BRD Land & Investment, a South Carolina land entitlement and permitting company selling shovel-ready lots to homebuilders, filed chapter 11 on February 24, 2026, in the Western District of North Carolina. The three-entity case centers on the 1,763-acre Warden Station development in Conway, SC.

BRD Land & Investment, a SC land entitlement firm, filed chapter 11 in WDNC; the 1,763-acre Warden Station development in Conway is central to the case.

BRD Land & Investment: Land Developer Chapter 11

BRD Land & Investment, a land entitlement firm, filed chapter 11 in WDNC with two affiliates. The 1,763-acre Warden Station development and DLP Capital loans anchor the three-entity case.

BRD Land & Investment: Land Developer Files Chapter 11 in North Carolina

BRD Land & Investment: Chapter 11 Filing and First-Day Motion Tracker

Axip Energy Services filed chapter 11 in SDTX with $240.5 million in funded debt and a $161 million stalking horse bid, launching an expedited section 363 sale with lender-backed DIP financing.

Axip filed chapter 11 in Houston with $240.5M debt and a $161M stalking horse bid, using a fast 363 sale and lender-backed DIP financing.

Axip Energy Services: Chapter 11 363 Sale

Axip entered chapter 11 in SDTX with $240.5M in funded debt, a $161M stalking horse bid, and an expedited 363 sale timeline supported by lender-backed DIP financing.

Axip Energy Services: PE-Backed Compression Company in Chapter 11

Axip Energy Services: PE-Backed Compression Company Pursues 363 Sale

Vanderbilt Minerals, a profitable industrial minerals operator, filed chapter 11 in N.D.N.Y. after talc-litigation costs exceeded $117M. Case features a $50M stalking-horse sale, $15M DIP facility, and global settlement with parent R.T. Vanderbilt Holding.

Vanderbilt Minerals filed chapter 11 in N.D.N.Y. after 1,400+ talc claims and $117M in defense costs. $50M stalking-horse sale targets closing within 60 days.

Vanderbilt Minerals: Chapter 11 Sale and DIP Timeline

Vanderbilt Minerals filed chapter 11 in N.D.N.Y. with a $50M stalking-horse sale and $15M DIP after 1,400+ talc claims drove $117M in defense costs. UST and talc plaintiffs contest the timeline.

Vanderbilt Minerals: Talc Litigation Drives Chapter 11 Sale Process

Vanderbilt Minerals: Chapter 11 Sale Process Under Talc Litigation Pressure

Five non-profit timeshare associations at Fairfield Bay, Arkansas filed Subchapter V on February 11, 2026 to liquidate 205 units via Section 363(h) sale. Part of Travel + Leisure's closure of 14 Club Wyndham resorts. No secured debt; $6.6M+ cash; all claims expected paid in full.

Five Arkansas timeshare associations filed Subchapter V Feb 2026 to sell 205 units via Section 363(h). No secured debt; $6.6M cash; all claims paid.

Bay Cliffside Lodge II: Arkansas Timeshare 363(h) Sale

Five timeshare associations at Fairfield Bay filed Subchapter V chapter 11 to facilitate Section 363(h) sale of 205 units representing 10,660 intervals. No secured debt; $6.6M+ cash reserves.

Bay Cliffside Lodge II: Arkansas Timeshare Associations Pursue Section 363(h) Liquidation

Avenger Flight Group, a Fort Lauderdale-based aviation training provider, filed chapter 11 in Delaware after cascading customer bankruptcies (Spirit Airlines chapter 22, Interjet, Viva Air), the Pratt & Whitney engine crisis, and governance upheaval. Lenders pursue a 363 sale.

Avenger Flight Group filed chapter 11 in Delaware after cascading airline customer bankruptcies. Lenders credit-bid $125M against $273M in term loan debt.

Avenger Flight Group: 363 Sale After Customer Collapses

Flight simulator operator Avenger Flight Group filed chapter 11 after cascading airline customer bankruptcies and governance upheaval. Pursuing 363 sale with $125M credit bid against $273M in debt.

Avenger Flight Group: Customer Bankruptcies and Governance Upheaval Drive 363 Sale

Avenger Flight Group: Aviation Training Provider Files Chapter 11 Amid Customer Bankruptcies

North Star Health Alliance, a nonprofit health system in New York's North Country, filed chapter 11 with $100M+ in liabilities across four entities. Cash collateral funds operations with no standalone DIP as state DOH funding disputes and Northern Credit Union's objection shape the case.

North Star Health Alliance and affiliates filed chapter 11 in N.D.N.Y.; $100M+ liabilities, no DIP financing, and state DOH funding disputes shape the case.

North Star Health Alliance: Nonprofit Hospital Chapter 11

North Star Health Alliance and three affiliates filed chapter 11 in N.D.N.Y. with $100M+ in liabilities; cash collateral funds operations as state DOH funding disputes shape case trajectory.

North Star Health Alliance: Nonprofit Hospital System Chapter 11 in Northern New York

North Star Health Alliance: Nonprofit Hospital System Files Chapter 11 in Northern New York

Eddie Bauer LLC, the 106-year-old outdoor apparel brand, filed its third chapter 11 in D.N.J. on February 9, 2026 with $1.74B in secured debt. The dual-track case combines store closing sales at 175 locations with a going-concern sale search backed by unanimous lender support via RSA.

Eddie Bauer LLC filed its third chapter 11 in D.N.J. with $1.74B in secured debt, pursuing a dual-track going-concern sale and wind-down of 175 retail stores.

Eddie Bauer: Third Chapter 11 and Dual-Track Wind-Down

Eddie Bauer LLC's third chapter 11 in two decades involves $1.74B in debt, a dual-track going-concern sale and store-closing liquidation at 175 U.S. and Canadian locations. Stretto is claims agent.

Eddie Bauer: Third Chapter 11 Filing and Dual-Track Wind-Down of 175 Stores

Eddie Bauer: Third Chapter 11 Filing and Dual-Track Wind-Down

Archblock LLC filed chapter 11 in Delaware Feb. 6, 2026. The TrueUSD stablecoin creator connects to FTX, Celsius, and Prime Trust bankruptcies.

Archblock: TrueUSD Stablecoin Chapter 11

Archblock LLC, the company behind TrueUSD, filed chapter 11 in Delaware. The case connects to FTX, Celsius, and Prime Trust through $32.3M in investments, active litigation, and custodial failures.

Archblock: TrueUSD Creator's Reserve Crisis Spans Four Crypto Bankruptcies

Francesca's filed chapter 11 in New Jersey in February 2026, liquidating all 400 stores after an investor pulled out and suppliers lost funding.

Francesca's: Second Bankruptcy, Full Liquidation

Houston retailer Francesca's filed chapter 11 for the second time, liquidating all 400 remaining stores after cascading investor and supplier failures in late 2025.

Francesca's: Second Chapter 11 Filing Ends in Full Store Liquidation

Francesca's: Second Bankruptcy Ends in Full Liquidation

Carbon Health filed chapter 11 Feb. 2, 2026 in S.D. Texas with a dual-track sale/plan process and up to $19.5M DIP.

Carbon Health: Dual-Track Chapter 11

Kroll is claims agent. Carbon Health filed Feb. 2, 2026 in S.D. Texas with a dual-track sale/plan process and up to $19.5M DIP to keep clinics operating.

Carbon Health: Dual-Track Chapter 11 and Sale Process

NFN8 Group filed chapter 11 Feb. 2, 2026 in W.D. Texas and seeks a $2.75M priming DIP to sell its bitcoin mining assets.

NFN8 Group: Bitcoin Mining Chapter 11

NFN8 Group filed Feb. 2, 2026 in the Western District of Texas and is marketing substantially all assets with a proposed $2.75M priming DIP.

NFN8 Group: Bitcoin Mining Sale Process in Chapter 11

NFN8 Group: Bitcoin Miner Pursues DIP-Funded Sale

Inspired Healthcare Capital filed chapter 11 Feb. 2, 2026 in N.D. Texas with 33 senior living communities and a proposed $35M DIP.

Inspired Healthcare Capital: Senior Living Chapter 11

Epiq is claims agent. The senior living platform filed Feb. 2, 2026 in N.D. Texas and seeks a $35M DIP and sale timeline for 33 operating communities.

Inspired Healthcare Capital Holdings: Senior Living Chapter 11

Inspired Healthcare Capital Holdings: Senior Living Platform Seeks Sale

Nine Energy Service filed a Feb. 1, 2026 prepack in S.D. Texas to equitize $319.5M notes and roll its ABL into a $125M DIP.

Nine Energy Service: Prepackaged Chapter 11

Epiq is claims agent. Nine Energy Service filed Feb. 1, 2026 in S.D. Texas with a prepack plan to equitize $319.5M notes and fund operations with a $125M DIP ABL.

Nine Energy Service: Prepack Equitizes Secured Notes

Multi-Color filed prepackaged chapter 11 January 2026 with a contested $657.5M DIP backing a plan to cut $3.9B in debt. Canyon Capital creditors appealed.

Multi-Color Corporation: $3.9B Debt Reduction Prepack

Multi-Color Corporation filed prepackaged chapter 11 in January 2026. The CD&R-backed label manufacturer targets $3.9B in debt reduction with a contested $657.5M DIP facility. Creditors appealed.

Multi-Color Corporation: Prepackaged Plan Targets $3.9B Debt Reduction

Multi-Color: Prepackaged Plan Targets $3.9B Debt Reduction

Pretium Packaging, a Clearlake Capital-backed rigid plastic packaging manufacturer, confirmed a prepackaged chapter 11 plan in 26 days in the District of New Jersey. The restructuring eliminates more than $900 million in funded debt, reducing net debt from $1.836 billion to $870 million at emergence.

Pretium Packaging's prepackaged chapter 11 confirmed in 26 days in D.N.J.; the plan cuts funded debt from $1.836B to $870M net. Clearlake retains 21.9% stake.

Pretium Packaging: 26-Day Prepack Cuts $900M Debt

Clearlake-backed rigid packaging manufacturer confirms prepackaged plan in 26 days, reducing funded debt by more than $900M. GUC unimpaired; PE sponsor retains 21.9% with $50M new equity investment.

Pretium Packaging: 26-Day Prepack Eliminates $900M in Funded Debt

FAT Brands filed Chapter 11 in SDTX on Jan. 26, 2026, seeking cash collateral use as noteholders object and seek a trustee.

FAT Brands: Chapter 11 and Cash Collateral Overview

FAT Brands filed Chapter 11 in SDTX on Jan. 26, 2026. The company seeks cash collateral relief as noteholders object and seek a trustee, with filings citing about $1.45B in securitization debt.

FAT Brands Inc.: Chapter 11 and Cash Collateral Dispute

FAT Brands Inc.: Chapter 11 Filing and Cash Collateral Dispute

FLOAT Alaska filed Chapter 11 in Delaware on Jan. 26, 2026 and is seeking a 363 sale with a proposed $3.23M insider DIP.

FLOAT Alaska: 363 Sale and Insider DIP in Chapter 11

FLOAT Alaska filed Chapter 11 in Delaware on Jan. 26, 2026 after shutting operations in Nov. 2025. The case seeks a 363 sale and proposes a $3.23M insider DIP from Jones Holding.

FLOAT Alaska LLC: 363 Sale and Insider DIP in Chapter 11

Shannon Wind filed Chapter 11 in SD Texas to sell a 204 MW ERCOT wind farm after a Citigroup hedge dispute tied to Winter Storm Uri.

Shannon Wind: Going-Concern Sale for Wind Farm Case

Shannon Wind's Chapter 11 targets a sale of a 204 MW ERCOT wind farm after a Citigroup hedge dispute tied to Winter Storm Uri. First-day filings set cash-collateral milestones.

Shannon Wind, LLC: Wind Farm Seeks Going-Concern Sale

Georgia ProtonCare Center filed chapter 11 in N.D. Georgia to sell its Midtown Atlanta proton therapy center, led by Emory’s $110 million stalking horse bid.

Georgia ProtonCare Center: Emory $110M Sale Update

Georgia ProtonCare Center Inc. filed chapter 11 in N.D. Georgia to sell its Midtown Atlanta proton therapy center, with Emory University as the $110 million stalking horse.

Georgia ProtonCare Center: Emory Leads $110M Sale

Georgia ProtonCare Center Inc.: Emory Leads $110M Sale

Crescent Dunes 110 MW CSP owner filed chapter 11 in Delaware Jan. 21, 2026 and is pursuing a fast 363 sale backed by a $10M DIP.

Tonopah Solar Energy: Crescent Dunes Chapter 11 Case

Tonopah Solar Energy filed chapter 11 on Jan. 21, 2026 as its short-term PPA nears expiration. The debtor seeks a fast 363 sale supported by a $10M DIP from Crescent Dunes Finance.

Tonopah Solar Energy: Crescent Dunes 110 MW CSP Chapter 11 Sale

Tonopah Solar Energy: Crescent Dunes CSP Sale Process

White Rock Medical Center filed chapter 11 in SDTX on Jan. 20, 2026, listing $50–$100M in liabilities.

White Rock Medical Center: $50-100M Hospital Filing

The East Dallas hospital operator filed chapter 11 on Jan. 20, 2026 as a health care business, with estimated liabilities of $50–$100 million.

White Rock Medical Center: Chapter 11 Filing in Texas

White Rock Medical Center: Health Care Business Chapter 11 Filing

Elk Run Property Owners Association filed Subchapter V in Colorado to address reserve-funded repairs and delinquent owner assessments.

Elk Run POA: Subchapter V Timeshare Restructuring Case

Elk Run Property Owners Association filed Subchapter V in Colorado to address reserve-funded capital repairs, assessment delinquencies, and long-term funding for the Elk Run Townhouses.

Elk Run Property Owners Association: Subchapter V Timeshare Restructuring

Sailormen, a 136-unit Popeyes franchisee, filed Chapter 11 in SD Florida after inflation, labor pressure, and a failed store sale.

Sailormen, Inc.: Popeyes Franchisee Chapter 11 Case

Sailormen filed Chapter 11 in SD Florida to stabilize a 136-store Popeyes franchisee after inflation, labor pressure, and a failed 16-store transaction.

Sailormen, Inc.: Popeyes Franchisee Seeks Chapter 11 Relief

Saks Global filed chapter 11 in S.D. Texas on Jan. 13, 2026; filings describe a multi-facility DIP to stabilize inventory flow and availability.

Saks Global: Inventory-Driven DIP Restructuring Case

Saks Global’s S.D. Texas chapter 11 features a multi-facility DIP to restore borrowing base availability while addressing ~$3.4B of funded debt and the separate SO5 Digital debtor group.

Saks Global: Multi-Facility DIP in S.D. Texas chapter 11

Saks Global: Multi-Facility DIP Targets Inventory and Availability Stability

STG Logistics filed chapter 11 in New Jersey with a priming DIP (new money + roll-up) and milestones targeting a ~125-day exit. Terms and dispute overview.

STG Logistics: Priming DIP and Roll-Up Financing Case

STG Logistics' New Jersey chapter 11 centers on a priming DIP combining new money and a roll-up, with milestones aiming for a fast exit. DIP terms and objections covered.

STG Logistics: Priming DIP and Roll-Up in New Jersey chapter 11

STG Logistics: Priming DIP and Roll-Up Targets a Fast Exit

Pappas Piping filed chapter 11 amid weak Bay Area construction market; San Jose contractor with 27-year history.

Pappas Piping: Bay Area Contractor Files Chapter 11

Pappas Piping Services filed chapter 11 amid weak Bay Area construction. The 27-year contractor serves 10 Northern California counties.

Pappas Piping Services: 27-Year Bay Area Contractor Files Chapter 11

Pappas Piping Services: Bay Area Mechanical Contractor Files Amid Weak Construction Market

Food52: Avidbank cash sweep left company with $0; ATK stalking horse bid of $6.5M is 98% below 2021's $300M valuation.

Food52: Avidbank Cash Sweep Triggers 363 Sale Case

Food52 filed chapter 11 after Avidbank swept all cash. ATK's $6.5M stalking horse bid is 98% below the $300M peak valuation. TCG invested over $160M total.

Food52 Files Chapter 11 After Avidbank Cash Sweep; ATK Stalking Horse at $6.5M

Food52: Avidbank Cash Sweep Triggers 363 Sale After 98% Valuation Decline

United Site Services filed chapter 11 on Dec 29, 2025 under a prepackaged plan converting $2.4B of term loans to equity.

United Site Services: Chapter 11 Prepack Restructuring

United Site Services: Chapter 11 Prepack Converts $2.4B Debt

Whitehall Trust: Four PA senior living entities filed chapter 11 after court ordered turnover of receipts; 324 residents at risk.

Whitehall Trust: PA Senior Living Files After Turnover Order

Four entities operating Whitehall Manor and Saucon Valley Manor filed chapter 11 after state court ordered revenue turnover. $31.3M mortgage debt acquired via HUD auction.

Whitehall Trust: Pennsylvania Senior Living Operator Files Chapter 11 to Protect 324 Residents

Whitehall Trust: Pennsylvania Senior Living Operator Files After State Court Turnover Order

FlexShopper, a Boca Raton lease-to-own fintech (FPAY), filed chapter 11 in Delaware after its CEO/CFO forged loan documents causing $140M+ in overborrowing under the securitization program. ReadySett LLC (Snap Finance affiliate) is the stalking horse bidder at ~$15.5M in a 363 sale. Case 25-12254.

FlexShopper filed chapter 11 after CEO forged $140M in loans. Snap Finance stalking horse at $15.5M. D. Del. Case 25-12254. Dec. 22, 2025 filing.

FlexShopper: CEO Fraud Triggers Chapter 11 (25-12254)

FlexShopper filed chapter 11 after CEO/CFO forged loan documents causing $140M+ overborrowing. Snap Finance stalking horse at $15.5M. 22-year-old fintech's 2022-2023 financials deemed unreliable.

FlexShopper: Executive Fraud Collapses Fintech Pioneer—Snap Finance to Acquire

FlexShopper: Executive Fraud Collapses Fintech Pioneer in Five-Month Downfall

The Falls Condominium Property Owners Association filed subchapter V chapter 11 in Missouri and seeks to sell its Branson timeshare resort through a section 363 process as part of Wyndham's portfolio refresh closures.

The Falls Condo POA filed subchapter V chapter 11 in Missouri and moved to sell the Branson timeshare resort through a section 363 sale.

The Falls Condo POA: Subchapter V 363 Sale

The Falls HOA filed chapter 11 in Missouri after a member-approved resort shutdown and is pursuing a 363 sale of the Branson property with Hilco as broker.

The Falls Condo POA: Subchapter V Bankruptcy and Branson Resort Sale

The Falls Condo POA: Subchapter V Timeshare 363 Sale

Flipcause filed chapter 11 after Stripe froze $2.2M in nonprofit funds. CA AG cease-and-desist, 29-organization fraud suit, and trustee appointed; 363 sale.

Flipcause: Stripe's $2.2M Freeze Sinks Nonprofit Platform

Flipcause filed chapter 11 after Stripe froze $2.2M. CA AG enforcement, federal fraud lawsuit from 29 nonprofits, and 363 sale for remaining assets.

Flipcause: Nonprofit Fundraising Platform Collapses After Stripe Freezes $2.2 Million

Club Wyndham Newport Overlook timeshare association files chapter 11 after 700 owners vote to close. Part of Travel + Leisure's 2025 portfolio refresh.

Newport Overlook Association: Timeshare Chapter 11 Filing

Newport Overlook Association filed chapter 11 on December 18, 2025 after interval owners voted to close the Jamestown resort. Part of Travel + Leisure's 2025 Club Wyndham portfolio refresh.

Newport Overlook Association: Rhode Island Timeshare's $500K Chapter 11

Conscious Content Media filed chapter 11 on Dec. 17, 2025, proposing a $106M debt cut. HOMER parent backed by LEGO and Sesame faces EdTech funding decline.

Conscious Content Media: HOMER App Maker Chapter 11

Begin (HOMER parent) filed chapter 11 with a prenegotiated plan to eliminate $106.5M debt. EdTech funding fell 89% from the 2021 peak. Confirmation hearing is scheduled for February 2026.

Conscious Content Media: HOMER App Maker Targets $106M Debt Cut

Summit Collective, an affiliate debtor jointly administered with Rad Power Bikes, filed chapter 11 in Eastern Washington to support an expedited section 363 process culminating in a $13.2 million winning bid.

Summit Collective filed chapter 11 with Rad Power Bikes and moved through a fast 363 sale process that produced a $13.2M winning bid.

Summit Collective: Affiliate Chapter 11 Sale

Summit Collective entered chapter 11 as a non-operating affiliate alongside Rad Power Bikes, with case milestones tied to the groupwide 363 sale process.

Summit Collective: Affiliate Debtor in Rad Power Bikes Chapter 11

Summit Collective: Affiliate Chapter 11 Tracks Rad Asset Sale

Rad Power Bikes filed chapter 11 in Eastern Washington after a steep post-pandemic revenue decline and battery safety pressure, then sold through a section 363 auction for $13.2 million.

Rad Power Bikes filed chapter 11 in Washington and sold through a 363 auction for $13.2M, down from a $1.65B peak valuation.

Rad Power Bikes: Chapter 11 363 Sale

Rad filed chapter 11 after revenue collapse, tariff exposure, and battery-safety litigation pressure, then auctioned its assets to Life EV for $13.2 million.

Rad Power Bikes: Chapter 11 Sale at 99% Below Peak Valuation

Rad Power Bikes: Chapter 11 Sale Ends $1.65B E-Bike Run

Bullivant Houser Bailey filed chapter 11 on Dec. 15, 2025 after closing Nov. 1. The 87-year-old firm seeks to subordinate $1.64M in shareholder claims.

Bullivant Houser Bailey: 87-Year Law Firm Chapter 11

Bullivant Houser Bailey filed chapter 11 to liquidate and subordinate $1.64M shareholder claims under Section 510(b). The Portland firm closed after 87 years.

Bullivant Houser Bailey: 87-Year-Old Law Firm Liquidates in Chapter 11

Ample filed chapter 11 Dec 2025 after raising $330M+ from Shell, Blackstone, Mitsubishi. Battery swapping startup pursuing 363 sale. Full case analysis.

Ample: EV Battery Swap Unicorn Files Chapter 11 Case

Ample raised $330M+ from Shell, Blackstone, and Mitsubishi for EV battery swapping. Now in chapter 11 with 2 employees left. Section 363 sale auction set for March 2026.

Ample: $330M-Funded Battery Swapping Startup Files With 2 Employees

Ample: $330M Battery Swapping Unicorn's Chapter 11 Collapse

Zynex, a publicly traded Colorado medical device maker (ZYXI), filed chapter 11 Dec. 15, 2025 in S.D. Tex. after TRICARE suspended payments covering 20-25% of revenue. A $22.3M DIP from convertible noteholders backs a plan sponsor process with a $49.6M credit bid floor and Feb. 2026 deadlines.

Zynex filed chapter 11 on Dec. 15, 2025 after a TRICARE payment suspension. A $22.3M DIP and plan-sponsor process set Feb. 2026 bid deadlines.

Zynex: TRICARE Suspension, Chapter 11 Case Overview

Zynex filed chapter 11 in Houston after TRICARE suspended payments representing 20-25% of revenue. A $22.3M DIP backs a plan sponsor process with a Feb. 9 bid deadline and Feb. 13 auction.

Zynex: TRICARE Suspension and Noteholder-Led Chapter 11

Zynex: TRICARE Suspension Drives Chapter 11 Plan Sponsor Process

Luminar Technologies filed chapter 11 in SDTX on Dec. 15, 2025 with $189.5M assets and $508.2M debts. The case runs a dual-track 363 sale of the LSI photonics subsidiary ($110M) and LiDAR assets ($22M), both to Quantum Computing Inc., under a plan of liquidation.

Luminar Technologies filed chapter 11 Dec. 2025 in SDTX with $508M debts; dual-track 363 sale of photonics subsidiary and LiDAR assets to Quantum Computing.

Luminar Technologies: Dual-Track 363 Sale

Luminar Technologies filed chapter 11 Dec. 2025 in SDTX with $508M debts and $25M cash at filing. Dual-track 363 sale: $110M LSI photonics equity sale and $22M LiDAR asset sale to Quantum Computing.

Luminar Technologies: Dual-Track 363 Sale and Liquidation Plan

iRobot Corporation, the Roomba maker, filed a prepackaged chapter 11 in Delaware on December 14, 2025. The plan transferred 100% ownership to Chinese manufacturer Shenzhen Picea Robotics via debt-for-equity conversion. Confirmed January 22 and effective January 23, 2026; existing equity cancelled.

Roomba maker iRobot filed prepackaged chapter 11 in Delaware Dec 2025. Picea converted $254M in claims to 100% equity; plan effective Jan 23, 2026.

iRobot: Prepackaged Plan Transfers Ownership to Picea

Roomba maker iRobot filed chapter 11 on Dec 14, 2025 and confirmed a prepackaged plan that hands ownership to Shenzhen Picea Robotics. The plan became effective Jan 23, 2026; equity was canceled.