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260729.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, July 29, 2026, Vol. 30, No. 210 Headlines 15 & 23 VAN: Taps Northgate Real Estate as Real Estate Advisor 219 UNDERWOOD: Starts Chapter 11 Bankruptcy in D.C. 70 04 ROOSEVELT: Claims to be Paid from Property Sale Proceeds AAA GARAGE: Seeks to Use Cash Collateral AAM EQUIPMENT: Plan Exclusivity Period Extended to Aug. 3 ABA THERAPY: Unsecureds to be Paid in Full over 5 Years ALBRITTON FARMS: Unsecureds Will Get 5% of Claims over 5 Years ALETHA INC: Gets Final OK to Use Cash Collateral ALKEGEN HOLDING: Seeks Prepackaged Ch.11 Bankruptcy in Texas AMKOR TECHNOLOGY: Fitch Alters Outlook on 'BB+' IDR to Stable APEX PAVERS: Plan Exclusivity Period Extended to Oct. 15 ARCHBISHOP OF BALTIMORE: Updates Restructuring Plan Disclosures ARCIS GOLF: S&P Rates Proposed $90MM First-Lien Term Loan B 'B+' ARCLIGHT RENEWABLE: Fitch Rates New $700MM Credit Facility 'BB' ART FINANCE: Secured Party Sets August 25, 2026 UCC Public Sale ARTICON HOTEL: Amends Unsecured Claims Pay Details ASCEND ELEMENTS: Plan Confirmation Hearing Scheduled for Aug. 14 ASP UNIFRAX: S&P Downgrades ICR to 'D' on Bankruptcy Filing BALKAN EXPRESS: Unsecureds to Get Share of GUC Recovery BEEHIVE SCIENCE: Moody's Rates New $27.3MM School Bonds 'Ba1' BELL'S BETTER: Case Summary & 20 Largest Unsecured Creditors BLUE IVY: Case Summary & 10 Unsecured Creditors BROADWAY FORD: Committee Gets OK to Hire Foley & Lardner as Counsel BROADWAY FORD: Committee Gets OK to Tap Summers Compton as Counsel C.S. HOLDINGS: Gets Interim OK to Use Cash Collateral CASHCALL INC: Court Clears Scaled-Back Insider DIP Loan CAVALIER INTERMEDIATE: S&P Assigns 'B+' ICR on Debt Refinancing CEDAR ARCH: Seeks to Extend Plan Exclusivity to Oct. 30 CELEST INVESTMENTS: Gets Interim OK to Use Cash Collateral CHEROKEE HOLDINGS: Claims to be Paid from Asset Sale Proceeds CHERRY BUTTE: Seeks Subchapter V Bankruptcy in North Dakota CIENA CORP: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable CLARIFYING MARKET: UCC Public Sale Scheduled for August 24, 2026 CLEANER GUYS: Gets Interim OK to Use Cash Collateral Until Aug. 14 CREEK PARENT: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable CRUX SOLUTIONS: Plan Confirmation Hearing Scheduled for Aug. 17 DAYTON POWER: Moody's Alters Outlook on 'Ba1' Rating to Positive DR. JAMIE TOTTEN: Seeks Cash Collateral Access EAGLE LOGISTICS: Case Summary & 11 Unsecured Creditors EIF CHANNELVIEW: Moody's Alters Outlook on Ba3 Rating to Negative ELECTROTECHNICS CORPORATION: Gets Interim OK to Use Cash Collateral ENTERPRISE CHARTER: Fitch Affirms 'B' IDR, Outlook Positive ESJ TOWERS: Court Upholds Dismissal of Mikhail, et al., Case ESJ TOWERS: Court Upholds Dismissal of Wincig, et al., Case FAMILY DOLLAR: S&P Rates Proposed $450MM Senior Secured Notes 'B' FANNIE MAE & FREDDIE MAC: D.C. Circuit Upholds $812M Jury Verdict FAT BRANDS: Court Confirms Chapter 11 Plan After Creditor Deal FLOURISH RESTAURANTS: Claims to be Paid from Continued Operations FORTUNATO'S ITALIAN: Unsecureds to Split $15K via Quarterly Payment FREEDOM MORTGAGE: Moody's Rates New $500MM Unsecured Notes 'B2' FTX TRADING: Judge Advances Binance $1.8B Clawback Case FULTON SCG: Secured Party Sets July 29, 2026 Public Auction FUND FOR SANDY: Seeks to Extend Plan Exclusivity to Sept. 21 GABBY INVESTMENT: Seeks to Use Cash Collateral Until September GALAXY HELIOS II: Fitch Assigns 'BB-(EXP)' IDR, Outlook Stable GREER EXCAVATING: Court Extends Cash Collateral Access to Sept. 4 GRUPO ANTOLIN-IRAUSA: Chapter 15 Case Summary GTCR EVEREST: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable HAGO PACK: Commences Chapter 11 Bankruptcy in Pennsylvania HIGHPOINT ASSOCIATES: Voluntary Chapter 11 Case Summary HOWARD MIDSTREAM: Fitch Rates New Sr. Unsecured Notes 'BB-' HRONIS INC: Plan Confirmation Hearing Scheduled for August 11 HRZN INC: Plan Confirmation Hearing Scheduled for Sept. 8 IFTIKAR AHMED: Receiver to Sell Real Property to Bada Bing Farms IN DUE SEASON: Claims to be Paid from Continued Operations INSPIRED HEALTHCARE: To Sell Assisted Living to 10875 Settlers INTERNATIONAL UNION: Unsecureds to Get $3,400 per Year for 5 Years JEWELRY DESIGNER: Plan Confirmation Hearing Scheduled for Sept. 17 JTRE 14 VESEY: Claims to be Paid from Property Sale Proceeds KC GLOBAL: Unsecureds Will Get 5.53% of Claims over 5 Years KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral KONA COAST: Gets Interim OK to Use Cash Collateral KV TOOLING: Gets Final OK to Use Cash Collateral Until Oct. 3 LEO'S TRIM: Unsecureds to Get Share of Income for 3 Years LIA HOSPITALITY: To Sell Chadam Property to Baldevbhai Patel LIFE STRIDE: Claims to be Paid from Available Cash & Income LINXS AUTOMATED: Fitch Lowers Rating on $1.2BB Senior Bonds to 'BB' LION FORCE: Chapter 15 Case Summary LOS DORADOS: Seeks Court Approval to Hire PM Law PC as Counsel LOVERS INDUSTRIAL: Chapter 15 Case Summary LUGANO DIAMONDS: Plan Confirmation Hearing Scheduled for Aug. 31 MARE ISLAND: Unsecured Creditors to be Paid in Full in Plan MATADOR RESOURCES: Moody's Alters Outlook on 'Ba3' CFR to Stable MAVIS TIRE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable MKM HOLDINGS: To Employ Baker Donelson as Bankruptcy Counsel MOCAR ENTERPRISES: Case Summary & Three Unsecured Creditors MULBERRYS MOBILE: Seeks Subchapter V Bankruptcy in Florida MVP GROUP: Amends Libertas Secured Claim Pay NANO PHARMACEUTICAL: Claims to be Paid from Continued Operations OMNIS PLEASANTS: Seeks Chapter 11 Bankruptcy in Delaware PERFORMANCE SERVICE: Gets Interim OK to Use Cash Collateral POOLIN TECHNOLOGY: Case Summary & 30 Largest Unsecured Creditors PORTERO COMMERCIAL: Taps Ross Wolcott Teinert & Prout as Counsel PSI SERVICES: Hires Bradshaw Rost and Tenenbaum & Saas as Counsel RAD DIVERSIFIED: Affiliate to Seeks to Sell Philadelphia Property RAINMAKER CIDER: Plan Confirmation Hearing Scheduled for Sept. 3 RALIAM HOSPITALITY: To Sell Everbook Property to Baldevbhai Patel RED RIVER: J&J to Pay $5.5-Bil. to Ovarian Cancer Talc Claimants RELIANT PLUMBING: Files Amendment to Disclosure Statement RELIZ TECHNOLOGY: Examiner Hires Bielli & Klauder as Counsel REPUBLIC NATIONAL: Seeks Chapter 11 Bankruptcy in Texas RUZBEHJON INC: Gets Interim OK to Use $183K in Cash Collateral SCIH SALT: S&P Affirms 'B' LT Rating on New Debt-Funded Dividend SERENADE NEWPORT: Amends Unsecured Claims Pay Details SERENADE NEWPORT: Plan Confirmation Hearing Scheduled for Sept. 29 SHELTERING ARMS: Sale Hearing Scheduled for August 5, 2026 SHREE SWAMI: Wells Fargo Wants Receiver for IHG Hotel SIFI NETWORKS: Auction for Assets Set for July 29, 2026 SIMAD HOLDINGS: Camp Owner Says Brother Arranged Loans SOLON CORPORATION: Plan Exclusivity Period Extended to Sept. 8 SOUTHERN POINTE: Court Says Receiver Must Return Property SSANG 7709: Gets Interim Court OK to Use Cash Collateral ST. JAMES PLACE: Fitch Assigns 'BB+' IDR, Outlook Stable START TO FINISH: Plan Confirmation Hearing Scheduled for Sept. 10 STOKES & STOKES: Fine-Tunes Plan Documents STORJ LABS: Seeks Chapter 11 Bankruptcy, Tokens Dip 16% STROMA MEDICAL: Updates Unsecured Claims Pay SUPERIOR STAR: Gets Interim OK to Use Cash Collateral Until Oct. 5 TENET HEALTHCARE: S&P Upgrades ICR to 'BB', Outlook Stable TEXAS AUTO: Amends Westlake Capital Claims Pay Details THERAPY TREE: Employs Sacks Tierney as Special Counsel TRAJECTOR HOLDINGS: Case Summary & 30 Largest Unsecured Creditors TWO SISTERS: Commences Chapter 11 Bankruptcy in New York UBS ASSOCIATES: Unsecured Creditors Will Get .10% over 5 Years UGLYDUCKLINGRENO LLC: Plan Confirmation Hearing Set for Sept. 30 UTICORP INC: Gets Court OK to Use Cash Collateral VALVES AND CONTROLS: Plan Exclusivity Period Extended to Aug. 6 VEGA ROOFING: Hearing Today on Bid to Use Cash Collateral VIA MIZNER: Secured Party Sets August 18, 2026 Public Auction VITTI PROPERTIES: Retains Northgate Real Estate Group as Advisor VOLUNTEER PHARMACY: Gets OK to Use Cash Collateral Until Aug. 6 WALNUT RIDGE: Plan Confirmation Hearing Scheduled for Sept. 10 WAYSTAR HOLDING: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable WHATABRANDS LLC: S&P Rates New $2.73BB First-Lien Term Loan 'B' WHITE ROCK: Seeks to Extend Plan Exclusivity to Sept. 17 WHITMAN COUNTY HOSPITAL: Moody's Assigns 'Ba2' Issuer Rating WILDFIRE ENERGY I: Fitch Puts 'B+' LongTerm IDR on Watch Positive YONDR JK 1: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable [] Gloria Kim Joins King & Spalding's Restructuring Practice ********* 15 & 23 VAN: Taps Northgate Real Estate as Real Estate Advisor -------------------------------------------------------------- 15 & 23 Van Siclen Ave Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Northgate Real Estate Group to serve as its real estate advisor. The firm will provide these services: (a) sell, arrange financing or refinancing, recapitalization, negotiate a joint venture, net lease or otherwise dispose of all or any portion of the real property and/or air rights pertaining to 15 & 23 Van Siclen Ave, Floral Park, NY 11001; (b) redirect and refer all inquiries, offers, expressions of interest and communications from principals, outside brokers and other parties or professionals to Northgate; (c) conduct all negotiations through Northgate exclusively and advise all interested people of this exclusive right; (d) provide services related to marketing, advertising, promotion, travel and transportation, postage, courier and overnight express fees incurred in its performance under the Agreement; and (e) act as the auctioneer should the Bankruptcy Court order a sale of the Property at auction. Northgate Real Estate Group will be paid a commission equal to 4.5% of the gross purchase price of the Property, which will be paid as a buyer's premium by the successful purchaser, separate from and in addition to the consideration (or gross purchase price) that the successful purchaser pays for the Property. If Lender is the successful purchaser by bidding all or a portion of its claim at a bankruptcy or foreclosure sale and closes on the purchase, Debtor shall instead pay Northgate a flat fee of $25,000 at closing, subject to approval by the Bankruptcy Court of a fee application by Northgate. In the case of an alternate outcome other than a sale or refinancing of the Property, Northgate will receive a flat fee for its services in the amount of $50,000. Debtor will reimburse Northgate for out-of-pocket expenses incurred in its performance under the Agreement, capped at $7,500. The provided court filings do not contain a separate disclosure stating that Northgate Real Estate Group is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Greg Corbin NORTHGATE REAL ESTATE GROUP 1633 Broadway, 46th Floor New York, NY 10019 Telephone: (212) 369-4000 About 15 & 23 Van Siclen Ave Properties, LLC 15 & 23 Van Siclen Ave Properties, LLC is a single asset real estate company. 15 & 23 Van Siclen Ave Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40335) on January 23, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ilevu Yakubov, Esq., of Jacobs P.C. 219 UNDERWOOD: Starts Chapter 11 Bankruptcy in D.C. --------------------------------------------------- On July 21, 2026, 219 Underwood Street NW, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Columbia (Case No. 26-00363). According to court filings, the debtor reports between $500,000 and $1 million in liabilities, between $100,000 and $500,000 in assets, and 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 20, 2026 at 02:00 PM US Trustee Remote 341: (888) 330-1716; Passcode: 5678318. About 219 Underwood Street NW, LLC 219 Underwood Street NW, LLC is a Washington, D.C.-based residential real estate leasing company that owns and manages residential rental properties. The company's principal asset is a four-unit apartment building in the Anacostia neighborhood. The Chapter 11 filing was made to halt a scheduled foreclosure sale following an alleged default on a $952,000 line of credit. As of June 2026, the property had been designated vacant by the District of Columbia Department of Buildings. 219 Underwood Street NW, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00363) on July 21, 2026. In its petition, the debtor reported estimated assets of $100,000 to $500,000 and estimated liabilities of $500,000 to $1 million. The case is assigned to the Honorable Elizabeth L. Gunn. The debtor is represented by Kasey L. Edwards, Esq., of Gilman & Edwards, LLC. 70 04 ROOSEVELT: Claims to be Paid from Property Sale Proceeds -------------------------------------------------------------- 70 04 Roosevelt Corp. filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated July 14, 2026. The Debtor is a Corporation. The Debtor's primary asset consist of the real property known as 70-04 Roosevelt Ave, Woodside, NY 11377. The Plan is designed as a mechanism for the reorganization of debts of the Debtor. On March 13, 2025, the Debtor filed a Chapter 11 petition (the "Petition Date"). Upon application of the Debtor, the Court entered an Order setting the proof of claim bar date as June 16, 2025. On February 20, 2026, the Bankruptcy Court entered an Order Approving the Debtor's retention of The Law Office of Charles A. Higgs as counsel to the Debtor. Class 2 consists of Allowed General Unsecured claims against the Debtor, including claims that have been reclassified from secured claims to general unsecured claims. Class 2 consists of the following claims: IRS ($13,054.95); and Andreadis Capital LLC ($87,125.41). Class 2 Claims will be paid a pro rata share of distributions to unsecured creditors under the Plan. Class 2 Claims are Impaired and are entitled to vote. The Plan is a Liquidating Chapter 11 Plan as authorized under Section 1123(b)(4) of the Bankruptcy Code, to be implemented through the post-confirmation private short sale of the Debtor's primary real property asset located at 70-04 Roosevelt Ave, Woodside, NY 11377 to Yeshi Dawa for $1,680,000.00. Because the purchase price is less than the Class 1 secured debt, the Debtor intends to seek the consent of U.S. Bank National Association prior to the confirmation hearing to permit a carve-out from the gross closing proceeds to satisfy allowed administrative expense claims, professional fees, and closing costs. In the absence of an express consensual agreement, the Debtor will seek confirmation and authorization of the short sale parameters under the "cramdown" provisions of Section 1129(b) of the Bankruptcy Code, asserting that the active market offer maximizes the value of the secured creditor's collateral. No personal capital contributions from the Debtor's principal will be required. The closing of the short sale shall take place no later than sixty days following the Effective Date of the Plan, unless extended by mutual written agreement of the Debtor and the purchaser. All gross sale proceeds ($1,680,000.00) shall be paid directly into a designated title escrow account at closing. Feasibility is established by the existence of a fully executed purchase contract with Yeshi Dawa for $1,680,000.00. This contract price significantly exceeds the property's recent appraised value of $1,400,000.00 by $280,000.00, demonstrating that the transaction represents an optimized, market-tested exit strategy that provides the maximum possible recovery for the estate's single asset. A full-text copy of the Disclosure Statement dated July 14, 2026 is available at https://urlcurt.com/u?l=Hnatk4 from PacerMonitor.com at no charge. About 70 04 Roosevelt Corp. 74 04 Roosevelt Corp. is the owner of a two-level multi-purpose structure located at 74-04 Roosevelt Ave, Woodside, NY 11377, with an estimated worth of $1.4 million. 74 04 Roosevelt Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41224) on March 13, 2025. In its petition, the Debtor reports total assets of $1,403,000 and total liabilities of $2,631,450. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by: Charles Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 2 Depot Plaza First Floor, Office 4 Bedford Hills, NY 10507 Tel: (917) 673-3768 E-mail: charles@freshstartesq.com AAA GARAGE: Seeks to Use Cash Collateral ---------------------------------------- AAA Garage Storage Solutions, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for final approval to use cash collateral in accordance with the budget, with a 15% variance. First Internet Bank of Indiana (FIBI) and Small Business Financial Solutions, LLC, dba Rapid Finance (Rapid) assert interest in the cash collateral. FIBI holds a senior prepetition loan issued in July 2021 with an accelerated demand balance of $1,140,313. Rapid holds junior prepetition loans from late 2025 secured by a UCC financing statement filed in February 2026. The Debtor previously operated under an interim cash collateral order entered on May 26, 2026, and has maintained regular adequate protection payments of $4,300 per month to FIBI. Under the proposed final order, the Debtor will continue paying FIBI $4,300 monthly per a mutual stipulation, while granting FIBI a replacement lien on post-petition assets to the same extent and priority as its prepetition interest. No adequate protection payments are proposed for Rapid, as the Debtor asserts Rapid's junior lien is fully subordinate to FIBI and effectively unsecured, with the Debtor intending to challenge Rapid’s liens through section 506 motions or adversary proceedings. The Debtor asserts that final authorization to use cash collateral is vital to fund basic operating needs, including payroll, supplies, rent, and taxes, which will allow the business to generate revenue, remain profitable, and stabilize its operations. According to the Debtor, continuing operations protects the going-concern value of the estate, preventing a complete collapse that would harm creditors, vendors, employees, and customers. The Debtor maintains that the secured creditors' interests are fully and adequately protected against diminution in value through continued business operations, post-petition revenue generation, monthly payments to FIBI, and post-petition replacement liens. A hearing on the matter is set for August 6, at 11 a.m. A copy of the motion is available at https://urlcurt.com/u?l=WVZHIK from PacerMonitor.com. About AAA Garage Storage Solutions Inc. AAA Garage Storage Solutions, Inc, operating as Organized Garage Solutions, is a Pasadena, California-based company that designs and installs residential garage organization systems. Founded around 2014, it provides custom cabinetry, shelving, slatwall systems, overhead storage, and garage floor coatings through in-home design consultations and full installation services. The company serves homeowners across the greater Los Angeles area, with operations centered on garage optimization projects aimed at improving storage efficiency and usable space. AAA Garage Storage Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13911) on April 22, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Varand Zadoorian, president of AAA Garage Storage Solutions, signed the petition. Judge Vincent P. Zurzolo oversees the case. Clifford Bordeaux, Esq., at Bordeaux Law, P.C., represents the Debtor as bankruptcy counsel. AAM EQUIPMENT: Plan Exclusivity Period Extended to Aug. 3 --------------------------------------------------------- Judge Christopher L. Hawkins of the U.S. Bankruptcy Court for the Middle District of Alabama extended AAM Equipment, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 3 and Oct. 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that any Chapter 11 plan must be accompanied by a disclosure statement that provides creditors and the Court with "adequate information." The Debtor states that for the company to meet its burden of providing adequate information to creditors and formulating a feasible plan, it will need to know with reasonable certainty how much its creditors are owed and whether those creditors have collateral or are entitled to priority. Further, the Debtor anticipates selling some equipment prior to confirmation of its plan; therefore, it needs more time to file a plan. AAM Equipment LLC is represented by: Stuart H. Memory, Esq. Memory Memory & Causby, LLP P.O. Box 4054 Montgomery, AL 36103 Tel: (334) 834-8000 Email: smemory@memorylegal.com About AAM Equipment LLC AAM Equipment, LLC, is engaged in renting heavy construction equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-80129) on Feb. 2, 2026. In the petition signed by Aaron Moody, owner, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Christopher L. Hawkins oversees the case. Stuart Memory, at Memory Memory and Causby LLP, is serving as the Debtor's legal counsel. ABA THERAPY: Unsecureds to be Paid in Full over 5 Years ------------------------------------------------------- ABA Therapy Solutions, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan of Reorganization dated July 15, 2026. The Debtor owns and operates a behavioral therapy center for children and young adults with Autism Spectrum Disorders and other related disorders. The Debtor is owned by the husband and wife team of Gary and Linda Peirce. Linda Peirce is the clinical director, and is a board certified behavior analyst, who directs all clinical services and provides consultation and oversight of all programming for about 80 clients. Gary Peirce is the chief financial officer, responsible for incoming and outgoing funds, budgets, monthly financials, negotiating vendor contracts, purchasing and banking needs. The Debtor's primary source of revenue is payment from its clients' various third-party insurance companies. Outside of the minimal administrative staff, the Debtor employs two main categories of staff: analysts, which are the staff members who review the case and recommend treatment and behavioral technicians, and the staff members who work directly with the patients and provide the direct patient services. The purpose for the filing of the Chapter 11 is not related to any patient care issue. The Debtor took out several merchant cash advances to address some cash flow issues when some receivables were not collected by the prior billing company. The daily or weekly payments proved to be significant under these arrangements. The Debtor filed this case because it was simply left with no choice, either file a Chapter 11 reorganization bankruptcy or go out of business. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $118,356.51 toward the unsecured claims. The final Plan payment is expected to be paid in September 2029. The Debtor intends to implement the Plan by generating sufficient income from the Debtor's business to fund the required payments to creditors. In the event the Debtor does not have sufficient funds to meet the payments, the Debtor shall utilize funds on hand to make the payments. The Debtor will commit disposable income to fund the Plan in the total amount of $118,356.51 to the unsecured claims in accordance with the Projections. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. Such net disposable income should be sufficient to provide a distribution to unsecured creditors over the life of the Plan of approximately $118,356.51. This Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from cash flow from operation of the Debtor's business and current cash on hand. Class Three consists of General Unsecured Creditors. The General Unsecured claims include all other allowed claims of Unsecured Creditors of the Debtor, subject to any Objections that are filed and sustained by the Court. The general unsecured claims prior to the filing of any objections total the amount of $118,356.51 which will be paid over the five-year term of the Plan at the rate of $1,972.61 per month on a pro-rata basis. The payments will commence on the Effective Date of the Plan. The dividend to this class of creditors is subject to change upon the determination of objections to claims. To the extent that the Debtor is successful or unsuccessful in any or all of the proposed Objections, then the dividend and distribution to each individual Class of General Unsecured Claims then the dividend and distribution to each individual creditor will be adjusted accordingly. These claims are impaired. The Debtor shall contribute his disposable income to fund the Plan in the total amount of $118,356.51 to the unsecured creditors in accordance with the Projections. In the event the Debtor's disposable income is insufficient to meet the plan payments, the Debtor shall fund the plan through his non exempt or exempt assets. A full-text copy of the Subchapter V Plan dated July 15, 2026 is available at https://urlcurt.com/u?l=aF7Rlx from PacerMonitor.com at no charge. Counsel to the Debtor: Dana Kaplan, Esq. Kelley Kaplan Delaney & Eller, PLLC 1555 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About ABA Therapy Solutions Founded in 2012 by Linda Peirce, ABA Therapy Solutions provides in-home and clinic services covering language, behavioral, self-help skills and social skills for individuals with autism spectrum disorders, down syndrome and other developmental disabilities. ABA Therapy Solutions filed a voluntary Chapter 11 petition (Bankr S.D. Fla. Case No. 26-14524) on April 12, 2026. At the time of filing, the Debtor disclosed $377,800 in assets and $1,264,465 in liabilities. The petition was signed by Gary Peirce as CFO and managing member. Judge Mindy A Mora oversees the case. The Debtor tapped Kelley Fulton & Kaplan, P.L., as its legal counsel. ALBRITTON FARMS: Unsecureds Will Get 5% of Claims over 5 Years -------------------------------------------------------------- Albritton Farms Inc. filed with the U.S. Bankruptcy Court for the Middle District of Alabama a Plan of Reorganization for Small Business under Subchapter V dated July 15, 2026. The Debtor is an entity that was organized as a Foreign Corporation on or around December 8, 1998, in the State of Florida. Jeffrey Scott Albritton is the sole shareholder of the Debtor and accordingly owns 100% of the Debtor's stock. The Debtor's income is derived exclusively from the transportation of freight including livestock, both interstate and intrastate, using tractors and trailers that are either owned by the Debtor and/or leased from third parties. The Debtor utilized various loans from one or more secured lenders to acquire Collateral, including, but not limited to, Commercial Credit Group and River Bank & Trust. In addition to the tractors and trailers, the Debtor also holds the right to redeem a parcel of real property from a tax-sale purchaser. The Debtor experienced financial hardship related, at least in part, to the loss of a freight transportation contract. Prior to the loss of the contract, the Debtor operated between ten and tractors transporting freight. Because the Debtor experienced trouble satisfying its obligations under these financing arrangements, the Debtor determined that it was necessary to restructure its debts. These events precipitated and resulted in the filing of this Bankruptcy Case. This Plan provides for five Classes of Claims and one Class of Equity Interests. This Plan also provides for the payment of Administrative Claims and Priority Claims, along with an approximate 5% distribution to all Holders of Allowed Unsecured Claims. The funds to service these obligations will be derived from revenues generated from the Debtor's business operations and, if necessary, sales of assets, which, in the Debtor's opinion, will provide a greater recovery than under liquidation of the Debtor. Accordingly, the Debtor believes that approval of the Plan is in the best interests of all Creditors. Class 5 consists of Non-priority Unsecured Creditors (Includes Deficiency and Under-Secured Claims). Each Holder of an undisputed, non priority, Unsecured Claim in this Class, which consists of all general unsecured claims, reclassified claims and/or deficiency claims, as more fully discussed herein, has actually and timely filed a Claim, pursuant to Sections 501 and 502(b)(9) of the Bankruptcy Code, or is treated as having filed a Claim, pursuant to Section 1111(a) of the Bankruptcy Code. The following Creditors may have deficiency claims after liquidation of the surrendered collateral: Commercial Credit Group, LLC ("CCG"); and River Bank & Trust ("River Bank"). The Allowed Secured Claims of CCG and River Bank are accounted for within Classes 2 and 3, respectively. The Claims of CCG and River Bank are bifurcated with the unsecured portion being reclassified and accounted for within Class 5, pursuant to Section 506(a) of the Bankruptcy Code. Any wholly unsecured claim is reclassified and included within Class 5, pursuant to Section 506(a) of the Bankruptcy Code. These Claims are not secured by the Property of the Estate. To the extent Commercial Credit Group, LLC, River Bank & Trust, or any other Creditor realizes a deficiency after a commercially reasonable liquidation of any surrendered Collateral, such Creditor shall have an Allowed Unsecured Claim in Class 5. Any deficiency claim shall be filed within no more than six months after the Effective Date of the Plan or the Creditor will be barred from participating in Distributions in Class 5. Each Holder of an Allowed Unsecured Claim in this Class shall receive a total Distribution of approximately 5% of the total amount of the Allowed Unsecured Claim, without interest, for a period of sixty months or until said claim is satisfied in full. The Debtor shall remit said Distributions in five equal payments over a period of five years with the first Distribution due on or before the one-year anniversary date of the Effective Date and the remaining payments due on the following four anniversary dates of the Effective Date. The Allowed Unsecured Claims in this Class are Impaired. In the event the Debtor or Reorganized Debtor makes a monetary recovery on a prepetition Cause of Action, the Debtor or Reorganized Debtor will distribute any net proceeds to the Holders of Allowed Unsecured Claims in Class 5 on a pro-rata basis within thirty days of receipt of said proceeds or approval of the settlement by the Court, if required, or the latter thereof said two dates. The phrase "net proceeds" means any monetary recovery after payment of attorney's fees, costs and expenses related to the prosecution of said Cause of Action. The Equity Interests in this Class consists of the stock held by Jeffrey Scott Albritton who retains said interest within this Plan. Mr. Albritton will remain in the position of daily management of the Reorganized Debtor. The Reorganized Debtor will retain its Property (excepting the surrendered Collateral identified herein), subject to the encumbrances and Liens thereon as provided herein, which will allow the Reorganized Debtor to operate its business, earn revenue, and pay its Creditors holding Allowed Priority, Secured and/or Unsecured Claims from future earnings from operations. As applicable and necessary, the Reorganized Debtor submits all or such required amount of its future earnings or other future income as is necessary to effectuate the execution of this Plan. In the event the Debtor or Reorganized Debtor recovers on a prepetition Cause of Action, the Debtor or Reorganized Debtor will distribute any net proceeds to the Holders of Allowed Unsecured Claims in Class 5 on a pro rata basis. The phrase "net proceeds" means any monetary recovery after payment of attorney's fees, costs and expenses related to the prosecution of said Cause of Action. A full-text copy of the Plan of Reorganization dated July 15, 2026 is available at https://urlcurt.com/u?l=MDSo9W from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony B. Bush, Esq. The Bush Law Firm, LLC 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 E-mail: abush@bushlegalfirm.com About Albritton Farms Inc. Albritton Farms Inc. is an entity that was organized as a Foreign Corporation on or around December 8, 1998, in the State of Florida. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-10439) on April 16, 2026, listing $1 million to $10 million in both assets and liabilities. Judge Christopher L Hawkins presides over the case. Anthony B. Bush, at The Bush Law Firm, LLC, serves as the Debtor's counsel. ALETHA INC: Gets Final OK to Use Cash Collateral ------------------------------------------------ Aletha Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to use the cash collateral of Settle Funding, LLC. Under the final order, the Debtor is authorized to use cash collateral pursuant to the terms of its previously approved stipulation with the lender. The Debtor owes Settle Funding approximately $100,840 under two business loans bearing interest rates of 17% to 24%. The final order preserves all rights and remedies of Settle Funding, including its rights regarding liens, collateral, adequate protection, and any claims under bankruptcy or non-bankruptcy law. The order does not waive or impair any of the lender's rights or remedies with respect to liens, claims, value determinations, and all other matters under the Bankruptcy Code or applicable non-bankruptcy law. The order is available at http://bankrupt.com/misc/AlethaInc_FCCOrder67.pdf About Aletha Inc. Aletha Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40950) on May 4, 2026. In the petition signed by Christine Anie, founder and sole director, the Debtor disclosed up to $1 million in assets and up to $10 million in both assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. The Debtor tapped Jeannie Kim, Esq., at Golden Goodrich LLP, as legal counsel and J.S. Held, LLC as financial advisor. ALKEGEN HOLDING: Seeks Prepackaged Ch.11 Bankruptcy in Texas ------------------------------------------------------------ Susanne Barton of Bloomberg News reports that specialty materials producer Alkegen Holding has commenced prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Texas as it moves to complete a financial restructuring backed by a previously announced Restructuring Support Agreement. The filing is designed to strengthen the company's balance sheet with broad creditor support. The company said the restructuring will reduce its debt by approximately $3.1 billion and is backed by $315 million in new debtor-in-possession financing, which will provide sufficient funding to continue operations throughout the court-supervised process. Following completion of the restructuring, Alkegen expects to have about $200 million in available liquidity. In its Chapter 11 petition, Alkegen reported estimated assets and liabilities of between $1 billion and $10 billion. The company expects the prepackaged restructuring to proceed efficiently while preserving business continuity and positioning the manufacturer for long-term financial stability, the report states. About Alkegen Alkegen Holding is a specialty materials manufacturer formed in 2021 through the merger of Unifrax and Lydall, Inc. Headquartered in Buffalo, New York, the company develops and manufactures high-performance materials used in electric vehicles, battery technology, filtration, thermal management, fire protection, aerospace, industrial manufacturing, and energy applications. Alkegen operates a global manufacturing network serving customers across North America, Europe, and Asia. Alkegen Holding sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-80010) on July 26, 2026. In its petition, the Debtor reports estimated assets and liabilities of between $1 billion and $10 billion. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Jason S. Brookner, Esq. of Gray Reed & Mcgraw LLP. AMKOR TECHNOLOGY: Fitch Alters Outlook on 'BB+' IDR to Stable ------------------------------------------------------------- Fitch Ratings has affirmed Amkor Technology, Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB+' and senior unsecured rating at 'BB+' with a Recovery Rating of 'RR4'. Fitch has also revised the Rating Outlook to Stable from Positive. The ratings and Outlook reflect Amkor's heightened capital spending to support the buildout of its advanced U.S. footprint that will result in negative FCF over the next 12-24 months but should strengthen the company's revenue profile over the longer term. Meanwhile, Amkor's financial policies remain conservative despite the debt incurred to support cash usage. Key Rating Drivers Elevated Capex Pressures FCF: Elevated capital spending to increase U.S. capacity in Arizona will weigh on FCF over at least the next 18 months, even as it positions Amkor to accelerate revenue growth going forward. Fitch forecasts double-digit negative FCF margins in 2026-2027 net of spending offsets, down from FCF margins that have averaged roughly 3% over the past four years. Fitch's expectation for slowing semiconductor growth in 2028 will delay Amkor's return to low to mid-single-digit positive FCF margins, despite capital intensity moderating to the low to mid-teens (12%-13%) longer term. Conservative Financial Policies: Amkor's financial profile is conservative for the rating and provides flexibility for it to invest through cycles. EBITDA leverage will remain above Amkor's 1.5x long-term target but below Fitch's 3.0x positive rating sensitivity through the forecast. Notably, Fitch believes that Amkor achieving low to mid-single-digit positive FCF margins would require structurally higher EBITDA margins at 3.0x EBITDA leverage. Available cash, incentives and potential customer advances will support negative FCF over the next 18 months. Over the longer term, Amkor targets returning 40%-50% of FCF to shareholders in dividends and stock buybacks. Increasing Barriers to Entry: Cumulative investments and expectations for high capital intensity should sustain barriers to entry and, therefore, Amkor's solid market position. Amkor's elevated capital spending will expand advanced capabilities and add significant capacity in the U.S. to support the ongoing development of a domestic semiconductor supply chain. Leading foundries are focused on adding advanced front-end capacity to meet expected demand but are also investing in advanced-packaging capabilities, heightening competitive intensity for outsourced semiconductor assembly and test (OSAT) providers like Amkor. Strengthening Market Position: Amkor's long-term customer relationships and large-scale global footprint provide a sustainable competitive advantage. The company is the second largest OSAT services provider by revenue but the only pure-play provider with a significant advanced footprint outside the Asia-Pacific region. Increasing semiconductor complexity and higher investment requirements in chip design and front-end manufacturing position Amkor favorably against customers insourcing packaging. Secular Growth Drivers: Increasing semiconductor content and complexity and the continuation of outsourcing trends support low to mid-single-digit long-term average growth for Amkor, despite Fitch's expectations for a demand correction in 2028. Digitalization and electrification continue to drive increasing semiconductor penetration across a wide range of products, amplifying growth from volume alone. Supply chain diversification into the U.S. and outsourcing trends in semiconductor production, particularly for advanced technologies which represented 83% of 2025 revenue, are expanding Amkor's addressable market. Easing Customer Concentration: Amkor's reliance on Apple Inc. (Apple; not rated), which accounts for roughly 30% of net sales, should moderate with increased mix from DC customers but still results in operating volatility. Although Amkor is a technology leader in OSAT, short product life cycles in smartphones and consumer devices require it to compete for Apple's business each year. Maturing innovation and rising competition add product risk, but Amkor's geographically balanced operations and strong positions with other consumer device makers help mitigate this. Peer Analysis Amkor's financial structure is more conservative than Seagate Technology Holdings Public Limited Company (Seagate; BBB-/Stable) and Western Digital Corp. (Western Digital; BBB-/Stable). Amkor's long-term EBITDA leverage target is 1.5x, compared with Seagate's and Western Digital's more opportunistic financial policies, due in part to Amkor's less cyclical revenue profile. From a diversification standpoint, increasing customer engagement and less-cyclical demand offset Amkor's concentration to handset makers, particularly Apple, while Seagate and Western Digital are increasingly exposed to cloud service provider spending. Flex Ltd. (Flex; BBB-/Stable) and Jabil Inc. (Jabil; BBB-/Stable) have less-favorable profitability than Amkor due to the competitive electronics manufacturing services landscape. Amkor's long-term EBITDA leverage target of 1.5x is favorable compared to Jabil and Flex, which both have leverage above 2x. Amkor's FCF margins in the low to mid-single digits are comparable to those of Jabil and Flex. Fitch’s Key Rating-Case Assumptions - Positive revenue growth in the low teens in 2026 and mid- to high single digits in 2027, driven by strong AI-related demand; - Mid-single-digit negative revenue growth in 2028; - Gross profit margins expand 150 basis points to 15.55 in 2026-2027 before elevated depreciation expense contracts gross margins to mid-14%; - Capital spending is roughly fixed through 2027 to complete the Arizona expansion and then capital intensity declines, returning to the low to mid-teens by 2028; - No incremental debt issuance through the forecast; - Low single-digit annual dividend growth; - No share repurchases or special dividends through the forecast. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb+', Moderate), market and competitive positioning ('bbb-', Moderate), diversification and asset quality ('bb', Higher), company operational characteristics ('bb+', Moderate), profitability ('bb+', Higher), financial structure ('bb+', Lower), and financial flexibility ('bbb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. The governance assessment of 'good' has no impact. The operating environment assessment of 'a' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FCF margins sustained near 1% or below; - Sustained EBITDA leverage above 3.5x and CFO less capex to total debt sustained below 10%; - Operating profile negatively affected by a weaker competitive position or loss of market share, resulting in lower-than-expected revenue growth or EBITDA margins. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Expectations for FCF margins averaging 3% through the cycle; - Expectations for EBITDA leverage sustained below 3.0x. Liquidity and Debt Structure Amkor's liquidity is sufficient and, as of March 31, 2026, was supported by $1.1 billion of cash and cash equivalents, $727 million of short-term investments and an undrawn $1 billion U.S.-based senior secured revolving credit facility expiring May 9, 2030. FCF will be negative through 2027 and should turn positive to resume supporting liquidity in 2028. Amkor's next meaningful debt maturity is not until May 2030 when the then-outstanding $425 million term loan A expires. Issuer Profile Amkor is the No. 2 global provider of OSAT services by revenue. 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 Amkor. 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 ----------- ------ -------- ----- Amkor Technology, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ APEX PAVERS: Plan Exclusivity Period Extended to Oct. 15 -------------------------------------------------------- Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida extended Apex Pavers, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Oct. 15 and Dec. 14, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the deadline for creditors in this case to file proofs of claims is May 28, 2026 and the deadline for governmental claims to be filed is Sept. 15, 2026. The Debtor requests this additional time as the company has been rebuilding its business and believes this additional time will provide the company with more accurate projections to propose a plan of reorganization. Accordingly, the Debtor requests that the exclusivity deadline be extended so all claims be filed prior to Debtors being required to propose a Plan of Reorganization. In addition, Debtor requests the additional time to review claims to propose a Plan of Reorganization. The Debtor claims that its request for extension of the Exclusive Periods is reasonable given the company's progress to date. Extending the Exclusive Periods will give the Debtor the opportunity to have the Debtor's Plan of Reorganization confirmed. The Debtor asserts that it is not seeking this extension to delay the administration of the case or to pressure creditors to accept an unsatisfactory plan. To the contrary, the requested extension to the Exclusive Periods will permit the company to move forward in an orderly, efficient and cost-effective manner to maximize the value of the Debtor's assets. Counsel to the Debtor: Dana Kaplan, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 E-mail: bankruptcy@kelleylawoffice.com About Apex Pavers Apex Pavers, Inc., is a Stuart, Florida-based company that installs and renovates pools and designs and installs paver driveways, patios and walkways. The company maintains a showroom and uses an in-house team for design, construction and project execution, serving residential and commercial clients across South Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13373) on March 19, 2026. In the petition signed by Ryan Paul Figman, president, the Debtor disclosed $5,182,607 in total assets and $4,665,033 in total liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, at KELLEY KAPLAN DELANEY & ELLER, PLLC, is the Debtor's legal counsel. ARCHBISHOP OF BALTIMORE: Updates Restructuring Plan Disclosures --------------------------------------------------------------- The official committee of unsecured creditors of Roman Catholic Archbishop of Baltimore submitted a Disclosure Statement for the Second Amended Plan of Reorganization for the Debtor dated July 15, 2026. The Plan provides two alternative paths to resolve this bankruptcy. One path requires that the Roman Catholic Archbishop of Baltimore pay its creditors the cash amounts, and transfer the real property and insurance assets, described in the Plan. The Plan also requires that all of the assets of the Roman Catholic Archbishop of Baltimore should be combined with the assets of its parishes, schools, charities, funds, and affiliates. The Plan proposes to pay the creditors of all of these entities through one combined pot of money. In exchange, creditors, including Survivors, will no longer be able to sue the Roman Catholic Archbishop of Baltimore or its affiliates for claims that occurred before the bankruptcy case was filed. The other path similarly requires that the Roman Catholic Archbishop of Baltimore pay its creditors the cash amounts, and transfer the real property and insurance assets, described in the Plan, but differs in that it provides an option for Catholic parishes, schools, charities, funds, and affiliates to either contribute to the settlement or opt out if they do not want the benefits of the bankruptcy process. The Plan proposes to pay the Roman Catholic Archbishop of Baltimore's creditors using its assets plus the assets of its affiliates who elect to participate. The pot of money will include only contributions from the Archdiocese, any insurance recoveries, plus contributions from Catholic affiliates who opt into the settlement. In exchange, creditors, including Survivors, will no longer be able to sue the Roman Catholic Archbishop of Baltimore or its opt-in affiliates for claims that occurred before the bankruptcy case was filed. Any Catholic affiliates that opt-out will not receive a release for claims that occurred before the bankruptcy case was filed. The Plan presents two alternatives to pay creditors and reorganize the Archdiocese. * Under Option 1, all of the parishes, schools, charities, funds, and other affiliates of the Archdiocese will be deemed under the law to be part of this bankruptcy and all of their assets will be used to pay their creditors. * Under Option 2, if the Court does not deem some or all of the parishes, schools, charities, funds, and other affiliates to be part of this bankruptcy, those excluded affiliates will have the option to pay into the plan and obtain similar releases from claims. But if those excluded affiliates elect not to pay money to fund the plan, they will receive no releases and Survivors can continue to sue them. Under Option 2, an excluded affiliate might obtain a limited release from claims if the Committee settles with an insurance company who agrees to pay money on behalf of the excluded affiliate. The Roman Catholic Archbishop of Baltimore will likely oppose the plan and argue that it forces it to contribute more money than it wants to pay. The Roman Catholic Archbishop of Baltimore will also argue that it has a First Amendment right to not be reorganized without its consent. The Roman Catholic Archbishop of Baltimore will also argue that certain facts are inaccurate as set out in the Plan and Disclosure Statement; the Court will resolve any material inaccuracies during a hearing if necessary. The U.S. Trustee and others will argue that the releases of the affiliates and some of the insurers are not allowed under the Bankruptcy Code and related caselaw. Additionally, the U.S. Trustee will object that the Plan gives the Bankruptcy Court too much jurisdiction to decide disputes that may arise after the Plan and that the language governing the responsibility of bankruptcy professionals after the case ends is not strict enough. Each holder of a Consenting Abuse Claim shall be a Litigation Claimant and will receive, in full and final satisfaction and discharge of their Abuse Claim: (i) rights, to the extent set forth in the Plan and Allocation Protocol, to Distributions from the Trust; and (ii) the right, prior to the occurrence of the applicable Abuse Claim Discharge Date, and subject to the Trustee authorizing them to pursue a Litigation Claim in accordance with the provisions of this Plan, to liquidate their Consenting Abuse Claim for its full amount according to proof in order to determine the liability of the Archdiocese or any Participating Party (as applicable) for purposes of the Trust obtaining or seeking recovery from any Non-Settling Insurer that is or may be liable on the Consenting Abuse Claim or any Insurance Claim arising therefrom, pursuant to Section 8.8 of this Plan. Each Insurance Settlement Agreement shall be effective and binding upon all Persons who have notice and any such Person's successors and assigns, upon entry of an Insurance Settlement Approval Order with respect to such Insurance Settlement Agreement and satisfaction of all of such Insurance Settlement Agreement's conditions precedent. Payments by the applicable Settling Insurer to the Trust, as applicable, and the releases by the Debtor and other Protected Parties of the applicable Settling Insurer shall occur and become effective according to the terms of each Insurance Settlement Agreement and Insurance Settlement Approval Order. The Confirmation Order shall provide that upon payment of a Settling Insurer's Insurance Settlement Amount, all: (a) releases set forth in the applicable Settling Insurer's Insurance Settlement Agreement shall be in full force and effect; and (b) all injunctive relief set forth in the applicable Insurance Settlement Approval Order and Insurance Settlement Sale Injunction shall become effective as set forth in such Insurance Settlement Agreement, Insurance Settlement Approval Order, Insurance Settlement Sale Injunction, and, to the extent consistent with the foregoing this Plan. A full-text copy of the Disclosure Statement dated July 15, 2026 is available at https://urlcurt.com/u?l=hO2UrM from Epiq Corporate Restructuring LLC, claims agent. Local Counsel to the Official Committee of Unsecured Creditors: Alan M. Grochal, Esq. Richard L. Costella, Esq. Tydings & Rosenberg LLP 1 East Pratt Street, Suite 901 Baltimore, MD 21202 Tel: (410) 752-9772 Fax: (410) 727-5460 Email: agrochal@tydingslaw.com Counsel to the Official Committee of Unsecured Creditors: Robert T. Kugler, Esq. Edwin H. Caldie, Esq. Andrew J. Glasnovich, Esq. Nicole Khalouian, Esq. Stinson LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Tel: (612) 335-1500 Fax: (612) 335-1657 Email: robert.kugler@stinson.com ed.caldie@stinson.com Andrew.glasnovich@stinson.com Nicole.khalouian@stinson.com About Roman Catholic Archbishop of Baltimore Roman Catholic Archbishop of Baltimore is a non-profit religious institution that maintains its principal place of business at 320 Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon Law and Maryland law, the RCAB holds property, including real property, as a corporation sole for the purposes of erecting churches, parsonages, burial grounds, or schools according to the discipline and government of the Roman Catholic Church, with all such property to be used only for such purposes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition signed by William E. Lori, archbishop, the Debtor disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal counsel; Keegan Linscott & Associates, PC as financial and restructuring advisor; and Gallagher Evelius & Jones LLP as special counsel. Epiq Corporate Restructuring LLC is the claims, noticing, and balloting agent. The U.S. Trustee for Region 5 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Roman Catholic Archbishop of Baltimore. The committee hires Stinson LLP as counsel. Tydings & Rosenberg LLP as local counsel. ARCIS GOLF: S&P Rates Proposed $90MM First-Lien Term Loan B 'B+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '2' recovery rating to Arcis Golf LLC's proposed $90 million revolving credit facility due 2031 and $865 million term loan B due 2033. The '2' recovery rating indicates our expectation of substantial recovery for lenders (70%-90%; rounded estimate: 70%) in the event of a default. Arcis will use cash on hand along with proceeds from the term loan B and revolving credit facility to refinance its existing $690 million term loan B ($682 million principal outstanding) and $75 million revolving credit facility, fund a $200 million dividend distribution to shareholders, and cover related transaction fees and expenses. S&P said, "We have modestly increased our recovery valuation to incorporate recent capital expenditure (capex) that has enhanced Arcis' portfolio, but our rounded recovery estimate decreased. This is because the incremental first-lien debt results in higher assumed secured debt claims in a hypothetical default scenario than in the prior capital structure. "Our 'B' issuer credit rating and stable outlook on Arcis are unchanged despite the $183 million in incremental debt. This reflects our expectation that Arcis will maintain a good cushion compared with our 6.5x downgrade threshold in 2026, incorporating portfolio investment to enhance its clubs, such as club house renovations, fitness club transformations, short course developments, and food and beverage upgrades. "We now project S&P Global Ratings lease-adjusted debt to EBITDA of about 5x in 2026, an increase of about 1x compared with our previous base-case assumption due to the incremental debt. Nonetheless, this provides a good cushion against our 6.5x downgrade threshold, combined with meaningful cash on hand of about $80 million pro forma for the transaction. In addition, we increased our capex assumption to $60 million-$80 million in 2026 and 2027 as Arcis continues to enhance its portfolio to drive member engagement and increase revenue." Issue Ratings--Recovery Analysis Key analytical factors -- The issue-level rating is 'B+' on the company's first-lien debt, which consists of the proposed $865 million term loan B and the $90 million revolver. The recovery rating of '2' indicates S&P's expectation of substantial (70%-90%; rounded estimate: 70%) recovery. -- The credit facility is guaranteed by the borrower's subsidiaries and secured by a first-lien security interest in substantially all of Arcis' assets, including a mortgage-lien interest on all Arizona and Texas real estate properties, an equity pledge of subsidiary guarantors, and a negative pledge on other fee-owned real estate assets, subject to customary exceptions. -- S&P's simulated default scenario considers a payment default by 2029, reflecting a substantial decline in cash flow stemming from a prolonged economic downturn that would significantly decrease club members. This scenario would also likely coincide with diminished liquidity due to heightened capex and acquisition spending that could occur around the same time. -- S&P said, "We estimate a gross recovery value of about $707 million, assuming an emergence EBITDA of about $109 million and assuming the company would reorganize, cut operating costs, and recoup lost revenue coming out of bankruptcy. Our 6.5x multiple takes into consideration Arcis' established operations, which includes its ownership of its real estate assets." Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $109 million -- EBITDA multiple: 6.5x -- Cash flow revolver: 85% drawn at default Simplified waterfall -- Net enterprise value for waterfall after 5% administrative expenses: $671 million -- Obligor/nonobligor valuation split: 100%/0% -- Total collateral value available to secured debt: $671 million -- Estimated first-lien debt claims: $947 million --Recovery expectation: 70%-90% (rounded estimate: 70%) Note: All debt amounts include six months of prepetition interest. ARCLIGHT RENEWABLE: Fitch Rates New $700MM Credit Facility 'BB' --------------------------------------------------------------- Fitch Ratings has assigned ArcLight Renewable Services, LLC's (dba SkyVest Renewables, LLC [SkyVest]) inaugural proposed $650 million senior secured term loan B and $50 million revolving credit facility 'BB' ratings subject to receipt of final documents and pricing. The Rating Outlook is Stable. The 'BB' ratings reflect a diversified operating portfolio of nine wind and one solar asset totaling about 1.4 GW of net capacity across seven states and five independent system operators, near-term cash flow visibility from a highly contracted revenue profile, and significant refinancing risk. About 90% of 2027 revenue is contracted under mainly busbar power purchase agreements (PPAs) with a diversified group of investment-grade offtakers. The weighted average remaining contract tenor is about 7.5 years. The rating is also supported by SkyVest's commercially proven equipment, largely fixed-cost operating structure, experienced management team, and supportive sponsor in ArcLight. Under Fitch's rating case assumptions, the project life coverage ratio is 1.36x at term loan maturity in 2033. KEY RATING DRIVERS Cost Risk - Stronger SkyVest benefits from an operating portfolio of seasoned onshore renewable assets using proven technology. All projects have been in operation for at least six years, with the oldest asset operating for 19 years. The operating and maintenance (O&M) platform is based on active management of the assets, including performance monitoring, use of advanced data analytics, weather and market monitoring, coordination between original equipment manufacturers and independent service providers, risk management and economics-based planning. SkyVest has executed asset optimization initiatives, including PPA renegotiations, the Holstein DC performance improvement, the Lakefield lessor buyout and repowering, Revenue Risk - Midrange SkyVest benefits from strong near-term revenue visibility, with about 90% of 2027 revenue contracted, supported by predominantly busbar PPAs. As with diversified investment-grade counterparties, the portfolio also benefits from a broad operating history and certain supportive contract features, including compensated curtailment or similar protections at some assets. However, the share of contracted revenues declines over time, leaving exposure to merchant pricing for energy, capacity and renewable energy credits (REC). This longer-term merchant exposure is a key risk but partly mitigated by demonstrated re-contracting activity, including the signed Camp Grove extension, the Bearkat I PPA, and efforts to pursue additional opportunities at Benton, McCrae II and Stanton. Debt Structure - Weaker The debt structure is generally typical for a term loan B transaction with key risk exposures of refinancing risk and structural flexibility for additional debt. The proposed financing is a seven-year bullet structure. The transaction includes a 1.10x debt service cover ratio (DSCR) financial covenant, an excess cash flow sweep based on leverage, a typical project-finance style security package, and a six-months debt service reserve in the form of a project-level letter of credit. Additional debt capacity is largely tied to EBITDA. Peer Analysis Fitch rates portfolios of wind and solar assets on a private basis. Like many of them, SkyVest benefits from geographic and technology diversification. Fitch rates SkyVest below most of those peers because of refinancing risk and material uncontracted revenues not fully offset by coverage levels. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained increases in operating, major maintenance or equipment replacement costs or decreases in merchant revenues causing the rating case PLCR at debt maturity to fall below approximately 1.3x. - Inability to execute on repowering or re-contracting strategies leading to reevaluation of appropriate weighted-average rating thresholds. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful PPA contracting or renewal that allows for a lower weighted average PLCR threshold. - Successful EBITDA or asset lifespan enhancement initiatives that lift the rating case PLCRs at debt maturity above approximately 1.5x. Financial Profile Fitch's analysis focuses on the portfolio's cash flow resilience and its ability to support a refinancing of the term loan balance at maturity in 2033. Fitch's base case assumes sponsor availability, curtailment and merchant curves supported by independent engineer (DNV) and market consultant (Aurora) analyses, no stress to O&M costs, and P50 production levels. Fitch's broader analytical assumptions include a 7.50% refinance rate and 2.0% inflation rate. Fitch also assumes useful lives for the wind assets that are about five years shorter than the sponsor's expectations, except for two projects because of their long-term service agreements with their equipment manufacturer. These agreements extend through the sponsor's assumed asset lives and include availability requirements and fixed costs. Under these assumptions, the PLCR at debt maturity is 1.59x. Fitch's rating case assumptions that differ from base case ones are P90 (one-year) production levels, a 2% production haircut, 5% stressed merchant pricing for energy, capacity and RECs, exclusion of any positive forecast basis differentials, and uncontracted O&M costs 10% higher than the sponsor forecast. Under these assumptions, the PLCR at debt maturity is 1.36x. This performance is slightly below the indicative criteria guidance for the mix of contracted and merchant revenues but is mitigated by potential uplift from asset optimization initiatives, the project's record of re-contracting, and the sponsor's demonstrated performance in other portfolios of re-contracting and other EBITDA enhancements. Fitch's sensitivity and breakeven stress results indicate performance in line with the assigned rating. Scenarios reflect base case assumptions except for the stressed variable, unless otherwise noted. Breakeven scenarios are assessed to determine the level of stress the project could withstand before the minimum PLCR at debt maturity falls to 1.0x. Under the interest rate stress scenario, Fitch increases the refinancing rate by 2.0% to 9.5%. Under this scenario, the PLCR is 1.44x. Under the O&M cost breakeven scenario, uncontracted O&M costs would need to rise by 271% from the base case to reduce the PLCR to breakeven. Under the availability breakeven scenario, portfolio-wide availability would need to decline by 28% to reduce the PLCR to breakeven. Under the merchant price breakeven scenario, merchant prices would need to decline by 29% to reduce the PLCR to breakeven. TRANSACTION SUMMARY The proposed transaction is an inaugural senior secured credit facilities financing intended to establish a new capital structure for a mainly unlevered portfolio. Skyvest is issuing a $650 million term loan B, a $50 million revolving credit facility, and a $200 million letter of credit. Proceeds are to refinance existing debt, reimburse bridge equity and pay transaction fees and expenses. Repayment of existing debt at the underlying portfolio assets will leave them unencumbered. SECURITY The proposed facilities will be senior secured by a first-priority, perfected security interest over substantially all tangible and intangible assets of the co-borrowers, including their equity interests in the project companies, subject to customary exceptions and permitted liens. The obligations will also benefit from upstream joint and several senior secured guarantees from each existing and future direct or indirect subsidiary of each co-borrower. Date of Relevant Committee July 20, 2026 External Appeal Committee Outcomes In accordance with Fitch's policies the Issuer appealed and provided additional information to Fitch that resulted in a rating action that is different than the original rating committee outcome. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for SkyVest Renewable LLC. ESG Considerations Fitch does not provide ESG relevance scores for SkyVest Renewable LLC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating ----------- ------ ArcLight Renewable Services, LLC ArcLight Renewable Services, LLC/Senior Secured Revolving Credit Facility/1 LT LT USD revolving credit facility LT BB New Rating ArcLight Renewable Services, LLC/Senior Secured Term Loan B/1 LT LT USD Term Loan B LT BB New Rating ART FINANCE: Secured Party Sets August 25, 2026 UCC Public Sale --------------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code as enacted in Delaware ("Delaware UCC"), a public sale shall be conducted of the secured grid promissory notes and related loan documents pledged by Art Finance Funding (IX), LLC ("Borrower") to Century Bank ("Secured Party") pursuant to the Commercial Pledge Agreements, dated as of May 21, 2020, August 31, 2020, November 12, 2020, August 3, 2021, and August 6, 2021, respectively, in each case executed between Secured Party and Borrower, to secure obligations owed under loans made by Secured Party to Borrower pursuant to the master Business Loan Agreement dated as of July 22, 2022, as described in Schedule A (the "Collateral"). The sale will take place at 3:30 p.m. EDT on August 25, 2026, via Zoom, as well as in person at Gibson, Dunn & Crutcher LLP, located at 200 Park Avenue, New York, New York 10166, Attention: Jason Myatt, Esq. Remote log-in credentials will be provided to registered bidders upon request. The Collateral will be sold to the highest qualified bidder for cash, or the credit against outstanding indebtedness held by the Secured Party. Secured Party reserves the right to bid, assign its bid, and credit bid all or any portion of the secured indebtedness. The Collateral is offered "AS IS, WHERE IS," with all faults, and there is no warranty by the Secured Party relating to title, possession, quiet enjoyment, merchantability, fitness or the like in this disposition. Under the applicable provisions of the Delaware UCC, Borrower is entitled, at no additional cost to it, to an accounting of all the unpaid indebtedness that is secured by the Collateral. Borrower may request such an accounting by contacting Secured Party's counsel Jason Myatt, Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, New York 10166; (212) 351-4085; and jmyatt@gibsondunn.com. Secured Party reserves the right, in accordance with the Delaware UCC, prior to the auction date to cancel the sale in its entirety, or to adjourn the sale to a future date, or to modify waive or amend any terms or conditions of the auction or impose any other terms or conditions on the auction and, if Secured Party, or an affiliate of Secured Party, deems appropriate, to reject any or all bids or to continue the auction to such time and place as Secured Party, or an affiliate of Secured Party, in its sole and absolute discretion, may deem fit. To be a qualified bidder, each prospective bidder must by 3:30 p.m. EDT on August 18, 2026: (1) execute and deliver to Jason Myatt, Esq. (by email at jmyatt@gibsondunn.com) a written certification on the form attached to Terms of Sale; (2 provide to Jason Myatt, Esq. (by email at jmyatt@gibsondunn.com) proof of readily available funds; and (3) register as a prospective bidder at the auction with Mannion Auctions, LLC by email to mdmannion@jpandr.com. Interested parties that intend to bid on the Collateral should contact Jason Myatt, Esq. at (212) 351-4085 or jmyatt@gibsondunn.com to receive the Terms of Sate and bidding instructions. Schedule A - Collateral Collateral n which Borrower granted Secured Party a security interest includes, without limitation, the following assets of Borrower, together with any related loan documents, modifications amendments, replacements, extensions: (a) Secured Grid Promissory Note dated May 8, 2020, the amount of $6,000,000 by and between Rose Petal Commodities, Inc. and Borrower; (b) Secured Grid Promissory Note dated November 14, 2023, in the amount of $5,000,000 by and between Adelson Galleries, Inc. and Borrower, which amended, restated, and replaced the Secured Grid Promissory Note dated July 27, 2020, in the amount of $2,500,000 by and between Adelson Galleries, Inc. and Borrower: (c) Secured Grid Promissory Note dated October 26, 2020, in amount of $7,500,000 by and between Viana Art, LLC and Borrower; (d) Secured Grid Promissory Note dated March 2, 2019, in the amount $3,500,000 by and between Carlton Rochell, Jr. and Borrower; (e) Secured Grid Promissory Note dated March 28, 2021, in the amount of $3,500,000 by and between Carlton Rochell, Jr. and Borrower; (f) Secured Grid Promissory Note dated November 1, 2023, in the amount of $7,500,000 by and between Carlton Rochell, Jr. and Borrower; and (g) Secured Grid Promissory Note dated July 29, 2021, in the amount of $4,000,000 by and between Petrarch, LLC d/b/a Electrum, and Tanis Antiquities, Ltd. and Borrower. ARTICON HOTEL: Amends Unsecured Claims Pay Details -------------------------------------------------- Articon Hotel Services LLC submitted a Second Amended Disclosure Statement describing First Amended Plan of Reorganization dated July 15, 2026. The Debtor's Chapter 11 case was filed due to long standing litigation with Baldwin Enterprises in the Circuit Court of Illinois in Jefferson County, Illinois. During the Debtor's Chapter 11 case, the Debtor has entered into four interim cash collateral orders with the Small Business Administration, the Debtor's secured creditor. During the Debtor's Chapter 11 case, its cash has grown to in excess of $600,000, and its receivables in excess of $900,000. In addition, the Debtor and Baldwin have been involved in litigation concerning lifting of the automatic stay, Subchapter V eligibility and Baldwin's pending motion to dismiss the Debtor's Chapter 11 case. The Debtor has experienced positive cash flow during its Chapter 11 case. The Debtor's Plan contains one category of Administrative Claims, two categories of secured claims, two categories of unsecured creditors, and one class of membership interests. Class 3 consists of General Unsecured Creditors other than those related to the Baldwin litigation, amounting to approximately $416,000, will be paid their pro-rata share of 1% of their claims semi-annually for a period of five years. It is estimated that the total amount paid to Class 3 Claimants semi-annually will be $4,155.67, and payments will begin 30 days after the Effective Date. Class 3 is impaired. Class 4 consists of General Unsecured Litigation Claims. No distributions will be made to Class 4 Claimants until resolution of the Debtor's Appeal of the Judgment entered in the Baldwin Litigation. In the interim, the Debtor will escrow 1% of the amount of Class 4 Claims semi-annually, with said funds to be placed in the trust account of Debtor's counsel, CSCG. Class 4 is impaired. Payments to creditors pursuant to the Plan will be made from funds generated by the Debtor's operations. The Debtor believes that the Plan represents an opportunity for the holders of Allowed Claims to receive as much or more than such claimants would receive in a forced liquidation. A full-text copy of the Second Amended Disclosure Statement dated July 15, 2026 is available at https://urlcurt.com/u?l=Ms6EUc from PacerMonitor.com at no charge. Counsel to the Debtor: Scott R. Clar, Esq. Crane, Simon, Clar & Goodman 135 South LaSalle Street, Suite 3950 Chicago, IL 60603 Telephone: (312) 641-6777 Email: sclar@cranesimon.com About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on Sept. 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, at Crane, Simon, Clar & Goodman. ASCEND ELEMENTS: Plan Confirmation Hearing Scheduled for Aug. 14 ---------------------------------------------------------------- Judge Christopher M. Lopez of the U.S. Bankruptcy Court for the Southern District of Texas conditionally approved the Combined Disclosure Statement and Joint Plan of Liquidation of Ascend Elements, Inc. and Ascend Elements US, LLC. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Debtors' request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: * The Court shall hold the Combined Hearing on August 17, 2026 at 1:00 p.m., subject to the Court's availability. * August 14, 2026, at 4:00 p.m. is the deadline to file objections to Confirmation of the Plan and final approval of the Disclosure Statement. * August 14, 2026 at 4:00 p.m. is the voting deadline. As shared by the Troubled Company Reporter, the Debtors commenced these Chapter 11 Cases after liquidity constraints, construction delays and cost overruns at Apex 1, operating limitations at Apex 0, and adverse commodity pricing left them unable to continue operating outside of bankruptcy. Under these circumstances, the Debtors determined that a court supervised sale process and orderly wind down represented the best available path to maximize and preserve value for their stakeholders. Class 3 consists of all General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a different treatment, such Holder shall receive, in full and final satisfaction, settlement, release and discharge of, and in exchange for, such Allowed General Unsecured Claim, a Pro Rata Share of GUC Trust Interests, and as a GUC Trust Beneficiary, shall receive, on a distribution date, its Pro Rata Share of net Cash derived from the GUC Trust Assets available for Distribution as provided under this Combined Disclosure Statement and Plan and the GUC Trust Agreement, until all Allowed General Unsecured Claims are paid in full or the GUC Trust Assets are exhausted; provided, however, that all Distributions to Holders of Allowed General Unsecured Claims shall be subject to the GUC Trustee first paying in full all GUC Trust Expenses and/or reserving for such GUC Trust Expenses in accordance with this Plan and the GUC Trust Agreement. The allowed unsecured claims total $144.1 million. This Class will receive a distribution of 100% of their allowed claims. 0.0% to 0.4%. On the Effective Date, the Debtors or GUC Trustee, as applicable, shall fund Distributions and satisfy applicable Allowed Claims under the Plan (other than Allowed General Unsecured Claims) in accordance with the Plan. Upon completion of such Distributions, on the Effective Date, the Debtors shall transfer to the GUC Trust all remaining Cash and other GUC Trust Assets. After the Effective Date, the GUC Trustee shall fund the Disputed Claims Reserve and make Distributions to Holders of Allowed General Unsecured Claims from the GUC Trust Assets in accordance with the Plan and GUC Trust Agreement. A full-text copy of the Combined Disclosure Statement and Plan dated July 8, 2026 is available at https://urlcurt.com/u?l=V4oTI9 from PacerMonitor.com at no charge. Counsel to the Debtors: NORTON ROSE FULBRIGHT US LLP Ryan Manns, Esq. Maria Mokrzycka, Esq. 1550 Lamar, Suite 2000 Houston, TX 77010 Tel: (713) 651-5151 E-mail: ryan.manns@nortonrosefulbright.com E-mail: maria.mokrzycka@nortonrosefulbright.com - and - Jason I. Blanchard, Esq. Michael Berthiaume, Esq. 2200 Ross Avenue, Suite 3600 Dallas, TX 75201 Tel: (214) 855-8210 E-mail: jason.blanchard@nortonrosefulbright.com E-mail: michael.berthiaume@nortonrosefulbright.com A copy of the Court's Order dated July 15, 2026, is available at https://urlcurt.com/u?l=SZDmBN from PacerMonitor.com. About Ascend Elements Ascend Elements is an advanced manufacturing and recycling company dedicated to producing sustainable lithium-ion battery materials. Founded in 2015, the company operates from its headquarters in Westborough, Massachusetts, and serves the growing electric vehicle supply chain. Ascend Elements sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90440) on April 9, 2026. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Bankruptcy Judge Christopher M. Lopez handles the case. Norton Rose Fulbright US LLP, led by Ryan E. Manns, is serving as counsel to the Debtor. ASP UNIFRAX: S&P Downgrades ICR to 'D' on Bankruptcy Filing ----------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on ASP Unifrax Holdings Inc. (dba Alkegen) to 'D' from 'CC'. S&P said, "We also lowered our issue-level rating on the company's super-priority revolving credit facility (RCF) to 'D' from 'CCC+'. In addition, we lowered our issue-level ratings on its first-lien term loan, first-lien notes, and first-lien delayed-draw term loan to 'D' from 'CC' and our issue-level rating on its second-lien notes to 'D' from 'C'." On July 26, 2026, Alkegen filed for Chapter 11 bankruptcy protection. Alkegen filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. This follows a multiyear deterioration in its profitability, liquidity, and cash flows. Weak end markets, economic uncertainty, and higher costs driven by inflation exacerbated the highly leveraged nature of the company's balance sheet. Alkegen entered into a restructuring support agreement with a significant portion of its current lending group, including about 99% of first-lien and 80% of second-lien holders. It has secured a $630 million debtor-in-possession (DIP) facility, consisting of $315 million of new-money debt and $315 of million roll-up debt, which will be used to pay down RCF obligations and support operations throughout the prepackaged court-supervised process. The process will likely be completed within 60 days. BALKAN EXPRESS: Unsecureds to Get Share of GUC Recovery ------------------------------------------------------- Balkan Express, LLC and Balkan Logistics, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement in support of First Amended Plan of Reorganization dated July 15, 2026. For more than sixteen years, the Debtors have historically provided ground transport services, trucking services, and logistics services across all 48 continental states. The Debtors are each single-member limited liability companies organized under the laws of the State of Texas wholly owned by the Plan Sponsor, Zlatan Karic (also referred to as "Z. Karic"). Express manages the corporate operations of the Debtors' businesses, and Logistics serves principally as the employer of approximately 150 truck drivers with limited other operations. Although the Debtors have historically entered into transactions with one another and are considered Affiliates as such term is defined in the Code, Express and Logistics operate separate businesses. The Debtors commenced their Cases to consummate one or more value-maximizing transactions with respect to the sale of a portion of the Debtors' assets for the benefit of the Debtors' creditors. Furthermore, through these Cases, the Debtors initially intended to shrink their asset base through the sale of trucks and trailers, pay off corresponding secured debt held by institutional and alternative lenders, and emerge from chapter 11 as a de levered, more-nimble operating trucking and logistics company. The Debtors have historically operated their businesses from a central truck terminal and office space located at 2560 E Long Ave, Fort Worth, Texas 76137 (the "Truck Terminal"). On June 3, 2025, Express entered into that certain Amended and Restated Commercial Contract of Sale (the "Truck Terminal Sale Agreement"), dated June 3, 2025, by and between CanTex RE Holdings, LLC (the "Stalking Horse Bidder") and Express. Ultimately, pursuant to the Truck Terminal Sale Order, Debtors consummated a sale for the Truck Terminal for the purchase price of $4,000,000.00 on or about September 26, 2025. Following distributions and costs of sale, the Debtors held $2,689,000 (the "Sale Proceeds") in escrow. On May 19, 2025, the Debtors also filed their Motion for Entry of an Order Approving Procedures for De Minimis Asset Sales and Granting Related Relief (the "De Minimis Sale Motion"). On June 12, 2025, this Court entered the Order Approving Procedures for De Minimis Asset Sales and Granting Related Relief (the "De Minimis Sale Order"), which established procedures for the sale of the Debtors' de minimis assets defined therein. No de minimis sale of assets has since occurred. The following is a nonexclusive list of certain key terms in the Plan: * Payment in full of all Allowed Administrative and Priority Claims; * Payment in full of all Allowed Secured Claims and Secured Tax Claims; * Forecasted payment in full of all Allowed Unsecured Claims; * Payment from Insurance Policies for Allowed Covered Personal Injury Claims; and * Creation of the Litigation Trust as further described in this Disclosure Statement and the Plan. The sources of funding for the Plan include Cash on hand, the Net Income of the Debtor, and the Litigation Trust Assets, which will include: Chapter 5 Causes of Action and proceeds from the prosecution thereof. Class 8 consists of Unsecured Claims. Except to the extent that a Holder of a Class 8 Claim and the Debtors agree to less favorable treatment for such Holder, each Holder of an Allowed Unsecured Claim shall receive, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange of such Claim, its Pro Rata share of the GUC Recovery, less any applicable payments to Allowed Administrative Claims under Section 2.1 of the Plan, from up to 70% of Debtors' Net Income and proceeds from the Litigation Trust Assets, if any. Payments to Allowed Unsecured Claims under Class 8 will occur at the end of each quarter following the Effective Date. Allowed Unsecured Claims in this Class 8 shall accrue interest at 5% per annum. For avoidance of any doubt, the quarterly payments described in Section 4.8 of the Plan shall be capped at 70% of Debtors' Net Income for each period. Further, while the Debtors forecast that payment from the GUC Recovery will result in Holders of Claims in Class 8 being paid in full with interest, if Debtors' forecast is incorrect, Debtors are asking Holders of Class 8 Claims to consent to payment of up to seventy percent of Debtors' Net Income under the GUC Recovery. Class 8 is Impaired under the Plan. Holders of Allowed Claims in Class 8 are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $5,949,744.30. In accordance with Section 1126(f) of the Code, the Holders of these Claims are conclusively presumed to accept the Plan and are not entitled to vote to accept or reject the Plan, and the votes of such Holders will not be solicited. On the Effective Date, all Class 11 Interests shall remain in place at their prepetition priority and status. The Litigation Trust will be established on the Effective Date to retain and hold all Chapter 5 Causes of Action, the proceeds of which shall be distributed Pro Rata to Holders of Allowed Unsecured Claims. On the Effective Date, the Litigation Trust Assets shall be deemed transferred to the Litigation Trust by the Debtors and will vest in the Litigation Trust free and clear of all Liens, Claims, interests, encumbrances, etc., with all reversionary and beneficial interests in the Litigation Trust to be held by the Holders of Allowed Unsecured Claims. The sole beneficiaries of the Litigation Trust will be Holders of Allowed Unsecured Claims. Distributions under the Plan shall be funded with: (1) Cash on hand; (2) assumption of Exit Facility; (3) the Initial Plan Payment; (4) the proceeds from any recovery by the Litigation Trust; and (5) the proceeds of Debtors’ operations. A full-text copy of the Disclosure Statement dated July 15, 2026 is available at https://urlcurt.com/u?l=Wzgt6g from PacerMonitor.com at no charge. Counsel to the Debtors: Joshua N. Eppich, Esq. Eric T. Haitz, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: joshua@bondsellis.com Email: eric.haitz@bondsellis.com -and- Ken Green, Esq. 402 Heights Boulevard Houston, Texas 77007 (713) 335-4990 telephone (713) 335-4991 facsimile Email: ken.green@bondsellis.com About Balkan Express Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Joshua N. Eppich, at BONDS ELLIS EPPICH SCHAFER JONES LLP. BEEHIVE SCIENCE: Moody's Rates New $27.3MM School Bonds 'Ba1' ------------------------------------------------------------- Moody's Ratings has assigned an initial Ba1 rating to Beehive Science and Technology Academy's (UT) proposed $27.3 million Charter School Revenue Bonds (Beehive Science and Technology Academy - Saratoga Springs Campus Project) Series 2026A and Series 2026B. Following the issuance of the Series 2026 bonds, the school will have approximately $54 million in debt outstanding. The outlook is stable. RATINGS RATIONALE The Ba1 rating incorporates a good competitive profile demonstrated by solid enrollment trends and demand for its unique STEM education offerings. Sound management of operations provides strong margins and coverage of existing debt service. Incorporated into rating is the expansion and execution risk associated with the school's planned second K-12 campus. Replicating the school's strong academic reputation and STEM-focused educational model may prove challenging, although Moody's believes management has the capacity to effectively manage the associated execution risks. Governance is a key credit consideration, reflected in oversight from an experienced board and sound financial management practices. The proposed debt will weaken the school's leverage profile, with pro forma cash to debt of 11%. Favorably, management is budgeting relatively conservatively with over 1.2x MADS coverage of pro forma debt service. Sound liquidity of 162 days cash on hand provides some financial cushion. A supportive state funding environment provides additional revenue upside. RATING OUTLOOK The stable outlook reflects the likelihood that the school's debt service coverage will be supported by enrollment gains and increases in state per-pupil revenue. The outlook also incorporates maintenance of sound liquidity through expansion. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Better than anticipated reserve growth, demonstrated in materially reduced leverage -- Material improvement in operating performance, leading to stronger debt service coverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to achieve total enrollment and revenue targets, either from construction delays or weak demand -- Declining cash balances resulting in weakened liquidity and pro forma leverage PROFILE Beehive Science and Technology Academy is a STEM school currently serving roughly 920 students in grades kindergarten through twelfth. The school is located in Sandy, UT about 20 miles south of Salt Lake City. The planned campus, to be named Beehive Science and Technology Academy West, will be roughly 18 miles southwest of the existing school. The school will have capacity of roughly 1,000 students. Beehive was initially authorized by the Utah State Charter School Board in 2005. State charter schools in Utah, including Beehive, have perpetual charter terms, meaning the term of the charter agreement will continue unless terminated by the State Charter School Board. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. BELL'S BETTER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Bell's Better Building, Inc. d/b/a Twenty Eleven Construction d/b/a Twenty Eleven Constuction Restoration 1636 N. Bosworth Chicago, IL 60642 Business Description: Bell's Better Building, Inc., doing business as Twenty Eleven Construction, provides residential remodeling and construction-management services, as well as curb, gutter, sidewalk, highway, street and bridge construction. Chapter 11 Petition Date: July 21, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-12065 Debtor's Counsel: William E. Jamison, Jr., Esq. WILLIAM E. JAMISON & ASSOCIATES 53 W. Jackson Blvd, Suite #801 Chicago, IL 60604 Tel: (312) 226-8500 E-mail: wjami39246@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Vanessa Rhodes as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D7EDSXY/Bells_Better_Building_Inc__ilnbke-26-12065__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DRGEH3Y/Bells_Better_Building_Inc__ilnbke-26-12065__0001.0.pdf?mcid=tGE4TAMA BLUE IVY: Case Summary & 10 Unsecured Creditors ----------------------------------------------- Lead Debtor: Blue Ivy, LLC 99 Main Street Essex, MA 01929 Business Description: Blue Ivy LLC was formed in 2017 to develop and operate a brewery and restaurant with Great Marsh Brewing Company. The company owns the real property at 99 and 103 Main Street in Essex, Massachusetts, which is improved with a brewery and restaurant facility constructed by Blue Ivy and Great Marsh. John Collins serves as Blue Ivy's manager and as president of Great Marsh, a Massachusetts corporation formed in 2017 to construct and operate the brewery. Chapter 11 Petition Date: June 9, 2026 Court: United States Bankruptcy Court District of Massachusetts Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Blue Ivy, LLC (Lead Case) 26-11363 Great Marsh Brewing Company 26-11364 Debtors' Bankruptcy Counsel: Conner B. Verreaux, Esq. D. Ethan Jeffery, Esq. MUPRHY & KING, P.C. 28 State Street Suite 3101 Boston, MA 02109 Tel: (617) 423-0400 Fax: (617) 423-0498 E-mail: cverreaux@murphyking.com E-mail: ejeffery@murphyking.com Blue Ivy, LLC's Estimated Assets: $1 million to $10 million Blue Ivy, LLC's Estimated Liabilities: $1 million to $10 million Blue Ivy's petition was signed by John Collins as manager. A full-text copy of Blue Ivy, LLC's petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G2XSBWQ/Blue_Ivy_LLC__mabke-26-11363__0001.0.pdf?mcid=tGE4TAMA BROADWAY FORD: Committee Gets OK to Hire Foley & Lardner as Counsel ------------------------------------------------------------------- The Official Committee of Unsecured Creditors appointed in the Chapter 11 case of Broadway Ford Truck Sales, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Foley & Lardner LLP as counsel. The firm's services include: (a) advise the committee in connection with its powers and duties under the Bankruptcy Code and the Bankruptcy Rules; (b) assist and advise the committee in its consultation with the Debtor and other parties-in-interest regarding the administration of this Chapter 11 case; (c) attend meetings and negotiate with the representatives of the Debtor and other parties-in-interest; (d) assist and advise the committee in its examination and analysis of the conduct of the Debtor's affairs; (e) assist and advise the committee in connection with any sale of the Debtor's assets pursuant to section 363 of the Bankruptcy Code; (f) assist the committee in the review, analysis and negotiation of any Chapter 11 plan(s) of reorganization or liquidation that may be filed and assist the committee in the review, analysis and negotiation of the disclosure statement accompanying any such plan(s); (g) assist the committee in analyzing the claims asserted against and interests asserted in the Debtor, in negotiating with the holders of such claims and interests, and in bringing, participating, or advise the committee with respect to contested matters and adversary proceedings; (h) assist with the committee's review of the Debtor's Schedules of Assets and Liabilities, Statement of Financial Affairs and other financing reports prepared by it, and the committee's investigation of the acts, conduct, assets, liabilities, and financial condition of it and of the historic and ongoing operation of their businesses; (i) assist the committee in its analysis of, and negotiations with, the Debtor or any third party related to, among other things, cash collateral issues, financings, compromises of controversies, assumption or rejection of executory contracts and unexpired leases, and matters affecting the automatic stay; (j) take all necessary action to protect and preserve the interests of the committee; (k) prepare all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the committee; (l) appear, as appropriate, before this court, the appellate courts, and the United States Trustee, and protect the interests of the committee before those courts and before the United States Trustee; (m) investigate and analyze the existence, extent, validity, enforceability, and priority of liens asserted against the Debtor, and participate as necessary in any action related to such investigation; (n) analyze any other state law issues related to this Chapter 11 case; (o) participate in any related investigation of the Debtor, its affiliates, and/or its secured lenders; and (p) take all necessary actions for the Debtor. The firm will be paid at these hourly rates: Geoffrey Goodman, Partner $1,175 Timothy Mohan, Senior Counsel $950 Nathan Waljs, Associate $650 Janelle Harrison, Paralegal $420 In addition, the firm will seek reimbursement for expenses incurred. As disclosed in the court filings, the firm does not represent or hold any interest adverse to Broadway Ford Truck Sales, Inc. or its estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Geoffrey S. Goodman, Esq. FOLEY & LARDNER LLP 321 North Clark Street, Suite 3000 Chicago, IL 60654 Phone: (312) 832-4514 Email: ggoodman@foley.com - and - Timothy C. Mohan, Esq. FOLEY & LARDNER LLP 1144 15th Street, Suite 2200 Denver, CO 80202 Phone: (720) 437-2014 Email: tmohan@foley.com About Broadway Ford Truck Sales Inc. Broadway Ford Truck Sales, Inc. is a commercial vehicle dealership engaged in the sale and service of Ford trucks in the Saint Louis market. Broadway Ford Truck Sales, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 26-42179) on May 18, 2026. In its petition, the Debtor reports estimated assets and liabilities of $10 million to $50 million. Judge Brian C Walsh oversees the case. The Debtor is represented by Thomas H. Riske, Esq. of Carmody MacDonald PC. On June 4, 2026, the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Foley & Lardner LLP and Summers Compton Wells LLC as counsel. BROADWAY FORD: Committee Gets OK to Tap Summers Compton as Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors appointed in the Chapter 11 case of Broadway Ford Truck Sales, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Summers Compton Wells LLC as local counsel. The firm's services include: (a) assist in the provision of legal advice and counsel to the committee concerning its duties and powers in this proceeding as well as the local practices, procedures and customs of this Court; (b) assist the committee in its investigation of the conduct, assets, liabilities and financial condition of the Debtor, the operation of its business, the disposition of its assets, and any other relevant issues that may arise in this case; (c) assist in the provision of legal advice and counsel concerning any potential sale of the Debtor's assets or operations and/or the confirmation of any plan of reorganization or liquidation and participating and representing the interests of the committee in the related sale and/or confirmation processes; (d) assist and advise the committee with respect to communications to its constituents related to the committee's position and/or recommendations on material issues in this proceeding; (e) advise and represent the committee, as appropriate, with respect to the appointment of a trustee or examiner in this case, should such an action become necessary; (f) assist the committee in preparing, reviewing and/or analyzing motions, applications, notices, and pleadings, filed or to be filed with this Court; (g) determine the existence of causes of action belonging to the bankruptcy estate; (h) advise the committee on the necessity of hiring additional professionals and directing the services and responsibilities of the professionals, as the case may be; and (i) perform such other and further services as may be necessary to protect the interests of the general unsecured creditors in this matter. The firm's counsel will be paid at these hourly rates: David Sosne, Member $525 Seth Albin, Member $500 Brian LaFlamme, Of Counsel $475 Paralegals $275 In addition, the firm will seek reimbursement for expenses incurred. Mr. Sosne disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David A. Sosne, Esq. Summers Compton Wells LLC 903 S. Lindbergh Blvd, Suite 200 St. Louis, MO 63131 About Broadway Ford Truck Sales Inc. Broadway Ford Truck Sales, Inc. is a commercial vehicle dealership engaged in the sale and service of Ford trucks in the Saint Louis market. Broadway Ford Truck Sales, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 26-42179) on May 18, 2026. In its petition, the Debtor reports estimated assets and liabilities of $10 million to $50 million. Judge Brian C Walsh oversees the case. The Debtor is represented by Thomas H. Riske, Esq. of Carmody MacDonald PC. On June 4, 2026, the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Foley & Lardner LLP and Summers Compton Wells LLC as counsel. C.S. HOLDINGS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- C.S. Holdings of Tampa, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use the cash collateral of its secured creditors. Under the interim order, the Debtor is authorized to use cash collateral for court-approved payments and current expenses set forth in its budget, plus an amount not to exceed 10% for each line item. Additional expenditures require approval from secured creditors including Bank Five Nine; Kapitus, LLC; and Highland Hill Capital, LLC. Bank Five Nine holds two claims totaling approximately $1.66 million: a secured claim supported by a UCC-1 financing statement filed in March 2021, and a separate claim of $634,899 for which no financing statement has been identified. Meanwhile, Kapitus and Highland assert claims of approximately $60,000 and $50,000, respectively. The creditors' collateral consists primarily of a modular restaurant building located at 7711 Madison Avenue in Tampa, Florida, which the Debtor values at approximately $500,000. While the Debtor owns the modular building, the underlying real estate is leased rather than owned. The collateral also includes two Chase bank accounts with a combined balance of approximately $4,537. Under the interim order, the secured creditors will be granted adequate protection through perfected post-petition liens on the cash collateral, with the same validity, priority and extent as their pre-petition liens. Additional safeguards include insurance coverage, regular financial reporting, and access to business records and premises upon request. The Debtor's authority to use cash collateral will continue until further court order. The order is available at http://bankrupt.com/misc/CSHoldingsofTampa_ICCOrder22.pdf The next hearing is scheduled for August 6. About C.S. Holdings of Tampa C.S. Holdings of Tampa LLC is a Tampa, Florida-based fast-food restaurant company operating two Checkers Drive-In franchise restaurants. The business specializes in quick-service dining and serves customers through the nationally recognized Checkers brand. The company is independently owned and focuses on restaurant operations, customer service and food preparation within the Tampa metropolitan area. C.S. Holdings of Tampa sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case #26-06093) on July 14, 2026. In its petition, the Debtor reported more than $1.8 million in liabilities and over $569,000 in assets. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq. of Ford & Semach, P.A. CASHCALL INC: Court Clears Scaled-Back Insider DIP Loan ------------------------------------------------------- James Nani of Bloomberg Law reports that a bankruptcy judge sharply scaled back CashCall Inc.'s request for insider financing, allowing the subprime lender to borrow only $300,000 after federal regulators objected to a nearly $4 million Chapter 11 loan proposed by the company. The emergency order, issued by Judge J. Barrett Marum in the Southern District of California, permits funding from Absolutely Zero Corp., which is owned by CashCall founder J. Paul Reddam. The U.S. Trustee's Office and the Consumer Financial Protection Bureau argued that the proposed financing arrangement unduly benefited the insider lender, the report states. According to the regulators, the original financing package contained provisions that warranted closer scrutiny because of the relationship between the borrower and lender. They urged the court to limit the funding until those issues could be fully considered. By authorizing only a fraction of the requested financing, the court ensured CashCall would have sufficient cash for near-term operations while reserving judgment on the broader debtor-in-possession financing proposal, according to Bloomberg. 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. CAVALIER INTERMEDIATE: S&P Assigns 'B+' ICR on Debt Refinancing --------------------------------------------------------------- S&P Global Ratings assigned charitable gaming supplier Cavalier Intermediate Holding Corp., which does business as Arrow International, its 'B+' issuer credit rating. At the same time, S&P assigned a 'BB' issue-level rating and '1' recovery rating to the company's proposed super-priority revolver and 'B+' and '3' recovery ratings to the proposed senior secured debt. The stable outlook reflects S&P's expectation for favorable operating performance, supported by Arrow's market expansion in the higher-margin electronic pull tabs (eTabs) charitable gaming market. The rating reflects Arrow's small scale but leading market position in the growing charitable gaming market. Arrow supplies products used by charities for fundraising activities. The company maintains a leading market position with high barriers to entry, driven by a heavily regulated industry requiring jurisdiction-specific licenses and long-term contracts with each charity. This market leadership is further bolstered by a vertically integrated network that includes manufacturing, distribution, and in-house content development with over 12,000 game titles. Arrow's business model is underpinned by predictable, recurring revenue supported by long-standing customer relationships. S&P views the company's revenue as less volatile than that of traditional gaming because the long-term contracts, local sites, and price point make them less discretionary for its customers, as they're supporting their local charity. S&P expects margin expansion as Arrow grows its eTab revenue and market presence. While Arrow currently generates the majority of its revenue from consumables, the company is expected to benefit from a significant shift of revenue toward the higher-margin eTabs segment as more states legalize eTabs for charitable gaming. S&P believes that the company's S&P Global Ratings-adjusted EBITDA margins will increase, reaching approximately 39% in 2026, driven by this favorable mix shift toward eTabs and improved operating leverage. Specifically, the company is pursuing growth opportunities by entering new markets, including its recent expansions in Indiana and New York. While the eTab market doesn't have a long track record, Arrow has successfully executed growth through adding eTab machines into its established consumable customer base. Despite expected deleveraging, financial sponsor ownership restricts the rating. Platinum Equity acquired Arrow in December 2020. Under Platinum ownership, Arrow had significant growth and margin expansion as it grew its distribution network and eTab infrastructure. While the proposed transaction will extend its maturities through a complete refinancing of all existing debt, it will also fund an approximately $250 million shareholder dividend, which will increase pro forma S&P Global Ratings-adjusted leverage to about 5.7x from 4.2x at the end of first-quarter 2026. While the company has a history of taking dividends using free cash flow and borrowing from its revolver, it has no prior track record in the debt markets. S&P said, "We expect the company to delever to 4.9x by the end of 2026 through EBITDA growth. Nevertheless, we expect the sponsor to use excess cash flows for dividends, keeping leverage above 4x and commensurate with the 'B+' rating." The stable outlook reflects S&P's expectation that Arrow will continue to grow organically and by entering new eTab markets due to continued demand, maintaining leverage in the 4x area and EBITDA interest coverage in the high-2x area. S&P said, "We could lower the ratings if we expect Arrow to sustain adjusted leverage above 5.75x and EBITDA interest coverage less than 2.5x. This could result from more aggressive financial policy decisions than we expect, including leveraging acquisitions or shareholder returns." This could be exacerbated by: -- Arrow underperforming our base case from increased competitive pressures that result in lost market share and cause our EBITDA forecast to decline by about $30 million Iin 2026 to hit our leverage threshold; -- A significant decline in demand due to a prolonged economic downturn; or -- Volatility in interest rates that affect cash flows. S&P is unlikely to raise the rating over the next 12 months, primarily due to the company's lack of financial policy and history of dividends. An upgrade would require stronger-than-expected operating performance, a more conservative financial policy, a reduction in leverage to below 4x, and discretionary cash flow to debt above 5% on a consistent basis. CEDAR ARCH: Seeks to Extend Plan Exclusivity to Oct. 30 ------------------------------------------------------- Cedar Arch Dairies, LLC, asked the U.S. Bankruptcy Court for the District of Idaho to extend its exclusivity periods to file a plan of reorganization and disclosure statement to Oct. 30, 2026. The Debtor operates a dairy in Firth, Idaho on approximately 222 acres of land, and has done so for decades. As of the Petition Date, the Debtor's dairy herd had approximately 1,390 head of cattle being milked multiple times each day. The Court authorized the Debtor's use of cash collateral on a final basis. As part of that process, the Court approved an agreement between the Debtor and RaboAgriFinance LLC, the Debtor's senior secured lender, requiring the Debtor to confirm a plan on or before October 30, 2026. The Debtor submits that sufficient "cause" exists pursuant to Section 1121(d) of the Bankruptcy Code to extend the exclusivity period by 101 days to, and including, October 30, 2026. The Debtor's cash collateral agreement with Rabo contemplates plan confirmation on or before that date. The Debtor is diligently working to finalize its budget so its plan can be filed to meet that timeline. The Debtor seeks an extension to maintain exclusivity during the process. Moreover, the Debtor is operating in accordance with its cash collateral budget. The Debtor is paying its ordinary course administrative expenses as they come due and making its adequate protection payments. Further, creditors will not be significantly prejudiced by the requested extension because the Debtor's ongoing operations will continue to generate the funds needed to make the payments required by the cash collateral budget. The Debtor further asserts that it is current on all of its obligations under the Bankruptcy Code and Rules, this Court's orders, and the requirements of the Office of the United States Trustee. The Debtor explains that there is no evidence to suggest that the company seeks this extension for anything other than good faith purposes, to allow this case to move forward to a successful confirmation and conclusion. The Debtor continues to have a reasonable prospect of confirming a viable plan and is not proposing to extend the Exclusive Period for the purpose of pressuring its creditors. Instead, the purpose of the extension is to provide the Debtor with additional time to finalize its budget and negotiate the terms of its plan with creditors. Cedar Arch Diaries LLC is represented by: Matthew W. Grimshaw, Esq. Jon B. Evans, Esq. RICHEY GRIMSHAW EVANS, LLP 1120 S Rackham Way, Suite 300 Meridian, ID 83642 Telephone: (208) 609-4232 E-mail: mgrimshaw@rgelaw.com jbevans@rgelaw.com About Cedar Arch Diaries LLC Cedar Arch Diaries, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 26-40154) on Mar. 23, 2026, listing up to $50 million in both assets and liabilities. Judge Noah G. Hillen oversees the case. The Debtor tapped Matthew W. Grimshaw, Esq., at Grimshaw Law Group, PC as bankruptcy counsel and Theodore R. Larsen, Esq., at Williams, Meservy & Larsen LLP as special counsel. CELEST INVESTMENTS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Celest Investments, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use of cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay ordinary post-petition operating expenses in accordance with the approved budget. The Debtor must also provide weekly accounting reports of beginning and ending cash balances to RD WAB SPB, LLC and Park Street Ventures, and is prohibited from collecting or using rents from the property located at 59 Bellevue Street, Lawrence, Massachusetts, without further court approval. As adequate protection, the court granted the lienholders post-petition replacement liens on the Debtor's estate to the extent of the cash collateral used and any resulting diminution in the value of their pre-petition collateral. These replacement liens retain the same validity, priority, and enforceability as the lienholders' prepetition liens, are automatically perfected without additional filings, and specifically exclude Chapter 5 avoidance actions and their proceeds. The order also authorized the Debtor, if funds are available, to make weekly adequate protection payments consistent with the approved budget. At the same time, the court preserved the Debtor's right to seek additional authority to use cash collateral and expressly stated that the order does not prejudice the rights of the Debtor or other parties to challenge the validity, perfection, or priority of the lienholders' asserted security interests. Any successful challenge could result in the reduction or revocation of the post-petition replacement liens. A further hearing on the Debtor's use of cash collateral is scheduled for August 6. The Debtor must file, by August 4 a reconciled budget comparing actual and projected income and expenses through July 31, along with projected budgets for August, September, and October About Celest Investments LLC Celest Investments, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40084) on January 29, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Honorable Chief Judge Elizabeth D. Katz handles the case. Ilham Soffan, Esq., at Soffan Law, PC is the Debtor's bankruptcy counsel. CHEROKEE HOLDINGS: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------------- Cherokee Holdings, LLC filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Combined Amended Disclosure Statement describing Plan of Reorganization dated July 14, 2026. The Debtor is owned by Steve Dickey and Jeff Gilmer (collectively, the "Owners"), who each have 50% membership interests in the Debtor. The Debtor owns real property located at 3950 Pinson Valley Parkway, Birmingham, Alabama 35217 (the "Property"), which is subject to a mortgage held by SouthPoint Bank. The Debtor has no other significant assets. The Debtor leases the Property to Cherokee Water Restoration, LLC ("CWR"), which is also owned in equal membership interests by the Owners. (The Owners and CWR will be collectively referred to as the "Affiliates"). The Debtor's financial difficulties began after CWR and Paul Davis were sued by one of Paul Davis's largest customers. Paul Davis settled the suit and sought reimbursement from CWR by offsetting franchisee payments owed to CWR, thereby straining CWR's cash flow to the point that it defaulted on its financial obligations to SouthPoint. It was also unable to make the mortgage loan payment on the Debtor's behalf, causing the Debtor to default and SouthPoint to initiate foreclosure proceedings. The Debtor filed this bankruptcy to prevent the foreclosure sale of the Property. The Owners are currently attempting to sell CWR's business operation, including the Property, as a going concern. They have been marketing the operation with Paul Davis's knowledge and cooperation, and they are in discussions with multiple interested parties. The Owners are hopeful that a deal to sell the operation can be reached in the next three months. The Owners anticipate that a successful sale of the business operation would be sufficient to fully satisfy the Debtor's liabilities. A 2019 appraisal valued the Property at $830,000.00, and the Debtor valued the Property at $990,000.00 on its schedules. SouthPoint filed a claim on the mortgage loan for $737,256.39. Pursuant to Exhibit A of the Plan, the Debtors estimate that creditors holding non-contingent, liquidated, unsecured claims would receive 100% payment in a Chapter 7 liquidation. Class 2 consists of general unsecured claims held by non-insiders that are not contingent and are not secured by any surrendered or third-party collateral. The only claim falling within this class is Claim 2, filed by the Internal Revenue Service, in the amount of $400.00. The Debtor shall pay Claim 2 on the earlier date of (a) 30 days after the completion of any sale of (i) the Property or (ii) CWR's business operation, or (b) December 31, 2026. This class is impaired and is entitled to vote. Class 3 consists of Equity Security Interests. Dickey and Gilmer shall each conditionally retain their 50% membership interests in the Debtor. On the earlier date of (a) 30 days after the completion of any sale of (i) the Property or (ii) CWR's business operation, or (b) November 30, 2026, the Owners shall pay the Debtor's estate an amount sufficient to fully satisfy the allowed claims of Class 2. If the Owners fail to meet this deadline, they will forfeit their membership interests in the Debtor to the members of Class 2. The Debtor's counsel shall pay all court-approved administrative expenses out of funds held in trust, prioritizing its own approved fees and expenses. To the extent that funds held by the Debtor's counsel are insufficient to satisfy the Debtor's administrative expenses, the Debtor shall fully satisfy said expenses at the later of (a) 30 days after court approval of the administrative expense or (b) 60 days after entry of the order confirming the Plan. The Debtor shall use funds paid by CWR pursuant to their lease agreement to fund payments required by the Plan. A full-text copy of the Combined Amended Disclosure Statement and Plan dated July 14, 2026 is available at https://urlcurt.com/u?l=qa1QHq from PacerMonitor.com at no charge. Counsel to the Debtor: Wm. Wesley Causby, Esq. Memory Memory & Causby, LLP P.O. Box 4054 Montgomery, AL 36103 Tel: (334) 834-8000 Email: smemory@memorylegal.com About Cherokee Holdings Cherokee Holdings, LLC, owns real property located at 3950 Pinson Valley Parkway, Birmingham, Alabama 35217 (the "Property"). The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-00397) on February 3, 2026, listing $1,000,001 to $10 million in both assets and liabilities. Judge D Sims Crawford presides over the case. Stuart H. Memory, Esq. at Memory, Memory & Causby, LLP serves as the Debtor's counsel. CHERRY BUTTE: Seeks Subchapter V Bankruptcy in North Dakota ----------------------------------------------------------- On July 21, 2026, Cherry Butte Company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of North Dakota (Case No. 26-30564). According to court filings, the debtor reports between $1 million and $10 million in liabilities, between $0 and $50,000 in assets, and 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 20, 2026 at01:30 PM (Central) via Telephone conference ONLY. Toll Free: 888-330-1716; Access Code: 2513064#. Chapter 11 Small Business Subchapter V Plan and Disclosure Statement are due by October 19, 2026. About Cherry Butte Company Cherry Butte Company is a Regent, North Dakota-based limited-service restaurant operator and Subway franchisee. The company owns and operates Subway sandwich restaurants, including an active location in Dickinson, North Dakota. Incorporated in 2007, the business has operated as a Subway franchisee for nearly two decades and maintains operational and ownership ties to Minneapolis, Minnesota. Cherry Butte Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30564) 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 case is assigned to the Honorable Shon Hastings. The debtor is represented by Karl Joseph Johnson, Esq., of MJB Law Firm PLLC. CIENA CORP: S&P Affirms 'BB+' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' issuer credit rating on Ciena Corp. In addition, S&P raised its issue-level rating on the company's senior secured debt to 'BBB-' from 'BB+' and affirmed its 'BB' issue level rating on the company's notes. The stable outlook reflects S&P's view that Ciena's business scale is likely to meaningfully improve over the next two years due to AI networking tailwinds and strong demand for its optical networking products from hyperscaler customers. Ciena's debt issuance is leverage neutral and improves liquidity. In June 2026, Ciena completed an offering of $2.875 billion convertible notes due 2031. The impact on leverage is minimal. The company used the proceeds to repay $1.14 billion in existing term loan debt and funded $140 million of share repurchases. Following this issuance, S&P projects S&P Global Ratings-adjusted leverage, which nets cash, to be about 0.2x at the end of 2026, with no meaningful change to our adjusted leverage metrics. Cash interest will fall to under $20 million due to repayment of the term loan. As a result of the debt issuance, Ciena's liquidity has strengthened to approximately $3 billion, leaving the company with substantial capacity for business investments, opportunistic M&A, and shareholder distributions. S&P expects accelerated demand and structural tailwinds will drive strong growth and margin expansion. Ciena is experiencing a phase of rapid acceleration, with revenue for the first half of fiscal-year 2026 up 36% year over year to $3 billion. This stemmed from unprecedented demand for high-capacity optical systems and routing solutions to support AI workloads. Underpinning this momentum are structural tailwinds from massive AI-driven cloud capex from hyperscalers, which are increasingly directed toward network infrastructure. Also supporting growth are the reinvestment cycle in service provider optical infrastructure and the rapid adoption of managed optical fiber networks. The company's growth is broad-based and integrated across systems, modules, and components. This indicates deep architectural integration within AI network deployments, positioning Ciena as a multi-layer provider rather than a participant in a single-product cycle. With core product lines like RLS and Waveserver growing over 55% year over -year in second-quarter 2026, Ciena remains at the forefront of the industry. The successful deployment of the next-generation Hyper-Rail platform further solidifies the company's leadership in emerging AI interconnect architectures. Ciena's backlog grew by over $600 million sequentially to a record $7.7 billion, extending well into 2027. As a result of synchronized investment from both hyperscaler and telecom customers, S&P raised its revenue projection to $6.25 billion for fiscal 2026 and $7.3 billion for fiscal 2027. In addition, the company's S&P Global Ratings-adjusted EBITDA margin is expected to expand significantly to 21.2% in fiscal 2026 and 23% in fiscal 2027 from 13.6% in fiscal 2025. The margin improvement is driven by the company's value-capturing initiatives and a favorable product mix towards high-margin advanced networking solutions. S&P said, "Credit metrics are relatively strong for the rating, but we are monitoring what the company does with the additional dry powder it has obtained. The high cash balance results in the company's net leverage being relatively low. However, Ciena is in investment mode, which could change its financial risk profile over the next 12-18 months. Capital expenditures are expected to increase to $300 million annually over the next two years for next-generation technology development, and the company plans to make working-capital investments in 2026 to support supply security. We view this as a strategic investment to capture market share in a supply-constrained environment rather than a long-term shift in capital intensity. The company intends to return at least 70% of free cash flow to shareholders via buybacks on average over the upcoming years. Despite additional capital expenditures and working capital investments, we expect free operating cash flow (FOCF) to improve, estimated at around $650 million in fiscal 2026, with a projected increase to $1 billion in fiscal 2027." Risks include customer concentration and the cyclical, highly competitive communications equipment sector. While Ciena has diversified its revenue streams from traditional telecommunications capex cycle to AI-driven infrastructure spending, its customer concentration remains high. Two hyperscaler customers account for over one-third of second-quarter fiscal 2026 revenue. This reliance creates sensitivity to the capital expenditure priorities of a small number of large-scale players. While the AI growth cycle offers a strategic hedge, Ciena's performance remains inherently tied to the broader cyclicality of service provider and cloud infrastructure investments. Although Ciena is a leader in optical technology, it faces increasing competition from large-scale players like Nokia, Cisco/Acacia, Huawei, and Ericsson. Ciena faces higher risks than investment-grade peers due to its weaker business diversity and customer concentration, resulting in potential for volatile performance and significant profitability drops during industry downturns (weak capex cycles). Nevertheless, S&P expects the demand for Ciena's optical and routing solutions to remain strong, supported by ongoing AI investments, global transition toward high-speed connectivity and the modernization of telecommunications networks. S&P said, "The stable outlook reflects our view that Ciena's business scale is likely to meaningfully improve due to AI networking tailwinds and strong demand for its optical networking products from hyperscaler customers over the next two years. "Although unlikely over the next 12 months given strong ongoing revenue growth and free cash flow generation, we could consider a negative rating action if the company executed debt-funded share buybacks or M&A such that net leverage increases to above the 2x area and we don't see a path for net leverage to fall under 2x over the duration of our projections. "We would consider an upgrade over the next 12-18 months if Ciena continues to grow revenues, improve EBITDA margins, can maintain net leverage under 2x while executing on its M&A and shareholder-return goals, and makes a commitment to maintaining investment grade metrics." CLARIFYING MARKET: UCC Public Sale Scheduled for August 24, 2026 ---------------------------------------------------------------- On August 24, 2026 at 10:00 a.m. (EDT), Mannion Auctions, LLC, auctioneer for Axos Financial, Inc., as Administrative Agent for lenders, will sell to the highest bidder for cash at auction 100% of the membership interests in the following limited liability companies: Clarifying Marketing Group LLC; Clarifying LLC; Clarifying Operating LLC; Clarifying Insurance Services LLC; Medigap LLC; CMG IFP LLC; Enhance Auto LLC; Enhance Field LLC; CMG ACA Plus LLC; AAJ Computer Services, LLC; Bizcare LLC; Bizcare Benefits Insurance Agency LLC; Enhance Health Insurance Services South LLC; and CMG Insurance Agency LLC. The sale is being conducted pursuant to Section 9-610 of the Uniform Commercial Code. The Administrative Agent may credit bid at the sale. The membership interests are being sold on an "AS IS, “WHERE IS" basis, without recourse representation, warranty or guaranty, whether express or implied. The sale will be at the offices of counsel for the Administrative Agent, SHUTTS & BOWEN LLP, 4301 W Boy Scout Blvd #300, Tampa, FL 33607. Bidders may participate by attending in person or by Zoom video. A request for a Zoom video link must be made by email to Matthew D. Mannion (mdmannion@jpandr.com) not later than three (3) business days prior to the date of the sale. The successful bidder, if other than the Administrative Agent, musts pay the full bid price in cash to the Auctioneer not later than 3:00 p.m. (EDT) on the day following the day of sale. The Administrative Agent may cancel or reschedule the sale without further notice and may withdraw from the sale the membership interests in one or more of the companies. Other terms and conditions apply. For further information regarding the sale, please contact Matthew D. Mannion, by telephone (219) 267-6698 or 908-752-1852) or by email to mdmannion@jpandr.com. CLEANER GUYS: Gets Interim OK to Use Cash Collateral Until Aug. 14 ------------------------------------------------------------------ Cleaner Guys, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Washington, at Seattle, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral through August 14 to pay operational expenses based on a court-approved budget. As of the petition date, the Debtor held approximately $191,510 in cash collateral, consisting of $8,231 in bank accounts, $75 in cash on hand, and approximately $183,204 in estimated collectible accounts receivable. The creditors asserting interests in the Debtor's cash collateral and other assets include the U.S. Small Business Administration, ReadyCap Lending, LLC, and junior lienholders. SBA, the senior secured creditor, holds a properly perfected first priority lien securing approximately $183,351 while ReadyCap holds two loans totaling $648,053. Because the value of the cash collateral remaining after satisfaction of the SBA's senior lien is insufficient to fully secure ReadyCap's claim, ReadyCap holds an allowed secured claim of $8,158.94, with the balance of its claim unsecured as to the cash collateral. Junior creditors FC Marketplace, LLC, Fora Financial, LLC and Cashfloit, LLC are owed $198,067, $410,000, and $51,375, respectively. Because no equity remains in the cash collateral after satisfaction of the senior liens, each holds a wholly unsecured claim with respect to the cash collateral. Under the interim order, both the senior and junior creditors will receive adequate protection in the form of replacement liens on the Debtor's post-petition cash, accounts receivable, and inventory, maintaining the same priority and extent as their pre-petition liens. As additional protection, the SBA and ReadyCap will receive monthly payments of $229 and $90, respectively. The order is available at http://bankrupt.com/misc/CleanerGuys_ICCOrder45.pdf The final hearing will be held on August 13. Founded in 2002 and pivoted toward restoration services in 2023, Cleaner Guys experienced severe cash flow distress beginning in 2025 due to a compounding sequence of events: industry-wide delays in insurance claims processing, uncollected receivables from uninsured clients following late-2025 river flooding, suspended FEMA reimbursements during a congressional budget impasse, unsustainable high-cost merchant cash advance obligations, and an unexpected $350,000 state tax liability caused by tax remittance failures by its former accounting firm. Despite enacting aggressive cost-cutting measures including workforce reductions, owner pay cuts, and vehicle sales, the Debtor was forced into Chapter 11 to restructure its unsustainable debt burden. About Cleaner Guys LLC Cleaner Guys, LLC is a Mount Vernon, Washington-based provider of property damage restoration and remediation services. The company specializes in fire, water, and mold damage restoration and continues to operate as a debtor-in-possession, serving residential and commercial customers throughout the Seattle region. As of April 2026, the business employed approximately 20 people. Cleaner Guys, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12245) on July 10, 2026. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Steven M. Palmer, Esq., of Cairncross & Hempelmann, P.S. CREEK PARENT: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to Creek Parent Inc. S&P said, "We also assigned our 'B+' issue-level and '3' recovery ratings to its proposed senior secured credit facilities. The '3' recovery rating reflects our expectation of meaningful (rounded estimate: 55%) recovery in the event of a payment default. "The stable outlook reflects our expectation for a return to top-line growth in 2027 following the impact of late-2024 site divestitures and the unwinding of Sarepta revenue through 2026. Additionally, we expect improved profitability as one-time and restructuring charges subside, supporting leverage within the 5.0x–7.0x range over the next 12 to 18 months." Creek Parent Inc., operating as the wholly owned subsidiary Catalent Inc. -- a leading contract development and manufacturing organization (CDMO) -- plans to issue a new $4.1 billion USD/EUR-denominated term loan B to refinance its capital structure. The company will also raise a new $600 million revolving credit facility, which we expect will be undrawn at close. Pro forma for the transaction, S&P expects Catalent's S&P Global Ratings-adjusted net leverage to be approximately 6.0x-7.0x in 2026 improving to 5.0x-6.0x in 2027, with further deleveraging expected in subsequent years. S&P's rating on Catalent reflects its position as a leading CDMO. Catalent supports the entire drug development lifecycle and has significant market presence, having supported approximately half of all new FDA-approved drugs over the last decade. The company maintains a robust and highly diversified revenue stream, which remains resilient in the wake of the projected decline from Sarepta. Furthermore, Catalent partners with emerging biopharmas, which represent nearly 85% of all pipeline compounds and new clinical trials but generally have limited internal infrastructure. The company's integration with global pharmaceutical firms (it has relationships with 85 of the top 100) allows Catalent to capitalize on large-pharma acquisition cycles, as these major players frequently acquire the emerging biopharmas that rely heavily on CDMOs for development and manufacturing support. Supporting Catalent's competitive advantage is its leading position across critical technology platforms, its market share in complex oral dose forms and protein therapy expression technology, and its substantial presence in gene therapy. Long-term demand is underpinned by structural tailwinds, namely the reshoring of pharmaceutical production to U.S.-based facilities and the inherent regulatory complexity that drives the need for specialized CDMO services. Catalent's long-term contracts, diverse product portfolio, and high barriers to entry support a predictable revenue stream. Given the highly regulated nature of pharmaceutical manufacturing, customers prioritize supply reliability and quality over price. Thus, contracts for commercial stage products typically run through the entire product's lifecycle. Furthermore, high switching costs provide a significant competitive moat as manufacturing costs represent only a small fraction of a branded drug's market price and changing providers often necessitates complex, time-consuming regulatory re-approvals. Catalent has demonstrated an ability to win new manufacturing contracts to replace expiring products and generate growth. Ultimately, Catalent's diversified product mix enhances stability, allowing stronger-performing segments to offset cyclicality in others. Catalent is exposed to a complex risk profile driven by high fixed costs, stringent regulatory requirements, and volatility in the biotech and pharma industries. While the company typically operates a predictable business model, its manufacturing facilities are subject to rigorous inspections by regulatory agencies; any findings of improper controls or procedures can lead to operating delays and unexpected revenue shortfalls. As Catalent maintains a high fixed cost base, the company lacks significant operational flexibility to scale down expenses in response to sudden revenue declines. Consequently, any top-line contraction—compounded by the additional costs required to implement mandatory corrective and preventive actions—exerts disproportionate downward pressure on EBITDA margins, as fixed overhead must be absorbed by a shrinking revenue pool. Furthermore, Catalent faces external risks stemming from regulatory decisions and industry-wide headwinds which make it vulnerable to regulatory disruptions affecting its clients. For example, the FDA's July 2025 ruling regarding Sarepta Therapeutics—Catalent's top revenue and EBITDA-generating customer at the time—necessitated a voluntary halt in Elevidys shipments and a reduction in its labeled patient population. Beyond client-specific disruptions, Catalent is vulnerable to broader sectoral shifts within the biotech and pharma industries. Specifically, budget reallocations and pipeline reprioritizations among large pharmaceutical firms, coupled with tightened venture capital funding for emerging biotechs, can drive volatility in manufacturing demand. S&P said, "We expect Catalent to return to revenue growth in 2027 after a structural transition and temporary contraction. The company's revenue profile underwent a significant realignment following its acquisition by Novo Holdings A/S in December 2024, most notably through the divestiture of three fill-finish sites to Novo Nordisk which had historically provided a material revenue contribution. This shift is further compounded by the expected unwind of Sarepta revenue, which is projected to decline significantly from its peak. Consequently, we forecast a 5%-7% revenue decline in 2026 as these structural adjustments take effect. "We anticipate a turnaround for Catalent, with 10%-15% revenue growth in 2027, which we think will mark the start of a sustained period of strong organic growth. This resurgence is anchored by the biologics segment, where we expect a manufacturing scale-up and the capture of pipeline growth to meet rising demand for specialized supply solutions. We also expect gains in the clinical and specialty services (CSS) and pharma and consumer health (PCH) segments will support further growth, with advanced oral dose technologies like Zydis and Optigel being the primary drivers. Ultimately, we believe Catalent is well-positioned to capitalize on secular trends, including the reshoring of production to the U.S., a growing pipeline of new molecules, and the inherent complexity of next-generation therapeutic modalities. "Catalent's profitability should improve in 2026 and beyond. We expect its S&P Global Ratings-adjusted EBITDA margin to improve meaningfully to 18%-20% in 2026, from 10.5% in 2025, and continue to incrementally improve thereafter. This follows recent EBITDA declines related to the unwinding of Sarepta revenue and one-time costs associated with site rationalization. We expect the company's ability to leverage its fixed cost base to absorb incremental volumes to underpin this growth. Furthermore, the exit from lower-margin sites through recent divestitures will reduce both direct and corporate costs, while the deployment of AI and enhanced productivity initiatives will further streamline operations. Ultimately, we believe a combination of improved product mix, demand-driven capacity improvements, and the ability to command premium pricing relative to competitors will strengthen its long-term margin profile." Catalent's conservative financial policy and a commitment to deleveraging support the rating. Catalent's S&P Global Ratings-adjusted leverage was 11.2x in 2025. S&P said, "However, we expect this to decline to around 6.0x-7.0x in 2026 and 5.0x-6.0x in 2027, due to revenue growth, EBITDA margin expansion, and the decline of restructuring charges. Following its acquisition by Novo Holdings A/S in December 2024, we view its ownership of Catalent as supportive of maintaining a generally conservative financial profile, with no anticipated dividend distributions or shareholder-friendly returns in the near term." S&P said, "The stable outlook reflects our expectation for a return to top-line growth in 2027 and our expectation for improved profitability as the company moves past a period of elevated one-time charges, supporting leverage within the 5.0x-7.0x range over the next 12 to 18 months. "We could lower our rating on Catalent if persistent one-time expenses hinder margin expansion relative to our base case, resulting in our expectation that leverage will remain above 6.5x for longer than 12 to 18 months. "We could raise the rating on Catalent if we expect its S&P Global Ratings-adjusted leverage will remain at or below 5.0x, with the company demonstrating a track record of top-line growth and margin expansion." CRUX SOLUTIONS: Plan Confirmation Hearing Scheduled for Aug. 17 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas will hold a hearing on August 17, 2026, at 10:30 a.m. before Honorable Jeffrey Norman to confirm the First Amended Plan under Subchapter V of Crux Solutions LLC. The deadline for submitting votes on, and/or objections to, the Plan is August 10, 2026. As reported by the Troubled Company Reporter, the Plan provides that all the projected disposable income of the Debtor shall be paid to the holders of an allowed general unsecured claim on a pro rata basis. The Debtor is applying all of its projected disposal income to the payment of its the allowed general unsecured claims under the Plan. Holders of an allowed general unsecured claim shall receive their pro rata share of the projected disposable income over the Plan Period, which is an expected dividend of 4.84%, instead of 0% in a liquidation. Class 3 consists of General Unsecured Claims. The allowed unsecured claims total $1,195,596.93. A holder of an allowed Class 3 Claim shall be paid their pro rata share of the Debtor's Projected Disposal Income for the 3 Year Plan Period. The payment of the Projected Disposal Income shall occur on a yearly basis. The Disbursing Agent shall issue these payments to the Class 3 claimants by December 20 of each year of the Plan Period. A full-text copy of the Plan of Reorganization dated June 9, 2026 is available at https://urlcurt.com/u?l=OJjSqn from PacerMonitor.com at no charge. Counsel for the Debtor: Elias M. Yazbeck, Esq. Jacqueline Q. Chiba, Esq. THE LAW OFFICE OF ELIAS M. YAZBECK, PLLC 4119 Montrose Blvd., Suite 470 Houston, TX 77006 Phone: (281) 755-7320 E-mail: elias@yazbecklaw.com A copy of the Court's Order dated July 14, 2026, is available at https://urlcurt.com/u?l=1VGxVS from PacerMonitor.com. About Crux Solutions LLC Crux Solutions, LLC, doing business as Waddell's Riverside Funeral Directors, is a locally owned funeral home based in Houston, Texas, providing funeral, memorial, and celebration of life services, as well as cremation and pre planning options. The company offers professional support to families throughout the planning process and maintains online obituaries to serve the community. Crux Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-31623) on March 11, 2026, with $804,432 in assets and $1,650,303 in liabilities. Latonya Alexander, manager, signed the petition. Judge Jeffrey P. Norman presides over the case. Elias Yazbeck, Esq., at The Law Office of Elias M. Yazbeck, PLLC, is the Debtor's legal counsel. DAYTON POWER: Moody's Alters Outlook on 'Ba1' Rating to Positive ---------------------------------------------------------------- Moody's Ratings revised the outlook on Dayton Power and Light Company (DP&L, or AES Ohio) to positive from stable and affirmed all ratings, including its Baa3 issuer rating and Baa1 senior secured ratings. At the same time, Moody's revised the outlook on DPL LLC (DPL), the 70% owner of DP&L, to positive from stable and affirmed all ratings, including its Ba1 senior unsecured rating. RATINGS RATIONALE DP&L's credit profile reflects its position as a relatively small Ohio electric utility with a very large capital program relative to its scale. Although the company has faced prolonged rate case proceedings and regulatory lag in recent years, financial performance is strengthening, supported by a rate increase that became effective in late 2025 and another expected to take effect in the beginning of 2027. In 2025, Ohio overhauled its ratemaking framework for investor-owned utilities through the passage of House Bill 15 (HB 15). Among other provisions, HB 15 allows electric utilities to adopt multi-year rate plans (MYPs), which generally support more timely cost recovery. The company filed a multi-year plan (MYP) in late 2025 and, on July 21, 2026, reached a settlement with intervenors covering a three-year MYP. If approved, DP&L would receive approximately 71% of its requested revenue increase and a 9.5% authorized return on equity (ROE). Although the authorized ROE is below the industry average, Moody's views the overall outcome as credit positive because the MYP is likely to reduce regulatory lag. The company expects the Public Utilities Commission of Ohio (PUCO) to review the settlement and issue a rate order by year-end 2026. DP&L's financial performance has improved significantly, and Moody's expects this trend to continue. The company's CFO pre-WC to debt ratio increased to 12.1% in 2024 from 5.2% in 2023 and further improved to 13.2% in 2025. Moody's expects credit metrics to strengthen further in 2026, supported by the rate increase that became effective in late 2025. Moody's also expect these improvements to be sustained beyond 2026 as additional rate increases under the multi-year plan (MYP) take effect beginning in 2027. DP&L faces a legacy regulatory risk stemming from a pending appeal before the Ohio Supreme Court. The Ohio Consumers' Counsel (OCC) is challenging, among other matters, the PUCO's decision permitting DP&L to collect a non-bypassable Rate Stabilization Charge (RSC) between August 2021 and September 2023. Oral arguments were held on April 22, 2025, and a decision remains pending. An adverse ruling could result in a one-time pretax charge of up to $158 million. The long-term impact on credit metrics would depend on the extent to which the company finances any resulting obligation with additional debt. DPL's financial performance largely reflects that of DP&L, but includes an additional $400 million of senior notes at the holding company level. On a proportionately consolidated basis, this holding company debt represents approximately 23% of total debt. As a result, DPL's CFO pre-WC to debt ratio is about 500 basis points lower than that of DP&L, reflecting the additional leverage at the holding company. Outlook The positive outlooks on DP&L and DPL reflect its continued improved financial performance in 2025 that are likely to continue to 2026 and solidified by the MYP ratemaking process starting 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to upgrade Moody's could upgrade DP&L's and DPL's ratings if the PUCO approves the settlement agreement substantially as proposed, or on more favorable terms, resulting in CFO pre-WC to debt ratios that are sustainably above the thresholds for the current ratings of 13% for DP&L and 11% for DPL. Factors that could lead to downgrade Moody's could reconsider DP&L's and DPL's outlooks if the OCC prevails in its appeal before the Ohio Supreme Court regarding the Rate Stabilization Charge and any resulting payment obligation is funded with a substantial amount of debt. More broadly, DP&L and DPL would need to maintain CFO pre-WC to debt ratios of at least 11% and 8%, respectively, to support their current ratings. LIST OF AFFECTED RATINGS Issuer: Dayton Power & Light Company Affirmations: LT Issuer Rating, Affirmed Baa3 Senior Secured First Mortgage Bonds, Affirmed Baa1 Outlook Actions: Outlook, Changed To Positive From Stable Issuer: DPL LLC Affirmations: Senior Unsecured, Affirmed Ba1 Outlook Actions: Outlook, Changed To Positive From Stable Issuer: Ohio Air Quality Development Authority Affirmations: Senior Secured, Affirmed Baa1 The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2024. DR. JAMIE TOTTEN: Seeks Cash Collateral Access ---------------------------------------------- Dr. Jamie Totten, DVM, LLC, doing business as Healing Paws Veterinary Center of Teays Valley, asks the U.S. Bankruptcy Court for the Southern District of West Virginia for authority to use cash collateral in connection with an agreement with Bank of America. The veterinary practice filed for bankruptcy protection on June 3 and continues to operate while reorganizing its financial affairs. The Debtor owed Bank of America approximately $693,000 on a commercial loan as of the petition date. The loan is secured by substantially all of the veterinary practice's operating assets, including its equipment, accounts receivable, and inventory. The Debtor acknowledges that it had fallen behind on its loan payments before filing for bankruptcy, making Bank of America a secured creditor with an interest in the assets and cash generated by the business. The Debtor explains that continued operation of the veterinary practice requires not only the use of post-petition accounts receivable but also ongoing use of inventory and equipment that serve as the bank's collateral. To adequately protect the lender's secured interest, the Debtor proposes granting Bank of America a replacement lien on the same categories of post-petition property that secure the existing loan. The Debtor further requests that the parties' cash collateral agreement include a 10-day grace period following any default before Bank of America would be entitled to seek relief from the automatic stay, providing the debtor with an opportunity to cure any default and avoid disruption to business operations. The cash collateral consists of revenue generated through the operation of the veterinary clinic in Putnam County, West Virginia. The Debtor has prepared a budget outlining the anticipated use of those funds, including payroll and payroll taxes, insurance, utilities, veterinary supplies, and other ordinary and necessary operating expenses required to maintain the practice. To provide additional assurances to the secured lender, the Debtor proposes that compensation to the business owner remain limited to the amount previously authorized by the bankruptcy court. The motion also states that no extraordinary payments or expenditures outside the ordinary course of business will be made without Bank of America's prior consent. Through these safeguards, the Debtor argues that the lender's collateral will remain adequately protected while allowing the veterinary practice to continue operating and pursue a successful reorganization. A copy of the motion is available at https://urlcurt.com/u?l=67qu2T from PacerMonitor.com. About Dr. Jamie Totten, DVM LLC Dr. Jamie Totten, DVM, LLC is a veterinary practice. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.V. Case No. 2:26-bk-20140) on August 3, 2026. In the petition signed by Jamie M. Totten, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge B. Mackay Mignault oversees the case. Joseph W. Caldwell, Esq., at Caldwell & Riffee, represents the Debtor as legal counsel. EAGLE LOGISTICS: Case Summary & 11 Unsecured Creditors ------------------------------------------------------ Debtor: Eagle Logistics, LLC 25 Continental Drive Wayne, NJ 07470 Business Description: Eagle Logistics provides freight transportation and logistics services, including dry-van, refrigerated, flatbed and specialized hauling, from its headquarters in Wayne, New Jersey, serving shippers across the U.S. Chapter 11 Petition Date: July 21, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-18291 Debtor's Counsel: Brian G Hannon, Esq. NORGAARD OBOYLE HANNON 184 Grand Avenue Englewood, NJ 07631 Tel: (201) 871-1333 Fax: (201) 871-3161 E-mail: bhannon@norgaardfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Laypanov as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XU6JW5I/Eagle_Logistics_LLC__njbke-26-18291__0001.0.pdf?mcid=tGE4TAMA EIF CHANNELVIEW: Moody's Alters Outlook on Ba3 Rating to Negative ----------------------------------------------------------------- Moody's Ratings has affirmed the Ba3 rating to EIF Channelview Cogeneration, LLC's ("Channelview", "Borrower" or "Project") senior secured credit facilities. Concurrent with the rating affirmation, Moody's have revised the outlook to negative from stable. The change in outlook reflects substantially lower merchant sparks spreads than expected aggravated by a current outage in one of turbines. Reflecting the volatile nature of ERCOT markets. RATINGS RATIONALE The Ba3 rating reflects Channelview's strong operational profile, competitive positioning within the Electric Reliability Council of Texas, Inc. (ERCOT: Aa3 stable) wholesale power market, and expected cash flows supported by a mix of contractual arrangements, hedging strategies, and merchant power revenues. The affirmation reflects the project's continued strategic importance to Equistar Chemicals, LP and its parent, LyondellBasell Industries N.V. (Baa3 stable), strong steam reliability, adequate liquidity, and generally resilient operating performance. The negative outlook reflects sustained financial underperformance relative to original expectations, driven primarily by materially weaker merchant power prices and spark spreads than contemplated at closing, resulting in lower EBITDA and, slower-than-expected deleveraging should current market conditions persist. In addition, the outlook incorporates the operational uncertainty associated with the prolonged Unit 2 outage in 2026 and the potential impact on near-term cash flow generation. Recent operating results have reinforced the inherently volatile nature of the ERCOT energy market and the project's exposure to merchant power revenues. Since closing, realized ERCOT power prices and merchant spark spreads have been substantially below the forward curves and market assumptions underpinning the original rating case. During 2025, Channelview generated an average realized merchant spark spread of approximately $11.7/MWh compared with budgeted assumptions of approximately $30.8/MWh. Merchant spark spreads remained weak through the first quarter of 2026, averaging approximately $7.4/MWh compared with budgeted assumptions of approximately $25.4/MWh. Although merchant margins improved during April and May 2026 relative to first-quarter levels, realized earnings continue to demonstrate the project's sensitivity to ERCOT market conditions. The weaker-than-expected realized pricing environment has been the primary driver of EBITDA underperformance. In addition, more recently, operating performance has been affected by the failure of Unit 2's main power transformer which resulted in a prolonged forced outage during April and May 2026. Moody's expects the transformer outage to temporarily pressure operating and financial performance in 2026; however, the impact is partially mitigated by expected business interruption insurance recoveries. Channelview continues to benefit from hedge protection covering approximately 120 MW of generation capacity through 2027. The currently contracted hedge portfolio was executed at fixed spark spreads exceeding $30/MWh, materially above realized merchant spark spreads during 2025 and 2026 to date. These positions provide meaningful downside protection and support near-term cash flow visibility. However, hedge coverage is not continuous throughout 2027, with no hedge protection currently in place during portions of the year, including March through June 2027, leaving Channelview exposed to prevailing ERCOT market conditions during those months. While ERCOT continues to forecast significant growth in peak demand over the medium term, actual market outcomes since closing have been weaker than anticipated, reflecting continued renewable generation additions, improved reserve conditions, and lower realized merchant pricing than embedded in earlier market forecasts. Nevertheless, Moody's believes reliable and efficient thermal assets such as Channelview remain well positioned to benefit from future demand growth and tightening reserve conditions if those market fundamentals materialize. RATING OUTLOOK The negative outlook reflects Moody's expectation that Channelview will continue to maintain a strong operating profile and provide critical steam service to Equistar Chemicals, LP, but also recognizes that realized ERCOT merchant prices and spark spreads have been materially weaker than the assumptions underpinning the original rating case. The weaker pricing environment has contributed to lower-than-expected cash flows, and, if sustained, could result in debt service coverage and leverage metrics that are no longer commensurate with the Ba3 rating level. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE -- The Project's rating is constrained by its overall business risk profile which is concentrated as a single asset plant that is highly dependent on merchant cash flow, which historically has resulted in more volatile year-over-year financial performance. Although unlikely given the current outlook, upward pressure on the rating could emerge if Channelview demonstrates sustained DSCR above 3.0x and CFO/debt above 20% on a sustained basis that could surface owing to the initial debt quantum and supported by continued strong operating performance and favorable market conditions. The outlook could be revised back to stable if DSCR or CFO/debt remain above 2.0x and 10% on a sustainable basis. FACTORS THAT COULD LEAD TO A DOWNGRADE -- The rating could face downward pressure if the Project experiences operational disruptions, deterioration in ERCOT market fundamentals, or if DSCR or CFO/debt fall below 2.0x and 10%, respectively, on a sustained basis. PROFILE Channelview is an 851 MW natural-gas fired, combined-cycle cogeneration facility located in the Houston zone of ERCOT. The Project has been in commercial operation since 2002 and provides an economic and reliable source of high and low-pressure steam and power to the adjacent petrochemical facility, Equistar, a subsidiary of Lyondell. The Project also serves the Houston zone of the ERCOT market with baseload power and ancillary services. The facility is equipped with four Siemens 501F-D2 combustion turbines and operates in a 4x1 configuration, which provides significant operational redundancy—allowing the plant to maintain high output even during maintenance or unexpected outages. This configuration, combined with a low steam-adjusted heat rate of about 6,700 Btu/kWh, positions Channelview as an efficient and reliable baseload generators in ERCOT. In June 2025, Elliott signed a purchase agreement to acquire a 97% stake in Channelview from certain funds managed by Ares and its affiliated investment advisers. The project is now indirectly owned by Elliot, Ares will hold a 3% indirect stake in the project. LIST OF AFFECTED RATINGS Issuer: EIF Channelview Cogeneration, LLC Affirmation: Senior Secured Bank Credit Facility, Affirmed Ba3 Outlook Actions: Outlook, Changes to Negative from Stable The principal methodology used in these ratings was Power Generation Projects published in May 2026. ELECTROTECHNICS CORPORATION: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------------- Electrotechnics Corporation received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Marshall Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral for operating expenses that become due before the August 5 final hearing in accordance with the court-approved budget. The Debtor has reviewed its internal records and conducted a lien search to identify those creditors that may have an interest in its cash collateral. The creditors with a potential lien affecting the Debtor's cash collateral are the U.S. Small Business Administration which is owed $473,000; Huntington Bank, $130,000; Kapitus Servicing, $292,000; Kabbage-American Express, $81,000; Rapid Finance, $56,000; and ONDeck ODK Capital, LLC, $54,000. As adequate protection, the court granted secured creditors replacement liens on all post-petition cash collateral and other property of the Debtor, with the same extent and priority as their pre-petition liens. If those replacement liens prove insufficient to protect the secured creditors from any decline in the value of their collateral, the Debtor will grant subordinate liens on its real property located at 1310 Commerce Street, Marshall, Texas, subject to the senior lien of the primary secured lender. The replacement liens specifically exclude Chapter 5 avoidance actions. A final hearing is scheduled for August 5, via video conference, where the court will determine whether the interim cash collateral order should be continued, modified, or terminated. Until then, the interim authorization remains in effect under the terms approved by the court. The order is available at http://bankrupt.com/misc/ElectrotechnicsCorp_CCOrder22.pdf About Electrotechnics Corporation Electrotechnics Corporation is a Marshall, Texas-based traffic control and signaling equipment manufacturer specializing in transportation infrastructure technology. The company designs and manufactures solar-powered traffic safety systems, traffic signal equipment, wired cabinet assemblies, GPS time switches, and related products for municipal and state transportation agencies. Its operations are based in Tyler, Texas. Electrotechnics Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 26-20108) on July 10, 2026. In its petition, the Debtor reported estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Joshua P. Searcy handles the case. The Debtor is represented by Marcus Salitore, Esq., at Salitore Law, PLLC. ENTERPRISE CHARTER: Fitch Affirms 'B' IDR, Outlook Positive ----------------------------------------------------------- Fitch Ratings has affirmed Enterprise Charter School, NY's (ECS) Long-Term Issuer Default Rating (IDR). Fitch has also affirmed the 'B' rating on approximately $5.4 million in outstanding par (fiscal YE 2025) series 2011A revenue bonds issued by the Buffalo and Erie County Industrial Land Development Corporation on behalf of ECS. The Rating Outlook is Positive. Entity/Debt Rating Prior ----------- ------ ----- Enterprise Charter School (NY) LT IDR B Affirmed B Enterprise Charter School (NY) /General Revenues/1 LT LT B Affirmed B ECS's 'B' ratings reflect healthy leverage ratios and enrollment at capacity at the roughly 400-student single-site K-8 school in downtown Buffalo, NY. In addition, fiscal 2025 and fiscal 2026 (unaudited) operations resulted in sufficient bond covenant performance. The rating is constrained by ECS's history of contested charter renewals, the current limited-term charter expiring in June 2027, and weak-but-improving academic performance. The Positive Outlook reflects ECS's new management team's achievement of academic and other benchmarks required by its authorizer. This progress increases the likelihood that the charter will be renewed on a timely basis for an additional three-year or full five-year term. The Outlook is supported Fitch's forward-looking scenario analysis, which indicates ECS's operations and leverage would meet the criteria for higher ratings if ECS achieves continued academic improvement and charter stability. SECURITY The bonds are secured by a pledge of ECS's gross unrestricted revenue, a first mortgage lien on school facilities, and a cash-funded debt service reserve fund sized to maximum annual debt service (MADS). KEY RATING DRIVERS Revenue Defensibility - 'b' ECS has maintained stable total enrollment of about 400 students except during the 2022 and 2023 academic years. During that period, enrollment dipped to the low-to mid-300s as the school's charter was set to expire for poor academic performance. Following litigation and negotiation with its authorizer, Buffalo Public Schools (BPS) and New York State Board of Regents, the charter was renewed effective July 1, 2024 for a three-year term rather than the maximum five-year term available in New York state. Further renewals are tied to specific academic and other benchmarks. Since late 2023, new management and updated accountability systems have helped ECS meet many charter renewal benchmarks ahead of schedule. Management also remains in frequent contact with BPS. However, the Revenue Defensibility assessment remains constrained at 'b' unless ECS secures a timely, uncontested charter for the term beginning July 1, 2027. Management expects to exceed budgeted enrollment of about 400 students in fall 2026 and maintains waitlists for almost all grades. In addition to stabilized enrollment, revenue remains on a positive trajectory from increasing per-pupil funding rates. ECS's consistent enrollment and funding growth are offset by weak academic performance compared with state and absolute proficiency levels, although performance has grown to be more comparable with BPS. Operating Risk - 'bb' ECS manages its operations methodically, with monthly management and board reviews. A Fitch-calculated cash flow margin of about 11% for fiscal 2025 reflects Fitch's expectations of future performance and is consistent with the 'bb' Operating Risk assessment. A conservative balanced budget for fiscal 2027 will be supported by an 8.6% increase in ECS's per-pupil funding rate. Management's ability to manage workforce costs, which are not governed by collective bargaining agreements, contributes to adequate expenditure flexibility. Capex plans are modest and will be financed by cash flows and no additional debt. Financial Profile - 'bbb' ECS's Financial Profile metrics are consistent with a solid 'bbb' assessment. At fiscal YE 2025, cash (including debt service reserves) to adjusted debt stood at over 1.1x, which Fitch considers strong. Similarly, FY25 debt-to-cash flow was manageable at about 7x. Debt service coverage was adequate and sufficient to meet the 1.1x covenant ratio of the series 2011A bonds. Management projects narrow coverage of the 1.1x covenant for fiscal 2026 (unaudited). ECS was comfortably in compliance with its liquidity covenant at fiscal YEs 2025 and 2026 (unaudited). Throughout Fitch's forward-looking scenarios that form the basis of the Financial Profile assessment, ECS's metrics remain at or better than current levels. Fitch could upgrade the ratings by one or more notches to better align them with ECS's financial profile if the school secures a timely three- to five-year charter renewal in 2027. ESG - Group Structure: ECS's viability is contingent on ongoing timely charter renewals, which have been delayed in the past. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to renew the current charter expiring in June 2027 on a timely basis. - Weakening enrollment. - Deterioration in absolute or relative academic performance. - Sustained DSCR close to or below the 1.1x bond covenant. - Fitch-calculated cash-to-adjusted debt of below 100% and/or debt-to-cash flows greater than 7x, including in Fitch forward-looking scenarios. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Non-contested and timely charter renewal in 2027 for at least a three-year term, with maintenance of current academic, enrollment, operating and leverage metrics. - Consistent Fitch-calculated cash flow margins approaching 18% or higher that are expected to remain at the higher level in Fitch forward-looking scenarios. PROFILE ECS opened in 2003. A CEO with experience at high-performing charter schools joined ECS in 2023. After implementing new technology and accountability standards leading to academic improvement, his successor, Nicole Gugliuzza took the helm in September 2025. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Enterprise Charter School, NY. ESG Considerations Enterprise Charter School (NY) has an ESG Relevance Score of '5' for Group Structure because the entity's viability is contingent on ongoing timely charter renewals, which have been delayed in the past, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in a lower rating. 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. ESJ TOWERS: Court Upholds Dismissal of Mikhail, et al., Case ------------------------------------------------------------ Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico denied the motion for reconsideration filed by Magdy Mikhail and Olga Garcia-Mikhail with respect to the confirmation of ESJ Towers, Inc.'s Chapter 11 plan in the adversary proceeding captioned as MAGDY MIKHAIL; OLGA GARCIA-MIKHAIL, Plaintiffs vs. FORTALEZA EQUITY PARTNERS 2, LLC; FORTALEZA HOSPITALITY L.L.C.; FORTALEZA ESJ, L.L.C.; ESJ TOWERS VACATION CLUB LLC; BLACK BRIAR PUERTO RICO LIMITED LIABILITY COMPANY; BLACK BRIAR ADVISORS LLC; and ESJ TOWERS, INC., Defendants, ADVERSARY NO. 25-00005 (Bankr. D.P.R.). The present adversary proceeding is before the court upon the motion for reconsideration filed by plaintiffs requesting that the Opinion and Order and Judgment entered on February 24, 2026 be reconsidered and vacated under Fed. R. Civ. P. 59(e), that plaintiffs be allowed to file an amended complaint, and that the motions to dismiss filed by Fortaleza Equity Partners 2, LLC ("Fortaleza Equity"), Fortaleza Hospitality L.L.C. ("Fortaleza Hospitality"), Fortaleza ESJ, L.L.C. ("Fortaleza ESJ"), and ESJ Towers Vacation Club LLC ("ESJ Towers Vacation Club", and jointly with Fortaleza Equity, Fortaleza Hospitality and Fortaleza ESJ, "Fortaleza"), Black Briar Puerto Rico LLC ("Black Briar PR") and Black Briar Advisors LLC ("Black Briar Advisors", and jointly with Black Briar PR, "Black Briar"), and ESJ Towers, Inc. ("Debtor", and jointly with Fortaleza and Black Briar, the "Defendants") be denied because Plaintiffs' claims arise directly from the administration of the bankruptcy case and the interpretation of this court's own orders. The court finds that the motion for reconsideration presents no newly discovered evidence to warrant reconsideration of prior findings, and identifies no manifest error of law. The court declines to revisit its decision dismissing this action, and reaffirms its prior conclusion, that is: In this case, pursuant to Paragraph 8.1 of the confirmed plan, "all unexpired leases, executory contracts and other contracts which (i) have not expired by their own terms on or prior to the Confirmation Date, (ii) have not been assumed and assigned to the purchaser of Debtor's assets, as indicated in the APA, prior to the Effective Date, shall be deemed rejected." Pursuant to Paragraph 8.2 of the confirmed plan, "if the rejection results in a claim for damages any claim for such damages, if not evidenced by a filed proof of claim, shall be forever barred and shall not be enforceable against Debtor, or its properties or agents, successors, or assigns, unless a proof of claim is filed with the Bankruptcy Court." The record does not reflect that the Agreements for Intervals 1264-29 and 1467-30 were formally assumed and/or assumed and assigned prior to plan confirmation or as part of the sale of Debtor's assets; that a proof of claim was timely filed by Plaintiffs in accordance with the terms of the confirmed plan; that Plaintiffs objected to either confirmation or the sale of Debtor's assets; or, that Plaintiffs petitioned the court for Debtor to assume or reject Intervals 1264-29 and 1467-30 within a specific time, or for adequate assurance of future performance. The record does reflect that both confirmation and the sale of Debtor's assets was consensual; that if unexpired leases, executory contracts and other contracts were not assumed and assigned prior to the closing of the sale, such agreement was deemed rejected under the terms of the Confirmation Order, the Plan, the Sale Order, and the APA. These facts, taken together, evince that Intervals 1264-29 and 1467-30 were deemed rejected under the terms of the confirmed plan, which has res judicata effect. To the extent Counts I, II, III, and IV seek relief against the Debtor in connection with the rejection of Intervals 1264-29 and 1467-30, which are barred under the Amended Bidding Procedures Order, Paragraph 8.2 of the Plan, the Confirmation Order, the Sale Order, and the APA, and the assets are no longer property of the Debtor or the bankruptcy estate, they fail to state a claim for which relief may be granted under Fed. R. Civ. P. 12(b)(6). As such, Counts I, II, III, and IV are dismissed with respect to the Debtor. To the extent Count I seeks relief against (i) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club in connection with the rejection of Intervals 1264-29 and 1467-30, which are barred under the Amended Bidding Procedures Order, Paragraph 8.2 of the Plan, the Confirmation Order, the Sale Order, and the APA, they fail to state a claim for which relief may be granted under Fed. R. Civ. P. 12(b)(6). As such, Count I is dismissed with respect to (i) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club. To the extent any remaining counts seek relief against non-debtor third parties, namely (i) Fortaleza Equity, (ii) Fortaleza ESJ, (iii) ESJ Tower Vacation Club, (iv) Fortaleza Hospitality, (v) Black Briar PR, and (vi) Black Briar Advisors on account of alleged contractual or statutory vacation club membership rights under the Puerto Rico Vacation Ownership Act, this court is moved to exercise its discretion to permissively or discretionally abstain under 28 U.S.C. Sec. 1334(c)(1). The effect or lack thereof of any remaining counts on the administration of the Debtor's bankruptcy estate and/or the confirmed plan also moves this court to abstain. The foregoing does not bar Plaintiffs from pursuing their claims against the non-debtor parties in accordance with Puerto Rico law. A copy of the Court's Opinion and Order dated July 22, 2026, is available at https://urlcurt.com/u?l=6uD8M9 from Pacermonitor.com. About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as $50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsels; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The Court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. ESJ TOWERS: Court Upholds Dismissal of Wincig, et al., Case ----------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico denied the motion for reconsideration filed by Owen Wincig, Regina Wincig, Kyle Wincig, Ryan Wincig and Tyler Wincig with respect to the confirmation of ESJ Towers, Inc.'s Chapter 11 plan in the adversary proceeding captioned as MAGDY MIKHAIL; OLGA GARCIA-MIKHAIL, Plaintiffs vs. FORTALEZA EQUITY PARTNERS 2, LLC; FORTALEZA HOSPITALITY L.L.C.; FORTALEZA ESJ, L.L.C.; ESJ TOWERS VACATION CLUB LLC; BLACK BRIAR PUERTO RICO LIMITED LIABILITY COMPANY; BLACK BRIAR ADVISORS LLC; and ESJ TOWERS, INC., Defendants, ADVERSARY NO. 25-00006 (Bankr. D.P.R.). The present adversary proceeding is before the court upon the motion for reconsideration filed by plaintiffs requesting that the Opinion and Order and Judgment entered on February 24, 2026 be reconsidered and vacated under Fed. R. Civ. P. 59(e), that plaintiffs be allowed to file an amended complaint, and that the motions to dismiss filed by Fortaleza Equity Partners 2, LLC ("Fortaleza Equity"), Fortaleza Hospitality L.L.C. ("Fortaleza Hospitality"), Fortaleza ESJ, L.L.C. ("Fortaleza ESJ"), and ESJ Towers Vacation Club LLC ("ESJ Towers Vacation Club", and jointly with Fortaleza Equity, Fortaleza Hospitality and Fortaleza ESJ, "Fortaleza"), Black Briar Puerto Rico LLC ("Black Briar PR") and Black Briar Advisors LLC ("Black Briar Advisors", and jointly with Black Briar PR, "Black Briar"), and ESJ Towers, Inc. ("Debtor", and jointly with Fortaleza and Black Briar, the "Defendants") be denied because Plaintiffs' claims arise directly from the administration of the bankruptcy case and the interpretation of this court's own orders. The court finds that the motion for reconsideration presents no newly discovered evidence to warrant reconsideration of prior findings, and identifies no manifest error of law. The court declines to revisit its decision dismissing this action, and reaffirms its prior conclusion, that is: In this case, pursuant to Paragraph 8.1 of the confirmed plan, "all unexpired leases, executory contracts and other contracts which (i) have not expired by their own terms on or prior to the Confirmation Date, (ii) have not been assumed and assigned to the purchaser of Debtor's assets, as indicated in the APA, prior to the Effective Date, shall be deemed rejected." Pursuant to Paragraph 8.2 of the confirmed plan, "if the rejection results in a claim for damages any claim for such damages, if not evidenced by a filed proof of claim, shall be forever barred and shall not be enforceable against Debtor, or its properties or agents, successors, or assigns, unless a proof of claim is filed with the Bankruptcy Court." The record does not reflect that the Agreements for Intervals 1264-29 and 1467-30 were formally assumed and/or assumed and assigned prior to plan confirmation or as part of the sale of Debtor's assets; that a proof of claim was timely filed by Plaintiffs in accordance with the terms of the confirmed plan; that Plaintiffs objected to either confirmation or the sale of Debtor's assets; or, that Plaintiffs petitioned the court for Debtor to assume or reject Intervals 1264-29 and 1467-30 within a specific time, or for adequate assurance of future performance. The record does reflect that both confirmation and the sale of Debtor's assets was consensual; that if unexpired leases, executory contracts and other contracts were not assumed and assigned prior to the closing of the sale, such agreement was deemed rejected under the terms of the Confirmation Order, the Plan, the Sale Order, and the APA. These facts, taken together, evince that Intervals 1264-29 and 1467-30 were deemed rejected under the terms of the confirmed plan, which has res judicata effect. To the extent Counts I, II, III, and IV seek relief against the Debtor in connection with the rejection of Intervals 1264-29 and 1467-30, which are barred under the Amended Bidding Procedures Order, Paragraph 8.2 of the Plan, the Confirmation Order, the Sale Order, and the APA, and the assets are no longer property of the Debtor or the bankruptcy estate, they fail to state a claim for which relief may be granted under Fed. R. Civ. P. 12(b)(6). As such, Counts I, II, III, and IV are dismissed with respect to the Debtor. To the extent Count I seeks relief against (i) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club in connection with the rejection of Intervals 1264-29 and 1467-30, which are barred under the Amended Bidding Procedures Order, Paragraph 8.2 of the Plan, the Confirmation Order, the Sale Order, and the APA, they fail to state a claim for which relief may be granted under Fed. R. Civ. P. 12(b)(6). As such, Count I is dismissed with respect to (i) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club. To the extent any remaining counts seek relief against non-debtor third parties, namely (i) Fortaleza Equity, (ii) Fortaleza ESJ, (iii) ESJ Tower Vacation Club, (iv) Fortaleza Hospitality, (v) Black Briar PR, and (vi) Black Briar Advisors on account of alleged contractual or statutory vacation club membership rights under the Puerto Rico Vacation Ownership Act, this court is moved to exercise its discretion to permissively or discretionally abstain under 28 U.S.C. Sec. 1334(c)(1). The effect or lack thereof of any remaining counts on the administration of the Debtor's bankruptcy estate and/or the confirmed plan also moves this court to abstain. The foregoing does not bar Plaintiffs from pursuing their claims against the non-debtor parties in accordance with Puerto Rico law. A copy of the Court's Opinion and Order dated July 22, 2026, is available at https://urlcurt.com/u?l=Rgoo7A from Pacermonitor.com. About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as $50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsels; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The Court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. FAMILY DOLLAR: S&P Rates Proposed $450MM Senior Secured Notes 'B' ----------------------------------------------------------------- S&P Global ratings assigned its 'B' issue-level rating and '4' recovery rating to Family Dollar Stores LLC's proposed $450 million senior secured notes. This offering is part of the financing to fund a shareholder distribution and to refinance its existing debt. S&P said, "The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a default. The proposed senior secured notes will be pari passu with and rated the same as the $400 million term loan announced last week. "Our 'B' issuer rating reflects Family Dollar's limited track record of its turnaround and pro forma S&P Global Ratings-adjusted debt to EBITDA of low-4x. We estimate leverage will stay low-4x in 2026 before improving to high-3x in 2027 on profitability gains from its margin-improvement initiatives. Our base case assumes Family Dollar could deleverage beyond 2027 on modest profitability gains; however, we also see potential that it could undertake a debt-funded dividend, given its private-equity ownership and recent propensity for returning capital to shareholders. "The 'B' rating also reflects that in the proposed capital structure, reported free operating cash flow (FOCF) will likely remain negative in 2026, excluding one-time working capital inflows from inventory reductions, due to its thin profit margins and the necessary capital expenditure (capex) to maintain its store base. We forecast the company's reported FOCF (normalized for inventory benefits) will turn positive but remain relatively low in 2027. "We believe Family Dollar's credit strengths, including its convenience, mid-range price point, and broad necessity-driven merchandise, are more than offset by the challenges to its core customer and previous operational and strategic missteps. In our view, operating as a stand-alone entity (following its acquisition by Brigade Capital and Macellum Capital in July 2025) will enable the company to pursue a more streamlined strategy and better align its merchandising with its specific customer base. "We think Family Dollar's everyday value model will support stable demand and ongoing initiatives to increase its profitability over the next two to three years. However, realizing these benefits will entail execution risk, and it has a limited track record following its spin-off from Dollar Tree." FANNIE MAE & FREDDIE MAC: D.C. Circuit Upholds $812M Jury Verdict ----------------------------------------------------------------- The U.S. Court of Appeals for the D.C. Circuit upheld an $812 million jury verdict in favor of holders of preferred shares issued by Fannie Mae and Freddie Mac in a written decision released on Friday, July 24, 2026. A copy of the 40-page ruling is available at https://tinyurl.com/2y7vo9q9 at no charge. On appeal, the Federal Housing Finance Agency, the twins' regulator, argued shareholders' claim for a breach of the implied covenant of good faith and fair dealing was unavailable as a matter of law, the shareholders failed to prove they were harmed by the Net Worth Sweep of all GSE profits in perpetuity, and certain shareholders lack standing to bring their claims. "Because these arguments lack merit," the appellate tribunal said, "we affirm the judgment of the district court." "We did not interpret section 4617(f) of the [Housing and Economic] Recovery Act to preclude 'judicial review through cognizable actions for damages like breach of contract'" in Collins v. Mnuchin, the Court continued, reiterating "the Companies' contractual obligations . . . remain in force." "FHFA asks us to reweigh the evidence and to discredit testimony heard by the jury. Because that exceeds the scope of our review," the Court said, "we reject the FHFA's arguments." Further, the Court made clear, the shareholders' covenant breach claims travel with the securities to the current holders of those preferred equity instruments. Shareholders cross-appealed, asserting Judge Lamberth in the District Court should have allowed them to seek restitution or reliance damages totaling $48 billion. The D.C. Circuit said Judge Lamberth's decision rejecting greater damage calculations was correct. FAT BRANDS: Court Confirms Chapter 11 Plan After Creditor Deal -------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that FAT Brands secured confirmation of its Chapter 11 plan Monday after a Texas bankruptcy judge dismissed the remaining objections to the company's proposed post-sale liquidation strategy. The ruling clears the way for the restaurant operator to complete the wind-down of its estates following previously approved asset sales. Under the confirmed plan, the debtor will administer and distribute the proceeds from previously completed asset sales, reconcile creditor claims, and carry out the remaining tasks necessary to conclude the bankruptcy process. The court found that the plan satisfied the confirmation standards set forth in the Bankruptcy Code. FAT Brands entered Chapter 11 amid financial distress and pursued a sale process designed to maximize value for creditors. With confirmation now secured, the company can implement its wind-down strategy, make distributions in accordance with the plan, and ultimately close its bankruptcy cases, the report states. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FLOURISH RESTAURANTS: Claims to be Paid from Continued Operations ----------------------------------------------------------------- Flourish Restaurants, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated July 14, 2026. The Debtor operates a restaurant located at 55 Roswell St., Suite 100, Alpharetta, Georgia 30009. The company started in December of 2011. It moved to this location in May of 2021. Melvin Toledo and Sandra Toledo (the "Toledos") are the managers of Debtor, both of whom work full time in the Debtor's business. Debtor maintains 30 employees and independent contractors. Of the 32 individuals, 27 are paid hourly, 3 are salaried, and 2 are independent contractors. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. "Administrative and General Unsecured Creditors Payment" means the projected disposable income of the Debtor to be received in the three-year-period beginning on the Effective Date of the Plan. The Debtor shall pay the Administrative and General Unsecured Creditors Payment in full satisfaction of its obligations to (i) administrative claims and (ii) Class 8 General Unsecured Claims. Such Administrative and General Unsecured Creditors Payments shall be disbursed as follows: * First, pro-rata to the Holders of an Allowed Administrative Expense Claims, pro rata with all other Allowed Administrative Expense Claims, until all Allowed Administrative Expense Claims are paid in full. Debtor anticipates the following administrative expense claims: (1) Jones & Walden, LLC, as counsel to the Debtor and (2) Tamara Ogier, as Subchapter V Trustee. * Second, all remaining payments shall be paid to the Holders of an Allowed Class 8 General Unsecured Claim, pro rata with all other Allowed Class 8 General Unsecured Claims. Upon confirmation, Debtor will be charged with administration of the Case. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office. Debtor will also file the necessary final reports and may apply for a final decree after substantial consummation at such time as Debtor deems appropriate unless otherwise required by the Bankruptcy Court. The source of funds for the payments pursuant to the Plan is the continued operations of Debtor. A full-text copy of the Plan of Reorganization dated July 14, 2026 is available at https://urlcurt.com/u?l=hXckyA from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas T. McClendon, Esq. Robert H. Warren, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: TMcClendon@joneswalden.com About Flourish Restaurants Flourish Restaurants, LLC, doing business as Foundation Social Eatery, is a restaurant in Alpharetta, Georgia that serves dishes rooted in classic French technique and seasonal ingredients. Founded by Chef Mel Toledo and his wife Sandy, it offers handmade pastas, cocktails and mocktails, and includes an open kitchen and chef's table. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55162) on April 17, 2026. In the petition signed by Sandra Toledo, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Jonathan W. Jordan oversees the case. Thomas T. McClendon, at Jones & Walden, LLC, is the Debtor's legal counsel. FORTUNATO'S ITALIAN: Unsecureds to Split $15K via Quarterly Payment ------------------------------------------------------------------- Fortunato's Italian Restaurant, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated July 14, 2026. The Debtor operated profitably for many years. Unfortunately, the residential area surrounding the Debtor suffered extensive flood damage during Hurricane Milton. As of the Petition Date, many homes still remained vacant. As a result, the Debtor lost a substantial portion of its revenue and no longer had the ability to debt service its obligations. The Debtor instead turned to merchant cash advance loans which further exacerbated the Debtor's cash-flow issues. The Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the Debtor's current and future earnings. This Plan provides for three classes of secured claims; one class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive a pro rata distribution on their allowed claim over five years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 4 consists of General Unsecured Claims. Claimants will be paid their pro rata share of $15,000.00 in sixteen quarterly payments of $3,750.00, without interest, with payments commencing on the first day of the calendar quarter immediately following the one-year anniversary of the Effective Date of the Plan and continuing quarterly thereafter. In the event that this quarter starts less than thirty days after the Effective Date of the Plan, payment shall not commence until the following quarter. Promissory notes will be issued to each creditor in this class with allowed claims to evidence payments, which promissory notes shall be enforceable in any Court of Competent Jurisdiction. The amount of the pro rata distribution will be considered final and binding thirty days after the filing of the Certificate of Substantial Consummation by the Debtor. Class 4 is impaired. Class 5 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor post-confirmation. No distributions will be made to equity until such time as all payments in Class 4 have been made. Vincent Fortunato will continue to manage the Debtor post confirmation. Mr. Fortunato's annual salary will begin at $38,196.00 in Year 1 and increase to $46,427.00 by Year 5. The Plan will be funded by the continued operations of the Debtor. A full-text copy of the Plan of Reorganization dated July 14, 2026 is available at https://urlcurt.com/u?l=2OnYRV from PacerMonitor.com at no charge. Counsel to the Debtor: FORD & SEMACH, P.A. Buddy D. Ford, Esq. Jonathan A. Semach, Esq. 9301 West Hillsborough Avenue Tampa, Florida 33615-3008 Telephone: (813) 877-4669 Office Email: All@tampaesq.com About Fortunato's Italian Restaurant Inc. Fortunato's Italian Restaurant, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03180) on April 16, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Luis Ernesto Rivera II presides over the case. Buddy D Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. FREEDOM MORTGAGE: Moody's Rates New $500MM Unsecured Notes 'B2' --------------------------------------------------------------- Moody's Ratings has assigned a B2 rating to Freedom Mortgage Holdings LLC's (Freedom) proposed $500 million backed senior unsecured notes due in 2032. Freedom's other ratings, including its B1 corporate family rating (, were unaffected by the action. The issuer's outlook is stable. RATINGS RATIONALE Moody's have assigned a B2 rating to the proposed senior unsecured notes, one notch below the company's B1 CFR, based on the debt's priority of claim and strength of asset coverage, as well as Moody's expectations that the company's financial policy is to keep the ratio of secured debt associated with mortgage servicing rights (MSRs) and secured corporate debt to total corporate debt below 50%. As of March 31, 2026, the company's secured debt ratio was approximately 46%. Following the launch of the transaction, Moody's expects the secured debt ratio to remain below 50% with new funding activities. Proceeds from the issuance will be used to pay down MSR facilities. Freedom's B1 CFR is supported by the company's strong capitalization, with tangible common equity to adjusted tangible managed assets of 24.0% as of March 31, 2026, offset by the volatility of the company's through-the-cycle profitability. The stable outlook reflects Moody's expectations that over the next 12-18 months, the company's profitability will be modest, capitalization strong, and its funding and liquidity profiles will be largely unchanged. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Freedom strengthens its profitability, such as by demonstrating a through-the-cycle net income to average assets (ROAA) ratio of above 3.0%. In addition, the company would need to maintain strong capitalization, such as tangible common equity to adjusted tangible assets of around 25%. An upgrade would also likely be contingent upon the company exhibiting strengthened access to the unsecured debt markets that results in improved funding costs in relation to earning-asset yields. The ratings could be downgraded if financial performance deteriorates; for example if Moody's expects the company's tangible common equity to adjusted tangible managed assets to decline and remain below 20%, or profitability deteriorates such that through-the-cycle ROAA is below 2.0%. The senior unsecured bonds could be downgraded if Moody's expects secured corporate debt to total corporate debt to increase and remain above 60%. The principal methodology used in this rating was Finance Companies published in July 2024. FTX TRADING: Judge Advances Binance $1.8B Clawback Case ------------------------------------------------------- Sarah Jarvis of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has permitted FTX's estate to continue pursuing a $1.76 billion clawback lawsuit against Binance and its former CEO, Changpeng Zhao, while dismissing certain portions of the complaint. The ruling preserves the estate's central effort to recover funds allegedly transferred before FTX entered bankruptcy. According to the complaint, the disputed payment arose from Binance's sale of its ownership interest in FTX and was allegedly financed with customer assets during a period when the exchange lacked sufficient financial resources. Binance has denied the allegations and argued that the lawsuit should be dismissed. By allowing the principal claims to proceed, the court cleared the way for the parties to continue litigating the case through discovery and potentially trial. The decision represents another significant step in FTX's broad campaign to recover assets from transactions completed before its 2022 bankruptcy filing, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FULTON SCG: Secured Party Sets July 29, 2026 Public Auction ----------------------------------------------------------- Newmark, on behalf of FULTON SCG II DEBT FUND, LLC, a Delaware limited liability company (the "Secured Party"), will offer for sale at public auction on July 29, 2026 at 12:00 p.m. EDT in connection with a Uniform Commercial Code sale, 100% of the limited liability company membership interests (the "Interests") in and to Fulton SCG Member LLC, a Delaware limited liability company (the "Issuer"), which Issuer is the indirect owner of certain real properties comprised of certain commercial and residential condominium units in the Tangram development (collectively, the "Property"). The Interests are owned by Fulton SCG Development Mezz LLC, a Delaware limited liability company, having its principal place of business at 37-12 Prince Street, #PH2A, Flushing, New York (the "Debtor"). The sale will be conducted in-person in the offices of Kasowitz LLP, 1633 Broadway, New York, New York 10019, and also being broadcast for remote participation via virtual videoconference. The URL address and password for the online video conference will be provided to all confirmed participants that have properly registered pursuant to the Terms of Sale. Parties who do not satisfy the conditions to bid in accordance with the terms hereof and the Terms of Sale will forfeit their opportunity to register and may be banned from bidding. The Debtor has pledged and granted to the Secured Party a first priority lien on and security interest in the Interests pursuant to that certain First Priority Member Interest Pledge Agreement dated as of December 8, 2017. The Secured Party is offering the Interests for sale in connection with the foreclosure on the pledge of such Interests. The Interests are being offered as a single lot, "as-is, where-is", with no express or implied warranties, representations, statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party and each bidder must make its own inquiry regarding the Interests. The winning bidder shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the Interests. The Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids (including without limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party upon prospective bidders in connection with the sale or to whom in the Secured Party's sole judgment a sale may not lawfully be made) and/or terminate or adjourn the sale to another time, without further notice. The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they are purchasing the Interests for their own account for investment not with a view to the distribution or resale of such Interests, to verify that each certificate for the Interests to be sold bears a legend substantially to the effect that such interests have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be disposed of in violation of the provisions of the Securities Act and to impose such other limitations or conditions in connection with the sale of the Interests as the Secured Party deems necessary or advisable, in its sole discretion, in order to comply with the Securities Act or any other applicable law or regulation. All bids (other than credit bids of the Secured Party) must be for cash. Further information concerning the Interests, a detailed description of the Property, the requirements for obtaining information and bidding on the interests and the Terms of Sale can be found at https://tinyurl.com/4tcns6dv FUND FOR SANDY: Seeks to Extend Plan Exclusivity to Sept. 21 ------------------------------------------------------------ The Fund for Sandy Point North Carolina LP asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 21 and Nov. 20, 2026, respectively. The Debtor filed its voluntary Chapter 11 petition on March 25, 2026 (the "Petition Date"). The Debtor requests that the period in which it has the exclusive right to file a Plan of Reorganization under Section 1121(b) of the Bankruptcy Code and the acceptance period under Section 1121(c)(3) of the Bankruptcy Code each be extended for a period of approximately sixty days. The Debtor asserts that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. The Fund for Sandy Point North Carolina LP is represented by: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Carpenter, Esq. HENDREN, REDWINE & MALONE, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Telephone: (919) 573-1422 Facsimile: (919) 420-0475 Email: jhendren@hendrenmalone.com redwine@hendremmalone.com bwaller@hendrenmalone.com lcarpenter@hendrenmalone.com About The Fund for Sandy Point North Carolina LP The Fund for Sandy Point North Carolina LP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01339) on March 25, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge David M. Warren oversees the case. Hendren, Redwine & Malone, PLLC, is serving as the Debtor's legal counsel. GABBY INVESTMENT: Seeks to Use Cash Collateral Until September -------------------------------------------------------------- Gabby Investment, LLC asked the U.S. Bankruptcy Court for the Western District of Massachusetts for authority to use cash collateral. The Debtor's bankruptcy filing was originally prompted by an inability to reach an agreement with a lender regarding the sale of one of its three income-producing properties located in Lawrence, Massachusetts. These properties include 72-74 Jackson Street (valued at $400,000, with a $380,000 mortgage held by Apex Commercial Capital Corp), 19 Sargent Street #21 (valued at $400,000, with a $338,000 mortgage held by RF Boston), and 106 E Haverhill St (valued at $600,000, with a $570,000 mortgage held by Fay Servicing). Because each mortgagee holds an assignment of rents, the rental income derived from these properties constitutes cash collateral, which the Debtor urgently needs to maintain operations as it lacks alternative financing sources. To justify the continued use of this cash collateral through a proposed budget spanning June through September, the Debtor argued that utilizing rental income is essential for preserving estate value and funding necessary property expenses. These expenditures include monthly mortgage payments, property insurance, real estate taxes, municipal charges, utilities, repairs, and general maintenance. As adequate protection for the mortgagees, the Debtor proposed maintaining active property insurance, granting continuing post-petition replacement liens on the properties and rental income equivalent to pre-petition liens, and continuing monthly budget-compliant payments. Additionally, the Debtor sought retroactive approval (nunc pro tunc) for cash collateral payments made without prior court authorization on June 30, which consisted of $4,953 to Apex Commercial Capital and $4,325 to Fay Servicing. The Debtor explained that these payments were made inadvertently without proper court approval to cover ordinary expenses, maintain estate preservation, and provide adequate protection, causing no prejudice to any party in interest. A court hearing is scheduled for August 20. The Debtor initially sought court approval to use cash collateral on July 14. The court denied the request without prejudice on July 17. A copy of the motion is available at https://urlcurt.com/u?l=hyb51s from PacerMonitor.com. About Gabby Investment LLC Gabby Investment, LLC is a privately held investment and asset-holding company engaged in the ownership, management, and administration of investment-related assets and business interests. Gabby Investment sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40673) on June 5, 2026, with assets of between $1 million and $10 million and liabilities of between $500,001 and $1 million. Stephen Darr serves as Subchapter V trustee. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Marcus L. Scott, Esq., at ScottCollins, LLP. GALAXY HELIOS II: Fitch Assigns 'BB-(EXP)' IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has assigned an expected Long-Term Issuer Default Rating (IDR) of 'BB-(EXP)' to Galaxy Helios Data Centers II LLC and to Galaxy's proposed senior secured notes. The Rating Outlook is Stable. The Rating reflects the data center's contracted revenue profile anchored by a 15-year lease agreement with CoreWeave, Inc. (BB-/Positive). Debt can fully amortize within the initial lease term, which mitigates renewal risk despite its more remote location. The rating also reflects risks related to the issuer's ability to raise additional debt for expansion or new data center developments. Future projects could face elevated completion risk due to currently unknown budgets and construction schedules. In addition, the financing documents allow the lease to be entered into with a counterparty that has an enterprise value or market capitalization of more than $50 billion, without any minimum credit quality requirement, which could introduce incremental counterparty risk. Fitch's rating case, which reflects a reasonable downside scenario, results in a project life coverage ratio (PLCR) of 1.23x in 2031, the year of assumed refinancing and includes the loan-to-cost (LTC) regearing upon completion to 93.75%. Although coverage metrics are consistent with a higher rating, the rating remains capped by CoreWeave's credit profile and constrained by a weaker debt structure. KEY RATING DRIVERS Completion Risk - Stronger The completion risk assessment benefits from relatively straightforward construction for the data center building, as well as an experienced contractor, HITT Contracting. A full guaranteed maximum price (GMP) contract is in place with approximately 97% of total costs locked in either through the GMP or through executed purchase orders. While the contractor does not provide a strong security package for its replacement or unavoidable delay costs, this is meaningfully offset by the contractor's proven track record in timely data center project delivery as well as upfront funded six months debt service reserve account and reasonable contingencies at the project level to cover delay costs and any potential rent credits. The lender's technical advisor (LTA) has opined that the schedule is reasonable and achievable. If delays occur, acceleration measures such as overtime or Sunday work are available, with no major labor availability concerns. Termination rights for delay are a standard 180 days with extension for force majeure up to another 180 days, though the lease does also allow for rent credits for delay. Supply Risk - Midrange The project is exposed to power delivery risk, as power for the buildings will be delivered by a substation which is to be constructed by Galaxy through contractor Saber Power. The substation will distribute power from the existing and energized utility-owned Cottonwood Switching Station to the buildings. Galaxy has executed an 800 MW interconnection agreement with AEP for the construction and maintenance of interconnection facilities to connect the campus to the ERCOT transmission network; these are already constructed, energized, and serving the Helios campus. Galaxy has an existing Master Electric Energy Services Agreement in place with Mothership, a retail electricity provider, and will be entering into a distinct transaction confirmation for the HEL03 and HEL04 buildings. Permanent substation energization is expected in the November-December 2026 time frame, ahead of the RFS date of 2Q27, for the first data hall. Revenue Risk - Stronger Revenue risk for Galaxy Helios Data Centers II LLC is considered Stronger, supported by a fully pre-leased 260 MW critical IT load under a 15-year lease to CoreWeave, with two five-year extension options and CPI-linked escalation, with a floor of 3% and a ceiling of 5%. Base rent is based on a yield on cost mechanism at 14.5% of construction costs up to a cap of $3.7 billion. Although the actual construction costs are expected to exceed the cap and the overrun will not be subject to rentalization, funding is based on this higher capex budget and rent remains more than sufficient to cover debt service. Based on the actual budget of $3.9 billion, rent represents an effective 13.7% gross yield on cost. The debt can fully amortize within the initial 15-year lease term based on Fitch's rating case assumptions, which reduces reliance on lease renewals and releasing. This mitigates the risk related to the project's location in Afton, TX (outside of Lubbock), which is relatively more remote. The data center market in central and west Texas benefits from accessible land, low energy costs, and a strategic location between both coasts. The development reflects clustering large data centers in secondary locations away from urban areas to serve AI training and inferencing requirements. This model enables the co‐location of massive datasets and achieves significant economies of scale. Operation Risk - Stronger The stronger operation risk assessment reflects the limited, low-complexity scope of operational responsibilities borne by the project with most, but not all, costs passed through under a largely triple-net lease to the tenant. The landlord is responsible for certain personnel costs to operate mechanical, cooling, electrical and administrative functions (outside of the data center white space which contains the network and compute equipment), but costs are relatively minimal. The landlord has engaged Salute, an experienced data center operator, to manage the full scope of critical systems which are subject to service level agreements (SLAs). Certain operating expenses that are deemed controllable by the landlord cannot increase more than 5% annually for the purposes of tenant reimbursement; however, Fitch views the 5% as an adequate cushion for these controllable costs. Infrastructure Development & Obsolescence Risk - Neutral The project will be brand new upon completion. While it faces long-term obsolescence risks due to evolving technology, as a newly built data center Fitch expects maintenance requirements to be minimal in the medium term, with maintenance costs likely to remain low and relatively predictable. Debt Structure - 1 - Weaker The proposed issuance is senior secured notes due 2031, featuring a 4% mandatory amortization. While the project is exposed to refinancing risk in year five, the mandatory amortization schedule reduces the principal that needs to be refinanced, with the remaining debt structured to fully amortize over the residual 10-year lease term. Debt service liquidity includes a six-month debt service reserve account funded on the issue date in addition to funded interest during construction. Debt structure for Galaxy Helios Data Centers II LLC is considered weaker primarily due to debt allowances for additional projects, which is atypical and weaker compared to other project finance structures and introduces additional risk related to potential projects' construction and counterparty risk profiles. Incremental indebtedness for additional projects is subject to an LTC ratio consistent with the original LTC at issuance and either a market lease without material adverse effect or substantially consistent lease terms to the lease with CoreWeave as determined by the issuer in good faith, which should reduce the risk of material degradation in coverage ratios. Despite these restrictions, future projects could face elevated completion risk due to currently unknown budgets and construction schedules. The lack of restrictions on counterparty credit quality so long as an additional project tenant has an enterprise value or market capitalization greater than $50 billion also might introduce incremental counterparty risk. In addition, the debt documents allow additional incremental debt, including regearing to an LTC halfway between the initial LTC and 100% LTC post-completion as well as a 50% NOI basket, which is also relatively weaker. Peer Analysis WULF Compute, LLC (WULF; BB/Stable) is a comparable publicly rated peer developing a 450 MW data center at the Lake Mariner campus in western New York state. The rating is constrained by completion risk and a limited operating track record, with additional risks from the absence of a fixed-price construction contract and an aggressive schedule. The project has a modified gross plus electric (MG+E) lease with Fluidstack for 10 years, with two five-year extension options, and benefits from Google's backstop during the operating phase, which is expected to cover Fluidstack's lease obligations or termination payments sufficient to repay outstanding debt in the event of a Fluidstack default or bankruptcy. The financial profile is strong, with an average debt service coverage ratio (DSCR) of 1.26x over the initial debt term (2026-2036) and a PLCR at maturity (year five) of 1.7x under Fitch's rating case, which incorporates stressed operating costs and escalation. APLD ComputeCo LLC (APLD; BB-/Stable) is another comparable publicly rated peer developing a 150 MW data center building in Ellendale, ND. The 'BB-' rating reflects the data center's contracted revenue profile, also anchored by a 15-year lease agreement with CoreWeave, Inc. The facility benefits from access to low-cost power and is suited for generative AI training and certain inference workloads. However, the region's latency profile is relatively less optimal for low-latency applications such as cloud computing. This limits alternative use cases for the project over the longer term and heightens reliance on the current tenant. APLD's operating phase financial profile is strong, with a PLCR at maturity of 1.56x (2030) under Fitch's rating case, which incorporates reasonable downside stresses. The DSCR through loan maturity in 2030 is 1.04x. The rating also reflects the project's ability to raise additional debt for expansion or new data center developments, which is atypical of project finance structures. Although APLD's PLCR at maturity is consistent with a higher rating, the rating remains constrained by CoreWeave's credit profile, as well as by the project's ability to raise additional debt and the elevated risks associated with any future expansion. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays that exceed allowable times as indicated in the lease terms, leading to potential tenant termination or excessive rent credits; - Degradation of the financial performance leading to PLCR at refinancing below 1.07x; - The rating could be downgraded if any additional project faces elevated completion risk from delays or cost overruns, or if it raises the existing project's completion risk or counterparty risk. - CoreWeave's credit quality falls below 'BB-'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely due to the risk associated with potential additional project debt of unknown terms. Financial Profile The financial profile is strong for the rating, with PLCR at refinancing of 1.23x. These metrics incorporate additional debt allowances for the LTC regearing to halfway between the initial LTC and 100% LTC. Despite financial metrics that could support a higher rating, the rating is constrained by the counterparty's credit quality as well as a weaker debt structure which allows for additional project debt. TRANSACTION SUMMARY The transaction is structured as a senior secured note, which is partially amortizing over a tenor of five years. Construction is split across two buildings, HEL03 and HEL04, each of which supports 130 MW of IT load across four 32.5 MW data halls, for eight total data halls across both buildings. Construction will be happening concurrently across both buildings, although their construction delivery dates and rent commencement are staggered with HEL04's first data hall delivery happening after HEL03's last data hall delivery. Each phase will be operational once completed, though pre-completion revenues from earlier phases are not included in the project's sources of funding. Galaxy's equity contribution has already been fully funded into the project and will remain as of financial close, meaning that there will not be any equity delayed draw risk for the project. The final ratings are contingent on Fitch's receipt of final documents conforming to information already received and reviewed as well as the final pricing of the notes. SECURITY Security consists of first lien on substantially all assets, contracts and cash flows of, and equity interests in, the project. Date of Relevant Committee 22-Jul-2026 PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Galaxy Helios Data Center II LLC's ratings are linked to the IDR of CoreWeave, Inc. Climate Vulnerability Signals The results of its Climate.VS Screener did not indicate an elevated risk for Galaxy Helios Data Centers II 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 ----------- ------ Galaxy Helios Data Centers II LLC LT IDR BB-(EXP) Expected Rating Galaxy Helios Data Centers II LLC/Senior Secured Debt/1 LT LT USD bond/note LT BB-(EXP) Expected Rating GREER EXCAVATING: Court Extends Cash Collateral Access to Sept. 4 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Tennessee, Cookeville Division entered an order authorizing Greer Excavating, LLC to continue using its cash collateral. The court extended the Debtor's authority to use cash collateral through September 4 in accordance with the court-approved budget. Any creditor holding valid liens on the cash collateral will be granted adequate protection through replacement liens on the Debtor's post-petition accounts receivable and related proceeds, maintaining the same validity, priority, and extent as its pre-petition liens. In addition, the Debtor is required to maintain a positive balance in its debtor-in-possession bank account throughout the interim period. The court's order does not determine the validity, priority, or enforceability of any alleged liens or whether specific funds constitute cash collateral. All parties retain the right to challenge lien validity, cash collateral status, or the adequacy of the protection provided. The Debtor is required to file any revised or supplemental cash collateral budget by August 28, if it seeks to continue using cash collateral beyond September 4. A copy of the court's order is available at https://shorturl.at/HzYSN from PacerMonitor.com. A court hearing is scheduled for September 1, with objections due by August 31. The creditors that may assert an interest in the Debtor's accounts receivable are Direct Merchants Funding and NFS Leasing. Direct Merchants Funding filed a UCC-1 financing statement in January 2023 relating to a purported purchase of a percentage of future receivables with a stated maximum indebtedness of $92,000. However, the Debtor said that any obligation associated with that merchant cash advance has already been fully satisfied and that the transaction does not create a continuing lien on existing accounts receivable years later. Meanwhile, NFS filed a UCC-1 financing statement in October 2024, claiming a security interest in all of the Debtor's assets, but after reviewing the underlying financing documents, the Debtor believes that the agreement does not actually grant NFS a security interest in accounts receivable or other cash collateral as required under Tennessee law. About Greer Excavating LLC Greer Excavating LLC is a Crossville, Tennessee-based site preparation and excavation contractor providing excavation, grading, utility installation, and related construction services throughout Middle Tennessee. As of mid-2026, the company remained active on infrastructure projects, including bidding on a $2 million municipal water line project, while maintaining a fleet of heavy equipment and recruiting personnel to support ongoing operations. Greer Excavating LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02384) on June 29, 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 Randal S. Mashburn is overseeing the case. The Debtor is represented by Henry E. Hildebrand, Esq. of Dunham Hildebrand Payne Waldron, PLLC. GRUPO ANTOLIN-IRAUSA: Chapter 15 Case Summary --------------------------------------------- Lead Debtor: Grupo Antolin-Irausa, S.A.U. C/Vitoria numero 307 Burgos 09007 Spain Business Description: Grupo Antolin is a Burgos, Spain-based manufacturer of automotive interior components founded in 1950. The company produces doors and integrated interior products, instrument panels, central consoles, coatings, headliners, vehicle-roof components, and electronic systems including lighting technologies, overhead consoles, smart surfaces, human-machine interfaces, and sun visors. It operates production plants, just-in-time delivery centers, and technical-commercial offices across 23 countries, supplying components to automobile manufacturers. Foreign Proceeding: Proceeding under Spanish Insolvency Law Chapter 15 Petition Date: July 20, 2026 Court: United States Bankruptcy Court Southern District of New York Thirty-six affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Grupo Antolin-Irausa, S.A.U. (Lead Case) 26-11679 Antolin Alabama, LLC 26-11680 Antolin Deutschland GmbH 26-11681 Antolin Interiors Mexico, S.A. de C.V. 26-11682 Antolin Interiors UK Limited 26-11683 Antolin Interiors USA, Inc. 26-11684 Antolin Liban, S.R.O. 26-11685 Antolin Shelby, Inc. 26-11686 Grupo Antolin Tlaxcala, S. de R.L. de C.V. 26-11687 Antolin Silesia Sp. zo.o. 26-11688 Antolin Straubing GmbH 26-11689 Grupo Antolin Turnov S.R.O. 26-11690 Grupo Antolin UK Limited 26-11691 Grupo Antolin North America, Inc. 26-11692 Grupo Antolin Bamberg GmbH & Co. KG 26-11693 Grupo Antolin Ostrava S.R.O. 26-11694 Grupo Antolin Bohemia, A.S. 26-11695 Grupo Antolin-Cuautitlan, S. de R.L. de C.V. 26-11696 Grupo Antolin Bratislava S.R.O. 26-11697 Grupo Antolin Saltillo, S. de R.L. de C.V. 26-11698 Grupo Antolin-Aragusa, S.A.U. 26-11699 Grupo Antolin Sibiu SRL 26-11700 Grupo Antolin Kentucky, Inc. 26-11701 Grupo Antolin Silao, S.A. de C.V. 26-11702 Grupo Antolin Leamington Limited 26-11703 Grupo Antolin South Africa (PTY) Ltd. 26-11704 Grupo Antolin-Eurotrim, S.A.U. 26-11705 Grupo Antolin Logistik Deutschland GmbH 26-11706 Grupo Antolin-Glass, S.A.U. 26-11707 Grupo Antolin-Ingenieria, S.A.U. 26-11708 Grupo Antolin Michigan, Inc. 26-11709 Grupo Antolin Lusitania-Componentes Automovel, Unipessoal, LDA. 26-11710 Grupo Antolin-Plasbur, S.A.U. 26-11711 Grupo Antolin Missouri, LLC 26-11712 Grupo Antolin-RYA, S.A.U. 26-11713 Grupo Antolin-Autotrim, S.A.U. 26-11714 Judge: Hon. Shireen A Barday Foreign Representative: Cristina Blanco Santo Tomas C/Vitoria numero 307 Burgos 09007 Spain Foreign Representative's Counsel: Chad J. Husnick, Esq. KIRKLAND & ELLIS LLP AND KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 E-mail: chad.husnick@kirkland.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WGEICHA/Grupo_Antolin-Irausa_SAU_and_Cristina__nysbke-26-11679__0001.0.pdf?mcid=tGE4TAMA GTCR EVEREST: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed GTCR Everest Borrower, LLC's (dba AssetMark) Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed the company's first-lien term loan and revolving credit facility at 'BB-' rating with a Recovery Rating of 'RR3'. The ratings and Outlook reflect a resilient business model characterized by recurring revenues, strong operating performance, robust EBITDA margins, and positive FCF generation. However, the ratings are constrained by moderate leverage, market volatility, and financial policy considerations associated with sponsor ownership. Key Rating Drivers Moderate Leverage: Following AssetMark's debt-funded dividend recap in July 2025, EBITDA leverage increased to the high-4.0x range at end-2025. Fitch assumes the company may take incremental dividends, which could result in leverage remaining elevated in 2026 in the low-5.0x range before declining toward 4.0x over the forecast period. Fitch views leverage as moderate for the rating category and supportive of AssetMark's credit profile. However, private equity ownership introduces the risk of more aggressive financial policies, including additional debt-funded shareholder distributions, which could pressure credit metrics and constrain further rating upside. Market Risk: AssetMark's revenue and profitability are directly affected by changes in the value of financial market assets or alterations in the mix of platform assets. More than 90% of the company's revenue is based on the market value of assets on its platform, exposing its earnings to market volatility. Additionally, a decrease in interest rates could negatively affect the company's spread-based revenue from customer cash it holds as custodian. However, the company has fixed the interest rate on approximately 60% of the cash generating spread-based revenue, with an average tenure of 2.5 years. Recurring Revenue Model: Fitch believes AssetMark's wealth technology platform and consulting services are highly embedded within advisor clients' ecosystems, making them challenging to replace. Over 95% of the company's revenue is recurring, generated from assets under contract rather than trading activity. The technology that supports both the wealth management and technology platforms is crucial for Independent Broker-Dealers (IBDs) and Registered Investment Advisors (RIAs), with high net and gross retention rates of 97% and 102%, respectively. Furthermore, 80% of the assets managed by advisors have been with the company for more than five years. Margin Expansion: The company has historically achieved solid profitability, with Fitch-adjusted pro forma EBITDA margins in the mid-30% range in 2024 and 2023, and low-40% in 2025, based on EBITDA as a percentage of gross revenues. Fitch expects the company to maintain margins in the low-40% range over the forecast period, supported by ongoing revenue growth and continued cost-reduction initiatives. The company's platform assets have grown at a compound annual growth rate (CAGR) of approximately 17% since fiscal 2020, reaching a pro forma total of USD166 billion as of Dec. 31, 2025, driven by a combination of organic growth and inorganic growth through M&A. Intense Competition: U.S. wealth management is intensely competitive, and AssetMark competes against turnkey asset providers like Orion, SEI, and Envestnet. Many broker-dealers offer proprietary wealth management platforms, while others provide point solutions for specific needs. The industry is shifting to the RIA channel, accounting for 30% of platform assets, potentially pressuring broker-dealer assets (70%). The RIA channel presents a growth opportunity. Fitch views AssetMark's integrated custodian services as a competitive advantage, enabling advisors to switch between IBD and RIA platforms without re-papering clients, ensuring high client retention. Peer Analysis Fitch does not rate any direct peers of AssetMark and assesses its ratings relative to issuers in Fitch's Business Services and broader technology-enabled services universe. Within the 'B+' rating category, Deluxe Corporation (B+/Stable), a payment processing and business technology company, is a relevant comparison, although it is materially larger in scale. Deluxe also benefits from positive and consistent FCF generation, while AssetMark compares favorably on profitability, with materially higher EBITDA margins. Fitch expects Deluxe's leverage to increase to the mid-4.0x range following the recent Celero acquisition. Relative to similarly rated Plano Holdco, Inc. (Perficient; B/Stable), a digital consulting services provider, AssetMark has larger EBITDA scale, stronger EBITDA margins, and lower EBITDA leverage. Fitch’s Key Rating-Case Assumptions - Gross revenue increases in the mid-teens range, driven by higher average AUM resulting from historical growth and acquisitions; - EBITDA margin expands modestly and remains in the low-40% range over the rating horizon; - Working capital remains a modest use of cash flow in the next few years; - Cash tax rate of 26%; - Fitch forecasts M&A totaling $200 million over the four-year forecast period; - Capex intensity forecast in the mid-single-digit range as a percentage of revenue; - Fitch assumes the company may take incremental debt-funded dividends in the future. 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 ('b+', Moderate), company operational characteristics ('bbb-', Lower), profitability ('bb+', Lower), financial structure ('b+', Higher), and financial flexibility ('b+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Fitch assumes GTCR Everest Borrower, LLC would emerge from a default scenario under the going concern approach versus liquidation. Key assumptions used in the recovery analysis are as follows: (i) Going-concern EBITDA: Fitch estimates a going concern EBITDA of approximately $250 million, or meaningfully below the company's current run-rate EBITDA. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch contemplates a scenario in which a sustained decline in financial markets leads to a material reduction in fee-based revenue and impairs AMK's debt-servicing ability. Fitch expects the $306.2 million revolving credit facility to be fully drawn in a recovery scenario and expects 'RR3' recovery on the company's first lien senior secured facilities, which corresponds to a 'BB-' instrument rating. (ii) EV Multiple: 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. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 5.0x; - Competitive pressures or significant market declines, resulting in a decline in platform assets leading to prolonged revenue underperformance; - Shift toward more aggressive capital allocation strategies; - Deterioration of EBITDA margin and FCF margin profile negatively affecting financial flexibility. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will be sustained below 4.0x; - Continued robust accretion of platform assets through net flows or acquisitions that offset any negative impact from market movements along with sustained EBITDA margins and increased scale. Liquidity and Debt Structure Fitch views AssetMark's liquidity position as sufficient, supported by the company's cash balances and availability on the RCF. As of March 31, 2026, the company had a cash balance of $288 million, and the $306 million RCF remains undrawn. The company's debt capital consists of a $1.85 billion first lien term loan facility maturing 2031, and an RCF of $306 million maturing 2029. Issuer Profile GTCR Everest Borrower, LLC (dba AssetMark) operates a wealth management platform for financial advisors with approximately $182 billion of assets on the platform. The platform serves over 9,300 financial advisors and over 341,000 investor households. 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 GTCR Everest Borrower, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- GTCR Everest Borrower, LLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- HAGO PACK: Commences Chapter 11 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 (Case No. 26-13058). According to court filings, the debtor reports between $1 million and $10 million in liabilities, between $0 and $50,000 in assets, and 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 25, 2026 at 02:00 PM at Zoom.us - Schanne: Meeting ID 165 982 28576, Passcode 8486219217, Phone 1 (202) 381-3365. 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 packaging facility specializing in industrial-scale packaging of plastic pellets and powder resins. Its capabilities include form-fill-seal packaging, palletizing, intralogistics, and rail-served distribution with capacity for up to 200 railcars, serving manufacturers throughout the Northeast. Hago Pack Limited Liability Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. 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 case is assigned to the Honorable Ashely M. Chan. The debtor is represented by Kevin D. McGowan Jr., Esq., of Silverang, Rosenzweig & Haltzman, LLC. Holly Smith Miller, Esq. is appointed as Subchapter V Trustee. HIGHPOINT ASSOCIATES: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Highpoint Associates VI, LLC 84-53 Dana Court Queens, NY 11379 Business Description: Highpoint Associates VI, LLC owns a multifamily apartment building at 84-53 Dana Court in Queens, New York, and a row of commercial properties with one- and two-family apartments above at 63-28 through 63-32 Woodhaven Boulevard in Queens. Chapter 11 Petition Date: July 13, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-43372 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Lee E. Buchwald as chief restructuring officer. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JVKBAYY/Highpoint_Associates_VI_LLC__nyebke-26-43372__0001.0.pdf?mcid=tGE4TAMA HOWARD MIDSTREAM: Fitch Rates New Sr. Unsecured Notes 'BB-' ----------------------------------------------------------- Fitch Ratings has assigned Howard Midstream Energy Partners, LLC's proposed senior unsecured notes a 'BB-' rating with a Recovery Rating of 'RR4'. Howard plans to use the net proceeds to repay a portion of its revolver balance and general corporate purposes. Howard acquired the remaining 50% interest in Midship in May 2026 from EIG and acquired a small G&P asset in Oklahoma. The acquisitions, including repayment of the Midship debt, were funded by revolver draws and sponsor equity. These transactions enhance Howard's size and scale and support its existing cash flow profile of over 40% driven by long-term revenue assurance type contracts. Leverage is forecast to remain in line with Fitch's prior expectations of about 4.5x in 2026 pro forma the transactions, declining to about low 4.0x in 2027 and beyond. Fitch has reviewed preliminary terms for the proposed transaction, and the assigned ratings assume no material variations in the final terms. Key Rating Drivers Credit Neutral Transactions: The debt-funded Midship and Oklahoma G&P acquisitions, combined with an expected sponsor equity injection, will keep Howard's leverage in line with Fitch's expectations. Midship is nearly 85% contracted under long-term take-or-pay (TOP) contracts with credit worthy counterparties. The remaining capacity is consistently placed on short-term and interruptible service, resulting in strong utilization. The G&P assets are volume- exposed and have some commodity price exposure. However, Midship's larger size outweighs the impact of the G&P asset's acquisition on cash flow profile. Measured Capital Allocation Policy: Howard is expected to generate strong operating cash flow that, along with revolver draws, should fund growth capital. Maintaining leverage within the 3.5x-4.0x management target (which differs from Fitch's calculations) depends on funding mix and distribution policy. Distributions are expected to remain suspended during growth initiatives. Fitch expects Howard to fund growth prudently and maintain leverage within its target range. The sponsors are expected to remain supportive of growth while maintaining balance-sheet strength. Modest Increase in Size: Howard's recent acquisitions and growth projects further enhance its size and scale. Fitch expects annual EBITDA around $450 million. These initiatives have expanded Howard's footprint across the U.S. Gulf Coast, Anadarko, Eagle Ford, and Permian basins. Most of these are high-quality with supportive regulatory and political environments. This further supports Howard's business and regional diversity, which is strong for its size. Greater scale improves business risk, offsetting the near-term high leverage. Volumetric Risk Prevails: About 95% of Howard's EBITDA is expected from long-term fixed-fee contracts, including acreage dedications and revenue-assurance type minimum volume commitment (MVC) or TOP agreements, which limit commodity price risk. Newly acquired assets and the Outer Loop project add meaningful MVCs, offsetting expiries and roll-downs. Over 40% of EBITDA is expected from revenue assurance type contracts. However, most cash flows still face volumetric risk, creating earnings volatility, especially when natural gas prices soften. Volumes from lean-gas basins like the Eagle Ford and Marcellus are more prone to disruption in weak price environments. Customer Credit Quality: Howard's weighted-average counterparty credit quality (by gross margin) improved with its Midship acquisition, which has long-term contracts with credit-worthy customers. It will further benefit from the Outer Loop project, with 100% of the capacity contracted for 20 years to San Antonio City Public Services (CPS Energy; AA-/Stable). However, Howard has sizeable exposure to high-yield or small private companies deemed high-yield. Counterparty strength is critical to assess risks of nonpayment under MVC contracts and potential volume loss under acreage or volume-dedicated contracts during distress or sector downturns. Supportive Sponsor Relationship: The sponsors approach aligns with Howard. They view the company as a long-term investment and support growth while maintaining balance sheet strength. The suspension of dividends until Howard executes on growth projects now in process and the recent equity injection indicate sponsor support. Peer Analysis Harvest Midstream I, L.P. (BB-/Stable) is a mid-sized midstream partnership with operations spread across multiple oil and gas plays in the U.S. Harvest is larger in size and scale, but has greater exposure to mature, declining basins. It has a smaller portion of cash flows under revenue assurance-type contracts, leading to higher volumetric risks. Both Howard and Harvest are expected to have comparable leverage. Howard's stronger cash flow profile and exposure to more prolific regions are key factors offsetting its relatively modest size and currently elevated leverage compared with Harvest, leading to the same IDRs. Kinetik Holdings, LP (BB+/Stable) is a peer as it operates G&P assets in the Permian basin. Kinetik is much larger in size compared to Howard with EBITDA expected around $1 billion, and though regionally concentrated, it operates in the most prolific oil and gas producing basin in the U.S. Kinetik has a similar percentage of cash flows under MVC contracts, and leverage is also comparable to Howard. Kinetik's larger size and operations in the most prolific basin are the primary drivers of the rating difference with Howard. Fitch’s Key Rating-Case Assumptions - Fitch's oil and gas price deck; - Activity levels in the regions where Howard operates consistent with Fitch's base case price deck; - Base interest rate for the credit facility reflects Fitch's Global Economic Outlook; - Successful execution of growth projects with only modest deviation in budget and timelines; - Distributions from the joint ventures received in accordance with the agreements; - Common dividends remain suspended, and no material transformative debt funded M&A until major growth projects are placed into service. 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 & Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (bb-, Higher), Financial Structure (bb+, Moderate), and Financial Flexibility (bb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage expected to be sustained above 4.5x; - Any event that leads to meaningful uncertainty as to the future performance by top counterparties relative to contracts with minimum payments; - A significant decrease in the percentage of EBITDA coming from TOP or MVC contracts; - Sustained high capital expenditures or a change in financial policy that reduces Howard's credit quality; - Acquisitions or large growth projects not funded in a balanced manner and/or meaningfully increase Howard's overall business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA leverage expected to sustain below 3.5x; - A significant increase in the percentage of EBITDA coming from TOP or MVC contracts and or a meaningful increase in size and scale. Liquidity and Debt Structure Pro forma for the new issuance and repayment of the revolver balance, Howard is expected to have near full availability on its revolving credit facility, net of modest outstanding balance and letters of credit. The company is expected to have modest amount of cash on balance sheet. Howard recently expanded its revolver commitment by $300 million to $1.3 billion, extended the maturity by one-year, and achieved 25 bps reduction in pricing grid. The credit facility is first lien secured and currently matures in 2031. Howard's nearest long-term debt maturity is the $600 million, 7.375% senior unsecured notes due July 15, 2032. Covenants on the credit facility permit a maximum total leverage ratio of 5.0x, stepping up to 5.25x in the 12 months following a material acquisition; senior secured leverage of 3.75x; and a minimum interest coverage ratio of 2.5x. Fitch expects Howard to remain compliant with the covenants in the credit agreement and to maintain adequate liquidity over Fitch's forecast period. The existing Midship debt is amortizing, and replacement of it with a non-amortizing debt reduces debt service, enhancing liquidity, however, also leads to slower deleveraging. Issuer Profile Howard Midstream Energy Partners, LLC is an oil and gas midstream company operating across five distinct regions in the U.S. and has a modest presence in Mexico. Summary of Financial Adjustments Fitch's calculation of adjusted EBITDA excludes equity in earnings from unconsolidated affiliates and includes cash distributions from those unconsolidated affiliates. Fitch consolidates the non-recourse asset level debt at the wholly owned subsidiary HEP Olefins, LP. The values in the above Sensitivities and other metric values in this press release calculated by Fitch is different from management's and bank's calculations. Date of Relevant Committee 05-Feb-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 Howard. 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 ----------- ------ -------- Howard Midstream Energy Partners, LLC senior unsecured LT BB- New Rating RR4 HRONIS INC: Plan Confirmation Hearing Scheduled for August 11 ------------------------------------------------------------- The United States Bankruptcy Court for the Eastern District of California, Fresno, Division has established August 5, 2026 at 5:00 p.m. (Prevailing Pacific Time) (the "Voting Deadline") as the deadline by which Ballots accepting or rejecting the Combined Chapter 11 Plan and Disclosure Statement of Hronis, Inc. and its affiliates (as may be amended, modified and/or supplemented, collectively, the "Plan") must be received. Only holders of Claims in Class 3 (Prepetition Lender Secured Claim), 4(a) (Sun Pacific Undersecured Claim), 4(b) (DLP Funding Undersecured Claim), 4(c) (Peter Hronis Undersecured Claim), and 5 (General Unsecured Claims) under the Plan are entitled to vote on the Plan and will receive ballots to cast such votes. Holders of Unclassified Claims (i.e. Administrative Claims, Professional Fee Claims and Priority Tax Claims), Unimpaired Claims under the Plan (i.e., Classes 1 (Priority Non-Tax Claims) and 2 (PACA Claims)) and Classes that are deemed to reject the Plan (i.e. Classes 6 (Intercompany Claims) and 7 (Equity Interests)) are not entitled to vote on the Plan. A hearing to consider the confirmation of the Plan and for such other and further relief as may be just or proper (the "Confirmation Hearing") will be held on August 11, 2026 at 9:30 a.m. (PT) before the Honorable Rene Lastreto, II, United States Bankruptcy Court for the Eastern District of California (the "Bankruptcy Court"), 2500 Tulare Street Fresno, CA 93721 (which hearing may be held remotely). Objections, if any, to confirmation of the Plan, must (i) be in writing; (ii) state the name, address, and nature of Claim or Interest of the objecting or responding party; (iii) state with particularity the legal and factual basis and nature and any objection or response; and (iv) be filed with the Clerk of the Bankruptcy Court, 2500 Tulare Street, Fresno, CA 93721, and served on the following parties so as to be actually received before July 28, 2026: (a) counsel for the Debtors, Saul Ewing LLP, 1888 Century Park East, Suite 1500, Los Angeles, CA 90067(Attn: Jeffrey C. Hampton, Zev Shechtman, and Turner N. Falk, Esq.) (jeffrey.hampton@saul.com, zev.shechtman@saul.com, and turner.falk@saul.com); (b) counsel for the Committee, Raines Feldman Littrell, LLP 4675 MacArthur Court, Suite 1550, Newport Beach, CA 92660 (Attn: Robert S. Marticello and Stephen M. Mott, Esq.) (rmarticello@raineslaw.com and smott@raineslaw.com) and 30 North LaSalle Street, Suite 3100 Chicago, IL 60602 (Attn: Mark S. Melickian, Esq.) (mmelickian@raineslaw.com); (c) counsel to the Prepetition Lender, Miller Nash LLP, 340 Golden Shore, Suite 450 Long Beach, CA 90802 (Attn: Bernie Kornberg, Brianna Morrison, and Andrew Morton, Esq.) (bernie.kornberg@millernash.com, brianna.morrison@millernash.com, and andy.morton@millernash.com, and Royer Cooper Cohen Braunfeld LLC, 1120 Avenue of the Americas, 4th Floor, New York, NY 10036 (Attn: Marc Hirschfield and Marc F. Skapof) (mhirschfield@rccblaw.com and mskapof@rrcblaw.com; and (d) the United States Trustee, 2500 Tulare Street, Suite 1401, Fresno, CA 93720 (Attn: Peter C. Anderson, Gregory S. Powell, Michael J. Fletcher, and Jared A. Day. Esq.). About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, Calif., that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. Hronis and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. Conterra Agricultural Capital, LLC, as DIP lender, is represented by: Bernie Kornberg, Esq. Andrew Morton. Esq, Brianna Morrison, Esq. MILLER NASH LLP 340 Golden Shore, Suite 450 Long Beach, CA 90802 Telephone: (562) 435-8002 E-mail: andy.morton@millernash.com brianna.morrison@millernash.com - and - Marc Hirschfield, Esq. Marc F. Skapof, Esq. ROYER COOPER COHEN BRAUNFELD LLC 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 994-0451 E-mail: mhirschfield@rccblaw.com mskapof@rccblaw.com HRZN INC: Plan Confirmation Hearing Scheduled for Sept. 8 --------------------------------------------------------- Judge Michael E. Romero of the U.S. Bankruptcy Court for the District of Colorado conditionally approved the Disclosure Statement describing Amended Plan of Reorganization of HRZN, Inc. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Debtor's request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: * Ballots accepting or rejecting the Plan must be submitted by the holders of all claims or interests on or before August 20, 2026 at 5:00 p.m. * August 20, 2026, is the deadline to file and serve any objection to confirmation of the Plan. * September 8, at 9:30 a.m. is the hearing for consideration of confirmation of the Plan and such objections. As shared by the Troubled Company Reporter, the ebtor believes the Plan represents the best alternative for providing the maximum value for the creditors. The Plan allows Debtor to generate ongoing revenues, a portion of which is committed to fund the Plan and pay claims over time. Class 12 consists of those unsecured creditors of the Debtor who hold Allowed Claims that were either scheduled by the Debtor as undisputed, subject to timely filed proofs of claim to which the Debtor does not successfully object, or as otherwise allowed by further order of the Court. The Debtor estimates the total amount of unsecured Class 12 claims, including deficiency claims of secured creditors, at $3,375,147.06. Such amount may increase should the deficiency claims of secured creditors be larger than estimated. Class 12 shall receive an annual pro-rata distribution from the Debtor's deposits into the Creditor Fund equal to 50% of the Debtor's Net Income generated over a five-year period commencing on the first day of the first full month following the Effective Date of the Plan and continuing for an additional five years thereafter ("Repayment Term"). Commencing on the First Anniversary of the Effective Date, the Disbursing Agent shall begin making distributions to the Allowed Class 12 Creditors from the Creditor Fund. Such amounts shall be mailed within thirty days after the first anniversary of the Effective Date and continue annually during the Repayment Term. All payments under the Plan shall be due on or before five years from the Effective Date. Should the funds paid from the Creditor Fund to Allowed Class 12 Creditors equal the balance due to each creditor prior to the end of the Repayment Term, the Debtor's obligations to Allowed Class 12 Creditors shall be deemed satisfied. Based on the estimated distributions and undisputed claims, Class 12 Claimants will receive approximately 26.70% of their allowed claims within Repayment Term. In any event, Class 12 creditors shall not receive more than the amount of their Allowed Claims. Funding of the Plan and the Creditor Fund On the Effective Date of the Plan, the Disbursing Agent will open a separate interest bearing bank account (the "Creditor Fund") for receiving payments from the Debtor as set forth herein, and making distributions to creditors holding Class 12 Allowed Claims. Net Income shall mean the Debtor's income calculated in accordance with Generally Accepted Accounting Principles ("GAAP"), less payments to Allowed Classes of administrative, secured and priority creditors. As a result, Net Income shall mean and be calculated as follows: gross revenues - cost of goods sold - operating expenses - income taxes - payments to administrative claims - payment to secured claims - payments to priority claims - Lease Cure Payments (if any) = net income. Net Income shall not include any depreciation expenses. Gross Revenues shall have the meaning under GAAP which is the total amount of sales recognized for a reporting period, prior to any deductions. The Debtor shall make monthly deposits of 50% of its Net Income into the Creditor Fund during the Repayment Term. A full-text copy of the Disclosure Statement dated May 11, 2026 is available at https://urlcurt.com/u?l=mNQpqv from PacerMonitor.com at no charge. Counsel to the Debtor: BUECHLER LAW OFFICE, LLC K. Jamie Buechler, Esq. 10901 W. 120th Avenue, Suite 130 Broomfield, CO 80021 Telephone: (720) 381-0045 Facsimile: (720) 381-0382 Email: Jamie@KJBlawoffice.com A copy of the Court's Order dated July 14, 2026, is available at https://urlcurt.com/u?l=DUhKb9 from PacerMonitor.com. About HRZN Inc. HRZN Inc. is a Colorado company, founded in 1983, that provides commercial landscaping and grounds maintenance services including lawn care, irrigation, snow removal, and landscape enhancements. It also offers interior plantscaping through its Plant Escape brand, serving businesses, property managers, and commercial clients across the Denver metro area. HRZN Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15925) on Sept. 15, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by K. Jamie Buechler, at Buechler Law Office, LLC. IFTIKAR AHMED: Receiver to Sell Real Property to Bada Bing Farms ---------------------------------------------------------------- Pursuant to 28 U.S.C. Sec. 2001, Stephen M. Kindseth, Esq., solely in his capacity as Court-appointed Receiver in SEC v. Ahmed, 3:15-cv-00675-VD0 (D. Conn.), and not individually, will conduct a private sale of the real property located at 1820 County Route 7, Ancram, NY 12502 to Bada Bing Farms LLC for $2,751,000. The sale is subject to approval by the U.S. District Court for the District of Connecticut. Pursuant to 28 U.S.C. Sec. 2001(b), bona fide offers that exceed the sale price by at least 10% must be submitted to the Receiver within 10 days of the publication of this notice. All offers or inquiries regarding the property or its sale should be made to the Receiver. The Receiver can be reached at: 10 Middle Street, 15th Floor Bridgeport, CT 06604 Phone: (203) 368-4234 E-mail: info@zeislaw.com IN DUE SEASON: Claims to be Paid from Continued Operations ---------------------------------------------------------- In Due Season LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated July 14, 2026. The Debtor is a midwifery-led birth center providing prenatal care, labor and delivery, postpartum care, ultrasound services, and family wellness services. The practice focuses on low to moderate-risk pregnancies in a birth center setting. In or around November 2025, the Debtor switched electronic billing systems which caused a disruption in the Debtor's cash flow while insurance payments and credit card payments migrated to the new system. To assist with cash flow and help alleviate financial stress during this period, the Debtor sought merchant cash advance loans. Ultimately, the Debtor was unable to debt service the merchant cash advance loans and filed the instant bankruptcy. The Debtor's Plan will be funded by the current and future income earned by the Debtor. The Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the Debtor's current and future earnings. Class 7 consists of General Unsecured Claims. Claimants will be paid their allowed claim in full in four quarterly payments of $5,000.00, without interest, with payments commencing on the calendar quarter immediately following the Effective Date of the Plan and continuing quarterly thereafter. In the event that this quarter starts less than thirty days after the Effective Date of the Plan, payment shall not commence until the following quarter. Promissory notes will be issued to each creditor in this class with allowed claims to evidence payments, which promissory notes shall be enforceable in any Court of Competent Jurisdiction. The amount of the pro rata distribution will be considered final and binding thirty days after the filing of the Certificate of Substantial Consummation by the Debtor. This Class is impaired. Class 8 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor post-confirmation. No distributions will be made to equity until such time as all payments in Class 7 have been made. Lucie Bryant will continue to manage the Debtor post-confirmation. Ms. Bryant's annual salary will begin at $60,000.00 in 2027 and increase to $67,530.53 by 2031. The Plan will be funded by the continued operations of the Debtor. A full-text copy of the Plan of Reorganization dated July 14, 2026 is available at https://urlcurt.com/u?l=qI7GHz from PacerMonitor.com at no charge. Counsel to the Debtor: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About In Due Season LLC In Due Season LLC, d/b/a In Due Season Birth Center & Family Wellness, is a midwifery-led birth center providing prenatal care, labor and delivery, postpartum care, ultrasound services, and family wellness services. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla., Case No. 8:26-bk-03193) on April 16, 2026. At the time of the filing, the Debtor estimated assets of between $500,001 to $1 million and liabilities of between $100,001 to $500,000. FORD & SEMACH, P.A., is serving as the Debtor's legal counsel. INSPIRED HEALTHCARE: To Sell Assisted Living to 10875 Settlers -------------------------------------------------------------- Inspired Healthcare Capital Holdings, Inc. and its affiliates, Hanover Propco, LLC and Inspired Senior Living of Hanover LLC, seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. Propco and Opco currently own and lease, as applicable, an assisted living and memory care unit community known as the Salterra at Hanover located at 10875 Settlers Lane Hanover, Minnesota. The real property, together with all buildings, improvements, and appurtenances thereon (Real Property), is owned by Propco. All personal property used in the operation of the residential care facility located on the Real Property, together with the Assigned Contracts (as defined in the APA), are owned by Opco. The Property consists of a 24- unit memory care community and a separate 24-unit assisted living building, housed within two separate two-story, all-studio unit buildings on a 6.444-acre parcel of land. The Debtors currently operate the Hanover Community at an estimated $110,000 a month deficit, which excludes the Debtors’ $36,352 per month debt payment on account of the Loan. On October 7, 2025, after a missed debt payment under the Loan Documents, UBT reached out via e-mail to begin discussions with the Debtors to work on a mutually beneficial solution, which could include an assignment of the Loan to a new operator who would step into the shoes of the Sellers. Following extensive discussions with broker SLIB II, Inc. dba Senior Living Investment Brokerage and UBT regarding the potential sale of the Property and after more than 21 months of marketing efforts, the Buyer emerged as a potential new operator of the Hanover Community, willing to purchase the Property. The Debtors want to sell the Property to 10875 Settlers LLC. The Buyer was only willing to purchase the Hanover Community after conducting diligence, which it was only willing to undertake following entry into a purchase agreement. The Buyer has concluded the 45-day Diligence Period contemplated under the APA and is prepared to work towards closing. Pursuant to the APA, and subject to Court approval, the Sellers seek to sell the Property to the Buyer via a private sale. The Debtors believe the Sale to Buyer serves the best interests of their estates and creditors. The Debtors are currently losing money through the continued operation of the Hanover Community and accruing obligations under the Loan Documents, thus the Sale will reduce estate costs. The Debtors believe the Purchase Price represents the highest and best offer the Debtors would receive for the Property, maximizing value for the Debtors and minimizing any exposure of large asserted claims by UBT on account of the Loan. The Debtors believe that it is the best outcome to maximize value of their estates and to protect the welfare of their residents by ensuring continuity of the living and memory care services provided at the facility. After considerable negotiation, the Sellers, UBT, and Buyer finalized the Asset Purchase Agreement to provide a smooth transition of operations to the Buyer. Additionally, UBT and the Buyer have each agreed to provide $50,000 to cover the Debtors' operating losses of the Hanover Community in advance of the closing of the Sale. The Buyer is particularly suited to maximize the value of the Property and ensure the continued care for the Debtors' residents. The Debtors believe that the Sale achieves a beneficial outcome by safeguarding the stability and continued operation of the Hanover Community and continuing quality care for its residents, maximizing the value of the Property, and cutting off ongoing operational losses. The purchase price of the Property is the assumption by the Buyer of the indebtedness evidenced by the Loan and the Operating Loss Funding. The Debtors submit that Buyer is a "good faith purchaser" within the meaning of Bankruptcy Code section 363(m). The Debtors submit that the Sale of the Property free and clear of liens, claims, interests, and encumbrances satisfies one or more of the requirements under Bankruptcy Code section 363(f). About Inspired Healthcare Capital Holdings LLC 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; Reid Collins & Tsai, LLP as special litigation 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 U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' cases. Greenberg Traurig, LLP and Berkeley Research Group, LLC serve as legal counsel and financial advisor, respectively. The U.S. Trustee also appointed patient care ombudsman to monitor the quality of patient care at the Debtors' senior living facilities. INTERNATIONAL UNION: Unsecureds to Get $3,400 per Year for 5 Years ------------------------------------------------------------------ International Union of Police Associations Local 6020 filed with the U.S. Bankruptcy Court for the Southern District of Florida Plan of Reorganization under Subchapter V dated July 15, 2026. The Debtor is a labor union representing deputy sheriffs and law enforcement personnel in Broward County, Florida, and is affiliated with the International Union of Police Associations. The Debtor operates from premises at 5397 Orange Drive, Suite 201, Davie, Florida, which are provided by the national organization at no cost to the Debtor. The Debtor's officers are active-duty law enforcement personnel compensated primarily by the Broward Sheriff's Office; the Debtor pays them modest monthly stipends. The Debtor commenced this case on April 16, 2026 (the "Petition Date") after a Final Judgment in the amount of $750,000.00 was entered against it on March 6, 2026 in the matter styled Doe v. Voudy (the "Doe Judgment"), which the Debtor is appealing to the Florida Fourth District Court of Appeal (Case No. 4D2026-0865). The Debtor filed this case to avoid the cost of a supersedeas bond, preserve its operating funds and member services, and reorganize while it prosecutes the appeal. The Plan is funded from the Debtor's projected disposable income, the income received by the Debtor that is not reasonably necessary for the continuation, preservation, or operation of the Debtor as a labor organization, including the modest officer stipends and the Debtor's ordinary operating expenses. Based on annual income of approximately $96,000 and the Debtor's operating expenses, the Debtor's projected disposable income is approximately $3,400 per year, which the Debtor will commit to the Plan in equal quarterly installments of approximately $850 over the five-year term of the Plan. The Debtor has a specific account reserved for the Deputy Relief Fund to assist members in need. Class 1 consists of General Unsecured Claims. All Allowed Unsecured Claims against the Debtor, consisting of Bank of Labor ($96.25), Sugarman, Susskind and Braswell ($20,000.00), and the Disputed Doe Judgment Claim ($750,000.00, on appeal). This Class is Impaired. In full satisfaction of the Allowed Class 1 Claims, the Debtor shall distribute its projected disposable income, pro rata, to the holders of Allowed Class 1 Claims over the term of the Plan, in quarterly installments commencing on the first full calendar quarter beginning more than thirty days after the Effective Date. The Debtor commits one hundred percent of its projected Disposable Income to such distributions. No holder of an Allowed Class 1 Claim shall receive more than one hundred percent of its Allowed Claim; any committed Disposable Income remaining after payment of all Allowed Class 1 Claims in full shall revest in the Reorganized Debtor. Consensual Plan Treatment (Section 1191(a)). If the Plan is confirmed as a Consensual Plan, the Debtor shall pay Allowed Class 1 Claims a pro rata share of the Debtor's projected Disposable Income of approximately $3,400 per year, in equal quarterly payments of approximately $850, over a period of five years, disbursed pro rata, with the Doe Judgment Claim's share reserved pending the Doe Appeal. The value to be distributed is not less than the amount Allowed Class 1 Claims would receive in a chapter 7 liquidation. Nonconsensual Plan Treatment (Section 1191(b)). If the Plan is confirmed as a Nonconsensual Plan, the Debtor shall pay Allowed Class 1 Claims all of the Debtor's projected Disposable Income for a period of five years beginning on the date the first payment is due under the Plan, as required by section 1191(c)(2), in equal quarterly payments of approximately $850, disbursed pro rata, with the Doe Judgment Claim's share reserved pending the Doe Appeal. Distribution mechanics for the Doe Judgment Claim: if the Doe Appeal results in the Doe Judgment Claim being Disallowed (in whole or in part), the reserved funds attributable to the Disallowed portion shall be distributed pro rata to the other Allowed Class 1 Claims until paid in full, and any remainder shall revest in the Reorganized Debtor. If the Doe Judgment Claim becomes an Allowed Claim, it shall share pro rata in distributions with the other Allowed Class 1 Claims, including the reserved amounts. The Reorganized Debtor will continue to operate as a labor organization serving its members. Plan Payments will be funded from the Debtor's ongoing member-dues income, committed as projected Disposable Income. A full-text copy of the Plan of Reorganization dated July 15, 2026 is available at https://urlcurt.com/u?l=ZCMkSB from PacerMonitor.com at no charge. Attorney for the Debtor: Chad Van Horn, Esq. Van Horn Law Group, PA 500 N.E. 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Email: Chad@cvhlawgroup.com About International Union of Police Associations Local 6020 International Union of Police Associations Local 6020 is a labor union representing deputy sheriffs and law enforcement personnel in Broward County, Florida, and is affiliated with the International Union of Police Associations. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14757) on April 16, 2026, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Chad T. Van Horn, serves as the Debtor's counsel. JEWELRY DESIGNER: Plan Confirmation Hearing Scheduled for Sept. 17 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York will hold a hearing on Sept. 17, 2026, at 10:30 a.m. before Honorable Elizabeth S. Stong to confirm the Plan of Reorganization of Jewelry Designer Showcase Inc. d/b/a Dannunzio Designed. The deadline for submitting votes on the Plan is Sept. 8, 2026 on or before 5:00 p.m. The deadline to file and serve objections to confirmation of the Plan is Sept. 8, 2026, at 5:00 p.m. As reported by the Troubled Company Reporter, the Debtor's Plan is a reorganizational plan aimed at adjusting its debts in accordance with the Bankruptcy Code. The key highlights of the Debtor's plan include a proposal: (i) to pay New York State Department of Taxation and Finance's secured claim in accordance with the Bankruptcy Code; (ii) to pay the Debtor's disposable monthly income to its general unsecured creditors over three years; and (iii) for equity interests in the Debtor to retain their interests. Class 3 consists of Allowed General Unsecured Claims. The total amount of general Unsecured Claims will be approximately $703,511.09, inclusive of filed Proofs of Claims and the Debtor's Schedules. In full and final satisfaction of these Claims, each Class 3 Claimant shall receive a Pro Rata share of the Debtor's Disposable Monthly Income of their Allowed Claim amount. This Distribution will be paid in equal quarterly installments over a period of three years, commencing on the Effective Date. The Class 3 Claimants are impaired under this Plan and are entitled to vote for the Plan. Class 5 consists of the Allowed Shareholders Unsecured Claims. The total amount of Shareholders Unsecured Claims will be approximately $1,391,475.00, inclusive of filed Proofs of Claims and the Debtor's Schedules. In accordance with section 510(b) of the Bankruptcy Code, because the Shareholders Unsecured Claims arose in connection with the purchase or sale of a security of the Debtor, or of an affiliate of the Debtor, or for damages which arose from the purchase or sale of such security, the Shareholders Unsecured Claims are mandatorily subordinated below the claims of Allowed General Unsecured Claims. Distributions to Class 5 Claimants will be contingent upon Class 3 Claimants receiving one hundred percent of their respective claims. The Class 5 Claimants are impaired under this Plan and are entitled to vote for the Plan. Class 6 consists of Equity Interests in the Debtor. On the Effective Date, all Equity Interest Holders in the Debtor shall retain their existing equity interests in the Debtor. The Equity Interests shall remain unaltered, subject to any modifications necessary to comply with applicable law or the provisions of this Plan. Class 6 Claimants are unimpaired and are not entitled to vote on the Plan. The Plan contemplates that the Debtor will continue to manage and operate its business in the ordinary course but with restructured debt obligations. The Debtor anticipates using profits generated from operations to make its Plan Payments and meet its post confirmation operating expenses. A full-text copy of the Plan of Reorganization dated April 6, 2025 is available at https://urlcurt.com/u?l=LbiRE2 from PacerMonitor.com at no charge. Proposed Attorneys for the Debtor: Rosen, Tsionis & Pizzo PLLC f/k/a Law Offices of Avrum J. Rosen, PLLC Avrum J. Rosen, Esq. Alex E. Tsionis, Esq. Daniel J. LeBrun, Esq 38 New Street Huntington, New York 11743 (631) 423-8527 A copy of the Court's Order dated July 14, 2026, is available at https://urlcurt.com/u?l=08pE94 from PacerMonitor.com. About Jewelry Designer Showcase Jewelry Designer Showcase Inc. is a jewelry designer in Staten Island, N.Y. It conducts business under the name Dannunzio Designed. Jewelry Designer Showcase filed Chapter 11 petition (Bankr. E.D.N.Y. Case No. 25-40076) on January 9, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth S. Stong handles the case. Avrum J. Rosen, Esq., at the Law Offices of Avrum J. Rosen, PLLC, is the Debtor's bankruptcy counsel. JTRE 14 VESEY: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------ Albert Togut, not individually but solely in his capacity as Chapter 11 trustee, and CPIF MRA, LLC ("Lender") submitted a Disclosure Statement describing Plan of Liquidation for W72 Street Partners LLC, a debtor affiliate of JTRE 14 Vesey LLC, dated July 15, 2026. The Debtor owns property real property and improvements thereon known as Unit A. 27- 33 West 72nd Street a/k/a 22-26 West 73rd Street, New York, NY 10023 (the "Property"). An entity called Terzi W 72nd Street LLC owns 40% of the membership interests in the Debtor and the remaining 60% of membership interests are owned by outside investors, each of which own less than 10% of the membership interests. Each of the Debtors is a borrower of a mortgage loan owed to the Lender secured by such Debtor's real property (together, the "Properties"). On October 30, 2024, the Lender filed a motion seeking appointment of a Chapter 11 Trustee in the Debtors' cases (the "Trustee Motion") due to various alleged breaches by Terzi of the Global Settlement. On November 22, 2024, the Court entered an Order Appointing Chapter 11 Trustee. On December 5, 2024, the Court entered an Order Approving the Appointment of a Chapter 11 Trustee by United States Trustee, pursuant to which the Court approved the appointment of Albert Togut as Trustee for the estates of each of the Debtors. On June 23, 2026, the Trustee filed a motion (the "Bid Procedures Motion") requesting, among other things, (a) approval of bidding procedures (the "Bidding Procedures") in connection with the Trustee's sale of the Property, (b) approval of stalking horse bid for the sale of the property for $2,375,000 (the "Stalking Horse Bid"), subject to higher and better offers, and (c) the scheduling of a bid deadline, auction date, and sale hearing (the "Bidding Schedule"). The proceeds from sale of the Debtor's Property (the "Sale Transaction") will exclusively fund the Debtor's Plan. In its Schedules, the Debtor scheduled non-contingent, liquidated, undisputed general unsecured claims totaling $68,215.36. Class 3 consists of General Unsecured Claims. Class 3 Claims are impaired and are not expected to receive any recovery under the Plan based on the expected proceeds from the Sale of the Property. As such, holders of General Unsecured Claims are deemed to reject the Plan and are not entitled to vote to accept or reject the Plan. However, holders of Allowed General Unsecured Claims will receive their pro rata share of any Plan Funds available after full payment of Administrative Claims, Fee Claims, Other Priority Claims, Lender's Claims, and Mechanic's Lien Claims. Class 4 consists of Existing Equity Interests. All Allowed Existing Equity Interests shall be cancelled and Holders of such Interest will receive any remaining funds from the Debtor after all senior classes of are paid in full. Class 4 Interests are impaired and deemed to reject the Plan. The Plan will be funded from the net proceeds of the Sale Transaction for the Property. With respect to such Property, the Broker has conducted a private marketing process that has resulted with an accepted offer to purchase the Property. The Trustee has filed a motion to sell the Property to the proposed purchaser, subject to higher and better offers and the Court has entered the Bidding Procedures Order. In the event that the Trustee receives a qualified offer in accordance with the Bidding Procedures, the Trustee will conduct an Auction of the Property to determine the highest and best bid for it and then will seek final approval of the sale from the Bankruptcy Court in a Sale Order. The Sale Transaction to the Purchaser shall facilitate the transfer of the Property free and clear of all Liens, and the Confirmation Order for the Plan shall authorize the Trustee to sell, transfer and convey the Property to the approved purchaser free and clear of liens, claims and encumbrances, which will attach to the Sale Proceeds in the same order of priority as they attached to the Property. For the avoidance of doubt, Lender shall be deemed a qualified bidder under any bidding procedures established by Broker, and Lender shall have the right but not the obligation to credit bid the full Allowed amount of Lender's Claim against the Debtor in the sale of the Property. Notwithstanding the foregoing, Lender has agreed to the sale of the Property on the terms set forth in the Bidding Procedures. A full-text copy of the Disclosure Statement dated July 15, 2026 is available at https://urlcurt.com/u?l=prim56 from PacerMonitor.com at no charge. Attorneys for Albert Togut: TOGUT, SEGAL & SEGAL LLP Frank A. Oswald, Esq. 550 Broad Street, Suite 1508 Newark, NJ 07102 Tel: (212) 594-5000 E-mail: frankoswald@teamtogut.com Albert Togut, Esq. Eitan E. Blander, Esq. One Penn Plaza, Suite 3335 New York, NY 10119 Tel: (212) 594-5000 E-mail: altogut@teamtogut.com eblander@teamtogut.com Counsel to CPIF MRA, LLC: BENESCH FRIEDLANDER COPLAN & ARONOFF LLP Michael Barrie, Esq. 411 Hackensack Avenue, 3rd Floor Hackensack, New Jersey 07601-6323 Tel. (302) 442-7010 Abbey Walsh, Esq. 1155 Avenue of the Americas, 26th Floor New York, New York 10036 Tel. (646) 777-0053 About JTRE 14 Vesey LLC JTRE 14 Vesey LLC owns, in fee simple, the real property at located at 14 Vesey Street, New York, New York 10007. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-12087) on Feb. 28, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by David Goldwasser, VP of Restructuring. Eric Horn, Esq., at A.Y. Strauss LLC, is the Debtor's legal counsel. KC GLOBAL: Unsecureds Will Get 5.53% of Claims over 5 Years ----------------------------------------------------------- KC Global Network, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement in support of Plan of Reorganization dated July 15, 2026. The Debtor is engaged in the importation, distribution, and sale of sugar products, including cane sugar, refined sugar, and organic sugar products, operating in both California and New Jersey. As reflected in Debtor's financial records, the Debtor generated approximately $13.89 million in sales during the first five months of 2024. However, during the same period in 2025, Debtor's revenues declined significantly to approximately $5.64 million. Debtor attributes this substantial decline in revenue to a series of operational disruptions and external events. Upon opening of the debtor in possession bank accounts, Debtor's promptly resumed and scaled its business operations to generate revenue and preserve going-concern value. Debtor's business model remains intact, and Debtor has the operational capacity to recommence revenue-generating activities with existing customer relationships upon stabilization of its financial and banking operations. Absent continued operations, liquidation of Debtor's assets would result in substantially diminished recoveries for creditors. Debtor anticipates that the restructuring of its obligations will allow it to reestablish cash flow in the ordinary course. The Debtor therefore intends to continue operating in the ordinary course and proposes a reorganization that maximizes value for all stakeholders. This is a reorganization plan. In other words, the Proponent seeks to accomplish payments under the Plan through revenues generated from Debtor's ongoing business operations, which resumed in May 2026 after Debtor established its debtor-in-possession bank accounts, and which are expected to continue throughout the term of the Plan. Class 3 consists of General Unsecured Claims. This class includes all allowed unsecured claims and not entitled to priority under Section 507(a). Each member of Class 3 shall be paid 5.53% of its claim over five years in equal monthly installments, due on the first day of each calendar month, without interest, starting on the Effective Date. The allowed unsecured claims total $10,848,926.07. The percentage is fixed: this Plan is a commitment to pay this percentage regardless of future revenues, expenses, or the total allowed claims. If Debtor is unable to pay this percentage then that will be a default under this Plan. This class is impaired and entitled to vote on confirmation of the Plan. The Plan will be funded primarily through income generated from Debtor's ongoing business operations, which resumed in May 2026 after Debtor established its debtor-in-possession bank accounts. Since resuming operations, Debtor has continued reestablishing its customer relationships and generating revenue in the ordinary course of business. A full-text copy of the Disclosure Statement dated July 15, 2026 is available at https://urlcurt.com/u?l=MFiURD from PacerMonitor.com at no charge. General Bankruptcy Counsel for the Debtor: Shiela Esmaili, Esq. Law Offices of Sheila Esmaili 10940 Wilshire Boulevard, Suite 1600 Los Angeles, CA 90024 Telephone: (310) 734-8209 Facsimile: (877) 738-6220 E-mail: SELaw@BankruptcyHelpLA.com About KC Global Network Based in Woodland Hills, California, KC Global Network, Inc., is a privately held importer and supplier of conventional and organic cane sugar that operates within the wholesale commodity trading and food distribution sectors. The company sources sugar from domestic and international suppliers and distributes bulk products to business customers across the United States, managing import export logistics and supply chain coordination. KC Global Network sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Lead Case 26-10506) on March 11, 2026. In the petition signed by Havri Babakhan Vartanian, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. The Law Offices of Sheila Esmaili is serving as the Debtor's counsel. KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Kennedy Construction Groups, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a seventh interim order granting the Debtor approval to use funds in which Midwest Regional Bank and other secured creditors assert an interest and to use such funds for necessary expenses listed in its budget, subject to a 10% variance per line item. The debtor is prohibited from paying compensation to insiders or professionals without prior court approval and must continue complying with all obligations imposed on a debtor-in-possession under the Bankruptcy Code and court orders. As adequate protection, secured creditors will be granted replacement liens, maintaining the same priority as their pre-bankruptcy liens. In addition, the order requires the Debtor to maintain insurance on its assets and preserves all parties' rights to later request modified protection or restrictions on cash use. It also keeps open the rights of a creditors' committee, should one be appointed, to challenge any liens. The next hearing is scheduled for November 19. The seventh interim order is available at https://shorturl.at/DvM2M from PacerMonitor.com. Kennedy estimates that the collective claims of secured creditors are secured by $304,646.08 in assets consisting of $19,657.20 in cash and $284,988.88 in accounts receivables. Midwest asserts $1.19 million in secured claim. Midwest is represented by: Zina Gabsi, Esq. McGlinchey Stafford 201 East Kennedy Blvd. Suite 1200 Tampa, FL 33602 Phone: (656) 228-0300 Fax: (656) 206-3002 zgabsi@mcglinchey.com dbeauchamp@mcglinchey.com About Kennedy Construction Groups LLC Kennedy Construction Groups, LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. Kennedy Construction Groups sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on April 16, 2026. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KONA COAST: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Kona Coast Venture, Ltd. and Hideout on the Horseshoe, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. The court on July 27 entered an interim order authorizing the Debtors to use cash collateral to fund their operations based on a court-approved budget, subject to a 10% variance per line item. Use of cash collateral is limited to budget line items unless otherwise approved in writing by secured lender MAV WTW Holdings, LLC or ordered by the court. As of the petition date, Kona and Hideout held $286,794 and $76,147 in cash, respectively. Under the interim order, MAV will be granted protection for the Debtors' use of its cash collateral in the form of replacement liens on all of their post-petition assets, and payments in an amount not less than the monthly interest accruing on the principal balance of its promissory notes at the rate of 10% per annum. As of the petition date, the Debtors owed approximately $8.9 million to the lender under three promissory notes originally issued by Moody National Bank in connection with financing totaling more than $12.7 million. The loans are secured by cross-collateralized liens on the Debtors' real and personal properties. Kona owns and operates the Whitewater Amphitheater, one of Central Texas' premier outdoor live music venues, while Hideout operates a 19-cabin resort overlooking the Guadalupe River. Both operations depend on continuous cash flow to fund expenses. The Debtors previously received two purchase offers for the businesses and related real estate. One offer proposes to purchase the properties for $13 million if a restrictive covenant is removed while the alternative offer is for $10 million if the covenant remains. Both offers exceed the approximately $8.9 million owed to the lender, demonstrating that the lender is oversecured and would be paid in full under either transaction, according to the Debtors. Under the interim order, the Debtors are required to close a sale of the Whitewater Amphitheater and other real properties securing the promissory notes no later than October 22. The Debtors' authority to use cash collateral terminates upon the earliest of (i) 14 days after entry of the July 27 interim order (unless extended by agreement or court order); (ii) the final hearing; (iii) the effective date of a confirmed Chapter 11 plan; (iv) dismissal or conversion of either Chapter 11 case; (v) stay relief granted to the lender as to any material collateral; or (vi) five business days after written notice of a material default under the order, unless the default is cured within two business days. The order is available at http://bankrupt.com/misc/KonaCoast_ICCOrder49.pdf The court scheduled a final hearing for August 4 and set an August 3 deadline for filing objections. MAV WTW Holdings, as secured lender, is represented by: Stephen W. Lemmon, Esq. Streusand, Landon, Ozburn & Lemmon, LLP 1801 S. MoPac Expressway, Suite 320 Austin, TX 78746 Phone: (512) 236-9900 Fax: (512) 236-9904 lemmon@slollp.com About Kona Coast Venture Ltd. Kona Coast Venture Ltd. is a New Braunfels, Texas-based entertainment and hospitality company that owns and operates Whitewater Amphitheater, one of Central Texas' premier outdoor live music venues. Situated along the Guadalupe River, the venue opened in 2007 and has become a popular destination for country, rock, Americana, and Texas music performances. Kona Coast Venture Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-51866) on July 7, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Aubrey L. Thomas handles the case. The Debtor is represented by Lynn Hamilton Butler, Esq. of Husch Blackwell LLP. KV TOOLING: Gets Final OK to Use Cash Collateral Until Oct. 3 ------------------------------------------------------------- KV Tooling Systems LLC received final approval from the U.S. Bankruptcy Court for the District of Maine for the continued use of cash collateral Under the final order, the Debtor is authorized to use cash collateral through October 3 in accordance with the approved budget. If the Debtor requires continued use of cash collateral beyond that date, it must file a revised cash plan by September 10, outlining the next proposed 13-week cash collateral period. As adequate protection, Camden National Bank and the subordinate lienholders were granted continuing liens on all post-petition cash collateral, including proceeds and products, with the same validity, priority, and perfection as their prepetition liens under 11 U.S.C. section 552(b). They were also granted replacement liens on substantially all post-petition assets, excluding Chapter 5 avoidance actions, to the extent of any decline in the value of their collateral resulting from the Debtor's use of cash collateral. The final order also includes several additional protections for Camden National Bank. The Debtor acknowledges the validity, amount, priority, and enforceability of Camden's secured claim, waives the estate's right to seek a surcharge against Camden's collateral under 11 U.S.C. Section 506(c), and waives the "equities of the case" exception under 11 U.S.C. section 552(b). These provisions provide enhanced protection for Camden's collateral position during the Chapter 11 proceedings. Events of default include material breaches of the order, misrepresentations in financial reporting, dismissal or conversion of the Chapter 11 case, or failure to file a reorganization plan within 90 days of the petition date. Upon an uncured default, the Debtor's authority to use cash collateral terminates, subject to expedited court review. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/bP2sC from PacerMonitor.com. The court scheduled a hearing for September 24. About KV Tooling Systems LLCC KV Tooling Systems, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mai. Case No. 26-10111) on June 18, 2026, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Brian J. Beland as sole member. Judge Hon. Peter G Cary oversees the case. The Debtor is represented by: Tanya Sambatakos, Esq. Molleur Law Office Tel: 207-283-3777 Email: tanya@molleurlaw.com LEO'S TRIM: Unsecureds to Get Share of Income for 3 Years --------------------------------------------------------- Leo's Trim LLC filed with the U.S. Bankruptcy Court for the Middle District of North Carolina a Plan of Reorganization for Small Business dated July 14, 2026. The Debtor was formed in 2023 by Leodegario Espinoza, the sole member of the Debtor. The Debtor provides painting, drywall and cleaning services for numerous contractors/builders in the surrounding counties. Pre-petition, the Debtor worked primarily with one builder, DR Horton, providing services. DR Horton, pre-petition, withheld funds due and payable to the Debtor. DR Horton continues to withhold approximately $97,690.00 of the Debtor's earned income without legal justification ("DR Horton Receivable"). A demand for the payment of said funds has been made. The withholding of the DR Horton Receivable coupled with the financial hardship led to the Chapter 11 filing. Post-petition, the Debtor has ceased working with DR Horton, but has replaced those revenues and relationship. The Debtor is currently working with five builders and has been able to establish these relationships based on its reputation for providing and producing quality work in the industry. These new relationships will be integral to the success of this reorganization. The final Plan payment is expected to be paid on October 15, 2029. The Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from ongoing business operations. Class 5 consists of General Unsecured Claims. The Debtor anticipates that the Allowed Claims of Class 5 general Unsecured Claims will total approximately $1,048,103.50, assuming all claims, as filed and as scheduled, are allowed. Based on the liquidation value of the estate, the Debtor proposes to pay $25,500.00 to the Class 5 General Unsecured Claims. The Debtor is required to pay to general unsecured claimants its Disposable Income for no less than 3 years from the date that the first distribution is due under the Plan. Exhibit B demonstrates that all but $240,000.00 of the Debtor's income is reasonably necessary to be expended for the payment of expenditures necessary for the continuation, preservation, and operation of the Debtor's business operations. In addition, the Allowed Claims of Class 5 General Unsecured Claims shall receive a pro rata share of 50% of any DR Horton Receivable recovered, as the other 50% is necessary to be expended for the payment of expenditures, necessary for the continuation, preservation and operation of the Debtor's business operation and the costs of recovery of the same. Payment of 50% of the DR Horton Receivable shall be paid to the Allowed Claims of Class 5 within 30 days of receipt of the same. These amounts represent the Debtor's Disposable Income as defined by the Code. The payment to the Allowed Claims of Class 11 General Unsecured Claims shall be $20,000.00 per quarter, shall commence on January 15, 2027, and shall be paid quarterly for each quarter thereafter, on the 15th day of the month following the end of each quarter. The last quarterly payment shall be paid on October 15, 2029. The Debtor will fund payments under the Plan from continued business operations and the DR Horton Receivable. A full-text copy of the Plan of Reorganization dated July 14, 2026 is available at https://urlcurt.com/u?l=oqfpQL from PacerMonitor.com at no charge. Counsel to the Debtor: Samantha K. Brumbaugh, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP P.O. Box 3324 Greensboro, NC 27402 Telephone: (336) 274-4658 Email: skb@iveymcclellan.com About Leo's Trim LLC Leo's Trim, LLC, formed in 2023 by Leodegario Espinoza, provides painting, drywall and cleaning services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-10273) on April 15, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Samantha K. Brumbaugh, at Ivey, Mcclellan, Siegmund, Brumbaugh & McDonough, LLP, is the Debtor's legal counsel. LIA HOSPITALITY: To Sell Chadam Property to Baldevbhai Patel ------------------------------------------------------------ Meredith R. Theisen, Chapter 11 trustee of Lia Hospitality Group LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. On October 4, 2024, Patidar Hotel Management Inc. was appointed as the receiver for the Debtor's real estate located at 3400 N. Chadam Lane, Muncie, IN 47304 and for the personal property and fixtures located at the Real Estate. Patidar continued operating the Debtors hotel operations. The Trustee, in consultation with Patidar and Ash Realty SPE IV, LLC and Merchants Bank of Indiana etermined there were significant cashflow issues and it was not feasible for the Debtor's business to continue operating. The parties decided that the final date of operations of the Debtor's business would be July 15, 2026, which was also the deadline for Patidar to turnover control of the Property to the Trustee. The Real Estate is subject to delinquent real estate taxes that accrued in 2025 and were due and payable on May 10, 2026 in the amount of $36,924.50, plus penalties of $3,692.46 The Real Estate is subject to delinquent stormwater and ditch fees that accrued in 2025 and were due and payable on May 10, 2026 in the amount of $1,522.00, plus penalties of $152.20. The lienholders of the Property are Muncie MMV LLC, Newtek Business Services HOLDCO 6, Inc., U.S. Small Business Administration, and Ravikumar B. Shah. On July 17, 2026, the Trustee entered into the Purchase Agreement for the sale of the Property to Purchaser, Baldevbhai Patel, for the total purchase price of $1,526,000.00. The sale of the Property pursuant to the Purchase Agreement constitutes a sale of all or substantially all of the Debtor's assets. The Purchase Agreement provides that it is an all-cash sale and purchase and that the sale of the Property is NOT contingent upon the Purchaser obtaining financing. The Purchase Agreement further provides that the sale of the Property is NOT contingent upon the Purchaser entering into a franchise or license agreement for the ownership and operation of a hotel on the Real Estate. The Purchase Agreement provides for the sale of the Property, free and clear of all liens, encumbrances, claims and interests; provided however, the Real Estate is to be sold subject to all easements, right of ways, leases (recorded or unrecorded), covenants, restrictions, and all other valid exceptions of record, including but not limited to those Permitted Exceptions listed on Exhibit B to the Purchase Agreement. The Purchaser accepts the Personal Property in its "as-is" condition and acknowledges that to the extent the Personal Property contains personal identifiable information, the Purchaser must protect such information in accordance with the Debtor's policy related to personal identifiable information and/or consistent with such policy standards for the hotel industry. About Lia Hospitality Group LLC Lia Hospitality Group LLC operates the Baymont Inn in Muncie, Indiana, overseeing daily hotel operations, guest services, maintenance, and property management. Lia Hospitality Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-01663) on Mar. 23, 2026. In the petition signed by Chirag Patel, vice president, the Debtor disclosed up to $10 million in assets and up to $10 million in liabilities. Judge Andrea K. McCord oversees the case. Preeti Gupta, Esq., serves as the Debtor's counsel. LIFE STRIDE: Claims to be Paid from Available Cash & Income ----------------------------------------------------------- Life Stride, Inc. filed with the U.S. Bankruptcy Court for the District of Columbia a Subchapter V Plan of Reorganization dated July 14, 2026. The Debtor is a District of Columbia corporation with its principal place of business at 3005 Bladensburg Road NE, Washington, DC. Founded on July 10, 1992, by Gwendolyn Bardwell and her late husband, the Debtor has served the District's behavioral-health community for more than three decades as a provider certified by the District of Columbia Department of Behavioral Health ("DBH"). This case has provided the Debtor with what it could not achieve outside of bankruptcy: an orderly restructuring that avoids an interruption of services to its consumers. Since the Petition Date, the Debtor has continued performing under its DBH contracts and has undertaken an orderly wind-down of its residential program in coordination with DBH. As of the date of this Plan, the Debtor has closed its residential locations at 309 Varnum Street NW, Washington, DC and 1495 Saratoga Avenue NE, Washington, DC. Its two remaining locations, 11 Jefferson Street NE, presently serving six consumers, and 3800 Pope Street SE, presently serving four consumers, are expected to close on or before July 26, 2026, with the consumers residing thereat to be transitioned in coordination with DBH and without interruption of care. Unlike the residential program, the Debtor's community-based service lines do not carry the same fixed occupancy costs and continue to provide a sustainable foundation for the Debtor's operations. Upon completion of the residential wind-down, the Debtor will emerge under this Plan as a more focused and financially sustainable provider of community-based services. This Plan under chapter 11 of Title 11 of the United States Code proposes to pay creditors of the Debtor from the general cash flow of the Debtor. Class 3 consists of all allowed unsecured claims against the Debtor. Class 3 includes, without limitation: (i) claims of persons engaged by the Debtor as independent contractors, including Claim Nos. 1,2,3,5,9, and 13 to the extent reclassified as non-priority claims; (ii) the non-priority portions of the claims of Jerome Lewis ($8,756.37) and Robin Crim ($2,870.92); (iii) claims arising from unexpired leases or the rejection of unexpired leases, including any claim under Claim Nos. 6 and 7, subject to the cap imposed by Section 502(b)(6) of the Bankruptcy Code; (iv) judgment and litigation claims; (v) trade, utility, insurance, and credit card claims; and (vi) any allowed deficiency claim of the Class 1 claimant. Class 3 shall receive quarterly payments for a period of five years, commencing on the first business day of the first calendar month of the first full calendar quarter next succeeding the Effective Date. Such payments shall be disbursed pro rata among holders of allowed Class 3 claims, subject to the other limitations set forth herein, including the provisions governing de minimis distributions. Distributions to Class 3 shall commence only after all allowed administrative expense claims under Section 3.02, priority tax claims under Section 3.03, and Class 2 claims have been paid in full. Class 3 shall receive no distribution in any calendar quarter until those claims have been satisfied in full. Any funds remaining in the quarter in which the final such claim is paid shall be added to the distribution payable to Class 3 in the following calendar quarter. The Plan will be implemented through cash on hand as of the Effective Date and the disposable income generated from the continued operation of the Debtor's business, principally its community-based behavioral health services under the Community Services Contract. The Debtor shall complete the orderly wind-down of its residential group-home operations in coordination with DBH, thereby eliminating the rent, staffing, and other fixed costs associated with those operations and permitting the Debtor to devote the income generated by its continuing operations to the payments required under the Plan. The Reorganized Debtor shall make all payments required under the Plan in the amounts, at the times, and in the order of priority provided in Articles 3 and 4. Payments on the allowed secured portion of SBA's Class 1 claim shall be made separately from operating revenues and shall not reduce the quarterly Plan payments available for administrative expense claims, priority tax claims, Class 2 claims, and Class 3 claims. Except as otherwise provided in the Plan or the Confirmation Order, all property of the estate shall vest in the Reorganized Debtor on the Effective Date, subject to the liens, claims, and interests expressly preserved under the Plan, and the Reorganized Debtor shall be authorized to take all actions necessary or appropriate to consummate and carry out the Plan. A full-text copy of the Subchapter V Plan dated July 14, 2026 is available at https://urlcurt.com/u?l=SnT9Oc from PacerMonitor.com at no charge. Counsel to the Debtor: Christianna A. Cathcart, Esq. THE BELMONT FIRM 1050 Connecticut Avenue, NW Suite 500 Washington, DC 20036 Telephone: (202) 655-2066 E-mail: christianna@dcbankruptcy.com About Life Stride Inc. Life Stride, Inc., based in Washington, D.C., operates group homes and provides mental health care services, including psychiatric treatment, counseling, group therapy, case management, housing support, day programs, substance abuse services, and supported employment. A DC Department of Behavioral Health-certified community service provider, the company serves consumers seeking recovery-focused care and related residential support. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00183) on April 15, 2026. In the petition signed by Leonard Lucas, agent, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth L. Gunn oversees the case. Christianna Cathcart, Esq., at The Belmont Firm, represents the Debtor as legal counsel. LINXS AUTOMATED: Fitch Lowers Rating on $1.2BB Senior Bonds to 'BB' ------------------------------------------------------------------- Fitch Ratings has downgraded the California Municipal Finance Authority's (CMFA) approximately $1.2 billion senior bonds for the LINXS Automated People Mover Project series 2018A and 2018B issued on behalf of LAX Integrated Express Solutions, LLC to 'BB' from 'BB+' and placed the bonds on Rating Watch Negative. The downgrade reflects heightened risks from the limited margin against the upcoming longstop dates due to project delays and rising discord between the project parties over outstanding claims and obligations, even though the project is 99.6% complete and both parties have economic incentives to complete it. The Rating Watch Negative reflects the potential for further delays to breach the current longstop dates, which could trigger a technical event of default. Both parties have publicly stated that they remain committed to completing project. However, recently filed litigation highlights existing discord in the relationship. KEY RATING DRIVERS Completion Risk - Weaker Extended Construction Delays: The project has experienced extended construction delays, prolonged dispute resolution, and difficulties in the parties' working relationship. Significant construction progress has been made, but the project must complete a rigorous testing and commissioning process and is not expected to be completed until late 2026. The project is still undergoing system demonstration and has other remaining items, such as utilities interconnection agreements, that are required to achieve Passenger Service Availability (PSA). This leaves the project in a precarious position with a limited margin of safety before it could breach the lenders' longstop of Oct. 8, 2026, and the project longstop date of Dec. 8, 2026. The design build (DB) contractor members are experienced and have a strong history of successfully working together. However, the project's large-scale, long original construction period, interface risks, and systems integration related to the rolling stock create construction complexities. The contractor-liquidated damages are adequate to cover unavoidable costs from potential future extended delays, and the liquid security provided by the DB contractor, inclusive of the step-up, covers 365 days of delay liquidated damages. Cost Risk - Midrange Contracted Operations, Cost Resiliency: Once completed, the full scope of O&M and renewal works (lifecycle costs) of the APM project will be passed to the O&M joint venture (O&M contractor), which is comprised of affiliates of the equity sponsors and backed by creditworthy parent guarantees. In addition, APM obligations are performed by a highly experienced provider, Alstom, which provides continuity through complete vertical integration and aligns interests. Lifecycle costs are moderate and well defined. The project has no major maintenance reserve account, but a five-year future handback reserve provides additional support. Revenue Risk - Stronger Payments from a Strong Counterparty: Project payments stem from construction milestone payments, additional D&C payments, and availability payments from LAWA. Payment mechanics are consistent with other availability payment (AP) transactions in the U.S. Once operational, APs are split between operating and capital payments. LAWA will pay the first as an operating expense, while capital APs (obligation rated A) will be funded from the discretionary purposes account at the bottom of LAWA's waterfall. Capital payments (70% of total APs) escalate annually at 3%, and operating payments escalate based on a weighted index average. LAWA's payment commitment is not a constraint to a 'BBB' category rating, and the deduction mechanism is defined with ample cure periods for non-performance. Debt Structure - 1 - Midrange Standard Features, Flat Coverage: The debt structure is fixed-rate and fully amortizing, and benefits from a forward- and backward-looking 1.10x equity lockup triggers. These stronger features are offset by a relatively flat DSCR profile and a six-month debt service reserve fund (DSRF), which is funded at the PSA date. Short-term debt will be repaid with the final milestone payment and long-term debt will have a final maturity that is coterminous with the end of the DBFOM agreement. Additional parity debt is permitted if it does not result in a rating downgrade and projected DSCR remains at least 1.15x. Peer Analysis The most comparable Fitch-rated availability-based projects are Purple Line Transit Partners (PLTP; BBB/Stable) and Denver Transit Partners (DTP; A-/Stable). Both projects include the construction of rail projects in major metropolitan areas. PLTP's higher rating reflects more robust cost resiliency (13.1x ROC multiple) and a stronger DSCR profile (1.3x). DTP's higher rating reflects its operational status whereas LINXS and PLTP are still subject to completion risk. DTP's ROC multiple of 7.9x is in line with LINXS's multiple of 7.8x. However, DTP's all-cost breakeven is higher at 33% versus LINXS's at 25% and DTP's rating is supported by a much higher average DSCR of 2.1x compared with LINXS's average DSCR of 1.15x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Rating downgrades of one or several notches would likely occur if there are continued delays in system demonstration or a breach of the established PSA, particularly if there is no approved schedule relief that reduces the risks of a breach of the lenders' longstop and project longstop dates. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Rating Watch Negative could be resolved if system demonstration is achieved, in addition to demonstrated progress on other required steps for achieving PSA; - Rating improvement is unlikely until the project is completed and consistently demonstrates successful operational track record with a stable cost risk profile and financial metrics consistent with a higher rating. Financial Profile Fitch has adopted the sponsor's case as the Fitch base case due to Fitch's confidence in the project's O&M and lifecycle (LC) cost assumptions based on analysis and dialogue with the technical advisor. The model is sculpted to a relatively flat 1.15x DSCR profile. The Fitch rating case incorporates a weighted average ROC of 3.2%, as identified by the LTA. This results in an average DSCR of 1.15x, with minimum coverage of 1.14x. This level is at the lower end for a 'BBB' category rating. The minimum all-cost breakeven of approximately 25% results in a 7.8x multiple of the ROC, which indicates the project's robust ability to withstand stress. SECURITY The bonds are secured by a senior lien on project revenue and all property interests of the borrower. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for LAX Integrated Express Solutions. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- LAX Integrated Express Solutions (TX) LAX Integrated Express Solutions (TX) /Availability Pay Revenues - First Lien/1 LT LT BB Downgrade BB+ LION FORCE: Chapter 15 Case Summary ----------------------------------- Lead Debtor: Lion Force Transport Inc. 27 Automatic Road, Brampton Ontario, Canada Business Description: Lion Force operates as a transportation logistics company serving clients across the Midwestern and Southern United States, as well as Ontario and Quebec. The company is headquartered in Brampton, Ontario, where its principal facility houses administrative offices and truck storage operations. Its fleet assets include approximately 80 trailers located in Texas and Michigan. Foreign Proceeding: Ontario Superior Court of Justice; Court File No. CL-26-00000182-0000 Chapter 15 Petition Date: July 21, 2026 Court: United States Bankruptcy Court Southern District of Texas Three affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Lion Force Transport Inc. (Lead Case) 26-90717 2696942 Ontario Inc. 26-90718 2854233 Ontario Inc. 26-90719 Judge: Hon. Alfredo R Perez Foreign Representative: The Fuller Landau Group Inc., as receiver 151 Bloor Street W 12th Floor Toronto ON M5S 1S4 Canada Foreign Representative's Counsel: John R. Hardin, Esq. ASHURST PERKINS COIE US LLP 500 N. Akard Street, Suite 3300 Dallas, TX 75201 Tel: (214) 965-7700 Email: john.hardin@ashurstperkins.com Estimated Assets: Unknown Estimated Debt: Unknown Full-text copies of the Chapter 15 petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/TDHS22Q/Lion_Force_Transport_Inc__txsbke-26-90717__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/K7OQ4VQ/2696942_Ontario_Inc__txsbke-26-90718__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/P6F2HRI/2854233_Ontario_Inc__txsbke-26-90719__0001.0.pdf?mcid=tGE4TAMA LOS DORADOS: Seeks Court Approval to Hire PM Law PC as Counsel -------------------------------------------------------------- Los Dorados Cargo Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire PM Law PC to serve as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers, and duties as a debtor-in-possession in continuing to operate and manage its business and assets; (b) advise and consult Debtor on the conduct of this Chapter 11 case, including all of the legal and administrative requirements of operating in Chapter 11; (c) attend meetings and negotiations with representatives of creditors and other parties-in-interest; (d) taking all necessary actions to protect and preserve Debtor's estate, including prosecuting actions on Debtor's behalf, defending any action commenced against Debtor, and representing Debtor in negotiations concerning litigation in which Debtor is involved, including objections to claims filed against Debtor’s estate; (e) review the nature and validity of agreements relating to Debtor’s business and property and advise the Debtor in connection therewith; (f) review the nature and validity of liens, if any, asserted against Debtor and advise as to the enforceability of such liens; (g) advise Debtor concerning the actions Debtor might take to collect and recover property for the benefit of its estate; (h) prepare on Debtor's behalf all necessary and appropriate applications, motions, pleadings, orders, notices, petitions, schedules, and other documents, and review all financial and other reports to be filed in the Debtor's Chapter 11 case; (i) advise Debtor concerning, and preparing responses to, applications, motions, pleadings, notices, and other papers which may be filed in the Debtor’s Chapter 11 case; (j) representing Debtor in connection with obtaining authority to continue using cash collateral and post-petition financing; (k) appear before the Court and any appellate courts to represent the interests of Debtor's estate; (l) advise Debtor concerning tax matters; (m) advising Debtor in connection with any potential sale of assets; (n) counsel Debtor in connection with formulation, negotiation and promulgation of a Chapter 11 Plan; (o) litigation with respect to competing plans; and (p) perform all other legal services for and on behalf of the Debtor which may be necessary or appropriate in the administration of its Chapter 11 case. PM Law PC will receive hourly rates of $650 for Members, $450 for Associates, and $375 for Paralegals. The firm will also seek reimbursement of expenses incurred in connection with this Chapter 11 case, subject to Court approval. PM Law PC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Pankaj Malik, Esq. PM LAW PC 14 Penn Plaza 225 West 34th Street, 9th Floor New York, NY 10122 Telephone: (888) 657-5755 Facsimile: (516) 494-0461 E-mail: pankaj@pmlawpcny.com About Los Dorados Cargo Inc. Los Dorados Cargo Inc. is an Elmhurst, New York-based international freight forwarding and courier services provider. The company offers cross-border shipping and logistics solutions, serving customers in more than a dozen Latin American countries, including Panama, Peru, and Venezuela, while also operating a courier location in Jackson Heights, New York. Los Dorados Cargo Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-43341) on July 9, 2026. In its petition, the debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The debtor is represented by Pankaj Malik, Esq., of PM Law PC. LOVERS INDUSTRIAL: Chapter 15 Case Summary ------------------------------------------ Chapter 15 Debtor: Lovers Industrial Corporation B.V. Industriepark Brievengat z/n Curacao Business Description: Lovers Industrial Corporation B.V. operates a Curacao-based food and beverage factory that produces and sells juices, milk, yogurt, shakes, ice cubes, ice cream, and other products. Founded in 1984, the private limited company is organized under the laws of Curacao and maintains its registered office there. Lovers employs approximately 135 people and exports its products to Aruba, Bonaire, and Miami, Florida. Foreign Proceeding: Bankruptcy of Lovers Industrial Corporation, B.V., Case No. CUR202504996 - CUR2025H00388, pending before the Court of First Instance of Curacao Chapter 15 Petition Date: July 21, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-19541 Foreign Representatives: Ms. Barbara M. Nagelmakers and Mr. Arnold Huizing Perseusweg 12 Curacao Foreign Representatives' Counsel: Stephanie Hauser, Esq. LEVINE KELLOGG LEHMAN SCHNEIDER + GROSSMAN LLP 100 SE 2nd Street, 36th Floor Miami, Florida 33131 Tel: (305) 722-8995 E-mail: slh@lklsg.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AAUPWVQ/Lovers_Industrial_Corporation__flsbke-26-19541__0001.0.pdf?mcid=tGE4TAMA LUGANO DIAMONDS: Plan Confirmation Hearing Scheduled for Aug. 31 ---------------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware conditionally approved the Disclosure Statement for the Chapter 11 Plan of Liquidation of Lugano Diamonds & Jewelry Inc. and affiliates. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Debtors' request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: * August 31, 2026, at 11:00 a.m. is the schedule for the Combined Confirmation Hearing for (a) final approval of the Disclosure Statement as containing adequate information and (b) confirmation of the Plan. * August 18, 2026 at 4:00 p.m. is the voting deadline. * August 18, 2026 at 4:00 p.m. is the deadline to object to confirmation and final approval of adequacy of disclosure statement. As reported by the Troubled Company Reporter, under the Plan, Administrative Claims, Priority Claims, and Other Secured Claims, and Priority Tax Claims will receive Cash Distributions in the amount of their Allowed Claims on or soon after the Effective Date (or, if later, following their Claim becoming Allowed) in accordance with the Plan and as described further herein. Priority Tax Claims will receive Cash Distributions in the amount of their Allowed Claims on or after the Effective Date or in regular installment payments plus interest (subject to prepayment). Holders of Convenience Class Claims (those nonpriority unsecured Claims less than or equal to $10,000 or which the Holders elect to reduce their Claims to $10,000) will be paid 50% of the amount of their Allowed Claims on or soon after the Effective Date. Class 4 consists of all General Unsecured Claims. Class 4 is Impaired under the Plan and is entitled to vote on the Plan. Each Holder of a General Unsecured Claim, in full satisfaction, settlement, and release of and in exchange for such General Unsecured Claim receives on the Effective Date its Pro Rata share of the General Beneficial Interests in the Liquidation Trust. Holders of General Beneficial Interests are entitled to GUC Interest to the extent of the Liquidation Trust Available Cash, if they receive Distributions equal to the full amount of their Allowed General Unsecured Claims. Each Contributing Creditor who executes any documents the Liquidation Trustee reasonably requests to complete the Contributing Creditor's transfer of its Contributed Claim to the Liquidation Trust will be entitled to an additional Distribution (that does not count against any other Distribution) on account of that Contributing Creditor's General Beneficial Interest equal to that Contributing Creditor's Pro Rata portion of 10% of the Net Proceeds of all Causes of Action against GT, net of the CODI share of those Net Proceeds under Section 3.02(c)(v), not to exceed the amount of that Contributing Creditor's Allowed General Unsecured Claim, provided that (i) the Contributing Creditor certifies on its Ballot or its Contribution Form under penalty of perjury that the Contributed Claim is colorable and supportable by evidence and (ii) the Liquidation Trustee (in consultation with the Liquidation Trust Oversight Board) independently and reasonably confirms that the Contributed Claim is colorable and supportable by evidence. Class 5 consists of all Convenience Class Claims. Class 5 is Impaired under the Plan and is entitled to vote on the Plan. Convenience Class Claims are any Claim that would otherwise be a General Unsecured Claim but, with respect to any such Claim, the applicable Claim either (a) is in an amount less than or equal to $10,000 or (b) is reduced to $10,000 pursuant to a Convenience Class Election. Each Holder who makes a Convenience Class Election is deemed to have voted to accept the Plan irrespective of any vote to reject the Plan reflected on a Ballot that also reflects a Convenience Class Election. Each Holder of an Allowed Convenience Class Claim, in full satisfaction, settlement, and release of and in exchange for such Allowed Convenience Class Claim, on or as soon as reasonably practicable after the later of the Effective Date and the date on which such Convenience Class Claim becomes an Allowed Claim, receives Cash from the Liquidation Trust in the amount equal to 50% of its Allowed Convenience Class Claim. The Plan provides for the distribution of the proceeds of the liquidation of all Estate Assets to various Creditors as contemplated under the Plan and for the wind up of the Debtors' corporate affairs. More specifically, the Plan provides for the creation and funding of a Liquidation Trust to administer and liquidate all remaining property of the Debtors (other than Tax Refunds), including the Liquidation Trust Actions, and the implementation of the CODI Settlement. A full-text copy of the Disclosure Statement dated June 24, 2026 is available at https://urlcurt.com/u?l=1S90sh from Omni Agent Solutions, Inc., claims agent. Counsel to the Debtors: Edmon L. Morton, Esq. Sean M. Beach, Esq. Timothy R. Powell, Esq. Benjamin C. Carver, Esq. YOUNG CONAWAWY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: emorton@ycst.com sbeach@ycst.com tpowell@ycst.com bcarver@ycst.com -and- Tobias S. Keller, Esq. Traci L. Shafroth, Esq. Scott Friedman, Esq. KELLER BENVENUTTI KIM LLP 101 Montgomery Street, Suite 1950 San Francisco, California 94104 Tel: (415) 496-6723 Fax: (650) 636-9251 Email: tkeller@kbkllp.com tshafroth@kbkllp.com sfriedman@kbkllp.com A copy of the Court's Order dated July 14, 2026, is available at https://urlcurt.com/u?l=HqY6If from Omni Agent Solutions, Inc., claims agent. About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry, Inc. designs, manufactures, and retails high-end jewelry, offering rings, necklaces, earrings, bracelets, and brooches produced through an in-house workshop and a network of specialized vendors. It operates boutiques in affluent and destination markets such as Newport Beach, Aspen, Houston, Palm Beach, Chicago, and Ocala, and also sells through equestrian events and pop-up showrooms. Lugano Diamonds & Jewelry and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12055) on November 16, 2025. The affiliates that filed for Chapter 11 separately are Lugano Buyer Inc. (Case No. 25-12052), K.L.D. Jewelry LLC (Case No. 25-12053), Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). In its petition, Lugano Diamonds & Jewelry reported assets of between $100 million and $500 million and liabilities of between $500 million and $1 billion. J. Michael Issa, chief restructuring officer, signed the petition. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Keller Benvenutti Kim, LLP as bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as restructuring advisor; and Armory Securities, LLC as investment banker. Omni Agent Solutions, Inc. is the Debtors' claims, noticing and administrative agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel and Force Ten Partners, LLC as financial advisor. MARE ISLAND: Unsecured Creditors to be Paid in Full in Plan ----------------------------------------------------------- Mare Island Dry Dock, LLC and the Official Committee of Unsecured Creditors (the "Committee") (collectively, the "Plan Proponents") filed with the U.S. Bankruptcy Court for the Eastern District of California a Disclosure Statement for Joint Plan of Liquidation dated July 14, 2026. The Debtor in Possession is Mare Island Dry Dock, LLC, a Delaware limited liability company. At the commencement of the case, MIDDI held 100% of the Debtor's membership interests. The Debtor formerly operated a shipyard at Mare Island in Vallejo, California. The Debtor commenced this Chapter 11 case on February 14, 2026. During the case, the Debtor continued operations, obtained authority to use cash collateral, obtained debtor-in-possession ("DIP") financing, and closed a sale of substantially all estate assets. On May 11, 2026, the Bankruptcy Court entered orders authorizing the sale and related assumption, assignment, rejection, and compromise transactions. The sale to The Nimitz Group, LLC ("TNG") closed on June 3, 2026, for base consideration of $12,000,000, subject to the adjustments provided in the asset purchase agreement. The closing statement reflects $12,001,178.76 in consideration and prorations, $2,009,286.51 in lien payoffs, settlement payments, and closing items, and net sale proceeds of $9,991,892.25. The Plan Proponents believe the resulting cash, together with other estate property and collections, will be sufficient to pay all allowed secured, administrative, priority, and general unsecured claims in full with interest, and to leave a significant surplus. The Plan is a liquidating plan. It does not contemplate the Debtor's resumption of business operations, although TNG may utilize the Debtor entity in the future. On or shortly following the Effective Date, the Debtor will make the distributions required by the Plan, establish and fund reserves, and transfer the remaining estate property and reserves to the Mare Island Dry Dock Liquidating Trust (the "Liquidating Trust"), each as described in the Plan. Harry Nicholsen, Chief Financial Officer of the Debtor, will serve as the initial liquidating trustee (the "Liquidating Trustee"). The Liquidating Trustee will complete claims administration, make any post-effective-date distributions, pay post-confirmation expenses and United States Trustee fees, and close the case. Class 3 consists of all allowed general unsecured claims, including any unsecured deficiency claim and any allowed rejection-damage claim. Each allowed Class 3 claim will be paid in full, with interest at the applicable contractual or legal rate, on the Effective Date. If there is no otherwise applicable contractual rate, interest will be paid at the California legal rate of 10% per annum; provided, however, that the Debtor may object to claims asserting interest rates in excess of 10% per annum, in which event a copy of the claim objection will be served upon the affected creditor. If a claim is disputed, the amount otherwise payable will be reserved until the claim is allowed or disallowed. Class 3 is unimpaired. Class 5 consists of the existing membership interest held by TNG. TNG will retain its interest without modification. Class 5 is unimpaired. On the Effective Date, after making required distributions and establishing required reserves, the Debtor will transfer to the Liquidating Trust all remaining property and interests of the Debtor and estate, including reserves, books and records reasonably necessary to administer the property, and retained claims and rights. The transfer will occur automatically under the Plan. A full-text copy of the Disclosure Statement dated July 14, 2026 is available at https://urlcurt.com/u?l=pog7FU from PacerMonitor.com at no charge. Mare Island Dry Dock LLC is represented by: Julie H. Rome-Banks, Esq. Reno Fernandez, Esq. Binder Malter Harris & Rome-Banks LLP 490 Chadbourne Road, Suite A137 Fairfield, CA 94534 Telephone: (408) 295-1700 Email: julie@bindermalter.com Counsel to Official Committee of Unsecured Creditors: Jane Kim, Esq. Keller Benvenutti Kim LLP 101 Montgomer Street, Suite 1950 San Francisco, CA 94104 Telephone: (415) 496-6723 Facsimile: (650) 636-9251 About Mare Island Dry Dock LLC Mare Island Dry Dock, LLC operates as a maritime services company providing ship repair, maintenance, and dry dock services. The company supports commercial and industrial marine vessels through repair, refurbishment, and related waterfront operations. Mare Island Dry Dock, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20777) on February 14, 2026. In its petition, the Debtor disclosed up to $50 million in both assets and liabilities. The Honorable Bankruptcy Judge Christopher D. Jaime handles the case. Julie H. Rome-Banks, Esq., at Binder Malter Harris & Rome-Banks LLP serves as the Debtor's counsel. MATADOR RESOURCES: Moody's Alters Outlook on 'Ba3' CFR to Stable ---------------------------------------------------------------- Moody's Ratings changed Matador Resources Company's (Matador) outlook to stable from positive and concurrently affirmed its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and B1 senior unsecured notes rating. Moody's also downgraded Matador's Speculative Grade Liquidity rating to SGL-2 from SGL-1. "The outlook change reflects Matador's substantially higher debt following several acquisitions announced in quick succession in recent months," said Sajjad Alam, Moody's senior vice president. "The company's aggressive pace of acquisitions and higher leverage makes an upgrade unlikely until Matador materially reduces debt and demonstrates its ability to sustain lower leverage." RATINGS RATIONALE Since late-May, Matador has announced three sizable acquisitions and one smaller transaction that together will push leverage well above Moody's prior expectations. These include the $1.14 billion purchase in May of 5,154 undeveloped Delaware Basin acres through the Bureau of Land Management (BLM) lease sale; the June agreement to acquire Cardinal Midstream Partners, LLC for $752 million; and announced $1.275 billion acquisition of Paloma Permian LLC and the roughly $200 million purchase of undeveloped Woodford Shale acreage in the Delaware Basin from Ridge Runner Resources II, LLC. Total consolidated debt (including 100% midstream debt and Moody's adjustment for operating leases) could potentially increase by 75% since Moody's changed the rating outlook to positive in April, and approach $6.4 billion if Matador completes the latest acquisitions with debt later this year. Funding these transactions primarily with debt signals management's willingness to stretch the balance sheet to expand Matador's drilling inventory. The acquired assets are expected to provide limited near-term cash flow relative to Matador's existing operations, increasing execution risk as the company develops them and works to realize their full value. Management has stated that debt reduction remains a top priority and plans to bring net leverage closer to its long-term target of about 1x within 12-18 months. Although Matador has a strong track record of generating free cash flow and reducing leverage after large debt-funded acquisitions, restoring balance sheet strength to pre-acquisition levels will depend on oil prices remaining high through 2027. If benchmark WTI falls below $60/bbl, the company would face difficulty reducing debt. The company's governance with regards to financial policy and willingness to use mostly debt for acquisitions was a key consideration for this action. Matador's Ba3 CFR reflects its significant acreage position in the oil-rich Delaware Basin, excellent track record of sequential production and reserve growth, and strong capital efficiency supporting top-tier cash margins. The company has doubled its production since 2022 through organic drilling and acquisitions, and its ownership of integrated midstream infrastructure enhances flow assurance and lowers full-cycle costs. However, the midstream entity (San Mateo Midstream, LLC) operates with higher leverage, and this weakens Matador's consolidated leverage metrics. Matador's ratings are mainly restrained by its increased debt level stemming from debt-funded acquisitions, single basin concentration, including significant reliance on federal land in New Mexico, and sizeable undeveloped unconventional drilling inventory that will require substantial future investments and good execution. The company is expected to maintain good liquidity through 2027, reflected in the revised SGL-2 rating. Matador has sufficient capacity under its recently upsized $2.75 billion committed revolver to fund the latest Delaware Basin acquisitions, even if the transactions are financed entirely with revolver debt. Moody's estimates Matador had about $1.8 billion of availability under its revolving facility as of June 30, 2026, after second-quarter payments for the BLM lease acquisition. The revolver matures in March 2029, and Matador has no near-term debt maturities before 2032. To fund the Cardinal Midstream acquisition, San Mateo will issue up to $650 million of term loan debt and use cash on hand, borrowings under its own credit facility (which Moody's expects will be upsized) and partners' capital contributions. Moody's expects Matador to generate modest free cash flow in 2026, assuming $70 WTI for the rest of the year and existing hedges covering roughly 50% of projected oil production. Most near-term free cash flow will likely be used to reduce revolver borrowings. Matador's senior unsecured notes are rated one notch below the Ba3 CFR reflecting the substantial size of the secured revolving credit facility in Matador's capital structure. The notes are subordinate to both Matador's current and future secured indebtedness, including the revolving credit facility, which is collateralized by all of Matador's oil and gas reserves. The stable outlook reflects Moody's expectations that Matador will execute its operating plans, reduce debt and generate consistent free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Matador's ratings could be upgraded if the company can substantially reduce debt, generate consistent free cash flow, maintain its high capital efficiency and sustain the RCF/debt ratio above 40% on a fully consolidated basis. Ratings could be downgraded if the company is unable to reduce debt, RCF/debt falls below 25%, or if leverage increases significantly as a result of additional debt-financed acquisitions or substantial shareholder payouts. Material regulatory limits on drilling and developing Matador's New Mexico federal acreage would also negatively affect ratings. Matador Resources Company is a Dallas, Texas-based publicly traded independent exploration and production company with primary operations in the Delaware Basin in New Mexico and West Texas. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. MAVIS TIRE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Mavis Tire Express Services TopCo, Corp.'s and Metis HoldCo, Inc.'s (collectively, Mavis) Long-Term Issuer Default Rating (IDR) at 'B-' with a Stable Outlook. Fitch has also affirmed the first-lien revolver and term loans at 'B' with a Recovery Rating of 'RR3', including the $700 million term loan upsize. Fitch has affirmed its senior unsecured notes at 'CCC'/'RR6'. These actions follow Mavis' announced anticipated acquisition of Pep Boys for $700 million. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions. The ratings reflect Mavis's position as a leading tire and automotive services retailer in the U.S., balanced against high EBITDAR leverage and negative FCF from rapid expansion. Fitch expects limited impact from the transaction. Pro forma EBITDAR leverage could rise to high-6x in 2026 from mid-6x in 2025, declining to the low-6x range by 2029. Key Rating Drivers Large-Scale Acquisition, Aggressive Growth: Mavis' acquisition of Pep Boys is expected to expand its footprint and distribution network into the West Coast region, adding about 800 stores, including high-growth regions like California. However, the acquisition presents integration and execution risks for Mavis. Fitch expects Pep Boys to be EBITDA-accretive to Mavis, assuming stable top line, and execution of purchasing synergies and cost reductions. Fitch expects Mavis to continue expanding via greenfield, brownfield, and large-scale M&A to deepen density. Management targets over 120 new stores in 2026 (beyond Pep Boys), rising to at least 150 annually in 2027-2030 toward a long-term goal of over 10,000 locations. The strategy is capital intensive, resulting in negative FCF after growth capex, and new stores generate negative EBITDA during ramp-up. As with Pep Boys, future large-scale deals are likely debt-funded or via sale-leaseback transactions, keeping EBITDAR leverage high. Execution and integration risks persist, though Mavis has a track record of margin improvement and greenfields achieve a two-year payback. Margin Expansion: Fitch expects EBITDA to reach over $750 million in 2026 from $633 million in 2025, with strong EBITDAR margins that Fitch expects to improve by about 200 bps in 2026. The acquired Midas stores could contribute an additional $60 million EBITDA in 2026, while improving margins given its largely franchised operation. This also includes some EBITDA contribution from Pep Boys in 2026 assuming a Q3 close. Stores maturing through 2022-2024 support additional near-term margin expansion. MavOS, Mavis' proprietary operating system, could drive 100-200 bps gross margin improvement through enhanced labor deployment efficiency and inventory management, with full rollout across 1,600+ company-operated stores expected by YE 2026. EBITDAR margins could continue improving in the next few years, supported by operating leverage, private label tire penetration growth, and digital transformation. High Leverage with Deleveraging Path: Fitch expects pro forma EBITDAR leverage to rise to high-6x in 2026, including the additional $700 million term loan and Pep Boys projected EBITDA. Leverage could decline gradually to the mid-6x range in 2027 through EBITDA growth than debt repayment. The deleveraging path could be delayed by challenges with Pep Boys integration and debt-funded acquisitions to support their growth strategy. EBITDAR fixed-charge coverage is low and could remain in the mid- to high-1x range through 2026-2029. Scaled Leader, Fragmented Market: Mavis benefits from its established position as a leading tire and automotive services retailer in the U.S., with around 3.4% market share and 4,433 locations including Pep Boys. The industry is highly fragmented with the top five players holding less than 10% of market share and independent operators dominate the remainder. Mavis differentiates itself through its convenience, broad selection, competitive pricing, and customer service. Its scale provides advantages in procurement, marketing, and data-driven site selection, supporting above-industry same-store sales growth. Adequate Liquidity: Pro forma for the transaction, Mavis will have adequate liquidity of $780 million to support its store expansion. This comprises $65 million in cash and $715 million of available capacity under the revolver (net of LOCs). Fitch expects negative FCF after growth capex during the near-to-intermediate term, driven by growth capex, and increased interest expense of about $50 million following the Pep Boys acquisition. Mavis can supplement funding through sale-leaseback transactions and revolver draws. Fitch expects management to moderate growth if liquidity tightens, with risks diminishing as it scales. Non-Discretionary Market, Industry Tailwind: Automotive preventive maintenance is non-discretionary and resilient across economic cycles, with growing car counts and miles driven supporting demand. Mavis has delivered 18+ years of positive SSS. Vehicle aging and rising complexity increase repair frequency and average ticket values. EV adoption introduces modest pressure on oil change services, though EVs wear tires about 30% faster due to increased weight. Oil changes are around 12% of Mavis' revenue, limiting direct exposure. Consumer trade-down to maintenance over new vehicle purchases in economic stress provides counter-cyclical support. Peer Analysis Mavis's peers include Genuine Parts Company (GPC; BBB-/Rating Watch Negative), Asbury Automotive Group (BB/Positive), Sonic Automotive (BB/Stable) and Wayfair Inc. (BB-/Stable). All are leaders in their respective highly fragmented markets yet hold modest share. Mavis holds about 3.4% of the over $170 billion U.S. tire and services market. Mavis's 2026 expected EBITDA of over $750 million exceeds Wayfair's (about $650 million) and Sonic ($560 million) and is below Asbury (about $1 billion). Mavis's gross profit of about $2 billion exceeds Asbury's and Sonic's parts and service (P&S) segment gross profit alone, about $1.5 billion and $1 billion respectively, highlighting its scale in non-discretionary services. GPC operates at a materially larger scale (about $2 billion EBITDA, $24 billion revenue) with automotive and industrial diversification, though is on Rating Watch Negative given its planned separation. EBITDAR leverage is the key rating differentiator. Mavis's 2026 expected leverage of low-7x exceeds Asbury's mid-3x, Sonic's about 4x and GPC's and Wayfair's high-3x. Fitch’s Key Rating-Case Assumptions - Revenue increases in the mid-teens to about $4.9 billion in 2026 from $4.3 billion in 2025, driven by the acquired Pep Boys revenue, around 120 new greenfield/brownfield store openings, same store sales growth at mature stores in the low single digits, and the Midas franchise contribution. Revenue could grow by about 25% in 2027 with a full year of Pep Boys operation, accelerated store openings, and bolt-on acquisitions; - EBITDAR margins could expand by about 200 bps in 2026, driven by operating leverage on the fixed cost base, continued growth of the private label tire program, and the full rollout of MavOS, partially offset by new store ramp-up costs and Pep Boys integration; - Capex is expected to rise in the near-to-intermediate term to support the accelerated growth plan, leading to negative FCF (after growth capex), assuming neutral working capital; - EBITDAR leverage increases to low-7x in 2026, and improves toward the low-6x range by 2029 supported by EBITDA expansion. EBITDAR fixed charge coverage is low and could remain in the mid- to high-1x range through 2026-2029; - Mavis's $3.6 billion first lien term loan bears interest at SOFR plus 300 bps, the upsized $1.885 billion term loan bears interest at SOFR plus 325 bps, and the revolver has a leverage-based floating rate, estimated at SOFR plus 250 bps. Fitch assumes a SOFR base rates of 3.5% over the forecast period. The $720 million senior unsecured notes have a fixed coupon of 6.5%. 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+', Higher), diversification and asset quality ('bb', Lower), company operational characteristics ('bb', Moderate), profitability ('b-', Moderate), financial structure ('ccc+', Higher), and financial flexibility ('b-', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. B+ to CC considerations apply in its analysis and 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 issuers with IDRs of 'B+' and below, Fitch performs a recovery analysis for each class of obligations of the issuer. The issue ratings are derived from the IDR and the relevant Recovery Rating (RR) and notching, based on Fitch's recovery analysis. Fitch's recovery analysis assumes that Mavis' value (pro forma of the Pep Boys acquisition) is maximized as a going concern in a post-default scenario, given a going concern valuation of approximately $3.7 billion relative to a pro forma liquidation value estimated to be about $1.4 billion. Fitch's going concern value is derived from a projected EBITDA for Mavis business along with EBITDA contribution from Pep Boys. For the Mavis standalone business, the scenario assumes a lower revenue base of around $3.9 billion, or about 15% below expected 2026 revenue. This reflects execution challenges and lower customer counts declines, partially offset by additional revenue from anticipated acquisitions executed with revolver capacity freed up by the contemplated paydown with upsized term loan proceeds. EBITDA margins could trend below projected 2026 levels, assuming the impact of lost sales on Mavis' fixed expenses is somewhat offset by cost reductions. Fitch considers EBITDA contribution from Pep Boys lower than the run-rate EBITDA Fitch projects. This assumes that the integration synergies are more modest than Fitch's projections. Fitch selected a going concern multiple of 6x, within the 4x-8x range observed for North American corporates, reflecting an assessment of Mavis' industry dynamics and company-specific factors. This is at the upper end of the 4x-6x range used in Fitch's analysis of retailers due to the company's exposure to the non-discretionary tire and vehicle maintenance services. Mavis' secured revolver and term loans, including the upsize of $700 million in term loan, are pari passu. Fitch assumes that the $800 million revolver, which is secured by substantially all of Mavis' assets, would be fully drawn. After deducting 10% administrative claims from the going concern valuation, the secured debt would have good recovery prospects resulting in a 'B'/'RR3' rating while the unsecured notes would have poor recovery prospects, resulting in a 'CCC'/ 'RR6' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker-than-expected operating results, persistently negative FCF, leading to EBITDAR fixed-charge coverage sustained below 1.5x; - Financial policy decisions, including debt-financed M&A or share repurchases, resulting in EBITDAR leverage sustained above 7.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued strong operating performance, with FCF trending toward breakeven, and EBITDAR fixed-charge coverage sustained above 2.0x; - EBITDAR leverage sustained below 6.5x through better-than-expected operating performance and/or financial policy actions. Liquidity and Debt Structure As of March 31, 2026, pro forma for the transaction, Mavis' liquidity will be about $780 million, including $65 million in cash and equivalents, and $715 million available (net of LOCs) under its $800 million revolver due 2028. All outstanding revolver borrowings of about $410 million were repaid in May 2026 using new term loan proceeds. Fitch views Mavis' liquidity as satisfactory, considering the flexibility in its growth capex. Pro forma for the transaction, total debt increases to $6.2 billion, comprising a $3.6 billion first lien term loan due May 2028, a $1,885 million first lien term loan due May 2033 including a $700 million upsize to fund the acquisition, and $720 million in senior unsecured notes due May 2029. Mavis' next material maturity is May 2028 when the revolver and first lien term loan come due. Fitch expects the company to refinance these instruments. Issuer Profile Mavis is a leading independent tire and auto service retailer in the U.S. As of March 31, 2026, it operates 3,200 company-operated retail service centers and 1,218 franchised service centers, totaling 4,433 locations pro forma for the Pep Boys acquisition. Summary of Financial Adjustments - EBITDA is adjusted for stock-based compensation; - Lease-related interest and D&A are reclassified as operating costs in the income statement and as operating cash outflows in the cash flow statement, in accordance with Fitch's Corporate Rating Criteria; - Balance sheet lease liabilities are used as lease-equivalent debt starting in Fiscal 2023, in accordance with Fitch's Corporate rating criteria dated Dec. 6, 2024. Prior years used an 8x multiple applied to lease expense for lease-equivalent debt. 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 Mavis. ESG Considerations Fitch does not provide ESG relevance scores for Mavis Tire Express Services TopCo, Corp. and Metis HoldCo, Inc. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Metis HoldCo, Inc. LT IDR B- Affirmed B- Mavis Tire Express Services TopCo, Corp. LT IDR B- Affirmed B- senior unsecured LT CCC Affirmed RR6 CCC senior secured LT B Affirmed RR3 B MKM HOLDINGS: To Employ Baker Donelson as Bankruptcy Counsel ------------------------------------------------------------ MKM Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire Baker, Donelson, Bearman, Caldwell & Berkowitz, PC to serve as Chapter 11 bankruptcy counsel. The firm will provide these services: (a) prepare the petition, schedules, and disclosures incident to the Chapter 11 bankruptcy; (b) prepare other first-day motions; (c) prepare, negotiate, and prosecute a sale process pertaining to certain real property owned by the Debtor and accomplished either through a Section 363 sale or through a plan of reorganization; (d) defend the Debtor in connection with any litigation initiated by creditors, including but not limited to stay relief litigation, or attempts to have the case dismissed or converted; (e) prepare the necessary motions, applications, answers, orders, reports, and other papers necessary to the administration of the estate; (f) take all action necessary to protect and preserve the estate, including negotiating concerning any material litigation in which the Debtor is involved; and (g) perform all other necessary legal services in the case. James P. Roberts will receive an hourly rate of $580, and Elise Topping shall receive an hourly rate of $390. Baker, Donelson, Bearman, Caldwell & Berkowitz, 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: James P. Roberts, Esq. Elise Topping, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C. 1901 Sixth Avenue North, Suite 2600 Birmingham, AL 35203 Telephone: (205) 328-0480 Facsimile: (205) 322-8007 E-mail: jroberts@bakerdonelson.com etopping@bakerdonelson.com About MKM Holdings, LLC MKM Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-81000) on July 23, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and estimated liabilities of between $1,000,001 and $10 million. Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C. is the Debtor's legal counsel. MOCAR ENTERPRISES: Case Summary & Three Unsecured Creditors ----------------------------------------------------------- Debtor: Mocar Enterprises Inc. 1489 Goodbranch Lynchburg, TN 37352 Business Description: MOCAR Enterprises Inc. is a Tennessee real estate holding company that owns residential, rural and undeveloped properties in Moore and Coffee counties, including assets in Wartrace, Mulberry, Lynchburg and Tullahoma. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 26-11332 Judge: Hon. Nicholas W Whittenburg Debtor's Counsel: Amanda M Stofan, Esq. FARINASH AND STOFAN 100 West ML King Blvd Ste 816 Chattanooga, TN 37402 Tel: (423) 805-3100 Fax: (423) 805-3101 E-mail: amanda@8053100.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gregory Thomas Driver as CEO. 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/ZFDIAUQ/MOCAR_ENTERPRISES_INC__tnebke-26-11332__0001.0.pdf?mcid=tGE4TAMA MULBERRYS MOBILE: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------------- On July 21, 2026, Mulberrys Mobile Provider Services, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Florida (Case No. 26-10213). According to court filings, the debtor reports between $500,000 and $1 million in liabilities, between $500,000 and $1 million in assets, and 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 17, 2026 at 10:00 AM, ET, at/via with the U.S. Trustee by telephone at (888) 330-1716, Access Code 6896105. The Summary of Assets and Liabilities and the Statement of Financial Affairs are due by August 4, 2026. About Mulberrys Mobile Provider Services, LLC Mulberrys Mobile Provider Services, LLC is a Hawthorne, Florida-based provider of mobile medical and ambulatory health care services. The company offers primary care, advanced wound care, telehealth, and other mobile healthcare services throughout Northeast Florida. In addition to its mobile units, the company operates three physical clinics and maintains active professional licensure through April 2027. Founded in 2018, it was recognized in 2025 as a prominent Black-owned healthcare business in the region. Mulberrys Mobile Provider Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10213) on July 21, 2026. In its petition, the debtor reported estimated assets of $500,000 to $1 million and estimated liabilities of $500,000 to $1 million. The debtor is represented by Justin M. Luna, Esq., of Latham, Luna, Eden & Beaudine, LLP. MVP GROUP: Amends Libertas Secured Claim Pay -------------------------------------------- MVP Group, LLC, submitted a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated July 15, 2026. The Plan classifies Claims and Interests separately and provides different treatment for different Classes of Claims and Interests in accordance with the Code. Class 4 consists of the Allowed Secured Claim held by Libertas, which is secured by a third priority Lien against the Debtor's accounts receivable, if any. The Debtor reserves the right to object to the Claim of Libertas. The Debtor does not believe that Libertas holds a Secured Claim, as the value of the Accounts Receivable securing the Claim of Libertas is less than the amount of the Allowed Class 2 Claim. The Debtor reserves the right to value any of the Debtor's Assets, including, without limitation, inventory and accounts receivable, in accordance with section 506 of the Code. At this time, the Debtor believes the Claim of Libertas is entirely unsecured. Accordingly, the Debtor reserves the right to object to any Claim of Libertas for any reason, including, without limitation, on the basis that Libertas held no secured claim as of the Petition Date, and to assert that the Claim of Libertas shall be an Allowed Unsecured Claim. If Libertas is entitled to any Allowed Secured Claim, such Claim shall be an Allowed Class 4 Claim. The holder of the Allowed Class 4 Claim shall then be paid, at the Debtor's sole option, as follows: (i) Cash in the amount of the Allowed Secured Claim of Libertas on the later of the Effective Date, or within thirty days such Allowed Class 4 Claim becomes and Allowed Secured Claim; (ii) the Allowed Amount of the Secured Claim of Libertas shall be amortized over a period of seven years using an interest rate of eight percent per annum, and the holder of the Allowed Class 4 Claim shall then receive eighty-four equal monthly installments of principal and interest based on the foregoing amortization commencing on the later of thirty days following the Effective Date and the date on which the Court determines that Libertas holds an Allowed Secured Claim; (iii) the gross amounts of any remaining accounts receivable that comprised AFS Collateral, as of the Effective Date, collected following satisfaction of the Allowed Class 2 Claim and the Allowed Class 3 Claim shall be paid to the holder of the Allowed Class 4 Claim until no such accounts receivable remain; or (iv) the amount of any remaining accounts receivable that comprised AFS Collateral, as of the Effective Date, following satisfaction of the Allowed Class 2 Claim and Allowed Class 3 Claim, shall be paid in a lump-sum in Cash to the holder of the Allowed Class 4 Claim. In the event of any Allowed Class 4 Claim, the holder of the Allowed Class 4 Claim shall retain the Lien securing the Allowed Class 4 Claim. In the event any portion of the Claim of Libertas is determined to be an Unsecured Claim, such amount shall be an Allowed Class 6 Claim and entitled to the treatment afforded to holders of Allowed Class 6 Claims. Like in the prior iteration of the Plan, the holders of Allowed Class 6 General Unsecured Claims shall receive Distributions equal to ten percent of the Allowed Class 6 Claims. Such Distributions shall be paid monthly over a period of five years, or sixty equal monthly installments. Each monthly Distribution shall be in the amount of (i) the Allowed Class 6 Claim, (ii) multiplied by ten percent, and then (iii) divided by 60. Each holder of an Allowed Class 6 Claim shall be paid its Pro Rata Portion of Distributions on account of the Allowed Class 6 Claims commencing on the later of thirty days after the Effective Date, or the date on which any Class 6 Claim becomes an Allowed Class 6 Claim, and each thirty days thereafter. Upon confirmation of the Plan, in accordance with the Confirmation Order, the Debtor or Reorganized Debtor, as the case may be, will be authorized to take all necessary steps, and perform all necessary acts, to consummate the terms and conditions of the Plan. In addition to the provisions set forth elsewhere in the Plan, the following shall constitute the means for implementation of the Plan. Distributions under the Plan will be derived from the following (the "Plan Sponsor Transaction"): (a) on the Effective Date, in exchange for the Plan Sponsor receiving 100% of the membership interests to be issued in the Reorganized Debtor, the Plan Sponsor shall contribute an amount, not to exceed $250,000.00, for purposes of paying any Allowed Administrative Claims; (b) the Plan Sponsor shall contribute an amount, not to exceed $50,000.00, for purposes of paying any Allowed Priority Tax Claims and any Allowed Priority Claims; however, in the event the total amount of Allowed Priority Tax Claims exceeds $50,000.00, then the holders of Allowed Priority Tax Claims shall be paid over a period not to exceed five years from the Effective Date, in equal monthly payments commencing thirty days following the Effective Date; (c) the Plan Sponsor shall contribute the amount of $500,000.00 for purposes of funding the Initial Class 2 Distribution; and (d) the Plan Sponsor shall contribute the amount of $500,000.00 to be used towards funding the Reorganized Debtor's business operations, including, without limitation, payment of operating expenses. Any other Distributions due under the Plan shall be derived from the Reorganized Debtor's Cash available from operations. A full-text copy of the First Amended Disclosure Statement dated July 15, 2026 is available at https://urlcurt.com/u?l=BM624B from PacerMonitor.com at no charge. MVP Group LLC is represented by: Michael D. Seese, Esq. Seese, P.A. 101 N.E. 3rd Avenue, Suite 1500 Ft. Lauderdale, FL 33301 Tel: (954) 745-5897 Email: mseese@seeselaw.com About MVP Group LLC MVP Group LLC is a Fort Lauderdale, Florida-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20199) on Aug. 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Michael D. Seese, at SEESE, P.A. NANO PHARMACEUTICAL: Claims to be Paid from Continued Operations ---------------------------------------------------------------- Nano Pharmaceutical Laboratories, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Subchapter V Plan of Reorganization dated July 15, 2026. The Debtor is a Colorado company that engages in contract manufacturing of raw materials that go into over the counter vitamins and supplements. The business was started in 2007. The Debtor obtained an SBA loan in 2022 to expand the business and take manufacturing in-house. Soon thereafter the manager of the Debtor passed away. A new Manager, the wife of the deceased manager, was put into place to run the Debtor. The new Manager determined that the construction of the manufacturing plant was not a viable option. This was in part due to the lingering effects of COVID. While sales of the company have been improving since 2022, operational costs and the SBA loan payment kept the company from being profitable. The Debtor has made substantial cost cutting efforts; however, a restructuring of existing debts is necessary for the company to get back to profitability. Class 4 consists of general unsecured creditors of the Debtor who hold Allowed Claims. Holders of Class 4 Allowed Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account as set forth herein. As set forth in Article III, paragraph 3.2 of this Plan, upon the first quarter following the Effective Date of the Plan and every quarter for the Term of the Plan the Debtor will every quarter in accordance with the terms of this Plan deposit for the Term of the Plan: (a) during the first year of the Plan $4,596.70; (b) during the second year of the Plan $2,942.49; (c) during the third year term of the Plan $6,624.14; and (d) during the fourth year of the Plan $7,872.89. At the end of each quarter, the balance of the Unsecured Creditor Account will be distributed to the holders of Allowed Administrative Claims on a Pro Rata basis until paid in full and then will be distributed to Class 4 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. The account will be maintained at a federally insured banking institution and shall be maintained within the insurance limit of the institution. All funds recovered by the Debtor on account of Avoidance Actions shall be distributed to Allowed Administrative Claims until paid in full and then to Class 4, net of attorneys' fees and costs. Whether or not the Debtor pursues any Avoidance Actions shall be up to the Debtor and the decision to pursue such claims shall be discretionary with the Debtor. Class 5 includes the Interests in the Debtor, which Interests are unimpaired by the Plan. Upon confirmation of the Plan, all Class 5 Interest holders will retain their ownership Interests in the Debtor. The Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. On the Effective Date of the Plan, the Debtor will open a separate deposit account at a federally insured commercial bank selected by the Debtor. The bank account will be maintained by the Debtor as the Unsecured Creditor Account into which all payments made by the Debtor for the benefit of holders of Allowed Administrative Claim and Class 3 creditors will be made until the obligations under the Plan are completed. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued operations. As detailed in the Projections, the Debtor will have sufficient cash on hand and profits during the term of the Plan to satisfy its Plan obligations. A full-text copy of the Subchapter V Plan dated July 15, 2026 is available at https://urlcurt.com/u?l=haRyLD from PacerMonitor.com at no charge. Counsel to the Debtor: Wadsworth Garber Warner Conrardy, P.C. Aaron A. Garber, Esq. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: agarber@wgwc-law.com About Nano Pharmaceutical Laboratories Nano Pharmaceutical Laboratories, LLC, is a Colorado company that engages in contract manufacturing of raw materials that go into over the counter vitamins and supplements. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-13415) on May 14, 2026, with assets of between $50,001 and $100,000 and liabilities of between $1 million and $10 million. Jonathan Dickey serves as Subchapter V trustee for the Debtor. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., is the Debtor's legal counsel. OMNIS PLEASANTS: Seeks Chapter 11 Bankruptcy in Delaware -------------------------------------------------------- PRNewswire reports that Omnis Pleasants LLC, doing business as Pleasants Power Station, has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware to facilitate restructuring negotiations with stakeholders and advance a court-supervised sale process. The company said the bankruptcy filing is intended to strengthen its financial position while preserving operations and maximizing value for creditors and other interested parties. Chief Executive Officer David Hindman said management, together with the company's legal and financial advisors, concluded that Chapter 11 offers the best opportunity to achieve a successful restructuring. He added that the company is committed to working with the State of West Virginia and other stakeholders to preserve the long-term future of Pleasants Power Station while continuing to meet its obligations to PJM, employees, and vendors. Pleasants emphasized that current management will remain in place throughout the restructuring process and will continue efforts to improve the plant's operational reliability and performance. The company said maintaining stable operations remains a priority as negotiations continue under bankruptcy court supervision, the report states. The company has also filed customary first-day motions seeking authority to continue ordinary-course operations, including paying employee wages, honoring post-petition vendor obligations, participating in energy trading activities, and maintaining its cash management system. Pleasants expects to seek court approval for a sale process that it believes will result in the power station being acquired by an independent third party, ensuring its continued operation, according to report. About Omnis Pleasants LLC Omnis Pleasants LLC, doing business as The Pleasants Power Station, operates a 1,278-megawatt coal-fired power plant that supplies critical generating capacity to the regional electricity market, supports grid reliability, and employs nearly 140 workers in West Virginia. Omnis Pleasants LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-11169) on July 26, 2026. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. The Debtor is represented by Andrew L. Magaziner, Esq. of Young Conaway Stargatt & Taylor, LLP. PERFORMANCE SERVICE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Performance Service and Repair, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Indiana, New Albany Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to fund its operations based on a court-approved budget. The Debtor is not allowed to exceed the expenditures provided in the budget for any category of expenses by more than 10%. The Debtor's cash collateral consists of cash, accounts receivable, and inventory, subject to security interests held by secured creditors including Hoosier Hills Credit Union and merchant cash advance lenders. As of the petition date, the Debtor reported approximately $23,000 in net collectible accounts receivable, about $8,000 in cash, and inventory valued at roughly $2,500, resulting in estimated cash collateral totaling approximately $33,500. Under the interim order, secured creditors will be granted adequate protection through replacement liens on the cash collateral and other post-petition property of the Debtor, with the same priority and extent as their pre-petition liens. The Debtor's authority to use cash collateral will terminate upon the expiration of the five-day period following a creditor's written notice of an event of default. An event of default includes the appointment of a trustee or examiner; dismissal or conversion of the Debtor's Chapter 11 case; noncompliance with the terms of the order; unauthorized payment; and noncompliance with the adequate protection or reporting obligations. The order is available at http://bankrupt.com/misc/PerformanceService_ICCOrder24.pdf The court scheduled a final hearing for September 10 and set a September 8 deadline for filing objections. Performance Service and Repair operates a commercial repair facility in Orleans, Indiana, specializing in truck repairs. The business employs four full-time workers and one part-time employee and describes itself as an established local service provider with a loyal customer base that generates consistent repeat business. This dependable customer base provides confidence that future operating revenue will support the Debtor's restructuring efforts. Financial distress was driven primarily by obligations owed to merchant cash advance lenders, while Hoosier Hills Credit Union is identified as the principal blanket secured creditor holding security interests in the Debtor's assets. Before filing for bankruptcy, the Debtor funded its operations primarily through ordinary business revenues generated from repair work. However, as it sought additional liquidity to expand operations, the Debtor obtained financing from high-interest online lenders. The resulting repayment obligations quickly overwhelmed operating cash flow, contributing significantly to the Debtor's financial difficulties and ultimately necessitating the Chapter 11 filing. The Debtor now seeks to stabilize its finances by continuing operations while restructuring its debt obligations under court supervision. About Performance Service and Repair LLC Performance Service and Repair, LLC is an Orleans, Indiana-based automotive repair and maintenance company providing vehicle diagnostics, mechanical repairs, routine maintenance and related automotive services. According to the bankruptcy filing, the company continues to operate within the automotive service sector. Court documents do not specify the reasons for the Chapter 11 filing. Performance Service and Repair, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90782) on July 14, 2026. In its petition, the debtor reported estimated assets of $50,000 to $100,000 and estimated liabilities of $100,000 to $500,000. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The Debtor is represented by K.C. Cohen, Esq. of K.C. Cohen, Lawyer, P.C. POOLIN TECHNOLOGY: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Poolin Technology PTE. Ltd 14 Robinson Road, #08-01A Far East Finance Building Singapore 048545 Business Description: Poolin is a Singapore-registered private limited company founded in November 2017 by Zhibiao (Kevin) Pan, Fa Zhu, and Tianzhao Li. The company provided cryptocurrency mining pool, wallet, blockchain infrastructure, and cryptocurrency mining services. Through Poolin Wallet, users could pledge Bitcoin to receive USDT and access products described as time deposits and demand deposits. Poolin historically operated in China through affiliated entities and maintained mining sites in Sichuan, Xinjiang, and Inner Mongolia before shutting down its mainland China operations. Chapter 11 Petition Date: July 22, 2026 Court: United States Bankruptcy Court District of New Jersey Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Poolin Technology PTE. Ltd 26-18325 Lonestar Taproot LLC 26-18326 3415 Greystone Suite 205 Austin, TX 78731 Lonestar Dream, Inc. 26-18327 3415 Greystone Suite 205 Austin, TX 78731 Judge: Hon. Eamonn James O'Hagan Debtors' General Bankruptcy Counsel: Stephen M. Packman, Esq. Douglas G. Leney, Esq. Natasha M. Songonuga, Esq. Alexander J. Andrews, Esq. ARCHER & GREINER, P.C. 1025 Laurel Oak Road Voorhees, NJ 08043 Tel: (212) 963-3300 Fax: (856) 795-0574 E-mail: spackman@archerlaw.com dleney@archerlaw.com nsongonuga@archerlaw.com aandrews@archerlaw.com Debtors' Chief Restructuring Officer: DUFRAYNE LLC Debtors' Investment Banker: DUFRAYNE LLC Debtors' Singapore Insolvency Counsel: OON & BAZUL LLC Debtors' Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Debtors' Oil, Gas, Mineral & Real Estate Counsel: McCARN, WEIR & SHERWOOD P.C. Poolin Technology's Estimated Assets: $1 million to $10 million Poolin Technology's Estimated Liabilities: $100 million to $500 million Lonestar Taproot's Estimated Assets: $50 million to $100 million Lonestar Taproot's Estimated Liabilities: $100 million to $500 million The petitions were signed by Michael DuFrayne as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/42LC36Y/Poolin_Technology_PTE_LTD__njbke-26-18325__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/5HE7UQY/Lonestar_Taproot_LLC__njbke-26-18326__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/SNRVI3I/Lonestar_Dream_Inc__njbke-26-18327__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. BIGX Global PTE LTD. Debt $4,467,615 Tel: 8618602665184 Email: tian@big.one 2. Chang Qi Chen Debt $1,690,636 Tel: 8618565612929 Email: 703774573@qq.com 3. Chen Xiong Xiu Debt $1,914,115 Tel: 8613157113019 Email: cxx21@vip.qq.com 4. Du Yong Debt $4,681,529 Tel: 13464736376 Email: digifarmcc@protonmail.com 5. Fu Wen Wen Debt $2,263,444 Email: fuwenwen777@protonmail.com 6. Hua Ruo Ping Debt $18,404,698 Tel: 8618601700753 Email: firsthrp@gmail.com 7. Huang Jian Debt $1,988,495 Tel: 8613683032140 Email: 22218802@qq.com 8. Li Cheng Sen Debt $2,108,536 Tel: 8615914072327 Email: 15914072327@139.com 9. Li Xiaolai Debt $4,226,595 Tel: 8613051399822 Email: lixiaolai@gmail.com 10. Liang Lin Debt $1,666,486 Tel: 8618817727729 Email: 79054@qq.com 11. Liu Li Debt $2,002,034 Tel: 8613917931230 Email: llrossella@126.com 12. Ma Zhong Chao Debt $2,424,798 Tel: 18257357357 Email: marcc.ma@outlook.com 13. Pan Zhi Biao Debt $3,527,228 Tel: 8618611818631 Email: bit.kevin@gmail.com 14. Sheng Lei Debt $1,845,807 Tel: 8613511005803 Email: shenglei@vip.163.com 15. Su Qi Debt $9,220,382 Email: jiaxx1113@gmail.com 16. Su Xiao Debt $3,774,068 Tel: 8618091234999 Email: xiaokirksu@outlook.com 17. Sun Shao Hua Debt $5,055,092 Tel: 8613801743114 Email: franks8886@gmail.com 18. Liang Dong Lai Debt $1,135,296 Email: liangdlcn@gmail.com 19. Yuan Song Debt $2,225,969 Tel: 15875963138 Email: allensong1982@outlook.com 20. Zhang Hong Xing Debt $4,902,480 Tel: 8618610022520 Email: rob@snowball.io 21. Chen Jing Jun Debt $1,657,526 Tel: 8613733759119 Email: 327193882@qq.com 22. Wang Yu Cheng Debt $1,619,384 Tel: 8615622728470 Email: 965851966@qq.com 23. Zhu Rui Debt $1,552,500 Tel: 8613688002188 Email: thankmu55@gmail.com 24. Liu Han Debt $1,504,455 Tel: 8618235013238 Email: 807045389@qq.com 25. Ge Bing Xiao Debt $1,472,482 Tel: 8613777068000 Email: nbidea@qq.com 26. Liu Bo Debt $1,446,954 Tel: 8618575623367 Email: liubo870518@yeah.net 27. Zhong Yan Debt $1,427,260 Tel: 8613020128364 28. Chen Hua Yuan Debt $1,394,394 Tel: 8613860188917 Email: 344829890@qq.com 29. Lan Ze Peng Cheng Debt $1,359,201 Tel: 819062930510 Email: iichiko593@gmail.com 30. Liu Xian Xing Debt $1,143,649 Tel: 8613906030919 Email: richard.newmos@qq.com PORTERO COMMERCIAL: Taps Ross Wolcott Teinert & Prout as Counsel ---------------------------------------------------------------- Portero Commercial, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Ross, Wolcott, Teinert & Prout LLP to serve as special litigation counsel. The firm will provide these services: (a) prepare the documents and pleadings necessary to continue to litigate the Prepetition Actions; (b) proceed with all efforts and services required to continue to litigate the Prepetition Actions; (c) analyze and respond to any proofs of claims filed in this Case in connection with, or arising out of, the Prepetition Actions; (d) investigate and litigate any and claims and/or defenses in connection with the Prepetition Actions, whether that be in the Prepetition Actions or in this forum; and (e) perform any and all other legal services incident and necessary herein as the Debtor may require of the Firm as special litigation counsel. Ross, Wolcott, Teinert & Prout LLP's billing rates for professionals working on this Case are as follows: Partners $575, Associates $375, Paralegals $250, and Case Clerks $175. The firm stated that it does not represent or hold an interest adverse to the Debtor's estate with respect to the specific matters for which it is being retained. Based on the disclosures provided, the firm currently holds no interest that is materially adverse to the interests of the estate for matters for which it is being employed. The firm can be reached at: Andrew G. Prout, Esq. Brendan M. Loper, Esq. ROSS, WOLCOTT, TEINERT & PROUT LLP 3151 Airway Avenue, Building E Costa Mesa, CA 92626 Telephone: (714) 444-3900 E-mail: agp@rossllp.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. PSI SERVICES: Hires Bradshaw Rost and Tenenbaum & Saas as Counsel ----------------------------------------------------------------- PSI Services III, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Bradshaw Rost, Esq. of Tenenbaum & Saas, P.C. to serve as special counsel. The firm will provide these services: (a) protect the company's interests in the Lease; (b) explore alternative lease opportunities; (c) assist the company with other landlord tenant related legal matters; and (d) perform all related legal services that may be necessary or desirable. The firm will be compensated on an hourly basis for professional services rendered, plus reimbursement of actual and necessary expenses incurred. The company also seeks authority to pay the firm a $10,000 retainer. Tenenbaum & Saas, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Bradshaw Rost, Esq. TENENBAUM & SAAS, P.C. 4504 Walsh Street, Suite 200 Chevy Chase, MD 20815 Telephone: (301) 961-5300 E-mail: BRost@tspclaw.com About PSI Services III Inc. PSI Services III, Inc., also known as PSI Family Services, provides behavioral health and social services including outpatient mental health treatment, rehabilitation programs, and counseling for individuals and families. The organization also offers foster care, adoption, and family support services delivered under programs funded by federal and state agencies. PSI Services III, Inc. operates community-based health and social service programs primarily in Washington, D.C. and the surrounding Maryland region. PSI Services III sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00097) on Mar. 3, 2026. In the petition signed by Shawn Rubbin, chief advancement officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. The Debtor tapped Justin P. Fasano, Esq., at McNamee Hosea, PA as counsel. RAD DIVERSIFIED: Affiliate to Seeks to Sell Philadelphia Property ----------------------------------------------------------------- DHI Holdings, LP and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 6661 Cornelius St., Philadelphia, PA 19138. The Property consists of a single parcel of real property in Philadelphia, Pennsylvania which is improved with a single-family home. The tax assessed value of the Property is $185,300.00. The City of Philadelphia Department of Revenue may assert an interest in the Property for unpaid real property taxes for 2023 through 2025. To the best of the Debtors' knowledge, information, and belief, there are no tenants or parties in possession of the Property. The Debtors, by and through its Chief Restructuring Officer, Katie Goodman, in an exercise of her reasonable business judgment, has determined that it is in the best interests of the Debtor and the estate to sell the Property at public auction on the terms set forth in the Motion. The Debtors employ Soldnow, LLC d/b/a Tranzon Driggers as auctioneer. The Debtors believe it has a sound business justification for selling the Property. The Property is not subject to a mortgage and is generating minimal income. The value of the Property will be tested through the Auction conducted pursuant to and according to the bid procedures set forth in the Auction Motion. The only liens against the Property are the liens and encumbrances identified on Exhibit B, which will either be paid at closing or will attach to the Net Proceeds of sale. https://urlcurt.com/u?l=KxLNQb The sale of the Property pursuant to the auction procedures will utilize a competitive and transparent marketplace that facilitates an arm's-length sale without fraud or collusion. About RAD Diversified REIT Inc RAD Diversified REIT, Inc are a group of entities engaged in acquiring, managing, renovating, repositioning, and operating real estate, primarily single-family residential properties and vacant lots across Florida, Pennsylvania, Texas, and New Jersey, with certain affiliates holding other types of real estate. RAD Diversified OZ Fund, LP, a Delaware limited partnership, focuses on investments in Qualified Opportunity Zone properties, while RAD Diversified REIT, Inc., a Maryland corporation, is structured to qualify as a real estate investment trust under U.S. tax law. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-01636) on March 1, 2026. In the petition signed by Katie S. Goodman, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Catherine Peek Mcewen oversees the case. Joseph Pack, Esq. and Jessey J. Krehl, Esq at PACK LAW, represents the Debtor as legal counsel. The Debtors tapped KAPILAMUKAMAL, LLP as forensic accountant, financial analyst and financial advisor, EPIQ CORPORATE RESTRUCTURING, LLC as noticing and claims agent, and GGG PARTNERS, LLC as operations advisor. RAINMAKER CIDER: Plan Confirmation Hearing Scheduled for Sept. 3 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington will hold a hearing on Sept. 3, 2026 at 10:00 a.m., before the Honorable Mary Jo Heston to confirm the Amended Subchapter V Plan of Rainmaker Cider LLC. The Court lodged Debtor's ex parte order on the Ex Parte Motion to Continue Confirmation Hearing because an objection to the Debtor's plan was timely filed by Iron Horse Brewery I, Inc. ("Creditor") on July 7. The Court further ordered that the Debtor's Amended Plan must be filed on July 30, 2026. As shared by the Troubled Company Reporter, the Debtor filed a petition under Chapter 11, Subchapter V on March 2, 2026 to prevent its assets from being liquidated, and to preserve and maintain the value of Debtor as an operating entity for the benefit of all creditors, and to continue operating the Business. As of the Petition Date, Debtor's cash amounts were $74,987.90 and accounts receivable were $112,588.051, with no cash equivalents. The term of this plan will be thirty-six months from the Effective Date (the "Term"). The first day of the month that is thirty-six months after the month in which the Effective Date occurs is the "Maturity Date" for the purposes of this Plan. This Plan provides for treatment of unclassified administrative claims, priority tax claims, one class of secured claims, and one class of unsecured claims. Class 2 consists of General Unsecured Creditors. Each holder of an allowed general unsecured claim will be paid a pro rata share with the disposable income of the Debtor available after payment of administrative, secured, and priority claims. This Class is impaired. Class 3 consists of Equity Holders. Equity holders Jason Spears, Adam French, and Patrick Spears will receive no distribution under this Plan but will retain their existing ownership interests in the Debtor, which shall continue in the same percentages and amounts in the Reorganized Debtor following the Effective Date. This Plan will be funded with revenue from the Debtor's operation. During the Term, the Debtor will continue with the operations and anticipates that sufficient net income can be generated from its services to make the payments under this proposed plan. The Debtor's income can be quite variable. For that reason, monthly payments to unsecured creditors are capped on a monthly basis at $4,000 to ensure liquidity. A full-text copy of the Plan of Reorganization dated June 1, 2026 is available at https://urlcurt.com/u?l=dSKmoW from PacerMonitor.com at no charge. Counsel to the Debtor: Steven M. Palmer, Esq. Ryan R. Cole, Esq. CAIRNCROSS & HEMPELMANN, P.S. 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 E-mail: spalmer@cairncross.com rcole@cairncross.com A copy of the Court's Order dated July 15, 2026, is available at https://urlcurt.com/u?l=GLWsO7 from PacerMonitor.com. About Rainmaker Cider LLC Rainmaker Cider LLC manufactures hard ciders and fruit-forward alcoholic beverages under brands including Locust Cider, Colorado Cider Co., Argus Cidery, Smack Hard Lemonade, and Spiked Jones Hard Craft Soda. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40555-MJH) on March 2, 2026. In the petition signed by Jason Spears, owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mary Jo Heston oversees the case. Ryan R. Cole, at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. RALIAM HOSPITALITY: To Sell Everbook Property to Baldevbhai Patel ----------------------------------------------------------------- Meredith R. Theisen, Chapter 11 Trustee of Raliam Hospitality Group LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. On October 4, 2024, Patidar Hotel Management Inc. was appointed as the receiver for the Debtor's real estate located at 3400 N. Everbook Lane, Muncie, IN 47304 and for the personal property and fixtures located at the Real Estate. Following the Petition Date, Patidar continued operating the Debtors hotel operations. The Trustee, in consultation with Patidar and Ash Realty SPE IV, LLC and Merchants Bank of Indiana, determined there were significant cashflow issues and it was not feasible for the Debtor's business to continue operating. The parties decided that the final date of operations of the Debtor's business would be July 15, 2026, which was also the deadline for Patidar to turnover control of the Property to the Trustee. The Real Estate is subject to delinquent real estate taxes that accrued in 2025 and were due and payable on May 10, 2026 in the amount of $40,140.51, plus penalties of $4,014.06. The lienholders of the Property are Delaware County (Indiana), Newtek Business Services HOLDCO 6, Inc., and Ravikumar B. Shah. On July 17, 2026, the Trustee entered into the Purchase Agreement for the sale of the Property to Purchaser, Baldevbhai Patel, for the total purchase price of $1,526,000.00 The sale of the Property pursuant to the Purchase Agreement constitutes a sale of all or substantially all of the Debtor's assets. The Purchase Agreement provides for the sale of the Property, free and clear of all liens, encumbrances, claims and interests; provided however, the Real Estate is to be sold subject to all easements, right of ways, leases (recorded or unrecorded), covenants, restrictions, and all other valid exceptions of record, including but not limited to those Permitted Exceptions. About Raliam Hospitality Group, LLC Raliam Hospitality Group, LLC operates a Quality Inn hotel in Muncie, Indiana, providing midscale lodging and standard hospitality services, including accommodations and complimentary breakfast, under the franchise system of the Choice Hotels International. The company serves travelers in Muncie, Indiana, supported by university-related and regional demand. Raliam Hospitality Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-01661) on Mar. 23, 2026. In the petition signed by Chirag Patel, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey J. Graham oversees the case. Preeti Gupta, Esq., serves as the Debtor's counsel. RED RIVER: J&J to Pay $5.5-Bil. to Ovarian Cancer Talc Claimants ---------------------------------------------------------------- Lauren Berg of Law360 Bankruptcy Authority reports that Johnson & Johnson said Monday, July 27, 2026, it will pay $5.5 billion to settle tens of thousands of lawsuits claiming its talcum powder products caused ovarian cancer, ending years of contentious litigation over one of its best-known consumer products. The agreement follows repeated efforts by the healthcare giant to resolve the claims through bankruptcy proceedings that were ultimately rejected by the courts. The settlement covers a significant share of the ovarian cancer lawsuits filed against the company and is intended to provide compensation to claimants while avoiding prolonged courtroom battles. Johnson & Johnson continues to deny any wrongdoing, insisting that extensive scientific research supports the safety of its talc-based products and disputes allegations that they were contaminated with asbestos, the report states. The proposed resolution would bring greater certainty to both the company and claimants by replacing years of litigation with a structured settlement process. The agreement also represents a major milestone in Johnson & Johnson's effort to move beyond the extensive legal liabilities arising from its historical talc business, according to Law360. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RELIANT PLUMBING: Files Amendment to Disclosure Statement --------------------------------------------------------- Reliant Plumbing & Drain Cleaning, LLC, submitted a First Amended Disclosure Statement submitted a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated July 15, 2026. The Amended Plan provides for the continued operation of the Debtor's plumbing business following confirmation. The Debtor will retain its assets, continue servicing customers, preserve its workforce and fleet, and fund Plan distributions through ongoing business operations, post-confirmation revenue, and accounts receivable collections. Holders of secured claims will retain their liens and receive treatment as set forth in the Amended Plan. Holders of general unsecured claims will receive payment in full over the Amended Plan. The Amended Plan will be funded through the Debtor's continued operations, postconfirmation revenue, accounts receivable collections, and other cash generated in the ordinary course of business. No liquidation of substantially all assets is contemplated. The Debtor expects to continue operating as a going concern throughout the Amended Plan Period. The Debtor is a single-member limited liability company that is disregarded as an entity separate from its owner for federal income tax purposes. Accordingly, the federal income tax consequences of the Amended Plan generally will be determined at the level of the Debtor's sole member, MBH Ventures, L.P., rather than at the Debtor level. To the extent the restructuring of indebtedness results in cancellation of indebtedness income or other federal income tax consequences, the availability of any applicable exclusions, limitations, or corresponding reductions of tax attributes under the Internal Revenue Code will depend upon the particular tax circumstances of MBH Ventures, L.P. and applicable law. No representation is made regarding the ultimate federal income tax consequences of the Amended Plan. Creditors may recognize taxable gain or loss upon receiving distributions under the Amended Plan, depending upon the nature of their Claims, the amount and character of the distributions received, and each creditor’s individual tax circumstances. Accordingly, creditors should consult their own tax advisors regarding the tax consequences of the Amended Plan. Class 1 consists of Allowed Priority Unsecured Claims entitled to priority under section 507(a) of the Bankruptcy Code that are not otherwise classified under the Amended Plan. Holders of Allowed Class 1 Claims will receive treatment consistent with the requirements of the Bankruptcy Code. Class 1 is unimpaired and is not entitled to vote on the Amended Plan. The Debtor proposes to pay a total of $94,825.31 in Claims for this Class during the Plan Period. The Debtor intends to seek Court approval to enter into a post-confirmation installment agreement with the Internal Revenue Service for payment of its priority federal tax obligations. The Debtor's financial projections assume payment of those obligations in accordance with the installment agreement, and the Debtor believes that such treatment will enhance its ability to successfully consummate the Amended Plan while ensuring full payment of the Internal Revenue Service's priority claim. Class 2 consists of Allowed secured ad valorem tax claims. Holders of Allowed Class 2 Claims will receive treatment in accordance with the Bankruptcy Code and applicable nonbankruptcy law. Class 2 is unimpaired and is not entitled to vote on the Amended Plan. The Debtor proposes to pay a total of $29,821.72 in Claims for this Class during the Plan Period. Class 7 consists of Allowed General Unsecured Claims that are not otherwise classified under the Amended Plan. Holders of Allowed Class 7 Claims will receive distributions pursuant to the Amended Plan from funds generated through the Debtor's post-confirmation operations. Class 7 is impaired and entitled to vote on the Amended Plan. The Debtor proposes to pay a total of $1,754,377.66 in Claims for this Class during the Plan Period. A full-text copy of the First Amended Disclosure Statement dated July 15, 2026 is available at https://urlcurt.com/u?l=CyXlzT from PacerMonitor.com at no charge. Reliant Plumbing & Drain Cleaning LLC is represented by: Robert C. Lane, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About Reliant Plumbing Reliant Plumbing & Drain Cleaning LLC provides plumbing and drain cleaning services, serving residential and commercial customers. Reliant Plumbing & Drain Cleaning sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12000) on Dec. 19, 2025. In its petition, the Debtor estimated assets in the range of $1 million to $10 million and liabilities between $100,001 and $1 million. The case is assigned to Bankruptcy Judge Christopher G. Bradley. The Debtor is represented by The Lane Law Firm PLLC. RELIZ TECHNOLOGY: Examiner Hires Bielli & Klauder as Counsel ------------------------------------------------------------ David M. Klauder, the Fee Examiner for the bankruptcy estates of Reliz Technology Group Holdings Inc., et al., seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Bielli & Klauder, LLC as counsel, nunc pro tunc to July 1, 2026. The firm will provide these services: (a) reviewing the Fee Applications and related invoices for compliance with Sections 328, 329, 330 and 331 of the Bankruptcy Code; Rule 2016 of the Bankruptcy Rules; Local Rule 2016-2 of the Local Rules; The United States Trustee Guidelines for Reviewing Applications for Compensation & Reimbursement of Expenses filed under 11 U.S.C. Sec. 330; and the Fee Examiner Order and together with the Local Rules and the UST Guidelines, the "Guidelines"; (b) assisting the Fee Examiner in any hearings or other proceedings before the Court to consider the Fee Applications including, without limitation, advocating positions asserted in the reports filed by the Fee Examiner and on behalf of the Fee Examiner; (c) assisting the Fee Examiner with legal issues raised by inquiries to and from the Retained Professionals and any other professional services provider retained by the Fee Examiner; (d) where necessary, attending meetings between the Fee Examiner and the Retained Professionals; (e) assisting the Fee Examiner with the preparation of preliminary and final reports regarding professional fees and expenses; (f) assisting the Fee Examiner in developing protocols and making reports and recommendations; and (g) providing such other services as the Fee Examiner may request. Bielli & Klauder, LLC will receive an hourly rate of $525 for Thomas D. Bielli (Member), $225 to $425 for Associates and of counsel, and $195 to $275 for Paralegals, paraprofessionals and law clerks. In addition to the hourly compensation of its professionals, BK will incur a monthly expense of $5,500 for the costs of Legal Decoder, Inc., whose fee data analytics software the Fee Examiner plans to use to assist in performing his analysis in this case. Bielli & Klauder, LLC represents no interest adverse to the Fee Examiner or the Debtors' Bankruptcy Estates in the matters upon which BK is to be engaged for the Fee Examiner and is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David M. Klauder, Esq. Thomas D. Bielli, Esq. BIELLI & KLAUDER, LLC 1204 N. King Street Wilmington, DE 19801 About Reliz Technology Group Reliz Technology Group Holdings Inc., together with its affiliates Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operate the BlockFills digital-asset trading and liquidity platform, offering institutional clients spot and derivatives trading, collateralized lending, and mining solutions. Founded in 2017, the group aggregates liquidity from a global network of exchanges and market makers, integrating smart order routing, trade reconciliation, and risk management through a multi-asset technology platform with FIX API connectivity and white-label software. Headquartered in Chicago, Illinois, also maintains offices in London, Dubai, Sao Paulo, and the Cayman Islands. Reliz and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371) on March 15, 2026. In the petition signed by Joseph Perry, interim chief executive officer, Reliz disclosed assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. Judge Thomas M Horan oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Katten Muchin Rosenman, LLP as bankruptcy-co-counsel; Berkeley Research Group, LLC as financial advisor; and Verita Global, LLC as claims agent. REPUBLIC NATIONAL: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- Janet Patton of Lexington Herald-Leader reports that Republic National Distributing Company (RNDC) has sought Chapter 11 protection in Texas to facilitate the sale of portions of its distribution business and oversee the orderly wind-down of remaining operations. The company said its Kentucky joint venture is excluded from the bankruptcy filing. Court records show RNDC has estimated liabilities ranging from $1 billion to $10 billion and estimated assets between $500 million and $1 billion. The company said the restructuring follows years of change in the alcoholic beverage distribution industry, where evolving consumer preferences and increasingly difficult wholesale market conditions have pressured profitability. RNDC noted that its earlier withdrawal from major markets, including California, helped protect more than 5,000 jobs despite the company's broader financial difficulties. Among the largest unsecured creditors listed in the bankruptcy petition are several prominent beverage producers. Proximo Spirits is owed nearly $94 million, while Delicato Family Wines, Pernod Ricard, Luxco, and E. & J. Gallo Winery are collectively owed tens of millions of dollars. The filing also identifies numerous additional wine and spirits suppliers with unsecured claims against the company, the report relays. RNDC has also experienced the loss of several major supplier contracts in recent years, including relationships with Brown-Forman and Sazerac. Its dispute with Sazerac, which alleges $38.6 million in unpaid invoices, remains unresolved. The Chapter 11 process is intended to provide time to negotiate asset sales while preserving value for creditors and other stakeholders, according to report. About Republic National Distributing Co. Headquartered in the United States, Republic National Distributing Company is a leading distributor of wines and spirits, serving thousands of retailers and hospitality customers nationwide. The company maintains an extensive logistics and distribution network that connects beverage producers with licensed wholesalers and retailers throughout the country. Republic National Distributing Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90728) on July 26, 2026. In its petition, the Debtor reports estimated liabilities ranging from $1 billion to $10 billion and estimated assets between $500 million and $1 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by John F Higgins, IV, Esq. of Porter Hedges LLP. RUZBEHJON INC: Gets Interim OK to Use $183K in Cash Collateral -------------------------------------------------------------- Ruzbehjon Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California to use cash collateral to fund its operations. Under the interim order, the Debtor is authorized to use up to $183,000 in cash collateral through August 14 in accordance with the court-approved budget, subject to a 10% variance. The Debtor will use the funds to continue operations at the Delphi Greek Restaurant in Westwood Village, Los Angeles. The Debtor does not own real estate but leases its restaurant premises. Its assets primarily consist of $13,116 in cash as of the petition date, accounts receivable, inventory, a liquor license, restaurant equipment and furniture, and potential legal claims. It is expected to receive an additional $10,000 to $20,000 in receivables. Several secured creditors assert liens on substantially all assets of the Debtor. The U.S. Small Business Administration holds a senior lien securing an estimated loan balance of approximately $1.07 million. Other secured creditors include the California Department of Tax and Fee Administration, Pacifica Community Ventures, Funding Metrix LLC, Epic Advance LLC, and Corporation Service Company. Several merchant cash advance lenders, including Clover Capital, DoorDash, inKind, and First Data Merchant Services, may also claim interests in future receivables although the Debtor reserves the right to challenge the validity, priority, or avoidability of certain recently recorded liens filed shortly before bankruptcy. Pursuant to the interim order, secured creditors will be granted adequate protection through replacement liens on all of the Debtor's post-petition assets, excluding avoidance actions and recoveries, with the same validity and priority as their pre-petition liens. The order is available at http://bankrupt.com/misc/RuzbehjonInc__ICCOrder29.pdf The court scheduled a final hearing for August 12. Objections to the continued use of cash collateral are due by July 30, with the Debtor's replies due by August 5. Ruzbehjon's financial distress resulted from a series of extraordinary events rather than poor management. The COVID-19 pandemic severely disrupted operations through shutdowns, occupancy restrictions, and reduced customer traffic while fixed expenses continued. In April 2024, an affiliated restaurant owned by the principal, Persian Gulf Restaurant, was destroyed by a catastrophic fire, eliminating approximately $500,000 in leasehold improvements, equipment, inventory, and an important source of operating income. While recovering from that loss, Delphi Greek Restaurant suffered a significant water-line failure that forced a four-month closure, followed by roughly six months of reduced operations during repairs and staffing recovery. The business also faced disputed utility bills from the Los Angeles Department of Water and Power, inflation-driven increases in food and labor costs, labor shortages including the loss of a key chef, and growing repayment obligations under merchant cash advance financing obtained to sustain operations. Collectively, these events made continued operations outside bankruptcy unsustainable. About Ruzbehjon Inc. Ruzbehjon Inc. is a Los Angeles, California-based full-service restaurant operator engaged in the hospitality industry. As of mid-2026, Ruzbehjony remained in operation after celebrating its 40th anniversary in 2025. The business has also been involved in recent litigation, including a trademark infringement lawsuit filed in late 2025. Ruzbehjon sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-16640) on July 1, 2026. In its petition, the Debtor reported estimated assets of $50,000 to $100,000 and estimated liabilities of $1 million to $10 million. The petition was signed by Roozbeh Farahanipour, chief executive officer and owner. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. SCIH SALT: S&P Affirms 'B' LT Rating on New Debt-Funded Dividend ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B' long-term issuer credit rating on SCIH Salt Holdings Inc. S&P said, "At the same time, we assigned our 'B' issue-level and '3' recovery ratings to the company's proposed senior secured debt. We also assigned our 'CCC+' issue-level and '6' recovery ratings to the company's proposed unsecured debt. "The stable outlook reflects our expectation that leverage will be in the mid-6x area despite the incremental debt as a favorable winter season heavily contributes to operating performance resulting in improved profitability over the next year. We forecast operating performance will continue improving on favorable demand and price increases." SCIH Salt is refinancing its capital structure, which would include an upsize of its existing revolving credit facility to $550 million, and an incremental first-lien term loan to pay $1.2 billion in dividends to its controlling shareholder. S&P said, "We forecast S&P Global Ratings-adjusted debt to EBITDA will increase by a turn to about 6.5x post transaction from 5.4x for the 12 months ended March 2026, but remain well below our downside threshold of about 8x. "We believe SCIH Salt will maintain a financial policy commensurate with the rating even with the dividend recapitalization. The dividend represents an aggressive financial policy that will raise leverage to about 6.5x from 5.4x as of the 12 months ended March 2026. Historically, the company has issued debt to fund dividends including an incremental term loan in 2025 to fund a $400 million dividend to its parent company. The company's debt has steadily ticked up with these debt issuances, and we believe it will continue these shareholder remunerations. "Additionally, SCIH Salt made two acquisitions year to date totaling about $120 million. However, we believe leverage will remain below our downside threshold of around 8x as the company's operating performance has improved over the years following the integration of Morton. Furthermore, the tuck-in acquisitions it made this year will contribute about $25 million in adjusted EBITDA. We anticipate improved earnings will result in leverage remaining in the 6x area." A favorable winter season and higher demand in its consumer segment support favorable operating performance, but weather-related volatility is a credit risk. Revenue in the first half of fiscal 2026 increased 16% on higher volumes and higher prices in all its segments. A robust winter season increased revenue in its highway and chemicals segment by about 22%. Its consumer segment grew 8%, and its South American segments increased 10%. S&P forecasts higher demand and prices will continue driving revenue growth of 11%-12% this year. The higher average selling price of de-icing salt will likely remain above the historical four-year average of about $71 over the next two years, as a strong winter season has depleted volumes and increased prices. The peer companies have also either reduced mining volumes or faced issues with their mines resulting in inventory gaps and constrained industry capacity. S&P anticipates prices remaining higher than historical pricing as inventory catches up. The consumer segment has also seen steady growth as its food subsegment's demand exceeds supply and the company has been able to consistently implement price increases. S&P forecasts S&P Global Ratings-adjusted EBITDA margin improving to 27%-28% from 25% as favorable pricing offsets increases in costs from higher fuel prices. However, a series of mild winter seasons may reverse these favorable trends, resulting in materially lower revenue and EBITDA especially as de-icing still constitutes about 40% of SCIH Salt's business. SCIH Salt faces weather-related volatility but is more insulated than its peers due to its slightly broader service offerings. While weather related volatility is a key credit risk for the company and its peers, SCIH Salt's scale and broader product offerings partly insulate it from weather related volatility. Its consumer services and South American business segments are not winter weather dependent. It is also able to pass on price increases in its consumer segment as it has strong branding power with its products. As a result, current EBITDA margins of about 27% exceed rated peers like Compass. S&P believes these factors help partly insulate the company from weather-related volatility. S&P said, "The stable outlook reflects our expectation that SCIH Salt's leverage of 6.5x will remain in line with the rating as favorable operating performance offsets higher debt. We anticipate the company will generate robust EBITDA and cash flows, underpinned by increased volumes from favorable winter weather conditions and pricing initiatives. This cash flow generation will fortify its balance sheet and overall liquidity position. "We could lower our ratings on SCIH Salt over the next 12 months if it is unable to sustain the ongoing improvement in its earnings, which we consider necessary due to its current debt load." Under such a scenario, S&P would expect the company to: -- Increase its debt to EBITDA toward 8x; or -- Reduce its EBITDA to interest coverage below 2x. An upgrade is unlikely in the next 12 months, given SCIH Salt's high debt load and current earnings generation capacity. S&P said, "For an upgrade, we would expect the company to sustain S&P Global Ratings-adjusted leverage below 5x. We would also need believe the risk of SCIH Salt's leverage rising above 5x is low. This would require the company to maintain the current EBITDA level and reduce its S&P Global Ratings-adjusted debt by about $1.0 billion, which we view as unlikely in the next 12 months given its financial-sponsor ownership and history of debt-financed dividends." SERENADE NEWPORT: Amends Unsecured Claims Pay Details ----------------------------------------------------- Thomas H. Casey, the Chapter 11 trustee, submitted a Disclosure Statement describing Modified Second Amended Chapter 11 Plan for Serenade Newport LLC dated July 14, 2026. The Plan proposes to pay the Claims of the Classes of Creditors in accordance with the provisions of the Plan. The Motion of Chapter 11 Trustee for an Order (1) Approving Sale of Real Property (the "Sale Motion") of the Estate was filed on April 30, 2026 as Doc. 186, seeking authorization to sell the Property to Jacob Sweidan for the sum of $8,200,000, subject to overbids. A hearing was scheduled on the Sale Motion on May 26, 2026. The hearing on the Trustee's Motion to Sell the Real Property was held on May 26, 2026. There were no overbids received by the Trustee. The Court approved the Stipulation to Resolve Limited Objections to Trustee's Motion to Sell Real Property, and approved the sale of the Property to Jacob Sweidan for the sum of $8,200,000. The Sale closed on June 8, 2026. The claims of secured creditors PPRF REIT and Sitlani/Tilokani were paid in full as per the terms of the Sale Order and the Stipulation to Resolve Limited Objections. After payment of all commissions, escrow charges, title charges and closing costs, the Trustee received and holds Net Sale Proceeds in the amount of $1,431,558.71. Class 2 consists of Priority Unsecured Claims. One timely Priority Unsecured Claim has been filed which is Claim No. 11 filed by the Franchise Tax Board and asserting a priority unsecured claim in the amount of $800. The Trustee does not intend to object to the claim of the Franchise Tax Board. One timely Priority Unsecured Claim has been filed which is Claim No. 11 filed by the Franchise Tax Board and asserting a priority unsecured claim in the amount of $800. The Trustee does not intend to object to the claim of the Franchise Tax Board. If sufficient funds are available to pay all allowed Class 2 Claims in full, then such Class is unimpaired. To the extent that the Allowed Claims in Class 2 exceed the funds available for payment to the Class, the claimants in Class 2 shall receive pro rata payment of available funds. Distributions to Class 2 creditors will be made on or before the Distribution Date. Class 3 consists of General Unsecured Claims. Holders of Allowed Class 3 Claims will receive Distributions on account of their Allowed Claims from the available liquid funds of the estate, after payment in full of all Allowed Secured Claims (Class 1), all Allowed Administrative Claims asserted against the Estate, and all Allowed Class 2 Claims, and any reserves allowed by this Plan. Distributions to Class 3 Creditors will be made on the Distribution Date. In the event that the available funds are sufficient to pay in full the amount of Allowed Class 3 Claims, then Class 3 Claims shall be entitled to receive pro rata payments of interest on their claims from the Petition Date to the date of payment at the Federal Judgment Rate in effect on the Effective Date of the Plan. If additional funds become available for distribution to Class 3 Claimants after the initial Distribution, such funds will be distributed by the Plan Agent within the later of 30 days following the date such funds are available following allowance and payment of all unpaid administrative claims, and payment in full of all Class 2 priority unsecured claims. As described herein, at the time of the commencement of this case, the Debtor had only one asset, its ownership of the Property. On April 30, 2026, the Trustee filed the Sale Motion. On May 29, 2026, the Bankruptcy Court entered the Sale Order authorizing the Trustee to sell the Property for the sum of $8,200,000. The sale closed on June 8, 2026. After payment in full of the payoff demand of PPRF REIT LLC, holder of a first priority deed of trust encumbering the Property, the payoff demand of Sitlani Holdings, LLC/Tilokani, holder of a second priority deed of trust encumbering the Property, commissions, prorated real estate taxes, and escrow and title fees and charges, and closing costs, the remaining net sale proceeds of $1,431,648.35 (the "Net Sale Proceeds") were distributed by escrow to the Trustee. A full-text copy of the Disclosure Statement dated July 14, 2026 is available at https://urlcurt.com/u?l=5ux0TK from PacerMonitor.com at no charge. Counsel for Thomas H. Casey, Chapter 11 Trustee: Todd C. Ringstad, Esq. RINGSTAD & SANDERS LLP 23101 Lake Center Drive, Suite 355 Lake Forest, CA 92630 Telephone: 949-851-7450 Facsimile: 949-851-6926 About Serenade Newport LLC Serenade Newport LLC is a single-asset real estate company with property located at 1501 Serenade Terrace in Corona Del Mar, California. Serenade Newport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11898) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtors are represented by Robert P. Goe, Esq. at Goe Forsythe & Hodges LLP. SERENADE NEWPORT: Plan Confirmation Hearing Scheduled for Sept. 29 ------------------------------------------------------------------ Judge Mark Houle of the U.S. Bankruptcy Court for the Central District of California conditionally approved Thomas H. Casey's, the Chapter 11 trustee, Disclosure Statement describing Second Amended Chapter 11 Plan for Serenade Newport LLC. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Debtor's request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: * August 11, 2026 at 5:00 p.m. is the deadline to file ballots accepting or rejecting the Second Amended Plan. * September 8, 2026 is the deadline to file and serve any objections to confirmation of the Second Amended Plan. * September 15, 2026 is the deadline to file and serve any reply to objections to confirmation of the Second Amend Plan. * The hearing on confirmation of the Second Amended Plan shall be held on September 29, 2926, at 3:00 p.m. As shared by the Troubled Company Reporter, the Plan proposes to pay the Claims of the Classes of Creditors in accordance with the provisions of the Plan. The Motion of Chapter 11 Trustee for an Order (1) Approving Sale of Real Property (the "Sale Motion") of the Estate was filed on April 30, 2026 as Doc. 186, seeking authorization to sell the Property to Jacob Sweidan for the sum of $8,200,000, subject to overbids. A hearing was scheduled on the Sale Motion on May 26, 2026. The hearing on the Trustee's Motion to Sell the Real Property was held on May 26, 2026. There were no overbids received by the Trustee. The Court approved the Stipulation to Resolve Limited Objections to Trustee's Motion to Sell Real Property, and approved the sale of the Property to Jacob Sweidan for the sum of $8,200,000. The Sale closed on June 8, 2026. The claims of secured creditors PPRF REIT and Sitlani/Tilokani were paid in full as per the terms of the Sale Order and the Stipulation to Resolve Limited Objections. After payment of all commissions, escrow charges, title charges and closing costs, the Trustee received and holds Net Sale Proceeds in the amount of $1,431,558.71. Class 3 consists of General Unsecured Claims. Holders of Allowed Class 3 Claims will receive Distributions on account of their Allowed Claims from the available liquid funds of the estate, after payment in full of all Allowed Secured Claims (Class 1), all Allowed Administrative Claims asserted against the Estate, and all Allowed Class 2 Claims, and any reserves allowed by this Plan. Distributions to Class 3 Creditors will be made on the Distribution Date. In the event that the available funds are sufficient to pay in full the amount of Allowed Class 3 Claims, then Class 3 Claims shall be entitled to receive pro rata payments of interest on their claims from the Petition Date to the date of payment at the Federal Judgment Rate in effect on the Effective Date of the Plan. If additional funds become available for distribution to Class 3 Claimants after the initial Distribution, such funds will be distributed by the Plan Agent within the later of 30 days following the date such funds are available following allowance and payment of all unpaid administrative claims, and payment in full of all Class 2 priority unsecured claims. As described herein, at the time of the commencement of this case, the Debtor had only one asset, its ownership of the Property. On April 30, 2026, the Trustee filed the Sale Motion. On May 29, 2026, the Bankruptcy Court entered the Sale Order authorizing the Trustee to sell the Property for the sum of $8,200,000. The sale closed on June 8, 2026. After payment in full of the payoff demand of PPRF REIT LLC, holder of a first priority deed of trust encumbering the Property, the payoff demand of Sitlani Holdings, LLC/Tilokani, holder of a second priority deed of trust encumbering the Property, commissions, prorated real estate taxes, and escrow and title fees and charges, and closing costs, the remaining net sale proceeds of $1,431,648.35 (the "Net Sale Proceeds") were distributed by escrow to the Trustee. A full-text copy of the Disclosure Statement dated July 14, 2026 is available at https://urlcurt.com/u?l=5ux0TK from PacerMonitor.com at no charge. Counsel for Thomas H. Casey, Chapter 11 Trustee: Todd C. Ringstad, Esq. RINGSTAD & SANDERS LLP 23101 Lake Center Drive, Suite 355 Lake Forest, CA 92630 Telephone: 949-851-7450 Facsimile: 949-851-6926 A copy of the Court's Order dated July 15, 2026, is available at https://urlcurt.com/u?l=FWNri2 from PacerMonitor.com. About Serenade Newport LLC Serenade Newport LLC is a single-asset real estate company with property located at 1501 Serenade Terrace in Corona Del Mar, California. Serenade Newport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11898) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Mark D. Houle handles the case. The Debtors are represented by Robert P. Goe, at Goe Forsythe & Hodges LLP. SHELTERING ARMS: Sale Hearing Scheduled for August 5, 2026 ---------------------------------------------------------- On May 13, 2026, Sheltering Arms Children and Family Services, Inc. ("Sheltering Arms" or the "Debtor"), as debtor and debtor-in-possession in this chapter 11 case (the "Chapter 11 Case"), by and through its attorneys, Garfunkel Wild, P.C., brought a motion (the "Bidding Procedures Motion") seeking entry of an order (the "Bidding Procedures Order") 1 pursuant to sections 105(a) and 363 of title 11 of the United States Code (the "Bankruptcy Code"), Rules 2002 and 6004 of the Federal Rules of Bankruptcy Procedure (the "Bankruptcy Rules"), Local Rule 6004-1, and the Sale Guidelines: (a) approving bidding procedures; (b) approving a break-up fee; (c) scheduling an auction, scheduling a sale hearing, and approving related notices; (d) approving the Debtor's sale of its real property located at 305 7th Avenue, Units 4A and 4B, New York, New York 10001 (collectively, the "Property"), free and clear of all liens, claims, encumbrances, and other interests, and (e) granting related relief. On June 26, 2026, the Bankruptcy Court entered the Bidding Procedures Order. A copy of each of the Bidding Procedures Motion and the Bidding Procedures Order, which includes the full Bidding Procedures, may be obtained by: (i) accessing the Bankruptcy Court's website at www.nyeb.uscourts.gov (password required); (ii) accessing the Case Website at https://dm.epiq11.com/ShelteringArms/; (iii) going in person to the Office of the Clerk of the Bankruptcy Court at the United States Bankruptcy Court, Eastern District of New York, Conrad B. Duberstein United States Courthouse, 271-C Cadman Plaza East, Suite 1595, Brooklyn, New York 11201, or (iv) contacting Adam T. Berkowitz, Esq. of Garfunkel Wild, P.C., Counsel to the Debtor, at 900 Stewart Avenue, 4th Floor, Garden City, New York 11530, by telephone at (516) 393-2502 or by email to aberkowitz@garfunkelwild.com. As set forth in the Bidding Procedures Motion and Bidding Procedures Order, the sale of the Property remains subject to higher and better offers and Bankruptcy Court approval. All interested parties are invited to make competing offers for the Property in accordance with the terms of the Bidding Procedures Motion and Bidding Procedures Order. The deadline to submit competing offers is July 22, 2026 at 4:00 p.m. (prevailing Eastern Time) (the "Bid Deadline"). Pursuant to the Bidding Procedures Order, if a Qualified Bid is received, the Debtor will conduct an auction (the "Auction") for the sale of the Property at the offices of Garfunkel Wild, P.C., counsel to the Debtor, at 900 Stewart Avenue, 4th Floor, Garden City, New York 11530, on July 29, 2026 at 10:00 a.m. (prevailing Eastern Time). The Bidding Procedures Order further provides that a Sale Hearing will be held on August 5, 2026 at 10:00 a.m. (prevailing Eastern Time) before the Bankruptcy Court, which hearing may be adjourned from time to time, including, without limitation, by announcing any such adjournment on the record at the Sale Hearing. At the Sale Hearing, the Debtor will request that the Bankruptcy Court enter an order, among other things, approving the highest and best bid for the Property. In addition, the Debtor shall request that the Bankruptcy Court provide that the transfer of the Property be free and clear of all liens, claims encumbrances, and other interests and that such transfer be approved pursuant to applicable non-bankruptcy law, notably sections 510 and 511 of New York's Not-for-Profit Corporation Law. At the Sale Hearing, the Bankruptcy Court may enter such orders as it deems appropriate under applicable law and as required by the circumstances and equities of this Chapter 11 Case. Objections, if any, to the sale of the Property, to the Debtor's designation of Qualified Bidders, the conduct of the Auction, and/or the selection of the highest or otherwise best offer for the sale of the Property, shall be made in writing, shall state with particularity the grounds for the objection, and shall be filed with the Court, in electronic format, by utilizing the Court's electronic case filing system at: https://ecf.nyeb.uscourts.gov/, or if the same cannot be filed electronically, by manually filing same with the Clerk of the Court together with a CD-ROM containing same in Word and PDF format, with a hard copy provided to the Clerk of the Court's Office at the Bankruptcy Court, Conrad B. Duberstein U.S. Courthouse, 271-C Cadman Plaza East, Suite 1595, Brooklyn, NY 11201, and served upon: (a) Garfunkel Wild, P.C., 900 Stewart Avenue, 4th Floor, Garden City, New York 11530, Attn: Adam T. Berkowitz, Esq. and Michael D. Goldberg, Esq., proposed counsel for the Debtors; and (b) the Office of the United States Trustee for the Eastern District of New York, Alexander Hamilton Custom House, One Bowling Green, Suite 510, New York, New York 10004, Attn: Jeremy S. Sussman, Esq., so as to be actually received by no later than August 3, 2026 at 4:00 p.m. (prevailing Eastern Time) (the "Objection Deadline"). Requests for information concerning the sale of the Property should be directed by written, electronic, or telephonic request to: Adam T. Berkowitz, Esq. of Garfunkel Wild, P.C., Counsel to the Debtor, at 900 Stewart Avenue, 4th Floor, Garden City, New York 11530, by telephone at (516) 393-2502 or by email to aberkowitz@garfunkelwild.com. Counsel for the Debtor: Adam T. Berkowitz, Esq. Michael D. Goldberg, Esq. GARFUNKEL WILD, P.C. 900 Stewart Avenue, 4th Floor Garden City, New York 11530 Telephone: (516) 393-2200 Facsimile: (516) 466-5964 About Sheltering Arms Children and Family Services, Inc. Founded approximately 200 years ago, Sheltering Arms (formerly Episcopal Social Services of New York, Inc.), maintained a mission to foster a society where every child and family it served was given the opportunity to succeed and thrive. Sheltering Arms Children and Family Services, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-41037) on March 7, 2024, listing $10 million to $50 million in both assets and liabilities. The Debtor tapped Adam T. Berkowitz and Michael Goldberg, at Garfunkel Wild, PC, as counsel, and PKF O'Connor Davies as accountant. SHREE SWAMI: Wells Fargo Wants Receiver for IHG Hotel ----------------------------------------------------- Wells Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, filed a motion with the U.S. District Court for the District of New Jersey, seeking the immediate appointment of EGNJ Associates LLC, an operating affiliate of GF Hotels & Resorts, as receiver for Shree Swami Aashirvad LLC and John Doe No. 1 Through John Doe No. 100. Wells Fargo is the holder of the Loan, which Shree Swami as New Borrower assumed when it purchased the Property pursuant to a Purchase and Sale Agreement, dated as of May 16, 2024. In connection with its purchase of the Property and assumption of the Loan, Shree Swami executed, among other things, an Assignment and Assumption of Ground Lease, Assumption Agreement, Assumption of Mortgage, and Memorandum of Assumption, pursuant to which Original Borrower granted, conveyed, assigned and transferred to New Borrower all of its right, title, interest obligations, and liabilities to the Mortgage, ALR (which Shree Swami assumed), and all notes and contracts described or referenced in the agreements and all obligations under the Original Loan Documents were assumed by New Borrower. New Borrower has defaulted under the Loan by, among other things, failing to execute certain additional documents to effectuate the assumption of the Loan Documents and provide the requisite quarterly financial reports. Wells Fargo now moves for the appointment of a receiver of the New Borrower's Assets during the pendency of this action. Wells Fargo contends that: -- New Borrower transferred equitable title to the Rents to Plaintiff and in the Mortgage agreed that, upon New Borrower's default thereunder, Plaintiff is duly entitled to reobtain possession thereof. -- Despite demand, New Borrower's numerous non-monetary defaults reveal its inability to fulfill, and disregard for, its contractual obligations under the Assumption Loan Documents. For example, New Borrower refuses to comply with its obligations under the Assumption Loan Documents by failing to execute certain additional documents required to effectuate the assumption and to provide to Plaintiff true and complete quarterly financial reports, leaving Plaintiff with little information on the Property's performance and overall health of New Borrower. -- New Borrower's mismanagement of the Property is evidenced by its failure to timely pay all fees and costs due and owing under the Franchise Agreement. The termination of the Franchise Agreement would diminish the value of the Property and jeopardize Plaintiff's security interest. The Federal Rules of Civil Procedure govern an action in which the appointment of a receiver is sought but the practice in administering an estate by a receiver must accord with the historical practice in federal courts or with a local rule. Federal courts may appoint a receiver where the parties have agreed ex ante that the lender has the right to the appointment of a receiver and all rent payments upon an event of a default. Courts consider a variety of factors in evaluating whether a mortgagee's application warrants the appointment of a rent receiver. Although not dispositive of whether to appoint a receiver, the existence of a contractual provision consenting to the appointment of a receiver weighs heavily in favor of appointing one. Wells Fargo asserts the appointment of a receiver is appropriate because it is indisputable the Assumption Loan Documents, namely the Mortgage and ALR (which New Borrower assumed), provide that Plaintiff is contractually entitled to the appointment of a receiver and that New Borrower consents to a receivership following an Event of Default. The Mortgage provides that, upon the occurrence of any Event of Default, New Borrower agrees that Plaintiff may, without notice or demand apply for the appointment of a trustee, receiver, liquidator or conservator of the Mortgaged Property, without notice and without regard for the adequacy of the security for the Debt and without regard for the solvency of the [New Borrower], any guarantor, indemnitor with respect to the Loan or of any Person liable for the payment of the Debt. Borrower has a revocable license to collect the Rents generated by the Property. The license granted to [New] Borrower shall automatically be revoked and [Plaintiff[ may enter into or upon the Property, either personally or by its agents, nominees or attorneys and dispossess [New] Borrower and its agents and employees therefrom; (i) use, operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of the Property and conduct the business thereat; (ii) complete any construction on the Property in such manner and form as [Plaintiff] deems advisable; (iii) make alterations, additions, renewals, replacements and improvements to or on the Property; (iv) exercise all rights and powers of [New] Borrower with respect to the Property, whether in the name of [New] Borrower or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases, obtain and evict tenants, and demand, sue for, collect and receive Rents; (v) require [New] Borrower to pay monthly in advance to any receiver appointed to collect the Rents, the fair and reasonable rental value for the use and occupation of such party of the Property as may be occupied by [New] Borrower; and (vi) apply the receipts from the Mortgaged Property to the payment of the Debt, after deducting therefrom all expenses (including reasonable attorneys' fees and disbursements) incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes, insurance and other charges in connection with the Property, as well as just and reasonable compensation for the services of [Plaintiff], and its counsel, agents and employees. In addition to New Borrower's absolute assignment of the Rents to Plaintiff and consent to the appointment of a receiver in the Assumption Loan Documents, equitable factors weigh in support of the appointment of a receiver, including, the continuation of New Borrower's defaults and its unstable financial status. New Borrower has failed to pay the required fees pursuant to the Franchise Agreement in direct contravention of the Assumption Loan Documents. New Borrower's failure to make such payments is a breach of the Franchise Agreement and thereby increases the risk that the Franchisor will terminate the License to use the Brand System, as that term is defined in the Franchise Agreement. Without such License, Wells Fargo explains, the Property cannot operate as an IHG hotel, as the Franchisor could suspend the Property from access to the Brand System, terminate access to IHG's reservation services, and prohibit the use of the IHG Marks, as that term is defined in the Franchise Agreement. Such results would cause the Property to be reduced to an unbranded hotel thereby materially impairing the Property's ability to attract guests, generate revenue, and maintain its competitive position in the market, resulting in irreparable harm to Plaintiff's Collateral. There is a substantial risk that the Property will continue to suffer waste and deterioration so long as New Borrower remains in control of the Property and its operations. Accordingly, in order to preserve the value of New Borrower’s Assets, a receiver is clearly needed to take immediate control. Wells Fargo also notes its legal remedies would be inadequate in the absence of an appointed receiver. The Loan is generally non-recourse such that, except under limited circumstances as set forth in the subject loan documents, neither New Borrower nor New Guarantor have personal liability for its repayment. Thus, its primary, if not, only avenue for recovery on the Loan is the New Borrower's Assets. The risk of waste and dissipation or diminution in the value of Plaintiff's collateral seems likely, if not, certain. A receiver is needed to immediately take possession of and preserve the Property until this action is resolved or until Plaintiff coordinates liquidation of the Property. About Shree Swami Aashirvad LLC Shree Swami Aashirvad LLC owns a property that operates as an IHG hotel. Shree Swami et al. are facing a receivership case captioned as Wells Fargo Bank, National Association, as Trustee for Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8 v. Shree Swami Aashirvad LLC and John Doe No. 1 Through John Doe No. 100, Case No. 2:26-cv-06249 (D. N.J.), before the Hon. Stanley R. Chesler. The case was filed on May 28, 2026. Wells Fargo alleges that Shree Swami has defaulted under the Loan by, among other things, failing to execute certain additional documents to effectuate the assumption of the Loan Documents and provide the requisite quarterly financial reports. Attorneys for Wells Fargo Bank as Trustee for Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series 2015-UBS8, acting by and through its special servicer, Rialto Capital Advisors LLC, as Special Servicer under the Pooling and Servicing Agreement dated as of December 1, 2015: Andrea M. Roberts, Esq. HOLLAND & KNIGHT LLP 787 Seventh Avenue, 31st Floor New York, NY 10019 Tel: (212) 513-3373 E-mail: andrea.roberts@hklaw.com SIFI NETWORKS: Auction for Assets Set for July 29, 2026 ------------------------------------------------------- SiFi Networks America, LLC filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the "Court") on June 5, 2026 (the "Petition Date"). On June 5, 2026, the Debtor filed Debtor's Motion for Entry of an Order (I) Approving the Bidding Procedures, (II) Scheduling Certain Dates and Deadlines With Respect Thereto, (III) Approving the Form and Manner of Notice Thereof, (IV) Approving the Stalking Horse Agreement, (V) Approving the Procedures for the Assumption and Assignment of Executory Contracts and Unexpired Leases, (VI) Approving the Sale of Substantially All of the Debtor's Assets, (VII) Authorizing the Debtor's Assumption and Assignment of Certain Executory Contracts and Unexpired Leases, and (VIII) Granting Related Relief (the "Motion"). On July 8, 2026, the Court approved an order (the "Bidding Procedures Order") granting certain of the relief sought in the Motion, including, among other things, (i) authorizing and approving sale and bidding procedures (the "Bidding Procedures"), (ii) scheduling certain dates and deadlines in connection with the Sale, including the Bid Deadline, Auction, Sale Hearing, (iii) approving the form and manner of (1) notice of the Auction and Sale Hearing (the "Sale Notice"), (2) notice of the Assumption Procedures (the "Assumption Notice"), and (3) notice of Successful Bidder and Back-Up Bidder (the "Notice of Successful Bidder"), (iv) approving procedures for assuming and assigning executory contracts and unexpired leases and certain related notices, including notice of proposed cure amounts, (v) approving the terms of the Stalking Horse Agreement, including the bid protections, (vi) and granting related relief approving the terms of the Stalking Horse Agreement, including the bid protections. All interested bidders should carefully read the Bidding Procedures Order and the Bidding Procedures in their entirety. CONTACT PERSON FOR PARTIES INTERESTED IN SUBMITTING A BID The Bidding Procedures set forth the requirements for becoming a Qualified Bidder and submitting a Qualified Bid. Any party interested in making an offer to purchase the Assets must comply strictly with the Bidding Procedures. Only Qualified Bids will be considered by the Debtor, in accordance with the Bidding Procedures. Any interested bidder should contact, as soon as possible: i. counsel to the Debtor, Cole Schotz P.C., 500 Delaware Avenue, Suite 600, Wilmington, DE 19801, Attn: Daniel F.X. Geoghan (dgeoghan@coleschotz.com), Jacob S. Frumkin (jfrumkin@coleschotz.com), and Michael E. Fitzpatrick (mfitzpatrick@coleschotz.com); and ii. the Debtor's sales agent, Sherwood Partners, Inc., 3945 Freedom Circle, Suite 520, Santa Clara, CA 95054, Attn: Jarod Wada (jwada@sherwoodpartners.com) and Eric Brown (ebrown@sherwoodpartners.com). OBTAINING ADDITIONAL INFORMATION Copies of the Motion, the Bidding Procedures, and the Bidding Procedures Order, as well as all related exhibits, including the Stalking Horse Agreement and all other documents filed with the Court, are available free of charge on the Debtor's case information website, located at https://cases.stretto.com/SiFiNetworks IMPORTANT DATES AND DEADLINES 1. Bid Deadline. The deadline to submit a Qualified Bid is July 27, 2026. 2. Auction. If one or more Qualified Bids is received by the Bid Deadline, the Debtor will conduct the Auction with respect to the Debtor's Assets. The Auction will commence on July 29, 2026, at 10:00 a.m. (prevailing Eastern Time), at the offices of Cole Schotz P.C., telephonically, or by video via Zoom, or such later time or other place as the Debtor will timely notify all Qualified Bidders. The Auction is open to all creditors and the U.S. Trustee to attend. However, only Qualified Bidders or their representatives and advisors may participate. All interested or potentially affected parties should carefully review the Bidding Procedures and the Bidding Procedures Order. 3. Objection Deadlines. The deadline to file an objection to the Sale, including the sale of any Assets free and clear of liens, claims, interests, and encumbrances pursuant to section 363(f) of the Bankruptcy Code (a "Sale Objection") is July 31, 2026 at 4:00 p.m. (prevailing Eastern Time) (the "Sale Objection Deadline"). The deadline to file an objection to the potential assumption or assumption and assignment of the Assigned Contracts and Cure Amounts related thereto (a "Contract Objection") (except as otherwise set forth in the Assumption Procedures) is 4:00 p.m. (prevailing Eastern Time) on the date that is 14 days after the service of the Assumption Notice (the "Contract Objections Deadline"). The deadline to file any Contract Objections solely on the basis of adequate assurance of future performance by a Successful Bidder and/or Back-Up Bidder other than the Stalking Horse Bidder (an "Adequate Assurance Objection") is the Sale Hearing (the "Adequate Assurance Objections Deadline"). 4. Sale Hearing. A hearing (the "Sale Hearing") to consider approval of the proposed Sale free and clear of all liens, claims, interests and encumbrances will be held on August 6, 2026 at 11:00 a.m. (prevailing Eastern Time) before The Honorable Brendan L. Shannon, Bankruptcy Judge, United States Bankruptcy Court for the District of Delaware, at District of Delaware, at 824 Market Street North, 6th Floor, Wilmington, Delaware 19801, or at such other place (which may be by video conference) and time as the Debtor shall notify all Qualified Bidders and all other parties entitled to attend the Auction. The Debtor has the right to adjourn or cancel the Auction at or prior to the Auction. FILING OBJECTIONS Sale Objections, Contract Objections, and Adequate Assurance Objections, if any, must (a) be in writing; (b) state, with specificity, the legal and factual bases thereof; (c) be filed with the Court by no later than the applicable deadlines stated above, as applicable; and (d) served so as to be actually received by: (i) counsel to the Debtor, Cole Schotz P.C., 500 Delaware Avenue, Suite 600, Wilmington, DE 19801, Attn: Daniel F.X. Geoghan (dgeoghan@coleschotz.com) and Jacob S. Frumkin (jfrumkin@coleschotz.com); (ii) counsel to the Stalking Horse Bidder and DIP Lender, counsel to the DIP Lender and Stalking Horse Bidder, (a) Clifford Chance US LLP, Two Manhattan West, 375 9th Avenue, New York, New York 10001, Attn: David Feldman (David.Feldman@cliffordchance.com) and Matthew L. Hinker (Matthew.Hinker@cliffordchance.com), (b) Young Conaway Stargatt & Taylor, LLP, 1000 North King Street, Wilmington, Delaware 19801, Attn: Sean M. Beach (sbeach@ycst.com); (iii) the Office of the United States Trustee for the District of Delaware, 844 King Street, Suite 2207, Lockbox 35, Wilmington, Delaware 19801, Attn: Jon Lipshie (Jon.Lipshie@usdoj.gov); and (iv) counsel to the Official Committee of Unsecured Creditors, Lowenstein Sandler LLP (a) 1000 N. West Street, Suite 1200 Wilmington, Delaware 19801, Attn: Christoper Ward (cward@lowenstein.com) and (b) 1251 Avenue of the Americas, New York, NY 10020, Attn: Gianfranco Finizio (gfinizio@lowenstein.com). About SiFi Networks SiFi Networks America LLC is a Wilmington, Delaware-based telecommunications infrastructure project management and deployment services provider. The company supports fiber-to-the-premises network projects through deployment planning, permitting coordination, vendor and subcontractor management, construction management, program management, delivery coordination, stakeholder reporting, and compliance support. SiFi Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10912) on June 5, 2026. In the petition signed by Jacen Dinoff, chief restructuring officer, the Debtor reported estimated total assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The Hon. Brendan Linehan Shannon presides over the Debtor's case. Cole Schotz PC represents the Debtor as its bankruptcy counsel. KCP Advisor Group LLC serves as the Debtor's restructuring advisor, Sherwood Partners Inc. acts as the Debtor's sales agent, and Stretto Inc. serves as the Debtor's claims and noticing agent. SIMAD HOLDINGS: Camp Owner Says Brother Arranged Loans ------------------------------------------------------ Hilary Russ of Law360 Bankruptcy Authority reports that David Shabsels, whose Chapter 11 bankruptcy petition lists $782 million in liabilities, told a bankruptcy court Monday that his brother was responsible for arranging loans and that he routinely signed financing documents presented to him. The testimony came during proceedings examining the debtors' financial management and borrowing practices. Shabsels testified that he had little involvement in negotiating loan agreements, explaining that his brother handled financing decisions for the family's businesses. He said he generally relied on his brother's guidance and executed documents without independently evaluating many of the agreements, the report states. The statements are expected to play a role in ongoing litigation over the family's financial transactions and the validity of various creditor claims. The bankruptcy court continues to oversee disputes involving substantial debt, loan documentation, and the administration of the Chapter 11 estates, according to report. 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. SOLON CORPORATION: Plan Exclusivity Period Extended to Sept. 8 -------------------------------------------------------------- Judge Scott H. Gan of the U.S. Bankruptcy Court for the District of Arizona extended Solon Corporation's exclusive to file a plan of reorganization and obtain acceptance thereof to Sept. 8 and Dec. 31, 2026, respectively. As shared by Troubled Company Reporter, the Debtor seeks this extension to enable it to continue work with its creditors, a process that is ongoing, and would be interrupted, if not made impossible, if a plan is proposed by someone other than the Debtor at this time. The Debtor, being in the best position to propose a viable plan of reorganization, should be given sufficient time to formulate and propose such a plan. The Debtor asserts that it is not using the extension process as a way to obtain leverage against its creditors and is not seeking to extend the Exclusivity Periods to pressure any creditors into accepting a plan of reorganization. The Debtor is still in the process of determining the specifics of the Plan and additional time is needed to allow for an informed dialogue about and analysis of the Debtor's future economic prospects. The Debtor further asserts that extending the Exclusivity Periods and allowing the Debtor to propose a plan without the deterioration and disruption to the Debtor's business operations that might be caused by the filing of competing plans by non-debtor parties will facilitate moving this Case towards a fair and equitable resolution of the case. Cause exists to extend the Exclusive Filing Period sought herein and the Motion should be granted. Solon Corporation is represented by: Michael W. Carmel, Esq. Michael W. Carmel, Ltd. 80 East Columbus Avenue Phoenix, AZ 85012-2334 Tel: (602) 264-4965 Fax: (602) 277-0144 E-mail: Michael@mcarmellaw.com About Solon Corporation Solon Corporation provides turnkey commercial and utility-scale solar photovoltaic systems, battery energy storage, and microgrid solutions in the Southwest United States. The company handles development, design, engineering, construction, financing, and ongoing operations and maintenance for municipalities, school districts, universities, commercial customers, and utilities. Solon Corporation in Tucson AZ, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 26-02842) on March 25, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Brian Seibel as president, signed the petition. Judge Scott H. Gan oversees the case. MICHAEL W. CARMEL, LTD., is serving as the Debtor's legal counsel. SOUTHERN POINTE: Court Says Receiver Must Return Property --------------------------------------------------------- Judge John W. Kolwe of the U.S. Bankruptcy Court for the Western District of Louisiana will grant Southern Pointe Land, LLC's Motion for Turnover of Property by Receiver. The Court will deny Vanderbilt Mortgage and Finance, Inc.'s Motion to Excuse Receiver from Compliance with Sec. 543 of the Bankruptcy Code. The Debtor owns real estate in Lake Charles, Louisiana that it is developing into a mobile home community known as Southern Pointe. The Community will consist of 344 manufactured home lots when complete. The Debtor's development plan is broken into three phases, with two of the three phases now completed, and the Debtor is nearing completion of phase three. Although not entirely clear from the record of this matter, it appears that 181 of the total 344 lots are currently in commerce. The Debtor's plan for the Community also includes the acquisition of new manufactured homes to be placed on each of the 344 lots, but under the development plan, the Debtor does not own these homes. Instead, a separate entity related to the Debtor, Southern Pointe Homes, LLC, will own the homes. Finally, management of the Community was vested with another Debtor-related entity, Southern Choice Properties, LLC. Thus, the primary purpose of the Debtor and Southern Pointe Homes is to own land and manufactured homes, respectively, and it is the responsibility of Southern Choice Properties to handle the actual management of the properties, including leasing, collection of rents, and the maintenance of the Community. The development plan also provides for Southern Pointe Homes to acquire all homes for the Community from Clayton Homes, which is an entity with ties to Vanderbilt, but supply chain issues prevented Clayton from providing all the homes; Clayton was only able to provide 24 homes. Thus, Southern Pointe Homes only owns 24 of the homes located in the Community, and the Court will refer to these homes as the "Clayton Homes." The Debtor indicates that another supplier of manufactured homes, Legacy Homes, supplied all the other homes for the Community (the "Legacy Homes"). The Legacy Homes are not owned by the Debtor; nor are they owned by Southern Pointe Homes. The record of this matter does not clearly identify the owners of the Legacy Homes, although it appears that another entity related to the Debtor through common ownership likely owns those homes. In August 2018, the Debtor granted a mortgage over the real estate comprising the Community to Vanderbilt to secure a promissory note executed by the Debtor in favor of Vanderbilt in an original principal amount not to exceed $8,972,349.00. The stated purpose of this loan was for the acquisition of the property that would be used to develop the 344 home sites. Also in August 2018, Southern Pointe Homes entered into a security agreement with Vanderbilt related to the acquisition of manufactured homes to be placed on the Debtor's lots, and those homes and related rents were to secure a promissory note given in favor of Vanderbilt by Southern Pointe Homes in an amount not to exceed $14,706,000.00. On February 18, 2026, Vanderbilt filed a foreclosure action in the United States District Court for the Western District of Louisiana (Lake Charles Division), naming, among others, the Debtor and Southern Pointe Homes as defendants. Vanderbilt sought collection of both its loan to the Debtor and its loan to Southern Pointe Homes. As of January 31, 2026, the Debtor owed Vanderbilt a principal balance of $8,614,902.69, and Southern Pointe Homes owed Vanderbilt $902,748.22. Vanderbilt also filed an ex parte motion for the appointment of a receiver, as authorized under the loan agreements between the parties, and on February 19, 2026, the District Court entered an Order appointing M. Shapiro Management Company, LLC as the receiver. The Order defined "Mortgagors" as the Debtor and Southern Pointe Homes, and the Property is described in Exhibit A to the Order and is limited to the legal description of the land comprising the Community, which is owned by the Debtor. The term "Property" is further defined in the Order to include "the improvements" on the land, "all income from such immovable property," and "all movable property, both tangible and intangible, of Mortgagors, and all other assets of Mortgagors." The Receivership Order authorized Shapiro to immediately "take possession of and administer all of the Mortgagors' rights with respect to the Property. The Receivership Order essentially gives Shapiro complete control over the Debtor's and Southern Pointe Homes' property and business to the exclusion of the Debtor and Southern Pointe Homes. And the Debtor and Southern Pointe Homes were required to immediately deliver to Shapiro all records, cash, agreements, and an accounting and reconciliation of all amounts received and held by the Mortgagors related to the Property. The Debtor and Southern Pointe Homes were also enjoined from disturbing Shapiro's possession and control of the Property and restrained from collecting any monies that may be payable to Debtor or Southern Pointe Homes. On June 18, 2026, the Debtor commenced this chapter 11 proceeding, which caused the hearing on the Motion for Contempt in the District Court to be stayed. The Debtor then moved for turnover of its property from the Receiver. In response, Vanderbilt filed a separate motion seeking an order excusing it from complying with Sec. 543 of the Bankruptcy Code and seeking to maintain possession of the Debtor's property with the Receiver. The Court finds that Vanderbilt has not carried its burden, and thus it will order the Receiver to return the property to the Debtor. While the Receiver has good intentions, its management of the properties from afar (the Receiver is in Michigan) is not in the Creditors' best interest. While under the Receiver's care, the property has suffered a major deterioration. Most of this stems from the Receiver's delay in placing a property manager and maintenance personnel on the ground in the Community. Moreover, the wholesale changes in how tenants are to make rent payments (especially with respect to the Legacy Homes) are causing more confusion and disruption than seems necessary. This is causing the Community to lose residents, which in turn, may cause a diminution in the value of the Debtor's property. Based on the record in these matters, it is the Court's view that the Debtor is in the best position to maintain the status quo and hopefully grow the Community, which is in the creditors' best interest. In conclusion, the Court cautions the Debtor that it is required to comply with all reporting and accounting requirements with respect to the Debtor's revenues required by the Bankruptcy Code and rules. Additionally, as the Receiver will remain in place with respect to the Clayton Homes, the Debtor should immediately turn over any rent revenues it may be holding attributable to Vanderbilt's security interest in the Clayton Homes. A copy of the Court's Ruling dated July 24, 2026, is available at https://urlcurt.com/u?l=KBoQVE from Pacermonitor.com. About Southern Pointe Land, LLC Southern Pointe Land, LLC is a real estate company focused on land holdings and property development projects. The filing did not provide extensive details regarding the company's business operations. The company filed for protection under Chapter 11 of the Bankruptcy Code (Case No. 26-20306) on June 18, 2026. The petition lists estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by Barbara B. Parsons, Esq. and William E. Steffes, Esq. of The Steffes Firm, LLC. Vanderbilt Mortgage and Finance, Inc., as lender, is represented by: Bradley L. Drell, Esq. Conner L. Dillon, Esq. GOLD, WEEMS, BRUSER, SUES & RUNDELL P.O. Box 6118 Alexandria, LA 71307-6118 Telephone: (318) 445-6471 Facsimile: (318) 445-6476 E-mail: cdillon@goldweems.com SSANG 7709: Gets Interim Court OK to Use Cash Collateral -------------------------------------------------------- SSANG 7709, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through August 10 or until entry of a further order to fund expenses based on the court-approved budget. Use of cash collateral is limited to 110% of each budget line item, with all collections of accounts receivable required to be deposited into a debtor-in-possession account for authorized operating expenses. The Debtor's cash collateral includes bank accounts and accounts receivable, subject to security interests of creditors. The Debtor identified Cho's Family, LLC as a secured creditor based on a UCC financing statement. Cho's Family and other secured creditors will be granted adequate protection through replacement liens on post-petition cash collateral, with the same validity and priority as their pre-petition liens. Creditors also retain the right to seek a superpriority administrative claim if the replacement liens later prove insufficient. The order preserves all parties' rights to challenge the validity, priority, or extent of asserted liens. The Debtor's authority to use cash collateral may terminate upon an event of default, including failure to comply with the terms of budget, subject to a three-day cure period. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=U5dHp9 from PacerMonitor.com. A further hearing is scheduled for Aug. 5. About SSANG 7709 LLC SSANG 7709, LLC operates multiple dry-cleaning facilities across Orange, Pitt, and Wilson Counties in Raleigh, North Carolina. SSANG 7709 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-03167) on July 14, 2026. In the petition signed by Kwon Jeon, managing member, the Debtor disclosed between $100,001 and $500,000 in both assets and liabilities. Judge Pamela W. Mcafee oversees the case. Ciara L. Rogers, Esq., at Waldrep Wall Babcock & Bailey, PLLC, represents the Debtor as legal counsel. ST. JAMES PLACE: Fitch Assigns 'BB+' IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to approximately $50.1 million series 2026 healthcare facilities revenue refunding bonds to be issued by the Louisiana Local Government Environmental Facilities and Community Development Authority on behalf of St. James Place of Baton Rouge (SJP). Fitch has also assigned SJP a 'BB+' Issuer Default Rating (IDR). The Rating Outlook is Stable. Proceeds from the bonds will be used to refund SJP's outstanding series 2015A bonds, reimburse for prior capex, establish a debt service reserve fund (DSRF) and pay the costs of issuance. The bonds are expected to price the week of Aug 3 via negotiated sale. Entity/Debt Rating ----------- ------ St. James Place of Baton Rouge (LA) LT IDR BB+ New Rating St. James Place of Baton Rouge (LA) /General Revenues/1 LT LT BB+ New Rating The ratings reflect SJP's moderate cash-to-adjusted debt ratio, which Fitch believes will remain stable over the next five years even if the community pursues a contemplated independent living unit (ILU) expansion project. Fitch expects balance sheet stability will be supported by SJP's improved ILU occupancy and net entrance fees, as well as its lowered age of plant. These changes resulted from a capital improvement plan executed over the last five years that was funded exclusively with internal cash flow. SECURITY The bonds are secured by a first mortgage lien and gross revenue pledge. A DSRF provides additional security. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Fitch assesses SJP's revenue defensibility at 'bbb', supported by materially improved ILU occupancy, demonstrated pricing power, and a differentiated market position. SJP is the only life plan community (LPC) within a 65-mile radius of Baton Rouge and one of only four not-for-profit LPCs in Louisiana. These strengths are partially tempered by mixed socioeconomic fundamentals in its primary market area (PMA) and the community's small, single-site nature. Operating Risk - 'bbb' SJP's operating performance reflects somewhat weaker core operations and stronger cash flow margins, consistent with Fitch's expectations for a predominantly type-A contract LPC. The stronger operating ratio in FY25 is primarily attributable to SJP's one-time receipt of employee retention credit (ERC) revenues. SJP has pursued an aggressive capital plan over the last five years to improve marketability and ILU occupancy. Fitch expects capital spending to moderate as renovations are complete and average plant age has improved materially. SJP has preliminary plans for an up to 100-unit ILU expansion, which Fitch expects beyond the five-year forward look. Fitch believes SJP has sufficient headroom to absorb this project while maintaining its current rating. Capital-related metrics are solidly 'Midrange'. Management's efforts to rejuvenate philanthropic support through its non-obligated foundation should help maintain a manageable debt burden as the organization considers expansion. Financial Profile - 'bb' SJP's improved ILU occupancy and net turnover entrance fees have supported balance sheet stability, despite its internally funded strategic capex. Cash-to-adjusted debt was 54.4% at the end of 1Q26 compared to 47.5% at YE22. Fitch calculates that SJP had 279 days cash on hand (DCOH) at the end of 1Q26, which is neutral to its assessment of the community's financial profile. Fitch expects SJP's financial profile to remain consistent with the 'BB+' rating over the next five years, with adequate rating headroom to absorb the potential ILU expansion project, even in a stress case scenario. Asymmetric Additional Risk Considerations No asymmetric risk considerations are relevant. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Additional debt or any other balance sheet deterioration that results in expectations for sustained cash-to-adjusted debt below 45%; - Sustained erosion in ILU occupancy and/or operating and cash flow performance could pressure the rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Uncertainty around the proposed ILU expansion plans somewhat constrains positive rating action. Over time, stable operating and cash flow performance could grow the balance sheet and support positive rating momentum. Fitch's stress case would also need cash-to-adjusted debt ratios to remain above 50%. PROFILE SJP is a not-for-profit LPC in Baton Rouge, Louisiana. It operates 210 ILUs, 48 assisted living units (ALUs), 15 memory care ALUs, 62 skilled nursing facility (SNF) beds and 26 memory care SNF beds. Operating revenue totaled $41.3 million in FY25 (YE Dec. 31). Date of Relevant Committee 07 July 2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for St. James Place of Baton Rouge (LA). 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. START TO FINISH: Plan Confirmation Hearing Scheduled for Sept. 10 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania will hold a hearing on Sept. 10, 2026 at 10:00 a.m. before Honorable Mark J. Conway to confirm the Plan of Reorganization of Start to Finish Installations, LLC. The deadline to file written acceptances or rejections of the Plan is August 13, 2026. The deadline to file written objections to confirmation of Debtor's Plan of Reorganization is August 20, 2026. In a court filing, the Debtor believes that its business will increase and is already seeing an increase in the market with respect to commercial building. As a result, the Debtor will continue to maintain its specialty construction business and solicit new business. The Debtor, therefore, believes it will be able to successfully reorganize. Class 10 consists of General Unsecured Creditors. Beginning six months after the Effective Date, the general unsecured creditors in Class 10 shall be paid ten percent of each allowed Class 10 Claim, payable in thirty-six equal monthly installments. Class 11 consists of Equity Holder. The equity interest of the Debtor is held by Jeromy Snyder, who is the sole member and holds 100% of the membership interest in the Debtor. The Equity Holder will continue to hold the equity subsequent to the Effective Date of the Plan. As of the Effective Date, the Debtor retains the right to cancel the equity and issue new equity in the same percentages as exist pre-Petition. The Debtor will continue to operate its playground installation business. The Debtor is seeking additional clients and major installations which it hopes will be added and therefore the revenue of the Debtor may be higher. Under the Plan, the Debtor provides for distributions to creditors of disposable income over the three years after the Effective Date. If necessary, and as may be required in a non-consensual Plan, the disposable income will be submitted to the Subchapter V Trustee for distributions under the Plan. As set forth in the Plan, the payments to the secured creditors and the unsecured creditors shall total approximately $5,321.00 on a monthly basis. The Debtor believes it has sufficient cash flow, as set forth in the Projections, to fund the Plan. A full-text copy of the Plan of Reorganization dated July 9, 2026 is available at https://urlcurt.com/u?l=U1Ae1i from PacerMonitor.com at no charge. Counsel to the Debtor: Robert E. Chernicoff, Esq. Joseph M. Kanfer, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY, P.C. 2320 North Second Street P. O. Box 60457 Harrisburg, PA 17106-0457 Telephone: (717) 238-6570 A copy of the Court's Order dated July 14, 2026, is available at https://urlcurt.com/u?l=vDdWJU from PacerMonitor.com. About Start to Finish Installations Start to Finish Installations LLC is a corporation with 1-49 creditors. It operates as a small business with debts primarily related to business activities and is classified under "Other" for its nature of business. Start to Finish Installations, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Pa. Case No. 26-01055) on April 17, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $500,001 to $1 million. Cunningham, Chernicoff & Warshawsky, P.C. is Debtor's legal counsel. STOKES & STOKES: Fine-Tunes Plan Documents ------------------------------------------ Stokes & Stokes Properties, LLC, submitted an Amended Plan of Reorganization dated July 14, 2026. Since filing the instant Chapter 11 Subchapter V Bankruptcy the Debtor's properties, that it intends to keep, are at full capacity including two Section 8 tenants. Like in the prior iteration of the Plan, the Debtor proposes to pay 100% of its disposable income to the unsecured claim of Citibank for the length of the plan. This Class is impaired. Class 3 consists of Equity Interest of Michelle Williams and Tyrone Stokes. Michelle Williams and Tyrone Stokes expect to retain their interest in the reorganized Debtor. The Debtor intends to assume the unexpired leases of all of their current tenants. To partially finance the plan, the Debtor intends to sell or surrender the following properties and use any net proceeds to fund the plan: * SURRENDER OR SELL 3212 W. Diamond Street - Mortgage - $633,176.06; Arrears $173,466.68 * SURRENDER OR SELL 2101 Marshal Street - Mortgage - $462,806.83; Arrears $126,467.91. * Vacant Lot 2255 N. 16th Street Philadelphia, Pa. 19132 - Approximate Value (40,900). In addition to selling the foregoing properties the Debtor will contribute its disposable income from its residential rental operation to fund its Chapter 11 Plan. Throughout the duration of the Plan, Chapter 11 Plan payments shall be disbursed concurrently. Claims in the same category shall be paid pro-rata. The Debtor believes that it will have enough cash on hand on the Effective Date of the Plan to pay all the Claims and expenses that are entitled to be paid on that date. A full-text copy of the Amended Plan dated July 14, 2026 is available at https://urlcurt.com/u?l=hxJqjl from PacerMonitor.com at no charge. Counsel to the Debtor: Demetrius J. Parrish, Jr., Esq. THE LAW OFFICES OF DEMETRIUS J. PARRISH, JR. 7715 Crittenden St., Suite 360 Philadelphia, PA 19118 Tel: (215) 735-3377 Email: djpesq@gmail.com About Stokes & Stokes Properties Stokes & Stokes Properties, LLC is a Pennsylvania-based real estate holding company established in 2007 to offer residential rental properties to tenants. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10431) on February 3, 2026, listing $1,000,001 to $10 million in assets and up to $50,000 in liabilities. Judge Ashely M Chan presides over the case. Demetrius J. Parrish, Jr., at The Law Offices Of Demetrius J. Parrish, is the Debtor's counsel. STORJ LABS: Seeks Chapter 11 Bankruptcy, Tokens Dip 16% ------------------------------------------------------- CoinDesk reports that cloud storage blockchain operator Storj Labs has filed for Chapter 11 bankruptcy in West Virginia, saying the process will eliminate legacy liabilities while preserving day-to-day operations. The company stressed that customers should not experience service disruptions as it reorganizes under court supervision. Storj operates a decentralized storage platform that rewards participants for providing unused hard drive capacity to the network. Backed by Inveniam, which acquired the company last year, Storj plans to shed non-essential operations and prior acquisitions while concentrating on its core cloud storage business. Executives said the restructuring is intended to strengthen the company rather than liquidate it, the report cites. The proposed Chapter 11 plan would also grant equity in the reorganized business to management, investors, and holders of the STORJ cryptocurrency token. Such treatment is uncommon because token holders typically are not recognized as equity owners in bankruptcy proceedings. The company's token dropped roughly 16% following the announcement and remains significantly below its historical highs, according to CoinDesk. Storj's bankruptcy adds to a wave of crypto industry setbacks. Movement Labs recently sought Chapter 11 protection, while BitMEX and BitMart announced plans to wind down their exchanges. The series of failures reflects an industry grappling with reduced funding opportunities as investors increasingly favor artificial intelligence ventures over blockchain startups, the report relays. About Storj Labs Storj Labs Inc. is a blockchain infrastructure company specializing in decentralized cloud storage solutions. The company operates a peer-to-peer storage network that distributes encrypted data across independently operated storage nodes worldwide, improving resilience and reducing dependence on conventional cloud providers. Founded in 2014, Storj serves customers in industries including software development, media, artificial intelligence, healthcare, and enterprise data management. Storj Labs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W. Va. Case No. 26-00512) on July 26, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Christopher R. Arthur, Esq. of Spilman Thomas & Battle. STROMA MEDICAL: Updates Unsecured Claims Pay -------------------------------------------- Stroma Medical Corporation submitted a Fifth Amended Small Business Plan of Reorganization under Subchapter V dated July 15, 2026. The Plan is a plan of reorganization and continuation of operations. The Debtor does not contemplate liquidation of its assets except in the ordinary course of business. All Allowed Claims will be paid in full over the five-year Plan Period. Class 2 General Unsecured Claims, comprised of general unsecured claims that are largely trade creditor claims and the Blumberg Judgment Claim, will be paid 100% of their Allowed amounts from Projected Disposable Income and capital contributions in excess of all actual and anticipated expenses for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor and from deposit interest accruing on capital contributions actually received by the Debtor, all during the Plan Period, if any. The Blumberg Judgment Claim is additionally payable from Net Insurance Recovery from the Delaware Coverage Action as more specifically set forth in Article 2, which provides a supplemental recovery source for the Blumberg Judgment Claim and does not reduce or delay any other Class 2 creditor's share of PDI distributions. The Contractor Sum owed to StarFish Product Engineering Inc. for post-petition engineering services (approximately $3 million) will be treated as an Allowed Administrative Expense Claim under Section 503(b)(1)(A) of the Bankruptcy Code, payable upon the Funding Date as an administrative expense. The filing of the Case facilitates: * Payment in full of all Allowed Claims, including General Unsecured Claims held by trade and service creditors, and the Allowed portion of the Blumberg Judgment Claim, from (i) Projected Disposable Income, (ii) capital contributions in excess of all actual and anticipated expenses for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor; (iii) interest accruing on capital contributions, all during the Plan Period, if any, and (iv) Net Insurance Recovery over the Plan Period (for the Blumberg Judgment Claim); * Deferment of the Contractor Sum owed to StarFish until the Funding Date; * Prosecution of the Delaware Coverage Action against Stratford for breach of contract and bad faith; and * Preservation of capital to ensure the feasibility of the Debtor's continued operations pending Series C Financing and commercial launch of the SLS. Class 2 consists of all General Unsecured Claims against the Debtor, including trade creditor claims and the Blumberg Judgment Claim. Paid from Projected Disposable Income during the Plan Period, from capital contributions in excess of all actual and anticipated expenses for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor and from interest accruing on capital contributions, all during the Plan Period, if any. The Blumberg Judgment Claim is additionally payable from Net Insurance Recovery, subject to Section 2.4.2. Class 2 is impaired. The allowed unsecured claims total $2.1 million. The Holder of the Blumberg Judgment Claim shall receive its pro rata share of PDI distributions available to all Class 2 creditors, the benefit of Net Insurance Recovery, if any, from the Delaware Coverage Action, defined as all of the Loss Coverage proceeds of the Debtor's D&O insurance policy and accrued interest thereon, if any, actually received by the Debtor, with no deduction of any kind (except as required by applicable law), until the Blumberg Judgment Claim is paid in full. For the avoidance of doubt, the Debtor’s Policy provides Loss Coverage and Expense Coverage, and the foregoing recovery source is limited to the Loss Coverage proceeds. Aggregate distributions to the Holder of the Blumberg Judgment Claim from all sources shall not exceed the Allowed Blumberg Judgment Claim amount (plus the Disputed Interest Amount if Allowed). This supplemental Net Insurance Recovery mechanism does not reduce or delay PDI distributions to any other Class 2 creditor. Net Insurance Recovery may be applied to the Allowed Blumberg Judgment Claim at any time during the Plan Period, regardless of the timing of PDI distributions. For the avoidance of doubt, Net Insurance Recovery constitutes a separate asset of the Estate that is specifically allocable to the Blumberg Judgment Claim by virtue of the underlying insured liability giving rise to such claim. The allocation of such Net Insurance Recovery does not adversely affect the treatment of the remaining Class 2 creditors. Before, on, and after the Effective Date, the Debtor or the Reorganized Debtor, as applicable, shall take all actions as may be necessary or appropriate to effectuate the restructuring transactions contemplated under the Plan, including: (a) the execution and delivery of any appropriate agreements or other documents consistent with the terms of the Plan; (b) the execution and delivery of appropriate instruments of transfer, assumption, or delegation of any asset, property, right, liability, debt, or obligation; (c) the filing of appropriate certificates pursuant to applicable state law; and (d) all other actions that the applicable Entities determine to be necessary or appropriate. If the Plan is confirmed under Bankruptcy Code section 1191(a) or (b), payments to Creditors provided for in the Plan will be made by the Reorganized Debtor from Projected Disposable Income during the Plan Period. In addition to Projected Disposable Income, payments to Blumberg may come from Net Insurance Recovery and payments to all creditors may come from capital contributions (including the Bridge Loan Proceeds) to the extent such contributions exceed actual or anticipated expenses for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor and from accrued bank deposit interest on capital contributions actually received by the Debtor. Net Insurance Recovery is not included in the PDI calculation given that it, if any, will be used to satisfy the Blumberg claim. A full-text copy of the Fifth Amended Plan dated July 15, 2026 is available at https://urlcurt.com/u?l=mHlq9q from PacerMonitor.com at no charge. Counsel to the Debtor: Ericka F. Johnson, Esq. Kevin G. Collins, Esq. Daniel N. Brogan, Esq. Steven D. Adler, Esq. Ashly L. Riches, Esq. Bayard, PA 600 N. King Street, Suite 400 Wilmington, DE 19801 Telephone: (302) 655-5000 Facsimile: (302) 658-6395 About Stroma Medical Corporation Stroma Medical Corporation, based in Irvine, California, is a clinical-stage medical device company that has developed the Stroma Laser System, a patented, non-invasive laser technology designed to change eye color from brown, hazel, or black to amber, hazel, grey/blue, blue, or green. The procedure is performed in a doctor's office using only a topical anesthetic, requires minimal recovery time, and takes less than a minute per eye. Stroma markets its system for lease to refractive surgeons worldwide and targets the unmet global demand for permanent eye-color change among consumers seeking a safe and natural-looking result. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12169) on Dec. 8, 2025, with $1 million to $10 million in assets and liabilities. Gregg Homer, executive chairman, signed the petition. Judge J. Kate Stickles oversees the case. The Debtor tapped Jamie Lynne Edmonson, Esq., at Robinson & Cole LLP, as bankruptcy counsel and Ericka F. Johnson, Esq., at Bayard, PA as conflicts counsel. SUPERIOR STAR: Gets Interim OK to Use Cash Collateral Until Oct. 5 ------------------------------------------------------------------ Superior Star, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to fund its operations based on a court-approved operating budget. The Debtor's authority to use cash collateral will terminate on October 5 or earlier upon appointment of a trustee or examiner, cessation of business operations, failure to provide adequate protection, or granting of stay relief to a secured creditor other than Western Alliance Bank. Western Alliance Bank asserts a secured claim of at least $5.92 million, backed by substantially all of the Debtor's assets including cash, inventory, and accounts based on pre-petition financing agreements. Under the interim order, Western Alliance Bank will be granted adequate protection through automatically perfected replacement liens on the Debtor's post-petition assets (excluding Chapter 5 avoidance actions) and a monthly payment of $69,000, beginning August 5. In addition, the retains the right to seek additional protection, including a superpriority administrative expense claim. The Debtor has not yet determined whether other creditors assert similar interests but reserves the right to contest any such liens after further investigation. A copy of the court's order is available at https://short.do/J3EAmT from PacerMonitor.com. Superior Star operates 59 Hardee's quick-service restaurants across 10 states, including 14 locations in the Western District of Kentucky, and generated approximately $80 million in gross revenue during 2025. The Debtor acquired the Hardee's restaurants in 2023 for approximately $13 million while its principals invested an additional $4 million at closing to support operations and later contributed another $2 million, including a recent $300,000 infusion to ensure employees were paid. Shortly after the acquisition, however, the Debtor discovered what it describes as significant omissions and misrepresentations by the seller, forcing it to absorb millions of dollars in deferred maintenance costs, unpaid taxes, and other previously undisclosed liabilities. Aging restaurant facilities further reduced customer demand, while industry-wide increases in food costs squeezed already-thin margins. To reduce expenses, the Debtor closed several underperforming locations and terminated related franchise agreements, although it continues paying rent on certain "dark" locations under negotiated agreements that it now intends to reject. Additional financial strain arose when delinquent state sales taxes prompted taxing authorities to levy the company's bank accounts, significantly restricting cash flow. According to the Debtor, those tax levies ultimately triggered the timing of the bankruptcy filing. About Superior Star LLC Superior Star LLC is a privately held restaurant franchise company headquartered in Phoenix, Arizona. The company owns and operates Hardee's franchise restaurants and serves customers throughout Midwestern markets through a network of company-managed locations. Superior Star LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-31809) on July 9, 2026. In its petition, the Debtor reports estimated assets and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Charles R. Merrill handles the case. The Debtor is represented by Tyler R. Yeager, Esq. of Kaplan Johnson Abate & Bird. TENET HEALTHCARE: S&P Upgrades ICR to 'BB', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating to 'BB' from 'BB-' on Tenet Healthcare Corp. S&P said, "In addition, we raised our rating on Tenet's first-lien senior secured debt to 'BB+' from 'BB'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a default. "We also raised our rating on Tenet's unsecured debt to 'B+' from 'B'. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default. "The stable outlook reflects our view that Tenet will balance operating performance and financial policy to maintain its current leverage and that health policies will not materially hinder the company." Tenet can sustain its improved financial credit profile. S&P said, "Tenet's S&P Global Ratings-adjusted leverage in 2025 declined to 3.4x from 3.9x in 2024, outperforming our prior expectation of 4x. Revenue was largely in line with our forecast, but S&P Global Ratings-adjusted EBITDA margin of 17.9% in 2025 exceeded our forecast of 17%. Improvements stemmed from a solid increase in revenue per adjusted admission, supplemental Medicaid funding, and ongoing operating initiatives. The solid 14% growth of the ambulatory care unit was within our expectations as it acquired controlling ownership interests in 27 ambulatory surgery centers (ASCs)." S&P said, "In 2026 and 2027, results remain solid. We forecast revenue to grow about 3.5% while margins start to level off. (excluding the Conifer transaction, which will inflate margins in 2026). We expect challenges to margin in the second half of the year, including some adverse payor mix shift, and our view that lower exchange enrollment will be a burden all year. "However, we believe Tenet's expense management, faster growth in the higher-margin ambulatory segment, and focus on higher acuity services strengthen margins. For perspective, Tenet's margin (through 2025) increased over 300 basis points (bps) since 2023 and is the second highest of peers rated in for-profit healthcare systems, behind only HCA Healthcare Inc. "Cash flow will remain strong and leverage consistent in 2026 and 2027. We expect Tenet to generate free cash flow, after NCI exceeding $1.5 billion in 2026 and 2027. We assume annual share repurchases of $1.5 billion, which results in adjusted discretionary cash flow to debt of about 2% in 2026 and 2027. Assuming $1 billion of annual acquisitions, we project leverage to remain relatively stable at 3.6x-3.7x. Its possible share buybacks could be higher if acquisition spending is lower and/or cash flow exceeds our forecast. "Our estimates include Tenet's return to full ownership of Conifer Health Solutions, Tenet's revenue cycle management business. While the net effect on cash is a use of $150 million in 2026, Tenet will receive about $1 billion (after tax) in equal payments from 2027-2029. "Tenet's financial policy is uncertain in some aspects. We believe the company will refrain from large, aggressive acquisition activity, but believe the company will surpass its $250 million annual spending target to expand its ambulatory segment. Moreover, the company still has over $2 billion cash on the balance sheet, which we net against debt. How the company ultimately deploys cash flow, balance sheet cash, and expected inflows from the Conifer deal beginning in 2027 will be instrumental in determining the direction of its credit profile. "We do not expect pending health policies to significantly pressure Tenet. We expect any challenges from U.S. budget reconciliation or the expiration of the Affordable Care Act (ACA) subsidies to be relatively limited. The company acknowledges some margin headwind for the hospital segment from unfavorable payor mix shift, and lower exchange enrollment. Our forecast for low-single-digit percent revenue growth includes these challenges and the company's focus on higher acuity services. Meanwhile, Tenet's ambulatory segment has very little Medicaid exposure. "The stable outlook reflects our expectation that operating performance will remain solid, and we believe the company will manage its growth investments and financial policy in a manner that will maintain current credit metrics." S&P could lower the rating on Tenet if: -- Operating performance weakens; or -- Financial policy becomes aggressive such that we expect leverage will increase to above 4x. S&P could raise the rating on Tenet if it: -- Further expands its ASC business; -- Limits margin headwinds; and -- Manages its financial policy such that leverage remains below 4x and S&P Global Ratings-adjusted discretionary cash flow to debt increases to a sustainable level at or above 5%. TEXAS AUTO: Amends Westlake Capital Claims Pay Details ------------------------------------------------------ Texas Auto Save, LLC ("TAS") and Synergy Capital Auto Lending, LLC submitted a First Amended Joint Disclosure Statement describing Plan of Reorganization dated July 14, 2026. The financial projections have changed since the statement was originally executed, and parties should look to the attached projections. The statement refers to Debtors' leading relationship to Westlake Capital Finance, LLC. Westlake is a secured creditor of Debtors and Debtors' largest creditor. Westlake contends that the statement inaccurately and incorrectly describes numerous aspects of that statement. On the contrary, Debtors contend the statements are accurate and Westlake will work against confirmation to ensure the only creditor paid in the bankruptcy is Westlake. Westlake opposes confirmation of the Plan. Westlake contends that the plan does not appropriately comply with the Confirmation requirements of the Bankruptcy Code and applicable bankruptcy law. Westlake does not believe the Plan is feasible and does not believe the Plan is fair and equitable with respect to Westlake and its secured claims. Westlake's objections to the Plan, will be filed in accordance with the deadlines issued by the Court. Class 1 in each Debtors' Case is the impaired Claim of Westlake Capital Finance. The Debtors estimate the claim to be approximately $10.3 million as of the petition date. Westlake shall be paid its allowed claim from Synergy; however, Westlake shall retain its liens in both Debtors' cases as provided for in its loan documents. Westlake shall be paid over 8 years at a fixed interest rate equal to the prime rate in effect on the Effective Date plus 2 percentage points. The first year of Plan payments shall be interest only and then the remaining 7 years shall be fully amortized. The Debtors shall provide quarterly financials to Westlake prepared by a licensed CPA. Additionally, Westlake shall be provided with the following information on a quarterly basis unless otherwise stated: * Total number of vehicle sales during the month. * Total number of contracts financed by Synergy, and the total loan amounts of each new contract during the month. * Total number of contracts charged off and the net value of the charge offs during each month. * Total number of vehicles available for sale (reconditioned vehicle) at the end of the quarter. * Total number of vehicles in TAS inventory pending full recondition at the end of the quarter. * Total number of vehicles pending auction at the end of the quarter. * Total cash on hand in TAS and Synergy accounts at the end of the quarter. Treatment of Post-Petition Interest and Fees Awarded Under Section 506(b) of the Bankruptcy Code. To the extent the Bankruptcy Court determines, through the Post-Confirmation Claim Reconciliation and Accounting process or through any final order resolving an objection to Westlake's claim, that Westlake is entitled to recover postpetition interest, reasonable fees, costs, or charges pursuant to Section 506(b) of the Bankruptcy Code, any such allowed amounts shall be added to the principal balance of the Allowed Westlake Claim for purposes of calculating the total debt to be repaid under the Plan. Notwithstanding the foregoing, under the Bankruptcy Code, oversecured creditors such as Westlake may recover post-petition interest, fees, and costs to the extent their collateral value exceeds the amount of their claim; however, the Code does not provide for the payment of interest on Section 506(b) of the Bankruptcy Code fees and expenses themselves. Section 506(b) of the Bankruptcy Code authorizes recovery of such fees and costs but does not independently authorize interest to accrue on those fees and costs after they are incurred or allowed. Accordingly, to the extent Westlake is awarded Section 506(b) of the Bankruptcy Code fees and expenses that are treated as a separate component of the Allowed Westlake Claim, those amounts shall be amortized on a no-interest basis over years 2 through 8 of the Plan in equal quarterly installments, with the first such installment due the first day of the first quarter to occur one year after the Effective Date, unless the Bankruptcy Court enters a specific order authorizing interest to accrue on such fees and expenses under applicable law. Westlake has not agreed to any of the provisions described, does not agree that the proposed treatment under the plans comports with the confirmation requirements under the Bankruptcy Code and has reserved the right to object to confirmation of the Plans for any and/or all reasons available under applicable Bankruptcy law. TAS Class 8 Claim of Lawler Motor Sports, Inc. On June 23, 2026, the Court entered an order authorizing the Debtors to make payments on the Lawler debt, however, the order reserved all parties’ rights, claims and defenses regarding the Lawler claim and expressly did not determine the validity, extent or priority of any security interest or lien claimed by Lawler or any other party. Westlake is opposed to any lien claimed by Lawler. Unless otherwise provided in the Sale Order or the Plan, net proceeds of any Sale consummated under this provision shall be distributed by the Debtor in the following order of priority: Costs of Sale. First, to pay all reasonable and documented costs and expenses incurred in connection with the Sale, including without limitation brokerage commissions, legal fees, title charges, transfer taxes, and other customary closing costs. Quarterly Fees. Second, to pay any quarterly fees owed to the United States Trustee pursuant to Section 1930(a)(6) of the Bankruptcy Code that remain unpaid as of the date of the Sale. Westlake Allowed Secured Claim. Third, to the extent Westlake Capital Financial holds an Allowed Secured Claim (as defined in the Plan) that is secured by a valid, perfected, and enforceable lien on the asset(s) sold, to pay Westlake the lesser of (a) the outstanding balance of its Allowed Secured Claim, or (b) the net proceeds remaining after payment of the amounts set forth in paragraphs 1 and 2 above. Payment to Westlake under this paragraph shall be applied first to accrued post-petition interest (to the extent allowed under Section 506(b)) of the Bankruptcy Code, then to outstanding principal, and then to any other allowed fees, costs, or charges comprising the Allowed Secured Claim, in each case as determined by the Bankruptcy Court. Westlake does not agree to this provision, assets it has credit bid rights, and/or that this proposed sale process violates the applicable provisions of the Bankruptcy Code. Remaining Proceeds. Fourth, any remaining proceeds after satisfaction of the foregoing payments shall be retained by the Reorganized Debtor and applied in a manner consistent with the Plan to pay allowed administrative expenses (if any and to the extent required), and to make distributions to creditors pursuant to the Plan. A full-text copy of the First Amended Joint Disclosure Statement dated July 14, 2026 is available at https://urlcurt.com/u?l=7NjoWo from PacerMonitor.com at no charge. Counsel to the Debtors: THE SMEBERG LAW FIRM, PLLC Ronald J. Smeberg, Esq. 4 Imperial Oaks San Antonio, Texas 78248 Tel: (210) 695-6684 Fax: (210) 598-7357 Email: ron@smeberg.com About Texas Auto Save LLC Texas Auto Save LLC is a used car dealership based in San Antonio, Texas. The company sells pre-owned vehicles and provides buy-here-pay-here and in-house financing, along with extended warranty options. It also offers online inventory access, quote requests, test drive scheduling, and financing pre-approval applications, serving customers in San Antonio and nearby Texas communities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-51089) on April 25, 2026. In the petition signed by Alex Sinno, managing member, the Debtor disclosed $2,122,888 in total assets and $13,800,382 in total liabilities. Judge Aubrey L Thomas oversees the case. Ronald Smeberg, Esq., at THE SMEBERG LAW FIRM, is the Debtor's legal counsel. THERAPY TREE: Employs Sacks Tierney as Special Counsel ------------------------------------------------------ Therapy Tree PLLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Sacks Tierney P.A. to serve as special counsel. The firm will provide these services: (a) assist the Debtor and its lead bankruptcy counsel in addressing the issues regarding Debtor's three prepetition bank accounts held at Zions Bank, doing business as National Bank of Arizona, and the termination notice Debtor received that the Bank Accounts will be closed effective July 31, 2026; (b) perform the legal services that will be necessary regarding the maintenance of the Bank Accounts held at NBAZ, and related administrative matters; (c) negotiate with NBAZ regarding the maintenance of the Bank Accounts; and (d) seek relief from the Court if such negotiations fail. Philip R. Rudd will primarily perform the legal work for the Debtor, and his hourly rate for this matter is $610. Sacks Tierney will charge for its professional services at its normal hourly rates for like matters of each involved partner, associate and paralegal, and will be reimbursed for its costs incurred in representing the Debtor. To the best of the Debtor's and Sacks Tierney's knowledge, Sacks Tierney P.A. has no connection with any other party-in-interest in this proceeding that is adverse to the interest of the Debtor or its estate and the Firm within the meaning of Bankruptcy Code Sec. 327(e). The firm can be reached at: Philip R. Rudd, Esq. SACKS TIERNEY P.A. 4250 N. Drinkwater Blvd., Fourth Floor Scottsdale, AZ 85251 Telephone: (480) 425-2676 E-mail: rudd@sackstierney.com About Therapy Tree PLLC Therapy Tree PLLC is a Phoenix, Arizona-based provider of pediatric multi-disciplinary rehabilitative therapy services. The company offers speech, occupational, physical, and feeding therapy for children throughout the Phoenix metropolitan area. It also participates in the sensory rooms market and continues to operate its clinical facilities while undergoing reorganization. Therapy Tree PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-06777) on July 10, 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 Daniel P. Collins handles the case. The Debtor is represented by Steven N. Berger, Esq., and Bradley David Pack, Esq., of Engelman Berger PC. TRAJECTOR HOLDINGS: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------------- Lead Debtor: Trajector Holdings, LLC 728A A1A South Saint Augustine, FL 32080 Business Description: Trajector Holdings is a holding company with principal operations in Florida and Utah that provides disability- benefit support services through its subsidiaries. Its operating companies include Trajector Medical, LLC, which prepares medical documentation and reports for veterans pursuing U.S. Department of Veterans Affairs disability benefits, and Trajector Disability, LLC, which assists clients with eligibility assessments, filings, appeals, and proceedings related to Social Security Disability Insurance and Supplemental Security Income benefits. Formerly known as Myler Disability, Trajector Disability adopted its current name in 2021. The company also owns affiliated medical- documentation, administrative, insurance, marketing, technology, and support-services businesses. Chapter 11 Petition Date: July 23, 2026 Court: United States Bankruptcy Court Middle District of Florida Twenty-two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Trajector Holdings, LLC (Lead Case) 26-03286 Benefits Group Holdings, LLC 26-03289 Trajector Medical, LLC 26-03291 Infinite Ip LLC 26-03293 Perfect Path, LLC 26-03295 Trajector Admin Services, LLC 26-03296 Benefits Insurance, LLC 26-03297 Myler Insurance Services Holdings, LLC 26-03298 Anchorsix Services, LLC 26-03299 Atvantage, LLC 26-03300 Trajector Media Services, LLC 26-03301 Globaltek BPO LLC 26-03302 Myler Disability Holdings, LLC 26-03304 Myler Disability, LLC 26-03306 Adduco Media, LLC 26-03307 Trajector Disability, LLC 26-03308 Contact Center 1, LLC 26-03309 Benefits Karma, LLC 26-03310 Executive Staffing Solutions, PLLC 26-03311 Ampry Holdings, LLC 26-03312 Concierge Staffing Service Management, LLC 26-03314 Trajector, Inc. 26-03315 Debtors' Counsel: Edward J. Peterson, Esq. BERGER SINGERMAN LLP 101 E. Kennedey Boulevard Suite 1165 Tampa, FL 33602 Tel: 813-498-3400 E-mail: epeterson@bergersingerman.com Debtors' Claims, Noticing & Solicitation Agent: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Trajector Holdings' Estimated Assets: $10 million to $50 million Trajector Holdings' Estimated Liabilities: $100 million to $500 million The petitions were signed by Mark C. Healy as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ENRDEQI/Trajector_Holdings_LLC__flmbke-26-03286__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Name And Address On File Former Employee $523,471 Available Upon Request 2. OneSource Virtual Inc. Trade Debt $284,202 Sherry Figuero 9001 Cypress Waters Blvd. Dallas, TX 75019 Contact: Sherry Figuero Email: sherry.figuero@trustaltus.com 3. Name And Address On File Former Employee $254,094 Available Upon Request 4. Name And Address On File Former Employee $205,733 Available Upon Request 5. Name And Address On File Former Employee $180,197 Available Upon Request Tel: On File 6. Amazon Web Services, Inc. Trade Debt $168,966 410 Terry Avenue North Seattle, WA 98109-5210 Tel: 206-266-1000 Fax: 206-266-7010 Email: jdlightb@amazon.com Email: sberanek@amazon.com 7. Brex Inc. Trade Debt $159,919 Garrett Marker 405 Howard St., Floor 2 San Francisco, CA 94105 Contact: Garrett Marker Tel: 833-228-2044 Email: support@brex.com Email: notices@brex.com 8. Name And Address On File Former Employee $138,837 Available Upon Request 9. Name And Address On File Former Employee $138,743 Available Upon Request Tel: On File 10. Name And Address On File Former Employee $120,852 Available Upon Request Tel: On File 11. Name And Address On File Former Employee $115,754 Available Upon Request 12. Name And Address On File Former Employee $89,425 Available Upon Request 13. Media Science LLC Trade Debt $78,377 Jose Luna 2276 NW 16th Avenue Gainesville, FL 32605 Contact: Jose Luna Tel: 352-375-7686 14. Name And Address On File Former Employee $22,891 Available Upon Request 15. Hiya, Inc. Trade Debt $18,143 701 5th Avenue, 12th Floor Seattle, WA 98104 Tel: 425-835-3673 Email: support@hiya.com 16. Twilio, Inc. Trade Debt $14,148 Khozema Z. Shipchandler 101 Spear Street, Suite 100 San Francisco, CA 94105 Contact: Khozema Z. Shipchandler Tel: 415-390-2337 Email: ir@twilio.com 17. 4SQ Group Inc Trade Debt $12,153 61 Rathburn Road Etobicoke, M9A 1R4 Canada 18. Purdonmoi Inc. Trade Debt $10,538 505 Newman Crescent Whitby, L1N 1M7 Canada 19. Name And Address On File Trade Debt $9,600 Available Upon Request 20. Name And Address On File Trade Debt $9,587 Available Upon Request 21. Name And Address On File Trade Debt $8,728 Available Upon Request 22. Assure Disability LLC Trade Debt $5,766 112 Goliad St Benbrook, TX 76126 Tel: 866-352-0314 Email: info@myassureservices.com 23. Apps Associates LLC Trade Debt $5,305 289 Great Road, Suite 308 Acton, MA 01720 Tel: 978-399-0230 Email: contactus@appassociates.com 24. Thomson Reuters Trade Debt $4,637 610 Opperman Drive Eagan, MN 55123 Tel: 651-687-7000 Email: mike.suchsland@thomson.com 25. KeyBank Bank Trade Fees $4,392 Krystal Jory 36 S State St Suite 2609 Salt Lake City, UT 84111 Contact: Krystal Jory Tel: 720-904-4311 Email: krystal_jory@keybank.com 26. Exclusive Networks USA, Inc. Trade Debt $3,701 4038 Clipper Ct Fremont, CA 94538 Email: info_na@exclusive-networks.com 27. Olinsky Law Group Trade Debt $3,210 250 South State Street, Suite 210 Syracuse, NY 13202 Tel: 315-701-5780 Email: info@windisability.com 28. DEX Imaging LLC Trade Debt $3,079 PO Box 17299 Clearwater, FL 33762 Tel: 888-570-9909 Email: info@deximaging.com 29. Name And Address On File Trade Debt $2,105 Available Upon Request 30. Uniti Fiber Gulfco LLC Trade Debt $1,827 P.O. Box 845081 Dallas, TX 75284-5081 Tel: 877-652-2321 Fax: 501-537-0769 Email: daniel.heard@uniti.com TWO SISTERS: Commences Chapter 11 Bankruptcy in New York -------------------------------------------------------- On July 21, 2026, Two Sisters Development Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of New York (Case No. 26-10970). According to court filings, the debtor reports between $50,000 and $100,000 in liabilities, between $1 million and $10 million in assets, and 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on August 21, 2026 at 02:00 PM via Zoomgov-(Allen): Meeting ID 165 848 24929, Passcode 7463412075, Phone (202) 807-5092. About Two Sisters Development Corp. Two Sisters Development Corp. is a Lewiston, New York-based real estate development and leasing company. The company owns and manages commercial real estate, including storage facilities in the Niagara Falls area. It maintains an industrial real estate presence through properties located in I2-zoned districts and expanded its portfolio in 2021 with the acquisition of additional commercial parcels, including property on Niagara Falls Boulevard. Two Sisters Development Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10970) on July 21, 2026. In its petition, the debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $50,000 to $100,000. The case is pending before the Honorable Carl L. Bucki. The debtor is represented by Scott M. Lupiani, Esq. UBS ASSOCIATES: Unsecured Creditors Will Get .10% over 5 Years -------------------------------------------------------------- UBS Associates, LLC submitted an Amended Plan of Reorganization for Small Business under Subchapter V dated July 15, 2026. The Debtor is a general contractor, home remodeling and home repair company. Debtor entered into multiple MCA agreements that caused sufficient harm to the Debtor's weekly and monthly cash flow. The Debtor was prohibited from paying post-petition payments to its secured creditors due the creditor's refusal to accept payments or allow Debtor to access its on-line accounts. If the secured lenders had allowed Debtor to pay post-petition payments, there would be funds available for unsecured creditors. As such, all of Debtor's monthly disposable income pursuant to this proposed plan, will be used to pay secured creditors' post petition arrears. The Debtor has significant income from large construction and rehabilitation insurance funded projects. 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's principal, Jon Billiard will retain his ownership and management position in the reorganized company. Secured Claims: There are equipment financing and vehicle financing claims in the Debtor's bankruptcy. There was no pre petition arrears on any of these loans. The proposed plan will pay the post-petition arrears in full over the life of the plan while the Debtor makes all post-petition payments as of July 1, 2026. Unsecured creditors shall be paid pro-rata based on Debtor's monthly disposable income. 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. Class 3 consists of All Non-priority Unsecured Claims. Unsecured creditors will receive .10% of their claim. This Class is impaired. The Debtor's principal will maintain his equity ownership in the reorganized debtor. A full-text copy of the Amended Plan of Reorganization dated July 15, 2026 is available at https://urlcurt.com/u?l=1cAGr8 from PacerMonitor.com at no charge. Counsel to the Debtor: Maggie S. Soboleski, Esq. Center City Law Offices, LLC 1632 Ellsworth Street Philadelphia, PA 19107 Tel: (215) 820-2132 Fax: (215) 977-9644 About UBS Associates UBS Associates, LLC, is a general contractor, home remodeling and home repair company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10564) on Feb. 12, 2026, with up to $50,000 in assets and liabilities. Judge Patricia M. Mayer presides over the case. Maggie S. Soboleski is the Debtor's legal counsel. UGLYDUCKLINGRENO LLC: Plan Confirmation Hearing Set for Sept. 30 ---------------------------------------------------------------- Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida conditionally approved the Disclosure Statement in Support of the Plan of Reorganization of UglyDucklingReno, LLC. The Disclosure Statement is conditionally approved as containing adequate information in accordance with section 1125 of the Bankruptcy Code and is subject to final approval of the Court at the Combined Hearing. The Debtor's request for a Combined Hearing on the final approval of the Disclosure Statement and confirmation of the Plan, and the following Confirmation Schedule, are approved: * September 23, 2026, is fixed as the last day for filing and serving written objections to the disclosure statement, and is fixed as the last day for filing acceptances or rejections of the plan. * On or before August 31, 2026, the plan of reorganization, the disclosure statement, ballot for accepting or rejecting the plan, and this Order conditionally approving the disclosure statement shall be transmitted by mail by the attorney for the proponent of the plan sought to be confirmed to creditors, equity security holders and other parties in interest. * A confirmation hearing will be held on September 30, 2026, at 09:30 AM, Eastern Time, at U.S. Bankruptcy Courthouse, 110 E. Park Avenue, 2nd Floor Courtroom, Tallahassee, FL 32301. As shared by the Troubled Company Reporter, the Debtor filed this case in order have sufficient time to market and sell the property it owns to pay the Debtor's two creditors. Prior to filing this case, the Debtor renovated its real property but was unsuccessful in its efforts to liquidate the property prior to filing. The Debtor filed to stop the scheduled foreclosure sale. During the case, the Debtor has not yet had any acceptable offers to purchase the property. The Debtor has now pivoted to applying for a mortgage modification with the primary secured creditor. The Debtor is not currently generating any revenue. Any amounts paid to the secured creditor will be paid by the owners of the Debtor. Class 2 consists of General Unsecured Claims. This Class consists of the unsecured claims of Bank of America ($2,462.05); and Internal Revenue Service ($15,900.00). Class 2 will be paid a dividend of only if the Debtor’s property sells for more than what is owed to the unsecured creditors. Payments and distributions under the Plan will be funded by the sale of the Debtor's property and/or the Debtor's equity security holders. A full-text copy of the Disclosure Statement dated May 8, 2026 is available at https://urlcurt.com/u?l=DdXYwi from PacerMonitor.com at no charge. Counsel to the Debtor: Byron Wright III, Esq. Bruner Wright, PA 2868 Reminton Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 A copy of the Court's Order dated July 13, 2026, is available at https://urlcurt.com/u?l=e8Bouz from PacerMonitor.com. About UglyDucklingReno UglyDucklingReno, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30662) on July 14, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Karen K Specie presides over the case. Byron Wright, III, Esq. at Bruner Wright, P.A., is the Debtor's counsel. UTICORP INC: Gets Court OK to Use Cash Collateral ------------------------------------------------- Uticorp, Inc. got the green light from the U.S. Bankruptcy Court for the District of Puerto Rico to use cash collateral. The Debtor's financial distress was triggered primarily by repeated Internal Revenue Service levies and bank account embargoes that deprived it of operating funds, making it impossible to meet payroll, pay ordinary operating expenses, or continue making payments on its secured loan with the U.S. Small Business Administration. The Debtor was founded in 1990 by Dr. Sylvette Rivera Garcia, Jose A. Vilella Cassanovas, and Luz D. Olavarria to provide healthcare cost-containment services, medical utilization review, rehabilitation-related services, health plan administration, and employee wellness programs. Dr. Rivera Garcia has managed the Debtor's day-to-day operations throughout its history. During the COVID-19 pandemic in 2020, the Debtor obtained an SBA loan of approximately $150,000 to support operations. The loan was secured by substantially all of the Debtor's assets, including tangible and intangible property, inventory, equipment, accounts receivable, and cash proceeds, through a registered security agreement filed with the Puerto Rico Department of State. Although the Debtor later entered into a payment arrangement with the SBA after defaulting on the loan, it states that ongoing IRS collection efforts prevented it from maintaining those payments. The Debtor attempted to negotiate with the IRS but was unable to halt continuing levies against its bank accounts and even the Social Security benefits of Dr. Rivera Garcia. These collection efforts left the Debtor without sufficient liquidity to operate, forcing its shareholders to use personal funds to sustain the business until their own financial resources were exhausted. One shareholder has since transferred his ownership interest, leaving Dr. Rivera Garcia as the sole individual responsible for the business. Faced with mounting financial pressure and no viable alternative, the Debtor filed for Chapter 11 protection to obtain the benefit of the automatic stay, preserve its ongoing operations, and formulate a plan to repay creditors, including the SBA. The use of cash collateral includes funding payroll, rent, utilities, insurance, taxes, professional fees, and other operating expenses necessary to maintain business operations and preserve the value of the estate. As adequate protection for the SBA, the lender will retain replacement liens on the Debtor's post-petition assets to the extent necessary while the Debtor continues operating. About Uticorp Inc. Uticorp, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-03175) on July 9, 2026. Carlos Garcia Miranda serves as Subchapter V trustee for the Debtor. Carmen D. Conde Torres, Esq., at C. Conde & Associates represents the Debtor as legal counsel. VALVES AND CONTROLS: Plan Exclusivity Period Extended to Aug. 6 --------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Valves and Controls US, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 6 and Oct. 7, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that granting the requested extensions will give the company a full and fair opportunity to complete negotiations with the UCC on the Plan Documents, including the TDP, and to present the Plan to the Court for approval, without the distraction, cost, and delay of a competing plan. The Debtor explains that it has been in frequent and active communications with key parties in interest in this chapter 11 case, including the UCC (since its appointment), Weir, and First Reserve. The Debtor's discussions with the UCC led to the filing of a consensual chapter 11 plan jointly with the UCC. The Debtor asserts that the Plan was negotiated and consensually agreed between the Debtor and the UCC. The Debtor requests this extension of the Exclusive Periods to ensure the parties can complete their negotiations on the Plan Documents and seek confirmation of the Plan without the distraction of competing chapter 11 plans, not to pressure the creditors to agree to the Debtor's requests in regard to the terms. The Debtor believes an extension will allow the Debtor and its creditor constituents the necessary time to resolve the chapter 11 case in an expeditious manner. Valves and Controls US Inc. is represented by: COLE SCHOTZ P.C. Patrick J. Reilley, Esq. Michael E. Fitzpatrick, Esq. Melissa M. Hartlipp, Esq. 500 Delaware Avenue Suite 600 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: preilley@coleschotz.com mfitzpatrick@coleschotz.com mhartlipp@coleschotz.com - and - WEIL, GOTSHAL & MANGES LLP Matthew S. Barr, Esq. Ronit J. Berkovich, Esq. Lauren Tauro, Esq. Alejandro Bascoy, Esq. 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 E-mail: matt.barr@weil.com ronit.berkovich@weil.com lauren.tauro@weil.com alejandro.bascoy@weil.com About Valves and Controls US Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 1, 2025. In its petition, the Debtor listed assets between $50 million and $100 million, and liabilities between $100 million and $500 million. Bankruptcy Judge Thomas M. Horan handles the case. Cole Schotz P.C., led by Patrick J. Reilley, is serving as counsel to the Debtor. VEGA ROOFING: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, is set to hold a hearing today to consider extending Vega Roofing Solutions, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's July 15 interim order expires on July 30. The initial order granted adequate protection to merchant cash advance lenders including LiftFund Inc., Fora Financial Advance, LLC, and Specialty Capital, LLC in the form of post-petition replacement liens on the debtor's assets, with the same priority and extent as their pre-petition liens. Additional safeguards include insurance coverage on the collateral in accordance with the applicable loan agreements. Before filing bankruptcy, the Debtor obtained financing from the MCA lenders, which may assert secured claims totaling approximately $232,400. The MCA lenders may claim perfected security interests in substantially all of the Debtor's personal property, including vehicles and trailers valued at approximately $33,000, inventory and roofing materials valued at roughly $4,575, and accounts receivable, cash, and cash deposits totaling approximately $9,660. The Debtor acknowledges that these lenders may contend that the cash and related assets constitute cash collateral subject to their liens. About Vega Roofing Solutions LLC Vega Roofing Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01499) on June 18, 2026, with assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge Luis Ernesto Rivera II presides over the case. Jonathan M. Bierfeld, Esq., at Martin Law Firm Pl represents the Debtor as legal counsel. VIA MIZNER: Secured Party Sets August 18, 2026 Public Auction ------------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Events of Default under that certain Ownership Interests Pledge and Security Agreement dated as of August 3, 2023 (the "Pledge Agreement"), executed and delivered by VIA MIZNER PLEDGOR III, LLC (the "Pledgor"), and in accordance with its rights as holder of the security, VIA MIZNER LENDER 2 LLC ("Secured Party"), by virtue of possession of that certain Share Certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the "Code"), and by virtue of that certain UCC-1 Filing Statement made in favor of Secured Party, all in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction: (i) all of Pledgor's right, title, and interest in and to the following: VIA MIZNER OWNER III, LLC (the "Pledged Entity"), and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the Collateral"). Secured Party's understanding is that the principal asset of the Pledged Entity is the 88 for sale condominium units located at 105 East Camino Real, Baca Raton FL 33432 {the "Property"). Moecker Auctions, Inc. ("Moecker"), under the direction of Eric Rubin, an auctioneer licensed in the State of Florida, (the "Auctioneer"), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via online bidding, on August 18, 2026 at 3:30 p.m. (EST), in satisfaction of an indebtedness in the approximate amount of $50,727,826.16, including principal, interest on principal, and reasonable fees and costs, plus default interest through August 18, 2026, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid. Online bidding will be made available via Zoom Meeting. The Zoom Meeting link will be provided upon request. Bidder Qualification Deadline: Interested parties who intend to bid on the Collateral must contact Brett Rosenberg at Jones Lang Lasalle Americas, Inc. ("JLL"), 330 Madison Avenue, New York, NY 10017, (212) 812-5926, Brett.Rosenberg@jll.com to receive the Terms and Conditions of Sale and bidding instructions by August 17, 2026 by 3:00 p.m. Upon execution of a standard confidentiality and non-disclosure agreement, which can be found at 105ECaminoRealCondoUCCSale.com, additional documentation and information will be available. Interested parties who do not contact JLL and qualify prior to the sale will not be permitted to enter a bid. SCHEDULE A: PLEDGED INTEREST: PLEDGOR: VIA MIZNER PLEDGOR III, LLC, a Delaware limited liability company, ISSUER VIA MIZNER OWNER III, LLC, a Delaware limited liability company. INTEREST PLEDGED: 100% membership interest, The UCC1 was filed on August 4, 2023, with the Delaware Department of State under Filing No. #20235370068. KRISS & FEUERSTEIN LLP, Attn: Jerold C. Feuerstein, ESM Attorneys for Secured Party, 360 Lexington Avenue, Suite 1200, New York, New York 10017, (212) 661-2900. VITTI PROPERTIES: Retains Northgate Real Estate Group as Advisor ---------------------------------------------------------------- Vitti Properties Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Northgate Real Estate Group, LLC to serve as its real estate advisor. The firm will provide these services: (a) sell, arrange financing or refinancing, recapitalization, negotiate a joint venture, net lease or otherwise dispose of all or any portion of the real property and/or air rights pertaining to the Property; (b) redirect and refer all inquiries, offers, expressions of interest and communications from principals, outside brokers and other parties or professionals to Northgate; (c) conduct all negotiations through Northgate exclusively and advise all interested people of this exclusive right; (d) provide services related to marketing, advertising, promotion, travel and transportation, postage, courier and overnight express fees incurred in its performance under the Agreement; and (e) act as the auctioneer should the Bankruptcy Court order a sale of the Property at auction. Northgate Real Estate Group will receive a commission equal to 4.5% of the gross purchase price of the Property, which will be paid as a buyer's premium by the successful purchaser, separate from and in addition to the consideration paid for the Property. If the secured lender is the successful purchaser by credit bid and closes on the purchase, Northgate will receive a flat fee of $25,000 at closing, subject to approval by the Bankruptcy Court. In the event of an outcome other than a sale or refinancing of the Property, Northgate will receive a flat fee of $50,000. The firm will also be reimbursed for out-of-pocket expenses incurred in its performance under the Agreement, capped at $7,500. Northgate Real Estate Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Northgate does not hold or represent an interest adverse to the Debtor or the Debtor’s estate and is not owed any amounts by the Debtor as of the Petition Date. The firm can be reached at: Greg Corbin NORTHGATE REAL ESTATE GROUP 1633 Broadway, 46th Floor New York, NY 10019 Telephone: (212) 369-4000 About Vitti Properties Corp. Vitti Properties Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43254) on July 4, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $0 to $50,000. Judge Elizabeth S. Stong oversees the case. PICK & ZABICKI LLP is Debtor's legal counsel. VOLUNTEER PHARMACY: Gets OK to Use Cash Collateral Until Aug. 6 --------------------------------------------------------------- Volunteer Pharmacy, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use cash collateral. Under the interim order, the Debtor is authorized to use up to $106,198.41 in cash collateral from July 16 to August 6 based on the court-approved budget, subject to a 20% variance by budget category. The Debtor identified the U.S. Small Business Administration and NorthEast Bank as secured creditors with interests in the cash collateral. It also listed QC Capital Solutions, Cardinal Health, Fox Funding Group, and CGF Merchant Solutions as potential secured creditors whose valid security interests, if any, may also encumber the cash collateral. Secured creditors will be granted adequate protection through replacement liens on the Debtor's pre-petition and post-petition collateral, with the same scope, priority, and perfection as their pre-petition liens. The order preserves the secured creditors' rights to seek additional adequate protection or a superpriority administrative claim if the protection later proves insufficient. The Debtor is required under the interim order to timely deposit payroll taxes, file all post-petition tax returns, maintain adequate insurance naming secured lenders as loss payees, and comply with all reporting obligations. Failure to comply with the order may result in dismissal or conversion of the Debtor's Chapter 11 case upon motion by the U.S. trustee. A copy of the court's order is available at https://short.do/zJVUwV from PacerMonitor.com. A final hearing is scheduled for August 6, with objections due by August 3. About Volunteer Pharmacy Inc. Volunteer Pharmacy, Inc. is a Knoxville, Tennessee-based retail and compounding pharmacy providing prescription medications, customized pharmaceutical compounding and specialty pharmacy services. The company continues to operate from its Knoxville facility and maintains Pharmacy Compounding Accreditation Board (PCAB) and PersonalMed accreditations recognizing its compounding practices. Volunteer Pharmacy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-31399) on July 13, 2026. In its petition, the Debtor reported estimated assets of $500,000 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Suzanne H. Bauknight handles the case. The Debtor is represented by Edward J. Shultz, Esq., of Tarpy Cox Fleishman & Leveille, PLLC. WALNUT RIDGE: Plan Confirmation Hearing Scheduled for Sept. 10 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of West Virginia will hold a hearing on September 10, 2026 at 1:30 p.m., before the Honorable B. McKay Mignault to confirm the Small Business Chapter 11 Plan of Walnut Ridge Trucking, Inc. August 31, 2026 is fixed as the last day to file with the Court, and serve in accordance with Bankruptcy Rule 3020(b)(1) and Bankruptcy Rule 2002(b), any written objection to confirmation of the Chapter 11 Plan. On or before August 31, 2026, an equity security holder or creditor whose claim is based on a security must be the holder of record of the security in order to be eligible to accept or reject the Plan. August 31, 2026 is fixed as the last day to file acceptances or rejections of the Chapter 11 Plan. As shared by the Troubled Company Reporter, the company began business in 2014. The primary business purpose is to haul materials for third parties. In the past, one of the main customers was the Great American Barrel Company located in White Sulphur Springs, West Virginia. After the imposition of tariffs on the sale of bourbon, and a general turn down in the spirit industry, that work disappeared and left the company with inadequate cash flow. The Great American Barrel Company had roughly almost 50% of the business revenues. The company has worked to replace that lost revenue and is now operating at full capacity. Class U-1 represents the claims of unsecured creditors with claims under $10,000. These creditors are important to the continued operation of the business. The Debtor proposes to pay creditors in Class U-1 50% of the total amount of the claim over the life of the Plan, without interest. The Debtor will make payments under the Plan on the 30th day following confirmation. Plan payments will be funded from income made in the ordinary course of business. A full-text copy of the Plan of Reorganization dated July 8, 2026 is available at https://urlcurt.com/u?l=fRnp7J from PacerMonitor.com at no charge. Counsel to the Debtor: Joseph W. Caldwell, Esq. P.O. Box 4427 Charleston, WV 25364 Telephone: (304) 925-2100 E-mail: jcaldwell@caldwellandriffee.com A copy of the Court's Order dated July 15, 2026, is available at https://urlcurt.com/u?l=dg1cAp from PacerMonitor.com. About Allen Walnut Ridge Trucking Allen Walnut Ridge Trucking, Inc., is a transportation company engaged in freight hauling and logistics services. Allen Walnut Ridge Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.V. Case No. 26-20084) on April 10, 2026. In its petition, the Debtor estimated assets and liabilities of less than $1 million. Honorable Bankruptcy Judge B. McKay Mignault handles the case. The Debtor is represented by Joseph W. Caldwell, Esq. of Caldwell & Riffee. WAYSTAR HOLDING: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable ------------------------------------------------------------------ Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of Waystar Holding Corp. and Waystar Technologies, Inc. (collectively known as Waystar) to 'BB+' from 'BB'. Fitch has also upgraded Waystar's first lien term loan to 'BBB-' with a Recovery Rating of 'RR2' from 'BB+'/'RR2'. The Rating Outlook is Stable. The upgrade reflects lower leverage expectations with Fitch-adjusted EBITDA leverage declining to below 3.0x in fiscal 2026, compared with Fitch's prior positive sensitivity threshold. Fitch expects leverage to remain below the 3x range over the rating horizon with (CFO-capex)/debt sustaining in the high teens range. The ratings reflect Waystar's strong operating profile, characterized by a high portion of recurring revenues, solid retention rates and low debt levels, leading to continued strong FCF generation and FCF margins improving to the mid-20s. Key Rating Drivers Lower Leverage Expectations: Waystar has lowered its leverage with Fitch-adjusted EBITDA leverage declining to 3.3x and 3.1x for fiscal 2025 and LTM 1Q26, respectively, which is below its prior expectations. In addition, (CFO-capex)/debt has improved to 18.2% as of fiscal 2025. Fitch expects Waystar to operate at conservative leverage levels with EBITDA leverage expected to decline below 3x by fiscal 2026 through organic growth, while (CFO-capex)/debt is expected to sustain in the high teens. Waystar's strong cash generation capability provides capacity to support organic growth initiatives, including M&A, while maintaining low leverage levels. Continued Growth Expectations: Fitch anticipates that Waystar will benefit from ongoing healthcare spending driven by factors such as an aging population, improved utilization and rising drug costs. These trends are likely to persist, supporting continued spend in healthcare. In addition, the acquisition of Iodine Software enhances Waystar's AI capabilities, particularly in reducing claim denials, improving documentation accuracy and minimizing revenue leakage through compliant coding practices. The transaction is expected to create meaningful cross-selling opportunities across the combined customer base, further expanding Waystar's market reach and value proposition. Improving Market Position: Through successful integration of previous acquisitions, Waystar has emerged as a leading end-to-end revenue cycle management (RCM) provider, equipped with robust processing capabilities for both commercial and government payers. In addition, it offers a powerful patient engagement and payments platform. Waystar's platform handles more than 7.5 billion insurance transactions and manages over $2.4 trillion in gross claims each year, effectively serving approximately 60% of the U.S. population. Recent Tax Bill Impact: The recently approved federal tax bill, which includes cuts to the Medicaid program, may reduce Medicaid-related patient volumes and constrain healthcare spending. However, Fitch expects only a limited impact on Waystar's operating performance. With approximately 50% of revenues derived from subscription-based services, Waystar remains partially insulated from volume fluctuations. Moreover, its offerings continue to be essential to providers amid rising regulatory complexity, challenging claims processes and ongoing pressure on profitability. Strong Margin Profile: Waystar generates healthy profitability with EBITDA margins in the low 40s. Margins are at the high end of the 28%-47% range of broader Fitch-rated healthcare IT peers. Strong margins, lower interest expenses and low capital intensity have contributed to strong FCF generation with margins improving to roughly 25% as of fiscal 2025. Fitch forecasts FCF margins to remain healthy in the low to mid-20s. Fitch believes Waystar stands out among healthcare information technology (HCIT) issuers, many of which are primarily private equity sponsored, as it can generate strong FCF and use excess funds to reduce debt if needed. Strong Recurring Revenue: Approximately 99% of Waystar's revenue is highly recurring, driven by subscriptions and consistent patient volumes. Waystar's gross retention rate, which exceeds 95%, and its net retention rate, above 110%, reflect the critical role that Waystar's solutions play in healthcare providers' revenue cycle operations by helping them optimize payment processes and maximize revenue collection. Technology Disruption Risk: Waystar faces low disruption risk from agentic AI as its solutions are deeply embedded in hospital revenue cycle workflows. Its proprietary data assets, built from processing a large volume of transactions, provide unique visibility into the financial and clinical dimensions of reimbursement that would be difficult for an AI agent to replicate or circumvent. Waystar's extensive integrations across a broad network of providers, payers, electronic health records, and clearinghouses further strengthen its position as a critical intermediary within healthcare payment workflows. Waystar has also proactively incorporated AI capabilities into its own solutions. Peer Analysis Waystar demonstrates consistent growth expectations driven by its leading revenue cycle management technology platform that addresses regulatory demands, claims processing complexities and profitability pressures, fostering software adoption among healthcare providers. Fitch attributes Waystar's growth to strong client retention rates, high switching costs, robust sales efforts and a track record of market share gains. Compared to Gainwell Acquisition Corp. (Gainwell; B-/Stable), a Fitch-rated HCIT provider focused on Medicaid Management Information Systems, Waystar maintains a more conservative financial profile. Waystar's leverage is projected to decline and remain below 3x by fiscal 2026 which is significantly lower than Gainwell's leverage, anticipated to remain above 7x. Waystar also demonstrates strong profitability, with EBITDA margins in the low 40% range versus Gainwell's high 20%. Waystar's leverage is notably low compared to the 8x median for other Fitch-rated HCIT peers. When compared against broader Fitch-rated software peers such as RingCentral Inc. (RingCentral; BB+/Stable) and Open Text Corporation (Open Text; BB+/Stable), Waystar continues to outperform in terms of profitability. Its EBITDA margins exceed those of Open Text (mid-30% range) and RingCentral (mid-20% range). Waystar's EBITDA leverage is higher than RingCentral's (expected to remain below 2.5x) but in line with that of Open Text's. Fitch's expectation of reduced leverage has led us to upgrade Waystar's IDR to 'BB+' with a Stable Outlook. Fitch’s Key Rating-Case Assumptions - Organic revenue growth assumed in the low-double digits in 2026 and 2027 with revenue growth moderating to high single-digit range over the rating horizon driven by growth in new clients, cross-sells, price increases and stable patient volumes; - EBITDA margins estimated in the low 40s with limited margin expansion expected as Waystar continues to prioritize R&D, cybersecurity and GTM initiatives; - SOFR base rate assumptions are 3.8% for 2026, declining to 3.5% over the rating horizon; - Capex as a percentage of revenue in the low 2% range; - Fitch assumes Waystar will put excess cash flow, coupled with incremental debt, toward acquisitions/growth initiatives and possible share repurchases over the rating horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', Moderate), sector characteristics ('bbb-', Moderate), market and competitive positioning ('bbb-', Higher), diversification and asset quality ('bb+', Moderate), company operational characteristics ('bbb+', Lower), profitability ('a', Lower), financial structure ('bb+', Higher), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the historical year 2025, 35% for the forecast year 2026 and 35% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The calibration adjustment applies and 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 The 'BBB-'/'RR2' rating for the term loan reflects the current debt structure that consists of a $500 million senior secured revolver (undrawn), a $1.4 billion senior secured term loan and Fitch's view on superior recovery in a default scenario. This notching uses Fitch's "U.S. Corporates Criteria" for companies in the 'BB-' to 'BB+' rating categories. Fitch assesses the above first lien term loan under Category 2 as the revolver and term loan are ranked junior to the $100 million accounts receivable securitization facility. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectations of EBITDA leverage sustaining above 3.0x; - (CFO-capex)/debt sustained in the low-teens; - Moderation in revenue growth resulting from deterioration in its competitive position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strengthened market position as evidenced by sustained double-digit revenue growth while maintaining EBITDA margins; - Fitch's expectations of EBITDA leverage sustaining below 2.5x; - (CFO-capex)/debt sustained above 20%. Liquidity and Debt Structure Fitch expects Waystar to maintain adequate liquidity given its moderate operating expense requirements that result in strong margins, a short cash conversion cycle due to monthly billing and low capital intensity. Waystar's liquidity primarily comprises an undrawn $500 million revolving credit facility (RCF) and roughly $34 million cash on the balance sheet as of 1Q26. The RCF commitment is considerable in relation to the company's revenue scale. Liquidity is further supported by Fitch's forecast of consistent FCF generation over the rating horizon. Waystar's revolver, term loan and securitization facility mature in 2028 and 2029, and Fitch believes the company will be able to refinance these facilities considering its strong operating performance and strong FCF generation. Waystar is capable of recommitting FCF toward deleveraging to achieve a more conservative posture so that future refinancing is not entirely dependent on capital market conditions when maturities come due. Issuer Profile Waystar provides cloud-based RCM software that healthcare providers use to track patient care and data from registration through appointment to ensure final payment and avoid reimbursement denials, allowing providers to lower processing costs and increase collections. 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 Waystar Holding Corp. 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 ----------- ------ -------- ----- Waystar Holding Corp. LT IDR BB+ Upgrade BB Waystar Technologies, Inc. LT IDR BB+ Upgrade BB senior secured LT BBB- Upgrade RR2 BB+ WHATABRANDS LLC: S&P Rates New $2.73BB First-Lien Term Loan 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Whatabrands LLC's (Whataburger) proposed $2.73 billion first-lien term loan due 2033 and $350 million revolving credit facility due 2031. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The company will use the net proceeds from the new term loan to repay the outstanding borrowings under its existing term loan, as well as to pay fees and expenses. This transaction will increase Whataburger's funded debt by $43 million. However, S&P estimates the company's pro forma S&P Global Ratings adjusted debt to EBITDA will remain unchanged at 5.7x as of the first quarter of 2026. S&P said, "We expect Whataburger's same-store sales will remain pressured over the near term, declining by the low-single-digit percent area, as ongoing consumer budgetary pressures weigh on both its visitation frequency and average order size. However, we think the company's comparable sales will eventually stabilize and turn modestly positive in the next two years, supported by its deep-rooted presence and strong brand loyalty in the Texas market, its recently introduced value menu, and management's efforts to improve its restaurants in newer markets. "We anticipate Whataburger will pursue unit expansion in existing and new markets, contributing to a low single-digit percent increase in its revenue. Although the company's limited brand awareness outside its core regions may present expansion headwinds, we believe the more prudent pace of its expansion, somewhat differentiated menu, and strong regional identity in the South and Southwest will support its new restaurant traffic. "We continue to expect Whataburger's leverage will reach 5.6x in 2026 and 5.5x in 2027. This will be supported by the company's internally funded expansion and largely stable S&P Global Ratings-adjusted EBITDA margins, given our expectation its internally generated cash will be sufficient to fund its annual capital expenditure, including unit growth. "We project Whataburger's S&P Global Ratings-adjusted EBITDA margins will remain in the low-18% area, supported by its continued cost controls. While elevated beef prices remain a persistent margin headwind, beef is only a portion of the company's overall cost of goods sold and it has developed a track record of margin stability. Our base-case forecast assumes Whataburger will continue to mitigate the risk of margin pressure through vendor contract renegotiations, cost management, and price increases." WHITE ROCK: Seeks to Extend Plan Exclusivity to Sept. 17 -------------------------------------------------------- White Rock Medical Center, LLC and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 17 and Nov. 16, 2026, respectively. The Debtors explain that the size and complexity of the Chapter 11 Cases warrant an extension of the Exclusive Periods. The Chapter 11 Cases address over $40 million dollars in outstanding liability the resolution of which is predicated on a consensual basis after months of negotiations between the Debtors and the Supporting Creditors. In addition, the Debtors are engaged in various discussions with other sophisticated parties including governmental entities regarding potential tax liability as well as other open issues between the Debtors and their various equipment lenders. That Extension of the Exclusive Periods is, therefore, justified since the size and complexity of the Chapter 11 Cases. The Debtors claim that they have made significant progress in these Chapter 11 Cases and have managed to put forth a consensual Plan. The Debtors are seeking to confirm the Plan and go effective as quickly as possible. However, if the Exclusive Periods were to lapse, the Debtors' reorganization efforts be threatened by the introduction of a competing plan of reorganization or liquidation for that would potentially render the Debtors insolvent. The Debtors state that extending the Exclusive Periods benefits all parties in interest by preventing a drain on time and resources, which inevitably occurs when multiple parties with potentially divergent interests compete for the consideration of their own respective plans. This Motion is not filed for purposes of delay but to afford the Debtors an opportunity to see their current Plan through to fruition. The Debtors assert that they seek to maintain exclusivity so parties with competing interests do not impede the Debtors' efforts to solicit their consensual Plan. Extending exclusivity benefits all parties in interest by preventing the drain on time and the resources of the Debtors' estate that will occur when multiple parties, with potentially diverging interests, pursue the consideration of their own respective plans. The Debtors further assert that all stakeholders in the Chapter 11 Cases will benefit from the continued stability and predictability that the current centralized process provides, which can only occur while the Debtors remain the sole plan proponents. Additionally, even if the Court approves an extension of the Exclusive Periods, nothing prevents parties in interest from later arguing for the termination of the Debtors' exclusivity, should such cause arise. The Debtors cite that they are not seeking an extension of the Exclusive Periods to harm or pressure any parties. The Debtors are not aware of any contingencies in these Chapter 11 Cases that would favor denial of an extension of the Exclusive Periods as requested herein. Counsel for the Debtors: REED SMITH LLP Omar J. Alaniz, Esq. 2850 N. Harwood Street, Suite 1500 Dallas, Texas 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 E-mail: oalaniz@reedsmith.com About White Rock Medical Center White Rock Medical Center, LLC operates a healthcare facility providing medical and hospital services to patients in Texas. White Rock Medical Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20, 2026. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. WHITMAN COUNTY HOSPITAL: Moody's Assigns 'Ba2' Issuer Rating ------------------------------------------------------------ Moody's Ratings has downgraded Whitman County Public Hospital District 1-A, WA's (Pullman Regional Hospital) general obligation unlimited tax bonds to Baa2 from A2. At the same time, Moody's assigned a Ba2 issuer rating. The outlook has been revised to stable, previously under review. As of fiscal 2025, Pullman Regional Hospital has approximately $46 million in outstanding total adjusted debt, inclusive of operating leases. The downgrade of the outstanding GOULT bonds to Baa2 is driven by the application of Moody's Not-for-profit Healthcare methodology, which concludes Moody's rating under review for downgrade initiated on May 28, 2026. RATINGS RATIONALE The Ba2 issuer rating reflects Pullman Regional Hospital's strong strategic position as an essential provider in a geographically isolated market anchored by Washington State University, supporting a favorable commercial payer mix, physician recruitment, and stable demand despite the hospital's very small scale. Management has enhanced the hospital's competitive position through physician practice integration, service line growth, and outpatient capacity investments, while a multi-year expansion project should further improve access and support future volume growth. Excluding one-time items, fiscal 2025 financial performance improved from the prior year, with mid-single digit EBIDA margins, and liquidity strengthened to 88 days cash on hand. Credit challenges include limited scale, reimbursement and labor pressure, and historically uneven profitability. Revenue cycle disruptions and billing issues weigh on interim 2026 performance, but management has identified corrective actions and expects operations to improve as provider recruitment, clinic reimbursement initiatives, and expansion-related capacity additions drive growth. Other considerations include favorable leverage, offset by execution risk tied to the ongoing expansion project and operational transformation efforts. The Baa2 GOULT rating reflects Pullman Regional Hospital's core credit quality, the dedicated tax-backed pledge, and Moody's assessments of the economic base as Aa. The district operates in a rural service area with a moderately sized tax base and a demographic profile and local economy anchored by Washington State University. The GOULT pledge provides the authority to levy an unlimited ad valorem tax if needed, which supports a higher instrument rating than the issuer rating. RATING OUTLOOK The stable outlook reflects Moody's expectations that Pullman Regional Hospital will maintain average EBIDA margins of at least mid-single digits supported by solid levels of days cash on hand. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained high-single digit EBIDA margins -- Sustained DCOH above 100 days FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Sustained negative EBIDA margins -- Materially weaker liquidity and/or leverage measures -- Material declines in patient volumes or a substantial loss of market share PROFILE The Whitman County Public Hospital District 1-A, dba Pullman Regional Hospital, operates a 25-bed critical access hospital in the southeastern portion of Whitman County, located primarily in the city of Pullman. The service area includes Washington State University and operations also include several integrated physician clinic practices. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in May 2026. WILDFIRE ENERGY I: Fitch Puts 'B+' LongTerm IDR on Watch Positive ----------------------------------------------------------------- Fitch Ratings has placed WildFire Energy Intermediate Holdings, LLC's (WildFire) and its parent's, WildFire Energy I LLC, Long-Term Issuer Default Ratings (IDR) of 'B+', senior unsecured notes of 'BB-' with a Recovery Rating of 'RR3', and reserve-based lending facility (RBL) of 'BB+'/'RR1' on Rating Watch Positive (RWP). The RWP follows the announced $4.06 billion acquisition by Magnolia Oil and Gas Corporation (Magnolia). The RWP is driven by the combined entity's greater size, increased midcycle EBITDA and FCF generation, and a larger reserve base. Fitch expects to resolve the RWP upon closing of the transaction which is anticipated to be in 3Q26 subject to customary closing conditions. The closing of the transaction and resolution of the RWP could take longer than six months. Key Rating Drivers Possible Uplift from Magnolia: Fitch expects the combined entity to benefit from a significantly improved business profile. Both companies operate in the same area, creating opportunities for run rate synergies of roughly $100 million. Wildfire's enterprise value represents slightly below half of the combined entity, which is a significant share. Fitch expects Wildfire to be closely integrated into Magnolia's operations following the completion of the acquisition. Increased Scale, Focus on Eagle Ford: Magnolia's 2Q26 production was around 106 thousand barrels of oil equivalent per day (kboe/d) while WildFire's production was around 52 kboe/d. The combined entity will produce around 160 kboe/d, which is a substantial increase in scale, and will be heavily concentrated in the Eagle Ford and Austin Chalk formations. The production mix will shift to about 50% oil, down from Wildfire's current 75%. Fitch estimates WildFire will nearly double the pro forma entity's midcycle EBITDA, primarily due to its increased size, reaching around $1.6 billion under Fitch's midcycle oil and gas price assumptions. Expected Deleveraging: The acquisition is to be funded with a mix of cash and equity. The cash portion will include proceeds from debt and new common equity issuances and cash on hand. The company targets net leverage below 1.0x by YE 2027. The future rating will depend on successful deleveraging after the acquisition. High Quality Assets; Small Production Scale: WildFire's assets include approximately 810,000 net acres in the Eagle Ford and Austin Chalk. The asset base has high exposure to liquids and oil at 87% and 75%, respectively, with production of approximately 52 kboe/d as of 1Q26. Though production scale remains limited, the company has a low decline rate in the mid-20% range which compares favorably to the industry average of above 30%. The company plans have transitioned to a two-rig program to increase production levels in the near term. Peer Leading Netbacks; Strong FCF Generation: WildFire has the highest Fitch-calculated netbacks in the peer group at $40.70 per boe for 1Q26. The company's netbacks benefit from strong pricing and cost savings due to the proximity to the Gulf Coast and the company's sand mine and midstream infrastructure, along with an oil cut of over 70%. WildFire operates a low decline, mature proved developed producing (PDP) base, leading to low capex requirements with a reinvestment rate around 50%. High profitability and moderate capex spend translate to robust FCF generation. Supportive Standalone Hedging Policy: The company has a rolling four-year hedging strategy that aims to cover 80% of PDP production in the next two years, 50% in the third year and 30% in the fourth year. WildFire's hedging program helps to lock in future returns and meaningfully reduces cash flow volatility and downside pricing risks. The company also hedges all acquisitions at 85% PDP for four years and gas differentials for three years. Fitch believes that management's willingness to hedge beyond the 70% of PDP requirement under the company's RBL agreement benefits the credit profile and through-the-cycle leverage metrics. Peer Analysis WildFire on a standalone basis is one of the smallest operators in the peer group with 52 kboe/d in 1Q26 compared to Crescent Energy Company (BB-/Positive; 341 kboe/d), Matador Resources Company (BB/Stable; 207 kboe/d), SM Energy Company (BB+/Stable; 371 kboe/d), Kraken Oil & Gas Partners LLC (BB-/Stable; 79 kboe/d expected in 2Q26), California Resources Corporation (BB-/Stable; 154 kboe/d), and Moss Creek Resources Holdings, LLC (B/Stable). Although WildFire is one of the smallest in the peer group by production scale, it has one of the highest oil cuts at 75% and the highest netbacks in the group at $40.70/boe for 1Q26. Kraken has the next-highest netbacks in the group with 67% oil. Fitch forecasts WildFire's standalone leverage below 1.0x in 2026 which is in the lower range of the peer group. Fitch’s Key Rating-Case Assumptions - WTI (USD/barrel) of $80 in 2026, $60 in 2027, $57 in 2028-2029 and at midcycle; - Henry Hub (USD/thousand cubic feet) of $3.50 in 2026, $3.25 in 2027, $3.00 in 2028, $2.75 in 2029 and at midcycle; - Production of around 55 kboe/d in 2026 and 60 kboe/d each year through the forecast period; - Capex around $450 million per year through the forecast period; - FCF distributed to shareholders. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('b', Higher), diversification and asset quality ('bb', Moderate), company operational characteristics ('b', Moderate), profitability ('b+', Higher), financial structure ('aa+', Lower), and financial flexibility ('bbb', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 15% for the forecast year 2028 and 55% for the forecast year 2029. 'B+' to 'CC' considerations apply in its analysis and have no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that WildFire would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. GC Approach The GC EBITDA assumption of $495 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. This valuation reflects the decline from current pricing levels to stressed levels, followed by a partial recovery coming out of a trough pricing environment. WildFire's GC EBITDA is supported by the company's strong hedging protection through the stress case. An EV multiple of 3.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The 3.5x multiple reflects WildFire's large, oil-weighted asset base in the Eagle Ford. The choice of this multiple also considered that the historical bankruptcy case study exits multiples for peer companies ranged between 2.8x and 7.0x, with an average of 5.2x and a median of 5.4x. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized through sale or liquidation processes conducted during a bankruptcy or insolvency proceedings and distributed to creditors. Fitch considers valuations, such as SEC PV-10, or present value of estimated future oil and gas revenue, net of estimated direct expenses discounted at an annual discount rate of 10%, and M&A transactions for each basin including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Fitch has assumed the $1.5 billion RBL is 80% drawn in the bankruptcy scenario. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the senior secured RBL facility and 'RR3' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deviation from stated financial policies including overly debt-funded M&A activity or shareholder distributions; - Material reduction in liquidity including sustained high revolver utilization; - Midcycle EBITDA leverage sustained above 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the transaction under the terms described. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade on a Standalone Basis for WildFire - Total production sustained above 75 kboe/d while maintaining a similar oil mix; - Maintenance of economic drilling inventory and reserve life; - Continued positive FCF generation that allows for a reduction of RBL borrowings; - Maintenance of conservative financial policy resulting in midcycle EBITDA leverage sustained below 2.0x. Liquidity and Debt Structure WildFire had sufficient liquidity in 1Q26 with $13 million cash on the balance sheet and roughly $1.4 billion available under its $1.5 billion RBL facility due in 2027. Fitch expects the company to generate strong FCF generation to be used for shareholder distributions and debt repayment. The liquidity profile is also supported by a strong hedging program. WildFire has a manageable maturity profile with the RBL coming due in 2029 and the unsecured notes in 2029. Issuer Profile WildFire Energy I LLC is a private-equity-owned energy company focused on the acquisition, exploration and production of oil and natural gas properties in the United States, including the East Texas Eagle Ford shale and Austin Chalk located in East Texas. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2025 revenue-weighted Climate.VS for Wildfire is 52, which is in line with its upstream North American oil and gas peers. This score reflects potential risks related to policies that require lower carbon emissions over time and encourage the reduced usage of fossil fuels in favor of renewable energy sources. This poses near-term risks due to higher costs driven by the need for a greater focus on reducing emissions, and longer-term risks due to reductions in demand for fossil fuels as the world transitions toward renewable fuels. These risks do not have a material influence on the rating currently, given the very long-term timeframe over which the transition may take place, the uncertainty regarding the extent and nature of changes, and the reactions of markets and companies to them. Wildfire does not have specific emission reduction targets; however, the company has reduced direct greenhouse gases (GHG) emissions by 45% from 2019 to 2023 through improved facility design, as well as data collection and analysis. The company limits flaring through pipeline connections in their midstream infrastructure before bringing wells online and shutting in. The company monitors their GHG emissions compared to peers. ESG Considerations WildFire Energy I LLC has an ESG Relevance Score of '4' for Energy Management due to the company's cost competitiveness and financial and operational flexibility due to scale, business mix and diversification, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- WildFire Intermediate Holdings, LLC LT IDR B+ Rating Watch On B+ senior unsecured LT BB- Rating Watch On RR3 BB- senior secured LT BB+ Rating Watch On RR1 BB+ WildFire Energy I LLC LT IDR B+ Rating Watch On B+ YONDR JK 1: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has assigned Yondr JK 1 LLC a Long-Term Issuer Default Rating (IDR) of 'BB' and its $715 million senior secured notes a rating of 'BB'. The Rating Outlook is Stable. The ratings reflect predictable contracted revenue under a 15-year licensing lease agreement supported by a guaranty from an investment grade hyperscaler. Under Fitch's rating case cash flow is not sufficient to amortize the debt during the initial lease term, which exposes the project to lease renewal risk. However, the location in a Tier-1 data center market with low latency to population centers and high barriers to entry mitigates this risk. The project, scheduled for delivery in four phases from January through October 2028, faces completion risk. Fitch considers this manageable because of its straightforward scope, reasonable budget and schedule, experienced contractor and a signed construction contract on a guaranteed maximum price (GMP) basis, despite limited liquidity if delays occur. Favorable lease terms also reduce this risk. The tenant may terminate each phase only after a 12-month delay. Debt protections are weak for project finance and allow additional debt. Any additional projects require rating confirmation. Fitch's rating case assumes reasonable downside stresses and additional debt allowed by the project documents after completion. The project life coverage ratio (PLCR) at debt maturity is 1.28x, consistent with the assigned rating. The IDR matches the debt ratings, reflecting senior ranking and no material subordinated liabilities. KEY RATING DRIVERS Completion Risk - Stronger Mitigated Completion Risk with Strong Execution Support Fitch does not view completion risk as a constraint on the project's credit profile. The completion risk assessment benefits from relatively straightforward construction in four phases, an experienced contractor, an executed GMP contract and reasonable contingencies. Construction is in its initial stage and is on track, and schedule and milestones are reasonable according to the technical advisor (TA). All owner-furnished, contractor-installed items have been procured. In addition, the lease allows delivery up to 12 months beyond the target completion date for each phase, upon delivery of written notice within 30 days after the expiration of the 12-month period, which mitigates delay risk. In this case, only the delayed phase would be terminated. The limited available liquidity in a delay scenario is mitigated by Yondr's and HITT's positive track record in delivering a similar project, on budget and on schedule. Supply Risk - Midrange Manageable Power Supply Risk with Adequate Capacity Planning The project faces manageable power supply risk. Campus infrastructure allocations have been properly planned to support full delivery of Building 2A's 48 MW critical capacity via the NOVEC-owned Brambleton and Wishing Star Substations. As of today, 50 MVA has been constructed and energized, and the remaining infrastructure improvements required to bring power to the site are underway and expected to be completed by 3Q26. A further capacity upgrade to 70 MVA will be available prior to each phase's service commencement date, available approximately one year before the last data hall's commencement date, in accordance with the TA analysis, which mitigates supply risk. Revenue Risk - Midrange Strong Contracted Revenues with Renewal and Termination Risk The revenue profile is supported by a long-term take-or-pay lease with an investment-grade hyperscale tenant, which provides strong visibility into contracted cash flows. The asset has a strong competitive position in Northern Virginia, a leading global data center market with high barriers to entry, low latency and sustained structural demand for cloud capacity. Demand volatility is limited, supported by tight market conditions and continued hyperscale demand. However, cash flow under Fitch's rating case is not sufficient to amortize debt during the initial lease term, which creates lease renewal risk. However, the location in a Tier 1 market mitigates this risk. The lease includes termination for convenience provisions. Material termination fees create a meaningful economic disincentive, but they add optionality. The termination fee would not fully pay the debt in some scenarios. However, Fitch believes the facility can be leased to another tenant if the option is exercised. Operation Risk - Midrange Predictable Operating Cost Structure with Pass-Through Protections All electricity costs and property taxes are fully passed through to the tenant, reflecting a modified gross and electric structure. Operating expenses are predictable and consist of property and insurance expenses and other operating expenses like facility management, reactive maintenance, fuel, security, and landscaping expenses. Maintenance capex is the issuer's responsibility. The lease includes reasonable service-level agreement (SLA) requirements. Infrastructure Development & Obsolescence Risk - Neutral Modern, Scalable Asset in Leading Data Center Market The project has a stable infrastructure and obsolescence profile, supported by its location in Northern Virginia, a leading and global data center market with strong connectivity, low latency and sustained demand from hyperscale cloud tenants. The facility is a new hyperscale data center built to modern specifications, with efficient and scalable design features that meet current and evolving tenant needs. Lifecycle capex requirements are predictable and reflected in the financial profile, supporting the asset's ability to maintain technical performance and competitiveness. The standardized and modular design also provides flexibility to accommodate future technological developments and changes in tenant demand. Debt Structure - Weaker Structure with Refinancing Risk and Weaker Covenants Fixed-rate senior secured notes mature in 2031, with partial limited amortization over their life. The project faces refinancing risk at debt maturity. The issuer, a new SPV, does not have a refinancing track record, although Yondr's access to financial markets partly mitigates this risk. The debt structure has structural strengths, including senior secured ranking, an adequate security package and liquidity support through a debt service reserve and prefunded interest. These features provide strong protection through cash flow priority and downside resilience. The issuer is also subject to special purpose entity covenants that largely limit its activities to the project and related permitted activities. They require separateness through separate books, accounts and financial statements, prohibit asset commingling with third parties and restrict guarantees of third-party debt. Debt provisions are weaker than typical project finance structures, and this is reflected in the assessment. The issuer may incur additional debt after the commencement date under a basket equal to USD25 million plus 50.0% of NOI. It may also incur project-related debt of up to 90% loan-to-cost (LTC) for pari passu debt after the commencement date (or 95% for non-pari passu). The issuer must obtain a Fitch rating confirmation before it undertakes an additional project. Debt for that project does not require a separate rating affirmation, but it remains subject to certain conditions. Peer Analysis Stingray Compute LLC (BB-/Stable) and SE Cosmos, LLC (BB-/Stable) are Yondr JK 1's most relevant peers. SE Cosmos and Yondr JK 1's ratings are not constrained by completion risk, while Stingray Compute faces elevated completion and power supply risk. While both peers present sufficient cash flow to amortize the rated debt within the initial lease term, Yondr JK 1 depends on additional extensions to fully amortize the total debt under Fitch's rating case. All three projects face weaker debt provisions than typical project finance structures. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant construction delays that result in increased unavoidable financing costs not covered by either contingencies or debt service reserve; - A degradation in the project's financial profile, resulting in a decline in the minimum PLCR below 1.25x or debt service coverage ratio (DSCR) below 1.0x in 2029 and 2030. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained operational and financial performance in line with or above Fitch's rating case, with the PLCR above 1.35x. Financial Profile Fitch's base and rating cases assess cash flow over 25 years because, under Fitch's rating case assumptions, the project is unable to fully repay the original debt and additional allowances during the initial lease term. The rating case stresses the five-year refinancing rate to 9.0%. It also includes additional debt allowed after completion under one of the baskets at 90% LTC, and stresses operating costs, lease rates and vacancy at renewal. The PLCR in 2031 is 1.28x under the rating case, commensurate with the rating. The low DSCR in 2029 and 2030 after completion is mitigated by a six-month debt service reserve account (DSRA). This provides cushion against further cost escalations or SLA penalties in Fitch's downside scenario, which includes additional debt and reasonable cost stresses. TRANSACTION SUMMARY Yondr JK 1 LLC issued $715 million of senior secured notes to partially fund the development of NoVa North Building 2A in Aldie, Loudoun County, VA (48 MW data center building). Total project costs are $874 million, implying an 82% loan to cost for the proposed notes. The notes have a five-year tenor and are secured by a first lien on all assets, contracts, and cash flows. SECURITY The security package provides comprehensive first lien coverage over substantially all project assets, supported by controlled cash flow arrangements, a fully funded DSRA and a parent-level completion guarantee. However, the absence of clearly defined lender step-in rights, combined with ongoing construction risk and potential flexibility for additional pari passu debt, limits the overall strength of creditor control. While Fitch has received the executed financing and security documents, the mortgage has not been delivered. The indenture permits the issuer to take up to 180 days following closing to deliver the mortgage and related real estate deliverables. Date of Relevant Committee 22-Jun-2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Yondr JK 1. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Yondr JK 1 LLC LT IDR BB New Rating BB(EXP) Yondr JK 1 LLC/Senior Secured Debt/1 LT LT USD 715 mln 6.875% bond/note 30-Jun-2031 985925AA4 LT BB New Rating BB(EXP) [] Gloria Kim Joins King & Spalding's Restructuring Practice ------------------------------------------------------------ King & Spalding announced that Gloria Kim has joined the firm as a partner in its Finance and Restructuring practice group. She is based in the New York office. Ms. Kim advises borrowers and lenders on a broad range of complex financing matters. She has significant experience in fund finance transactions, including subscription facilities, NAV financings, GP financings, portfolio-level financings and other bespoke fund financing structures, as well as leveraged finance, structured credit and distressed transactions. Her clients include asset managers, investment funds, private equity sponsors, public and private companies and financial institutions. Ms. Kim joins the firm from Proskauer Rose, where she previously practiced with Ron Franklin, Andrew Bettwy and Jin Joo, who joined the firm last month. In addition to these four partners, nine other lawyers have joined King & Spalding as part of this group. They follow the arrival of fund finance partner Chris Montgomery in New York earlier this year and the firm's addition in 2024 of a market-leading fund finance team led by Samantha Hutchinson in London. "Gloria is a highly talented fund finance lawyer who has been an integral part of many of the market's most sophisticated transactions and has worked closely with Ron, Andy and Jin for years," said Todd Holleman, co-leader of the firm's Finance and Restructuring practice group. "Gloria brings exceptional experience across fund finance and leveraged finance transactions, deep familiarity with our clients and immediate connectivity with our growing team in both New York and London." "King & Spalding has built a market-leading fund finance platform with exceptional momentum," said Kim. "The opportunity to provide top caliber service to our clients, and to rejoin Ron, Andy and Jin and other distinguished colleagues in our group while collaborating with the firm's outstanding lawyers across finance, funds, restructuring and related practices was incredibly attractive. I was particularly drawn to the firm's commitment to investing in fund finance globally and to the opportunity to broaden my experiences across both fund finance and leveraged finance matters." Ms. Kim received her B.C.L./LL.B. from McGill University and her Honours B.A. from the University of Toronto (Trinity College). King & Spalding's Finance and Restructuring practice group includes more than 150 lawyers across 11 of the firm's offices worldwide. The practice serves all of the top 10 U.S. banks, most of the largest global banks, private credit funds managed by some of the largest global asset managers, top private equity sponsors and corporate borrowers. About King & Spalding King & Spalding -- http://www.kslaw.com/-- is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 1,300 lawyers in 26 offices in the United States, Europe, the Middle East and Asia Pacific. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. ********* 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. 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