5th Ave Owner LLC is a commercial real estate entity that owns and manages the office condominium portion of 609 Fifth Avenue in New York City. The company acquired the 132,542-square-foot property interest for $101 million in June 2022 and has pursued plans to redevelop the site into a 31-story mixed-use property featuring approximately 66 to 76 luxury residential units designed by Rafael Viñoly Architects. 609 5th Ave Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11420) on June 15, 2026. In its petition, the debtor reported estimated assets of $100 million to $500 million and estimated liabilities of $50 million to $100 million. The Honorable Philip Bentley handles the case. The debtor is represented by Philippe Zimmerman, Esq., of Greenspoon Marder LLP. AFFIRMED ENERGY: Case Summary & Five Unsecured Creditors -------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Affirmed Energy LLC 26-50297 703 Foster Street Durham, NC 27701-2110 American Efficient Origination LLC 26-50298 f/k/a Wylan Energy, L.L.C. 703 Foster Street Durham, NC 27701-2110 Midcontinent Energy LLC 26-50299 703 Foster Street Durham, NC 27701-2110 Business Description: Affirmed Energy LLC, Midcontinent Energy LLC and American Efficient Origination LLC, formerly known as Wylan Energy, L.L.C., are Durham, North Carolina-based energy-efficiency companies that aggregate estimated electricity savings associated with energy-efficient products and offer the resulting resources in utility and wholesale electricity markets; each is wholly owned and managed by American Efficient LLC, formerly known as Efficient Holdings LLC. Chapter 11 Petition Date: July 18, 2026 Court: United States Bankruptcy Court Western District of North Carolina Judge: Hon. Laura T Beyer Debtors' Counsel: Jennifer B. Lyday, Esq. WALDREP WALL BABCOCK & BAILEY PLLC 370 Knollwood Street, Suite 600 Winston Salem, NC 27103 Tel: 336-717-1283 Fax: 336-722-1993 E-mail: notice@waldrepwall.com Debtors' Co-Counsel: JENNER & BLOCK LLP Affirmed Energy LLC Estimated Assets: $100 million to $500 million Affirmed Energy LLC's Estimated Liabilities: $1 billion to $10 billion American Efficient's Estimated Assets: $500,000 to $1 million American Efficient's Estimated Liabilities: $1 billion to $10 billion Midcontinent Energy LLC's Estimated Assets: $0 to $50,000 Midcontinent Energy LLC's Estimated Liabilities: $1 billion to $10 billion The petitions were signed by Benjamin S. Abram as managing director. Full-text copies of the petitions are is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q76XB7Y/Affirmed_Energy_LLC__ncwbke-26-50297__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RGR36AI/American_Efficient_Origination__ncwbke-26-50298__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ROSXKJA/Midcontinent_Energy_LLC__ncwbke-26-50299__0001.0.pdf?mcid=tGE4TAMA List of Affirmed Energy LLC's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Baker Botts LLP Services Rendered $13,756 910 Louisiana Street Houston, TX 77002-4995 2. Consilio LLC Services Rendered $5,698 Dept. Ch. 171714 Palatine, IL 60055-7174 3. Off Hill Strategies, LLC Services Rendered $10,000 3110 1st Ave North Suite 2M PMB 1372 Saint Petersburg, FL 33713 4. Quinn Emanuel Services Rendered $213,257 Urquhart & Sullivan, LLC 865 S. Figueroa Street 10th Floor Los Angeles, CA 90017 5. US Federal Energy Alleged Penalty $1,131,817,758 Regulatory Commission Order 888 First Street NE Washington, DC 20426 AIP MC HOLDINGS: S&P Withdraws 'B-' ICR on Full Debt Repayment -------------------------------------------------------------- S&P Global Ratings withdraws its 'B-' issuer credit rating on AIP MC Holdings LLC following the full repayment of all its debt as part of the acquisition by Tega Industries Ltd. At the time of withdrawal, the ratings were on CreditWatch developing. AIR AUTHORITY: Gets Interim OK to Use Cash Collateral Until Aug. 17 ------------------------------------------------------------------- Air Authority, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through August 17 to fund its operations based on a court-approved budget. The Debtor's daily operational funds are entirely derived from accounts receivable subject to pre-petition security interests. Without access to these funds, the Debtor may face severe operational disruptions. An online public search showed that multiple UCC-1 financing statements have been filed with the Texas Secretary of State that assert blanket liens on the Debtor's cash and accounts receivable. The primary lienholders are the U.S. Small Business Administration, with a May 2020 filing covering all tangible and intangible personal property, and PeopleFund, with a June 2024 filing covering present and future accounts receivable, inventory, fixtures, equipment, and commercial vehicles. The debt structure is further complicated by three 2025 filings: two by Corporation Service Company, acting as representative for undisclosed creditors, asserting broad liens on all personal property and accounts, and one all-asset filing by CHTD Company, also acting in a representative capacity. Pursuant to the interim order, any creditor with a perfected security interest in cash collateral as of the petition date will receive replacement liens on post-petition accounts receivable, contract rights, and deposit accounts, with the same validity, extent, and priority as its pre-petition liens. These replacement liens are subordinate to the fee carveout. The Debtor's authority to use cash collateral will terminate upon dismissal or conversion of its Chapter 11 case; appointment of a Chapter 11 trustee; expiration of the interim order without extension; the effective date of a confirmed Chapter 11 plan; or a material breach of the order, including noncompliance with the budget. A party asserting a default must provide written notice to the court and the Debtor, after which the Debtor is entitled to an expedited hearing. The order is available at http://bankrupt.com/misc/AirAuthority_ICCOrder38.pdf About Air Authority LLC Air Authority LLC is a San Antonio, Texas-based provider of HVAC and air conditioning services serving residential and commercial customers throughout the San Antonio and Houston metropolitan areas. The company specializes in heating, ventilation and air conditioning installation, maintenance and repair services. Air Authority sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-51896) on July 13, 2026. In its petition, the Debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Aubrey L. Thomas handles the case. The Debtor is represented by Robert Chamless Lane, Esq., at The Lane Law Firm PLLC. AKORN INC: Court Approves $18.5MM Chapter 7 Settlement ------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that a judge overseeing Akorn Inc.'s Chapter 7 bankruptcy in Delaware approved a settlement resolving a disputed $28.3 million claim brought by the purchaser of the company's assets. The agreement recognizes an $18.5 million unsecured claim against the bankruptcy estate. The negotiated resolution concludes a contested claims dispute stemming from Akorn's asset sale. By settling the matter, the parties avoid further court proceedings and establish the amount that will participate in future creditor recoveries, the report relays. Court approval enables the Chapter 7 trustee to continue administering the estate with greater certainty regarding creditor claims. The settlement marks another step toward concluding the liquidation of the former pharmaceutical company, according to Law360. About Akorn, Inc. Akorn, Inc. (Nasdaq: AKRX) -- http://www.akorn.com/-- is a specialty pharmaceutical company that develops, manufactures, and markets generic and branded prescription pharmaceuticals, branded as well as private-label over-the-counter consumer health products, and animal health pharmaceuticals. Akorn is headquartered in Lake Forest, Illinois, and maintains a global manufacturing presence, with pharmaceutical manufacturing facilities located in Illinois, New Jersey, New York, Switzerland, and India. Akorn, Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11178) on May 20, 2020. As of March 31, 2020, the Debtors disclosed total assets of $1,032,275,000 and total liabilities of $1,051,769,000. Previously, the cases were assigned to Judge John T. Dorsey, but Judge Karen B. Owens now oversees the Debtors' case. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as their general bankruptcy counsel. Richards, Layton & Finger, P.A., is the Debtors' local counsel. AlixPartners, LLP, serves as the Debtors' restructuring advisor, and PJT Partners LP is the financial advisor and investment banker. Kurtzman Carson Consultants, LLC, is the notice and claims agent. ALEA HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Lead Debtor: Alea Holdings US Company 242 Trumbull Street, Suite 204 Hartford CT 06103 Business Description: Alea Holdings US Company, FIN Alea LLC, and Alea Group Holdings (Bermuda) Ltd. are holding companies and indirect subsidiaries of Catalina Holdings (Bermuda) Ltd., operating within the broader Catalina Re group. The companies hold and oversee regulated insurance subsidiaries, including SPARTA Insurance Company, Alea North America Insurance Company, and National American Insurance Company of California, as well as dormant entity QLT Buffalo LLC. Their subsidiaries establish reserves, negotiate settlements, pay outstanding insurance claims, and manage regulatory and capital requirements. Chapter 11 Petition Date: July 19, 2026 Court: United States Bankruptcy Court Southern District of Texas Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Alea Holdings US Company (Lead Case) 26-90714 Alea Group Holdings (Bermuda) Ltd. 26-90715 FIN Alea LLC 26-90716 Judge: Hon. Christopher M Lopez Debtors' General Restructuring Counsel: Duston K. McFaul, Esq. SIDLEY AUSTIN LLP 1000 Louisiana Street, Suite 5900 Houston, Texas 77002 Tel: 713-495-4500 Fax: 713-495-7799 Email: dmcfaul@sidley.com AND Stephen E. Hessler, Esq. Ameneh Bordi, Esq. Jonathan E. Mitnick, Esq. 787 Seventh Avenue New York, New York 10019 Tel: (212) 839-5300 Fax: (212) 839-5599 Email: shessler@sidley.com abordi@sidley.com jemitnick@sidley.com Debtors' Restructuring Advisor: PROVINCE LLC Debtors' Claims, Noticing & Solicitation Agent: OMNI AGENT SOLUTIONS INC. Counsel to Special Committee: GREENBERG TRAURIG, LLP Alea Holdings' Estimated Assets: $10 million to $50 million Alea Holdings' Estimated Liabilities: $100 million to $500 million The petitions were signed by Peter Kravitz as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/KQR3BMI/Alea_Holdings_US_Company__txsbke-26-90714__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JCRL6ZY/Alea_Group_Holdings_Bermuda_Ltd__txsbke-26-90715__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JXE3XGA/FIN_Alea_LLC__txsbke-26-90716__0001.0.pdf?mcid=tGE4TAMA The Debtors sought and obtained court authorization to file a consolidated list of their 30 largest unsecured creditors. The list was not filed with the chapter 11 petitions. ALLIANCE LAUNDRY: S&P Withdraws 'B+' Issuer Credit Rating --------------------------------------------------------- S&P Global Ratings withdrew its 'B+' issuer credit rating on Alliance Laundry Holdings LLC. The outlook was positive. This follows its assignment of a 'B+' issuer credit rating and positive outlook to its new parent company Alliance Laundry Holdings Inc. on Oct. 23, 2025, after its IPO. S&P will maintain its issuer credit rating on Alliance Laundry Holdings Inc. ALPINE CORPORATION: Seeks to Extend Plan Exclusivity to Nov. 3 -------------------------------------------------------------- Alpine Corporation 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 Nov. 3 and Dec. 31, 2026, respectively. The Debtor believes that "cause" exists to extend its exclusive periods to file a Plan and obtain acceptances thereof in this case. The Debtor has outstanding disputes with its secured creditor, Israel Discount Bank of New York ("IDB"), and has been working diligently to right size its business operations and achieve profitability. The Debtor explains that these issues must be resolved in order for the Debtor to be able to formulate a plan. Moreover, since the case was filed, the Debtor requires additional time to effectuate a reorganization of its financial affairs so that it can determine the terms of its Plan. The Debtor believes that the requested extension of its exclusivity periods is reasonable, appropriate and in the best interests in the estate. Alpine Corporation is represented by: Michael S. Kogan, Esq. KOGAN LAW FIRM, APC 11500 W. Olympic Blvd., Suite 400 Los Angeles, CA 90064 Telephone: (310) 954-1690 E-mail: mkogan@koganlawfirm.com About Alpine Corporation Alpine Corporation, founded in 1999 and based in California, designs, imports, and distributes home, garden, and holiday products, offering a range that includes outdoor lighting, fountains, planters, garden decor, seasonal items, and innovative new products such as Bluetooth speakers. The Company operates an in-house design team known for producing decorative and functional pieces, and maintains a global sourcing operation to ensure quality, competitive pricing, and timely delivery. Alpine serves both retail stores and online customers through its platform, positioning itself in the home and garden products industry. Alpine Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-10067) on January 5, 2026. At the time of the filing, the Debtor disclosed up to $50 million in both assets and liabilities. Honorable Judge Neil W. Bason oversees the case. Kogan Law Firm, APC is the Debtor's counsel. AMERICAN STRUCTURAL: Unsecureds to Split $10K over 36 Months ------------------------------------------------------------ American Structural Systems, Inc. filed with the U.S. Bankruptcy Court for the District of Kansas Small Business Plan of Reorganization under Subchapter V dated July 13, 2026. The Debtor was formed on September 13, 2010 by William D. Hunter and Mark A. Hunter. Each owned fifty percent of the shares. Mark A. Hunter became the sole owner of American when William D. Hunter passed away in August, 2025. American manufactures specialty parts for older model airplanes through contracts obtained through the U.S. Department of Defense, and has been awarded multi-year contracts to manufacture and machine those airline parts. William and Mark primarily operated American, periodically hiring anywhere from one to five employees. Several years ago, American's inspection agency temporarily halted inspections because operational issues the inspector experienced. Although the inspector told American that stoppage would be brief, it ended up lasting for months. American continued to operate because it believed the stoppage would be brief. American continued to manufacture parts and pay wages, though it was not receiving payments from contracts. The costs of continued operations without income placed a significant, negative financial strain on American's operations. Then, William became sick, which left mark both attempting to operate by himself and assisting with William's care. In May 2025, the IRS seized the payments owed to American by the Defense Department on outstanding contracts, which left American without the funds to operate. To obtain the funds needed to continue those operations, American entered into another Merchant and Security Agreement with Orange on June 3, 2025, for $35,000.00. Just under 3 months later, William passed away and Mark was unable to maintain the volume needed to keep up the payments to Orange. The IRS also continued to levy the payments the Defense Department owed American on its contracts. American filed this Case in order to restructure its obligations to the IRS and other creditors to establish manageable payments and continue to operate. The attached cash-flow statement contemplates that American's revenue will steadily increase based on his current contracts with the Defense Department along with additional contracts it has secured and other outside work it intends to secure. American also projects that its expenses will increase 2.5% in July 2027 and 2.5% per year in 2028, 2029, and 2030. Upon confirmation of this Plan, American shall remain in possession of all property of the estate. However, the property will vest in American free and clear of all liens and encumbrances, except as set forth herein for those creditor(s) who hold non-avoidable secured liens upon American's property and whose amortization of debt period exceeds the Plan period. Class 5 consists of Allowed Unsecured Claims. This Class is Impaired and is entitled to vote on the Plan. American's disposable income to distribute to Allowed Unsecured Creditors under Section 1191(c)(2)(A) of the Bankruptcy Code is $0.00. Alternatively, American does not maintain any equity in its personal property assets. American has no liquidation value. However, in an effort to obtain a consensual plan, to comply Section 1191 of the Bankruptcy Code, and to ensure it retains its personal property assets, American proposes to distribute its disposable income projected for 2027, 2028, and 2029. American did not schedule any unsecured creditors in Schedule E/F to its Petition. Therefore, there are no Allowed Unsecured Claims under Fed. R. Bankr. P. 3003(b)(1). Only Daniel J. Phillipa dba Specialty Fabrication Inc. filed a proof of claim before the claim deadline of June 22, 2026 under D. Kan. LBR 3003.1(a), which was Claim #2, which American disputes. Therefore, the only general unsecured claims are unsecured claims of the IRS. American will distribute to Allowed Unsecured Claims their pro rata share of the total of $10,000.00 over 36 months at 7.24% interest through monthly payments of $309.87. The monthly payments shall commence on January 1, 2027 and on the same day of each month thereafter through December 1, 2029 until the total of $10,000.00 is paid with interest as provided herein. American asserts that paying the $10,000.00 complies with Section 1192(c) of the Bankruptcy Code because that amount is American's reasonable disposable income over 3-year period post-confirmation and that American would not otherwise be required to distribute any liquidation value to unsecured creditors as the administrative costs of liquidating American exceeds the value of any potential recovery for Allowed Unsecured Claims in a Chapter 7 liquidation. A full-text copy of the Plan of Reorganization dated July 13, 2026 is available at https://urlcurt.com/u?l=XxqgDI from PacerMonitor.com at no charge. Counsel to the Debtor: Nicholas R. Grillot, Esq. Hinkle Law Firm, LLC 1617 N. Waterfront Parkway, Ste. 400 Wichita, KS 67206 Telephone: (316) 660-6211 Facsimile: (316) 660-6523 Email: ngrillot@hinklaw.com About American Structural Systems American Structural Systems, Inc., manufactures specialized aircraft parts for the U.S. Department of Defense. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-10371) on April 13, 2026. In the petition signed by Mark A. Hunter, president, the Debtor disclosed up to $50,000 in assets and up to $100,000 in liabilities. Judge Mitchell L. Herren oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the Debtor as legal counsel. ARCHROCK INC: Moody's Assigns 'Ba3' CFR, Outlook Positive --------------------------------------------------------- Moody's Ratings assigned ratings to Archrock, Inc. (Archrock), including a Ba3 Corporate Family Rating and Ba3-PD Probability of Default Rating. The B1 ratings on the backed notes due 2032 and notes due 2034 issued by Archrock Services, L.P., Archrock Partners Finance Corp. and Archrock Partners, L.P. were affirmed. The ratings outlook is positive. The Ba3 CFR, Ba3 PDR and SGL-3 SGL of Archrock Partners, L.P. were withdrawn. Moody's also assigned SGL-2 ratings to Archrock, Inc. "Archrock's positive ratings outlook reflects supportive industry conditions and improving credit metrics," stated James Wilkins, Moody's Ratings Vice President. "Moody's expects high equipment utilization rates to allow the company to maintain strong profit margins and generate positive free cash flow." RATINGS RATIONALE The positive outlook reflects Archrock's strong operating performance, improving credit metrics, moderate leverage, and Moody's expectations that industry conditions will remain supportive of the company's robust profit margins and support further growth in Archrock's compression fleet. Favorable compression industry market conditions have driven high compression equipment utilization rates, supported pricing for compression services as well as underpinned demand for Archrock's Aftermarket Services business. Long equipment order lead times and the tight supply of compression equipment have also favored independent providers of compression services. Archrock has expanded its fleet through acquisitions as well as continued growth capital expenditures. Archrock's Ba3 CFR reflects its leading position in natural gas compression services with a fleet of predominantly large horsepower equipment, basin diversity within the US, reasonably stable gross profit margins and growing demand for the company's compression services. The company's long-term relationships with its high-quality customer base, with whom it typically has fee-based contracts, provides stability. Its profitability is correlated to natural gas production volumes, which is a driver of its utilization rates. The rating incorporates its exposure to volatile commodity prices, short-term contracts, meaningful debt levels and historical lack of free cash flow generation in favorable market conditions. Archrock's two tranches of senior unsecured notes due in 2032 and 2034 totaling $1.5 billion are rated B1, one notch below the company's Ba3 Corporate Family Rating (CFR). The notes due 2034 (issued by Archrock Services, L.P. and Archrock Partners Finance Corp.) and the notes due 2032 (issued by Archrock Partners, L.P. and Archrock Partners Finance Corp.) are fully and unconditionally guaranteed by Archrock, Inc., which also guarantees the obligations under the revolving credit facility. Certain subsidiaries guarantee the notes and obligations under the revolving credit facility. The guarantees and co-issuer structure make the Archrock Partners and Archrock Services notes equivalent debt instruments in the capital structure. The unsecured notes are junior to the claims under the $1.5 billion asset-based secured revolving credit facility. The large secured revolver results in the ratings on the unsecured notes being notched below the CFR. Given the multiple issuers in the family with Archrock, Inc. as common guarantor and financial reporting entity, Moody's have decided to move the CFR, PDR and Speculative Grade Liquidity Rating to Archrock, Inc. as part of this rating action. The SGL-2 Speculative Grade Liquidity Rating reflects good liquidity supported by access to a $1.5 billion asset-based revolving credit facility that matures in May 2028. The company had $897 million of borrowings outstanding under the revolver and $0.6 billion of available borrowing capacity, after accounting for $2.6 million of letters of credit, as of March 31, 2026, and pro forma for the April 2026 full repayment of the $800 million senior unsecured notes due 2028. The credit agreement financial covenants include a minimum interest coverage of 2.5x, a maximum Senior Secured Debt to EBITDA of 3.0x and a maximum Total Debt to EBITDA of 5.25x. Moody's expects the company to remain in compliance with its financial covenants at least through 2027. Alternate sources of liquidity are limited as its assets are pledged as collateral to the revolver. Following the repayment of the $800 million senior unsecured notes due 2028, Archrock's next notes maturity is the $700 million senior unsecured notes due September 2032. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains a debt-to-EBITDA ratio comfortably below 3.5x, consistently generates positive free cash flow, and maintains conservative financial policies. The ratings could be downgraded if debt-to-EBITDA rises above 4.5x. Archrock, Inc. (NYSE: AROC, Archrock), a publicly traded company headquartered in Houston, Texas, is a leading provider of natural gas contract compression services to customers throughout the US. The principal methodology used in these ratings was Oilfield Services published in October 2025. The assigned Ba3 CFR is two notches below the methodology scorecard indicated outcome of Ba1 due to Archrock's inconsistent free cash flow generation and substantial absolute amount of debt. ARTERRA WINES: S&P Alters Outlook to Positive, Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Ratings revised the outlook on Mississauga, Ontario-based wine portfolio owner and distributor Arterra Wines Canada Inc. to positive from stable and affirmed the 'B-' issuer credit rating. S&P also assigned its 'B-' issue-level and '3' recovery ratings to the company's proposed secured notes. S&P said, "The positive outlook reflects our expectation that adjusted leverage will improve close to 5x over the 18-24 months, supported by low-single-digit percent organic revenue growth and steady EBITDA margins. We also expect Arterra's cost discipline and ongoing government support programs will contribute to positive free operating cash flow (FOCF)." Arterra Wines is proposing to issue senior secured private placement notes alongside a senior secured first-lien credit facility to refinance debt. Pro forma for the transaction, S&P Global Ratings-adjusted leverage will be 5.4x. S&P said, "Despite industry headwinds, we expect an improving leverage trend through the next few quarters, reflecting market share gains and improving EBITDA. "Low-single-digit percent organic revenue growth and steady EBITDA margins underpin our expectation of improving leverage. Even though we expect industry headwinds to limit significant revenue expansion in the near term, credit metrics will modestly improve from EBITDA expansion. We expect leverage close to 5x over the next 18-24 months, reflecting Arterra's reduced debt burden and modestly higher EBITDA. We forecast funds from operations (FFO) to debt remaining 8%-9% and S&P Global Ratings-adjusted FFO cash interest coverage in the 2x area, compared to 3.3x last year." This is primarily due to higher forecast cash interest expense in fiscal 2027 (about C$49 million versus C$43 million in the previous year) as the company benefited from interest rate hedges that reduced cash interest in fiscal 2026. If Arterra hedges its interest rate exposure following the refinancing, coverage metrics may improve. The company is proposing to issue new up to C$375 million fixed-rate senior secured notes maturing in 2031. The new capital structure will also include a new senior secured first-lien facility, comprising a C$300 million term loan and C$60 million revolving credit facility. Arterra will utilize the proceeds, supplemented by cash on hand and funds from an in-the-money interest rate swap, to refinance C$719 million of debt and fund associated transaction fees. Pro forma for the transaction, Arterra will improve leverage to 5.4x compared to the normalized level of 5.6x in fiscal 2026. The proposed transaction extends Arterra's maturity profile and enhances liquidity. The new secured notes and credit facility mature in 2031. The company intends to replace its C$50 million revolving credit facility with a new C$60 million revolver, providing additional liquidity flexibility. While utilization of this facility could constrain long-term leverage, S&P does not forecast significant draws in the next 12 months. Arterra's fiscal 2027 EBITDA should normalize compared to fiscal 2026. S&P Global Ratings-adjusted EBITDA for fiscal 2026 (ended Feb. 28, 2026) increased about 35% year over year, driven primarily by pricing and promotional optimization, disciplined cost management, and a C$28.3 million contribution from the Ontario Grape Support Program (OGSP). This included benefit payments for two qualifying years, which inflated Arterra's fiscal 2026 EBITDA and profit margins. Normalized for 2026 incremental contributions, S&P Global Ratings-adjusted EBITDA was about C$130 million, representing about 20% year-over-year growth. S&P said, "We forecast EBITDA will expand modestly in the C$130 million-C$135 million range for fiscal 2027, supported by targeted price optimization; disciplined selling, general, and administrative cost management; and ongoing productivity initiatives that should partially offset inflationary pressures within the consumer products industry. Additionally, we expect Arterra to continue to benefit from various federal and provincial support programs that contribute meaningfully to EBITDA. "Arterra should get sales support from a strategic focus on product mix optimization, new agency partnerships, and retail modernization efforts. We anticipate continued benefit from indexing its portfolio toward high-growth, resilient categories, specifically whites, sparkling, and the better-for-you segment. Its increased emphasis on low-sugar, zero-sugar, low-calorie, and nonalcoholic offerings aligns with evolving consumer health and wellness trends. In our view, Arterra is well-positioned to benefit from this expansion given its leadership position in the Canadian market. Management says the better-for-you segment achieved a compound annual growth rate of about 60% in fiscal years 2020-2026 and projects such sales to reach about 11% of total volume in fiscal 2027. "Furthermore, we expect new agency partnerships (including Delicato and Concha y Toro) and the expansion of Wine Rack stores into the grocery channel via the Ontario retail modernization program to drive incremental volume and distribution gains, with potential for 30-40 basis points of distribution increase in fiscal 2027." Ongoing sector pressures continue to limit alcoholic beverage revenue upside. S&P Global Ratings economists project 2026 Canadian GDP improvement of 1.4% and core Consumer Price Index (CPI) increases of 2.4%. The unemployment rate will be 6.5% compared to 6.9% in 2025. S&P said, "As consumers remain cautious amid high inflation and labor market volatility, we expect revenue expansion across consumer products to be modest. We project sales growth for alcoholic beverage companies will underperform historical trends, in the 1%-2% range for 2026. Similarly, even as consumer sentiment remains weak, we forecast low-single-digit percent revenue increases in fiscal 2027 from product mix optimization, disciplined pricing, and modest market share gains, which should partially offset broader market volatility." S&P said, "The positive outlook reflects our expectation that Arterra's adjusted leverage will improve close to 5x over the next 18-24 months, supported by low-single-digit percent organic revenue growth and steady EBITDA margins. In addition, we expect cost discipline and ongoing government support programs will contribute to positive FOCF." S&P could revise the outlook to stable if: -- EBITDA improvement remains flat or turns negative, raising leverage above 5.5x; or -- FFO cash interest coverage deteriorates and approaches 1.5x. S&P could raise the rating in the next 12 months if: -- Arterra's operating performance continues to improve, leverage remains below 5.5x, and FFO to debt remains sustainably above the mid-single-digit percentages; and -- The controlling shareholder refrains from pursuing debt-financed shareholder returns or acquisitions that would deteriorate credit ratios. ASH STREET PLAZA: Case Summary & Five Unsecured Creditors --------------------------------------------------------- Debtor: Ash Street Plaza South, L.L.C. 327 W 8th Ave Suite 100 Spokane, WA 99204 Business Description: Ash Street Plaza South, L.L.C. is engaged in activities related to real estate, with its principal assets located at 2223 N. Ash St. Spokane, WA 99205. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-01456 Debtor's Counsel: Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway Suite 1400 Portland, OR 97205 Tel: 503-227-1111 E-mail: dricks@sussmanshank.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Keith Scribner as authorized representative. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z3NGRPY/Ash_Street_Plaza_South_LLC__waebke-26-01456__0001.0.pdf?mcid=tGE4TAMA ASPIRA INC: 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 Aspira Inc. of Illinois' authority to use cash collateral. The Debtor's authority to use cash collateral under the court's July 14 third interim order expires today. The third interim order approved the payment of operating expenses from cash collateral in accordance with the Debtor's budget. The order granted Old Second National Bank adequate protection through a $10,000 payment from the Debtor and a first-priority replacement liens on post-petition collateral and proceeds, with the same extent and priority as its pre-petition liens. The replacement liens cover cash generated from operations and other collateral securing the secured lender's claims. Additional safeguards include maintain insurance coverage on all assets of the Debtor at replacement or fair market value and naming Old Second National Bank as an additional insured or loss payee. Old Second National Bank is believed to be the only secured creditor with cash collateral rights. The order is available at https://shorturl.at/DE3Hg Aspira Inc. of Illinois Aspira Inc. of Illinois, an Illinois not for Profit Corporation, is a Chicago-based not-for-profit education organization that, founded in 1968, operates charter school and youth-development programs focused on Latino and other underserved students, including ASPIRA Early College High School, a comprehensive early-college high school at 3986 W. Barry Ave. in Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-09992) on June 14, 2026. In the petition signed by Melissa Batista, interim chief executive officer, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Daniel R Fine oversees the case. Paul M. Bach, Esq., at Bach Law Offices, represents the Debtor as bankruptcy counsel. AW FARMS: Court Extends Cash Collateral Access to August 12 ----------------------------------------------------------- AW Farms, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Kentucky, Ashland Division, to use cash collateral. The court entered a third interim order authorizing the Debtor to use cash collateral through August 12 to pay its expenses based on an approved operating budget, which projects total operational expenses of $27,167. The Debtor is allowed to deviate from the budget by up to 10% per line item. Peoples Bank of Kentucky, Inc. holds a first-priority security interest in most of the Debtor's cash collateral. Other creditors that may have interests in the collateral include the Kentucky Agricultural Development Board, Blue Ridge Bank, N.A., SpotOn Capital, OnDeck Capital, and Critchfield Meats, Inc. These creditors will receive replacement liens on post-petition collateral as adequate protection. As additional protection, Peoples Bank will receive a monthly payment of $7,500. The order provides for a carveout for administrative expenses, including $1,500 every two weeks for attorney fees; $180 every two weeks for administrative expenses; and $750 per month for the Subchapter V trustee, which will be held in a trust account until approved by the court. The court scheduled a final hearing for August 12 and set an August 7 deadline for filing objections. Peoples Bank of Kentucky is represented by: Adam R. Kegley, Esq. FBT Gibbons LLP 325 West Main Street, Suite 301 Lexington, KY 40507 Tel: (859) 231-0000 Fax: (859) 231-0011 akegley@fbtgibbons.com About AW Farms LLC AW Farms, LLC operates a meat-processing facility and retail meat business in Greenup County, Kentucky. AW Farms sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 26-10034) on February 2, 2026. In the petition signed by Tyler J. Wells, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Douglas L. Lutz oversees the case. J. Christian Dennery, Esq., at Dennery, PLLC, represents the Debtor as legal counsel. BACHTEL ELECTRIC: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Bachtel Electric, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral for post-petition operating expenses. Under the final order, the Debtor is permitted to exceed individual budget line items by up to 10%, provided overall spending remains consistent with the approved budget and the business continues operating in the ordinary course. The Debtor shows total operational expenses of $73,312 for July, $73,312 for August, and $73,312 for September. Kapitus is the only creditor with an interest in the Debtor's cash collateral. It is the successor to NXGEN Capital, which filed a UCC-1 financing statement on June 11, 2020, covering the Debtor's accounts, receivables, proceeds, business assets, and related collateral. The secured creditor holds a first-priority security interest in cash collateral valued at approximately $121,879 as of the petition date, consisting of approximately $75,674 in deposit accounts, including funds subject to a garnishment order, and approximately $46,205 in accounts receivable. The outstanding balance owed to Kapitus is approximately $228,701, meaning the creditor is significantly undersecured. Kapitus will be granted adequate protection through a monthly payment of $1,200 and a replacement lien on the Debtor's post-petition cash, accounts, accounts receivable, and related proceeds, with the same validity, priority and extent as its pre-petition liens. Both the Debtor and Kapitus retain all rights to challenge claims, liens, or seek additional relief under the Bankruptcy Code. As additional protection, the Debtor is required to provide monthly operating reports to Kapitus, maintain insurance naming Kapitus as an additional insured and loss payee, and promptly report any changes in coverage. Meanwhile, the Debtor is required to remit $500 per month to the Subchapter V trustee's trust account for administrative fees pending further court approval. The Debtor's authority to use cash collateral will continue until September 30 or earlier upon occurrence of certain events such as dismissal or conversion of its Chapter 11 case to Chapter 7, appointment of a trustee or examiner, modification of the order, or confirmation of a Chapter 11 plan. The order is available at http://bankrupt.com/misc/BachtelElectric_ICCOrder37.pdf About Bachtel Electric, LLC Bachtel Electric, LLC in Washington sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Western District of Washington Case No. 26-11621) on May 14, 2026. At the time of filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. Judge Christopher M Alston oversees the case. Neeleman Law Group, P.C. is Debtor's legal counsel. BAILEY VENTURES: Seeks to Hire Russell Van Beustring as Attorney ---------------------------------------------------------------- Bailey Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Russell Van Beustring, Esq. of Russell Van Beustring, PC to serve as attorney. The attorney and his firm will provide these services: (a) assist, advise and represent the company relative to the administration of the Chapter 11 case; (b) assist, advise and represent the company in analyzing its assets and liabilities, investigating the extent and validity of liens and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the company; (f) appear, as appropriate, before the Bankruptcy Court, the Appellate Courts and other courts in which matters may be heard, and protect the company's interests before those courts and the United States Trustee; and (g) perform all other necessary legal services in the Chapter 11 case. The firm will be paid at these hourly rates: Russell Van Beustring, Esq. $425 associate attorneys $250 bankruptcy legal assistants $175 support staff $75 Russell Van Beustring, PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Russell Van Beustring, Esq. RUSSELL VAN BEUSTRING, PC 5110 Waterbeck St. Weston Lakes, TX 77441 Telephone: (713) 973-6650 E-mail: ecf@beustring.com About Bailey Ventures, LLC Bailey Ventures, LLC is a Vidor, Texas-based provider of HVAC and electrical contracting services operating under the trade name Air Services Unlimited. The company serves customers throughout Southeast Texas and Southwest Louisiana, providing mechanical and electrical contracting services while continuing operations as a debtor-in-possession during its restructuring. The business has operated in the Beaumont-Port Arthur-Orange metropolitan area since at least 2012 and maintained an active mechanical contractor license in Orange, Texas, as of October 2024. Bailey Ventures, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80477) on July 6, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Russell Van Beustring, Esq., of Russell Van Beustring, PC. BANNER CHEMICAL: Unsecureds Will Get 10% of Claims over 5 Years --------------------------------------------------------------- Banner Chemical Corp. filed with the U.S. Bankruptcy Court for the District of New Jersey a Combined Plan of Reorganization and Disclosure Statement dated July 13, 2026. The Debtor is a cleaning and maintenance products business with origins dating back to approximately 1929-1930. Today, Banner operates primarily as a distribution, e-commerce fulfillment, and light finishing business for non-hazardous household and maintenance products. The Debtor has one facility located at 111 Hill Street, Orange, New Jersey 07050 (the "Hill Street Facility") and is currently moving to a different facility located at 200 S. Jefferson Street, Orange, New Jersey 07050 (the "S. Jefferson Street Facility"). The move to the S. Jefferson Street Facility will save the Debtor approximately $10,000 monthly. The Debtor's financial issues stem from the liabilities set forth in section 1.6, which arose due to changes in its business model, as it transitioned from relationship-based sales to ecommerce, during which time the rent obligation became unsustainable. Prior to the bankruptcy filing, there was a pending eviction action, which called for an eviction date of April 14, 2026. The Debtor also faced ongoing difficulties paying the Citizens Loan and the SBA Loan. These reasons primarily caused a lack of liquidity arising from broader commercial challenges. The Debtor has decided to change its name for business reasons. The Debtor now seeks to use the name Banner Mineral Group, Inc. The word "chemical" has a pejorative connotation and therefore, the Debtor has changed the name especially because it does not produce, manufacture or otherwise utilize any "chemicals" in the operation of its business. On July 10, 2026, the Debtor filed a motion to approve entry into a new lease agreement for the S. Jefferson Street Facility, abandon certain URL's it no longer uses and has limited or no value, approve a name change, and provide notice of its change of address to creditors. The Debtor intends to reorganize through restructuring its debt to creditors in this Plan. The goal is to maximize the distribution to creditors and maintain the Debtor's assets and business while maintaining its employees. With these strategic moves, the Debtor is well-positioned to regain its financial stability and continue towards a profitable-growth path, leveraging its strengths to service its customers effectively, and build a sustainable future. Class 3 consists of General Unsecured Claims. Unsecured creditors shall receive a 10% distribution payable in quarterly installments over five years, each quarterly payment shall be $1,393.19. The allowed unsecured claims total $835,915.02. The Debtor's membership interests are, David Herman owns 100% of Debtor, and he shall retain his Equity Interest. The Plan provides for all the Debtor’s assets to revest in the Debtor. The Plan will be funded by the Debtor's continued monthly income from operations. There shall be no prepayment penalty for any priority, administrative or Class of claims. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Combined Plan and Disclosure Statement dated July 13, 2026 is available at https://urlcurt.com/u?l=e2p9Kd from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony Sodono, III, Esq. Sari B. Placona, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Second Floor Roseland, NJ 07068 Telephone: (973) 622-1800 E-mail: asodono@msbnj.com splacona@msbnj.com About Banner Chemical Corp. Banner Chemical Corp. is a cleaning and maintenance products business. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. New Jersey Case No. 26-14051) on April 13, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $500,001 to $1 million. McMANIMON, SCOTLAND & BAUMANN, LLC is Debtor's legal counsel. About Banner Chemical Corp. Banner Chemical Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. New Jersey Case No. 26-14051) on April 13, 2026. At the time of the filing, the Debtor reported assets of up to $50,000 and liabilities of between $500,001 and $1 million. The Debtor tapped McManimon, Scotland & Baumann, LLC as legal counsel and Vestcorp, LLC as accountant. Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, serves as Subchapter V trustee for the Debtor. BAYOU CRAFTING: Joseph Moore Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Joseph Richard Moore as Subchapter V trustee for Bayou Crafting Company. Mr. Moore will be paid an hourly fee of $350 for his services as Subchapter V trustee and an hourly fee of $110 for his legal assistant. In addition, Mr. Moore will receive reimbursement for work-related expenses incurred. Mr. Moore declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph Richard Moore 200 Washington Street Monroe, LA 71201 (318) 322-6232 Email: subv@eorumyoung.com About Bayou Crafting Company Bayou Crafting Company is an arts and crafts retailer headquartered in Lafayette, Louisiana. The business operates a retail showroom offering custom crafting supplies and ready-to-press items while maintaining an inventory exceeding 3,000 products. The company rebranded from Bayou Art Co-Op to its current name during 2024 and 2025. Bayou Crafting Company filed for protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 26-50646) on July 17, 2026. Bankruptcy schedules list estimated assets of up to $50,000 and estimated liabilities of $1 million to $10 million. The Honorable John W. Kolwe is presiding over the bankruptcy proceedings. The Debtor is represented by Ryan James Richmond, Esq., of Sternberg, Naccari & White, LLC. BELL'S BETTER: Seeks Subchapter V Bankruptcy in Illinois -------------------------------------------------------- On July 21, 2026, Bell's Better Building Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports estimated liabilities between $1 million and $10 million, owed to 1 to 49 creditors, with estimated assets between $1 million and $10 million. About Bell's Better Building Inc. Bell's Better Building Inc. is a Chicago, Illinois-based specialty trade construction and building restoration company operating under the trade names Twenty Eleven Construction and Twenty Eleven Construction Restoration. The company provides concrete construction, building restoration, and facility assessment services for residential and commercial projects. It previously participated in high-profile developments, including work on the Obama Presidential Center, but its Chapter 11 filing follows the June 2026 federal indictment of its president in connection with an alleged $5 million Chicago Housing Authority kickback scheme. Bell's Better Building Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12065) on July 21, 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 David H. DeCelles handles the case. The Debtor is represented by William E. Jamison Jr., Esq. of Law Office William E. Jamison & Associates. BENCHMARK PRODUCTIONS: Gets Final OK to Use Cash Collateral ----------------------------------------------------------- Benchmark Productions, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral of the U.S. Small Business Administration. Under the final order, the Debtor is authorized to use cash collateral in accordance with the approved budget and exceed budgeted amounts by up to 15%, with unused budgeted funds allowed to roll forward to subsequent weeks. The SBA will be granted adequate protection through a replacement lien on the Debtor's post-petition revenues, effective retroactively to the petition date; and a monthly interest payment of $1,426, beginning this month, on an SBA loan, which has an outstanding loan amount of $285,541.62. Additional safeguards include maintaining insurance naming the SBA as a loss payee or additional insured and providing monthly financial reports. Richard Austin Beaver, the Debtor's founder, will continue receiving his $205,000 annual salary through payroll only, while Audrey Beaver may continue receiving her part-time salary. The final order remains effective until January 4, 2027, unless a Chapter 11 plan is confirmed earlier or the Debtor's Chapter 11 case is converted or dismissed. The order preserves all rights and remedies of the SBA, confirms that no loan defaults are waived, and retains the court's jurisdiction to enforce its terms. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/jCZuk from PacerMonitor.com. About Benchmark Productions LLC Benchmark Productions, LLC is an event production and management company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11948) on June 12, 2026. In the petition signed by Richard Austin Beaver, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Timothy W. Dore oversees the case. Faye C. Rasch, Esq., at Wenokur Riordan PLLC, represents the Debtor as legal counsel. BKR LLC: Court OKs Deal on Cash Collateral Access ------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, approve the third stipulation between BKR LLC and New Omni Bank, N.A., authorizing continued use of cash collateral. New Omni holds a secured claim arising from a $4.2 million loan made in May 2022, which is secured by the hotel property at 828 Real Road in Bakersfield, California, along with its furniture, fixtures, equipment, rents, and other related assets. As of the bankruptcy filing, the Debtor owed the bank approximately $4.4 million plus accrued interest, fees, and other recoverable costs. The parties noted that previous interim and final cash collateral orders authorized the Debtor's use of cash collateral through July 10, 2026, and the new stipulation extends that authority through Week 13 of the approved budget, ending August 1, 2026, unless terminated earlier by agreement or default. Under the agreement, the Debtor may use cash collateral only for expenses outlined in the approved operating budget covering Weeks 11 through 13. Aggregate expenditures may not exceed budgeted amounts by more than 10%, while certain invoice-based expenses such as utilities, transient occupancy taxes, and online travel agency commissions may exceed line-item budgets if supported by actual invoices. Payroll and other non-invoice expenses remain subject to the 10% cap unless New Omni consents or the court authorizes a higher amount. Any unforeseen expenses must be promptly disclosed to the lender with supporting documentation, and all adequate protection payments must be made in the exact amounts and on the dates specified in the budget. To protect its secured position, New Omni will receive replacement liens on substantially all pos-tpetition assets, excluding bankruptcy avoidance claims, to the extent its collateral declines in value. The bank is also granted a superpriority administrative claim under 11 U.S.C. Sections 503(b) and 507(b) if the agreed adequate protection later proves insufficient. BKR must continue making adequate protection payments of $32,983 according to the budget, using immediately available funds. The lender retains discretion to apply those payments first to principal or interest, and acceptance of the payments does not waive any rights under the loan documents or affect prepetition foreclosure actions, which remain stayed only by the automatic bankruptcy stay. The stipulation also imposes detailed requirements concerning delinquent taxes. BKR acknowledged outstanding Kern County property taxes and delinquent transient occupancy tax obligations owed to the City of Bakersfield. Beginning this month, the Debtor must deposit monthly property tax reserves into a segregated debtor-in-possession tax account and provide monthly reports on deposits and balances. It must also deposit transient occupancy tax collections weekly into a separate account and remit those funds monthly when due. The Debtor must continue complying with existing installment agreements, promptly report any changes or enforcement actions, negotiate in good faith to resolve prepetition tax obligations, and remain current on all post-petition taxes. Failure to meet these obligations constitutes an event of default. Additional reporting obligations require the Debtor to provide weekly reconciliation reports comparing actual cash receipts and expenditures with the budget, monthly operating reports filed with the U.S. Trustee, and any additional financial information requested by the lender. BKR must also permit inspections of collateral and records, maintain adequate insurance coverage, timely pay post-petition taxes and assessments, and file all required bankruptcy schedules and statements. Events of default include unauthorized use of cash collateral, failure to make adequate protection payments, failure to maintain insurance or required reporting, appointment of a trustee, conversion or dismissal of the bankruptcy case, or any material breach of the agreement. Most curable defaults are subject to a five-business-day cure period following written notice. If a default remains uncured or is incurable, New Omni may terminate the Debtor's authority to use cash collateral and seek further relief from the bankruptcy court, including modification of the automatic stay. A copy of the stipulation is available at https://urlcurt.com/u?l=A5Gcee from PacerMonitor.com. About BKR LLC BKR LLC, doing business as the Ramada Bakersfield North hotel, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10969) on May 5, 2026. In the petition signed by Michael P. Crane, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Martin R. Barash oversees the case. Matthew D. Resnik, Esq., at RHM Law LLP, represents the Debtor as legal counsel. Omni Bank, N.A., as secured creditor, is represented by Aram Ordubegian , Esq., Annie Y. Stoops, Esq., and Jack C. Bistritz, Esq., at ARENTFOX SCHIFF LLP. BLOOMIN' CRAZY: Gets OK to Use Cash Collateral Until Aug. 8 ----------------------------------------------------------- Bloomin' Crazy Landscape Contractors, LLC received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court authorized the Debtor to use cash collateral from July 8 to August 8 in accordance with its approved operating budget, subject to a 10% variance for each budget line item. The Debtor is required to remain current on all post-petition tax obligations and is prohibited from selling its assets outside the ordinary course of business without secured creditor consent. The 30-day budget projects total operational expenses of $610,935.75. C T Corporation System, as representative of an unidentified secured creditor, may assert a security interest in certain property of the Debtor pursuant to UCC financing statements filed with the North Carolina Secretary of State. As adequate protection, the court extended the secured creditor's pre-petition liens to the Debtor's post-petition assets to the extent the creditor held valid, perfected, enforceable, and unavoidable pre-petition liens. These replacement liens survive the expiration of the order, conversion of the Debtor's Chapter 11 case to Chapter 7, or dismissal of the case. The Debtor preserves its right to challenge the validity, priority, or extent of the secured creditor's pre-petition liens and any corresponding post-petition liens. All financial institutions, payment processors and other entities that owe amounts to the Debtor were required to remit post-petition receivables directly to the Debtor despite any conflicting pre-petition payment instructions. The court further ruled that any attempt by pre-petition secured creditors to intercept or redirect post-petition receivables would violate the automatic stay. The order is available at http://bankrupt.com/misc/BloominCrazy_ICCOrder20.pdf A further hearing is scheduled for August 4. About Bloomin' Crazy Landscape Contractors LLC Bloomin' Crazy Landscape Contractors, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-03093) with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Kenneth G. Frank as managing member. Judge Hon. David M Warren oversees the case. The Debtor is represented by: George M. Oliver The Law Offices Of George Oliver, PLLC Tel: 252-633-1930 Email: george@georgeoliverlaw.com BLUE SUN: Taps Circle Forensic Consulting as Valuation Experts -------------------------------------------------------------- Blue Sun Scientific, LLC/The Innovative Technologies Group & Co., Ltd. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Andrew J. Runge of Circle Forensic Consulting, LLC as valuation experts. The firm will provide these services: (a) determine valuations of, among other things, the value of the company's assets, the liquidation value of the assets, and the fair market value of the stock held by Robert Wilt, the sole owner of the company; (b) prepare a valuation report in support of the Plan of Reorganization; (c) provide expert analyses and expert testimony, if required; and (d) defend the valuation report in audits, litigation, conferences, depositions, court appearances, hearings and/or testimony, or perform any other required services. Circle Forensic Consulting, LLC will receive $4,000 upon execution of the engagement agreement and an additional $11,000 before delivering its report. Mr. Runge's standard hourly rate is $475. Testimony will be billed at 125% of his standard hourly rate, with a four-hour minimum charge. According to court filings, Circle Forensic Consulting, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew J. Runge, CPA/ABV, CFF, CVA, CFE, MBA CIRCLE FORENSIC CONSULTING, LLC 432 Craighill Dr. Charles Town, WV 25414 Telephone: (410) 419-2840 About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on Aug. 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor tapped Maurice Verstandig, Esq., at The Belmont Firm as bankruptcy counsel and Smith Duggan Cornell & Gollub LLP as special counsel. BMI OLDCO: Court Puts Ch. 11 Case on Hold During Asbestos Review ---------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the Chapter 11 case of Barretts Minerals Inc. has been placed on hold as a federal court examines scientific questions surrounding allegations that the company's talc products contained dangerous levels of asbestos. Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas canceled all scheduled deadlines and proceedings in the bankruptcy case through an order issued Tuesday, July 21, 2026. The order gives the federal district court authority to address issues involving the validity of personal injury claims against the talc supplier, the report states. Isgur previously took the unusual step of asking a district court judge to independently evaluate the scientific evidence related to asbestos contamination claims. The review is expected to determine whether those allegations should move forward and how they may impact the bankruptcy proceedings, according to Bloomberg. The delay creates uncertainty for creditors and claimants awaiting resolution of Barretts Minerals’ restructuring case. The company entered Chapter 11 while facing extensive litigation tied to alleged asbestos exposure from its products, the report cites. About BMI Oldco Inc. BMI Oldco Inc.'s (fka Barretts Minerals Inc.) current operations are focused on the mining, beneficiating, processing, and sale of industrial talc. It historically supplied a relatively minor percentage of its sales into cosmetic applications. Barretts Minerals' talc is sold to distributors and third-party manufacturers for use in such parties' products, which are then incorporated into downstream products eventually sold to consumers. Barretts Minerals and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90794) on Oct. 2, 2023. In the petition signed by its chief restructuring officer, David J. Gordon, Barretts Minerals disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. The case was initially assigned to Judge David R. Jones before Judge Marvin Isgur took over. The Debtors tapped Porter Hedges, LLP and Latham& Watkins, LLP as legal counsel; M3 Partners, LP as financial advisor; Jefferies, LLC as investment banker; and DJG Services, LLC as restructuring advisor. David J. Gordon of DJG Services serves as the Debtors' chief restructuring officer. Stretto, Inc. is the claims, noticing and solicitation agent and administrative advisor. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Caplin & Drysdale, Chartered and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. BULLET ENERGY: Gets Final OK to Use Cash Collateral Until Oct. 30 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Oklahoma granted Bullet Energy Services, LLC final approval to use the cash collateral of North Avenue Capital, LLC. The court authorized the use of cash on hand and future operating income to pay business expenses under the approved budget from the petition date of May 13 through October 30. North Avenue Capital will be granted adequate protection through monthly payments of $70,000 until further court order or confirmation of a Chapter 11 plan; replacement liens on substantially all post-petition assets, primarily post-petition accounts receivable; and a potential administrative claim, if both the replacement liens and monthly payments prove insufficient. The replacement liens are subordinate to the carveout covering U.S. Trustee fees, Bankruptcy Court clerk fees, and approved professional fees and expenses included in the budget. As additional protection, the Debtor is required to provide monthly profit-and-loss statements, budget-to-actual comparisons, and budget compliance reports to North Avenue Capital by the 21st day of each month, while maintaining insurance, paying taxes, and allowing collateral inspections upon 48 hours' notice. A default will occur if the Debtor fails to make the required $70,000 monthly payments or exceeds the approved budget by more than 10% without authorization. Following a 15-day opportunity to cure after notice, North Avenue Capital may seek relief from the automatic stay. A copy of the court's order is available at https://shorturl.at/b6Gk8 from PacerMonitor.com. About Bullet Energy Services LLC Bullet Energy Services, LLC provides oilfield transportation and fluid-handling services, including the hauling of completion fluids, production water, oil-based mud and other liquids for energy-sector customers. The Velma, Oklahoma-based company operates as an authorized for-hire carrier with a tanker fleet and also focuses on saltwater disposal and related oilfield service operations in south-central Oklahoma. Bullet Energy Services, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Okla. Case No. 26-80451) on May 8, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $10,000,001 to $50 million. Judge Paul R Thomas oversees the case. McDonald Law, PLLC is Debtor's legal counsel. BYRUM'S FLOOR: Gets Final OK to Use Cash Collateral --------------------------------------------------- Byrum's Floor Store, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division at Dayton, to use cash collateral. Under the final order, the Debtor is authorized to use its cash and cash equivalents to fund ongoing business operations in accordance with the approved 13-week budget. The order requires the Debtor's net cash flow to remain at no less than 80% of the budgeted amount for each reporting period, with any material variance constituting a default. The Debtor must also deposit funds with its counsel and the Subchapter V trustee for anticipated professional fees, subject to future court approval, and must file an updated budget at least five business days before the current budget expires. The Debtor maintains deposit accounts at Wright-Patt Credit Union and New Carlisle Federal Savings Bank, both of which assert security interests or liens in substantially all of its assets under their pre-petition loan agreements. Secured creditors will be granted adequate protection through perfected replacement liens on all post-petition cash collateral and related proceeds, including notes receivable, insurance recoveries, litigation proceeds, rents, and other collateral, to the extent they held valid pre-petition liens. The replacement liens exclude recoveries arising from Chapter 5 avoidance actions unless those assets were already subject to pre-petition liens. The Debtor is not allowed to grant additional security interests in the collateral without court approval. The final order preserves the rights of secured creditors to seek additional adequate protection, relief from the automatic stay, conversion of the Debtor's Chapter 11 case, appointment of a trustee or examiner, or other remedies under the Bankruptcy Code. Likewise, all parties retain the right to challenge the validity, priority, or extent of the secured creditors' liens or claims. A copy of the court's order is available at https://shorturl.at/xg9KW from PacerMonitor.com. About Byrum's Floor Store Byrum's Floor Store, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ohio Case No. 26-30812) on March 14, 2026. In the petition signed by Kurt A. Byrum, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Tyson A. Crist oversees the case. Russ B. Cope, Esq., at Cope Law Offices, LLC, represents the Debtor as bankruptcy counsel. BYRUM'S FLOOR: Unsecureds Will Get 100% of Claims over 48 Months ---------------------------------------------------------------- Byrum's Floor Store, LLC filed with the U.S. Bankruptcy Court for the Southern District of Ohio a Subchapter V Plan of Reorganization dated July 13, 2026. The Company is engaged in the business of selling and installing floor coverings for residential and commercial structures, including carpet, vinyl, hardwood, tile, and other floor coverings. The Company leases a retail showroom located at 2643 E. Main St., Springfield, Ohio 45503 (the "Showroom Location"). The Company leases a storage warehouse located at 2675 E. Main St., Springfield, Ohio 45503 (the "Warehouse Location"). The Company was formed in 2008 by Kurt Byrum, its sole member. The Company employs three employees who assist with sales, management, installation, and supervision of subcontractors. Mr. Byrum is not paid through payroll but is compensated through owner's draws when profits are available. The Company engages various subcontractors to install floor coverings at customer locations. Starting in 2024, the Company began incurring debt through merchant cash advances. Those creditors required daily or weekly payments that were automatically deducted from the Company's bank account as accounts receivable were converted into cash. Following the default of the merchant cash advance loan obligations, at least one creditor attempted to levy the Company's credit card processor, resulting in the inability to process payments from customers. At least one creditor also attempted to levy the Company's bank accounts. At that point, the Company was unable to operate, and a bankruptcy filing became the only solution. The bankruptcy filing imposed an automatic stay that prohibited creditors from levying the Company's credit-card processor and bank accounts. This provided the necessary breathing room for the Company to regain its footing and propose a repayment plan to creditors holding Allowed Claims. Class 3 consists of General Unsecured Claims. As of the date of this Plan, creditors are alleged to have General Unsecured Claims totaling $293,070.86. In full and final satisfaction of such Allowed General Unsecured Claim, each holder of an Allowed General Unsecured Claim shall receive, on or before the Plan Completion Date, Cash in an amount equal to one hundred percent of the amount of such Allowed General Unsecured Claim, plus interest as provided herein. Notwithstanding the amount of interest alleged by a holder of an Allowed General Unsecured Claim, Class 3 General Unsecured Claims shall accrue interest at the rate of eight and one-half percent per annum until satisfied in full. There shall be no prepayment penalty in the event the Debtor satisfies an Allowed General Unsecured Claim prior to the Plan Completion Date. Distributions to each holder of an Allowed General Unsecured Claim shall be made as follows: * Commencing on the Effective Date and for forty-eight consecutive months thereafter, the Debtor will remit the Minimum Monthly Installment to each holder of an Allowed General Unsecured Claim. When excess disposable income is available, the Debtor will remit additional amounts in excess of the Minimum Monthly Installment. * Each Allowed General Unsecured Claim shall be paid in full, with interest as set forth herein, on or before the Plan Completion Date. Class 3 is Impaired under the Plan. Each holder of an Allowed General Unsecured Claim is entitled to vote to accept or reject the Plan. Class 4 consists of Equity Interests. On the Plan Completion Date, Equity Interests shall be deemed Unimpaired, and the holders of Equity Interests shall retain any such Equity Interests. The Debtor will implement the Plan in a manner consistent with the terms and conditions set forth in the Plan and the Confirmation Order. On and after the Effective Date, except as otherwise provided in the Plan, the Debtor may use, acquire, or dispose of property and compromise or settle any Claims, Interests, or Causes of Action without supervision or approval by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules. The Plan will be funded from the ongoing business operations of the Debtor as set forth in the projections. There is currently no intent to liquidate Assets of the Company to fund the Plan. A full-text copy of the Plan of Reorganization dated July 13, 2026 is available at https://urlcurt.com/u?l=kh6Jua from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: Dustin R. Hurley, Esq. HURLEY LAW, LLC 301 N. Breiel Blvd. Middletown, OH 45042 Telephone: (513) 705-9000 Facsimile: (513) 705-9001 E-mail: hurley@hurley.law About Byrum's Floor Store Byrum's Floor Store sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ohio Case No. 3:26-bk-30812) on March 14, 2026. In the petition signed by Kurt A. Byrum, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Tyson A. Crist oversees the case. Russ B. Cope, Esq., at Cope Law Offices, LLC, represents the Debtor as bankruptcy counsel. C-M TRANSPORT: Deborah Fish Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Deborah Fish, Esq., managing partner at Allard & Fish, P.C., as Subchapter V trustee for C-M Transport LLC. Ms. Fish will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fish declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Deborah L. Fish, Esq. Allard & Fish, P.C. 1001 Woodward Ave., Ste. 850 Detroit, MI 48226 Phone: (313) 961-6141 Email: dfish@allardfishpc.com About C-M Transport LLC C-M Transport LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-21113) on July 19, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel S. Oppermanbaycity presides over the case. David R. Heyboer, Esq. at Heyboer Law PLC represents the Debtor as legal counsel. CANDICE SKINNER: Seeks Subchapter V Bankruptcy in Louisiana ----------------------------------------------------------- On July 21, 2026, Candice Skinner Real Estate, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Louisiana. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to between one and 49 creditors. The Chapter 11 Subchapter V Plan is due by October 19, 2026. About Candice Skinner Real Estate, LLC Candice Skinner Real Estate, LLC is a Leesville, Louisiana-based real estate brokerage and property management firm serving the Central Louisiana market. The independently owned brokerage provides residential and commercial real estate sales, listings, and property management services. As of July 2026, the firm reported approximately $4 million in quarterly sales volume with an average transaction value of about $179,400. Established more than 15 years ago, the company previously operated four regional offices. Candice Skinner Real Estate, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 26-80505) 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 Stephen D. Wheelis handles the case. The debtor is represented by Conner L. Dillon, Esq., of Gold, Weems, Bruser, Sues & Rundell. CANDY SENSE: Hires Law Offices of Frank B. Lyon as Legal Counsel ---------------------------------------------------------------- Candy Sense, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Frank B. Lyon of Law Offices of Frank B. Lyon to serve as legal counsel. The firm will provide these services: (a) give Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; (b) advise the Debtor of its responsibilities under the Bankruptcy Code and assist with such; (c) make amendment of the voluntary petition and other paperwork necessary to complete this proceeding; (d) assist the Debtor in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, the Initial Debtor Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; (e) represent of the Debtor in connection with adversary proceedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor; (f) represent the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; (g) asssit the Debtor in the formulation of a plan of reorganization, and in taking the necessary steps in this Court to obtain confirmation of such plan of reorganization; and (h) work with the creditors to try and achieve a consensual plan of reorganization. Mr. Lyon will receive an hourly rate of $545, and an hourly rate of $125 to $225 is for legal assistants. Frank B. Lyon does not believe he represents any interest adverse to the Debtor as Debtor-in-possession or its estate, and that his employment would be in the best interest of this estate. To the best of Debtor's knowledge, he has no connections with the Debtor's creditors, the U.S. Trustee, any person employed by the Office of the U.S. Trustee, or any other party in interest or their respective attorneys, according to court filings. The firm can be reached at: Frank B. Lyon, Esq. LAW OFFICES OF FRANK B. LYON 3800 North Lamar Boulevard, Suite 200 Austin, TX 78763 Telephone: (512) 345-8964 Facsimile: (512) 697-0047 E-mail: frank@franklyon.com About Candy Sense Inc. Candy Sense Inc. is a Texas-based producer of branded confectionery products serving the restaurant, hospitality, corporate promotions, and consumer gift markets. The company manufactures personalized candy products, including mints, chocolates, lollipops, flavored hard candies, and promotional items with custom logos and printed messages, along with branded disposable cleansing wipes. Candy Sense Inc. sought relief under Chapter 11 of the U.S. Bankruptcy (Bankr. W.D. Tex. Case No. 26-11345) on July 15, 2026. In its petition, the Debtor reports assets of more than $1.7 million and debts exceeding $3.6 million. Honorable Bankruptcy Judge Shad M. Robinson handles the case. The Debtor is represented by Frank B. Lyon, Esq. of Frank B. Lyon, Attorney. CARE ONE: Court Extends Cash Collateral Access to August 19 ----------------------------------------------------------- Care One Home Health Services, Inc. received seventh interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through August 19 according to an approved budget covering July 16 to August 19. The Debtor is not allowed to make payments outside the listed expenses without written consent from secured lender Byzfunder or further court approval. The Debtor projects total operational expenses of $136,811.52. Byzfunder holds a blanket lien on the Debtor's assets securing at least $93,000 in debt, with Specialty Capital, LLC as a subordinate lienholder. As adequate protection, Byzfunder and Specialty Capital will be granted replacement liens on substantially all assets of the Debtor, with the same priority and extent as their pre-petition liens. These liens maintain the same priority and validity as the lenders pre-petition liens. The order also required the Debtor to maintain insurance coverage, preserve and properly manage collateral, and allow the secured lender access to books, records, and collateral. The next hearing is scheduled for August 18. The order is available at https://shorturl.at/a2RrW from PacerMonitor.com. About Care One Home Health Services Inc. Care One Home Health Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01443) on January 27, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. CARROLL CREEK: Claims to be Paid from Available Cash & Income ------------------------------------------------------------- Carroll Creek Whiskey, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan dated July 13, 2026. The Debtor is a Maryland Limited Liability Company which distills and sells liquor, direct to consumers and through various markets. The Debtor has all licenses and insurance required to conduct its business. The Debtor was registered under the laws of the State of Maryland in 2015. In recent years there has been a decline in alcohol consumption, particularly in jurisdictions that have legalized the use of cannabis. This unexpected decline in sales rendered the Debtor unable to pay the lease for their distilling operation, secured debt, and operating expenses. Unable to continue its business under these circumstances, the Debtor filed for relief under Chapter 11 of the Bankruptcy Code. The Plan provides for payment of administrative expenses, priority claims, and secured creditors in full or in part, either in cash or in deferred cash payments, unless otherwise agreed to or set forth in this Plan, and provides for payments to unsecured creditors in an amount equal to or greater than they would receive in the event of a Chapter 7 liquidation. Funds for implementation of the Plan will be derived from the Debtor's income from the operations of its business. Class F consists of General Unsecured Claims. In accordance with the provisions of Section 1191(d) of the Bankruptcy Code, this class shall be paid, pro rata, all of the Debtor's Disposable Income for the duration of the 60-month Plan. This class is impaired. Funds for implementation of the Plan will be derived from the Debtor's business income and cash on hand or, for certain secured claims, proceeds from sales of secured property. The Debtor can afford to make the payments herein because its existing cash on hand and receivables equals the amount to be distributed and shows the ability to make the payments required herein. The Debtor shall retain the Assets of the estate (except as otherwise provided in this Plan) and shall therewith operate its business and pay ordinary business and operating expenses while paying creditors the amounts set forth in this Plan. Consistent with the provisions of this Plan and subject to any releases provided for herein, the Debtor reserves the right to begin or continue any adversary proceeding permitted under the Code and Rules to Collect any debts, as to pursue its claims in any court of competent jurisdiction. A full-text copy of the Subchapter V Plan dated July 13, 2026 is available at https://urlcurt.com/u?l=fWlZ34 from PacerMonitor.com at no charge. Counsel to the Debtor: David E. Cahn, Esq. LAW OFFICE OF DAVID CAHN, LLC 129-10 W. Patrick Street Frederick, MD 21701 Telephone: (301) 799-8072 Facsimile: (877) 862-5426 E-mail: cahnd@cahnlawoffice.com About Carroll Creek Whisky LLC Carroll Creek Whisky, LLC, doing business as Tenth Ward Distilling Company, is a woman-owned distillery based in Frederick, Maryland, founded in 2016 in the historic Tenth Ward district. The Company produces a range of spirits, including Absinthe Nouvelle, Genever Gin, Maryland Rye Whiskey, and Smoked Bourbon, as well as seasonal liqueurs and canned cocktails, with its whiskey distilled in-house using locally sourced grains. Tenth Ward Distilling also operates a cocktail bar and tasting room, hosts events in its Whiskey Hall venue, and distributes its products through retail and offsite events. Carroll Creek Whisky, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10931) on January 29, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. No judge is identified in the employment application or related docket information provided. Law Office of David Cahn, LLC, serves as the Debtor's legal counsel. CASHCALL INC: Secures Court OK to Tap About $4MM DIP Financing -------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that CashCall Inc. won interim approval Friday to access nearly $4 million in debtor-in-possession financing after a California bankruptcy judge concluded the funding was necessary to support the company's Chapter 11 restructuring. The financing is being provided by an entity affiliated with the debtor's chief executive officer. CashCall told the court that the debtor-in-possession loan is essential to maintaining operations and preserving value while it restructures under Chapter 11. The interim approval enables the company to fund operating expenses and continue business activities pending a final financing hearing. The Chapter 11 filing allows CashCall to continue operating while addressing its outstanding liabilities. The company will return to court to seek final approval of the financing package as the bankruptcy case moves forward, according to report. About CashCall Inc. CashCall Inc. is a California-based fintech and consumer finance company that provides online lending products, including personal loans and installment financing. Founded in 2003, the company became a prominent online lender but later faced extensive regulatory enforcement actions and litigation concerning its lending operations. CashCall Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 26-03102) on July 20, 2026. In its petition, the Debtor reports assets of $1 million to $10 million against liabilities ranging from $100 million to $500 million. Honorable Bankruptcy Judge J Barrett Marum handles the case. The Debtor is represented by Patrick L. DuBois, Esq. of Manatt, Phelps & Phillips. CERA TILE: Court OKs Interim Use of Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York entered a third amended interim order allowing Cera Tile, Inc. to continue using cash collateral. The order extended the Debtor's authority to use cash collateral through August 11, with the consent of its secured lenders. As a condition of continued cash collateral use, the Debtor agreed to provide adequate protection payments to its secured creditors. Live Oak Banking Company will receive monthly payments of $7,500, while Gulf Coast Bank & Trust Company will receive monthly payments of $2,500. In exchange for these payments, Live Oak and Gulf Coast consented to the Debtor's ongoing interim use of their cash collateral. The creditors' consent was provided without waiving any of their rights or claims in the bankruptcy case. All creditor protections established under the original interim order remain in effect. The only modification is the replacement of prior budgets with updated monthly budgets. About Cera Tile Inc. Cera Tile, Inc. is a privately owned wholesale tile distribution company headquartered in Middletown, New York. The firm sources and distributes ceramic, porcelain, and design-oriented tile products through partnerships with international manufacturers, supplying a range of contemporary flooring and wall tiles to retail partners across the residential and commercial building sectors. Cera Tile operates from a substantial distribution center and focuses on timely fulfillment and trend-driven product offerings for its wholesale customer base. Cera Tile sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-35243) on March 8, 2026, with up to $50,000 in assets and up to $50 million in liabilities. Steven Wecera, president of Cera Tile, signed the petition. Judge Kyu Young Paek oversees the case. Michael D. Pinsky, Esq., at the Law Office of Michael D. Pinsky, P.C., represents the Debtor as legal counsel. CERTIFIED ROOFING: Daniel Etlinger Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Daniel Etlinger of Underwood Murray, P.A. as Subchapter V trustee for Certified Roofing Solutions LLC. Mr. Etlinger will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Etlinger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel E. Etlinger Underwood Murray, P.A. 100 N. Tampa Street, Suite 2325 Tampa Florida 33602 (813) 540-8401 Email: detlinger@underwoodmurray.com About Certified Roofing Solutions LLC Certified Roofing Solutions, LLC is a Lynn Haven, Florida-based roofing contractor specializing in residential roofing services. It 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 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. 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., at Michael H. Moody Law P.A. CITY HILLS: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: City Hills Inc. 14856 Magnolia Blvd Sherman Oaks, CA 91403 Business Description: City Hills Inc., based in West Covina, California, owns and operates a gas station and convenience store property at 709 N. Sunset Ave. Chapter 11 Petition Date: July 16, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11524 Judge: Hon. Martin R Barash Debtor's Counsel: Michael D. Kwasigroch, Esq. LAW OFFICES OF MICHAEL D. KWASIGROCH 1975 Royal Ave #4 Simi Valley, CA 93065 Tel: 805-522-1800 Fax: 805-293-8665 Email: atorneyforlife@aol.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sergey Vershinin as board member. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KQNJ74Q/City_Hills_Inc__cacbke-26-11524__0001.0.pdf?mcid=tGE4TAMA CITY VIEW: Case Summary & Four Unsecured Creditors -------------------------------------------------- Debtor: City View Plaza LLC 327 W 8th Ave., Suite 100 Spokane, WA 99204 Business Description: City View Plaza LLC is engaged in activities related to real estate. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-01460 Debtor's Counsel: Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway Suite 1400 Portland, OR 97205 Tel: 503-227-1111 Email: dricks@sussmanshank.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $50,000 to $100,000 The petition was signed by Keith Scribner as authorized signatory. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6JW3ZIA/City_View_Plaza_LLC__waebke-26-01460__0001.0.pdf?mcid=tGE4TAMA CLUB HOLDCO: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has assigned first-time 'B' Long-Term Issuer Default Ratings (IDRs) to Cub Holdco LLC and Cub Financing Intermediate LLC (dba, Great Gray Trust Company; "Great Gray"). The Rating Outlook is Stable. Fitch has also assigned the company's senior secured term loan, delayed-draw term loan (DDTL), and revolving credit facility 'B+' ratings with Recovery Ratings of 'RR3'. The ratings are supported by Great Gray's highly recurring revenues, strong profitability, solid FCF generation, and comfortable liquidity position. The rating is constrained by Great Gray's moderately high leverage and small scale of operations. Fitch rates Great Gray relative to other business services companies and believes the company is well positioned at the 'B' IDR. Key Rating Drivers Small Scale of Operations: Great Gray operates at limited scale against larger, better-capitalized rivals across both in-house providers and outsourced administrators in the wealth and asset management ecosystem. The company was carved out of M&T Bank and has grown organically and through acquisitions. Fitch views the scale constraint as partly offset by a defensible position in collective investment trusts (CITs), a product Fitch considers structurally advantaged over competing vehicles. Moderate Leverage Metrics: Fitch forecasts EBITDA leverage (gross debt/EBITDA) of 5.0x in 2026, falling to 4.0x in 2027 on EBITDA growth. The decline stems from cash flow growth, driven by a combination of net inflows and AUM growth, which Fitch views as a more durable path to lower leverage. EBITDA interest coverage holds at 3.2x in both years, leaving adequate headroom over fixed charges. Fitch expects FCF margins of 12% through the rating horizon. At that level, Great Gray can fund debt reduction from its own cash flow, should it choose to reduce debt. This internal funding capacity underpins the forecast deleveraging and limits reliance on refinancing markets. Stable Or Growing End Markets: Great Gray serves the U.S. retirement market, which Fitch views as having attractive secular growth prospects over the near and long term. Fitch expects industry revenues to more than double over the next five years, driven by rising private-asset allocations, favorable demographics and continued outsourcing of fund administration. Growing fund complexity, tighter regulatory oversight, fund-borne fees and high technology capital requirements should reinforce these outsourcing trends. Revenue Visibility And FCF: The fund-administration industry benefits from high client and revenue retention. Operational complexity makes switching administrators difficult, and the long lifespan of private funds produces highly recurring revenue. Fitch therefore expects Great Gray to deliver stable operating performance through the rating horizon. A simple, fee-based pricing model supports strong cash generation, with FCF conversion consistently in the 90% to 95% range. Some Concentration Among Customers, Mix: Great Gray has a fairly diversified, blue-chip client base across financial services, including advisors, asset managers, recordkeepers, and TPAs. All of its business is concentrated in the CIT administration services space but is partially mitigated by the breadth of the company's relationships across the retirement ecosystem. New contracts from fund administrators and replacement conversions should support revenue over the rating horizon. Great Gray also offers a broad range of CIT products across investment strategies and subadvisors. Peer Analysis Great Gray's ratings are supported by strong recurring revenue, solid profitability and positive cash flow generation. Fitch rates Great Gray's relative to other services peers including PEX Holdings LLC (Gen II; B+/Stable) and Boost Parent, LP (B/Stable). Gen II is independent private equity fund administrator servicing closed-end funds with a focus on PE, real estate, infrastructure, and fund of funds. Boost is a market leader in data and analytics solutions for the automotive industry, with high market share and brand awareness among industry participants. Both Gen II and Boost operate with a highly recurring revenue business model, similar to Great Gray. However, Great Gray's leverage is projected to be lower versus Boost over the ratings horizon although relatively similar to PEX. Fitch’s Key Rating-Case Assumptions - Organic revenue growth in the mid-teens range in 2026 and beyond; - EBITDA margins relatively stable in the high-40% range through the forecast; - No M&A assumed in forecast but Fitch projects a dividend distribution from DDTL draw in 2029; - Debt unchanged from original issuance amount with the exception of 1% debt amortization per year; - Floating rate debt assumes secured overnight financing rate (SOFR) of 3.75% from 2026-2028. 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 ('b', Higher), diversification and asset quality ('bb', Moderate), company operational characteristics ('bbb+', Moderate), profitability ('bbb+', Lower), financial structure ('b-', Higher), and financial flexibility ('b+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'b'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. Recovery Analysis For entities rated 'B+' and below, where the risk of default is higher and recovery prospects are more significant to investors, Fitch conducts a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV), (ii) estimating creditor claims, and (iii) distribution of value. Fitch assumes that Great Gray would emerge from a default scenario under a going concern approach rather than liquidation. The key assumptions used in the recovery analysis are as follows: - The revolver is fully drawn; - DDTL is fully drawn - 10% administrative claims; - Fitch estimates a going concern EBITDA of approximately $70 million, which is meaningfully below current run-rate EBITDA. This lower level of EBITDA reflects the possibility of competitive and company-specific pressures that lead to a material decrease in EBITDA; - Fitch assumes a 6.5x multiple, which is validated by historic public company trading multiples, industry M&A, and past reorganization multiples Fitch has seen across various industries; - The waterfall analysis generates a recovery estimate corresponding to a Recovery Rating of 'RR3' and an instrument rating of 'B+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 6.0x on a sustained basis driven by decrease in AUA, significant debt-funded acquisitions or other changes in financial policies; - Interest coverage below 2.5x; - CFO-Capex/ Debt sustained below 2.5%; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Scale: Sustained EBITDA of more than $175 million; - Significant improvement in operating fundamentals reflected by growth of revenue and EBITDA; - EBITDA leverage sustained below 5.0x; - CFO-Capex/debt improves to above 5%. Liquidity and Debt Structure Fitch believes Great Gray's liquidity is sufficient and should enable it to invest for growth while also providing sufficient downside protection for the rating category. Fitch expects the company's liquidity will be supported by stable and positive cash generation in the business, availability on its revolver and its cash balances. Great Gray's capital structure is expected to consist of first-lien senior secured revolver, term loans and DDTL. Pro forma for the pending debt transaction, its first-lien senior secured debt will include (i) a $100 million revolver maturing in 2031, (ii) a $500 million term loan maturing in 2033 and (iii) a $50 million DDTL maturing in 2033. The term loan and DDTL are expected to amortize at 1% per year. Issuer Profile Great Gray is a leading, retirement distribution and solutions platform serving advisors, asset managers, recordkeepers, and TPAs across the U.S. retirement ecosystem. The Nevada based company was founded in 2023 as a carve out from M&T Bank and is owned by Madison Dearborn Partners. Date of Relevant Committee 10-Jul-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Cub Financing Intermediate, 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 ----------- ------ -------- Cub Holdco, LLC LT IDR B New Rating Cub Financing Intermediate, LLC LT IDR B New Rating senior secured LT B+ New Rating RR3 USD 500 mln term loan LT B+ New Rating RR3 USD 100 mln revolving credit facility LT B+ New Rating RR3 USD 50 mln delayed draw term loan LT B+ New Rating RR3 CORNERSTONE EQUITIES: Case Summary & Four Unsecured Creditors ------------------------------------------------------------- Debtor: Cornerstone Equities LLC 327 W 8th Ave Suite 100 Spokane, WA 99204 Business Description: Cornerstone Equities LLC is engaged in activities related to real estate, with its principal assets located at 1101 N. Division St. in Spokane, Washington. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-01459 Debtor's Counsel: Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway Suite 1400 Portland, OR 97205 Tel: 503-227-1111 Email: dricks@sussmanshank.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Keith Schribner as authorized representative. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6PDIQ6Y/Cornerstone_Equities_LLC__waebke-26-01459__0001.0.pdf?mcid=tGE4TAMA CRAFT CONSTRUCTION: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The Craft Construction Company, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division to continue using cash collateral. Under the interim order, the Debtor is authorized to use cash collateral only in accordance with its revised three-month budget, which includes U.S. Trustee fees, with permitted budget variances of 5% for non-project expenses, 10% for direct project costs, and 10% overall. The Debtor's primary assets include accounts receivable, retainage, change-order proceeds, equipment, and approximately $293,000 in Truist Bank accounts. Its operations rely on progress payments from construction contracts, many bonded by Berkley Insurance Company, which also claims rights to contract proceeds under indemnity agreements, a funds control agreement, and a payment direction letter. Truist Bank and Berkley claim security interests in substantially all of the Debtor's assets, including accounts, equipment, and contract proceeds, though Berkley also asserts an ownership interest in certain bonded contract revenues. Under the interim order, both creditors will receive replacement liens and a potential superpriority administrative claim if the replacement liens prove insufficient to protect against any decline in collateral value. Additional safeguards include insurance coverage, monthly actual-to-budget reporting and compliance with reporting and operational requirements. The order preserves all parties' rights to dispute the validity, priority, ownership, or extent of the secured creditors' liens and expressly states that no findings are made regarding Berkley's asserted ownership interests or other pre-petition claims. Events of default include unauthorized use of cash collateral, conversion or dismissal of the Debtor's Chapter 11 case, trustee appointment, or business cessation. Upon default, the Debtor's authority to use cash collateral may terminate after three business days' notice unless further court approval is obtained. A final hearing is scheduled for September 29, with objections due by September 27. About Craft Construction Company Craft Construction Company is a privately held construction company headquartered in Pompano Beach, Florida. The company provides construction management, design-build, general contracting, pre-construction consulting, new construction, and renovation services. It serves commercial, industrial, and institutional markets, including commercial office, clubhouse, multifamily, and hospitality projects. Craft Construction Company filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15967) on May 7, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Barry Craft as managing member. Judge Peter D Russin presides over the case. Zach B. Shelomith, Esq. at SHELOMITH LAW serves as the Debtor's counsel. CRESCENT CITY: Plan Confirmation Hearing Continued to Aug. 5 ------------------------------------------------------------ Judge Meredith S. Grabill of the U.S. Bankruptcy Court for the Eastern District of Louisiana ordered that the hearing to consider the First Amended Plan of Reorganization of Crescent City Meat Co Inc. is continued from July 14 to Aug. 5, 2026. As shared by the Troubled Company Reporter, Plan proposes to pay creditors of the Debtor from the Debtor's future disposable income. The Liquidation Analysis reveals that in a Chapter 7 unsecured creditors would receive a pro rata portion of $4,642.00. In this Case, the Debtor will pay the Convenience Class Unsecured Creditors in full and reinstate the original loan contracts with General Unsecured Creditor Home Bank. Class 4 consists of Convenience Class of General Unsecured Claims with Claims of Less than $20,000.00. The Convenience Class creditors consist of general unsecured claimants with claims totaling less than $20,000.00. This includes Proof of Claim No. 1 of the Ford deficiency for $9,050.00; the TD Auto deficiency claim of $4,206.00; the LDR unsecured Proof of Claim No. 2 for $1,843.00; Euler Hermes Claim No. 11 for $3,744.00, the American Express Claim No. 13 for $12,056.00 and the IRS unsecured claim of $15,645.00 (Proof of Claim No. 14). Additionally, the Debtor listed as undisputed three creditors with claims totaling $14,187.00, which creditors did not file proofs of claim.3 The total Claimants in this Class are $60,731.00. The Class 4 Claimants shall be paid 100% of outstanding claims (for a total dollar distribution of $60,731.00) in two equal lump sum payments made within the first 24 months of the Plan. The First Payment of $30,365.50 will be made 12 months after the Effective Date from the Debtor's disposable income. The Second Lump Sum Payment will be made in Plan month 24 for $30,365.50 from the Debtor's disposable income. Debtor will act as its own disbursement agent. Class 5 consists of General Unsecured Claims With Claims Exceeding $20,000.00 (Home Bank Secured Claim). This Class consists of the four commercial unsecured Proofs of Claim filed in this case by Home Bank, which claims total $1,027,047.04. Home Bank has a cross-collateralized interest in the meat processing plant (the "Plant") and the Hanford's personal residence (the "Home"). The Plant and the Home are owned individually by the Hanfords, although the Debtor is the borrower on the commercial loans. As to the four commercial loans secured by the Plant and/or upon which the Home was pledged as security for commercial loans to Crescent City Meat, these four loans shall be rolled into a single obligation and Home Bank shall be entitled to add interest to the loan balance by virtue of its oversecured status. A full-text copy of the First Amended Plan dated June 17, 2026 is available at https://urlcurt.com/u?l=B6Hsjl from PacerMonitor.com at no charge. Counsel for the Debtor: Robin R. De Leo, Esq. The De Leo Law Firm, LLC 800 Ramon St. Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 E-mail: lisa@northshoreattorney.com A copy of the Court's Order dated July 13, 2026, is available at https://urlcurt.com/u?l=nzKCZc from PacerMonitor.com. About Crescent City Meat Co Inc. Crescent City Meat Co Inc. is a meat processing company based in Metairie, Louisiana, specializing in Cajun-style sausages and boudin. The Company offers products made from pork, crawfish, shrimp, and alligator, and operates under USDA inspection. Founded in 1985, it serves retail and wholesale customers in the region. Crescent City Meat Co Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11178) on June 10, 2025. In its petition, the Debtor reported total assets of $1,993,006 and total liabilities of $1,479,338. The Debtors are represented by Robin R. De Leo, Esq. at THE DE LEO LAW FIRM, LLC. DATA443 RISK: Hires Adviser for Proposed De-SPAC Deal ----------------------------------------------------- Data443 Risk Mitigation, Inc., entered into an 18-month financial-services agreement with Margaret Z. Holdings Ltd. in connection with its proposed business combination with Four Leaf Acquisition Corp., according to a regulatory filing. Margaret would receive a $1 million promissory note payable within 90 days after closing, 1.2 million shares of the combined public company and a retention bonus equal to 25% of the trust amount retained at closing, subject to listing, revenue and cash conditions. The agreement also provides for a nominee to receive 1.5 million Four Leaf shares on behalf of Data443 founder and CEO Jason Remillard, with the net sale proceeds payable to Remillard or his designee and calls for 3 million super-voting Class B preferred shares to be issued to him or his designee. The note would bear 15% annual interest upon default and, if unpaid after 12 months, could be converted at 80% of a 20-day volume-weighted average price preceding the conversion date, subject to a floor and a 19.99% ownership cap. The note will not be issued if the proposed combination is not completed. About Data443 Risk Mitigation, Inc. Data443 Risk Mitigation, Inc. provides data-security and privacy-management software for enterprise and cloud environments. The Research Triangle Park, North Carolina-based company serves more than 10,000 private-sector and government customers across financial services, health care, manufacturing and other industries, helping them protect data and comply with privacy requirements. In an audit report dated April 15, 2026, HTL International, LLC included a going-concern paragraph, citing recurring operating losses, negative working capital and a stockholders' deficit. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Data443 Risk Mitigation had total assets of $5.45 million, total liabilities of $20.56 million and a stockholders' deficit of $15.11 million. DATA443 RISK: Takes On $2M Payment for FORL-XYDD Deal Termination ----------------------------------------------------------------- Data443 Risk Mitigation, Inc. agreed to issue a $2 million promissory note to Guangzhou Xiaoyu DiDa Technology Co. Ltd. as compensation related to the termination of Four Leaf Acquisition Corp.'s earlier business combination agreement with Guangzhou Xiaoyu DiDa, according to a regulatory filing. The termination allowed Four Leaf to pursue a proposed combination with Data443. The note is payable in two $1 million installments, due within 90 and 120 days after the Data443 transaction closes. An overdue installment would bear 15% annual interest, and any balance unpaid after 12 months could be converted into shares of the combined public company at 80% of a 20-day volume-weighted average price preceding the conversion date, subject to a floor and a 19.99% ownership cap. The agreement also allocates 1.8 million shares of the combined company to S.SHUN Holdings Ltd. for previous finder services. About Data443 Risk Mitigation, Inc. Data443 Risk Mitigation, Inc. provides data-security and privacy-management software for enterprise and cloud environments. The Research Triangle Park, North Carolina-based company serves more than 10,000 private-sector and government customers across financial services, health care, manufacturing and other industries, helping them protect data and comply with privacy requirements. In an audit report dated April 15, 2026, HTL International, LLC included a going-concern paragraph, citing recurring operating losses, negative working capital and a stockholders' deficit. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Data443 Risk Mitigation had total assets of $5.45 million, total liabilities of $20.56 million and a stockholders' deficit of $15.11 million. DESIGN MOVES: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Design Moves, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, for authority to use cash collateral and provide adequate protection. The Debtor operates from Oakland Park, Florida, providing marketing, SEO, and related business services, and argues that authorization to use cash collateral is necessary to preserve the value of the bankruptcy estate and maximize the prospects of a successful reorganization. The Debtor identifies three creditors that may hold security interests in the Debtor's cash and other assets through previously filed UCC-1 financing statements. TD Bank, N.A. filed a UCC-1 financing statement on December 11, 2019; the U.S. Small Business Administration filed a similar financing statement on May 29, 2020; and Newtek Small Business Finance, LLC filed one on January 14, 2021. According to the Debtor, each financing statement grants the respective creditor a security interest in substantially all of Design Moves LLC's tangible and intangible personal property. While acknowledging these recorded liens, the Debtor carefully notes that these creditors "may" have valid liens on its cash collateral and seeks authorization to use the collateral only to the extent such liens are ultimately determined to exist. As adequate protection for the secured creditors, Design Moves LLC proposes granting TD Bank, the SBA, and Newtek Small Business Finance replacement liens under 11 U.S.C. Section 361(2). These replacement liens would extend to the same property covered by each creditor's prepetition security agreement and would remain in effect on an interim basis until the court conducts an interim hearing on the matter. A court hearing is scheduled for August 5. A copy of the motion is available at https://urlcurt.com/u?l=XJTPFz from PacerMonitor.com. About Design Moves LLC Design Moves LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17625) on June 10, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Scott M. Grossman presides over the case. Winston I. Cuenant, Esq., at Cuenant & Pennington PA represents the Debtor as legal counsel. DIAMOND AUTO: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On July 21, 2026, Diamond Auto Spa NY LLC filed for Chapter 11 Small Business protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to between one and 49 creditors. A meeting of creditors filed by Office of the United States Trustee under Section 341(a) to be held on August 24, 2026 at 11:00 AM at Zoomgov - Sussman: Zoom.us/join, Meeting ID 165 704 87664, Passcode 8637233185, Phone 1 202 810-2172. Chapter 11 Small Business Plan and Disclosure Statement are due by Jan. 19, 2027. About Diamond Auto Spa NY LLC Diamond Auto Spa NY LLC is a Brooklyn, New York-based automotive detailing and car wash services provider. The company operates a vehicle detailing facility at 1932 McDonald Avenue in Brooklyn, offering services that include exterior car washes, interior cleaning, paint protection and full-service vehicle detailing. Diamond Auto Spa NY LLC sought relief under Chapter 11 Small Business of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43477) on July 21, 2026. In its petition, the debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. The Honorable Elizabeth S. Stong is overseeing the case. The debtor is represented by Alla Kachan, Esq., of Law Offices of Alla Kachan P.C. DILLING PA: Claims to be Paid from Disposable Income ---------------------------------------------------- Dilling PA, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization for Small Business under Subchapter V dated July 13, 2026. The Debtor is a HVAC company. Debtor's principal purchased the business from his former business partners. Those former partners failed to disclose the amount of unsecured debt prior to the current principal's purchase of the business. It is the Debtor's position than none of the unsecured debt is the responsibility of the current business. Debtor wishes to clear out the unsecured debt to get a fresh start as the new owner of the company. The Debtor has significant income from seasonal jobs. Debtor's slowest months are September, October, April and May. The Debtor believes this proposed Plan of Reorganization is fair and equitable based on the Debtor's projected disposable income and thus, entirely feasible. The Debtor shows pursuant to the projected earnings that it will have enough cash over the life of the Plan to make the required Plan payments and operate the debtor's business. Therefore, the Plan is feasible. The final Plan payment is expected to be paid in 2031. This Plan of Reorganization proposes to pay unsecured creditors and administrative claims from it monthly disposable income. Class 3 consists of Non-priority unsecured creditors. Paid prorata based on Debtor's Monthly Disposable Income. This Class is impaired. The Debtor will fund the Plan from the income from its regular fome income. About Dilling PA LLC Dilling PA, LLC, an HVAC company, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11548) on April 13, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M. Mayer presides over the case. Maggie S. Soboleski, Esq., is the Debtor's legal counsel. DISCOUNT WAREHOUSES: To Hire Simen Figura as Legal Counsel ---------------------------------------------------------- Discount Warehouses, LP seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Simen, Figura & Parker, PLC to serve as legal counsel. The firm will provide these services: (a) assist the Debtor in connection with aspects of this Chapter 11 case; (b) represent the Debtor in this proceeding pursuant to 11 U.S.C. Sec. 327(a) of the Bankruptcy Code; and (c) provide other legal services as may be necessary in connection with the Chapter 11 proceeding. SFP was paid $10,000 for services to be rendered in this Chapter 11 proceeding, a portion of which was charged prior to the filing for pre-petition work and for the filing fee. Peter T. Mooney will charge an hourly rate of $295, subject to Court approval and periodic adjustment. Other attorneys at SFP may perform work in connection with this case, but their rates are anticipated to be equal to or less than $295. Simen, Figura & Parker, PLC is a "disinterested person" within the meaning of Sec. 101(14) and § 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached at: Peter T. Mooney, Esq. SIMEN, FIGURA & PARKER, P.L.C. 5206 Gateway Centre Ste 200 Flint, MI 48507 Telephone: (810) 235-9000 E-mail: pmooney@plaw.com About Discount Warehouses LP Discount Warehouses, LP sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-31510) on June 26, 2026. In the petition signed by Barty Cohen, partner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Joel D. Applebaum oversees the case. Peter T. Mooney, Esq., at Simen, Figura & Parker, PLC, represents the Debtor as legal counsel. DIVISION STREET: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: Division Street Square LLC 327 W 8th Ave Suite 100 Spokane, WA 99204 Business Description: Division Street Square LLC is engaged in real estate activities, with its principal assets located at 3609 N. Division St. in Spokane, Washington. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-01454 Debtor's Counsel: Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Tel: 503-227-1111 Email: dricks@sussmanshank.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Keith Scribner as authorized representative. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZTEDN5I/Division_Street_Square_LLC__waebke-26-01454__0001.0.pdf?mcid=tGE4TAMA DRY CLEANERS: Gets Interim OK to Use Cash Collateral Until Aug. 6 ----------------------------------------------------------------- Dry Cleaners America, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The court entered a preliminary order authorizing the Debtor to use cash collateral through August 6 to pay quarterly U.S. Trustee fees and other court-approved expenses, and current operating expenses outlined in its budget. The Debtor may exceed individual budget line items by up to 10%, while any additional expenditures require the written approval of the U.S. Small Business Administration. The Debtor projects total operational expenses of $220,512.24 for the period from June to September. The SBA will be granted adequate protection through a perfected post-petition replacement lien on cash collateral, with the same validity and priority as its pre-petition lien without requiring additional documentation. The Debtor must also maintain insurance coverage on its collateral in accordance with the loan and security agreements and continue performing all obligations required of a debtor-in-possession under the Bankruptcy Code and court orders. The order preserves the rights of all parties by allowing future requests for modified adequate protection or additional restrictions on the use of cash collateral. It also protects the rights of any creditors' committee appointed by the U.S. Trustee to challenge the validity, priority, or extent of liens on the cash collateral. The order is available at http://bankrupt.com/misc/DryCleaners_ICCOrder21.pdf A continued preliminary hearing is scheduled for August 6. About Dry Cleaners America Inc. Dry Cleaners America, Inc. is an Orlando, Florida-based dry-cleaning and garment-care business that provides personal cleaning services from its location at 1310 Edgewater Drive. Dry Cleaners America sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04635) on June 22, 2026, with $44,621 in assets and $1,005,520 in liabilities. Aziz Hussein, president, director, and treasurer, signed the petition. Judge Tiffany P. Geyer oversees the case. Jeffrey S. Ainsworth, Esq., at Branson Ainsworth, PLLC presides over the case. EAGLE LOGISTICS: Seeks Subchapter V Bankruptcy in New Jersey ------------------------------------------------------------ On July 21, 2026, Eagle Logistics, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports estimated liabilities between $1 million and $10 million, owed to 1 to 49 creditors, with estimated assets of $0 to $50,000. About Eagle Logistics, LLC Eagle Logistics, LLC is a Wayne, New Jersey-based general freight trucking company specializing in long-distance truckload transportation. The company operates a dedicated United States Postal Service (USPS) team lane between Jacksonville, Florida, and Jersey City, New Jersey, utilizing a fleet of 2024 or newer trucks. It also maintains a satisfactory safety rating from the Federal Motor Carrier Safety Administration (FMCSA). Eagle Logistics, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-18291) on July 21, 2026. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. Honorable Stacey L. Meisel handles the case. The Debtor is represented by Brian Gregory Hannon, Esq. of Law Office of Norgaard O'Boyle. ECHOSTAR CORP: Judge OKs Additional Chapter 11 Deadline Extension ----------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Thursday, July 23, 2026, approved another delay in the Chapter 11 proceedings involving EchoStar Corp.'s video distribution and wireless subsidiaries, including Dish Wireless LLC, citing the unsecured creditors' committee's request for additional time to conduct its investigation. The court concluded that the committee should have the opportunity to complete its review before the cases proceed to the next phase. Creditors have argued that more information is needed to evaluate the proposed restructuring and safeguard the interests of unsecured claimants, the report states. As a result, key deadlines in the bankruptcy cases have been extended while negotiations and investigative efforts continue. The ruling gives the parties more time to resolve outstanding issues before the court considers the next steps in the Chapter 11 process, according to report. About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of March 31, 2026, the Company had $41.38 billion in total assets and $35.7 billion in total liabilities, and total stockholders' equity of $5.68 billion. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' Company credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. ECO-ALPHA ENVIRONMENTAL: Has Deal on Cash Collateral Access ----------------------------------------------------------- Eco-Alpha Environmental and Engineering Services, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to continue using cash collateral in accordance with a third stipulation with its secured creditors, the U.S. Small Business Administration and Marble Bridge Funding Group, Inc. The parties agreed to extend the Debtor's authority to use cash collateral through November 30, 2026, while continuing its Chapter 11 reorganization. The Debtor obtained interim approval to use cash collateral shortly after filing its bankruptcy petition, with the court granting interim relief on May 5, 2026, and final approval on June 5, 2026, authorizing the use of cash collateral through July 31, 2026. During that period, the Debtor states it complied with all obligations under the existing order, including making all required adequate protection payments to the SBA through June 2026. The Debtor further asserts that, based on the value of its assets and the priority of existing liens, it believes Marble Bridge and the SBA are the only creditors holding secured claims against its tangible and intangible personal property constituting cash collateral, while any junior lienholders are effectively unsecured. Under the proposed third stipulation, the Debtor would be authorized to continue using cash collateral from August 1 through November 30, 2026, solely to fund the ordinary and necessary operating expenses identified in its projected monthly cash flow budget. The Debtor also agrees to continue performing its obligations under its Receivables Purchase Agreement with Marble Bridge. As part of the adequate protection package, the Debtor will continue making monthly payments of $731 to the SBA, due by the 15th of each month, with payments submitted through the SBA's designated channels. The stipulation clarifies that any monthly billing statements sent by the SBA are informational only and will not violate the automatic stay. The agreement also provides significant protections for the secured creditors. Marble Bridge and the SBA will receive replacement liens on post-petition collateral to the extent their cash collateral is actually used, but those liens will be limited to the same validity, priority, and amount as their respective prepetition liens. The Debtor will maintain a debtor-in-possession bank account and segregate all revenues exceeding the amounts necessary to satisfy the approved operating budget. Additionally, the Debtor agrees to maintain insurance on the collateral in accordance with the underlying loan documents and provide proof of coverage within seven days of any written request. A hearing on the matter is set for August 4, at 1 p.m. A copy of the motion is available at https://urlcurt.com/u?l=v4VCmv from PacerMontior.com. About Eco-Alpha Environmental and Engineering Services Eco-Alpha Environmental and Engineering Services is a firm specializing in environmental consulting and engineering solutions, typically providing services such as site assessments, remediation, and compliance support. Eco-Alpha Environmental and Engineering Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14197) on April 29, 2026. In its petition, the debtor reports estimated assets of up to $1 million and estimated liabilities of up to $10 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Matthew D. Resnik, Esq. of RHM Law LLP. ELEVATE MARKETING: Robert Eggmann Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 10 appointed Robert Eggmann as Subchapter V trustee for Elevate Marketing Solutions, LLC. Mr. Eggmann will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Eggmann declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert E. Eggmann P.O. Box 168 Columbia, IL 62236 Telephone: (314) 854-8600 Email: reetrustee@carmodymacdonald.com About Elevate Marketing Solutions LLC Elevate Marketing Solutions LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 26-70681) on July 17, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Mary P. Gorman presides over the case. Sumner A. Bourne, Esq., at Rafool & Bourne P.C. represents the Debtor as legal counsel. ELIAS & COMPANY: Unsecureds Will Get 100% of Claims over 60 Months ------------------------------------------------------------------ Elias & Company Management, Inc. filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated July 13, 2026. The Debtor operates a temporary staffing service to provide labor to companies in the light industrial sector, i.e. manufacturing, warehousing, and distribution. The Debtor is a California corporation incorporated on April 13, 2015. Elias Enciso holds 94.44% of the shares and is the Chairman of the Board of the Debtor. Eduardo Galindo holds 5.56% of the shares and is the Executive Vice President, Secretary and Chief Financial Officer of the Debtor. Since 2023, the Debtor has incurred significant losses from declining revenue, increased operational and legal expenses, loss of clients to lower-cost competitors, and rising internal labor costs. In response, the Debtor closed four underperforming locations in Rialto, Gardena, Downey, and most recently, Riverside. The Debtor attempted to negotiate an early termination of the Riverside office lease in April 2025 but was unable to do so. As a result, the Debtor was required to pay the landlord’s attorney’s fees and continued making lease payments through the end of the term on April 1, 2026. Nonetheless, the closure of these four offices allowed for a reduction in workforce and the implementation of operational efficiencies. Despite these actions, the company faces ongoing legal liabilities, including four Private Attorneys General Act ("PAGA") claims, a default judgment, and a wrongful termination lawsuit. The litigation continues to strain its financial resources. The Debtor has a single secured claim being treated in Class 1, consisting of Gulf Coast Bank & Company. The Debtor believes there is no longer a prepetition claim, and it will continue to perform under the underlying agreement. The Debtor will pay the general unsecured class (Class 3) in full over 60 months, from the Debtor’s disposable income. Class 3 consists of General Unsecured Claims. This Class shall receive a monthly payment of $1,411.82 for 60 months from October 2026 (est.) to September 2031 (est.). This Class will receive a distribution of $84,709.38 or 100% of their allowed claims. In the present case, the Debtor estimates that general unsecured debts total approximately $84,709.38. However, this Class excludes Proofs of Claim Nos. 1, 5 and 6 as the Debtor intends to object to those claims. If the objections are not sustained, Class 3 claimants will receive their pro rata share of $84,709.38 Upon entry of the discharge, the remainder of the Debtor's unsecured debts will be discharged or will be "as soon as practicable after completion by the debtor of the plan payments" if the Plan is confirmed nonconsensually. Class 4 consists of Equity Interest holders. Shareholders will retain stock. The Debtor will fund the Plan from the operation of its business and the funds that it has/will have accumulated in its DIP bank accounts. The Debtor also intends to grow conservatively to maximize its net profit margins, and it believes that these efforts will increase the Debtor's profit margins to the benefit of the estate and its creditors. A full-text copy of the Plan of Reorganization dated July 13, 2026 is available at https://urlcurt.com/u?l=FO6fkt from PacerMonitor.com at no charge. Counsel to the Debtor: Roksana D. Moradi-Brovia, Esq. W. Sloan Youkstetter, Esq. RHM Law LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 Email: roksana@RHMFirm.com About Elias & Company Management Inc. Elias & Company Management, Inc. is a business management and administrative services provider based in California. The company specializes in supporting corporate clients with operational oversight and organizational management functions. Elias & Company Management, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12850) on April 13, 2026. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by James Lee Tenner, Esq. of the Law Offices of James Tenner. Gulf Coast Bank and Trust Company, as secured creditor, is represented by Chad P. Morrow, Esq., at Sher Garner Cahill Richter Klein & Hilbert, LLC. FAMILY DOLLAR: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned first-time Long-Term Issuer Default Ratings of 'BB-' to 1959 Holdings, LLC and Family Dollar Stores, LLC (together Family Dollar). Fitch has also assigned a 'BB+' rating with a Recovery Rating of 'RR1' to the company's proposed $1.4 billion ABL and a 'BB+'/'RR2' rating to its proposed $400 million secured term loan. The Rating Outlook is Stable. The ratings reflect the company's reasonable position in the dollar store segment and positive FCF. Following a proposed debt financed dividend, Fitch expects Family Dollar's 2026 EBITDAR leverage to be about 3.1x on about $600 million of EBITDA. This forecast reflects significant upside from recent underperformance, but the company's turnaround plan has some execution risk. The rating considers the company's modest scale relative to massive general merchants, negligible e-commerce presence, modest comparable store sales (comps) forecast, and capital structure actions which support shareholder returns over deleveraging. Key Rating Drivers Dollar Tree Separation: Family Dollar, the third-largest U.S. dollar store chain behind Dollar General Corporation (Dollar General) and Dollar Tree, Inc. (Dollar Tree) separated from its prior parent Dollar Tree in July 2025 following a challenging 10-year ownership period which saw multiple shifts in operating strategy as the two businesses integrated. During that period, Family Dollar's revenue growth significantly lagged Dollar Tree, Dollar General and general merchandise peers. Per the company, EBITDA essentially halved to $400 million in 2024 from pre-acquisition 2014 despite about 20% revenue growth during that time to $12.8 billion. Per new owners Macellum Capital Management and Brigade Capital Management, EBITDA margin declines were the result of supply chain complexity and changes in merchandising strategies. These shifts caused excess and unwanted inventory that required aggressive markdowns to clear. Consequently, gross margins declined over 600bps from 2014 to 2024, yielding EBITDA margins declining to about 3.1% from about 7.3% prior to the acquisition. EBITDA Margin Potential: The company's new owners see an opportunity to expand EBITDA margins toward 8% by 2030 from the 3% recorded in 2024, which would more than double EBITDA from pre-acquisition levels. Improvements are focused on gross margins, where the company has identified opportunities to reduce inventory breadth and streamline supply chain. The company targets additional opportunities to improve results, including investing in its digital presence and sharpening its pricing position. The company has seen some early signs of success, with 100bps of EBITDA margin improvement in 2025 including actioned but unrealized cost savings. Fitch projects EBITDA margins could be around 5% in 2026 as the company continues to benefit from cost reduction, with EBITDA settling in the low-5% range thereafter. Assuming flattish revenue around $12.7 billion, this would generate EBITDA in the low-$600 million range in 2026 and in the mid-$600 million range by 2028. Somewhat Defensible Sector: The dollar store sector has remained somewhat resilient in the face of growth in competing sectors like discount superstores and warehouse clubs and shifts in consumer spending to omnichannel models. The dollar store's low-price position, low average ticket and focus on purchase immediacy create somewhat of a competitive moat against other channels. However, leading general merchants continue to evolve their models and improve value propositions, including sharper pricing and omnichannel features like expanding inventory collection options with faster fulfillment windows. These initiatives may create increased competitive headwinds for the dollar store sector. Limited Long-Term Growth: Fitch expects limited revenue growth in the medium term with annual comps near 1% and a stagnant store count near 6,950 after about 200 net store closures in 2026. The low growth reflects Fitch's view of increasing competition from behemoth general merchants and industry absorption of significant square footage growth from industry leader Dollar General Corporation and Dollar Tree, which together added about 13,000 stores over the past decade, leading to about 37,000 stores for the top three players. In addition, Family Dollar's negligible e-commerce exposure will restrict growth as Fitch expects e-commerce penetration to continue expanding. Dividend Recapitalization: The company has proposed a dividend recapitalization whereby $1.15 billion of new debt will be used to repay Family Dollar's existing $800 million of debt and fund a $320 million dividend to the financial sponsors. The sponsors have not contributed equity and have already taken a $100 million dividend this year, so the net outflow to sponsors will be roughly $420 million following this transaction. The company's willingness to use FCF and debt proceeds to support shareholder returns over deleveraging during the early stages of the company's turnaround phase is a constraint to the rating. Positive FCF: Fitch projects Family Dollar will generate annual FCF near $140 million beginning 2027, assuming EBITDA trending toward the mid-$600 million range, roughly $90 million in cash interest expense and $100 million in cash taxes, and about $290 million in annual capex. FCF after dividends in 2026 could be an outflow in the $400 million range, assuming about $420 million in sponsor dividends and heightened restructuring charges as the company implements its cost reduction actions. FCF could be used for strategic initiatives or further sponsor dividends. Fitch assumes no debt prepayment aside from required amortization. Reasonable Leverage; Weak Coverage: Fitch projects EBITDAR leverage will trend in the 3.0x-3.5x range beginning 2026, given its EBITDA assumptions and $1.15 billion of debt. While leverage is reasonable for the rating, Family Dollar's EBITDAR fixed charge coverage is weak, in the mid-1x range. The company's rent base of nearly $900 million well exceeds its EBITDA generation, pressuring its coverage of fixed obligations. Peer Analysis Fitch-rated general merchandisers include Walmart Inc. (AA/Stable) and Amazon.com, Inc. (AA-/Stable). Ratings for these retailers reflect their massive scale, fundamental competitive advantages, consistent share gains and EBITDA growth with leverage expected to be lower than that of Family Dollar. Regional grocery retailer Northeast Grocery, Inc. (B+/Stable) is rated one notch below Family Dollar given modestly higher EBITDAR leverage in the low-4x range and its smaller, more regionally concentrated business profile. A similarly rated retailer within Fitch's coverage is Wayfair Inc. (BB-/Stable), whose ratings reflect the company's strong historical growth, recent focus on EBITDA margin improvement, and debt reduction which have together led to EBITDAR leverage improving in recent years to below 4x. Fitch’s Key Rating-Case Assumptions Fitch projects Family Dollar's revenue to grow 1% longer term, on modestly positive comps and flattish store count. Revenue in 2026 could be down 2% to 3% to $12.7 billion as the company completes about 200 store closures, with 2028 modestly down as these closures annualize; EBITDA could improve from trough levels around $400 million in 2024 to the low-$600 million range in 2026 and to mid-$600 million by 2028 despite a stagnant topline as the company executes cost reduction efforts. Margins could improve from trough levels near 3% to the high-4% range in 2026 and the low-5% range thereafter; FCF beginning 2027 could be around $140 million, assuming about $90 million of cash interest expense and $100 million of cash taxes and close to $300 million of annual capex. FCF could be used for strategic alternatives or shareholder remuneration. Fitch does not expect proactive debt paydown beyond required annual amortization on the new term loan; EBITDAR leverage is expected to trend in the low-3x beginning 2026 given Fitch's operating assumptions and $1.15 billion of debt. EBITDAR fixed charge coverage could sustain near 1.5x; Family Dollar's interest rates are calculated on a SOFR base and Fitch assumes a SOFR base rate of 3.5% over the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Moderate), sector characteristics ('bb', Moderate), market and competitive positioning ('bb+', Lower), diversification and asset quality ('b+', Higher), company operational characteristics ('bb', Moderate), profitability ('b+', Moderate), financial structure ('bbb', Moderate), and financial flexibility ('bb-', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. Recovery Analysis Fitch does not employ a waterfall recovery analysis for issuers' assigned ratings in the 'BB' category. The further up the speculative grade continuum a rating moves, the more compressed the notching between the specific classes of issuances becomes. Fitch rates Family Dollar's proposed secured ABL facility at 'BB+'/'RR1', indicating outstanding recovery prospects. Family Dollar's proposed term loan is rated 'BB+'/'RR2', indicating average recovery prospects. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade could result from weaker-than-expected operating results and/or capital structure actions, including debt-financed sponsor dividends, which results in EBITDAR leverage trending above 3.5x and EBITDAR fixed charge coverage to low-1x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade could result from EBITDA growth alongside debt reduction that causes EBITDAR leverage to trend under 3x with EBITDAR fixed-charge coverage trending toward 2x. Liquidity and Debt Structure As of Jan. 31, 2026, Family Dollar's liquidity included $360 million of cash and $1.1 billion of availability on its $1.4 billion ABL, net of $300 million in outstanding borrowings and about $100 million in letters of credit. Aside from ABL borrowings, the company's capital structure as of that date included $400 million in FILO term loans due July 2030. The company is proposing a dividend recapitalization whereby $1.15 billion of new debt would repay the company's existing $800 million of debt and fund a $320 million dividend to the company's financial sponsors. The transaction includes a $300 million draw on a new five-year $1.4 billion ABL which will replace the existing ABL, $400 million five-year term loans and other secured debt. The ABL, which is issued by Family Dollar Stores, LLC, is governed by a borrowing base including inventory and receivables. Issuer Profile Family Dollar is a leading U.S. value retailer with nearly $13 billion in sales across about 7,200 stores, primarily located in the eastern half of the country. Summary of Financial Adjustments Fitch adjusted historical and projected EBITDA to add back non-cash stock-based compensation and exclude non-recurring charges. Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt. Date of Relevant Committee 01 July 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for 1959 Holdings, 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 ----------- ------ -------- Family Dollar Stores, LLC LT IDR BB- New Rating senior secured LT BB+ New Rating RR1 senior secured LT BB+ New Rating RR2 1959 Holdings, LLC LT IDR BB- New Rating FINCH THERAPEUTICS: Gets Conditional Okay for Ch.11 Plan Disclosure ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge granted conditional approval Friday, July 24, 2026, to the disclosure statement supporting Finch Therapeutics Group Inc.'s Chapter 11 plan, authorizing the biotech company to solicit votes from creditors. The decision advances the bankruptcy case into the plan voting stage. The disclosure statement outlines the information creditors need to assess the proposed Chapter 11 plan before casting their ballots. Conditional approval reflects the court's finding that the document is adequate for solicitation purposes, while leaving final approval to the plan confirmation process, the report states. The company will now distribute voting materials to eligible creditors before seeking confirmation of its reorganization plan at a future hearing. Successful confirmation would allow Finch Therapeutics to implement the restructuring contemplated under the Chapter 11 case, according to report. About Finch Therapeutics Inc. Finch Therapeutics Inc. is a company developing microbiome-based health treatments. Finch Therapeutics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr D. Del. 26-10410) on March 22, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Aaron Bach, Esq. and Robert Alan Weber, Esq., of Chipman Brown Cicero & Cole, LLP. FINME LLC: Seeks Approval to Hire Geri Lyons Chase as Counsel ------------------------------------------------------------- FINME, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Geri Lyons Chase, Esq. of Law Office of Geri Lyons Chase to serve as legal counsel. The firm will provide these services: (a) give Debtor legal advice with respect to its powers and duties as Debtor and Debtor-in-Possession in the continued management of its property and operation of its affairs; (b) prepare on behalf of Debtor necessary complaints, applications, answers, orders, reports, schedules, statement of financial affairs and other legal papers; (c) take the necessary steps to stay any action by creditors seeking liens, attachments, or other advantages by legal process or nonjudicial process; (d) negotiate and prepare a Plan of Reorganization; and (e) perform all other legal services for the Debtors. Geri Lyons Chase, Esq. will receive $400 per hour for services performed. The Debtor has paid counsel the sum of $10,000, which includes the filing fee of $1,738. This amount was used for services performed prior to the commencement of this case. Geri Lyons Chase, Esq. has no connection with the Debtor, the creditors, any other party in interest, their respective attorneys and accountants, the United States Trustee, or any person employed by the Office of the United States Trustee. She represents no interest adverse to the Debtor or the estate in the matters upon which she is engaged, according to court filings. The firm can be reached at: Geri Lyons Chase, Esq. LAW OFFICE OF GERI LYONS CHASE 2007 Tidewater Colony Drive, Suite 2B Annapolis, MD 21401 Telephone: (410) 573-9004 E-mail: gchase@glchaselaw.com About FINME, LLC FINME, LLC sought protection under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. MD. Case No. 26-17924) on July 22, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1,000,001 and $10 million. The Law Office of Geri Lyons Chase serves as debtor's legal counsel. FINTHRIVE SOFTWARE: S&P Downgrades ICR to 'CCC-', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on FinThrive Software Intermediate Holdings Inc. to 'CCC-' from 'CCC+'. S&P said, "We also lowered our issue-level rating on its $150 million revolver and $837 million first-out superpriority term loan to 'CCC-' from 'B', our issue-level rating on the $734 million second-out superpriority term loan to 'C' from 'CCC', and our issue-level rating on its third- and fourth-out superpriority term loans to 'C' from 'CCC-'. "We also lowered the issue level ratings on second-lien term loan to 'C' from 'CCC-.' "The negative outlook reflects our view that FinThrive will continue to burn cash over the next six months, increasing the likelihood of liquidity constraints, a debt exchange, or a restructuring that we view as tantamount to a default under our criteria." The company is vulnerable to nonpayment of its debt obligations and dependent upon favorable business, financial, and economic conditions or a cash injection from its financial sponsor to meet its obligations. "FinThrive's has faced prolonged free operating cash flow (FOCF) deficits, which we expect will continue for all of 2026 and 2027 given their operational underperformance and high interest burden. "Ongoing cash flow deficits and weaker liquidity have increased the risk of a default. In our view, the deficits are eroding liquidity, increasing the risk of a default, in our view. EBITDA has been declining for several years from a lack of revenue growth and worsening margins since 2022. "We expect liquidity to deteriorate further. We have revised our liquidity assessment to less than adequate. The company is highly dependent on its revolving credit facility (RCF) to fund its operations. The company's liquidity as of March 31, 2026, consisted of about $10 million cash and $72 million available on its $150 million revolver. Given the very high cash interest burden, weak business prospects, and our expectation for ongoing significant cash flow deficits, we believe the company will pursue a distressed exchange within the next six months. "Business prospects are unlikely to improve financial performance enough to make this capital structure sustainable. FinThrive has not generated any growth for several years, and we don't see any indication that will change. We expect pressure on operating performance through 2026; first-quarter 2026 revenue was only $97 million, representing a 10.5% year-over-year decline driven by delays in onboarding new bookings, elevated customer churn, and same-store revenue declines. "While the company has continued to secure new customer wins and implement cost-reduction initiatives, we believe these measures will be insufficient to generate enough improvement to erase sizeable cash flow deficits. With leverage of about 30x, EBITDA to interest of 0.3x, and ongoing cash flow deficits, it's highly unlikely FinThrive can meet its financial commitments absent an unforeseen positive development. "The negative outlook reflects our view that there is elevated risk that FinThrive will undertake a restructuring transaction or distressed exchange in the next six month due to its weak operating performance and deteriorating cash flow measures. "We could lower our ratings on FinThrive if we believe a default or distressed debt exchange is imminent." S&P could raise our ratings on FinThrive if it no longer believes a default or distressed exchange is likely in the next six months. This could occur if: -- Its financial sponsor provides the company with financial support, improving liquidity; or -- Operating performance jumps and cash flow prospects improve over the next 12 months. FIRST BRANDS: Ch. 11 Plan Renews Battle Over Admin Expense Claims ----------------------------------------------------------------- Alex Wittenberg of Law360 reports that a wave of objections to First Brands Group LLC's Chapter 11 plan has reignited debate over the company's proposal to use future litigation proceeds to pay certain administrative expense claims. Creditors argue that the plan relies too heavily on uncertain litigation recoveries to satisfy obligations that typically receive priority payment. The challengers assert that the proposed structure could delay or reduce payments to administrative claimants if the litigation does not generate the expected proceeds. They maintain that the Bankruptcy Code generally requires greater certainty for the treatment of administrative expenses and have asked the court to reject the proposal in its current form, the report relays. First Brands has defended the plan, arguing that the litigation trust provides a viable path for resolving claims while preserving estate resources. The bankruptcy court is expected to consider the objections during confirmation proceedings as it determines whether the proposed restructuring can be approved, according to report. About First Brands Group First Brands Group, LLC, is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on Sept. 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FREEDOM MORTGAGE: Fitch Assigns BB-(EXP) Rating on Sr. Unsec Notes ------------------------------------------------------------------ Fitch Ratings has assigned an expected 'BB-(EXP)' debt rating to Freedom Mortgage Holdings LLC's proposed senior unsecured notes. The amount, coupon and maturity will be determined at the time of issuance. Key Rating Drivers Debt Rating Equalized with IDR: The expected rating is equalized with the ratings of Freedom Holdings' existing senior unsecured debt, as the new notes are expected to rank pari passu with the outstanding senior unsecured notes. The senior unsecured debt rating is equalized with Freedom Holdings' 'BB-' Long-Term Issuer Default Rating (IDR), reflecting average recovery prospects in a stress scenario due to the unsecured funding mix and availability of unencumbered assets. Leverage Neutral: Fitch does not anticipate a material impact to the company's leverage profile, as the proceeds from the issuance will be used to repay existing senior secured debt. Freedom Holdings' corporate leverage (unsecured debt and MSR funding lines to tangible equity) was 2.0x at 1Q26. Fitch expects corporate leverage to decline toward management's long-term 1.5x target over the Outlook horizon, given tangible equity accretion through retained earnings. Established Mortgage Franchise: The rating affirmation reflects Freedom's established franchise in the U.S. residential mortgage space, historical track record through various cycles, strong market position within the government lending channel, experienced senior management, and a sufficiently robust and integrated technology platform. Highly Cyclical Mortgage Industry: The ratings are constrained by Freedom's corporate leverage, which remains above its 1.5x target. Other constraints include the highly cyclical mortgage origination business, MSR valuation exposure and above-average exposure to Ginnie Mae (GNMA) loans, which have higher advancing needs and greater regulatory scrutiny than conventional loans, which could pressure earnings because of heightened compliance standards. The ratings are further constrained by key person risk related to its founder and CEO Stanley Middleman, who sets the tone, vision and strategy. Stable Outlook: The Stable Outlook reflects Fitch's expectation that corporate debt to tangible equity will decline below 1.5x over the next 12 months. Fitch also expects Freedom to maintain sufficient liquidity and reserves for potential margin calls, servicing advance needs and indemnification activity, and adequate access to warehouse funding for origination growth as rates decline. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Corporate debt to tangible equity sustained above 2.0x; - A sustained increase in gross leverage above 5.0x; - A sustained decline in unsecured funding below 15% of total debt; - Inability to refinance secured funding facilities and/or insufficient liquidity to manage servicing advances or to meet margin call requirements; - Substantial fines that negatively impact Freedom's franchise or operating performance; - Lack of appropriate staffing and resource levels relative to growth in the servicing portfolio; - An abrupt departure of founder and CEO, Stanley Middleman. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained reduction in gross leverage below 3.0x; - A sustained reduction in corporate leverage at or below 1.0x; - Growth of the business that enhances the franchise and platform scale; - Improved earnings consistency; - Improvement in the funding profile, including an extension of funding duration and/or an increase in the proportion of committed funding and the maintenance of unsecured debt above 25% of total debt; - A stronger liquidity profile, evidenced by a substantial increase in the percentage of liquidity sources (cash and available borrowing capacity) to total debt sustained above 25%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Freedom's expected unsecured debt rating reflects Fitch's expectation for average recovery prospects in a stressed scenario given the unsecured funding mix and sufficient unencumbered assets available to noteholders. Freedom Holdings' debtholders benefit from an upstream guarantee provided by Freedom Mortgage to satisfy ongoing payment obligations, as well as a guarantee from Freedom Mortgage Parent LLC (Freedom Parent; not rated), the ultimate parent and managing member of Freedom Holdings. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected unsecured debt rating is primarily sensitive to changes in Freedom Holdings and Freedom Mortgage's Long-Term IDRs and would be expected to move in tandem. However, a material decline in unencumbered assets and/or an increase in the proportion of secured funding could result in a widening of the notching between the Long-Term IDRs and the unsecured notes. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS Freedom Mortgage is a wholly owned subsidiary of Freedom Holdings, and its IDR is equalized with the Long-Term IDR of the holding company. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES Freedom Mortgage's IDR is primarily sensitive to changes in Freedom Holdings' IDR and would be 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 Asset Quality score has been assigned below the implied score due to the following adjustment reason: Non-loan exposures (negative); - The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Earnings stability (negative); - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). Date of Relevant Committee 10 December 2025 ESG Considerations Freedom has an ESG Relevance Score of '4' for Governance Structure due to elevated key man risk related to its founder and CEO, Stanley Middleman, who sets the tone, vision, and strategy for the company. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Freedom has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy and Data Security, due to its exposure to compliance risks that include fair lending practices, debt collection practices and consumer data protection, which has a negative impact on the credit profile and is relevant to the rating 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 ----------- ------ Freedom Mortgage Holdings LLC senior unsecured LT BB-(EXP) Expected Rating GAINESVILLE HOSPITAL: Moody's Assigns 'Ba2' Issuer Rating --------------------------------------------------------- Moody's Ratings has assigned a Ba2 issuer rating to Gainesville Hospital District, TX, and confirmed the district's Baa2 general obligation limited tax (GOLT) bond rating. The rating action concludes the review initiated on May 28, 2026, for a direction uncertain and reflects the application of Moody's updated Not-for-Profit Healthcare rating methodology. The outlook is stable. The district had approximately $30.7 million of outstanding debt as of fiscal year-end 2025. RATINGS RATIONALE The Ba2 issuer rating reflects Gainesville Hospital District's small scale and rural operating environment, balanced by a dominant local market position with limited competition, stable financial performance supported by ad valorem tax revenues, and a collaborative operating model with Community Hospital Corporation (CHC), which leases and operates the district's patient care operations. The rating also incorporates moderate leverage, adequate unrestricted liquidity of 120 days cash on hand, and reliance on a joint venture structure that introduces counterparty and contractual risks. The district's financial profile has improved materially since its exit from bankruptcy in late 2018, reflecting a restructured operating model and a sustained trend of positive operations under CHC's management. Though the district's lease and operating agreements with CHC expire in 2028, which is sooner than final debt maturity in 2037, they are subject to automatic renewal, which partly mitigates this risk. The Baa2 GOLT rating reflects the district's rural but growing tax base, with an A economic base assessment, and a dedicated tax levy that supports operations and debt service with substantial headroom under the current levy. RATING OUTLOOK The stable outlook reflects expectations that the operating relationship between the district and Community Hospital Corporation (CHC) will remain stable supporting continued solid operating performance and manageable leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained trend of increased unrestricted liquidity along with a significant reduction in leverage -- Expansion of programs, or increased funding which lead to higher margins and additional revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Termination of lease and operating agreements leading to a decline in operational performance. -- Material decline in liquidity PROFILE The district, doing business as North Texas Medical Center (NTMC), is a 60-bed acute care hospital in Gainesville, Texas. Effective December 01, 2018, the district entered into lease and operating agreements as part of a joint venture that transferred management and operations of the hospital to Community Hospital Corporation (CHC) and Gainesville Community Hospital, Inc. (GCH). CHC and the district are the sole members of GCH, a Texas nonprofit corporation. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in May 2026. GOLDENPEAKS POLAND: Cleared to Send Ch. 11 Plan for Creditor Vote ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Friday, July 24, 2026, a Texas bankruptcy court permitted GoldenPeaks Poland to send its proposed Chapter 11 reorganization plan to creditors for voting, while advising the company that further proof would be needed to support confirmation of the plan. According to the court, the disclosure statement provides creditors with enough information to cast informed votes, but several substantive issues remain unresolved. The judge said the debtor must address those matters with additional evidence before the court will consider confirming the restructuring. GoldenPeaks Poland is a developer of utility-scale solar farms that sought Chapter 11 protection to reorganize its financial affairs. The creditor voting process marks the next stage of the bankruptcy case as the company works toward completing its restructuring, the report states. About GoldenPeaks Poland LLC GoldenPeaks Poland LLC is a European renewable energy developer. GoldenPeaks Poland LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90558) on May 29, 2026. In its petition, the Debtor reports assets between $1 billion and $10 billion and liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Benjamin Lawrence Wallen, Esq. of Pachulski Stang Ziehl & Jones LLP. GOLF SERVICES: Plan Confirmation Hearing Scheduled for Sept. 1 -------------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware conditionally approved the Golf Services Wind Down, LLC's Combined Plan and Disclosure Statement. The Confirmation Hearing shall be held on September 1, 2026 at 10:00 a.m. (prevailing Eastern Time). Objections to the final approval of the adequacy of the disclosures in the Combined Plan and Disclosure Statement and/or confirmation thereof, if any, must: (a) be in writing; (b) be filed with the Court no later than 4:00 p.m. (prevailing Eastern Time) on August 20, 2026. The Voting Record Date shall be July 17, 2026. The Voting Deadline shall be August 17, 2026 at 5:00 p.m. (prevailing Eastern Time). A copy of the Court's Order dated July 16, 2026, is available at https://urlcurt.com/u?l=KurIUc from Pacermonitor.com. As shared by the Troubled Company Reporter, Golf Services Wind Down, LLC f/k/a GBI Services, LLC filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Joint Plan of Liquidation dated July 2, 2026. Nicklaus Companies directly or indirectly owns or controls 100% of the equity in all other Debtors. Nicklaus Companies was originally formed through the acquisition of the business assets of GBI and NF Dynasty. Nicklaus Companies was founded in May 2007 when Jack W. Nicklaus transferred his golf course design, golf equipment manufacturing, licensing, marketing, and promotional businesses, including intellectual property rights, Mr. Nicklaus' name, image, and likeness, as well as various trademarks and copyrights, to Nicklaus Companies in a transaction financed by a $145 million loan from the Prepetition Junior Term Loan Lender (the "May 2007 Transaction"). The Debtors filed for chapter 11 protection on November 21, 2025, immediately following the entry of the orders denying the Company's post-trial motions in the Florida Action, to avoid, among other things, the filing of a judgment lien that would have led to enforcement on the Debtors' assets. The chapter 11 filing provided the Debtors with the protection of the automatic stay and the opportunity to pursue a value-maximizing sale or restructuring transaction for the benefit of all stakeholders, while preserving the Company's more than 30 employees and contractors and the ongoing business operations. After designation of the Stalking Horse Bidder, the Debtors received two additional bids for the Debtors' core business assets: (i) a bid from 20 Majors with a purchase price of $30,000,000, which bid was supported by Mr. Nicklaus, and (ii) a bid from the Prepetition Junior Term Loan Lender, which was supported by a credit bid by the DIP Lender. In accordance with the Bidding Procedures, the Debtors designated Iconix, 20 Majors, and the Prepetition Junior Term Loan Lender as Qualified Bidders on February 22, 2026. On February 27, 2026, 20 Majors submitted its final bid, with a purchase price of $35,700,000 in cash, $700,000 of which may be satisfied, at the Debtors' election, in whole or in part, through the assumption of certain liabilities. The bid was supported by Mr. Nicklaus and Mr. Milstein and their respective affiliates, and provided for (i) Mr. Nicklaus' agreement to waive and release all of his claims against the Debtors' Estates, asserted in an amount of approximately $57 million, and (ii) the Prepetition Junior Term Loan Lender's agreement to waive its asserted security interests and over $225 million of its asserted claims against the Debtors' Estates. After reviewing the bids and evaluating the economic and noneconomic terms thereof, the Special Committee determined that the 20 Majors bid was the highest and best offer for the Debtors' assets (the "Successful Bid"). After finalizing definitive documentation in respect of the Successful Bid, on March 4, 2026, the Debtors declared such bid the Successful Bid, closed the Auction, and Filed the Notice of Successful Bidder. On March 9, 2026, the Bankruptcy Court entered the Order (I) Approving Asset Purchase Agreement, (II) Authorizing Sale of the Transferred Assets Free and Clear of Liens, Claims, Encumbrances and Other Interests, (III) Authorizing the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases in Connection Therewith, and (IV) Granting Related Relief (the "WholeCo Sale Order"), which approved the Debtors' sale of the Transferred Assets (as defined in the WholeCo Asset Purchase Agreement) to 20 Majors pursuant to the WholeCo Asset Purchase Agreement (the "WholeCo Sale"). Class 3A consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim has agreed to less favorable treatment of such Claim, each Holder of an Allowed General Unsecured Claim shall receive, (i) on the Effective Date, or as soon as reasonably practicable thereafter, or on the date such Claim becomes an Allowed General Unsecured Claim or as soon thereafter as is reasonably practicable, its Pro Rata share of Residual Cash on Hand and (ii) its Pro Rata share of the Residual Reserve Amount. The allowed unsecured claims total $296,000,000. This Class will receive a distribution of 1.5% of their allowed claims. This Class is impaired. Class 3B consists of all Convenience Claims. Except to the extent that a Holder of an Allowed Convenience Claim has agreed to less favorable treatment of such Claim, each such Holder of an Allowed Convenience Claim shall receive the lesser of (x) 5% of its Allowed Convenience Claim and (y) its Pro Rata share of the Convenience Class Cash Pool. The allowed unsecured claims total $1,500,000. This Class will receive a distribution of 5% of their allowed claims. Class 3B is Impaired. The Debtors reserve the right to modify the Combined Plan and Disclosure Statement, with the express written consent of PMP Nick, either before or after the Confirmation Date, to make nonmaterial mechanical changes to provide for the establishment of a liquidating trust and such liquidating trust would hold and wind down the Post-Effective Date Debtors, should the Debtors determine, in their discretion, that a liquidating trust would more efficiently wind down the Estates. The Plan Administrator shall also have the right to establish a liquidating trust after the Effective Date with Court approval. A full-text copy of the Combined Disclosure Statement and Joint Plan of Liquidation dated July 2, 2026 is available at https://urlcurt.com/u?l=CNYMP8 from Epiq Corporate Restructuring, LLC, claims agent. About GBI Services/Nicklaus Companies GBI Services, LLC's affiliate Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. Nicklaus operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. GBI Services and its affiliates including Nicklaus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12089) on November 21, 2025. In its petition, GBI Services, the lead debtor, reported estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The petitions were signed by Philip D. Cotton as chief executive officer. Honorable Bankruptcy Judge Craig T. Goldblatt handles the cases. The Debtors are represented by the law firms of Richards, Layton & Finger, P.A. and Weil Gotshal & Manges LLP. Alvarez & Marsal North America, LLC serves as financial and restructuring advisor while Cassel Salpeter & Co serves as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent. GOVASSIST LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Govassisst LLC Calle 1 Metro Officer Park 18 Suite 401 Guaynabo, PR 00968 Business Description: GovAssist LLC provides online visa, passport, immigration and travel-document assistance services from its leased office at Metro Office Park in Guaynabo, Puerto Rico. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-03377 Debtor's Counsel: Juan C Bigas, Esq. JUAN C. BIGAS LAW P.O. Box 7011 Ponce, PR 00732-7011 Tel: (787) 259-1000 Fax: (787) 842-4090 E-mail: cortequiebra@yahoo.com Total Assets: $1,052,987 Total Liabilities: $15,870,949 The petition was signed by Scott Jason Zuckerman as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MVMD6ZY/GOVASSIST_LLC__prbke-26-03377__0001.0.pdf?mcid=tGE4TAMA GOVASSIST LLC: Seeks Chapter 11 Bankruptcy in Puerto Rico --------------------------------------------------------- On July 22, 2026, GovAssist LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to the court filing, the debtor reports approximately $15.9 million in liabilities, approximately $1.1 million in assets, and states that no funds are expected to be available for distribution to unsecured creditors after payment of administrative expenses. The court set November 20, 2026, as the deadline for filing the Chapter 11 plan and disclosure statement. About GovAssist LLC GovAssist LLC is a Guaynabo, Puerto Rico-based provider of global travel and immigration consulting services. The company assists individuals with immigration documentation, visa-related services, passport applications and travel support through an online platform serving customers in multiple jurisdictions. GovAssist LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-03377) on July 22, 2026. In its petition, the debtor reported estimated assets of approximately $1.1 million and estimated liabilities of approximately $15.9 million. The Honorable U.S. Bankruptcy Judge assigned to the case has not yet been identified in the available court records. The debtor is represented by Juan Carlos Bigas Valedon, Esq., of Juan C. Bigas Law Office. GREEN BLUFF: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: Green Bluff Square LLC 327 W 8th Ave Suite 100 Spokane, WA 99204 Business Description: Green Bluff Square LLC is engaged in activities related to real estate, owning nine commercial lots identified as Parcel Nos. 37341.1620, 37341.1604, 37341.1606, 37341.1607, 37341.1608, 37341.1609 and 37341.1615 in Mead, Washington. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-01463 Debtor's Counsel: Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Tel: 503-227-1111 E-mail: dricks@sussmanshank.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Keith Scribner as authorized representative. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/64277SY/Green_Bluff_Square_LLC__waebke-26-01463__0001.0.pdf?mcid=tGE4TAMA GRUPO ANTOLIN: Wins Court OK to Protect US Assets ------------------------------------------------- Irene García Perez and Jonathan Randles of Bloomberg News report that Spanish automotive supplier Grupo Antolin-Irausa won interim protection for its U.S. assets on Wednesday, July 22, 2026, as it continues seeking recognition of the restructuring proceedings it launched in Spain last month. The relief is part of the company's Chapter 15 case aimed at coordinating its cross-border financial restructuring and preventing creditor actions while the Spanish process remains pending. U.S. Bankruptcy Judge Shireen Barday said she would grant the company's request to temporarily shield its U.S. assets by staying new litigation and collection efforts. According to court filings, the relief is necessary because Spain's courts are in their annual summer recess and are not expected to consider approving the restructuring plan until September or October, leaving the company vulnerable to creditor actions during the interim period. Grupo Antolin told the court that the restructuring has the support of an overwhelming majority of its financial creditors, including lenders holding the vast majority of the company's secured debt. The agreement contemplates extending debt maturities, restructuring existing obligations and providing new financing to strengthen liquidity while allowing the business to continue operating throughout the restructuring process, the report states. Headquartered in Burgos, Spain, Grupo Antolin-Irausa is one of the world's largest automotive interior suppliers, producing headliners, cockpit systems, door panels, lighting and electronic components for leading global automakers. The company operates manufacturing and engineering facilities across Europe, North America, Asia and South America and is seeking Chapter 15 recognition to ensure its restructuring is recognized and enforced in the United States, according to Bloomberg. 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. GULFPORT ENERGY: S&P Raises ICR to 'BB-', Outlook Stable -------------------------------------------------------- S&P Global Ratings upgraded oil and gas exploration and production (E&P) Gulfport Energy Corp. to 'BB-' from 'B+'. S&P said, "We also affirmed our issue-level rating on the company's senior unsecured notes at 'BB-'. The recovery rating is revised to '3' from '2' due to the recovery rating cap placed on unsecured debt under our assumption that the size and ranking of debt and nondebt claims will change prior to the hypothetical default. "The stable outlook reflects our expectation that stable production, natural gas prices and continued efficiency gains will support FFO to debt of at least 60% and debt to EBITDA of 1.5x or lower over the next 12 months." Gulfport has maintained a robust operational and financial performance track record, indicating that credit quality has improved. Operational discipline, a consistent hedging policy, and capital efficiencies should support stable EBITDA and free operating cash flow (FOCF) over the next 12 to 24 months. S&P expects Gulfport to sustain funds from operations (FFO) to debt of about 100% and debt to EBITDA of about 1x over the next 12 months, even with shareholder returns. Gulfport has improved its credit quality, demonstrating a robust operational and financial track record. Commodity prices have been supportive in recent years but simultaneously the company has sustained operational and capital discipline that has improved cash flows and driven lower leverage. As such, the company has achieved stable production, extended its inventory life and realized cost efficiencies that should support future cash generation. S&P views favorably Gulfport's all-in replacement ratio in 2025 was 185%, averaging 118% over the last three years. Gulfport has also added inventory in the Utica wet gas and dry gas windows, which will support high value production over time. S&P said, "We expect stable EBITDA of $950 million-$1 billion annually over the next 24 months based on Henry Hub gas prices of $3.50 per million Btu (mmBtu). This translates to debt to EBITDA of about 1x and FFO to debt of about 100%, even with our assumption of roughly $300 million of share repurchases per year. The company continues to target debt to EBITDA of about 1x and has used reserve-based lending (RBL) capacity to fund buybacks to maintain leverage at this level. "We believe M&A opportunities could drive leverage higher, but Gulfport has credit cushion. Gulfport has signaled part of its capital allocation will focus on acquisitions that would provide operating synergies, quality resource depth, and near-term development opportunities. Its currently strong credit metrics, low operating costs, and hedging program provide cushion to the rating from a potential increase in spending on organic or inorganic growth opportunities, even under modestly softer commodity prices. "After more than five years of steady organic growth, the company is shifting toward a more opportunistic acquisition focus. As such, mergers and acquisitions (M&A) could drive leverage temporarily higher. However, we would expect the company to prioritize debt reduction over share repurchases following any transaction to bring leverage back to levels appropriate for the rating. "Gulfport is achieving capital efficiencies, but we believe higher gas prices could drive higher spending. We expect $420 million of capex this year compared to $520 million in 2025, based on lower land acquisition spending of $30 million-$35 million. Over the near term, we expect the company to focus on maintaining production of 1 billion-1.1 billion cubic feet equivalent per day (bcfe/d) to prioritize FOCF. Flat production and drilling efficiencies that lower cycle times should continue to reduce capital intensity and boost cash generation. The company will transition to a 1-rig operation in the Utica (down from 2 rigs previously) for the rest of 2026 reflecting its priority to shareholder returns over production growth under the current weak gas price environment. "That said, we believe capital spending could increase over the next 12 months if gas prices improve towards our Henry Hub assumption of $3.50/mmBtu, compared to current 12-month strip of around $3.20/mmBtu. "The stable outlook reflects our expectation that stable production, gas prices and continued efficiency gains will support FFO to debt of at least 60% and debt to EBITDA of 1.5x or lower over the next 12 months." S&P could lower its ratings over the next 12 months if Gulfport's FFO to debt falls below 60% or debt to EBITDA over 2x for a sustained period. This could occur if: -- Debt-financed share repurchases are larger than we currently expect; or -- Natural gas prices decline below S&P's current price assumptions, and the company does not adjust capital spending or shareholder rewards accordingly. While S&P views it as unlikely over the next 12 months, it could raise its ratings if the company: -- Increases its production scale and reserve base to levels similar to higher rated peers, such as Range Resources, Ascent Resources and CNX Resources; and -- Sustains FFO to debt around 60% and adequate liquidity. GVO PARTNERS: Firstrust Bank Seeks Chapter 11 Trustee Appointment ----------------------------------------------------------------- Firstrust Bank filed a motion seeking the appointment of a Chapter 11 trustee to take over GVO Partners, LLC and affiliates' bankruptcy cases. Firstrust is a secured creditor of the Debtors, who, in 2023 and 2024, extended three loans to debtor, GVO Holdings Group LLC, in the aggregate amount of $10,850,000, and holds a first priority fully perfected security in all of the Debtors' assets. The creditor contends all of the four enumerated, and several unenumerated recognized by case law, factors under 1104(a)(1) are implicated by Debtors' and the controlling manager's conduct such that appointment of a Chapter 11 Trustee is warranted. First, the Debtors and Joseph Sciamanna, the Debtors' controlling manager, have been accused of fraud. As a first example, former medical professional employees of the Debtors and Mr. Sciamanna have alleged in court filings that Mr. Sciamanna stole the Debtors' employees' credentials to fraudulently self-prescribe weight loss medication to himself and family members. Second, the Debtors and Mr. Sciamanna have been credibly accused of gross mismanagement and incompetence that directly impacts the Debtors' ability to function as a medical service provider. Specifically, among other mismanagement, Mr. Sciamanna fired Schimpf in late 2025 in response to Schimpf's concerns about the toxic work environment that he was creating at the Debtors, which resulted in a separate EEOC complaint unrelated to his termination of Schimpf, and other illegal activity. Third, the Debtors and Mr. Sciamanna engaged in voidable transfers by entering into seven MCA Loans, including as late as May 27, 2026, less than a month before Debtors filed for Chapter 11 relief on June 16, 2026. Indeed, the very timing of the MCA Loans being entered into the months immediately prior to Debtors seeking this Chapter 11 relief underscores that they did not provide fair consideration as they expedited the insolvency and financial liquidity crisis of the Debtors. Fourth, as evidenced by the Debtors' and Mr. Sciamanna's propensity to terminate employees who try to prevent him from illegal activity and self-dealing, Mr. Sciamanna has shown a serious conflict of interest in that he places his interests, often personal at the expense of the Debtors' assets such as the self-prescribing medicine by forging employee credentials, between himself and the legitimate interests of the Debtors' estate and the creditors. Finally, though the Debtors' attorneys initially consented to Firstrust to set up meetings with parties potentially interested in purchasing the Debtors' businesses, Debtors' counsel eventually asked to be taken off all communications with the interested parties and indicated that the Debtors would no longer participate in meetings with the parties expressing interest in acquiring the Debtors' businesses or assets. Counsel to Firstrust Bank: Leslie B. Spoltore, Esq. Edmond M. George, Esq. Michael D. Vagnoni, Esq. OBERMAYER REBMANN MAXWELL & HIPPEL LLP 123 S. Justison Street, Suite 100 Wilmington, DE 19801 Telephone – (302) 238-6947 leslie.spoltore@obermayer.com edmond.george@obermayer.com michael.vagnoni@obermayer.com About GVO Partners LLC GVO Partners LLC is a healthcare-focused investment firm specializing in the medical aesthetics sector. The company partners with medical spas, cosmetic dermatology clinics, and plastic surgery practices, providing growth capital and operational support to help businesses scale and improve profitability. GVO Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10976) on June 16, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Thomas Joseph Francella, Jr., Esq. of Raines Feldman Littrell LLP. HAGO PACK: Seeks Subchapter V Bankruptcy in Pennsylvania -------------------------------------------------------- On July 21, 2026, Hago Pack Limited Liability Company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to between one and 49 creditors. Chapter 11 Subchapter V Plan is due by Oct. 19, 2026. The Statement of Corporate Ownership must be filed by Aug. 4, 2026. About Hago Pack Limited Liability Company Hago Pack Limited Liability Company is a Hatfield, Pennsylvania-based contract packaging and labeling services provider. The company operates a 200,000-square-foot facility specializing in industrial packaging for plastic pellets and powder resins, offering form-fill-seal packaging, palletizing, intralogistics services and rail-served distribution with capacity for up to 200 railcars. With more than 40 years of experience in the plastics industry, the company has established itself as a flexible packaging provider serving customers throughout the Northeast. Hago Pack Limited Liability Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-13058) on July 21, 2026. In its petition, the debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. The Honorable Ashely M. Chan is overseeing the case. The debtor is represented by Kevin D. McGowan Jr., Esq., of Silverang, Rosenzweig & Haltzman, LLC. HARLING INC: Court Extends Cash Collateral Access to Aug. 7 ----------------------------------------------------------- Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the Debtor to use cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through August 7. As protection from any diminution in the value of its collateral, Byline Bank will be granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof. This lien will have the same priority and extent as the bank's pre-bankruptcy lien. A further hearing is scheduled for August 4. The interim order is available at https://shorturl.at/Zj8YM from PacerMonitor.com. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1.05 million, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HEALTH DRIP: Unsecured Creditors to be Paid in Full in Plan ----------------------------------------------------------- Health Drip, LLC d/b/a Slimdown RX and WRX Management, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement in support of Amended and Consolidated Chapter 11 Plan dated July 13, 2026. Health Drip previously operated as an online weight loss clinic that prescribed and sourced a compounded weight loss injectable drug, tirzepatide, the active ingredient in Mounjaro(R) used to treat type 2 diabetes and Zepbound(R) to help facilitate weight loss. WRX operates as a management and consulting company which provides management, human resources, marketing, and accounting services to healthcare clinics throughout the United States, and previously provided such services to Health Drip. WRX also did not operate as a pharmacy. Instead, as part of the services it provided, WRX sourced orders for prescription medications prescribed by the clinics it managed through Ousia. Health Drip did not operate as a pharmacy. Instead, it contracted with Ousia Pharmacy Corporation, based in Florida, to fill prescriptions. Ousia held itself out as a "503a pharmacy" under the Federal Food Drug and Cosmetic Act ("FDCA"), i.e., a pharmacy that held a special sterile compounding permit ("SSCP") able to compound and dispense tirzepatide under the FDCA and other applicable laws and regulations. Unbeknownst to the Debtors, Ousia held only a Community Pharmacy License because its application for a SSCP, which it needed to become a 503a pharmacy, was denied. Fortunately, to the best of Health Drip's knowledge, none of the patients who received the prescription medications sourced through Ousia suffered any adverse health effects. However, a lawsuit was filed against Health Drip in Florida, and a formal inquiry was opened against Health Drip by a state attorney general, both relating to Health Drip's sourcing of prescription medication through Ousia. Health Drip's patients also began to dispute credit card charges, and Health Drip soon faced numerous credit card chargebacks. The total amount of chargebacks processed was approximately $519,412.60. On March 19, 2025, the Food and Drug Administration issued a rule restricting the use of the compounded weight loss drugs prescribed by Health Drip, making Health Drip's prior business model no longer viable. Although it no longer has any business operations, Health Drip seeks to reorganize for the purpose of pursuing claims and causes of action against Ousia and the former law firms that jointly and concurrently represented Ousia and Health Drip for the benefit of Health Drip's estate. Facing mounting financial losses due to credit card chargebacks and the FDA rulings, the Debtors filed their chapter 11 bankruptcy petitions. The Debtors maintain no medical records. The Debtors also have no physical location and do not operate any healthcare facilities. The Debtors are not in possession of any hazardous or harmful substances, such as prescription drugs, needles, or other medical tools/equipment. The Debtors are not in possession of any equipment. Class I consists of Health Drip General Unsecured Claims. The Class I Health Drip General Unsecured Claims are Impaired. Health Drip currently estimates the amount of General Unsecured Claims against the Health Drip Estate to be approximately $50,000 or less. The Health Drip Estate currently possesses claims and causes of action against third parties, including Ousia, Frier Levitt, and Buchanan Ingersoll: The Ousia Arbitration: On June 16, 2025, Health Drip initiated the Ousia Arbitration seeking damages against Ousia for breach of contract. The Ousia Arbitration remains ongoing. On April 22, 2026, the arbitrator entered an Order granting Health Drip's Dispositive Motion regarding [Ousia's] Lack of Licensure on April 22, 2026, in which the arbitrator founds that " [Ousia] did not attain in any form the [SSCP] required by Florida Law to prepare Sterile Compounded Tirzepatide" for Health Drip's patients' use and that Ousia's failure in this regard "constituted a material breach" of the agreement between Health Drip and Ousia. Health Drip and Ousia have agreed in principle to the terms of a proposed settlement (the "Ousia Settlement"). If ultimately executed and approved by the Bankruptcy Court, the Ousia Settlement would require Ousia to pay Health Drip the sum of $200,000 within sixty days of the Bankruptcy Court's approval of the settlement and requires Ousia to authorize the release of any remaining funds held in escrow by the American Health Law Association for the Ousia Arbitration (estimated to be approximately $10,000). If Ousia does not make the settlement payment, then the releases in the settlement agreement shall be void and the parties have the unconditional right to pursue the claims in the Ousia Arbitration. Ousia and Health Drip have agreed to the scheduling of a case management conference in the Ousia Arbitration within fourteen days if Ousia fails to make the settlement payment by the deadline in the Ousia Settlement at which time Health Drip will schedule a final hearing to determine Health Drip's damages resulting from Ousia's breach. Health Drip believes Ousia has sufficient assets to satisfy an arbitration award. Health Drip further believes that it has valid claims to pierce the corporate veil of Ousia under Florida law to pursue collection of an arbitration award against the principals of Ousia, Denise and Marc Schrade; however, Health Drip's ultimate ability to collect against Ousia and its principals remains uncertain. The Malpractice Claims: On April 10, 2026, Health Drip sent demand letters to Frier Levitt and Buchanan Ingersoll seeking damages in the amount of not less than $691,336 based on the breaches of their respective duties of loyalty and care to, and malpractice in their representation of, Health Drip. On May 8, 2026, Health Drip filed motions (the "2004 Motions") seeking the production of documents and the examination of a corporate representative of Frier Levitt and Buchanan Ingersoll under Fed. R. Bankr. P. 2004. The Court granted the 2004 Motions against Frier Levitt and Buchanan Ingersoll. Health Drip anticipates that it will file an adversary proceeding asserting claims against Frier Levitt, Buchanan Ingersoll, and certain attorneys associated with such firms (the "Malpractice Claims"), which are preserved in Article XII(A) of the Plan. The Reorganized Health Drip agrees to pursue the Ousia Arbitration, including taking efforts to collect on an arbitration award granted to Health Drip, and the Malpractice Claims to recover funds for the benefit of its Estate. The Net Litigation Recoveries will be paid to the Holders of Allowed General Unsecured Claims on the Distribution Date on a pro rata basis until the Holders of Health Drip's Allowed General Unsecured Claims have been paid in full with interest at the Plan Rate. Distributions on account of Allowed General Unsecured Claims will ultimately depend upon the amount of Net Litigation Recoveries received by Health Drip. Class I will receive a distribution of 0% to 100% of their allowed claims. Class II consists of WRX General Unsecured Claims. The Class II WRX General Unsecured Claims are Impaired. The Holders of WRX General Unsecured Claims are entitled to vote on the Plan. WRX currently estimates the amount of General Unsecured Claims against the WRX Estate to be approximately $1,500 or less. Except as otherwise agreed in writing or approved by the Bankruptcy Court, each Holder of an Allowed Class II WRX General Unsecured Claim shall receive the following treatment after the Effective Date: As of the filing of its most recent Monthly Operating Report, WRX was holding Cash in the amount of $134,374.93, which is more than enough to pay the estimated Allowed Administrative claims and Allowed WRX General Unsecured Claims on the Distribution Date. This Class will receive a distribution of 100% of their allowed claims. Class III consists of Equity Interests. The Equity Interests in Health Drip are owned by Dr. Brokish (50%) and Dr. Muniz (50%). The Equity Interest in WRX are owned 100% by TTP, which is wholly owned by Dr. Brokish (50%) and Dr. Muniz (50%). The Class III Equity Interests in each of the Debtors shall be retained by its respective owners. These Equity Interests are UNIMPAIRED and are deemed to have accepted the Plan. Health Drip shall fund its obligations under the Plan through Cash obtained from the following sources: (i) funds received from the Debtors' Equity Interest Holders as part of the Plan Settlement; (ii) funds received from Ousia or its principals based on the Ousia Settlement or the claims asserted in the Ousia Arbitration and/or any subsequent collection efforts relating thereto; and (iii) any litigation recoveries on account of the Malpractice Claims. WRX shall fund its obligations under the Plan through Cash on hand on the Effective Date. A full-text copy of the Disclosure Statement dated July 13, 2026 is available at https://urlcurt.com/u?l=NR2FrF from PacerMonitor.com at no charge. Counsel to the Debtors: Suzanne K. Rosen, Esq. Emily S. Chou, Esq. Mary Taylor Stanberry, Esq. Vartabedian Katz Hester & Haynes LLP 301 Commerce Street, Ste. 2200 Fort Worth, TX 76012 Tel: (817) 214-4990 Fax: (817) 877-4998 Email: suki.rosen@vkhh.com emily.chou@vkhh.com mary.stanberry@vkhh.com About Health Drip, PLLC d/b/a Slimdown RX Health Drip PLLC, d/b/a SlimdownRx, is a telehealth company dedicated to helping individuals achieve their weight loss goals through personalized guidance and expert advice. The Company provides access to medications like Tirzepatide and offers ongoing provider support to enhance the weight loss journey. Founded by physicians who have experienced their own weight management challenges, SlimDownRx focuses on making effective weight loss solutions more accessible to its clients. Health Drip PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41012) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by M. Jermaine Watson, Esq. at CANTEY HANGER, LLP. HOTEL CHARLOTTE: Scott Sackett Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 17 appointed Scott Sackett as Subchapter V trustee for Hotel Charlotte. Mr. Sacket will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott M. Sackett 4030 S. Land Park Dr., Suite C Sacramento, CA 95822 Phone: (916) 930-9900 Email: scott.sackett@efmt.com About Hotel Charlotte Hotel Charlotte sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-13301) on July 15, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge Jennifer E. Niemann presides over the case. Brian S. Haddix, Esq. represents the Debtor as legal counsel. HOWARD MIDSTREAM: Moody's Rates New Senior Unsecured Notes 'B1' --------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Howard Midstream Energy Partners, LLC's (Howard Midstream or HMEP) proposed offering of senior unsecured notes. Howard Midstream's existing ratings, including its Ba3 Corporate Family Rating, B1 existing senior unsecured notes ratings and stable outlook are unchanged. In late May, Howard Midstream completed the acquisition of the remaining 50% of Midship Holdings, LLC (Midship) and now owns all of Midship. Following this acquisition, the company received $200 million in equity contributions from its financial partners, and also repaid Midship debt using revolver borrowings. The company intends to use net proceeds from its proposed notes offering to repay most of its outstanding revolver borrowings. "Howard Midstream's notes issuance is opportunistically refinancing existing debt and improving financial flexibility," commented Amol Joshi, Moody's Ratings Vice President. RATINGS RATIONALE Howard Midstream's new notes are rated B1, one notch below the company's Ba3 CFR, reflecting the priority claim of its secured revolving credit facility. The company's new notes are pari passu with its existing unsecured notes, and the revolver's subsidiary guarantors also guarantee the notes on a senior unsecured basis. Howard Midstream's Ba3 CFR reflects its diversified asset base supported by contracted revenue, with a mix of natural gas pipelines, gathering and processing, liquids transportation and processing, and terminalling, storage and rail assets. These assets connect supply sources to attractive demand markets with a diverse customer base including producers, refiners and power generators. The company faces modest commodity price and volume risk affecting earnings, even as HMEP benefits from significant fee-based revenue with a supportive counterparty risk profile and strength of contracts underpinned by minimum contracted payments and acreage dedications providing cash flow and volume visibility. Howard Midstream's debt balances have increased to fund acquisitions and growth capital spending in 2024-26, including its increase in ownership of Catalyst Midstream Partners, LLC (Catalyst, unrated) in 2024 and its acquisition of Midship comprised of three transactions in 2025-26. These acquisitions and completed projects including the Port Arthur Terminal expansion are benefitting scale and earnings, and should lead to improving leverage metrics over time. The company's credit profile is tempered by its growing yet moderate scale and the inherent risks associated with discretionary yet potentially sizeable excess cash distributions to its private owners, although no equity distributions have occurred while funding its sizeable acquisitions for many years. The company has primary operations in several regions, and also has interests in and operates certain joint ventures, including Catalyst and the cross-border Nueva Era pipeline that transports natural gas from the US to customers in Mexico. Howard Midstream should maintain adequate liquidity through 2027. At March 31, HMEP had just over $7 million in cash and $135 million of revolver borrowings. Howard Midstream's upsized $1.3 billion revolving credit facility matures in July 2031. Moody's expects the company to generate meaningful free cash flow supporting liquidity prior to any potential acquisitions or equity distributions. The revolving credit facility has financial covenants including maximum Total Leverage Ratio of 5x, maximum Senior Secured Leverage Ratio of 3.75x and minimum Interest Coverage Ratio of 2.5x. While these covenants could limit the company's ability to borrow significantly under the credit facility, Moody's expects HMEP to be in compliance with these covenants through 2027. The stable outlook reflects the company's free cash flow generating ability and Moody's expectations of improving leverage metrics in 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Howard Midstream's ratings could be upgraded if the company has continued growth in scale and cash flow, its overall counterparty risk profile is supportive, Moody's adjusted leverage proportionately consolidated for its joint ventures falls below 4x, distribution coverage is sufficient, and liquidity is at least adequate. Howard Midstream's ratings could be downgraded if adjusted leverage is sustained above 5x, its counterparty risk profile deteriorates, or liquidity weakens considerably. Howard Midstream Energy Partners, LLC, headquartered in San Antonio, Texas, is a privately owned midstream energy company with primary operations in Texas, Oklahoma, Mexico, the Appalachian Basin and the Gulf Coast. Certain investment funds managed by affiliates of Alberta Investment Management Corporation own a significant majority of the company's common capital units. The principal methodology used in this rating was Midstream Energy published in October 2025. HTCI CO: Gets Interim OK to Use Cash Collateral ----------------------------------------------- HTCI, Co. received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division at Dayton, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral based on the court-approved budget through the final hearing set for August 10. The Debtor is not authorized to exceed the weekly budgeted expenses by more than 15% without court approval or prior consent from The Huntington National Bank and the U.S. Small Business Administration although additional expenses may be paid from excess net income. Unused budget amounts may be rolled forward into subsequent weeks, and any changes to the budget require lender or court approval. The Debtor's cash collateral structure is governed by three tiers of perfected security interests. Huntington holds the first and best priority lien on cash collateral, securing a March 2012 promissory note guaranteed by the SBA with an outstanding balance of $600,616. The note is further secured by a mortgage on the Debtor's manufacturing facility and day-to-day operations site at 12170 Milton-Carlisle Road, New Carlisle, Ohio. Additionally, Huntington holds a third-priority perfected security interest on cash collateral through a January 2023 all-asset security agreement securing two separate working capital notes with combined outstanding balances of approximately $584,368. Meanwhile, the SBA holds a second-priority perfected security interest in cash collateral, securing a COVID-19 pandemic Economic Injury Disaster Loan note with an outstanding balance of $490,805. Creditors that hold unreleased UCC-1 financing statements and have either been paid in full or were never extended loans include Alternative Funding Group Corp., Citibank, On Deck Capital, Rapid Finance, 501 Advance, and Libertas Funding. The Debtor similarly challenges a filing by CT Corporation System as an unknown representative, asserting the underlying debt is satisfied. Furthermore, a $700,000 Standard Merchant Cash Advance agreement with Vivian Capital Group (holding a $357,000 balance) is merely a purchase agreement for future receivables and that Vivian's all-asset UCC-1 filings were improperly filed and carry no security interest in cash collateral. As adequate protection, secured creditors will receive replacement liens on the Debtor's property and payments as outlined in the approved budget, with those payments subject to disgorgement if a creditor is later found to lack an interest in the cash collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/CX0hB from PacerMonitor.com. A final hearing is scheduled for August 10, with objections due by August 6. HTCI intends to keep and pay for essential financed and leased equipment in line with its operational budget to sustain its manufacturing capabilities. The financed machinery includes three S-MAX SandCore 3D Printers split between Mitsubishi HC Capital America, Inc. ($154,258.24), CIT Bank/First Citizens ($104,992.42), and Balboa Capital Corporation ($79,540.87); an industrial film processor held by Navitas Credit Corp ($18,560); and five distinct pieces of equipment financed through US Bank totaling approximately $61,965.26, which comprise Haas machining centers, a Thermotronix aluminum melting furnace, a HandySCAN system with a Dell workstation laptop, and a Hustler commercial mower. Additionally, HTCI plans to maintain regular payments under a 60-month lease agreement with Canon Solutions America, Inc. for various office and production equipment running through March 2027. About HTCI Co. HTCI, Co. is a New Carlisle, Ohio-based aluminum foundry and casting company with its principal place of business in Springboro, Ohio. The company specializes in aluminum permanent mold and sand casting for industrial applications. As of early 2024, HTCI operated a 60,000-square-foot manufacturing facility and employed approximately 65 workers. HTCI sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-31499) on July 13, 2026. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Honorable Tyson A. Crist oversees the case. The Debtor is represented by Elizabeth M. Chinault, Esq., at Thomsen Law Group, LLC. HUDSON 1701/1706: Seeks Another Extension to File Chapter 11 Plan ----------------------------------------------------------------- Isaac Monterose of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has been asked to grant Hudson 1701/1706, LLC more time to exclusively file a Chapter 11 reorganization plan for the former Hudson Hotel redevelopment project in Manhattan. The debtor told the court it has made substantial progress in the bankruptcy proceedings through ongoing negotiations with lenders and other creditors, but additional time is necessary to complete those discussions and formulate a confirmable plan. The company argued that extending exclusivity would improve the prospects for a consensual restructuring. Hudson 1701/1706, LLC is the real estate development company redeveloping the former Hudson Hotel near Columbus Circle into a residential project with commercial components. The company says Chapter 11 remains the best path for preserving the project's value and completing the redevelopment, according to Law360. About Hudson 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. HUDSON PACIFIC: Fitch Alters Outlook on B+ LongTerm IDR to Negative ------------------------------------------------------------------- Fitch Ratings has affirmed Hudson Pacific Properties, Inc.'s (HPP) and Hudson Pacific Properties, L.P.'s Long-Term Issuer Default Ratings (IDRs) at 'B+' and preferred stock at 'B-' with a Recovery Rating of 'RR6'. Fitch also affirmed Hudson Pacific Properties, L.P.'s senior debt at 'BB-'/'RR3'. The Rating Outlook is revised to Negative from Stable. The ratings reflect HPP's leverage rising above Fitch's sensitivities in 2026. However, Fitch expects leverage to return within sensitivities for the rest of the forecast period as occupancy has improved over the past few quarters. Fitch expects solid leasing activity to more than offset potential tenant move-outs in the near to intermediate term. The restructuring of the Quixote business may also mute the near-term recovery in HPP's studio operations. The Negative Outlook could be resolved if the company can demonstrate more tangible progress executing on its deleveraging plan within the forecast period. Key Rating Drivers Low Credit Metrics Persist: Fitch expects continued weak levels of REIT leverage (net debt/recurring operating EBITDA), fixed charge coverage (FCC) and unencumbered assets/unsecured debt (UA/UD) to remain. This includes expected REIT leverage remaining elevated in 2026 but sustaining below 10.0x through the remainder of the forecast period thereafter. HPP's leverage has remained above 9x over the last three years (11.4x in 2025, 12.4x in 2024, 9.3x in 2023). Management's target leverage policy is 7.5x to 8.5x (including preferred stock) in a multi-year strategy. Fitch expects fixed charge coverage (FCC) to be below 1x in 2026 and 2027 due to elevated capex levels before increasing to 1.0x-1.5x beginning in 2028. This is based on expectations of improving portfolio fundamentals in both the office and studio businesses and lower capex requirements. HPP's FCC was 0.8x in 2025, 1.1x in 2024, and 1.3x in 2023. However, net UA/UD, calculated as unencumbered property NOI divided by a stressed 8.75% capitalization rate, improved with the recent paydown of unsecured debt to 1.3x at 1Q26. This is up from 0.9x at 1Q25, but still down from 1.4x at 1Q24, and 1.8x at 1Q23. High Relative Cash Flow Volatility: HPP's portfolio rental income is likely to exhibit above-average volatility through the cycle, due to concentration risk and the nature of its studio business. The company's portfolio is principally located in three west coast metros, with high exposure to technology and new media companies. These sectors have historically been more cyclically sensitive than other key office-using tenant industries, such as legal, defense and government. While the tech sector may demonstrate an increased relative resilience, demand for office space could also fall, given potential amenability towards flexible working arrangements. Short-Term Organic Growth Remains Negative: Fitch expects a smaller decline in cash same-store net operating income (SSNOI) in the low single-digits for 2026, compared with declines of -11.2% in 2025 and -12.8% in 2024. Ongoing gains should lift occupancy to the mid-80% range by YE 2026. The burn-off of upfront free rent on signed leases, along with fewer lease expirations, should support positive SSNOI growth in 2027 and beyond. Expected normalization in the studio business should also support results. Weak Property Fundamentals Exhibiting Improvement: HPP's portfolio has been operating at low levels and remains weaker than most of its peers. After falling to a trough of 75.1% in 2Q25, the company's office property occupancy reached 77.8% at 1Q26. Ongoing solid leasing activity has started to more than offset lower lease expirations, contributing to improving results. Fitch expects the company to achieve average occupancy of 80%-82% in 2026, implying continued strengthening. Higher lease expirations previously caused office portfolio occupancy to decline to 78.9% in 4Q24 from 80.8% in 4Q23 and 88.0% in 4Q22. High-Quality, but Concentrated Portfolio: HPP owns class A office properties in the metro areas of San Francisco (63% of in-service office portfolio average base rent), Los Angeles (17%), Seattle (12%) and Vancouver (8%). These cities are key technology and new-media hubs with strong office demand demographics, employment and population growth, high household incomes and education rates. Fitch believes most of HPP's assets are top-tier and/or in high quality locations. Additionally, a large portion of HPP's ABR is derived from investment grade tenants or parent-entities. HPP's markets also benefit from high political and physical barriers to new supply. Multiple Forms of Capital Access: While HPP completed its inaugural public unsecured bond offering in 2017, it has not issued unsecured notes since 2022. The company recently executed secured financing by raising secured debt on properties and used the net proceeds to pay down unsecured debt maturities. In June 2025, HPP executed a $690 million equity offering. However, Fitch believes HPP will maintain unsecured debt capital access prospectively and retains an unsecured revolving credit facility. Peer Analysis HPP's ratings are supported by its high-quality portfolio, with strong market positions in west coast CBD office markets with high political and geographic supply barriers. The company has a similar portfolio as Kilroy Realty Corporation (BBB-/Stable) in terms of geography and office focus but Kilroy has exhibited better underlying property performance and higher occupancy in recent years since the pandemic and has maintained stronger credit metrics. In addition, HPP's portfolio is less seasoned and has higher tenant industry concentration risk than office REIT peers, SL Green Realty Corp. (BB+/Positive) and Vornado Realty Trust (BB+/Positive). Howard Hughes (BB/Stable) is also a peer in that its investment portfolio has a high component of office properties within it and the company operates at a higher leverage level than is typical for REITs. In addition, in the last few years, HPP's results have not remained within historical financial policy levels in the wake of decreasing portfolio occupancy levels, while also seeing a negative impact on its studio business. Fitch’s Key Rating-Case Assumptions - Cash SSNOI to decline by low single digit percentage in 2026 with expectation of positive mid-single SSNOI growth in 2027 and high single digit SSNOI growth in 2028, as leasing initiatives stabilize and free rent burns off. - The studio business unwinds Quixote in 2026, resulting in generating around $20 million-$25 million of annual studio business NOI thereafter. - Secured debt is refinanced with secured debt and maturing unsecured debt is repaid with incremental unsecured debt. - No equity issuance in the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', Moderate), access to capital ('bb-', Higher), liability profile ('bb', Moderate), property portfolio ('bb+', Moderate), rental income risk profile ('b+', Higher), profitability ('a-', Lower), financial structure ('b-', Moderate), and financial flexibility ('b-', Moderate). The quantitative financial subfactors are assessed based on standard financial period parameters of 20% weight for the historical fiscal 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. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis Fitch's recovery analysis uses a direct capitalization approach for HPP, which is typically used for REITs. Fitch uses a stressed EBITDA for Hudson Pacific based on Fitch's stress case 2027 EBITDA to assume a going-concern EBITDA and applies a 10% administrative claim. The agency separates the estimated EBITDA from secured assets to calculate their overall derived value. At the midpoint 8.75% stressed capitalization rate level, this results in a below-100% recovery of the mortgage value; therefore, there is no residual value from the mortgaged assets to apply to the unsecured notes' recovery. However, Fitch estimates that approximately $111 million of going-concern EBITDA will be generated from unencumbered assets. At the 8.75% stress capitalization rate level, this translates to a 'RR3' (+1 notch) recovery and results in a 'BB-' rating on the unsecured debt. This analysis also generates a -2 notch adjustment for the preferred stock, resulting in a 'B-/RR6' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of REIT leverage remaining above 10.0x; - Persistently lower demand for office space exhibited through lower leasing activity; - Fitch's expectation of REIT FCC remaining below 1.2x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of REIT leverage sustained below 9.0x; - HPP demonstrating its financial policy commitments through a cycle or improving tenant diversification; - Strong recovery in NOI studio business; - Fitch's expectation of REIT FCC being sustained above 1.5x; - Occupancy returning to above 85%. Liquidity and Debt Structure HPP is expected to have slightly insufficient liquidity through end-2027. Sources cover uses by 0.8x in Fitch's base-case liquidity analysis for April 1, 2026, to Dec. 31, 2027. The analysis includes projected development spending and capex and assumes an extension of the Hollywood Median portfolio CMBS debt. Fitch also expects an unsecured note issuance to repay the $400 million of unsecured notes due in November 2027. Other expected uses through 2027 are about $335 million of committed, unfunded development spending and recurring and non-routine leasing and maintenance capex. Fitch applies 50% equity credit to the company's perpetual preferred shares because deferred coupons are cumulative and can be settled in cash. Under Fitch's Corporate Hybrids Treatment and Notching Criteria, the preferred securities are deeply subordinated and include loss-absorption elements that would likely lead to poor recoveries in a corporate default. The preferred stock's optional call within five years, no required coupon step-ups, limited covenants and change-of- control optional redemption also support 50% equity credit. Issuer Profile Hudson Pacific Properties, Inc. (NYSE: HPP) is a fully integrated real estate investment trust that owns, acquires and (re)develops a portfolio of office and media and entertainment properties in high-barrier-to-entry submarkets throughout Northern and Southern California and the Pacific Northwest. 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 Hudson Pacific Properties, Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Hudson Pacific Properties, Inc. LT IDR B+ Affirmed B+ preferred LT B- Affirmed RR6 B- Hudson Pacific Properties, L.P. LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- HUTCO CORP: To Hire The Bankruptcy Group as Legal Counsel --------------------------------------------------------- Hutco Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to hire The Bankruptcy Group, P.C. to serve as legal counsel. The firm will provide these services: (a) provide legal advice to the Debtor in Possession with respect to its powers and duties as Debtor in Possession in the continued management of its property; (b) take all necessary action to protect and preserve the estate of Debtor in Possession, including the protection of actions on behalf of Debtor in Possession, the defense of any actions commenced against Debtor in Possession, the negotiation of disputes in which Debtor in Possession is involved, and the preparation of objections to the claims filed against the estate; (c) assist the Debtor in Possession in obtaining approval of disclosure statements and confirmation of its Chapter 11 plan of reorganization; (d) prepare on behalf of Debtor in Possession the necessary applications, motions, answers, orders, reports and other legal papers; (e) appear in Court and to protect the interests of Debtor in Possession before the Court; and (f) perform all other legal services for Debtor in Possession that may be necessary and proper in this proceeding. The firm will be paid at these hourly rates: Stephan M. Brown, Esq. $525 Douglas J. Bolsover, Esq. $450 Legal Administrators $300 Law Clerks and Paralegals $250, and Administrative Staff $160 Compensation will also include reimbursement of actual necessary expenses and other charges incurred by TBG. The Bankruptcy Group, P.C. does not hold or represent any interest adverse to the estate of Hutco Corporation. TBG is a "disinterested person" as that phrase is defined in Section 101(14) of the U.S. Bankruptcy Code, according to court filings. The firm can be reached at: Stephan M. Brown, Esq. THE BANKRUPTCY GROUP, P.C. 2408 Professional Drive Roseville, CA 95661 Telephone: (800) 920-5351 Facsimile: (916) 242-8588 E-mail: ECF@thebklawoffice.com About Hutco Corporation Hutco Corporation is a diversified support services company headquartered in Anderson, California. Its operations include private security services through Delta Hawk Protective Agency, non-emergency medical transportation through Designated Driver Service, and licensed firearms pawnbroker businesses serving Northern California. Hutco Corporation filed for protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Case No. E.D. Calif. 26-23949) on July 10, 2026. Bankruptcy schedules list assets ranging from $100,000 to $500,000 and liabilities ranging from $100,000 to $500,000. The case is assigned to Honorable Christopher M. Klein. The Debtor is represented by Stephan M. Brown, Esq., of The Bankruptcy Group, P.C. INNOVATIVE TECHNOLOGIES: Taps Circle Forensic as Valuation Expert ----------------------------------------------------------------- The Innovative Technologies Group & Co., Ltd. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Andrew J. Runge of Circle Forensic Consulting, LLC to serve as valuation experts. The firm will provide these services: (a) determine valuations of the value of the company and its assets; (b) determine the liquidation value of the company's assets; (c) determine the fair market value of the stock held by Robert Wilt, the sole owner of the company; (d) provide a summary valuation of the company on a controlling, non-marketable basis and a liquidation basis; (e) prepare and issue a Summary Valuation Report; (f) file the report with the Court; (g) provide deposition testimony if required by creditors; and (h) testify at bankruptcy proceedings, including the confirmation hearing. Circle Forensic Consulting, LLC will receive a $4,000 payment upon execution of the engagement agreement and an additional $11,000 before delivering its report. Additional services, including litigation support and testimony, will be billed at Andrew J. Runge's standard hourly rate of $475, while testimony will be billed at 125% of his standard hourly rate, subject to a four-hour minimum charge. According to court filings, Andrew J. Runge and Circle Forensic Consulting, LLC represent no interest adverse to the estate and are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew J. Runge, CPA/ABV, CFF, CVA, CFE, MBA CIRCLE FORENSIC CONSULTING, LLC 432 Craighill Dr. Charles Town, WV 25414 Telephone: (410) 419-2840 About The Innovative Technologies Innovative Technologies Group & Co., Ltd. (ITG), based in Jessup, Maryland, designs, manufactures, and deploys analytical instruments, primarily using near-infrared (NIR) and electro-optical technologies, for global customers. Established in 1997, the Company develops solutions across electrical, mechanical, optical, software, and firmware engineering disciplines, serving both OEM and direct markets. ITG also operates proprietary product lines and business units, providing full turnkey development, sales, and service of its instruments. The Innovative Technologies Group & Co., Ltd. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-18000) on August 29, 2025, listing $3,744,482 in assets and $11,900,961 in liabilities. The petition was signed by Robert Wilt as chairman and director. Honorable Judge David E Rice oversees the case. Jeffrey M. Orenstein, Esq. at WOLFF & ORENSTEIN LLC represents the Debtor as counsel. INOTIV INC: Exits Chapter 11 Bankruptcy, Slashes Debt by $326MM --------------------------------------------------------------- StreetInsider.com reports that contract research organization Inotiv Inc. has successfully exited Chapter 11 after completing a restructuring that reduced its debt by approximately $326 million. The company specializes in providing nonclinical research, analytical testing and drug discovery support for life sciences companies. As part of the restructuring, Inotiv substantially improved its capital structure while securing fresh financial backing from existing stakeholders that collectively manage more than $60 billion in assets. The company said the additional investment will strengthen liquidity and position the business for future growth, the report relays. Chief Executive Officer Bob Leasure said the restructuring marks a significant milestone for the company, providing a healthier balance sheet and greater flexibility to advance strategic initiatives while delivering value to customers. Following its emergence, Inotiv said its current management team will remain in place and continue supporting pharmaceutical and biotechnology clients through its portfolio of research products and laboratory services, the report cites. About Inotiv, Inc Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Indianapolis, Ind.-based Ernst & Young LLP, the Company's auditor since 2021, expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. West Lafayette, Ind.-based Inotiv, Inc. and several affiliates filed for Chapter 11 bankruptcy (Bankr. S.D. Texas Lead Case No. 26-bk-90601) on June 3, 2026. The Hon. Christopher M Lopez presides over the case. In their petitions, the Debtors listed estimated assets and liabilities of $500 million to $1 billion. As of Dec. 31, 2025, Inotiv reported $734.3 million in total assets, $625.3 million in total liabilities, and $109 million in total equity. The Debtors hired Ropes & Gray LLP as general bankruptcy counsel; Hunton Andrews Kurth LLP, as co-bankruptcy counsel; Perella Weinberg Partners, as investment banker; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration LLC, as notice, claims, solicitation and balloting agent. Acquiom Agency Services LLC, serves as the administrative agent and collateral agent for a syndicate of lenders providing DIP financing. Davis Polk & Wardwell LLP and Haynes and Boone, LLP represent the First Lien Ad Hoc Group. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cole Schotz, P.C. represent the Ad Hoc Noteholder Group of the Prepetition PIK Notes and Prepetition Convertible Notes. INSPIRED HEALTHCARE: Welltower Submits $197MM Bid for 3 Facilities ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Welltower Inc. has submitted a $197 million stalking horse bid for three nursing facilities owned by Inspired Healthcare Capital Holdings LLC, setting the benchmark for bidding in the debtor's Chapter 11 case. The properties involved are located in North Haven, Connecticut; Hamilton, New Jersey; and Naperville, Illinois. Court documents filed in Texas show that the bid will act as the baseline offer ahead of the August bankruptcy auction, where interested purchasers may submit competing proposals. The stalking horse agreement is designed to establish value while promoting a competitive sales process. Inspired Healthcare Capital Holdings, which develops and invests in senior living and healthcare facilities, is pursuing multiple asset sales under Chapter 11 protection. The company has lined up several stalking horse agreements as it seeks to maximize proceeds for creditors through the court-approved auction process, the report states. About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services.It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INTERTRADE HOLDINGS: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Intertrade Holdings Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. The court entered a second interim order authorizing the Debtor to use cash collateral from the petition date through September 30. The Debtor's use of cash collateral is limited to ordinary course operating expenses under an approved budget, with up to a 10% variance permitted for individual budget line items so long as total expenditures do not exceed the overall budget without Truist Bank's consent or court approval. The order bars payments to insiders and professionals absent specific court authorization. Truist will be granted adequate protection through a monthly payment of $7,500 and a replacement lien on cash generated from business operations and other collateral in which it held pre-petition security interests. The replacement liens maintain the same type, validity, and priority as Truist's pre-petition liens; are deemed automatically perfected without additional filings; and do not apply to avoidance actions and assets that Truist did not have rights to before bankruptcy. As additional protection, the Debtor is required to file monthly budget reconciliations, timely submit monthly operating reports, provide proof of insurance coverage for inventory held at a bonded warehouse, and continue its monthly $7,500 adequate protection payments to Truist. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/deEGZ from PacerMonitor.com. The next hearing is scheduled for September 15. About Intertrade Holdings Inc. Intertrade Holdings Inc. is a Pembroke Pines, Florida-based food distribution and product-development company that supplies retail and food-service customers. The company provides distribution, brokerage, manufacturing and product-development services and serves as the exclusive distributor of Margaritaville Empanadas, including beef, chicken, corn and Jamaican-style empanada products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15399) on April 28, 2026. In the petition signed by Perry Burk, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A., represents the Debtor as legal counsel. Truist Bank, as lender, is represented by: Jay B. Verona, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Telephone: (813) 229-7600 Facsimile: (813) 229-1660 Primary Email: jverona@shumaker.com IWC JACKSONVILLE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The IWC Jacksonville, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The court permitted the Debtor to use cash collateral to pay its expenses until the interim order is amended or superseded. Then U.S. Small Business Administration and other secured creditors will be granted adequate protection through a continuing replacement lien on the Debtor's post-petition assets similar to their pre-petition collateral, including proceeds, rents, products, and profits, but only to the extent of any decline in the value of their collateral. These replacement liens do not extend to estate avoidance claims and are automatically perfected without requiring additional filings. The secured creditors collectively hold more than $2.28 million in claims against the Debtor. Of this amount, over $1.9 million is owed to the SBA. These creditors claim an interest in the Debtor's cash in bank, receivables and proceeds from the sale of pre-petition inventory. The order requires all cash, income, and revenues received by the Debtor to be deposited into designated debtor-in-possession accounts. All disbursements must be reported in the Debtor's monthly operating reports filed with the court. The Debtor's authority to use cash collateral will automatically terminate if the Chapter 11 case is dismissed or converted to Chapter 7, if a Chapter 11 trustee or examiner with expanded powers is appointed, or if the interim order is stayed, reversed, vacated, or modified without the secured creditors' consent. A copy of the court's order is available at https://shorturl.at/8Hwxv from PacerMonitor.com. A further hearing is scheduled for August 11. About IWC Jacksonville LLC IWC Jacksonville, LLC is a Jacksonville, Florida-based full-service restaurant operator. The company operates the Island Wings Company Grill & Bar location in Southside Jacksonville, which remained open through June 2026 while continuing to host community events. Historically, the company served as an area developer for the Island Wings brand, expanding to multiple Northeast Florida locations between 2022 and 2025 before experiencing recent closures and management changes. IWC Jacksonville sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03002) on July 2, 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 Jason A. Burgess handles the case. The Debtor is represented by Richard R. Thames, Esq., at Thames Markey. JANE STREET: Moody's Alters Outlook on Ba1 Issuer Rating to Pos. ---------------------------------------------------------------- Moody's Ratings has affirmed Jane Street Group, LLC's (Jane Street) Ba1 long term issuer rating, senior secured notes and senior secured bank credit facility ratings and the ratings of various Jane Street subsidiaries, including the Baa3 long-term issuer ratings of Jane Street's wholly-owned operating company subsidiaries Jane Street Capital, LLC (JSC), Jane Street Execution Services, LLC (JSES), Jane Street Financial Limited (JSF) and Jane Street Netherlands B.V. (JSN). The outlooks on all Jane Street entities were changed to positive from stable. RATINGS RATIONALE The positive outlook reflects Jane Street's strong profitability, growing diversification, larger capital base, increased liquidity buffer and vigilant management of trading risks. Jane Street is amongst the industry leaders in a new generation of algorithmic principal trading (APT) firms that continuously apply technology to provide liquidity and close arbitrages across execution venues globally. Over the past decade, leading APT firms have achieved significant revenue growth and established themselves as increasingly important participants in global trading markets. Jane Street's business model results in a balance sheet characterized by a substantial equity capital base, relatively modest leverage, very high volumes of granular rapidly turning positions, tactical use of tail risk protection and prudent funding liquidity, considering its wholesale funding reliance. These credit strengths help mitigate the operational risks inherent to Jane Street's business model and that limit the creditworthiness of APT firms. The competitive intensity of technology-driven trading dictates that Jane Street continually invests in intellectual capital, innovative trading technology, and risk controls; otherwise its trading edge could erode - weakening profitability and its creditworthiness. Jane Street's leadership understands these challenges and has instilled a flexible collaborative culture that prioritizes risk management. Jane Street's risk appetite allows for modestly-sized liquid risks in certain market environments, but limits accumulating larger, less-liquid risks. Jane Street manages capital and risk using an integrated framework tailored to technology-driven trading activities. The firm allocates capital according to market conditions, trading opportunities and to assure portfolio granularity. Operating a central risk book allows the firm to offset positions internally, reducing hedging costs and supports competitive pricing. The firm employs stress testing across a range of scenarios to identify vulnerabilities. Operationally, Jane Street' establishes controls and monitors limits in real time, tracks open orders and monitors connections with external trading venues throughout the day. Jane Street is highly reliant on wholesale funding and has implemented measures to manage financing risks dynamically. Over the past two years the firm has expanded its funding relationships with various prime brokers and counterparties and has extensive funding lock-up periods relative to the inherent liquidity of the financed positions. Jane Street has also increased the size of its corporate liquidity buffer, which is held outside of its prime brokerage relationships. The firm's ability and willingness to maintain this increased buffer is an important contributor to the firm's creditworthiness. Jane Street's liquidity stress-testing contemplates trading losses, increases in haircuts, and rapid and accelerated position liquidation assumptions. Jane Street's strong earnings and capitalization also help protect creditors against potential costs from regulatory fines or litigation, such as any losses associated with the Interim Order imposed by the Securities and Exchange Board of India which Jane Street is contesting. SUBSIDIARIES AND NOTCHING CONSIDERATIONS Moody's also affirmed the Baa3 long-term issuer ratings of Jane Street's wholly-owned operating company subsidiaries Jane Street Capital, LLC (JSC), Jane Street Execution Services, LLC (JSES), Jane Street Financial Limited (JSF) and Jane Street Netherlands B.V. (JSN). JSC performs essential trading functions as Jane Street's principal US broker-dealer, and JSES, JSF and JSN perform essential client-facing activities for Jane Street in various regions. Jane Street's Ba1 issuer rating reflects the creditworthiness of holding company senior unsecured obligations, which are structurally subordinated to its operating companies. The Baa3 issuer ratings at each of Jane Street's four rated operating companies continue to be a notch higher than Jane Street's Ba1 rating due to these operating entities' structural superiority. At the holding company issuance level for market makers like Jane Street, the difference in expected loss between secured and unsecured obligations is not of sufficient magnitude to warrant a rating differential between secured and unsecured debt instruments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Jane Street's ratings could be upgraded if the firm continues to maintain a robust liquidity buffer, further diversifies its revenue and funding, and prioritizes risk management and controls as it continues to expand. A positive outlook makes the possibility of downgrade unlikely, however in the long term the following factors may lead to a downgrade: -- A sustained decline in the liquidity buffer, meaningfully below 20% of trading capital unless accompanied by a similar decline in short-term contingent liquidity needs -- A sustained increase in the ratio of long-term debt to tangible equity to above 30% -- Increase in risk appetite or a significant risk management or operational failure. The principal methodology used in these ratings was Securities Industry Market Makers published in June 2024. Jane Street's Baa3 Assigned Standalone Assessment is two notches below the Baa1 initial financial profile score reflecting credit constraints relating to operational and market risk, and its business concentration and reliance on trading activities. JFY PROPERTIES: Gets Court OK to Use Cash Collateral Until Aug. 31 ------------------------------------------------------------------ JFY Properties, LLC and JFY Properties II, LLC received a two-month extension from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral. The court entered a second interim order authorizing the Debtors to use cash collateral from July 1 through August 31 in accordance with an approved operating budget, which projects total operational expenses of $25,061.70 for July and $24,061 for August. The Debtors' cash collateral primarily consists of rental income from their property: a 60-unit apartment building located in Baltimore, Maryland. As adequate protection, Fund Investment 171 will receive replacement liens on all post-petition assets and their proceeds, with the same extent and priority as its alleged pre-petition liens. The court scheduled a final hearing for August 26 and set an August 19 deadline for filing objections. The order is available at https://shorturl.at/zP19t JFY Properties and JFY Properties II, both operating as debtors-in-possession, are affiliated entities. JFY Properties II owns and operates the Baltimore property, which was recently appraised at approximately $16.43 million. The Debtors filed bankruptcy on May 26 shortly before a scheduled state court hearing on Fund Investment 171's request to appoint a receiver over the property. The filing was intended to preserve the property and facilitate a potential refinancing, restructuring, or sale for the benefit of creditors. About JFY Properties LLC JFY Properties LLC owns and operates The National, a 60-unit apartment building located in Baltimore, Maryland that is nearly fully leased. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-15569) on May 26, 2026. In the petition signed by David Penner, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Justin P. Fasano, Esq., McNamee Hosea, P.A., represents the Debtor as legal counsel. JJTA10 REAL PROPERTIES: Case Summary & One Unsecured Creditor ------------------------------------------------------------- Debtor: JJTA10 Real Properties LLC 2501 Jammes Rd Jacksonville, FL 32210 Business Description: JJTA10 Real Properties is a Jacksonville, Florida-based single-asset real estate company that owns a 1.06-acre property at 5537 Firestone Road in Duval County, comprising Parcels A through E of Block 2. Chapter 11 Petition Date: July 11, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-03109 Judge: Hon. Jason A Burgess Debtor's Counsel: Richard A. Perry, Esq. RICHARD A. PERRY P.A. 820 East Fort King Street Ocala, FL 34471-2320 Tel: 352-732-2299 E-mail: richard@rapocala.com Total Assets: $2,375,000 Total Liabilities: $1,462,886 The petition was signed by Jarek Tadla as manager. The Debtor listed the City of Jacksonville's Municipal Code Compliance Division, located at the Edward Ball Building, 214 N. Hogan Street, seventh floor, Jacksonville, Florida, as its only unsecured creditor, with a $500 claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PYICCIA/JJTA10_Real_Properties_LLC__flmbke-26-03109__0001.0.pdf?mcid=tGE4TAMA JJTA12 REAL PROPERTIES: Case Summary & One Unsecured Creditor ------------------------------------------------------------- Debtor: JJTA12 Real Properties LLC 2501 JAMMES RD Jacksonville, FL 32210 Business Description: JJTA12 Real Properties is a Jacksonville, Florida-based single-asset real estate company that owns a 1.983-acre property at 2506 Jammes Road in Duval County, comprising part of Farm 4, Block 4. Chapter 11 Petition Date: July 11, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-03110 Judge: Hon. Jason A Burgess Debtor's Counsel: Richard A. Perry, Esq. RICHARD A. PERRY P.A. 820 East Fort King Street Ocala, FL 34471-2320 Tel: 352-732-2299 E-mail: richard@rapocala.com Total Assets: $5,130,000 Total Liabilities: $3,231,112 The petition was signed by Jarek Tadla as manager. The Debtor listed the City of Jacksonville's Municipal Code Compliance Division, located at the Edward Ball Building, 214 N. Hogan Street, seventh floor, Jacksonville, Florida, as its only unsecured creditor, with a $500 claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MAFKQMY/JJTA12_Real_Properties_LLC__flmbke-26-03110__0001.0.pdf?mcid=tGE4TAMA JJTA14 REAL PROPERTIES: Case Summary & Two Unsecured Creditors -------------------------------------------------------------- Debtor: JJTA14 Real Properties LLC 2501 Jammes Rd Jacksonville, FL 32210 Business Description: JJTA14 Real Properties is a Jacksonville, Florida-based single-asset real estate company that owns adjacent properties at 7154 and 7166 Conant Avenue in Duval County, comprising Lots 77 and 78 in the Hyde Park Estates subdivision. Chapter 11 Petition Date: July 11, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-03111 Judge: Hon. Jason A Burgess Debtor's Counsel: Richard A. Perry, Esq. RICHARD A. PERRY P.A. 820 East Fort King Street Ocala, FL 34471-2320 Tel: 352-732-2299 Email: richard@rapocala.com Total Assets: $2,185,000 Total Liabilities: $3,234,612 The petition was signed by Jarek Tadla as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MJDAMCY/JJTA14_Real_Properties_LLC__flmbke-26-03111__0001.0.pdf?mcid=tGE4TAMA JMKA LLC: Court Extends Cash Collateral Access to Aug. 28 --------------------------------------------------------- JMKA, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The 20th interim order, signed by Judge David Cleary, extended the Debtor's authority to use its secured lenders' cash collateral through August 28 to pay the expenses set forth in its budget, subject to a 5% variance. The lenders include the U.S. Small Business Administration, BayFirst National Bank, Funding Circle, Transportation Alliance Bank, Cashfloit LLC, and Funders App, LLC. These lenders assert security interests in all assets of the Debtor, including cash, bank deposits and accounts receivable, which constitute their cash collateral. The Debtor is ordered to provide the secured lenders with protection in the form of replacement liens on its assets, with the same priority, validity and extent as their pre-bankruptcy liens. In addition, the Debtor is ordered to pay $439 to SBA. The next hearing is set for August 26. A copy of the Debtor's budget is available at https://shorturl.at/tK76b from PacerMonitor.com. About JMKA LLC JMKA, LLC is a boutique childcare center in downtown Elmhurst, Ill. It operates as Elmhurst Premier Childcare. JMKA filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00036) on January 3, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Ben L. Schneider, Esq., at The Law Offices of Schneider & Stone is the Debtor's bankruptcy counsel. Ameris Bank, as secured lender, is represented by: Jillian S. Cole, Esq. Taft Stettinius & Hollister, LLP 111 E. Wacker Drive, Suite 2600 Chicago, IL 60601 (312) 836-4019 jcole@taftlaw.com Cashfloit LLC, as secured lender, is represented by: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 (516)703-3672 fkantrow@thekantrowlawgroup.com KWR BEDFORD: Commences Chapter 11 Bankruptcy in New York -------------------------------------------------------- On July 21, 2026, KWR Bedford LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to between one and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 28, 2026 at 09:00 AM at Zoomgov - Zipes: Zoom.us/join, Meeting ID 160 386 55283, Passcode 3214569870, Phone 1 202 796-8861. The deadline to file the Statement of Financial Affairs (Non-Individual, Official Form 207) is August 4, 2026. About KWR Bedford LLC KWR Bedford LLC is a Brooklyn, New York-based lessor of nonresidential buildings and a single-asset real estate company. The company's principal asset is a mixed-use property located at 171 Bedford Avenue in Williamsburg, Brooklyn. The 116-year-old building contains residential apartments and a ground-floor commercial space occupied by JM Optics. The property was acquired in June 2023 from the Estate of Frances Szczygielski, after being owned for approximately 18 years by 171 Bedford Avenue, LLC. KWR Bedford LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43481) 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 Elizabeth S. Stong handles the case. The debtor is represented by Vincent M. Lentini, Esq. LEGAL AND ADMINISTRATIVE: Aleida Molina Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Legal and Administrative Services, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Legal and Administrative Services LLC Based in Margate, Florida, Legal and Administrative Services, LLC provides administrative management and legal support services. Florida corporate filings identify the company as an administrative services provider operating from its principal office in Broward County. The company filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-19376) on July 17, 2026. Its bankruptcy schedules list estimated assets ranging from $500,000 to $1 million and estimated liabilities in the same range. The bankruptcy proceeding has been assigned to Honorable Craig A. Pugatch. LISA GILMORE: Gets Extension to Use Cash Collateral --------------------------------------------------- Lisa Gilmore Design, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's continued use of cash collateral and set a further hearing for October 20. The Debtor asked for another extension after determining that its initial operating budget omitted certain monthly expenses. Shortly after filing, the Debtor sought authority to use the cash collateral of its secured lenders, the U.S. Small Business Administration and ODK Capital, LLC (doing business as OnDeck), and on June 24, the court entered an interim order approving the use of that collateral based on the initial budget. The amended budget reflects projected monthly income of approximately $144,000 and total monthly operating expenses of about $99,774.46, leaving an estimated monthly surplus of roughly $44,255. It includes ordinary business expenses such as office rent, utilities, internet and phone services, software subscriptions, printer leases, marketing costs, and medical insurance, as well as significant operating costs including approximately $60,000 in cost of goods sold. The amended budget also provides for compensation to owner Lisa Gilmore; profit-sharing payments to two independent contractors; a $1,000 monthly retainer for the Subchapter V trustee; and payments to two accounting firms: The Designer CPA and CVW Accounting. Maintaining these operating expenditures is essential to preserving the business and enhancing the value of the collateral securing the claims of the SBA and OnDeck, according to the Debtor. About Lisa Gilmore Design LLC Lisa Gilmore Design, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04817) on June 4, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. Leon A. Williamson, Jr., Esq. at the Law Office Of Leon A. Williamson, Jr. represents the Debtor as legal counsel. LOUIS INVESTMENTS: Creditors Seek Chapter 11 Trustee Appointment ---------------------------------------------------------------- Creditors John Alex Upperman and Illini Holdings, LLC, Thrive Real Estate, LLC, Wildwood Assets, LLC, TU Properties, LLC, 12 Oak Lending, LLC, and Oak Street Capital, LLC filed a motion seeking the appointment of a Chapter 11 trustee to take over Louis Investments, LLC's bankruptcy case. The creditors explain that this motion arises from one of the most egregious patterns of fraud, self-dealing, commingling, and gross mismanagement by the Debtor's controlling principal that this court is likely to encounter. Marc Kulick, the sole member and manager of the Debtor, wholly owns and controls the Debtor and has used it, and a network of over 30 affiliated entities collectively operating a real estate portfolio once valued at approximately $925 million, as instruments for pervasive self-dealing, asset dissipation, and obstruction of creditor and investor rights. Importantly, the Debtor is the manager of each of the approximately 30 entities which own multi-family apartment complexes predominantly located in Oklahoma (with several properties located in Kansas and Arkansas), and, therefore, the Debtor (which does not itself own any real property) controls the management and operations of each of the individual property owning entities. The creditors assert that this bankruptcy case was filed for a specific and clearly bad faith purpose. On July 14, a hearing to consider a motion filed by the creditors for appointment of a federal equity receiver over the Debtor and related entities was to have been held in the U.S. District Court for the Northern District of Oklahoma. The creditors argued that the misconduct of Mr. Kulick and his entities (including the Debtor) is summarized as follows: * Misappropriation of Funds and the Forensic Report. YSA Investments 1, LLC, an unauthorized lender to the Vesta entities, commissioned American Fiduciary Services to prepare a forensic report (the "AFS Report"), a copy of which is attached to a complaint recently filed by a co-investor, Josef Loeffler, against the Defendants, in Johnson County, Kansas (the "Loeffler Action"), and which provides damning evidence of Kulick's misconduct. * Unauthorized Borrowing and Collateralization. With Kulick, through his control of the Debtor, repeatedly raiding portfolio rents to subsidize his lifestyle and to prop up underperforming properties, and with conventional capital unavailable to him in light of the defaults he caused on the senior property loans, Kulick resorted to high-risk, high-cost loans and cash advances to keep the crumbling Vesta empire afloat. * Misappropriation of Property Sale Proceeds. The Loeffler Action further reveals that Kulick systematically misappropriated the proceeds of property sales rather than distributing them to investors as required. When the Waterford property was sold, over $11 million in sale proceeds were deposited into the Waterford operating account, but within days of closing, all or substantially all of those proceeds were removed through a series of preferential transfers, including transfers to Kulick himself. * Obstruction of Information Rights and Kulick's Hostility Toward Legitimate Inquiries. Kulick has engaged in a pattern of obstruction designed to prevent investors from discovering the true scope of his misconduct. This pattern includes incomplete financial reporting, refusal to provide books and records, hostility toward information requests, closing of accounts to which co-owners had access, and refusal to identify where funds were moved. Counsel for John Alex Upperman, et al.: Thomas R. Fawkes, Esq. Jason M. Torf, Esq. TUCKER ELLIS LLP 233 S. Wacker Drive, Ste. 6950 Chicago, Illinois 60606 Tel: (312) 624-6300 thomas.fawke@tuckerellis.com jason.torf@tuckerellis.com Marc R. Greenberg, Esq. TUCKER ELLIS LLP 515 South Flower Street Forty-Second Floor Los Angeles, California 90071-2223 Tel: (213) 430-3355 marc.greenberg@tuckerellis.com Thomas D. Berghman, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Ste. 4000 Dallas, Texas 75201 Tel: (214) 855-7554 tberghman@Munsch.com About Louis Investments LLC Louis Investments, LLC is a single-asset real estate company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-33110) on July 10, 2026, with $10 million to $50 million in assets and liabilities. Marc Kulick, authorized signer, signed the petition. Joyce Lindauer, Esq. at LINDAUER & VAUGHN represents the Debtor as legal counsel. LSF12 CROWN: Moody's Affirms 'B1' CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings affirmed LSF12 Crown Intermediate LP's (dba "Kidde Global Solutions", "KGS") ratings, including its B1 Corporate Family Rating and its B1-PD Probability of Default Rating. Concurrently, Moody's affirmed the B1 rating on the company's backed senior secured bank credit facilities issued by its subsidiaries, LSF12 Crown US Commercial Bidco LLC ("Commercial Bidco") and co-borrower, Kidde Home Safety, LLC, and assigned a B1 rating to the proposed repriced backed senior secured first lien term loan B. The outlook on both entities was changed to stable from negative. The change in outlook to stable is based on the company's proactive debt reduction actions following a debt financed distribution in September 2025. The change in outlook is also supported by demonstrated top-line revenue growth, meaningful EBITDA margin improvement and strong cash generation. The ratings affirmation reflects Moody's expectations that the company will maintain debt/EBITDA below 5.5x over the next 12 to 18 months, primarily through earnings growth and, to a lesser extent, mandatory debt amortization. Moody's also recognizes the company's continued strong operating performance and EBITDA margin improvement post its separation from Carrier as well as strong cash generation. Moody's expects the proposed repricing to be financial leverage neutral. Pro forma for the repricing transaction and achieving a lower credit agreement-defined first lien net leverage ratio threshold, Moody's expects the company will save approximately $9 million of annualized interest expense. RATINGS RATIONALE The B1 CFR reflects the company's high financial leverage with pro forma adjusted debt/EBITDA of approximately 5.0x as of June 30, 2026 and moderate scale with revenue of approximately $2 billion. The ratings also incorporate the company's strong market positions in the commercial and residential fire & safety businesses. Its leading market positions provide the company with pricing leverage that enables it to generate a healthy EBITDA margin. The company's diverse end markets in its commercial business serve to partially mitigate some of the more cyclical end markets that the company is exposed to. Moody's expects KGS to maintain debt/EBITDA below 5.5x as it continues to grow revenue and EBITDA while executing on productivity initiatives, realizing benefits from internal investments and continued debt reduction. KGS' very good liquidity is supported by Moody's expectations that the company will continue to generate strong annual free cash flow. The company has an undrawn $250 million revolving credit facility with ample room under its financial maintenance covenant. There are no sizable debt maturities until 2029 and 2031, when the revolver expires and the term loan matures, respectively. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to demonstrate a more conservative financial policy including debt/EBITDA sustained below 4.5x. Organic revenue growth while maintaining a healthy EBITDA margin could also exert upward ratings pressure. Maintenance of very good liquidity would also be supportive of a ratings upgrade. Conversely, factors that could pressure ratings downward include if the company undertakes another leveraging transaction including a sizable debt-financed acquisition or another debt-financed dividend that sustains high financial leverage. Quantitatively, if debt/EBITDA is sustained above 5.5x, EBITA/interest falls below 2.0x or if free cash flow/debt is in the low single digits beyond 2026, ratings could be pressured downward. Ratings could also be downgraded if the company's operating performance weakens. The principal methodology used in these ratings was Manufacturing published in September 2025. Headquartered in Palm Beach Gardens, Florida, Kidde Global Solutions is a leading global provider of commercial and residential fire and safety products and solutions. The company's brands include Kidde, Edwards, GST, Badger, Aritech, and EMS. Revenue for the twelve months ended June 30, 2026 was approximately $2 billion. MAD DUMPLINGS: Seeks Continued Cash Collateral Access ----------------------------------------------------- Mad Dumplings LLC asks the U.S. Bankruptcy Court for the Central District of California to extend its authority to use cash collateral through October 31, 2026, under the same terms and conditions previously approved in the court's March 19, 2026 final cash collateral order. The court initially approved interim use of cash collateral shortly after the bankruptcy filing and later entered a final order authorizing such use through August 4, 2026. Under that order, the Debtor has been required to make monthly adequate protection payments of $2,655 to the California Department of Tax and Fee Administration (CDTFA). The order also granted replacement liens to both CDTFA and lender Lendistry SBLC, LLC on post-petition proceeds of their respective prepetition collateral, but only to the extent of any decline in the value of their collateral resulting from the debtor's use of cash collateral. The Debtor asserts that it has complied fully with these obligations by making every required adequate protection payment on time and remaining current on all monthly operating reports filed with the U.S. Trustee. The Debtor notes that it filed its Subchapter V reorganization plan on May 12, 2026, but the plan has not yet been served on creditors or scheduled for a confirmation hearing. A significant reason for seeking the extension is that the governmental claims bar date is August 10, 2026, six days after the current cash collateral authority expires. CDTFA is by far the largest creditor in the case, yet it has not filed its proof of claim. The Debtor argues that it cannot accurately evaluate the feasibility of its plan or determine whether amendments are necessary until CDTFA files its claim and the Debtor has an opportunity to reconcile the claim with its own books and records. Extending the cash collateral authority through October 31 would provide sufficient time for the claims deadline to pass, review the tax authority's claim, revise the plan if needed, and move toward confirmation without disrupting business operations. Mad Dumplings emphasizes that its only revenue comes from ongoing post-petition operations, including receipts from its restaurant, mobile food trucks, merchant processing accounts, and operating bank accounts. The requested extension would allow the business to continue using these funds to pay routine operating expenses such as payroll, food and beverage purchases, rent, utilities, insurance, vehicle expenses, merchant processing fees, and taxes. The Debtor further states that the extension would not alter the protections already afforded to secured creditors. Mad Dumplings proposes to continue making the same monthly adequate protection payments of $2,655 to CDTFA and to maintain the existing replacement liens previously granted to CDTFA and Lendistry with the same extent, validity, and priority established under the March 19 final order. A hearing on the matter is set for August 4, at 1:30 p.m. A copy of the motion is available at https://urlcurt.com/u?l=SgsSzo from PacerMonitor.com. About Mad Dumplings LLC Mad Dumplings LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10421) on February 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mark D. Houle oversees the case. Kevin Tang, Esq., at Tang & Associates represents the Debtor as legal counsel. MAGELLAN AEROSPACE: Seeks Chapter 11 Bankruptcy in Ohio ------------------------------------------------------- Bondoro reports that Magellan Aerospace, Middletown, Inc. has sought Chapter 11 relief after declining aerospace demand, discontinued aircraft programs, environmental cleanup costs and the loss of parent-company support placed pressure on the company's financial condition. The Ohio aerospace manufacturer attributed its collapse to a multi-year decline in its nacelle and exhaust systems operations. The company said revenue was affected by the completion of major aircraft programs, including the Airbus A340, A318, A380 and Boeing 747, while Boeing's planned end of 767 commercial production in 2027 could create further pressure. The cancellation of an A320neo exhaust systems program in 2020 further reduced growth opportunities. Financial results showed a 2025 net loss of approximately $8.5 million on $26.3 million in revenue and an additional $2.8 million loss through June 2026, according to report. Magellan also cited environmental liabilities as a major factor behind its bankruptcy filing. The company faces remediation obligations related to former sites in Torrance and San Diego, California, including potential cleanup costs and regulatory penalties. Although the company identified insurance coverage exceeding $100 million, disputes with insurers have delayed access to funds needed for compliance and litigation expenses, the report states. The debtor filed Chapter 11 with $10 million to $50 million in assets and $50 million to $100 million in liabilities. Its largest obligation is more than $80 million in unsecured loans from Magellan USA, while other liabilities include trade debt, employee claims and retiree medical obligations. Magellan secured a DIP financing commitment from its parent company and will evaluate a standalone restructuring plan, a Section 363 sale or another strategic alternative. The case number is 26-11937, according to Bondoro. About Magellan Aerospace, Middletown, Inc. Magellan Aerospace, Middletown, Inc. is an aerospace components manufacturer headquartered in Middletown, Ohio. The company specializes in producing engine nacelle and exhaust system components, along with other precision-engineered aerospace parts used in commercial aviation programs. Magellan Aerospace, Middletown, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-11937) on July 22, 2026. In its petition, the Debtor reports $10 million to $50 million in assets and $50 million to $100 million in liabilities. Honorable Bankruptcy Judge Beth A. Buchanan handles the case. The Debtor is represented by Ronald E. Gold, Esq. of Frost Brown Todd LLC. MAGNOLIA OIL: Moody's Rates New Senior Unsecured Notes 'Ba3' ------------------------------------------------------------ Moody's Ratings assigned a Ba3 rating to Magnolia Oil & Gas Operating LLC's (Magnolia) proposed backed senior unsecured notes offering. The rating outlook is stable. Magnolia plans to use the net proceeds from the proposed notes to partially fund the $4.06 billion acquisition of WildFire Intermediate Holdings, LLC (WildFire, B1 under review for upgrade). This offering has no effect on Magnolia's existing ratings, including its Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and Ba3 backed senior unsecured notes rating. Moody's affirmed those ratings on July 20, 2026 following the acquisition announcement. The rating outlook remains stable. RATINGS RATIONALE The proposed senior unsecured notes due 2034 are rated Ba3, one notch below the Ba2 CFR, and the same level as the Ba3 rating on Magnolia's existing backed senior unsecured notes due 2032. Moody's expects that WildFire's $600 million senior unsecured notes (rated B3 under review for upgrade) will be legally assumed by Magnolia and following the acquisition close will be upgraded to Ba3 in line with Magnolia's existing senior unsecured notes, as all three notes issues will rank pari passu. The notching reflects the effective subordination of the unsecured notes relative to Magnolia's $1.75 billion senior secured revolving credit facility which has a first lien claim on all oil and gas assets. The proposed notes are subject to a special mandatory redemption provision in case the acquisition does not close, with a redemption price equal to the issue price plus accrued and unpaid interest. The WildFire acquisition will greatly enlarge Magnolia's Giddings position and improve the capital and cost efficiency of its expanded operations, but entails inherent valuation risk and will increase the company's leverage from a very low base. Magnolia is funding the acquisition using a mix of equity and debt, including around $2.1 billion of newly issued equity, $300 million of cash on hand, and about $1.7 billion of additional debt on its balance sheet, including the assumption of Wildfire's $600 million senior unsecured notes. Magnolia publicly offered and priced around $1.3 billion of equity which is expected to close on July 22. Magnolia will also issue around $800 million of equity directly to the seller. With the public equity offering and this senior notes offering, Magnolia will have cash and necessary committed capacity on its enlarged $1.75 billion revolving credit facility to fund the acquisition. Moody's expects that Magnolia will successfully reduce debt following the acquisition and restore credit metrics to levels consistent with its ratings by the end of 2027. 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. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING 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. Pro forma for the WildFire acquisition, the company will own approximately 1.3 million net acres and produced an average of 159 mboe/d in the second quarter of 2026 (50% 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 this rating was Independent Exploration and Production published in February 2026. MALLINCKRODT PLC: Appellate Court Upholds Opioid Coverage Exclusion ------------------------------------------------------------------- Gianna Ferrarin of Law360 reports that a Missouri appellate court upheld a ruling in favor of a group of insurers, finding that a "your products" exclusion in their commercial liability policies barred coverage for claims arising from Mallinckrodt PLC's alleged unbranded marketing of opioid products. The court agreed that the exclusion applied because the underlying lawsuits were based on injuries allegedly resulting from the company's own pharmaceutical products. The insurers argued that the claims stemmed directly from Mallinckrodt's opioid products, making the policy exclusion applicable regardless of whether the allegations focused on product marketing rather than manufacturing defects. The appellate court concluded that the exclusion unambiguously precluded coverage for the damages sought in the underlying litigation, the report relays. The decision represents another favorable outcome for insurers in ongoing insurance disputes tied to opioid-related liabilities. It also narrows Mallinckrodt's ability to obtain insurance coverage for claims connected to its opioid marketing practices as the company continues addressing liabilities stemming from the nationwide opioid litigation, according to Law360. About Mallinckrodt plc Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The Company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. MALO ES NA: Seeks Approval to Tap Cuevas & Aponte as Accountant --------------------------------------------------------------- Malo Es Na Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Cuevas & Aponte Accounting Group, LLC, through its President, Edwin Javier Cuevas Rivera, as accountant. The firm will provide these services: (a) provide assistance to the Debtor in preparing the Monthly Reports of Operation; (b) prepare the necessary financial statements; (c) assist the Debtor in preparing cash flow projections and any other projections needed for the Subchapter V Plan of Reorganization; (d) assist the Debtor in all financial and accounting matters pertaining to, or in connection with, the administration of the estate; (e) assist the Debtor in the preparation and filing of federal, state and municipal tax returns; (f) assist the Debtor in any other assignment that might be properly delegated; and (g) assist the Debtor in general accounting services, tax return preparation and making tax deposits. Cuevas & Aponte Accounting Group, LLC will receive an hourly rate of $150 for bankruptcy-related matters. Cuevas & Aponte Accounting Group, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Edwin Javier Cuevas Rivera CUEVAS & APONTE ACCOUNTING GROUP, LLC San Sebastián, Puerto Rico Telephone: (939) 243-3890 E-mail: ecuevas@caagllc.net About Malo Es Na Corp. Malo Es Na Corp. is a Puerto Rico-based corporation. Public filings provide limited details regarding the company's operations, but it conducts business as a corporate entity organized under Puerto Rico law. Malo Es Na Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-02237) on May 16, 2026. In its petition, the Debtor reported estimated assets of up to $100,000 and estimated liabilities of up to $1 million. Judge Mildred Caban Flores oversees the case. The Debtor is represented by Antoan Figueroa Hernandez, Esq. MARMAR BEDFORD: Commences Chapter 11 Bankruptcy in California ------------------------------------------------------------- On July 21, 2026, Marmar Bedford, LLC commenced a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Central District of California. Court records show the company has estimated assets and liabilities ranging from $10 million to $50 million, with funds expected to be available for unsecured creditors. About Marmar Bedford, LLC Based in Beverly Hills, California, Marmar Bedford, LLC is a real estate developer focused on the ownership, development and investment of residential and commercial properties. The company participates in real estate projects throughout Southern California. The company filed for protection under Chapter 11 of the Bankruptcy Code (Case No. 26-17207) on July 21, 2026. Bankruptcy schedules disclose estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The debtor is represented by Thomas B. Ure, Esq., of Ure Law Firm. MARPAI INC: Restructures AXA Debt Payment Schedule -------------------------------------------------- Marpai, Inc. amended its purchase agreement with AXA S.A., delaying certain payments and setting new annual minimums through 2029, according to a regulatory filing. Under the amendment, Marpai's obligation to pay AXA 35% of net offering proceeds will apply through Dec. 31, 2026, only after the company receives $5 million of offering proceeds. Minimum annual payments are set at zero for 2026, $1 million for 2027, $5 million for 2028 and $22.25 million for 2029. Marpai also agreed not to incur additional debt beyond its existing indebtedness. Marpai said in a press release furnished with the filing that its restructuring agreements with AXA and JGB Capital reduce debt service through 2027 by $26.4 million. The earlier JGB amendment extended debenture maturities by one year to April 15, 2028, and revised the amortization schedule. About Marpai, Inc. Marpai, Inc. is a technology-platform company whose subsidiaries provide third-party administration, pharmacy-benefit management and value-oriented health-plan services to U.S. employers that self-fund employee health benefits. The Tampa, Florida-based company administers health claims for small and midsize businesses and local government entities, serving employers, members and health-care providers. Its Marpai Administrators and Maestro Health units provide payer-administration services nationwide. In an audit report dated March 25, 2026, UHY LLP included a going-concern paragraph, citing recurring operating losses, negative operating cash flows, an accumulated deficit and reliance on external financing. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of March 31, 2026, Marpai had total assets of $10.92 million, total liabilities of $46.16 million and a stockholders' deficit of $35.25 million. MCHUGH JUNK: Claims to be Paid from Continued Operations -------------------------------------------------------- McHugh Junk Removal Inc. filed with the U.S. Bankruptcy Court for the District of Massachusetts an Amended Plan of Reorganization for Small Business under Subchapter V dated July 13, 2026. The Debtor is a Massachusetts corporation (and S Corp.) that was incorporated on January 1, 2024. It is a trash removal business, for residences; it also does snow removal, cleanups and removal of unwanted items, and related activities. The Debtor's financial problems occurred when it borrowed funds from a "Merchant Cash Advance" company ("MCA"). The Debtor had what it believed to be a temporary financial problem when it needed to repair certain vehicle(s), and needed funding on what it believed to be a short-term basis. MCAs rarely review a debtor's operations and assets for a complete financial determination, they solely review a debtor's operating account to determine whether there is a steady inflow of receivables, ignoring operating expenses. This leads a debtor to incurring an absurd amount of debt. And this is what occurred with the Debtor, the Debtor had no possible opportunity to pay routine business expenses (including wages) when the Debtor owed over $250,000 in MCA debt, and the MCAs were regularly withdrawing funds from the Debtor's operating account. This led the Debtor to file for relief under Chapter 11 (SubChapter V) on November 24, 2025 (the "Commencement Date"), under Chapter 11 Case No. 25-41270-EDK, pending in the Central Division for the District of Massachusetts. This plan provides for (i) the continued payment to Clinton Savings Bank under the terms of its loan obligations so that this secured claim is paid in full, (ii) the payment of unsecured priority and administrative claims in full, and (iii) the payment of all other creditors, which the Debtor asserts are unsecured, by payment of their pro rata share of payments that the Debtor will make over a period of approximately 3 years. Class 3 consists of General Unsecured Claims. These claims include all other claims, including deficiency claims as described in Section 1.2 (B) (vii) and other general unsecured claims as described in Section 1.2 (B) (viii) (primarily trade creditors and other loans). These claims will receive their pro rata share of an account to be funded by annual payments of the Debtor of (i) $15,000.00 in December, 2026, (ii) payment of $20,000.00.00 in December, 2027, (iii) payment of $20,000 in December, 2028, and (iv) payment of $25,000.00 in December, 2029. Payments will be made by December 31st for each annual payment. The pro rata portion for each creditor will be made no later than January 31st of the year following the annual payment. These funds will be paid to the disbursing agent each year by December 31st, and the disbursing agent will distribute these funds within thirty days. The disbursing agent will be Louis S. Robin, Esq., the Debtor's Chapter 11 counsel. Class 3 is impaired under the Plan, and is entitled to vote to accept or reject this Plan. Class 4 consists of holders of Interests in the Debtor, namely William McHugh. On the Effective Date, William McHugh shall retain his Interests in the Debtor in the same proportions that existed on the Petition Date. This Plan will be funded from cash on hand, working capital, and cash from and ongoing business operations. The Debtor will continue to operate in the ordinary course of business. Pursuant to Section 1190(2) of the Code, the Plan provides for the submission of all or such portion of the future earnings of the Debtor as is necessary for the execution of the Plan. The Debtor's projected Disposable Income will be used to make distributions under the Plan to unsecured creditors; after payment of operating expenses, the Debtor will use most, if not all of its disposable funds to pay Clinton Savings Bank and M&T Equipment Finance Corporation. The Debtor believes that its forecast is a reasonable reflection of its past and anticipated future performance. A full-text copy of the Amended Plan dated July 13, 2026 is available at https://urlcurt.com/u?l=Kr4cmn from PacerMonitor.com at no charge. Counsel to the Debtor: Louis S. Robin Louis S. Robin, Esq. Law Offices of Louis S. Robin 1200 Converse Street Longmeadow, MA 01106 Telephone: (413) 567-3131 Facsimile: (413) 565-3131 Email: louis.robin.bankruptcy@gmail.com About McHugh Junk Removal Inc. McHugh Junk Removal Inc. provides junk-removal, hauling, and cleanup services for residential properties, rental units, construction sites, and commercial facilities. Its service portfolio includes appliance and furniture removal, yard-waste hauling, post-renovation debris cleanup, and full-property cleanouts. McHugh Junk Removal filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-41270) on November 24, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Chief Judge Elizabeth D. Katz handles the case. The Debtor is represented by Louis S. Robin, Esq., at the Law Offices of Louis S. Robin. MINGS GARDEN: Secured Party Sets Sept. 15, 2026 Public Auction -------------------------------------------------------------- In accordance with the New York Uniform Commercial Code, SPG Astoria Lender LLC, a Delaware limited ability company, as administrative and collateral agent for certain lenders (the "Secured Party"), under that certain Pledge and Security Agreement, as of February 16, 2024 (the "Security Agreement"), made by 26-01 4th Street Astoria LLC, a New York limited liability company (the "Pledgor") will sell at a public auction all of Pledgor's right, title and interest in and to all collateral pledged by Pledgor under the Security Agreement (collectively, the "Collateral"), including 100% of the issued and outstanding membership interests in Mings Garden Realty LLC, a New York limited liability company (the "Borrower"). Borrower owns and holds in fee simple the premises known as and located at 26-01 4th Street, Astoria, New York 11102 (the "Property"). The public sale will be held on September 15, 2026 at 3:00 p.m. (ET) by Matthew D. Mannion of Mannion Auctions, LLC, as Auctioneer, via Zoom Remote Meeting and in person at the offices of Sheppard Mullin Richter & Hampton LLP, 30 Rockefeller Plaza, 39th Floor, New York, New York 10112. Secured Party will sell the Collateral to the qualified bidder submitting the highest bid. All bids (other than any credit bid by Secured Party) shall be cash bids with no financing contingencies or conditions. Secured Party reserves the right to (i) credit bid its claim secured by the Collateral, (ii) reject any and all bids, (iii) cancel the sale in its entirety, and/or (iv) adjourn the sale. The Collateral serves as additional security, in addition to certain mortgages (collectively, the "Mortgages") encumbering the Property, for certain land and construction loans made to Borrower in the original aggregate principal amount of $60,250,000 (collectively, the "Loans"). The Loans have an outstanding aggregate principal balance of approximately $58,277,286.89 as of June 1 2026. A Non-Standstill Default (as defined in the Security Agreement) has occurred and is continuing under the Mortgages. To the extent the Collateral is sold for less than the then existing aggregate outstanding balance of the Loans, together with interest thereon accrued and all costs incurred as of the date of this public sale, the consummation of this public sale shall be subject to the Mortgages and the indebtedness secured thereby, which indebtedness shall be reduced by the proceeds received by Secured Party from this public sale. The Secured Party expressly reserves all rights and remedies available under the Mortgages, at law and in equity, including, without limitation, the right to commence judicial mortgage foreclosure proceedings with respect to the Property. The winning bidder at the public sale will acquire the Collateral subject to all such rights and remedies. Consummation of this public sale is further subject to satisfaction of all applicable conditions and requirements under that certain Amended and Restated Operating Agreement of Mings Garden Realty LLC dated as of February 16, 2024 (the "Borrower Operating Agreement"). The prospective bidder shall be solely responsible, at its own risk, cost and expense, for (a) compliance with all conditions and restrictions set forth in the Borrower Operating Agreement, including those requiring completion and execution of an application for transfer of the membership interests In Borrower subject to certain restrictions set forth therein, (b) the presentation to Borrower of the Certificate of Limited Liability Company Interests in Borrower (the "Certificate") accompanied by (i) an assignment, duly completed and executed by or on behalf of Pledgor (or the Secured Party as attorney-in-fact for Pledgor), and (ii) an application for transfer, duly completed and executed by and on behalf of the winning bidder as transferee, the form of each appearing on the reverse side of such Certificate, and (c) satisfying any other conditions under the Borrower Operating Agreement expressly imposed on the transferee or winning bidder, in each case as required by and as defined in the Borrower Operating Agreement. The Collateral has not been and will not be registered under the Securities Act of 1933 (the "Act") and is being offered for sale in a transaction exempt from the requirements of the Act as set forth in the Security Agreement. Bidders will be required to comply with all applicable securities laws in effect in respect of the submission of bids and actual purchase of the Collateral. Secured Party reserves the right to require bidders to represent that the Collateral is being purchased with investment intent for the bidder's own account and not with a view towards resale or distribution and will not be resold except pursuant to a valid registration statement under the Act or pursuant to an applicable exemption. Additional representations may be required to comply with transfer requirements and state securities laws that may apply. The Collateral will be sold "AS IS, WHERE IS, WITH ALL FAULTS," without warranties or representations of any kind by Secured Party and without recourse. The transfer will be made subject to all defenses and liabilities affecting Borrower, including the mortgage loans and all obligations thereunder. The winning bidder shall be solely responsible for obtaining any required consent, approval, or notification under any applicable local, state or federal laws, regulations or ordinances and for compliance with applicable laws as respects the Collateral and the Property. Upon execution of a confidentiality agreement available from Newmark, documentation and information will be made available concerning the Collateral. Only qualified bidders may participate in the public sale. Prospective bidders must register with Newmark and satisfy the qualification requirements set forth in the Terms of Sale, including submission of a Participation Statement, an IRS Form W-9, a KYC Letter, certified financial information, and an organizational chart, each as more fully described in the Terms of Sale. The foregoing requirements shall not apply to Secured Party or its affiliates. For the complete Terms of Sale, loan documents including the Borrower Operating Agreement, qualification requirements, and all inquiries please contact Tim Polglase of Newmark at Tim.Polglase@nmrk.com, Matthew D. Mannion of Mannion Auctions at mdmannion@jpandr.com, or Michael Driscoll of Sheppard at mdriscoll@sheppard.com. MITT REAL ESTATE: Taps Nationwide Tax Service as Accountant ----------------------------------------------------------- MITT Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Kenneth O. Sonukan, CPA and Nationwide Tax Service to serve as accountant. The firm will provide these services: (a) preparation of Monthly Operating Reports; (b) preparation of monthly financial statements; (c) cash receipts and disbursement reporting; (d) bank reconciliations; (e) preparation of supporting schedules; (f) coordination with bankruptcy counsel on financial reporting; (g) consultation on accounting matters arising in the case; and (h) other reasonably necessary accounting services during this Chapter 11 case. Kenneth O. Sonukan, CPA and Nationwide Tax Service will receive an initial engagement fee of $2,500; $2,000 per month for monthly accounting and Monthly Operating Report work; and $330 per hour for additional professional services. Kenneth O. Sonukan, CPA, states that, to the best of his knowledge, he does not hold or represent any interest adverse to the Debtor, the estate, or creditors, except as disclosed in his verified statement. He further states that, except as disclosed in his verified statement, he has no connection with the Debtor, creditors, other parties in interest, their attorneys or accountants, the United States Trustee, or any person employed by the Office of the United States Trustee pursuant to 11 U.S.C. App. 2014. The firm can be reached at: Kenneth O. Sonukan, CPA NATIONWIDE TAX SERVICE About MITT Real Estate LLC MITT Real Estate, LLC owns three single-family rental properties. MITT Real Estate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-57122) on May 31, 2026, with $500,001 to $1 million in both assets and liabilities. Michael Olofindayo, president and sole member of MITT Real Estate, signed the petition. Judge Jonathan W Jordan handles the case. Gregory C. Okwuosah, Esq., at the Law Offices of Gregory C. Okwuosah, LLC represents the Debtor as bankruptcy counsel. MOUNTAIN REGIONAL: Plan Exclusivity Period Extended to Aug. 17 -------------------------------------------------------------- Judge Michael F. Thomson of the U.S. Bankruptcy Court for the District of Utah extended Mountain Regional Equipment Solutions, LLC and MRES Holdings, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 17 and Oct. 16, 2026, respectively. In a court filing, this Motion is the Debtors' fourth request for an extension of the Plan Period. It cannot be reasonably asserted that the Debtors are seeking an extension of the Plan Period to unfairly prejudice or pressure the Debtors' creditors. Instead, the extension requested by the Debtors is an exercise of prudent business judgment and an attempt to have adequate time to negotiate terms with secured creditor and other creditors of the estate. In sum, the requested extension of the Plan Period will facilitate the Debtors' efforts to maximize the value of their estates by providing the Debtors with a full and fair opportunity to seek acceptance of their Plans. The Debtors submit that the extension requested herein will increase the likelihood of a greater distribution to creditors than would be possible if the Debtors were required to seek confirmation without additional time to finalize acceptance of the plan with key creditors. Counsel to the Debtors: Jeffrey L. Trousdale, Esq. Cohne Kinghorn, P.C. 111 E. Broadway Eleventh Floor Salt Lake City, UT 84111 Telephone: (801) 363-4300 Facsimile: (801) 363-4378 Email: jtrousdale@ck.law Cameron M. McCord, Esq. JONES & WALDEN LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: cmccord@joneswalden.com About Mountain Regional Equipment Solutions Mountain Regional Equipment Solutions, LLC, supplies and services automated lubrication systems, safety systems, and maintenance products used in heavy mobile equipment and industrial machinery. It serves customers across construction, mining, transportation, agriculture, and industrial markets, with operations based in Salt Lake City, Utah. Mountain Regional Equipment Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27678) on Dec. 19, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Todd Miceli, manager, signed the petition. Jeffrey L. Trousdale, at Cohne Kinghorn, P.C., is the Debtor's legal counsel. MVMT LABS: Case Summary & Nine Unsecured Creditors -------------------------------------------------- Debtor: MVMT Labs, Inc. 166 Geary St. Ste 1500 #1853 San Francisco, CA 94108 Business Description: MVMT Labs, Inc. develops blockchain infrastructure and tools that use the Move programming language to improve the security, performance and scalability of decentralized networks, including applications built for the Ethereum ecosystem. Chapter 11 Petition Date: July 15, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-11113 Judge: Hon. Thomas M Horan Debtor's Counsel: Jeremy W. Ryan, Esq. POTTER ANDERSON & CORROON LLP 1313 North Market Street, 6th Floor Wilmington, DE 19801 Tel: 302-984-6000 E-mail: jryan@potteranderson.com Debtor's Financial Advisor: PROVINCE, LLC Debtor's Claims & Noticing Agent: RELIABLE COMPANIES D/B/A RELIABLE Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Robinson as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/C2J3DKY/MVMT_Labs_Inc__debke-26-11113__0001.0.pdf?mcid=tGE4TAMA MY BROTHER'S BBQ: Carol Fox Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for My Brother's BBQ LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 About My Brother's BBQ LLC My Brother's BBQ LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-19354) on July 16, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Mindy A. Mora presides over the case. Adam I. Skolnik, Esq. represents the Debtor as legal counsel. NA RAIL: S&P Ups ICR to 'B' on Business Stability, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on NA Rail Hold Co. LLC (dba Patriot) to 'B' from 'B-' and its issue-level rating on its senior secured facilities to 'B+' from 'B'. The stable outlook reflects S&P's expectation that modest revenue growth and stable margins will gradually improve credit metrics, remaining commensurate with the rating. Patriot has maintained consistent performance amid broader freight market volatility, highlighting its integral role as a key intermediary between shippers and Class I railroads. S&P Global Ratings believes Patriot's improved end market, customer, and service diversity provides resilience against varying economic conditions compared to our previous assessment. S&P has a favorable view of Patriot's business profile, underpinned by increased diversification and modest revenue growth. Its largest customer now accounts for only 17% of revenue (down from 28% prior to 2022 Pioneer acquisition) while its reliance on the packaging and paper end market has declined to below 30% in 2025 from 43% in 2022. Additionally, the company has begun expanding into adjacent verticals, seeking to increase revenue from excursion railway and other logistics solutions, such as transloading and warehousing. These improvements have enhanced cash flow stability even when demand is soft, mitigating some concentration risk. Although Patriot remains smaller than the Class I railroads and other short-line operators like Genesee & Wyoming and Watco, it has pursued growth through organic expansion and acquisitions since 2019, while demonstrating resilience across varying freight market conditions. Its rail network, located near its customers and embedded into supply chains, extends into customer facilities, and it has long-standing relationships with Class I railroads provide access to essential first- and last-mile interconnections for a customer base of over 200 entities. Patriot focuses on transporting bulk commodities that are less efficiently served by road. Its volume stability is supported by lack of exposure to volatile coal carloads or to the more competitive intermodal segment, where freight is more susceptible to truck substitution, particularly over shorter distances. Furthermore, a majority of Patriot's freight revenue is contractual in nature, with terms typically spanning one to five years. This offers some protection against price volatility and provides more predictable margins. S&P said, "Notwithstanding these strengths, we believe Patriot's small scale limits its influence on market conditions, leaving it susceptible to broader macroeconomic shifts and to the operational performance of its Class I partners. "We believe revenue will grow through new adjacencies. We forecast fiscal 2026 revenue to grow low- to mid-single-digit percent as the company captures full-year container volumes from terminal operations at the Salt Lake City intermodal facility, which commenced operations in July 2025. We expect this growth to be augmented by some volume expansion in the excursion railway segment and inflation-adjusted price increases within the freight rail segment. These contributed to the 1.3% revenue increase observed in 2025, which was achieved despite a 4.1% decline in carload volumes due to temporary disruptions at some customer production facilities. "While first-quarter 2026 volumes declined due to inclement weather and unplanned customer outages, we expect these levels to normalize throughout the remainder of the year. Nonetheless, we expect subdued economic growth, weak industrial activity, and unresolved geopolitical tensions in the Middle East to weigh on consumer and business sentiment. Consequently, we anticipate carload volumes to remain flat or grow low-single-digit percent for 2026. Looking ahead to 2027, we project revenue growth to stabilizeand expand low-single-digit. "We anticipate healthy underlying free cash flow, net of growth capex. When accounting only for the approximately $20 million of steady-state annual maintenance capex, core free cash flow (FCF) typically yields $25 million-$30 million yearly. We expect this underlying generation to persist, improving gradually as earnings from long-term expansion projects begin contributing toward cash generation. "Moreover, we note the $118 million in Consolidated Rail Infrastructure and Safety Improvements (CRISI) grants awarded to the company between fiscals 2023 and 2024. The company will use these funds over the next few years and could reduce maintenance capex requirements in the medium term. This could further boost cash generation, though we have not incorporated its potential benefit into our base-case estimates. Still, Patriot's reported free cash flow (FCF) turned negative in 2025 due to growth-focused capital expenditure (capex) of approximately $40 million, which remained elevated to pursue expansion projects. Additionally, working capital inflows that supported FCF in 2024 were smaller this year. This was further offset by approximately $5 million in one-time cash expenses related to debt refinancing in early 2025. "We expect this investment cycle to persist in 2026 and beyond. The company is executing on multiple growth projects targeting industrial sites in high traffic corridors with anticipated annual spend of roughly $40 million. Consequently, our base-case forecast for 2026 reflects a $10 million FCF deficit. "We forecast credit metrics to remain commensurate with the ratings. We anticipate that FCF deficits may extend beyond 2026, necessitating drawdowns on the revolving credit facility, elevating debt. However, projected earnings growth will likely maintain leverage of low-5x and funds from operations (FFO) to debt of low-teens percent. "Patriot's financial sponsor has established a net leverage target of 4.5x–5.5x, which aligns with S&P Global Ratings' adjusted leverage calculations. We believe this is consistent with the current ratings, with potential for credit metrics to improve if growth-related capex moderates." Additionally, the company's parent has demonstrated continued support, having contributed equity to fund prior acquisitions and committed to investing additional capital to support growth projects. Such sponsor support may mitigate debt use, thereby improving metrics faster. S&P said, "However, we believe financial sponsors prioritize their interests and focus on maximizing returns, and we do not rule out the possibility of debt-funded shareholder distributions that could keep metrics from improving beyond current levels. "The stable outlook reflects our expectation that modest revenue growth and stable margins will gradually improve credit metrics, remaining commensurate with the rating. "We could lower our ratings on Patriot over the next 12 months if poor operating performance weakens credit metrics, with leverage increasing above 6.5x and FFO to debt declining to mid-single-digit percent." This could occur if: -- Patriot cannot raise carload prices to offset inflationary cost pressures; -- Volume declines due to attrition, underperformance, or disruption at its key customers; or -- Patriot adopts a more aggressive financial policy and undertakes debt-funded acquisitions or shareholder returns. S&P views an upgrade unlikely over the next 12 months. However, S&P could raise its ratings on Patriot over the longer term if: -- Patriot reduces leverage well below 5x and sustains FFO to debt of low-teens percent, supported by prudent capital allocation; and -- Performance and financial policy lead S&P to believe that its financial sponsor is committed to maintaining the credit metrics at these improved levels. NATUS MEDICAL: S&P Rates $50MM Revolving Credit Facility 'B' ------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to U.S.-based neurodiagnostic medical device manufacturer Natus Medical Inc.'s amended and extended $50 million revolving credit facility. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The transaction extends the maturity of the company's revolver by 18 months to January 2028. There are no other material changes to the terms of the agreement. S&P views the extension as modestly credit positive because it improves Natus' debt maturity profile. Given that the transaction does not affect the company's credit metrics, all S&P's ratings--including the 'B' issuer credit rating and stable outlook--are unchanged. Natus reported a 9% year-over-year increase in its revenue for the first quarter of 2026. However, the company's EBITDA margin contracted to 21.0%, from 24.6% in the prior-year period, due to tariff headwinds, its investments in new product development, and increased compensation costs. S&P said, "For full year 2026, we expect Natus' S&P Global Ratings-adjusted EBITDA margin will be in the 20%-21% range. While the company's first-quarter growth was robust, we expect its full-year revenue expansion will moderate to approximately 6%-7%, which reflects its high baseline in 2025 due to software upgrades. Still, we expect that Natus' organic growth and more favorable sales mix will facilitate a reduction in its leverage to about 5.7x in 2026. At the same time, we expect improvement in its free operating cash flow generation to near-breakeven in 2026 and about $15 million in 2027." NNN DEVELOPMENT: Case Summary & Five Unsecured Creditors -------------------------------------------------------- Debtor: NNN Development LLC 327 W 8th Ave Suite 100 Spokane, WA 99204 Business Description: NNN Development LLC is engaged in activities related to real estate and lists property at 4603 E. Sprague Ave. in Spokane, Washington, as its principal asset. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-01462 Debtor's Counsel: Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway Suite 1400 Portland, OR 97205 Tel: 503-227-1111 Email: dricks@sussmanshank.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Keith Scribner as authorized representative. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6T5OWXA/NNN_Development_LLC__waebke-26-01462__0001.0.pdf?mcid=tGE4TAMA NORTH STAR: To Close Sleep, Primary Care, Physical Therapy Services ------------------------------------------------------------------- Madeline Scheetz of Becker's Hospital Review bankrupt North Star Health Alliance is moving forward with additional service reductions, announcing plans to close the sleep center at Carthage Area Hospital along with primary care and physical therapy services at Philadelphia Health Center. The proposed closures were detailed in a July 17, 2026 notice released by the Ogdensburg, New York-based health system. A July 28, 2026 public hearing will provide community members with information about the proposed closures, including the reasons for the decision, the anticipated transition timeline and efforts to ensure continuity of care for affected patients, the report states. The healthcare system entered Chapter 11 earlier this year and has been implementing restructuring initiatives designed to improve its financial position. The latest closures follow several previously announced operational changes intended to reduce expenses, according to report. In late June 2026, North Star revealed plans to shut down the North Country Orthopaedic Ambulatory Surgery Center and the North Country Orthopaedic Group, both located in Watertown. Earlier this month, the system also announced plans to discontinue labor and delivery services at Claxton-Hepburn Medical Campus while shifting obstetrical care to its affiliated women's health clinic, the report cites. About North Star Health Alliance, Inc. The North Star Health Alliance is a collaborative system of healthcare provider organizations in Northern New York, committed to elevating community health and well-being. Members of the NSHA include Carthage Area Hospital, Claxton-Hepburn Medical Center, Claxton-Hepburn Medical Campus (Claxton Campus), North Country Orthopaedic Group, and Meadowbrook Terrace Assisted Living Facility. By working together, it aims to enhance accessibility and affordability of care close to home, deliver exceptional medical services, and strengthen the local health infrastructure. The North Star Health Alliance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-60099) on February 10, 2026. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Janice Grubin, Esq., and Jeffrey A. Dove, Esq., at Barclay Damon, LLP. OPENLANE INC: Moody's Affirms 'B1' CFR & Alters Outlook to Positive ------------------------------------------------------------------- Moody's Ratings affirmed the B1 corporate family rating and B1-PD probability of default rating of OPENLANE, Inc. (OPENLANE). Moody's also affirmed the senior secured bank credit facility, including its first lien revolving credit facilities and first lien term loan B, at B1. The outlook was changed to positive from stable. The speculative grade liquidity rating remains SGL-1. The change in outlook to positive reflects Moody's expectations that OPENLANE will maintain healthy profitability, strong free cash flow and moderate financial leverage over the next 12 to 18 months. The positive outlook also reflects the company's streamlined debt capital structure after conversion of the remaining preferred convertible shares in June 2026. Moody's expects revenue growth of roughly 10% and maintenance of strong EBITA margins. Governance was a key consideration in this rating action. Governance considerations included OPENLANE's simplified organizational structure and enhanced board independence following the elimination of the convertible preferred securities. Because these securities were held by financial institutions that also occupied board seats, their elimination reduced concerns related to the company's capital structure. The board has 10 seats and there are nine independent directors, including a partner from Apax Partners, LP which holds 15.5% of the outstanding common stock. RATINGS RATIONALE The B1 CFR reflects OPENLANE's leading position in the digital marketplace for wholesale used vehicles. In the commercial channel, vehicles are offered for sale by captive finance subsidiaries of auto manufacturers, rental car companies, financial institutions and fleet management companies that seek liquid and efficient channels that enable swift vehicle dispositions. In addition, the company offers dealer-to-dealer auctions that allow franchise and independent dealers to buy and sell used vehicles on its digital platform. Moody's expects growth in auction volumes in both the dealer-to-dealer and commercial channels. The dealer channel is expected to maintain strong growth, and the commercial channel is forecast to experience higher volumes as the inventory of off-lease vehicles grows. Higher overall auction volumes will drive revenue growth, improve operating efficiencies, and modestly expand operating margins. OPENLANE's EBITA margin is attractive, and Moody's expects it to remain at roughly 21% over the next 12 to 18 months. This reflects in part the high margin of the company's floorplan funding business when measured before interest expense. Moreover, OPENLANE has only a modest amount of debt related to its vehicle auction business, while it maintains a sizeable amount of debt at its floorplan funding business. Moody's estimates the ratio of debt-to-equity at the floorplan funding business to be about 2:1. Further, the securitization obligations of the floorplan funding business are non-recourse to OPENLANE. Moody's expects liquidity to remain very good (SGL-1), supported by a cash balance of at least $100 million and annual free cash flow over $300 million, which will benefit from the elimination of preferred dividends. The two revolving credit facilities with committed amounts of $325 million and CAD 175 million, respectively, are forecast to remain undrawn. On March 31, 2026, there was nothing drawn under the revolving credit facilities, and there were $43 million in outstanding letters of credit. The European lines of credit had $19 million outstanding. The credit facilities expire in June 2028, and OPENLANE's floorplan funding business has $2.0 billion and CAD500 million of facilities expiring in January 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if OPENLANE successfully maintains an EBITA margin in excess of 20% while maintaining a modest amount of debt related to the vehicle auction business. Annual free cash flow sustained above $125 million, and a consistent track record of low charge-offs and ample capital at OPENLANE's floorplan funding business, could also lead to a ratings upgrade. The ratings could be downgraded if OPENLANE's EBITA margin falls below 17%. A downgrade could also occur if the company adopts a more aggressive financial policy, including debt-funded share repurchases. Other factors that could drive a downgrade include higher charge-offs or if the amount of capital at OPENLANE's floorplan funding business is maintained below historical levels. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. OPENLANE, Inc. is a leading provider of wholesale used vehicle auctions and related vehicle remarketing services for the automotive industry. The company serves domestic and international buyers and sellers through digital auction platforms, as well as 14 vehicle logistics centers in Canada. Ancillary customer services include transportation, reconditioning, and other services. OPENLANE also provides wholesale buyers of vehicles short-term inventory-secured financing, or floorplan financing, through its wholly-owned subsidiary, Automotive Finance Corporation (AFC). Revenue was $2.0 billion in the last 12 months ended March 31, 2026. OSAIC HOLDINGS: Moody's Alters Outlook on 'B2' CFR to Positive -------------------------------------------------------------- Moody's Ratings has affirmed Osaic Holdings, Inc.'s (Osaic) B2 corporate family rating. Moody's also affirmed the company's B1 ratings on its senior secured bank credit facility and senior secured notes, as well as the Caa1 rating on its senior unsecured notes. The outlook has been changed to positive from stable. RATINGS RATIONALE The ratings affirmation reflects Osaic's improving earnings capacity, supported by sustained revenue growth, expanding profitability, and continued expansion into higher-margin, fee-based wealth management channels. The positive outlook reflects Moody's expectations that continued earnings growth and free cash flow generation could drive sustained deleveraging over the next 12 to 18 months. This improvement reflects both a more favorable revenue mix and better operating leverage. Advisory revenues continue to grow faster than the firm's traditional broker-dealer activities and now represent an increasingly important source of earnings. Osaic's expansion into the registered investment advisor (RIA) and fee-only wealth management channels has raised the proportion of recurring fee-based revenues while lowering the overall advisor payout ratio, and its growing employee-affiliated advisor channel further enhances economics by retaining a larger share of advisory fees than the traditional independent contractor model. Together these initiatives have lifted profitability while reducing dependence on interest-rate-sensitive cash sweep revenues. Reported pretax earnings for the last twelve months ended March 31, more than doubled relative to the prior year period, expanding margins despite some moderation in market-related revenues. Stronger profitability has translated into improved cash flow generation, enhancing the company's capacity to reduce debt. Leverage nonetheless remains elevated and continues to constrain the rating, with Moody's-adjusted leverage of approximately 5.6x as of March 31, 2026. Moody's sees a credible path toward materially lower leverage through a combination of EBITDA growth and free cash flow-driven debt reduction. While execution risk remains, this should move leverage toward Moody's 4.5x upgrade trigger. Osaic's B2 CFR reflects its scaled franchise as a provider of wealth management and advisory services, with approximately 9,800 affiliated financial advisors overseeing roughly $747 billion in client assets. Its modest, albeit improving, profitability and elevated leverage constrain the credit profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Osaic's ratings could be upgraded if debt/EBITDA based on Moody's standard adjustments is sustained below 4.5x; or the company expands its existing business activities, resulting in improved profitability while diversifying and reducing the sensitivity of its earnings to macroeconomic factors. Conversely, the outlook could return to stable if Osaic fails to follow a path that meaningfully reduces leverage, experiences a revenue deterioration not offset by flexible expense management, or suffers a significant loss of franchise value from a legal, regulatory, compliance or other issue that impairs operating performance or advisor relations. The ratings could be downgraded if debt/EBITDA, based on Moody's standard adjustments, is sustained above 6.5x or interest expense coverage falls below 2.0x. The principal methodology used in these ratings was Securities Industry Service Providers published in February 2024. PAXTON & ASSOCIATES: Taps Buckeye Bookkeeping Plus as Accountant ---------------------------------------------------------------- Paxton & Associates Trucking, LLC, et al. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Kathy Gryniewicki of Buckeye Bookkeeping Plus as accountant. The professional and the firm will provide these services: (a) advise and represent the Debtor in Possession with respect to the day-to-day accounting and financial needs; (b) advise and represent the Debtor in Possession in connection with its income tax and auditing needs, including but not limited to filing tax returns; and (c) evaluate and possibly assist in the reorganization of its financial structure. Kathy Gryniewicki of Buckeye Bookkeeping Plus will receive an hourly rate of $150. Kathy Gryniewicki and Buckeye Bookkeeping Plus stated that they are "disinterested persons" within the meaning of 11 U.S.C. 327 and 101(14), and that neither Kathy Gryniewicki nor Buckeye represents or holds any interest adverse to the Debtors or the estate with respect to the matter on which Kathy Gryniewicki or Buckeye is to be employed. The firm can be reached at: Kathy Gryniewicki BUCKEYE BOOKKEEPING PLUS 1110 Blueberry Hill Brunswick, OH 44212 About Paxton & Associates Trucking LLC Paxton & Associates Trucking, LLC, based in Uniontown, Ohio, operates as a trucking company providing general freight transportation services. It serves commercial customers and operates on local and intrastate routes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-50678) on April 23, 2026. In the petition signed by John Chafe, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Alan M. Koschik oversees the case. Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP, represents the Debtor as legal counsel. PHARMA-NATURAL INC: Seeks to Use Cash Collateral ------------------------------------------------ Pharma-Natural Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida for authority to use cash collateral and provide adequate protection to its secured lender, PNC Bank, N.A. The Debtor states that immediate access to cash collateral is essential to continue normal business operations and avoid irreparable harm to the estate. The requested authority would permit the company to pay payroll, rent, utilities, professional fees, materials, production costs, insurance, maintenance, freight, critical vendors, and other ordinary-course operating expenses. A final hearing is requested at least 15 days after notice to consider continued use of cash collateral. As adequate protection for PNC Bank, the Debtor proposes granting replacement liens on post-petition property of the same nature as the lender's prepetition collateral, maintaining insurance coverage, and, once claims are determined and allowed, making reasonable monthly cash interest payments. The company argues these protections are fair and sufficient while allowing it to preserve going-concern value, maintain vendor relationships, and continue generating revenue. The motion includes detailed 13-week and seven-week cash flow projections. The 13-week budget forecasts approximately $944,109 in total cash receipts against roughly $1.126 million in cash disbursements, resulting in a projected net cash deficit of approximately $181,600. A court hearing is scheduled for August 5. A copy of the motion is available at https://urlcurt.com/u?l=QvXITW from PacerMonitor.com. About Pharma-Natural Inc. Pharma Natural is a Miami Lakes, Florida- based manufacturer of nutraceutical and over-the-counter body- management products. Founded in 2002, the company produces Pharma Natural-branded products and provides private-label and white-label manufacturing programs. Its operations include product manufacturing, packaging, quality control and testing, formulation assessment, raw-material sourcing, warehousing, and shipping logistics for dietary supplement and nutrition-related products. Pharma-Natural Inc. in Southern District of Florida, filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 26-16578) on May 20, 2026, listing $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Carolina Ferreiro as president. Judge Hon. Corali Lopez-Castro oversees the case. Joel M. Aresty, Esq., at Joel M. Aresty, PA serves as the Debtor's legal counsel. PNC Bank, National Association, as lender, is represented by Shane G. Ramsey, Esq., at Nelson Mullins Riley & Scarborough, LLP. PHOENIX CONVERTING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Lead Debtor: Phoenix Converting, Inc. 1500 Bryn Mawr Ave. Itasca, IL 60143 Business Description: Flex Pack produces flexible packaging and provides package development, printing and design, prepress, pouching, slitting, laminating, and custom bag and pouch production. The company serves markets including food and beverage, household and personal care, industrial and automotive, medical, nutraceutical, and pet food. Flex Pack is headquartered in Itasca, Illinois, and operates locations in Illinois and Wisconsin. The company adopted the Flex Pack name in 2024 following the rebranding of Advanced Converting Works. Chapter 11 Petition Date: July 20, 2026 Court: United States Bankruptcy Court Northern District of Illinois Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Phoenix Converting, Inc. (Lead Case) 26-11935 Valley Packaging Supply Co., Inc. 26-11940 ACW Flex Pack, LLC 26-11941 PCG/SPT Holdings, Inc. 26-11942 Advanced Converting Works, Inc. 26-11944 Advanced Converting Works Holdings, LLC 26-11948 ACW Flex Pack Management, Inc 26-11945 Judge: Hon. David D Cleary Debtors' Counsel: Adam P. Silverman, Esq. ADELMAN & GETTLEMAN, LTD. 53 West Jackson Boulevard Suite 1050 Chicago, IL 60604 Tel: 312-435-1050 Email: asilverman@ag-ltd.com Phoenix Converting's Estimated Assets: $10 million to $50 million Phoenix Converting's Estimated Liabilities: $10 million to $50 million The petitions were signed by Steven Boyer as CEO. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q6UKXUQ/Phoenix_Converting_Inc__ilnbke-26-11935__0001.0.pdf?mcid=tGE4TAMA List of Phoenix Converting, Inc.'s 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Charter Next Generation Inc Trade Debt $21,406 P.O. Box 9183427 Chicago, IL 60691 Contact: Very Hockensmith Tel: (567) 209-1266 Email: very.hockensmith@cnginc.com 2. Cintas Trade Debt $16,146 P.O. Box 88005 Chicago, IL 60680 Contact: Veronica Mazzuca Tel: 847-310-6742 Email: mazzucav@cintas.com 3. City National Bank of Florida Secured Loan Unknown Attn: Jorge Gonzalez, CEO 2701 S LeJeune Rd 8th Floor Coral Gables, FL 33134 Contact: Robert P. Frankel, Esq. Tel: 305-358-5690 Email: robert@frankelpa.com 4. Distinct Packabilities of KY LLC Trade Debt $29,174 Attn: Accounts Rec PO Box 1627 Shephersdville, KY 40165 Contact: Jennifer Puckett Tel: 502-264-9691 Email: jpuckett@distinctpack.com 5. Elite Extrusion Technology Trade Debt $47,189 3620 Ohio Ave. St. Charles, IL 60174 Contact: Gorette Espino Tel: 630-485-2020 Email: gorette@eetfilm.com 6. Elplast America Trade Debt $50,597 795 Enterprise Drive Marion, IA 52302 Contact: Ashley Masten Tel: 319-243-1131 Email: a.masten@elplastamerica.com 7. Flex Films USA Inc. Trade Debt $17,898 1221 North Black Branch Rd Elizabethtown, KY 42701 Contact: Scarlett Skeeters Tel: (270) 982 3456 Email: scarlett.skeeters@flexfilm.com 8. Henkel Corporation Consumer Ad Trade Debt $62,973 P.O. Box 738841 Dallas, TX 75373-8841 Contact: Loraine Nerveza Tel: 632-885-91672 Email: loraine.nerveza@henkel.com 9. Marubeni America Corporation Trade Debt $42,384 P.O. Box 776843 Chicago, IL 60677 Contact: Michelle M Tel: 914-428-6501 Email: michel-m@marubeni.com 10. Pilcher Hamilton Corp. Trade Debt $60,280 850 S Buncombe Road Greer, SC 29650 Contact: Wendy Austin Tel: 513-489-8840 ext. 343 Email: wendy.austin@pilcherhamilton.com 11. Presto Products Company Trade Debt $15,512 P.O. Box 842320 Dallas, TX 75284-2320 Contact: Hansel Orrego Tel: 224-331-1367 Email: hansel.orrego@reynoldsbrands.com 12. Prism Packaging Consultants LLC Trade Debt $138,640 PO Box 7048 Group 30004 Indianapolis, IN 46207 Contact: Kristin Lorenz Tel: 779-758-8004 Email: kristin.lorenz@prismpkg.com 13. ProAmpac Rochester LLC Trade Debt $35,904 12025 Tricon Road Cincinnati, OH 45246 Contact: Nancy Wright Tel: 413-875-9748 Email: nancy.wright@proampac.com 14. ProAmPac Westfield Trade Debt $1,245,323 12025 Tricon Road Cincinnati, OH 45246 Contact: Nancy Wright Tel: 413-875-9748 Email: nancy.wright@proampac.com 15. ProPals Industries LTD Trade Debt $268,711 3200 Blvd Corbusier Laval, QC H7L 4S8 Canada Contact: Arlette Elhange Tel: 514-335-2935 Ext 221 Email: aelhage@propals.com 16. Siegwerk EIC Trade Debt $14,929 P.O. Box 719273 Philadelphia, PA 19171-9273 Contact: Deborah Souleyrette Tel: 515-471-2100 Email: deborah.souleyrette@siegwerk.com 17. STAG Industrial Lease of Real $101,966 100 Federal Street Property 29th Floor Boston, MA 02110 Contact: Julie Hagopian Tel: 617-574-4777 Email: ar@stagindustrial.com 18. The Roller Specialist Trade Debt $18,789 1220 American Way P.O. Box 74 Watertown, WI 53094 Contact: Stacia Marciniak Tel: 920.262.1817 Email: stacia@therollerspecialist.com 19. Verstela Trade Debt $70,995 231 W. Grand Ave. Bensenville, IL 60106 Contact: Joe Kurucar Tel: (630) 787-2907 Email: joe.kurucar@verstela.com 20. Zip-pak Trade Debt $15,823 33853 Treasury Center Chicago, IL 60694 Contact: Jenny Staton Tel: 815-468-6500 x 126 Email: jenny.staton@zippak.com PHOTO HOLDINGS: Moody's Withdraws B2 Rating on 1st Lien Term Loan ----------------------------------------------------------------- Moody's Ratings has withdrawn the ratings on Photo Holdings, LLC's (Photo Holdings, dba Shutterfly) B2 Backed Senior Secured First Lien Term Loan and Ba3 Backed Super Secured Revolving Credit Facility. The B3 Corporate Family Rating, B3-PD Probability of Default Rating, and B2 rating on the company's Backed Senior Secured First Lien Notes remain unchanged. The outlook remains unchanged at stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Headquartered in San Jose, CA, Photo Holdings, LLC is a leading online manufacturer and retailer of personalized consumer photo products through brands such as Shutterfly, Snapfish, Tiny Prints Boutique, Spoonflower and photo services through its Lifetouch division and Shutterfly Business Solutions. GAAP revenue totaled approximately $2.13 billion in 2025. Photo Holdings, LLC is majority-owned by investment funds managed by Apollo Global Management, Inc. PINNACLE PROPERTY: Case Summary & Four Unsecured Creditors ---------------------------------------------------------- Debtor: Pinnacle Property Investments LLC 327 W 8th Ave Suite 100 Spokane, WA 99204 Business Description: Pinnacle Property Investments LLC is engaged in real estate-related activities, with its principal assets located at 1403 N. Division St. in Spokane, Washington. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 26-01461 Debtor's Counsel: Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Tel: 503-227-1111 E-mail: dricks@sussmanshank.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Keith Scribner as authorized representative. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6VKFISQ/Pinnacle_Property_Investments__waebke-26-01461__0001.0.pdf?mcid=tGE4TAMA PMIC PROPERTY: Seeks Chapter 11 Bankruptcy in Louisiana ------------------------------------------------------- On July 21, 2026, PMIC Property Management, LLC filed for Chapter 11 Small Business protection in the U.S. Bankruptcy Court for the Western District of Louisiana. According to court filings, the debtor reports between $1 million and $10 million in liabilities owed to between one and 49 creditors. A meeting of creditors under Section 341(a) to be held on August 20, 2026 at 03:30 PM at 341 Meeting - Telephone Conference, UST. Call: 888-330-1716, Passcode: 5240151#. The Statement of Operations and Cash Flow Statement are due by July 21, 2026. About PMIC Property Management, LLC PMIC Property Management, LLC is a Lafayette, Louisiana-based lessor of nonresidential buildings. The company owns and manages a 1.891-acre medical office property located at 307 Alcide Dominique Drive in Lafayette, which serves as the clinical location for Moore Healthcare Group. The Chapter 11 filing followed a seizure action by Rayne State Bank & Trust Company, which had scheduled the property for a sheriff's sale on July 22, 2026. PMIC acquired the property in July 2014 and has operated it as a medical office property for more than a decade. PMIC Property Management, LLC sought relief under Chapter 11 Small Business of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 26-50662) 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 John W. Kolwe handles the case. The debtor is represented by David Patrick Keating, Esq. PORTERO COMMERCIAL: Taps Kowal Law as Special Appellate Counsel --------------------------------------------------------------- Portero Commercial LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Kowal Law Group, APC to serve as special appellate counsel. The firm will provide these services: (a) prepare, file, and prosecute (and maintain) the Petition for Supersedeas and any related requests for a stay or other interim relief in the Court of Appeal (Case No. E088735) directed at preventing a nonjudicial foreclosure sale of the Property pending appellate review; (b) continue to prosecute the Debtor's pending appeal from the May 21, 2026 order dissolving and vacating the preliminary injunction that had restrained foreclosure (Case No. E088735), including briefing, record preparation, and oral argument; (c) prepare, file, and prosecute an appeal from the judgment anticipated to be entered following the reserved equitable proceedings (expected in or about August 2026), including briefing, record preparation, and oral argument; and (d) perform any and all other appellate services incident and necessary to the foregoing that the Debtor may require of the firm as special appellate counsel. The firm's regular hourly rates for the professionals expected to work on this Case are: Timothy M. Kowal, $675; other attorneys (Teddy T. Davis and Richard J. Radcliffe), $550; and paralegal Brittney Bishop, $150. These rates are subject to periodic adjustment on 30 days' notice, and all compensation is subject to Court approval under §§ 330 and 331. The firm does not hold or represent any interest adverse to the Debtor or the estate with respect to the matters on which the firm is to be employed. To the best of the firm's knowledge, and except as disclosed in the Application, neither the firm nor any attorney employed by it holds or represents any interest adverse to the Debtor or the estate with respect to the matters on which the firm is to be employed, and neither has any connection with the Debtor, its creditors, any other party in interest, their respective attorneys and accountants, the United States Trustee, or any person employed in the Office of the United States Trustee. The firm can be reached at: Timothy M. Kowal Teddy T. Davis, Esq. KOWAL LAW GROUP, APC Newport Beach, CA Telephone: (949) 676-9989 E-mail: tim@kowallawgroup.com ted@kowallawgroup.com About Portero Commercial LLC Portero Commercial LLC is an Irvine, California-based real estate investment and development company focused on acquiring, developing, and managing commercial real estate assets. Portero Commercial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11949) on June 24, 2026. In its petition, the Debtor reported estimated assets of $100 million to $500 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Ryan D. O'Dea of Shulman Bastian Friedman Bui & O'Dea LLP. PREMIER MEAT: Claims to be Paid from Continued Operations --------------------------------------------------------- Premier Meat Pies, LLC filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated July 13, 2026. The Debtor operates as a food service business specializing in traditional hand-held Scottish meat pies. The Debtor's flagship production facility is located in Renton, Washington, where a dedicated bakery team prepares and freezes all products for distribution to the retail locations and the restaurant in Renton. In additional to the brick-and-mortar operations, the company generates revenue through mobile and event-based sales, regularly participating in Renaissance Fairs and Scottish Highland Games throughout the Pacific Northwest and Las Vegas. The Debtor had always generated sufficient business revenue to meet its monthly obligations up until 2020. In the same week that the COVID-19 shutdowns began, a former business partner, who operated the bakery in California where all the pies were produced, was diagnosed with stage four brain cancer and later passed away. As a result, the business experienced an immediate disruption to the production operations and overall stability of the business. In response to the sudden changes, the business pursued financing to establish a new bakery location in Renton, Washington to continue to supply the existing locations. During this time, the business was targeted by a fraudulent lender who appeared to have access to the application information. They represented that the Debtor had been approved for approximately $500,000.00 in funding. Under the mistaken belief that legitimate funding was in place, the construction on the Renton facility had already begun. Once the fraud was discovered, it was necessary to secure alternative, higher-cost financing to continue operations and complete the project. The payments quickly became difficult to maintain and the Debtor was severely limited in its cash flow. Unfortunately, it became impossible to operate without additional loans to fund operating expenses while still maintaining the high payments to the lenders. As a result of the high payments being made on the outstanding obligations, the Debtor fell behind on tax obligations. Facing mounting collection pressure and in an effort to reorganize the outstanding debt owed, a Petition under Chapter 11, Subchapter V was filed on April 14, 2026 (herein the "Petition Date"). Class 5 consists of General Unsecured claims. No funds will be available for Class 5 claims. This Class is impaired. The Plan will be funded with revenue from the Debtor's operation. The projected income and expenses have been annualized over the plan term to account for seasonal fluctuations. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. The Reorganized Debtor shall continue to own, maintain, operate and manage the business without further notice or order of the Bankruptcy Court. Creditors may not take any actions against the Debtor/Reorganized Debtor (including, without limitation, lawsuits or other legal actions, levies, attachments, or garnishments) to enforce or collect either pre-confirmation obligations or obligations due under the Plan, so long as the Debtor is not in material default under the Plan. A full-text copy of the Plan of Reorganization dated July 13, 2026 is available at https://urlcurt.com/u?l=FyGzn5 from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. Thomas D. Neeleman, Esq. Neeleman Law Group, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 E-mail: jennifer@neelemanlaw.com About Premier Meat Pies, LLC Premier Meat Pies, LLC is a Greater Seattle food business with locations in Seattle and Renton, Washington, that sells British-style savory pies and sausage rolls. It also ships frozen pies and has served Seattle guests and residents since 2015. Premier Meat Pies, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11203) on April 14, 2026, listing $184,027 in assets and $1,067,818 in liabilities. The petition was signed by Nathan Bainbridge as CEO. Judge Timothy W Dore presides over the case. Thomas D. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. serves as the Debtor's counsel. PROVIDENTIAL LENDING: Seeks Cash Collateral Access -------------------------------------------------- Providential Lending Services LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection. The Debtor previously experienced operational disruptions because its principal stepped away from administrative duties while serving as the primary caregiver for his wife during her cancer treatment. The Debtor says those issues have now been resolved, operations have stabilized, financial reporting has been brought current, rent collections have resumed, and regular monthly mortgage payments restarted in July 2026. It argues that continued access to rental income is essential to maintain the properties, preserve the bankruptcy estate, and make ongoing debt service payments to secured creditors. The Debtor identifies three groups of secured creditors asserting interests in the rental income. Velocity Commercial Capital holds secured claims against 12 residential properties owned by the Debtor. U.S. Bank Trust Company holds the first-position deed of trust on a property located at 1341 E. Ivyglen in Mesa, Arizona, while Kerry and Leslie Leonard hold a junior wrap-around deed of trust on the same property that incorporates U.S. Bank's senior lien. All three creditor groups claim an interest in rents generated by their respective collateral. The Debtor seeks permission to use cash collateral to pay ordinary and necessary operating expenses, including property maintenance, taxes, insurance, and U.S. Trustee fees, while also resuming monthly mortgage payments. The proposed budget projects monthly rental income of approximately $28,600 from the 12 Velocity-secured properties, with operating expenses of about $17,355 and monthly mortgage obligations totaling roughly $26,386 owed to Velocity. The Mesa property is expected to generate approximately $3,800 in monthly rent, with operating expenses of about $519 and mortgage payments of approximately $1,784 to U.S. Bank and an additional $51 to the Leonards. After paying operating expenses, the Debtor proposes using remaining cash collateral to make adequate protection payments equal to each creditor's monthly mortgage payment, with any surplus funds held in reserve. To support the request, the Debtor argues that each secured creditor is adequately protected by substantial equity cushions that significantly exceed the 20% threshold recognized by Ninth Circuit precedent. Velocity's claims of approximately $3.36 million are secured by 12 properties with a combined scheduled value of approximately $5.59 million, resulting in an equity cushion of roughly $2.23 million, or nearly 40%. U.S. Bank's secured claim of approximately $298,904 against the Mesa property, valued at $750,000, is protected by an equity cushion exceeding $451,000, or about 60%. Likewise, the Leonards' wrap-around claim of approximately $303,564 is supported by an equity cushion of roughly $446,000, representing nearly 60% of the property's value. The Debtor contends these equity cushions alone provide strong protection against any decline in collateral value. Beyond the equity cushions, the Debtor emphasizes that ongoing maintenance of the rental properties, payment of taxes and insurance, and resumption of mortgage payments further preserve the creditors' collateral. For the Velocity properties, excess rental income after operating expenses will be applied directly toward Velocity's monthly mortgage payments, with any remaining surplus reserved. For the Mesa property, the Debtor proposes a bifurcated payment structure that would send the senior monthly mortgage payment directly to U.S. Bank before remitting any remaining net cash collateral to the Leonards. The Debtor argues this arrangement better protects all parties because it avoids relying on the Leonards to forward payments under the wrap-around deed of trust, thereby reducing the risk to the estate. As additional adequate protection, Providential Lending requests authority to grant each secured creditor replacement liens on post-petition collateral to the extent any diminution in value occurs as a result of using the cash collateral. The proposed replacement liens would extend to post-petition rents and profits generated by the properties, subject only to liens authorized under Section 364(c) if applicable. A court hearing is scheduled for August 6. A copy of the motion is available at https://urlcurt.com/u?l=U3IPlX from PacerMonitor.com. About Providential Lending Services Providential Lending Services, LLC, is a company based in Mesa, Ariz., primarily engaged in renting and leasing properties to residential or commercial tenants. Providential Lending Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04020) on May 5, 2025, listing up to $10 million in assets and up to $500,000 in liabilities. John Conover, manager of Providential Lending Services, signed the petition. Judge Brenda K. Martin oversees the case. Joseph G. Urtuzuastegui III, Esq., at The Real Estate Investor Law Firm, LLC, is the Debtor's bankruptcy counsel. R INTERCONNECTIONS: To Retain Ellis & Ellis as Tax Counsel ---------------------------------------------------------- R Interconnections Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to retain Ellis & Ellis, LLC to serve as tax counsel for liability claims against the United States Internal Revenue Service. The firm will provide these services: (a) represent the Debtor with power-of-attorney in litigating the existing tax claims at issue; and (b) facilitate removal of existing tax liability liens on property. Ellis & Ellis will receive compensation based on a fixed rate, subject to Court approval: -- Flat Rate Service of $2,240, consisting of a Fee Amount of $2,175 and a Service Fee of $65. Ellis & Ellis believes that it has no connection with the Debtor, Creditors, the U.S. Trustee or any person employed in the U.S. Trustee's office or any other party of interest, their respective attorneys and accountants, and therefore, is a "disinterested party," as that term is defined in the U.S. Bankruptcy Code. The firm can be reached at: Michael Ellis, Esq. ELLIS & ELLIS, LLC 370 3rd Ave. Dayton, TN 37321 About R Interconnections Inc. R Interconnections Inc operates a retail storefront selling fishing tackle and gear across upstate New York and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10033-1-pgr) on January 14, 2026. In the petition signed by Thomas Zebrowski, US operations manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Patrick G. Radel oversees the case. Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as legal counsel. RAMANUJAN GROUP: Seeks to Extend Plan Exclusivity to Oct. 16 ------------------------------------------------------------ Ramanujan Group LLC asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a disclosure statement and plan of reorganization and obtain acceptance thereof to Oct. 16 and Dec. 14, 2026, respectively. The Debtor owns a 94.5% interest as a tenant in common of a shopping center in Danville, California, at 3380-4175 Blackhawk Plaza Circle (the "Property"). The shopping center is 85.6% leased and has approximately 43 tenants. The Property is believed to be worth in excess of $60 million and is subject to a senior lien in favor of Preferred Bank, which is owed approximately $31.53 million, and a junior lien in favor of Nano Banc, which is owed approximately $5.8 million. 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 company does not currently have accurate financial information that will support its feasibility. The Debtor claims that it is going to need to continue to operate pending the sale and it still preparing cash flow projections to understand the cash flow needs to get through a sale. The Debtor is under new management so lacks historical knowledge of the Debtor's financial conditions and the historical financials may not have been entirely accurate in any event. The Debtor asserts that to allow the company sufficient time to gauge its financial performance and determine exactly how it will exit this case, the company requires additional time to formulate its disclosure statement and plan. Ramanujan 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 Email: kandrassy@raineslaw.com About Ramanujan Group LLC Ramanujan Group LLC is a Newport Beach, California-based real estate investment firm that owns Blackhawk Plaza, an open-air shopping center in Danville, California. Ramanujan Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10832) on March 18, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor tapped Kyra E. Andrassy, Esq., at Raines Feldman Littrell LLP as counsel and Grobstein Teeple LLP as financial advisor. RAMBO TRANSPORT: Seeks Subchapter V Bankruptcy in California ------------------------------------------------------------ On July 21, 2026, Rambo Transport Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filings, the Debtor reports estimated liabilities between $100,000 and $500,000, owed to 1 to 49 creditors, with estimated assets between $100,000 and $500,000. About Rambo Transport Inc. Rambo Transport Inc. is a Bakersfield, California-based general freight trucking company specializing in long-distance truckload transportation. The company operates an active motor carrier business with a fleet of five power units and eight drivers. In 2024, the carrier logged nearly 690,000 miles and maintains compliance with California's transport refrigeration unit air quality regulations. Rambo Transport Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13378) on July 21, 2026. In its petition, the Debtor reports estimated assets of $100,000 to $500,000 and estimated liabilities of $100,000 to $500,000. Honorable Rene Lastreto II handles the case. The Debtor is represented by Thomas B. Ure III, Esq. of Ure Law Firm. RAPID TEST: Court Extends Cash Collateral Access to August 7 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Arizona entered a fifth interim order authorizing Rapid Test Laboratories, LLC to continue using cash collateral pursuant to a stipulation with secured creditor First Fidelity Bank. Under the fifth interim order, the Debtor is authorized to use up to $102,000 in cash collateral through August 7 to pay the expenses listed on its operating budget. The budget projects total operational expenses of $101,066.94 for the period from July 8 to August 7. The Debtor's cash collateral consists of cash, deposit accounts, accounts receivable, and rental revenue, subject to security interest held by First Fidelity Bank. First Fidelity Bank will be granted adequate protection through a post-petition replacement lien on some of the Debtor's assets and payment of $15,497.71. Failure to make this payment constitutes an immediate default, resulting in the automatic termination of the Debtor's authority to use cash collateral without further court order. The order does not determine the validity, priority, extent, or amount of any creditor's lien or secured claim, and all parties retain their rights to challenge such issues in the future. The order is available at https://shorturl.at/dw7tS from PacerMonitor.com. About Rapid Test Laboratories LLC Rapid Test Laboratories, LLC is a multi-state clinical diagnostic laboratory company established in 2020 that specializes in rapid-turnaround and high-complexity laboratory testing services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-02210-PS) on March 10, 2026. In the petition signed by Wendy Bryant, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Paul Sala oversees the case. Joseph Gregory Urtuzuastegui, III, Esq., at The Real Estate Investors Law Firm, represents the Debtor as legal counsel. RAYMOND GROUP: Seeks to Extend Plan Exclusivity to Oct. 16 ---------------------------------------------------------- Raymond Group, LLC asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a disclosure statement and plan of reorganization and obtain acceptance thereof to Oct. 16 and Dec. 14, 2026, respectively. The Debtor is a special purpose entity that owns and operates a commercial strip mall located at 104-172 Raymond Avenue, Fullerton, CA 92831 (the "Property"). The Property has 10 tenants, including Planet Fitness, Grocery Outlet, and Polly's Pies, and is fully leased. 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 company does not currently have accurate financial information that will support its feasibility. The Debtor claims that it 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 is under new management so lacks historical knowledge of the Debtor's financial conditions and the historical financials may not have been entirely accurate in any event. The Debtor asserts that to allow the company 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. Raymond 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 Email: kandrassy@raineslaw.com About Raymond Group LLC Raymond Group, LLC owns and leases real property at 104-172 North Raymond Avenue in Fullerton, California. Raymond Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10834) on March 18, 2026. In the petition signed by Ioannis Xilikakis, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Kyra E. Andrassy, Esq., at Raines Feldman Littrell LLP serves as the Debtor's counsel. RAZIF MANAGEMENT: Court Extends Cash Collateral Access to Aug. 14 ----------------------------------------------------------------- Razif Management, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral through August 14. Under the court order, the Debtor is authorized to use cash collateral in accordance with its operating budget and to make proportional adjustments to budgeted expenditures, provided those adjustments are made in a commercially reasonable manner. The court expressly preserves all rights of secured creditors with respect to their interests in the cash collateral. The authorization to use cash collateral does not alter or diminish any secured creditor's rights, which remain fully reserved pending further proceedings. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/gDSyR from PacerMonitor.com. A continued hearing is scheduled for August 12. Razif Management has outstanding loans with multiple secured lenders, including BayFirst, Fundbox, FundPro, Legends Advance Funding, Lendistry SBLC, and OnDeck, all of which allegedly hold security interests in the cash collateral. Fundbox initiated post-judgment collection actions pre-petition that resulted in a hold being placed on the Debtor's Chase bank account. The Debtor reported that it has over $400,000 in funds tied up in that account and requires access to those funds to meet ongoing business obligations. About Razif Management Inc. Razif Management Inc., a Melrose Park, Illinois-based general contractor, provides residential interior remodeling services in the Chicago area. The Company specializes in construction and renovation projects for homeowners, with a focus on countertops, bathrooms and kitchens. Razif Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-14280) on September 17, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Saulius Modestas, Esq., at Modestas Law Offices, P.C. REDDING SCHOOL: S&P Assigns 'BB+' LT Rating on 2026 Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to the California Enterprise Development Authority's (CEDA) $12.8 million series 2026 charter school revenue bonds, to be issued for Redding School of The Arts (RSA). The outlook is stable. S&P said, "The stable outlook reflects our expectation that RSA will hit enrollment targets over the outlook period such that it generates positive operations and improves lease-adjusted MADS coverage after fiscal 2026. The stable outlook also reflects our expectation that RSA 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, or if there is a significant deterioration in 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 RSA is able to consistently meet its growth targets and strengthen financial metrics to levels commensurate with those of higher-rated peers." RICHARD MEYER: Unsecured Creditors to Split $20K over 36 Months --------------------------------------------------------------- Richard Meyer Gallery, Inc. d/b/a Beads of Paradise filed with the U.S. Bankruptcy Court for the Southern District of New York a Small Business Plan of Reorganization under Subchapter V dated July 13, 2026. The Debtor operates a brick-and-mortar retail store in Union Square ("Beads of Paradise Store"), and an online store located at https://beadsofparadisenyc.com ("Beads of Paradise Online Store" and, together with the Beads of Paradise Store, "Beads of Paradise NYC") at which the Debtor sells beads, jewelry, ornaments, amulets, gems, malas, art and artifacts. The retail sector, in particular, has confronted significant challenges, with falling revenues and store closures, especially in areas heavily reliant on foot traffic. Exacerbating these challenges, the Debtor's fixed costs and expenses, principally including the rent for its Beads of Paradise Store and other storage facilities where it stores its inventory, have increased, rather than declined to match declining revenues. This has led to considerable liquidity challenges. During and following the COVID-19 pandemic, the Debtor incurred additional debt, including COVID-19 Economic Injury Disaster Loans from the U.S. Small Business Administration, to help sustain operations and ride out the economic uncertainties and challenges of the pandemic. Although meant to heal small businesses, these loans became a tremendous drain to pay back, as the revenue boost they intended to foster declined swiftly in 2023. This, in turn, inexorably led to other loans with interest fees that rapidly became unmanageable. The foregoing circumstances have proven to be unsustainable without the relief and restructuring available under the Bankruptcy Code. Pursuant to Bankruptcy Code Sections 1191(c) and (d), Debtor will fund the Plan payments to creditors utilizing disposable income for a period of 36 months commencing on the Effective Date. The Plan provides for payment of Allowed Administrative Expenses and Priority Claims in full. The fees and expenses of the Subchapter V Trustee and the Debtor's professional will be paid in full within thirty days after entry of an order of the Court approving such fees and expenses. The Plan proposes to pay Debtor's Secured Creditor, the United States Small Business Administration ("SBA" or, "Secured Lender"), the value of its secured Claim plus interest at 3.75% from the proceeds of Debtor's operations over a period of 36 months in equal monthly payments beginning on the Effective Date. The Debtor estimates that holders of Unsecured Claims will receive a distribution totaling approximately $20,000.00, which is approximately three percent, pro rata, from Debtor's Disposable Income in three payments as follows: (a) $5,000.00 by no later than the 12th month of the Plan; (b) $5,000.00 by no later than the 24th month of the Plan; and (c) $10,000.00 by no later than the 36th month of the Plan. All Allowed Claims shall be paid from Debtor's Disposable Income during the term of the Plan, and Debtor's President, Brian Kenner, shall act as Disbursing Agent. Class 2 consists of the Allowed Claims of non-priority unsecured creditors. Class 2 Claims are estimated at $686,651. Holders of Allowed Class 2 Claims will receive a distribution of approximately $20,000.00, which is approximately three percent, pro rata, from Debtor's Disposable Income over the life of the Plan. Holders of Class 2 Claims are impaired and may vote to accept or reject the Plan. Class 3 consists of the Interests in Debtor. The holder of the Interests, Brian Kenner ("President"), shall retain his Interest in Debtor and is not impaired under the Plan and may not vote on the Plan. The Plan will be funded by Debtor's Disposable Income. On the Effective Date, all property of Debtor, tangible and intangible, will revert to Debtor, free and clear of all Claims, except as provided in the Plan. Upon the Effective Date, the President shall continue to own the Interests in Debtor as Reorganized Debtor and will continue to serve as principal officer of Debtor. Upon the Effective Date, Debtor shall make all payments required under the Plan according to the payment provisions of the Plan to directly to claimants. A full-text copy of the Plan of Reorganization dated July 13, 2026 is available at https://urlcurt.com/u?l=kzNaKN from PacerMonitor.com at no charge. Proposed Counsel to the Debtor: Adrienne Woods, Esq. Terence K. McLaughlin, Esq. WZMP WEINBERG ZAREH MALKIN PRICE LLP 45 Rockefeller Plaza, 20th Floor New York NY 10111 Tel: 212-899-5470 Email: awoods@wzmplaw.com 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, is the Debtor's legal counsel. RIDGEVIEW REALTOR: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------------- On July 21, 2026, The Ridgeview Realtor LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports estimated liabilities between $1 million and $10 million, owed to 1 to 49 creditors, with estimated assets between $1 million and $10 million. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on August 28, 2026 at 09:30 AM at Zoomgov - Zipes: Zoom.us/join, Meeting ID 160 386 55283, Passcode 3214569870, Phone 1 202 796-8861. The court set November 18, 2026, as the deadline for filing the Chapter 11 Plan and Disclosure Statement. About The Ridgeview Realtor LLC The Ridgeview Realtor LLC is a Brooklyn, New York-based real estate investment and leasing company that operates as a single asset real estate (SARE) business. The company's primary asset is a residential condominium property in New York encompassing approximately 3,178 square feet, which it manages as part of its real estate investment operations. The Ridgeview Realtor LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-43491) on July 21, 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 Elizabeth S. Stong handles the case. The Debtor is represented by Paul A. Rubin, Esq. of Rubin LLC. RITCHEY'S TRUCK: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Ritchey's Truck Repair, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay court-approved expenses, including compensation for the Subchapter V trustee, and to fund operating expenses contained in an approved budget. The Debtor is also permitted to exceed budgeted line items by up to 10% and make additional expenditures approved in writing by lenders. The authorization remains in effect until further court order. The Debtor projects total operational expenses of $1,580,361.08 for the period from June 12 to December. The Debtor is also permitted to continue collecting outstanding accounts receivable, with all collected funds constituting cash collateral to the extent they are subject to valid and perfected security interests. SunTrust Bank, which is owed $283,688.61, may assert an interest in the cash collateral. As adequate protection, SunTrust Bank and any creditor holding security interests in cash collateral will be granted perfected replacement liens on post-petition cash collateral, with the same validity, priority, and extent as their pre-petition liens. Additional safeguards include insurance coverage on the collateral and access to business records and premises upon request. The order preserves all parties' rights to seek additional adequate protection or restrictions on cash collateral use. The order is available at https://shorturl.at/z9qe7 from PacerMonitor.com. About Ritchey's Truck Repair Inc. Ritchey's Truck Repair, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04988) on June 10, 2026, with $1 million to $10 million in both assets and liabilities. Bruce Ritchey, president of Ritchey's Truck Repair, signed the petition. The Debtor is represented by: Amy Denton Mayer, Esq. Berger Singerman LLP Tel: 813-498-3400 Email: amayer@bergersingerman.com ROMANOV GROUP: Hires Raines Feldman Littrell as Counsel ------------------------------------------------------- Romanov Group LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Raines Feldman Littrell LLP to serve as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements that may affect the Debtor; (b) assist the Debtor in preparing and filing any necessary amendments to its schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee requirements, and preparing other documents as may be required after the initial filing of the chapter 11 case; (c) assist the Debtor with the identification and recovery of property of the estate; (d) assist the Debtor with refinance of the loans or a sale of the Property; (e) assist the Debtor in the preparation of a disclosure statement and formulation of a chapter 11 plan of reorganization or, if appropriate, seeking a structured dismissal of the case; (f) advise the Debtor concerning the rights and remedies of the estate and the Debtor in regard to adversary proceedings that may be removed to, or initiated in, the Bankruptcy Court; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estates or the Debtor may be litigated or affected; and (h) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm will undertake representation of the Debtor at an hourly rate of between $465 and $1,575, depending on the experience and expertise of the attorney or paralegal performing the work. The partner supervising the case will be Kyra E. Andrassy, whose hourly rate is $850. The firm will delegate work, as much as possible, to Robert Yan, counsel in the New York office, whose hourly rate is $795; Stephen M. Mott, an associate in the Newport Beach office, whose hourly rate is $595; and paralegals Bambi Clark and Connie-Marie Santiago, whose hourly rates are $495 and $325, respectively. Raines Feldman Littrell LLP is a "disinterested person" within the meaning of 11 U.S.C. Secs. 327(a) and 101(14), according to court filings. The firm can be reached at: Kyra E. Andrassy, Esq. Stephen M. Mott, Esq. RAINES FELDMAN LITTRELL LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Telephone: (310) 440-4100 Facsimile: (310) 691-1943 E-mail: kandrassy@raineslaw.com smott@raineslaw.com About Romanov Group LLC Romanov Group LLC is a single-asset real estate company that owns the Packing House Square retail center in Yorba Linda, California. Romanov Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11948) on June 24, 2026. In its petition, the debtor reported estimated assets and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The debtor is represented by Kyra E. Andrassy of Raines Feldman Littrell LLP. ROSLAND CAPITAL: Hires Greenberg Glusker Fields Claman as Counsel ----------------------------------------------------------------- Rosland Capital LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Greenberg Glusker Fields Claman & Machtinger LLP to serve as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law; (b) advise the Debtor concerning the requirements of the Bankruptcy Code, and federal and local rules relating to the administration of this bankruptcy case, and the effect of this case on the Debtor; (c) represent the Debtor in proceedings or hearings in this Court involving matters of bankruptcy law; (d) assist the Debtor with negotiation, documentation and any necessary Court approval for transactions involving property of the estate; (e) assist the Debtor in investigating, and if appropriate, pursuing objections to claims, claims and causes of action; (f) assist the Debtor in investigating, and if appropriate, pursuing claims and causes of action under chapter 5 of the Bankruptcy Code or applicable state law; (g) assist the Debtor in negotiating, obtaining approval of and implementing a sale of assets and/or a chapter 11 plan; and (h) perform such other legal services related to such other legal matters as may arise in the administration of the Debtor's bankruptcy estate. Greenberg Glusker's 2026 standard rates generally range from $450 to $2,500 per hour for attorneys, and from $400 to $500 per hour for paralegal and litigation support staff. The firm agreed to charge discounted rates, including $990 per hour for Brian Davidoff, $890 per hour for Jonathan Shenson, $875 per hour for Jonathan Boustani, and $400 per hour for paralegals Cynthia Miller Watkins and Julie King. Greenberg Glusker and all of its partners, associates and counsel are "disinterested persons" as that term is defined in the U.S. Bankruptcy Code Section 101(14), according to court filings. The firm can be reached at: Brian L. Davidoff, Esq. Jonathan S. Shenson, Esq. Jonathan J. Boustani, Esq. GREENBERG GLUSKER FIELDS CLAMAN & MACHTINGER LLP 2049 Century Park East, Suite 2600 Los Angeles, CA 90067 Telephone: (310) 553-3610 Facsimile: (310) 553-0687 E-mail: BDavidoff@ggfirm.com JShenson@ggfirm.com JBoustani@ggfirm.com About Rosland Capital LLC Rosland Capital LLC is a Delaware limited liability company based in Los Angeles, California, with an additional office in Henderson, Nevada. Founded in 2008 by CEO Marin Aleksov, the company offers and sells precious metals products including gold, silver, platinum, palladium, coins, bars, bullion coins, specialty coins, numismatic coins, and IRA-eligible products. Rosland Capital also sells precious metals for inclusion in self-directed IRAs and provides information and support for customers exploring precious metals purchases and precious metals IRAs. The company serves retail consumers throughout the U.S. and offers officially licensed specialty gold and silver coins through collaborations with organizations including Formula 1, the PGA Tour, and the British Museum. Rosland Capital LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-16650-BB) on July 2, 2026. The petition was signed by Michael Hogan as chief restructuring officer. At the time of the filing, Debtor had estimated assets of $1 million to $10 million and estimated liabilities of $50 million to $100 million. Judge Sheri Bluebond oversees the case. Greenberg Glusker Fields Claman & Machtinger LLP is Debtor's legal counsel. RYAN FAMILY PROPERTIES: Starts Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------------------ On July 20, 2026, Ryan Family Properties, LLC filed for Chapter 11 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 $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 19,2026 at 09:00 AM via Zoomgov-Wolf: join.zoom.us Meeting ID 165 735 19456, Passcode 7555784152, or call 1-551-285-1373. Government creditors have until Jan. 16, 2027, to file proofs of claim. About Ryan Family Properties, LLC Ryan Family Properties, LLC is a Toms River, New Jersey-based lessor of residential buildings and dwellings. The company operates as a single asset real estate (SARE) business with its principal place of business in Manasquan, New Jersey, and manages a portfolio of residential rental properties throughout the Monmouth and Ocean County markets. Ryan Family Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-18258) 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. The Honorable Michael B. Kaplan is presiding over the case. The debtor is represented by Geoffrey P. Neumann, Esq., of Broege, Neumann, Fischer & Shaver, LLC. RYE MARBLE: Retains Maltz Auctions as Broker and Marketing Agent ---------------------------------------------------------------- Rye Marble Inc. seeks approval from the United States Bankruptcy Court for the Southern District of New York to retain Maltz Auctions as asset broker, auctioneer and marketing agent with respect to the marketing and sale of the company's assets located at 214 North Street, Rye, NY. The firm will provide these services: (a) create a marketing program for the Assets that may include, but not be limited to, direct telephone solicitation to targeted companies; creation and distribution of full-color direct mailers to targeted recipients; creation of an auction-specific webpage and placement on Maltz's corporate website and proprietary bidding platform; posting photographs and relevant information about the Assets, the Auction and the bidding process; direct e-mail notifications to mailing list subscribers; social media marketing; targeted social media marketing campaigns; web-based advertising; targeted emails to identified prospective buyers; print advertising in targeted publications; and engaging a public relations firm to prepare a press release regarding the Auction in an effort to garner editorial auction promotion; (b) provide interested buyers with due diligence materials via the creation of a virtual data room that will contain detailed information on each individual Asset with maintenance records and any other pertinent information where warranted, applicable and/or available; (c) consult with the company or its representatives on the strategy and tactics for fulfilling the Engagement; identify, contact, and introduce prospective purchasers to the opportunity; draft and convey such other information or correspondence with prospective purchasers as may be needed from time to time, including answers to queries regarding information contained in the offering materials; coordinate a bidding procedure; supervise and/or participate in due diligence investigations carried out by prospective purchasers; and negotiate on behalf of the company; (d) be responsible for all costs of the Marketing Related Activities; and (e) run an online-only auction where bidders may bid via computer or cellular device via RemoteBidding.MaltzAuctions.com or by downloading the Maltz Auctions app from the App Store or Google Play. Maltz Auctions will receive a commission of 10% of the gross sale proceeds, plus reimbursement of labor expenses associated with the sale of the company's assets. Additionally, successful bidders shall pay Maltz Auctions a 10% buyer's premium. Labor compensation will be paid at discounted hourly rates ranging from $72.50 to $162.50, with Richard Maltz's labor waived and no charges incurred. Maltz Auctions states that it does not represent any interest adverse to the company or its estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Richard B. Maltz MALTZ AUCTIONS, INC. 39 Windsor Place Central Islip, NY 11722 About Rye Marble Inc. Rye Marble Inc., doing business as RMI Surfaces, fabricates and installs stone surfaces for residential, architectural and commercial projects, including countertops, bathroom surfaces, fireplaces, wall cladding and custom stonework. The Rye, New York-based company, which traces its roots to a monument business founded in the 1920s, supplies quartz, porcelain, quartzite, marble and granite products and operates an indoor manufacturing and warehousing facility serving homeowners, designers, dealers and commercial customers. Rye Marble sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22478) on May 11, 2026, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Anne J. Penachio, Esq., at Penachio Malara, LLP represents the Debtor as legal counsel. SALT TECHNOLOGIES: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Salt Technologies, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay the expenses outlined in its approved budget through the August 17 final hearing or upon occurrence of a termination event. A termination event includes the dismissal or conversion of the Debtor's Chapter 11 case; appointment of a Chapter 11 trustee; an uncured material breach of the order; and expiration of the budget period unless extended by further court order. A UCC lien search identified six active financing statements filed against the Debtor. The earliest active filing dates back to October 2, 2024, followed by filings through June 17. Most of these financing statements were filed by representative entities -- Corporation Service Company, CHTD Company, and C T Corporation System -- rather than naming the underlying lenders directly, a practice commonly associated with merchant cash advance financing. Cromwell Capital, LLC is the only secured creditor identified by name in the filings. The Debtor believes these representative filings correspond to merchant cash advance funders but continues to investigate the identity of the underlying creditors. Secured creditors will be granted adequate protection through automatically perfected replacement liens on the Debtor's post-petition assets similar to their pre-petition collateral, maintaining the same validity, priority, and extent as their existing liens. These replacement liens are subject to a fee carveout and do not apply to Chapter 5 avoidance actions and their proceeds. Additional safeguards include insurance coverage and weekly budget-to-actual variance reporting. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/NgI07 from PacerMonitor.com. A final hearing is scheduled for August 17. Salt Technologies' bankruptcy filing was triggered by defaults under several merchant cash advance agreements. Following those defaults, merchant cash advance lenders began collection efforts that included sending notices directly to the Debtor's customers, threatening its customer relationships and recurring monitoring revenue, which management describes as the foundation of its business and restructuring efforts. About Salt Technologies Inc. Salt Technologies Inc., doing business as Ageint Security Inc., provides custom-designed security solutions for residential and commercial customers. The company offers video surveillance, smart home security, commercial security systems, and fire alarm system design and installation. Ageint Security is based in Conroe, Texas, and serves areas across Texas, including Houston, The Woodlands, Dallas, Fort Worth, Austin, San Antonio, and nearby communities. Salt Technologies filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-34389) on June 23, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Darrell Haynes, president, signed the petition. Judge Eduardo V. Rodriguez presides over the case. Jeremy T. Wood, Esq., at the Law Office of Jeremy T. Wood, PLLC represents the Debtor as bankruptcy counsel. Melissa Haselden, Esq., at Haselden Farrow, PLLC serves as Subchapter V trustee for the Debtor. SANGAMO THERAPEUTICS: Court Sets August 4 Bid Submission Deadline ----------------------------------------------------------------- On the Petition Date, Sangamo Therapeutics, Inc., as debtor and debtor in possession (the "Debtor") in the chapter 11 case (the "Chapter 11 Case"), filed with the United States Bankruptcy Court for the District of Delaware (the "Court") a motion (the "Motion") seeking entry of (a) an order (the "Bidding Procedures Order") (i) approving bidding procedures (the "Bidding Procedures") to be used in connection with one or more sales (each, a "Sale") of substantially all of the Debtor's assets (the "Assets"); (ii) approving the Merope Bid Protections for the Merope Stalking Horse Bidder and the Astellas Bid Protections for the Astellas Stalking Horse Bidder; (iii) approving the Stalking Horse Designation Procedures with respect to the designation of one or more Additional Stalking Horse Bidders for the Remaining Assets; (iv) scheduling (a) an auction of the Assets (the "Auction") on August 10, 2026 at 10:00 a.m. (Eastern Time) and (b) a final hearing to consider approval of the proposed Sale (s) (the "Sale Hearing") on August 20, 2026, at 10:00 a.m. (v) approving the form and manner of notice of the Bidding Procedures, the Auction, and the Sale Hearing; (vi) approving the Assumption and Assignment and/or Rejection Procedures for the assumption and assignment and/or rejection of executory contracts and unexpired leases (collectively, the "Contracts") in connection with any Sale (s); (vii) approving the form and manner of notice to each relevant non-debtor counterparty to a Contract of the Debtor's calculation of the amount necessary to cure any defaults under an applicable Contract and certain other information regarding the potential assumption and assignment of Contracts in connection with the applicable Sale(s); and (viii) granting related relief; and (b) one or more orders (each, a "Sale Order") (i) authorizing one or more Sales of the Assets free and clear of all liens, claims, interests and encumbrances, except certain permitted encumbrances as determined by the Debtor and any Successful Bidder(s) (as defined on page 12 of the Bidding Procedures), with liens to attach to the proceeds of the applicable Sale; (ii) authorizing the assumption and assignment and/or rejection of certain Contracts in connection with approved Sales; and (iii) granting related relief. On July 14, 2026, the Court entered the Bidding Procedures Order. BIDDING PROCEDURES AND ASSETS FOR SALE Pursuant to the Bidding Procedures, the Debtor intends to sell all or substantially all of its Assets, in whole or in part, including the Debtor's (i) proprietary capsids, including STAC-150, STAC-BBB and any STAC-BBB capsid variants and technology relating to the foregoing; (ii) proprietary capsid receptors and related technology; (iii) Technology Platforms; (iv) Prion Disease Program; (v) Fabry Disease Program; (vi) ST-503 investigational therapy for small fiber neuropathy; (vii) licenses, partnered programs, and collaboration agreements with strategic partners; and (viii) portfolio of other intellectual property comprising approximately 110 patent families directed to the design, compositions, and uses of zinc finger proteins and other related technologies. The ability to undertake and consummate a sale of the Assets is subject to competitive bidding, as set forth herein, and approval by the Court. In addition to the Merope Stalking Horse Bid, the Astellas Stalking Horse Bid and any Additional Stalking Horse Bid as set forth herein, the Debtor will consider bids for the Assets from other parties. Any party interested in submitting a bid for any of the Assets should contact the Debtor's investment banker, Raymond James & Associates, Inc. ("Raymond James"), via email (Attn: Geoffrey Richards (geoffrey.richards@raymondjames.com) and Alexander V. Rohan (alexander.rohan@raymondjames.com)) as soon as possible. MEROPE STALKING HORSE BID On June 22, 2026, the Debtor, the Merope Stalking Horse Bidder, and Lilly entered into the Merope Stalking Horse APA, which provides for, among other things, the sale of the Merope Assets as set forth in the Merope Stalking Horse APA. The Merope Stalking Horse APA is subject to higher or otherwise better offers submitted in accordance with the terms and provisions of the Bidding Procedures. A copy of the Merope Stalking Horse APA and the Merope Sale Order is available on the website maintained by Kurtzman Carson Consultants, LLC dba Verita Global, the Debtor's claims and noticing agent in this Chapter 11 Case, located at www.veritaglobal.net/Sangamo (the "Verita Website") and on the Court's docket at Docket No. 13, Exhibits B-1 & B-2. ASTELLAS STALKING HORSE BID On June 22, 2026, the Debtor and the Astellas Stalking Horse Bidder entered into the Astellas Stalking Horse APA, which provides for, among other things, the sale of the Astellas Assets as set forth in the Astellas Stalking Horse APA. The Astellas Stalking Horse APA is subject to higher or otherwise better offers submitted in accordance with the terms and provisions of the Bidding Procedures. A copy of the Astellas Stalking Horse APA and the Astellas Sale Order is available on the Verita Website and on the Court's docket at Docket No. 13, Exhibits C-1 & C-2. STALKING HORSE DESIGNATION PROCEDURES The Debtor intends to sell all or substantially all of its Assets, including the Remaining Assets, and, as a result, may enter into Additional Stalking Horse APAs with Additional Stalking Horse Bidders subject to the Stalking Horse Designation Procedures. If the Debtor intends to designate any Additional Stalking Horse Bidder, the Debtor will (i) file the Additional Stalking Horse Hearing Notice setting an expedited hearing on not less than five calendar days' notice and (ii) require parties wishing to object to entry of the Additional Stalking Horse Order to file with the Court and serve any such objections within five calendar days after service of the Additional Stalking Horse Hearing Notice (the "Additional Stalking Horse Objection Deadline"). The Additional Stalking Horse Hearing Notice will (i) set forth the identity of the Additional Stalking Horse Bidder (and if that Additional Stalking Horse Bidder is a newly-formed entity, then that Additional Stalking Horse Bidder's parent company or sponsor); (ii) set forth the amount of the Additional Stalking Horse Bid and what portion (if any) is cash; (iii) identify any connections the Additional Stalking Horse Bidder has to the Debtor other than those connections that arise from that Additional Stalking Horse Bid; (iv) specify any Additional Bid Protections; (v) attach the Additional Stalking Horse APA; (vi) attach the proposed form of Additional Stalking Horse Order; and (vii) set forth the Additional Stalking Horse Objection Deadline. IF NO ADDITIONAL STALKING HORSE OBJECTION IS TIMELY FILED AND SERVED WITH RESPECT TO THE APPLICABLE ADDITIONAL STALKING HORSE BID, UPON THE EXPIRATION OF THE ADDITIONAL STALKING HORSE OBJECTION DEADLINE, THE DEBTOR MAY SUBMIT TO THE COURT THE PROPOSED ADDITIONAL STALKING HORSE ORDER UNDER CERTIFICATION OF COUNSEL, WHICH MAY BE ENTERED BY THE COURT WITHOUT A HEARING, INCLUDING WITH RESPECT TO ANY BID PROTECTIONS SET FORTH THEREIN. IMPORTANT DATES AND DEADLINES A. Bid Deadline. Any party interested in submitting a bid for any of the Assets must deliver written and electronic copies of its Bid to Raymond James via email (Attn: Geoffrey Richards (geoffrey.richards@raymondjames.com) and Alexander V. Rohan (alexander.rohan@raymondjames.com)) by no later than August 4, 2026 at 5:00 p.m. (Eastern Time). The Qualified Bid requirements are set forth in page 8 of the Bidding Procedures. B. Section 365(n)(1)(B) Election Deadline. Any counterparty to an Outbound License Agreement (as defined in the Merope Stalking Horse APA) who wishes to make the election contemplated by section 365(n)(1)(B) of the Bankruptcy Code with respect to such Outbound License Agreement must file a notice of its election (a "Notice of Election") with this Court and serve such Notice of Election on the Notice Parties. Any counterparty to any such Outbound License Agreement that fails to file and serve a timely Notice of Election by no later than August 4, 2026, at 4:00 p.m. (Eastern Time) (the "Election Deadline") shall be (a) forever barred, estopped and enjoined from asserting any rights under section 365(n)(1)(B) of the Bankruptcy Code and (b) deemed to have elected to terminate such Outbound License Agreement under section 365(n)(1)(A) of the Bankruptcy Code upon the rejection of such Outbound License Agreement. C. Supplemental Section 365(n)(1)(B) Election Deadline. Any counterparty to a Contract under which that counterparty is a licensee of a right to intellectual property, as such term is defined in the Bankruptcy Code (an "IP License"), who receives a Supplemental Assumption/Rejection Notice designating such contract for rejection and who wishes to make the election contemplated by section 365(n)(1)(B) of the Bankruptcy Code with respect to such IP License must file a Notice of Election with this Court and serve such Notice of Election on the Notice Parties. Any counterparty to any such IP License that fails to file and serve a timely Notice of Election by no later than fourteen (14) days following the service of the Supplemental Assumption/Rejection Notice (the "Supplemental Election Deadline") shall be (a) forever barred, estopped and enjoined from asserting any rights under section 365(n)(1)(B) of the Bankruptcy Code and (b) deemed to have elected to terminate such IP License under section 365(n)(1)(A) of the Bankruptcy Code upon the rejection of such IP License. D. Auction. If the Debtor receives more than one Qualified Bid (including a combination of bids that, when considered together, constitute a Qualified Bid) for the Assets, the Debtor will conduct an Auction for the Assets. If the Merope Stalking Horse Bid, the Astellas Stalking Horse Bid, or any Additional Stalking Horse Bid is the only Qualified Bid received with respect to the Assets subject to such Bid, the Debtor will not conduct an Auction for such applicable Assets and will seek approval of such Merope Stalking Horse Bid, Astellas Stalking Horse Bid, or any Additional Stalking Horse Bid, as applicable, at the Sale Hearing. The Auction, if required, will be conducted on August 10, 2026 at 10:00 a.m. (Eastern Time), either (i) at the office of Raymond James, 320 Park Avenue, Floor 12, New York, NY 10022, or (ii) virtually or at such other date, time or location as designated by the Debtor. If the Debtor conducts the Auction virtually, the Debtor will provide instructions setting forth how to attend the Auction to the participants and other attendees via electronic mail. The Debtor reserves the right to adjourn or continue the Auction of any Asset to a later date, in accordance with the Merope Stalking Horse APA and the Astellas Stalking Horse APA. The Debtor will provide notice (via electronic mail or otherwise) of any change in the date, time or location of the Auction to Qualified Bidders, and will cause publication of such change on the Verita Website. Twenty-four (24) hours after the conclusion of the Auction, the Debtor will file with the Court and cause to be published on the Verita Website a notice of the results of the Auction (the "Notice of Successful Bidder"), which will, among other things, (i) identify a Successful Bidder(s) and Backup Bidder(s); (ii) either include a copy of the Successful Bid(s) and the Backup Bid(s) or a summary of the material terms of such Bids, including any assumption and assignment and/or rejection of Contracts contemplated thereby, or provide instructions for accessing the Successful Bid and the Backup Bid free of charge from the Verita Website; and (iii) set forth the date, time, and location of the Sale Hearing. If you would like to be served with the Notice of Successful Bidder via email, please provide notice of such request by emailing Verita at SangamoInfo@veritaglobal.com. E. Sale Objection Deadlines. Objections to a proposed Sale (including the Sale contemplated by the Merope Stalking Horse APA, the Astellas Stalking Horse APA, or any other Additional Stalking Horse APA), including any objection to (i) the sale of any Assets free and clear of liens, claims, interests, and encumbrances; (ii) any Sale Order; (iii) the potential assumption or assignment and/or rejection of any Contracts and any Cure Amounts; and (iv) the ability of the Merope Stalking Horse Bidder, the Astellas Stalking Horse Bidder, or any other Additional Stalking Horse Bidder to provide adequate assurance of future performance, must (a) be in writing and state, with specificity, the legal and factual bases thereof and include any appropriate documentation in support thereof and (b) be filed with the Court by no later than August 4, 2026, at 4:00 p.m. (Eastern Time). F. Supplemental Sale Objection Deadlines. Objections to (i) the conduct of the Auction; (ii) the proposed Sale (other than a sale to the Merope Stalking Horse Bidder, the Astellas Stalking Horse Bidder, or any Additional Stalking Horse Bidder); and (iii) the ability of a Successful Bidder(s) (other than the Merope Stalking Horse Bidder, Astellas Stalking Horse Bidder, or any Additional Stalking Horse Bidder) to provide adequate assurance of future performance, must (a) be in writing and state, with specificity, the legal and factual bases thereof and include any appropriate documentation in support thereof and (b) be filed with the Court by no later than two business days after service of the Notice of Successful Bidder. G. Sale Hearing. The Sale Hearing will take place on August 20, 2026, at 10:00 a.m. (Eastern Time) before the Honorable Craig T. Goldblatt, United States Bankruptcy Judge, located at the Court, 824 North Market Street, Wilmington, Delaware 19801. The Sale Hearing may be adjourned by the Debtor by an announcement of the adjourned date at a hearing before the Court or by filing a notice on the Court's docket. At the Sale Hearing, the Debtor will seek the Court's approval of the Successful Bid(s) and any Backup Bid(s). 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 listed assets and liabilities between $100 million and $500 million. Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Cooley LLP as lead bankruptcy counsel and Richards, Layton & Finger, PA as Delaware bankruptcy counsel. MERU, LLC serves as the Debtor's financial advisor and Raymond James & Associates, Inc. is the investment banker. Kurtzman Carson Consultants LLC d/b/a Verita Global is the noticing and claims agent. Orrick, Herrington & Sutcliffe LLP and Morris James LLP are representing the Ad Hoc Group of Equity Holders. SANGAMO THERAPEUTICS: Gets Interim OK to Tap $35MM Chapter 11 Loan ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that Sangamo Therapeutics Inc. has secured interim court approval to utilize a $35 million DIP financing facility in its Chapter 11 case, allowing the biotechnology company to continue operating under bankruptcy protection. The financing package replaces an earlier loan with one offering a lower interest rate, reducing financing costs while providing funding for business operations and restructuring expenses. The company argued the revised facility will improve liquidity and support efforts to preserve enterprise value during the Chapter 11 process, according to report. Based in California, Sangamo Therapeutics is a biotechnology company specializing in gene therapy, genome editing and cell engineering technologies. The financing approval is expected to help the company maintain research programs and business operations while pursuing a court-supervised restructuring, the report states. 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. SCHRAPPER'S FINE: Court Converts Bankruptcy Case to Chapter 7 ------------------------------------------------------------- Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida granted the United States Trustee's motion to convert the bankruptcy case of Schrapper's Fine Cabinetry & Design, LLC to chapter 7. This chapter 11 case is converted to a case under chapter 7, effective as of July 21, 2026. About Schrapper's Fine Cabinetry & Design LLC Schrapper's Fine Cabinetry & Design, LLC is a Jupiter, Florida-based cabinetry design and installation company that provides custom kitchen cabinets, bathroom vanities, closet systems, outdoor kitchen cabinetry, home office built-ins and other storage solutions for residential customers in Palm Beach and Martin counties. Schrapper's filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17649) on June 11, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. James Smith, its manager, signed the petition. Judge Mindy A Mora oversees the case. Thomas Zeichman, Esq., at Zeichman Law represents the Debtor as bankruptcy counsel. SHEA HOMES: Moody's Affirms 'Ba3' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings affirmed Shea Homes Limited Partnership's (Shea Homes) Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and Ba3 rating on its senior unsecured notes. The company's Speculative Grade Liquidity rating is unchanged at SGL-2. The outlook is stable. The affirmation of Shea Homes' Ba3 ratings reflects the company's resilient operating performance with good EBIT margins, despite near-term pressures in a challenging homebuilding market, and conservative financial profile with modest leverage. Moody's also expects Shea Homes will preserve its scale and continue to broaden its geographic footprint. RATINGS RATIONALE Shea Homes' Ba3 CFR is supported by the company's diverse product mix, strong brand recognition and solid positioning in its markets. The company has a modest leverage of 27.8% debt/book capitalization at March 31, 2026, which Moody's expects to remain conservative in the next 12 to 18 months as well and good interest coverage. Also supportive of the rating is good liquidity with robust cash balances and ample revolver availability, strong support from the Shea family for over 140 years, and solid long-term fundamentals for homebuilding. Shea Homes' operating performance remains resilient in a challenging homebuilding market and profitability has been declining from peak levels, reflecting the use of sales incentives and cost inflation. Moody's expects EBIT margins to continue to weaken slightly to around 10% in the next 12-18 months from 13.5% for the last 12 months period ending March 31, 2026. Other constraining factors include the company's high concentration in the state of California (about 45% of sales), although gradually declining, shareholder distributions, although they are expected to remain modest, and the cyclicality of the homebuilding sector and exposure to operating volatility. The stable outlook reflects Moody's expectations that Shea Homes will maintain modest leverage and good liquidity amid near-term demand softness and gross margin pressures. Shea Homes' SGL-2 Speculative Grade Liquidity rating reflects Moody's expectations that the company will maintain good liquidity over the next 12 to 15 months. Liquidity is supported by solid cash balances of $361 million at March 31, 2026, full availability under its $300 million senior unsecured revolver due 2028, and good covenant compliance cushions. Free cash flow will be negative in 2026 due to land spend before it turns positive in 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Shea Homes demonstrates a meaningful increase in scale, while continuing to diversify geographically, and maintains debt to book capitalization below 40% and EBIT to interest coverage above 5.0x, along with good liquidity, including consistent free cash flow. The ratings could be downgraded if debt to book capitalization approaches 50%, EBIT to interest coverage is below 4.0x, if the company experiences a deterioration of EBIT margins or liquidity, or engages in aggressive shareholder-friendly activities. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. The principal methodology used in these ratings was Homebuilding And Property Development published in September 2025. Shea Homes, established in 1968 and headquartered in Walnut, CA, is one of the largest private homebuilding companies in the US. It sells homes for entry level, move-up, luxury, and active adult homebuyers. In the LTM period ended March 31, 2026, the company generated $2.5 billion in revenue. SILVERSTRAND FITNESS: Amends Unsecureds & FSB Secured Claim ----------------------------------------------------------- Silverstrand fitness 1, LLC, submitted a Fourth Amended Small Business Subchapter V Plan dated July 13, 2026. The proposed Plan is a "pot" plan which does not rely on any future income or revenue from operations. On November 14, 2025, the Debtor filed a motion for an order (a) authorizing and approving sale of its business assets, subject to counterbids, and (b) authorizing the assumption and assignment of its real property lease with payment of cure costs from the sale proceeds; and (c) authorizing such sale free and clear of all liens, claims, encumbrances, and other interests. On February 11, 2026, the Debtor sold substantially all of its business assets as a going concern for $325,000 pursuant to a Section 363 bankruptcy sale. $2,500 of the sale proceeds were allocated to the Debtor's portion of the franchise agreement transfer fee to Franchisor. $75,000 was allocated for the True-up per the Asset Purchase Agreement which constituted a sixty-day reserve of any potential costs incurred by the Buyer that would be attributed to the Debtor's pre-petition's operations (in essence). The Debtor received a credit of $8,797.97 which constituted a return of the Landlord's security deposit. A total of $167, 367.24 was deposited into the Debtor's DIP account from the Net Sale Proceeds. On March 12 and March 13, 2026, a total of $167,367.24 from the Net Sale Proceeds was wired from the Debtor's DIP account into Debtor's counsel's IOLTA account. Additionally, $43,199.39 was wired to Landlord's counsel for cure costs, attorneys fees, interests and cost. $2,979.80 was allocated toward February 2026 rent. $782.50 was allocated toward Landlord Estimated Annual CAM, Insurance and Real Estate Taxes Reconciliation. $40,633.09 was allocated to Buyer as deferred revenue. $524.55 was allocated toward Orange Theory Fitness Franchisor ("OTFF") as Royalty Fees. $374.30 was allocated to OTFF Software Support. OTFF was paid $2931.83 during this Chapter 11 case for its administrative claim. OTFF filed an unsecured proof of claim in the amount "unknown." The Debtor's Motion to Approve Consent to Transfer Agreement (the "Motion to Approve Transfer") is pending before the Bankruptcy court. Pursuant to Section 2.3 of the Asset Purchase Agreement ("APA"), any post-sale obligations under the franchise agreement with OTFF are the obligations of the Buyer and, upon the Court's approval of the Motion to Approve Transfer, OTFF will withdraw Claim No. 7. Class 1 consists of the Secured Claim of First Savings Bank (FSB). In full and complete satisfaction, settlement, release and discharge of the Class 1 Claim, the holder of the Allowed Class 1 Claim will receive for its Allowed Claim 90% of Net Sale Proceeds and Net Operating Income (if it consents to the Plan) after deduction for payment of: (a) Allowed Administrative Expense Claims including Allowed Professional Fee Claims; and (b) Allowed Priority Claims. The balance of the FSB Claim to be re-classified as a General Unsecured Claim and will receive the same treatment as provided for Class 2 under the Plan. FSB had been receiving adequate protection payments weekly in the amount of $1,500.00 weekly through the closing (totaling $13,500) which should be applied to the principal. The balance of the FSB Claim shall be classified as a General Unsecured Claim and paid as a Class 2 General Unsecured Claim. Notwithstanding the foregoing, the FSB may receive such other less favorable treatment as may be agreed upon by such holder and the Debtor that may exist against FSB. Class 2 consists of General Unsecured Claims. In full and complete satisfaction, settlement, release and discharge of the Class 2 Claims, each holder of the Allowed Class 2 Claim shall receive pro rata in cash distribution 10% of the remaining balance from the Net Sale Proceeds and Net Operating Income. Notwithstanding the foregoing, the holder of an Allowed Class 2 Claim may receive such other less favorable treatment as may be agreed upon by such holder and the Debtor. Class 2 is impaired under the Plan. Each holder of a Class 2 Claim shall be entitled to vote to accept or reject the Plan. The holder of Class 3 Interest will receive nothing on account of such Interest in the Debtor. On the Effective Date, all Interests shall be cancelled, extinguished, and discharged. The Plan distributions will be made from: (1) the Net Sale Proceeds including the balance funds returned from the True-up and the Security Deposit; (2) funds generated from the Net Operating Income less the amount of Administrative Expense Claims, including Professional Fee Claims, Priority Tax Claims and Other Priority Claims, if any then to FSB for its partially secured claim; and fifth, to General Unsecured Claims. A full-text copy of the Fourth Amended Plan dated July 13, 2026 is available at https://urlcurt.com/u?l=un3qob from PacerMonitor.com at no charge. About Silverstrand Fitness 1 LLC Silverstrand fitness 1, LLC, is a Massachusetts corporation, organized in January 2019 as a fitness boutique. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-30675) on Nov. 14, 2025, with $1 million to $10 million in liabilities. Stephen Darr of Huron Consulting Group serves as Subchapter V trustee. Judge Elizabeth D. Katz oversees the case. Ilham Soffan, at Soffan Law, PC, is the Debtor's bankruptcy counsel. SIMAD HOLDINGS: DAMIS Reaches Deal w/ Nearly All Lenders -------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that real estate owner DAMIS Holdings LLC informed a New Jersey bankruptcy court Thursday that it has obtained the backing of nearly all of its secured lenders for a restructuring agreement, marking a significant step forward in its Chapter 11 proceedings. According to the company, the agreement substantially narrows creditor disputes and establishes a framework for restructuring its real estate assets, which are tied to the operations of affiliated debtor SIMAD Holdings, a summer camp operator currently in bankruptcy. The debtor said only a limited number of issues remain to be resolved before moving ahead with its restructuring efforts. DAMIS Holdings owns and manages camp-related real estate and entered Chapter 11 to restructure its balance sheet while preserving the value of its properties. The company told the court it expects the lender agreement to facilitate negotiations and improve the prospects for a successful reorganization, the report states, the report relays. 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. SIMAD HOLDINGS: Judge Addresses Summer Camp Sale Concerns --------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge responded to concerns from parents over the sale of a historic New York sleep-away summer camp in the Chapter 11 proceedings of SIMAD Holdings, indicating that the court is committed to ensuring an orderly sale process that supports the camp's continued operation. During the hearing, families expressed apprehension about the possible effects of a bankruptcy sale on camp traditions, staffing, and future enrollment. The judge explained that preserving the business as a going concern remains an important consideration while the court evaluates competing interests in the restructuring. SIMAD Holdings sought Chapter 11 protection to reorganize its finances and sell its camp assets under bankruptcy court supervision. The sale process is expected to continue with court oversight to maximize value for creditors while providing the best opportunity for the camp to remain in operation under new ownership, the report states. 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. SKYTHERAPIST MANAGEMENT: Tamara Ogier Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for SkyTherapist Management Services Organization Inc. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About SkyTherapist Management Services Organization SkyTherapist Management Services Organization Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-59310) on July 16, 2026. Jamie Christy, Esq., at Schreeder, Wheeler & Flint, LLP represents the Debtor as legal counsel. SOARING EAGLES: Jonathan Dickey Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Soaring Eagles Townhomes Association, Inc. Mr. Dickey will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Soaring Eagles Townhomes Association Inc. Soaring Eagles Townhomes Association, Inc. is a Colorado Springs, Colorado-based homeowners association responsible for managing a 150-unit residential townhome community. The association oversees common-area maintenance, property management and enforcement of community standards. Prior to filing for bankruptcy, it faced mounting financial pressure related to more than $3 million in estimated repair costs, resulting in a 2025 special assessment of approximately $21,000 per unit. Court records also indicate that mechanic's liens were filed against community properties in 2026. Soaring Eagles Townhomes Association, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15148) on July 16, 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 Bankruptcy Judge handles the case. The Debtor is represented by Katharine S. Sender, Esq., at The Sender Law Firm. SVETNESS CORP: Unsecureds to Recover 22.5% or 18.75% in Plan ------------------------------------------------------------ Svetness, Corp. submitted a Disclosure Statement with respect to Second Amended Plan of Reorganization dated July 13, 2026. The Debtor was formed in 2012 by Svetlozar Zurkov in Leesburg, Virginia. At the time, it was a one-person company that Mr. Zurkov used to provide his own personal training service. The Debtor's books and records indicate that Svetlozar Zurkov owed the Debtor $206,163.34, a shareholder loan which increased in value $118,663.34 in the year before the bankruptcy. Mr. Zurkov was paid $87,500 in wages during that period, below his usual salary. Mr. Zurkov has filed for Chapter 7 bankruptcy and received a discharge, case no. 1:26-bk-10400 (Bankr. E.D. Va.). Accordingly, the Debtor does not believe this loan is collectible. The Plan proposes to bifurcate the claim of the SBA into a $50,000 secured claim, to be paid at 3.75% interest over three years and a general unsecured claim for the balance of the amount due. All other creditors will be treated as unsecured. There are an estimated $5.2 million of unsecured claims. Unsecured creditors will be paid $720,000 in quarterly payments over three years, plus an estimated $250,000 in Net Avoidance Action Proceeds. Additionally, the Debtor's principal, Svetlozar Zurkov, will, subject to the right of creditors, to submit competing plans, make a $10,000 cash infusion to be distributed to creditors with the first quarterly distribution, and the on the next two anniversaries thereof, in exchange for his equity interest. Class 2 shall consist of all Allowed Unsecured Claims, which shall include all claims except the Allowed Secured Claim of the SBA and MCA Claims. In full and complete satisfaction of any and all Class 2 Allowed Unsecured Claims, the Debtor shall pay each Holder of an Allowed Unsecured Claim: 90% of the (1) the Quarterly Payments; (2) the Net Avoidance Action Proceeds; and (3) the Cash Infusion. However, if more than 50% of voting Holders of Class 2 Claims (in terms of amount of their Claims) vote that the Debtor waive the pursuit of actions under Section 547 of the Bankruptcy Code against non-insiders, the Debtor will abandon the pursuit of those particular Causes of Action. The Debtor anticipates making $720,000 in Quarterly Payments, plus $250,000 in Net Avoidance Action Proceeds, plus $30,000 in the Cash Infusion, for a total of $1,000,000; $900,000 of which would be paid to approximately $4.0 million in Class 2 Claims for an estimated distribution of 22.5%, or 18.75% if creditors vote against the pursuit of Avoidance Actions. Holders of Allowed Class 2 Claims are impaired entitled to vote to accept or reject the Plan. Class 3 shall consist of MCA Claims. In full and complete satisfaction of any and all Class 3 Allowed MCA Claims, the Debtor shall pay each Holder of an Allowed Unsecured Claim: 10% of the (1) the Quarterly Payments; (2) the Net Avoidance Action Proceeds; and (3) the Cash Infusion. However, if more than 50% of voting Holders of Class 2 Claims (in terms of amount of their Claims) vote that the Debtor waive the pursuit of actions under Section 547 of the Bankruptcy Code against non-insiders, the Debtor will abandon the pursuit of those particular Causes of Action. The Debtor anticipates making $720,000 in Quarterly Payments, plus $250,000 in Net Avoidance Action Proceeds, plus $30,000 in the Cash Infusion, for a total of $100,000 to approximately $1.6 million in Class 3 Claims for an estimated distribution of 6.25%, or 4.69% if creditors vote against the pursuit of Avoidance Actions. On the Effective Date, all property of the estate shall vest in the Debtor, subject to the Liens and other obligations expressly created or preserved by this Plan, but otherwise free and clear of all other liens, claims, interests and encumbrances. All rights to manage the Debtor shall be vested in the Debtor. Upon the Effective Date, the Debtor shall be authorized to file UCC-3 termination statements for each loan made to the Debtor, except the loan of the SBA. Upon completion of payments to the Class 1 Claimants, the Debtor may file a UCC-3 termination statement for the loan to the SBA. Within 14 days of the Effective Date and on the first and second anniversary thereof, Zurkov shall cause to be paid $10,000.00 to the Bankruptcy Estate (the "Cash Infusion"), for a total of $30,000. The order approving the Disclosure Statement shall provide that any creditor shall have the right to propose a competing Chapter 11 plan. Beginning on the last business day that is in the first full quarter after the Effective Date, and continuing on the last business day of each quarter thereafter for a total of twelve quarters, the Debtor shall pay Quarterly Payments of $60,000.00 (the "Quarterly Payments") plus the Net Avoidance Action Proceeds pro rata to holders of General Unsecured Claims. Should the Court determine that more Quarterly Payments are necessary to satisfy Section 1129 of the Bankruptcy Code, the Debtor shall make such additional subsequent quarterly payments as are necessary to deem such section satisfied. The Debtor, in its absolute discretion, shall pursue and settle Avoidance Actions for the benefit of Class 2 Creditors. The Proceeds of Avoidance Actions, after deduction of the legal costs of pursuit of Avoidance Actions (the "Net Avoidance Action Proceeds") shall be distributed pro rata to holders of Allowed Class 2 Claims simultaneously with the distribution of the Quarterly Payments. However, if more than 50% of voting Holders of Class 2 Claims (in terms of amount of their Claims) vote that the Debtor waive the pursuit of actions under Section 547 of the Bankruptcy Code against non-insiders, the Debtor will abandon the pursuit of those particular Causes of Action. A full-text copy of the Disclosure Statement dated July 13, 2026 is available at https://urlcurt.com/u?l=B5V2sI from PacerMonitor.com at no charge. Counsel to the Debtor: Justin Fasano, Esq. McNamee Hosea, PA 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Facsimile: (301) 982-9450 E-mail: jfasano@mhlawyers.com About Svetness Corp. Svetness, Corp. was formed in 2012 by Svetlozar Zurkov in Leesburg, Virginia. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10365) on February 17, 2026, listing $50,001 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Brian F. Kenney oversees the case. Justin Fasano, Esq., at Mcnamee Hosea, P.A. serves as the Debtor's legal counsel. SYSTEM1 INC: S&P Lowers ICR to 'D' on Completed Debt Restructuring ------------------------------------------------------------------ S&P Global Ratings lowered all its ratings on System1 Inc., including its issuer credit rating, to 'D' from 'CC'. System1 recently completed a debt restructuring, under which it exchanged its fully drawn revolving credit facility and term loan (both maturing in 2027) for a combination of cash, preferred stock, and a new term loan. S&P said, "We view the debt restructuring as distressed and the exchange of the term loan and revolver as tantamount to a default because we believe lenders received less than originally promised, without adequate offsetting compensation. Absent the transaction, we believe there is a realistic possibility of a conventional default. "We viewSystem1's debt exchange as tantamount to a default. The company completed its restructuring agreement to exchange its revolving credit facility ($50 million outstanding) maturing in January 2027 and term loan (about $245 million outstanding) maturing in July 2027 for an approximately $21 million cash payment, $39.3 million of preferred equity, and a new $150 million term loan maturing in 2031. In our view, lenders received less than originally promised without adequate offsetting compensation, as they received about 72 cents on the dollar, and the rate on the new term loan is only 25 basis points higher (SOFR plus 5.00%) than that of the previous loan (SOFR plus 4.75%), of which up to 50% can be paid in kind. We expect to reevaluate our ratings in the coming days to reflect the company's new capital structure and liquidity profile." System1's performance has faced consistent pressure from weak macroeconomic conditions, lower advertising inventory pricing, and continued declines from its Google partnership, which accounted for 67% of its revenue in 2025. Marketing segment revenue declined 34% in 2025, driven by lower advertising spend due to constrained availability of consumer traffic at cost-effective pricing. The marketing segment represented about 65% of total revenue in 2025. This decline was only partially offset by 16% growth in its products segment, which accounted for the remaining 35% of revenue in 2025, driven by growth in product sessions. EBITDA has also faced challenges from continued restructuring charges over the past few years, including about $10 million in 2025. System1's S&P Global Ratings-adjusted gross leverage was over 10x in 2025, with negative free operating cash flow. TALA REAL: Case Summary & Three Unsecured Creditors --------------------------------------------------- Debtor: Tala Real Estate, LLC 17751 Highway 3235 Galliano, LA 70354 Business Description: Tala Real Estate, LLC owns and manages an office building and warehouse facility in Galliano, Louisiana, that serves as the headquarters of Crosby Marine Transportation and supports affiliated marine transportation, towing and dredging operations. Chapter 11 Petition Date: July 16, 2026 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 26-11742 Judge: Hon. Meredith S Grabill Debtor's Counsel: Benjamin W. Kadden, Esq. LUGENBUHL, WHEATON, PECK, RANKIN & HUBBARD 601 Poydras Street, Suite 2775 New Orleans, LA 70130 Tel: (504) 568-1990 Fax: (504) 310-9195 E-mail: bkadden@lawla.com Debtor's Investment Banker: RAYMOND JAMES & ASSOCIATES, INC. Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Lawrence Perkins as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/B3V5EXA/Tala_Real_Estate_LLC__laebke-26-11742__0001.0.pdf?mcid=tGE4TAMA TNT DEALS: Neema Varghese Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for TNT Deals Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About TNT Deals Inc. TNT Deals Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-11827) on July 17, 2026, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. TOLLANIS TECHNOLOGY: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Tollanis Technology Solutions, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral through October 6. Under the interim order, the Debtor is authorized to use cash collateral in the ordinary course of business under the court-approved budget and deposit all post-petition operating receipts into its debtor-in-possession account. The Debtor may exceed individual budget line items by up to 10% unless otherwise approved by the parties or the court. In addition, the Debtor must file a budget-to-actuals report for the preceding month no later than two days before the continued hearing. The Debtor's cash collateral consists of cash, receivables, and operating proceeds, subject to security interest held by creditors. The Debtor identifies two apparent secured creditors with claimed interests in cash collateral: Byzfunder NY LLC, asserting an approximately $204,000 claim under a merchant cash advance transaction supported by a December 1, 2025 UCC-1 filing, and PayPal Loan Builder, asserting an approximately $89,000 secured claim under a financing arrangement evidenced by a February 25, 2026 UCC-1 filing. As of the petition date, the Debtor values its personal property at approximately $183,305, consisting primarily of about $25,948 in cash and cash equivalents and $154,857 in accounts receivable. As adequate protection, secured creditors claiming an interest in the cash collateral will be granted a replacement lien on the Debtor's post-petition cash collateral, with the same validity, priority, extent and enforceability as their pre-petition liens. However, the order does not determine or validate the existence, extent, priority, or enforceability of any asserted pre-petition liens, and all rights of the Debtor, the U.S. Trustee, committees, and other parties to challenge those claims are preserved. The order also includes a fee carveout for statutory fees owed to the Clerk of Court and the U.S. Trustee. The order preserves the rights of all parties to seek additional relief, including modifications to the order or relief from the automatic stay, and clarifies that the interim order does not prejudice future determinations regarding adequate protection payments or other claims. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/c9OAT from PacerMonitor.com. The court scheduled a continued hearing for October 6. About Tollanis Technology Solutions Inc. Tollanis Solutions Inc. is a Veteran-Owned Small Business based in Deerfield Beach, Florida. The company provides managed IT services, contact center solutions, healthcare credentialing, travel technology, digital transformation, and automation services. Tollanis Solutions serves customers in healthcare, government, travel, entertainment, retail and ecommerce, and manufacturing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18089) on June 19, 2026, with $183,304 in assets and $2,094,756 in liabilities. Stephen Smith, president, signed the petition. Chad Van Horn, Esq., at Van Horn Law Group, P.A. represents the Debtor as legal counsel. TOM'S METAL: Court Denies Bid to Use Cash Collateral ---------------------------------------------------- Tom's Metal Specialists, Inc. failed to get approval from the U.S. Bankruptcy Court for the Northern District of California to use its cash collateral to fund operations. The bankruptcy court denied the Debtor's motion to use up to $245,000 in cash collateral for a 15-day period. The Debtor's cash collateral consists of cash generated from customer payments and accounts receivable that may be subject to security interests held by Pathward, National Association and the Tom and Teresa Chang Family Trust. Pathward claims a lien on substantially all of the Debtor's assets pursuant to a UCC financing statement filed in 2025. The lender's loan balance was approximately $2.7 million as of June 15. The Tom and Teresa Chang Family Trust likewise asserts a security interest based on UCC financing statements filed in 2025. The Debtor is still investigating the legal basis, validity, attachment, perfection, enforceability, and priority of the trust’s claimed security interest and reserves its rights to challenge the claim. Tom's Metal Specialists employs approximately 50 workers whose continued employment is essential to fulfilling existing contracts, preserving customer relationships, generating receivables, and maintaining the business as a going concern. About Tom's Metal Specialists Inc. Tom's Metal Specialists, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-30601) on July 7, 2026. In the petition signed by Jinxia Jia, chief financial officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Eric J. Gravel, Esq., at The Law Offices of Eric J. Gravel, represents the Debtor as bankruptcy counsel. TRAJECTOR HOLDINGS: Commences Chapter 11 Bankruptcy in Florida -------------------------------------------------------------- Bondoro reports that Trajector Holdings, LLC and its debtor affiliates filed for Chapter 11 bankruptcy on July 23, 2026, citing regulatory challenges, declining revenue and unsuccessful refinancing efforts. The St. Augustine, Florida-based provider of medical evidence and advocacy services for disability benefit claims reported $10 million to $50 million in assets and $100 million to $500 million in liabilities, with funds expected to be available for unsecured creditors. Court filings state that new state laws restricting veterans' benefits consulting significantly reduced the company's business, leading to service suspensions across 23 states and sharp declines in revenue. The debtors also face proposed class action lawsuits alleging improper fee practices related to veterans' claims assistance. Meanwhile, uncertainty surrounding proposed federal legislation added further pressure to the company's operating model. Trajector was unable to refinance approximately $62.9 million in senior secured debt after an extensive search for replacement financing failed to produce a transaction. Although an internal dispute over management authority was resolved by the Delaware Court of Chancery, lenders declined to provide additional extensions, prompting the Chapter 11 filing. The company intends to use the bankruptcy process to continue operating while restructuring its financial obligations. The case number is 26-03286, according to report. About Trajector Holdings, LLC Trajector Holdings, LLC is a Florida-based healthcare services company focused on disability benefits advocacy and medical evidence development. Operating primarily through Trajector Medical, the company provides medical documentation support, independent medical evaluations and consulting services designed to assist veterans and other claimants pursuing disability benefits. The company leverages technology and clinical networks to streamline the claims preparation process. Trajector Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03286) on July 23, 2026. In its petition, the Debtor reports $10 million to $50 million in assets and $100 million to $500 million in liabilities. The Debtor is represented by Edward J. Peterson, III, Esq. of Berger Singerman LLP. TRANSALTA CORP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR ----------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB+' issuer credit rating on TransAlta Corp. (TAC). S&P's recovery rating is unchanged at '3' (50%-70%; rounded estimated: 65%), indicating its expectation of meaningful recovery. S&P said, "The negative outlook reflects the possibility that TAC could underperform our expectations, with key financial metrics that are weaker than our downside triggers over the next 12 months, absent mitigating factors such as improved merchant power prices or material debt reduction." TAC key credit metrics have been weaker than expected. At the same time, S&P believes there is a potential path to deleveraging over the next two years. This improvement could be driven by several credit-positive developments materializing. TAC's decline in EBITDA, that resulted in credit metrics weakening near their downside triggers, is largely due to soft power prices in Alberta. The company's recent Colorado peaker acquisition also put further pressure on metrics in 2026, as it should close in the second half and was financed at approximately 9.5x leverage. S&P said, "Key credit metrics are below expectations and we expect financial risk will remain elevated during our outlook period. S&P Global Ratings' adjusted leverage of 5.3x and funds from operations (FFO) to debt of 11.7% in 2025 did not meet our expectations and we believe the pressure will continue into 2027. We forecast leverage of 6.5x-6.7x in 2026 (FFO to debt of 9.0%-10%) and 4.7x-5.0x (13.5%-14.5%) in 2027, respectively, which is temporarily worse than our downgrade triggers. The primary driver of this is weaker-than-expected EBITDA stemming from softness in the Alberta power market, which is partially mitigated through TAC's optimization and hedging program. For 2026, the midyear acquisition of the Colorado peaking assets significantly raises leverage, but we expect full-year cash flows in 2027, with key metrics near our downside triggers. We expect leverage metrics will return to less than 4.75x debt to EBITDA and above 14% FFO to debt in 2028 as power prices in Alberta improve and Centralia begins operating." The Alberta power market has been weaker than expected, which weighs on credit metrics. Power prices in Alberta have been softer than expected, which has resulted in credit metrics that are worse than S&P's downside triggers. This has been somewhat buffered by TAC's hedging and optimization. Power prices have fallen due to structural oversupply, with additional supply coming online in 2024 and 2025, and milder weather. Although TAC hedges most of its expected generation in Alberta one-to-two years out, hedge prices have come down and generation has also been lower. TAC's merchant gas fleet in Alberta is primarily peaking and is therefore more exposed to fluctuations in demand and scarcity pricing. At the same time, hedges are above market forwards, which has muted, but not eliminated, the impact of lower power prices in the province. A return to financial risk that is commensurate with the current 'BB+' rating depends on several factors, some of which are outside the company's control. Improving financial risk depends on several factors, including higher Alberta power prices (which could be driven by rising data center demand, population growth, electrification and commercial and industrial load in the province); Centralia reaching the commercial operations date (COD) in second-half 2028 (currently subject to FID); and the conversion of the Brookfield notes, including a potential top-up,and finalizing an Alberta data center development (on February 27th TAC announced they entered into a memorandum of understanding for data center development at their Keephills Site with potential to scale up to 1 GW contracted to Brookfield and CPP IB). Alberta power price forwards, although still in contango, have decreased since 2025. S&P said, "However, we expect they will improve. Prices in Alberta in 2028 and 2029 could increase on the back of demand growth, including data centers (2028+), which might not be fully priced in given the limited depth of liquidity in that market. We would expect to see forwards increase in 2028 and 2029 during our outlook period as the prompt year and year following approach. The company's hedging strategy in Alberta remains intact, with locked-in power prices of more than C$60 per megawatt-hour (/MWh) in 2026 and similar for 2027, above forward prices." At the same time, the company is still exposed to fluctuating merchant power prices in the province. Demand for power associated with data centers could eventually result in higher power prices. Data centers in Alberta are expected to reach COD as early as the second half of 2028. However, this could be delayed, which is beyond our outlook period. Other factors that could support power prices include underlying load growth from population expansion, electrification, and increased commercial and industrial load. The successful conversion of Centralia is key for maintaining the credit metrics. TAC plans to convert Centralia to gas from coal and contract capacity with Puget Sound Energy Inc. for 16 years. S&P said, "We expect the facility will be in service by the second half of 2028. At the same time, the current order from the Department of Energy has required Centralia to remain online for reliability reasons. We should have better visibility into this by the end of 2026." Moreover, Centralia requires about US$600 million in capital expenditure (capex), which could be partially financed with cash from a potential Brookfield conversion top-up. The timing of the Brookfield conversion will also impact credit metrics. The debt conversion is at Brookfield's option and could assume a top-up to 49% ownership. The conversion and top-up is dependent on Brookfield's decision; however, a conversion would improve near-term credit metrics due to a C$750 million reduction in S&P Global Ratings' adjusted debt. Top-up funds could be used for deleveraging or growth projects such as the Centralia conversion. Colorado peakers add scale and contracted cash flow but increase consolidated leverage metrics. The acquisition of the Colorado peakers increases TAC's fleet size and improves long-term contractedness, but adds leverage on a consolidated basis. S&P said, "The peakers that were acquired assumed US$750 million (about C$1 billion) project-level debt, which we fully consolidate, and US$250 million equity, and have annual EBITDA of approximately C$100 million- C$110 million. The implied multiple of 9.5x debt to EBITDA is dilutive to leverage metrics. We see some slight improvement in business risk; however, this is offset by the increased leverage." S&P said, "The negative outlook reflects the possibility that TAC could underperform our expectations with key financial metrics weaker than our downside triggers over the next 12 months, absent mitigating factors such as improved merchant power prices or material debt reduction. "We could downgrade TAC if we expect credit metrics will be weaker than FFO/Debt of 14% or Debt/EBITDA of 4.75x on a sustained basis." This could occur as a result of one or more of the following factors: -- depressed Alberta power prices stemming, which could stem from delays in data center demand picking up in Alberta, or -- key projects being delayed, or -- Brookfield debt (S&P Global Ratings-adjusted) not converting as expected, or -- capital expenditures or acquisitions financed largely with debt. S&P could revise the outlook to stable if it expects FFO to debt will be above 14% and debt to EBITDA below 4.75x on a sustained basis. This could occur due to: -- rising power prices in Alberta, which could be driven by data center demand in Alberta increasing, or -- increased volatility that can be captured by TAC's peaker fleet, or -- reduced debt (for example, the conversion of the Brookfield debt or asset sell-downs). TRANSCODE THERAPEUTICS: Stockholders Approve Share Issuances ------------------------------------------------------------ TransCode Therapeutics, Inc. stockholders approved issuances of common stock tied to three series of convertible preferred stock and a standby equity-purchase agreement at the company's 2026 annual meeting, according to a regulatory filing. Stockholders also elected six directors, approved adding 1,734,262 shares to the company's 2021 equity incentive plan and ratified WithumSmith+Brown, PC as auditor for 2026. Holders representing 52.1% of TransCode's voting power were present in person or by proxy. Nasdaq approved the company's initial listing application connected with the conversions of its Series A, Series B and Series C preferred stock, the filing said. About TransCode Therapeutics, Inc. TransCode Therapeutics, Inc. is a Boston-based clinical-stage biotechnology company developing immuno-oncology and RNA therapeutics for high-risk and advanced cancers. Its lead candidate, TTX-MC138, is an antisense inhibitor of an oncogenic microRNA that completed a Phase 1a trial. The company also is developing RNA-targeted candidates, a cancer vaccine and an oncolytic immunotherapy platform, including melanoma vaccine candidate seviprotimut-L through its Polynoma subsidiary. In an audit report dated April 15, 2026, WithumSmith+Brown, PC raised substantial doubt about the company's ability to continue as a going concern, citing recurring operating losses, cash used in operations and an accumulated deficit. As of March 31, 2026, TransCode Therapeutics had total assets of $157.16 million, total liabilities of $12.64 million, Series A non-voting convertible preferred stock of $143.27 million and stockholders' equity of $1.25 million. TRUETT MEMORIAL: To Employ Jamelle Nelson CPA as Accountant ----------------------------------------------------------- The Truett Memorial Southern Baptist Church, Inc. (aka The Anointed Place) seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Jamelle Nelson, CPA as an accountant. The firm will provide these services: (a) prepare and provide financial reporting to be made in connection with this case, including but not limited to income and expense reports, financial statements, and tax returns; (b) reconstruct Debtor's books and records from 2003 to present; (c) prepare filing multiple years of quarterly withholding tax returns; and (d) prepare audited financials. Jamelle Nelson, CPA will receive an hourly rate of $350 and a fixed fee of $7,500 as reflected in the Audit Engagement & Advisory Services Agreement. The Professional's expense reimbursement rates include actual cost for fax in and fax out, messenger, postage, and telephone, with photocopies at actual cost not to exceed $0.10 per page. Jamelle Nelson, CPA asserts that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101. The firm can be reached at: Jamelle Nelson, CPA NELSON & ASSOCIATES CORP. E-mail: jamellen06@gmail.com About The Truett Memorial Southern Baptist Church The Truett Memorial Southern Baptist Church, Inc. operates as a religious organization in Long Beach, California, providing worship services, faith-based programs, and community ministry activities at its San Anseline Avenue location. The church serves local residents through spiritual gatherings, pastoral care, and charitable outreach such as food assistance programs. The Truett Memorial Southern Baptist Church filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-14431) on May 5, 2026. In the petition signed by Lance Riley, pastor, the Debtor disclosed $12,584,087 in total assets and $5,620,055 in total liabilities. Marcus G. Tiggs, Esq., at Bayer Wishman & Leotta represents the Debtor as counsel. VICTORINA LLC: Seeks Chapter 11 Bankruptcy in Arizona ----------------------------------------------------- On July 20, 2026, Victorina LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to the court filing, the debtor reports between $1 million and $10 million in liabilities, between $10 million and $50 million in assets, and between one and 49 creditors. A meeting of creditors under Section 341(a) scheduled for August 25, 2026 at 09:00 AM as a Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. About Victorina LLC Victorina LLC is a Phoenix, Arizona-based commercial real estate investment and management company. The firm focuses on acquiring, owning and managing commercial real estate assets. Court filings do not specify the circumstances that led to the Chapter 11 filing. Victorina LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-07101) on July 20, 2026. In its petition, the debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. The Honorable U.S. Bankruptcy Judge assigned to the case has not yet been identified in the available court records. The debtor is represented by Jonathan M. Saffer, Esq., of Rusing Lopez Lizardi & Saffer, PLLC. VILLA CHARDONNAY: Noah's Ark Loses Bid to Intervene as Party ------------------------------------------------------------ Judge J. Barrett Marum of the U.S. Bankruptcy Court for the Southern District of California denied the emergency motion of Noah's Ark of Villa Trust to intervene as an interested party; request for immediate emergency hearing; and application for temporary restraining order and preliminary injunction preserving the status quo pending consideration of proposed purchase transaction in the bankruptcy case of Villa Chardonnay Horses With Wings, Inc. The Court agrees with the Trustee that the motion is untimely and thus cannot satisfy the threshold requirement for intervention under Federal Rule of Civil Procedure 24. The Court already entered a judgment ordering turnover of the property to the Trustee, including a writ of possession against the defendants and any other occupants, yet the Motion asks the Court to temporarily prohibit interference with or termination of the Trust's existing tenancy, occupancy, possession, access, and operations pending further order of the Court. According to Judge Marum, "The convenient appearance of this purported entity at this stage smacks of gamesmanship." About Villa Chardonnay Horses With Wings Inc. Villa Chardonnay Horses With Wings Inc., based in Julian, California, operates as a nonprofit animal sanctuary providing care for rescued horses, cats, dogs, goats, and other animals, with a focus on senior and special-needs animals. The organization maintains a large, peaceful environment for these animals and relies on donations and volunteer support to sustain its operations. It is classified within the animal welfare and rescue sector. Villa Chardonnay Horses With Wings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-03692) on September 1, 2025. In its petition, the Debtor reported total assets of $3,978,280 and total liabilities of $7,073,342. Judge J. Barrett Marum oversees the case. The Debtor is represented by Michael R. Totaro, Esq., at Totaro & Shanahan, LLP. Leslie Gladstone, the court-appointed Chapter 11 trustee, tapped Financial Law Group as counsel; Jeff Wiemann as consultant; and Bachecki, Crom & Co, LLP, CPAs as accountant. VITAL YOU: Angela Shortall of 3Cubed Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC as Subchapter V trustee for Vital You Functional Medicine, LLC. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Vital You Functional Medicine LLC Vital You Functional Medicine, LLC is an Annapolis, Maryland-based functional medicine and integrative cancer care clinic. The practice provides personalized healthcare services, including integrative cancer care, ExoTMS therapy, infusion services, and functional medicine treatments. Led by practitioner Melissa Trotman, the clinic operates under an out-of-network, fee-for-service model and continues serving patients from its Annapolis location. Vital You Functional Medicine, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-17733) on July 17, 2026. In its petition, the Debtor reports estimated assets of $50,000 to $100,000 and estimated liabilities of $500,000 to $1 million. The Debtor is represented by Janet M. Nesse, Esq. WATCO COS: S&P Raises ICR to 'B' on Business Stability ------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Watco Cos. LLC and its issue-level rating on its senior unsecured notes to 'B' from 'B-'. The stable outlook reflects S&P's expectation for modest revenue and earnings growth, sustaining S&P Global Ratings-adjusted leverage of high-8x and EBITDA interest coverage of 1.7x-1.9x for 2026 and 2027. Watco has maintained consistent performance amid broader freight market volatility, highlighting its integral role as a key intermediary between shippers and Class I railroads. S&P Global Ratings believes Watco's end-market, customer, and service diversity provides resilience to varying economic conditions compared to our previous assessment. S&P's assessment of Watco's operational resilience and cyclical stability has improved. The company has demonstrated its ability to maintain predictable earnings through varying economic conditions. It operates through three primary segments: Rail (45% of 2025 revenue), terminals and ports (23%), and logistics (32%). Terminals and ports' railcar storage and servicing facilities provide a natural hedge against the core rail segment during subdued demand conditions due to their countercyclical nature. Recent acquisitions and a faster-growing logistics segment have also strengthened the company's competitive positioning and expanded its market footprint. Watco added approximately $55 million annually to pro forma S&P Global Ratings-adjusted EBITDA in fiscal 2025 (ended December 2025) through largely equity-funded acquisitions within its core business. The logistics segment has increased contributions and expanded its earnings base, although margin profile has moderated somewhat from the lower-margin nature of logistics. Watco's business robustness is underpinned by its well-diversified and established customer base, with broad exposure across end markets and geographies. The company's operational model focuses on high-volume, low-value bulk commodities in agriculture, minerals, energy, and chemicals end markets. These commodities face limited competition from road transport due to the logistical challenges of moving such heavy volumes and the subsequent transloading to and from Class I networks. Notably, Watco has limited exposure to relatively volatile e-commerce and consumer goods and moves no intermodal carloads, focusing instead on bulk commodities with stable, aggregate volumes. Its business is largely contractual, with most contracts benefiting from CPI and other indices-linked re-pricing mechanisms that offset cost inflation. Furthermore, the company is well-integrated with its customers' production sites and maintains collaborative relationships with all Class I railroads as it fulfils the essential first- and last-mile logistical requirements for long-haul carloads. Revenue will likely grow 8%-9% in 2026. Rail segment revenue should grow 9%-10% in 2026, benefiting from full-year revenue contributions from its acquisitions in 2025. Carload volumes, which faced pressure in 2025 due to ongoing trade disputes, should grow from a rebound in soybean export demand from China and volume ramp-up in some of its customers' expanded facilities, offsetting lower volumes from soft metallurgical coal demand. Terminals and ports revenue should grow low- to mid-single-digit percent due to new minimum volume contracts from its tenant customers at its Greens Port facility and the recently completed dock 5 berth expansion during fourth-quarter 2025. Moreover, about 40% of total revenue growth for 2026 will likely stem from the logistics segment. Watco has continues to add agents to its truckload freight brokering business, opening new locations within its highway division. S&P forecasts logistics revenue to grow high-teens percent, although about a third is due to full-year contributions from its late-2025 acquisition of Colossal Transport Solutions. The segment should also benefit from the regulatory enforcement, which have led trucking rates to rebound. Lastly, some freight volumes have shifted to the relatively cheaper and more fuel-efficient intermodal mode, which has become more attractive after the fuel prices increased due to war in the Middle East. For 2027, S&P forecasts growth to moderate to low-single-digit percent. Margins will likely grow 40-50 basis points (bps) to about 17.3% in 2026 due to a favorable revenue mix from acquisitions in the higher-margin rail segment. These gains offset a jump in fuel costs (which are largely passed through) and the higher proportion of revenue from the lower-margin logistics segment. S&P said, "Benefiting from a larger revenue base, we forecast 2026 EBITDA to improve approximately $35 million over 2025. For 2027, we expect normalizing fuel prices and efficiency initiatives to further improve margin an additional 30-40 bps." Modest free cash flow generation should improve in 2026, excluding growth capital spending. Watco's capital expenditure (capex; net of grants and reimbursements) includes a large proportion of discretionary growth projects, resulting in FOCF deficits. S&P said, "The company spent about $200 million in 2025, including approximately $90 million pertaining to growth, and we expect similar levels for 2026 and 2027. We believe Watco will rely on its revolving credit facility to fund these deficits and estimate an additional $40 million annually drawn in 2026 and 2027." The company has sufficient liquidity, with more than $480 million available under its $1 billion facility (due August 2029) as of March 31, 2026. However, excluding growth projects, the company generated modest reported free cash flow of about $90 million in 2024 and about $38 million in 2025 (excluding a one-time cash outflow of $80 million for stock-based compensation). S&P said, "Excluding growth projects, we forecast about $72 million of reported free cash flow in 2026 as it captures full-year earnings from its 2025 acquisitions, with further growth anticipated in 2027. While some of these flows will be distributed (estimated at $44 million annually) to its common and preferred equity holders, we view Watco's discretionary cash generation as healthy for the rating." Nonetheless, preferred equity shares in the capital structure will accrue payment-in-kind interest of about $90 million annually, gradually adding to the company's adjusted debt burden. S&P does not believe Watco's operations can sustain this burden over the long term if the interest becomes payable in cash or if it raises equivalent debt to redeem these preference shares. Watco is unlikely to raise leverage to pursue acquisitions. Watco has demonstrated prudence by utilizing equity, preferred equity, and debt to fund its expansion. While the company is not averse to increasing its debt to capture opportunities--and has occasionally deviated from its internal leverage targets--its recent funding strategy remains disciplined. S&P said, "Although our base case does not incorporate further acquisitions, we expect Watco to remain balanced in its funding, maintaining adjusted leverage of high-8x and FFO to debt of mid-single-digit percent in 2026." In 2025, Watco raised $667 million in common equity and about $200 million in preferred equity to fund three acquisitions (net cost of about $540 million) and organic growth. S&P expects earnings and free cash flow from these initiatives to reduce leverage (excluding preferred equity) by approximately 0.5x, bringing it down to roughly 5.0x in 2026. Furthermore, sponsors have provided commitments to raise up to $335 million in further equity (subject to certain conditions), which could be used alongside debt to fund upcoming M&A opportunities. However, PIK interest accruing on preferred shares may increase adjusted debt, pressuring S&P Global Ratings-adjusted leverage (inclusive of preferred equity), which S&P forecasts at high-8x. The stable outlook reflects S&P's expectation for modest revenue and earnings growth, sustaining S&P Global Ratings–adjusted leverage of high-8x and EBITDA interest coverage of 1.7x-1.9x for 2026 and 2027. S&P could lower its rating on Watco if free cash flow (excluding growth capex) declines to breakeven or a deficit. This could occur if: -- Operations weaken due to reduced economic activity; or -- It funds more acquisitions with debt or higher cash interest bearing preferred equity, increasing the financing burden. Although unlikely, S&P could raise its rating in the next 12 months if Watco: -- Experiences greater-than-expected growth in revenue and margins; or -- Funds accretive acquisitions using equity such that debt to EBITDA declines and approaches low-5x and FFO to debt approaches 10%-12%. WINTER DESERT: Hires Myrick Property as Real Estate Broker ---------------------------------------------------------- Winter Desert Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Michael R. Myrick of Myrick Property Group d/b/a Myrick Advisors to serve as real estate broker for the bankruptcy estate regarding the sale or lease of real property owned by the company. Among the assets in the Debtor's bankruptcy estate is a certain real property described as 10450 N. Northsight Blvd., Scottsdale, Arizona 85260. The firm will provide these services: (a) sell the Property; (b) lease the Property; (c) market the Property and perform acts necessary for the marketing of the Property; (d) find buyers for the Property during the term of the agreement; (e) conduct negotiations and discussions for a Transaction on behalf of Owner; and (f) perform other services related to the sale or lease of the Property as provided under the listing agreements. Myrick Advisors will receive 6% of the Gross Sales Price for its services to sell the Property. For lease services, Myrick Advisors' commission will be based on the proposed commission schedule provided in the listing agreement. The provided filing does not contain a statement that Myrick Property Group, LLC or Michael R. Myrick is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael R. Myrick MYRICK PROPERTY GROUP LLC d/b/a MYRICK ADVISORS 605 W Knox Road, Suite 210 Tempe, AZ 85284 Telephone: (602) 908-2211 About Winter Desert Holdings LLC Winter Desert Holdings LLC is a holding company that likely manages investments in real estate, financial assets, or related business interests. Winter Desert Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02211) on March 10, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Paul Sala handles the case. WISER SOLUTIONS: SSG Served as Investment Banker in Asset Sale -------------------------------------------------------------- SSG Capital Advisors, LLC, served as the investment banker to Wiser Solutions, Inc. and its affiliates (collectively Wiser Solutions or the Company) in the sale of substantially all assets to an affiliate of Crestline Direct Finance. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the Northern District of Texas. The transaction closed in July 2026. Wiser Solutions is a retail analytics and commerce execution platform providing both online and in-store intelligence. The Company's proprietary platform analyzes online and in-store data to support customer pricing, promotions, assortment, availability, compliance, and display. The Company tracks more than 10 billion products, 600,000 stores, and 150,000 sellers. Customers purchase short-term and long-term subscriptions under a traditional SaaS model, and the Company services more than 800 brands and retailers globally. The Company sought to build a comprehensive SaaS-based retail analytics platform through an aggressive roll-up strategy. Despite completing over ten acquisitions since 2013, the Company incurred persistent losses as the pace of acquisitions outpaced the Company's ability to consolidate platforms. As a result, the Company found itself managing a portfolio of SaaS products with different features, capabilities, and processes. In response to these challenges, the Company pursued cost savings measures, including consolidating its data extraction systems, rightsizing its workforce, and shuttering non-core product offerings. However, the Company was unable to meet its financial obligations and, as a result, elected to file for protection under Chapter 11 of the U.S. Bankruptcy Code. SSG was retained to conduct a comprehensive marketing process and solicit competing offers to the Stalking Horse Credit Bid from an affiliate of Crestline Direct Finance. After extensive outreach to a broad universe of strategic and financial buyers, the Stalking Horse Credit Bid was determined to be the highest and best offer for substantially all assets. SSG's extensive Chapter 11 transaction experience and ability to efficiently execute a comprehensive remarketing process enabled the Company to maximize the value of assets for the benefit of stakeholders. Other professionals who worked on the transaction include: * Scott Avila, Don Harer (Co-Chief Restructuring Officers), Michael Richards (Interim CEO), David Elkin, and Paula Sosamon (financial advisor) of Paladin Management Group; * Todd M. Schwartz, Christopher R. Bryant, Danielle Ullo, Michael Haberman, and Allison Bertolozzi of Hogan Lovells US LLP, co-counsel to Wiser Solutions, Inc.; * Katharine Battaia Clark, Jacob T. Schwartz, and Alexandra E. Rossetti of Thompson Coburn LLP, co-counsel to Wiser Solutions, Inc.; * Mark Greenberg, Seth A. Waschitz, and Kabir Singh of Alvarez & Marsal North America, LLC, financial advisor to the Unsecured Creditors Committee; and * John D. Penn, Michael A. Sweet, Gordon E. Gouveia, and Stephanie Slater Ward of Fox Rothschild LLP, counsel to the Unsecured Creditors Committee. About Wiser Solutions Inc. Wiser Solutions, Inc. is a U.S.-based technology company specializing in retail analytics and pricing intelligence solutions for brands and retailers. Wiser Solutions Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-80002) on April 26, 2026. In its petition, Wiser Solutions reports assets in the range of $50 million to $100 million and liabilities between $100 million and $500 million. The case is jointly administered in Case No. 26-80002. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtors are represented by Katharine Battaia Clark, Esq., at Thompson Coburn LLP. Epiq Restructuring, LLC is the Debtors' claims, noticing, solicitation and administrative agent. WORLD CLASS: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------- World Class Academy-Vero Beach, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Chapter 11 Liquidating Plan and Disclosure Statement dated July 13, 2026. On April 26, 2022, the Debtor acquired the real property utilized by the childcare center for approximately $2.3 million and simultaneously acquired the operating childcare business for approximately $220,000. The Debtor is proposing to sell all of its assets toward resolution of its debt issues, and to discontinue its business operations. To that end, it submits this Liquidating Plan. The stalking bidder in this liquidating plan is Bright Treasures Learning Center LL ("Buyer"). The Debtor and Buyer entered into a Purchased and Sale Agreement ("Contract") for the assets of the Debtor, contingent on Buyer obtaining financing, and slated to close on or before Aug. 18, 2026. Class IV consists of General Unsecured Creditors. Unsecured claims are estimated to total approximately $296,000, plus the unsecured claim of BRB of $257,000. However, over $80,000 is owed to an insider or insider entity, who waives any dividend. Another $144,000 is owed to a private individual who has not filed a claim and who the Debtor indicates is not expecting a dividend. The balance is owed to American Express, which is currently being paid by the co-obligor insider entity World Class Academy-Okeechobee, and has not filed a claim. Unsecured claimants will be paid all of the net operating funds on hand in the Debtor's DIP account as of the date of confirmation of the Debtor's plan, expected to be no more than $5,000. As such, any dividend will be minimal, but in a Chapter 7 setting, the unsecured creditors would be likely to receive no dividend, so the fair and equitable standard is met. Class V consists of Equity Holders. The sole equity interest holders are Dawn and Daniel Johnson. They will retain their interest but will receive no dividend. A full-text copy of the Liquidating Plan dated July 13, 2026 is available at https://urlcurt.com/u?l=eYIHR5 from PacerMonitor.com at no charge. About World Class Academy-Vero Beach World Class Academy-Vero Beach, LLC operates in the education sector and is associated with the management and operation of academic programs and educational services. World Class Academy-Vero Beach sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-17446) on June 8, 2026. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtor is represented by Julianne R. Frank, PA. [] Emilie Simone Joins Barclay Damon's Bankruptcy Practice ---------------------------------------------------------- Barclay Damon announced that Emilie Simone has joined the firm as counsel in its Restructuring, Bankruptcy & Creditors' Rights Practice Area in the New York City office. Ms. Simone represents businesses, lenders, creditors, fiduciaries, and individuals in complex bankruptcy, restructuring, creditors' rights, and commercial litigation matters. Her practice includes business disputes, adversary proceedings, loan workouts, fraudulent transfer and preference actions, judgment enforcement, and asset recovery matters in state and federal courts. Ms. Simone brings a distinctive combination of private practice, government, judicial, and financial experience to her work. Most recently, she served as counsel at Pullman & Comley LLC, where she handled complex insolvency-related disputes and commercial litigation. Previously, she served as an assistant United States attorney in the Financial Litigation Unit for the District of Connecticut, where she enforced federal judgments and restitution orders and led asset recovery and financial enforcement efforts. She also served as a judicial law clerk to Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York. "Emilie's depth of experience across bankruptcy, restructuring, financial enforcement, and litigation matters makes her an outstanding addition to our team," said Janice Grubin, co-chair of Barclay Damon's Restructuring, Bankruptcy & Creditors' Rights Practice Area. "Her government and judicial experience provides valuable insight that will benefit clients navigating complex financial disputes and insolvency matters in and out of court." Ms. Simone's prior service with the US Attorney's Office and the United States Bankruptcy Court, in the District of Connecticut and the Southern District of New York, respectively, gives her firsthand knowledge of federal enforcement actions, asset investigations, and bankruptcy proceedings, enabling her to provide strategic counsel informed by both courtroom and government perspectives. Her earlier career as a forensic accountant, combined with an MBA in accounting, further strengthens her ability to analyze financial records, evaluate damages, and develop practical solutions in high-stakes business disputes. "I am excited to join Barclay Damon and collaborate with such a talented group of attorneys," Ms. Simone said. "The firm's strong reputation and commitment to client service make it an excellent platform to continue helping clients resolve restructuring, insolvency, and complex litigation challenges." About Barclay Damon With approximately 300 attorneys, Barclay Damon is a regional law firm that operates from a strategic platform of offices in Albany, Boston, Buffalo, New Haven, New York City, Rochester, Syracuse, Washington DC, and Toronto. The firm serves clients across the country and, for some practices, provides US legal services around the globe. For more information, visit https://www.barclaydamon.com/ [] Joseph Brown Joins A&O Shearman's Restructuring Practice ----------------------------------------------------------- A&O Shearman announced the addition of partner Joseph (Joe) Brown to its Restructuring practice in New York. Mr. Brown joins A&O Shearman with broad experience in both creditor-side and debtor-side restructurings, including in-court and out-of-court restructurings, liability management and financing transactions, Section 363 sales, and bankruptcy litigation. His experience across creditor committees, ad hoc groups, DIP lenders, stalking-horse bidders, and debtors further strengthens the firm's ability to deliver comprehensive restructuring counsel to clients facing complex financial challenges. Throughout his career, he has represented major entities across financial services, technology and venture-backed companies, energy, airlines, pharmaceuticals, and cryptocurrency. "Joe's combination of restructuring experience, his expertise in liability management transactions and bankruptcy litigation, and his deep knowledge of the private capital and institutional investor space positions him to serve our clients as restructuring and market challenges continue to grow. I'm delighted he is joining the team," said Fred Sosnick, U.S. co-managing partner and global co-head Restructuring at A&O Shearman. "I'm excited to join A&O Shearman and work with a globally integrated Restructuring practice and teams around the world. The firm's global platform and commitment to growing its restructuring capabilities create a powerful opportunity to help clients navigate complex restructuring challenges across jurisdictions," said Joe Brown. Mr. Brown joins A&O Shearman from Davis Polk & Wardwell. Mr. Brown’s addition is the latest step in A&O Shearman's sustained investment in U.S. talent across multiple practice areas. The firm has recently welcomed a series of lateral partner hires that together further build out its U.S. capabilities: Matthew Karlyn (Digital, Data, IP and Technology in Boston), W. Andrew Lanius (Energy, Natural Resources, and Infrastructure in Houston), Kathryn Mims (Antitrust in Washington D.C.), Paul Astolfi (Energy, Natural Resources, and Infrastructure in Dallas), Katy McNeil (Energy, Natural Resources, and Infrastructure in Chicago), Michael Kim (Capital Markets in New York), Ned Schodek (Restructuring in New York), Jan Sysel (Fund Finance in New York), Valentine Bleicher (M&A in Chicago), Nick Ramphal (M&A in New York), and Catherine Hein (International Trade and CFIUS in Washington D.C.). ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***