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

                          E U R O P E

          Friday, February 15, 2019, Vol. 20, No. 34

                           Headlines



G E R M A N Y

KLOECKNER PENTAPLAST: Bank Debt Trades at 15% Off


I R E L A N D

ALFA BOND: Fitch Rates RUB10BB Series 9 Sr. Unsec. Notes BB+


I T A L Y

ALITALIA SPA: Italy Willing to Support Creation of "New Alitalia"
ASTALDI SPA: Salini Impregilo Offers to Invest EUR225MM


L U X E M B O U R G

RUMO LUXEMBOURG: S&P Hikes Rating on 2025 Sr. Unsec. Notes to BB-
TES GLOBAL: S&P Withdraws CCC+ Long-Term Issuer Credit Rating


N E T H E R L A N D S

HOLLAND & BARRETT: Bank Debt Trades at 8% Off


S P A I N

NH HOTEL: S&P Affirms 'B' ICR Following Sale to Minor


U K R A I N E

[*] UKRAINE: NBU Gets $93.6MM Insolvent Banks' Debt Repayment


U N I T E D   K I N G D O M

ADDISON LEE: $170MM Bank Debt Trades at 19% Off
ADDISON LEE: $45MM Bank Debt Trades at 19% Off
ADDISON LEE: $70MM Bank Debt Trades at 19% Off
LADBROKES GROUP: S&P Reinstates BB Rating on Outstanding Bonds
MIKHAIL SHLOSBERG: February 21 Claims Filing Deadline Set

PARKDEAN HOLIDAYS: Bank Debt Trades at 8% Off
PATISSERIE VALERIE: Rescued from Administration Via MBO
UTILITYWISE: Enters Administration After Rescue Deal Fails


X X X X X X X X

[*] BOOK REVIEW: Macy's for Sale

                           - - - - -


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G E R M A N Y
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KLOECKNER PENTAPLAST: Bank Debt Trades at 15% Off
-------------------------------------------------
Participations in a syndicated loan under which Kloeckner
Pentaplast SA is a borrower traded in the secondary market at 85.25
cents-on-the-dollar during the week ended Friday, January 25, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 2.40 percentage points from the
previous week. Kloeckner Pentaplast pays 425 basis points above
LIBOR to borrow under the $835 million facility. The bank loan
matures on June 17, 2022. Moody's rates the loan 'B3' and Standard
& Poor's gave a 'B-' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, January 25.

Kloeckner Pentaplast SA, headquartered in Montabaur, Germany and
with legal domicile in Luxembourg, is a leader in the manufacturing
of rigid plastic films for the pharmaceuticals, food, medical,
electronics, and other packaging industries.





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I R E L A N D
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ALFA BOND: Fitch Rates RUB10BB Series 9 Sr. Unsec. Notes BB+
------------------------------------------------------------
Fitch Ratings has assigned Ireland-based Alfa Bond Issuance Public
Limited Company's (ABI) RUB10 billion Series 9 senior unsecured
rouble-denominated loan participation notes (LPN) a final 'BB+'
rating.

KEY RATING DRIVERS

ABI is a special purpose issuing vehicle for Joint Stock Company
Alfa Bank (AB). The 'BB+' rating assigned to the LPNs is aligned
with AB's 'BB+' Long-Term Local Currency Issuer Default Rating
(IDR) because AB is the ultimate borrower under this transaction.
ABI serves as a pass-through entity.

The LPNs constitute senior unsecured obligations, maturing on 6
August 2022 and are remunerated at a fixed rate at 9.35% p.a..
Proceeds of the LPN issue are being used by ABI to fund a loan to
AB on terms matching those of the LPNs. Fitch also rates ABI's
other rouble-denominated senior unsecured debt issues at the same
level as the Series 9 issue. The obligations under the loan rank
pari passu with AB's other senior unsecured obligations.

RATING SENSITIVITIES

The debt rating of the Series 9 notes will move in tandem with AB's
Long-Term Local-Currency IDR.

The current ratings of the bank and ratings of other debt issues
made through the SPV are as follows:

Joint Stock Company Alfa-Bank

Long-Term Foreign- and Local-Currency IDRs: 'BB+'; Outlook Stable

Short-Term Foreign-Currency IDR: 'B'

Viability Rating: 'bb+'

Support Rating: '4'

Support Rating Floor: 'B'

Senior unsecured debt: 'BB+'

Subordinated debt: 'BB'

Alfa Bond Issuance Public Limited Company

Senior unsecured debt: 'BB+'

Dated subordinated debt: 'BB'

Perpetual subordinated debt: 'B'



=========
I T A L Y
=========

ALITALIA SPA: Italy Willing to Support Creation of "New Alitalia"
-----------------------------------------------------------------
Alberto Sisto at Reuters reports that Italy is willing to support
the creation of a "New Alitalia" in the latest attempt to help
revive the struggling carrier, the prime minister's office said in
a statement on Feb. 13.

Alitalia was put under special administration in 2017 after workers
rejected its latest rescue plan, leaving the government once again
seeking a buyer to save the carrier, Reuters recounts.

"The government is willing to participate in the creation of a New
Alitalia, through the economy ministry, on the condition that this
is in line with European rules and that there is a sustainable
business plan in place," Reuters quotes the statement as saying
after a meeting between Prime Minister Giuseppe Conte, Industry
Minister Luigi Di Maio and Economy Minister Giovanni Tria.

Italy's state-controlled railways Ferrovie dello Stato (FS) has
already said it would put in an offer for Alitalia provided it was
flanked by one or more industrial partners, Reuters relates.


ASTALDI SPA: Salini Impregilo Offers to Invest EUR225MM
-------------------------------------------------------
Valentina Za at Reuters reports that Italy's Salini Impregilo on
Feb. 14 said it has offered to invest EUR225 million (US$254
million) to rescue troubled rival construction group Astaldi.

The company said in a statement subscribing to a reserved capital
increase, the proceeds of which will help Astaldi repay debt,
Salini will gain a 65% stake, Reuters relates.

According to Reuters, Salini said the offer was conditional on
Astaldi reaching an accord with its creditors as well as other
long-term investors contributing to the cash call and banks
agreeing to grant Astaldi credit to stabilise the group's finances
and operations.

Separately on Feb. 14, Astaldi said its board had approved a
proposed accord with creditors and a plan consistent with Salini's
offer, Reuters relates.

Astaldi said its unsecured creditors would convert their part of
debt into equity securing a 28.5% stake in the group, Reuters
notes.



===================
L U X E M B O U R G
===================

RUMO LUXEMBOURG: S&P Hikes Rating on 2025 Sr. Unsec. Notes to BB-
-----------------------------------------------------------------
S&P Global Ratings assigned its national scale 'brAA+' rating to
Rumo S.A.'s (Rumo; global scale: BB-/Stable/B; national scale:
brAA+/Stable/brA-1+) R$500 million unsecured debentures due 2029.
S&P said, "At the same time, we raised our issue-level rating on
Rumo Luxembourg S.a.r.l.'s 2025 senior unsecured notes to 'BB-'
from 'B+' following the revision of the recovery rating on this
debt to '4' from '5'. We also affirmed our 'BB-' rating on Rumo
Luxembourg's 2024 senior unsecured notes. The recovery rating of
'3' on this debt remains unchanged."

S&P said, "We believe Rumo has been successfully implementing its
investment plan in recent years, which expanded the company's
transportation capacity through the acquisition of more than 130
new locomotives and 2,500 wagons, along with infrastructure
improvements. Rumo should continue adding capacity while improving
its operating efficiency, which will translate into continued
EBITDA growth in 2019, as we mentioned in our last research update
(see "Rumo S.A. 'BB-/B' Global And 'brAA+/brA-1+' National Scale
Issuer Credit Ratings Affirmed; Outlook Remains Stable," published
Aug. 30, 2018). As a result, the emergence EBITDA that we calculate
in a default scenario has increased, resulting in a higher
enterprise value available to creditors (net of administrative
costs) in case of a default. This translates into a higher residual
value for Rumo, after the payment of operating subsidiaries' debts.
As a result, we revised the recovery expectation for Rumo's debt,
which doesn't have guarantees from operating subsidiaries, to 35%
(rounded estimate) from our previous expectation of 15%.

"Therefore, we have revised our recovery rating on Rumo's unsecured
debt to '4' from '5'. This prompted us to assign the rating on the
proposed debentures--and to raise the 2025 notes--at the same level
as the long-term issuer credit ratings of 'brAA+'and 'BB-',
respectively. We also expect the recovery of unsecured debt at Rumo
Malha Norte, which includes Rumo Luxembourg's senior unsecured 2024
notes, to improve materially. This is because of our expectation of
an overall higher enterprise value available to creditors, which is
aligned with our view of the improvement in EBITDA, cash flows, and
a gradual deleveraging. Nevertheless, recovery expectations for the
2024 notes remain at 65% (rounded estimate), with no changes to the
'BB-' issue-level rating. This is given that the recovery rating is
capped at '3' due to Rumo's exposure to the Brazil's jurisdiction,
which we don't deem as having a very favorable insolvency regime
(see our criteria "Methodology: Jurisdiction Ranking Assessments,"
published Jan. 20, 2016).

"We don't expect any increase in Rumo's leverage stemming from the
issuance of the debentures, because we expect the company to use
proceeds to pay down debt at Rumo Malha Norte, as part of efforts
to strengthen Rumo's capital structure. Nevertheless, we expect its
operating subsidiaries to continue to carry the bulk of the group's
debt (around 70%, given that we are considering the 2024 and 2025
notes under Rumo Malha Norte and Rumo , respectively, given each of
the notes' guarantee), even after debt prepayments."

Issue Ratings - Recovery Analysis

Key analytical factors

Rumo's proposed debentures issuance due 2029 and Rumo Luxmebourg's
2025 senior unsecured notes have a recovery rating of '4' (rounded
estimate of 35%). S&P derives this expectation from the recovery of
senior unsecured debt at the holding company (Rumo solely
guarantees the senior unsecured notes due 2025), which it believes
are structurally subordinated to debts of the operating
subsidiaries.

Rumo Luxembourg's 2024 senior unsecured notes have a recovery
rating of '3' (rounded estimate of 65%) because both Rumo and Rumo
Malha Norte guarantee the notes. Rumo Malha Norte is Rumo's most
significant concession in terms of cargo transported and cash
generation. In a default scenario, S&P assumes it would receive
around 65% of the company's value (around R$6 billion). This value,
subtracted priority claims (R$645 million), is higher than the
total senior unsecured debt (including the 2024 notes) at Rumo
Malha Norte, which explains the notes' high recovery expectation.
The scenario is different for the 2025 senior unsecured notes and
the proposed debentures, recovery expectations for which we base on
Rumo's remaining residual value after debt at operating
subsidiaries (around R$1.1 billion).

S&P said, "In our recovery scenario, we assume the company would
restructure rather than be liquidated. We believe Rumo is
economically important to the region where it operates and that,
due to the size of its operations, it's unlikely that other players
in the railroad segment or competing transportation modes such as
trucking would immediately replace Rumo. The emergence EBITDA of
R$1.8 billion reflects the capital intensity of the industry and
the size of the company's operations. We apply a 5.5x multiple,
which we use as an average for the industry in a default scenario
and which is in line with that of peers, such as MRS Logística
S.A. (BB-/Stable/-- ; brAAA/Stable/--)."

Simulated default assumptions

-- Year of default: 2023
-- EBITDA at emergence: R$1.8 billion
-- Implied enterprise value multiple: 5.5x

Simplified waterfall

-- Gross enterprise value at default: R$9.7 billion, of which 65%

    corresponds to Rumo Malha Norte

-- Administrative costs: 5%

-- Net value available to creditors: R$9.2 billion

-- Secured debt claims: R$1 billion (mainly consisting of BNDES
    debt)

-- Unsecured debt claims: R$9.9 billion, of which R$5 billion is
    at Rumo Malha Norte, including the notes due 2024; and R$3.2
    billion at Rumo S.A., including the 2025 bond and the proposed

    debentures issuance. The remaining debt is located through the

    other operating subsidiaries.

-- Recovery expectation for unsecured debt at guaranteed by Rumo
    Malha Norte: 50%-70%.

-- Recovery expectation for unsecured debt at Rumo with no
    guarantees from operating subs: 30%-50%.

  RATINGS LIST New Rating

  Rumo S.A.
   Senior Unsecured                       brAA+              

  Ratings Affirmed

  Rumo Luxembourg S.a.r.l.
   Senior Unsecured
    Local Currency                        BB-                    
    Recovery Rating                       3(65%)             

  Ratings Raised
                                          To           From
  Rumo Luxembourg S.a.r.l.
   Senior Unsecured
    Local Currency                        BB-          B+   
Recovery Rating                       4(35%)       5(15%)

TES GLOBAL: S&P Withdraws CCC+ Long-Term Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term issuer credit
ratings on education and recruitment services provider TES Global
Financial S.a.r.l., and TES Global Holdings Ltd. The outlook was
negative at the time of the withdrawal.

S&P also withdrew the 'CCC+' issue rating on the senior secured
notes issued by TES Finance PLC.

S&P has withdrawn the ratings on TES Global Financial, TES Global
Holdings, and TES Finance PLC at the issuer's request. This follows
the sale of the TES group to Providence Equity and full redemption
of the group's former senior secured GBP200 million fixed-rate
notes and GBP100 million floating-rate notes, both due 2020.



=====================
N E T H E R L A N D S
=====================

HOLLAND & BARRETT: Bank Debt Trades at 8% Off
---------------------------------------------
Participations in a syndicated loan under which Holland & Barrett
BV is a borrower traded in the secondary market at 92.08
cents-on-the-dollar during the week ended Friday, January 25, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.81 percentage points from the
previous week. Holland & Barrett pay 525 basis points above LIBOR
to borrow under the $450 million facility. The bank loan matures on
August 10, 2024. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
January 25.

Holland & Barrett B.V., doing business as De Tuinen, owns and
operates grocery stores in the Netherlands. It offers
over-the-counter drugs, dietary supplements, and beauty care
products through own and franchise stores. The company is based in
Beverwijk, Netherlands.




=========
S P A I N
=========

NH HOTEL: S&P Affirms 'B' ICR Following Sale to Minor
-----------------------------------------------------
On Oct. 31, 2018, Thailand-based Minor International (Minor)
completed its debt-funded acquisition of NH Hotel Group S.A.,
bringing its total stake in the company to 94.1% (from 46.4% before
the acquisition).

S&P Global Ratings is revising NH Hotel's stand-alone credit
profile (SACP) upward to 'b+' from 'b' as a result of NH Hotel's
solid performance, continuous deleveraging, and substantial free
operating cash flow (FOCF) generation. S&P said, "We are also
affirming our issuer credit rating on NH Hotel at 'B' and revising
the outlook to stable, reflecting the application of our group
rating methodology. At the same time, we are affirming our 'BB-'
issue-level rating on NH Hotel's senior secured notes."

S&P said, "The outlook revision to the long-term rating on NH Hotel
reflects our view that the combined group will remain highly
leveraged following Minor increasing its debt to fund the
acquisition of NH Hotel -- and being unlikely to materially reduce
it over the next 12 months. We therefore align the rating on NH
Hotel with the group credit profile (GCP) even though we have
revised NH Hotel's SACP up to 'b+'.

"Minor has raised a EUR2.3 billion bridge loan with an 18-month
maturity to fund the NH Hotel acquisition. Of the bridge loan, we
estimate that approximately EUR900 million has already been
refinanced, including two perpetual bonds of EUR400 million and
$300 million issued in Thailand. We expect Minor to refinance the
rest of the bridge loan during first-half 2019 mainly with a Thai
baht (THB) 40,000 million senior unsecured debenture."

As of December 2018, we expect the consolidated reported debt at
Minor to be about THB145 billion-THB 147 billion (equivalent to
EUR3.9 billion-EUR4.0 billion). S&P said, "After the
above-mentioned planned refinancing, we estimate that debt levels
at Minor will stay broadly stable because we do not assume any
further debt-funded investment at Minor over the next two years. We
also estimate the consolidated pro forma S&P Global Rating-adjusted
debt-to-EBITDA ratio of the wider group (including Minor) to be
6.0x-7.0x in 2019, based on our calculations."

S&P said, "Based on our group rating methodology, we are affirming
the issuer credit rating on NH Hotel because we view the company as
an integral part of Minor group's strategy--given that it
contributes 45% of the group's EBITDA. With its majority control of
NH Hotel, Minor can dictate the allocation of the latter's cash
flows, or potentially rely on NH Hotel's resources through
dividends or other means if it itself faces tighter financial
conditions or requires liquidity. We expect Minor to maintain a
majority shareholding and control of NH Hotel at least over the
next few years while keeping management and financial policies at
NH Hotel unchanged.

"We acknowledge NH Hotel's strong operating performance and
significant improvement in credit metrics following increased
profitability, continuous deleveraging, and solid FOCF generation.
As a result, we have revised NH Hotel's SACP to 'b+' from 'b',
higher than that of the overall group. NH Hotel has reported solid
performance for the first nine months of 2018 (9M 2018) and we
expect it will perform slightly better than we had initially
forecast in full-year 2018. We estimate that revenues will grow by
about 4.5% for full-year 2018, mainly driven by Benelux and Italy
where the company had already achieved a solid average daily rate
(ADR) increase in 9M 2018. We estimate that reported EBITDA will
reach about EUR260 million in 2018, up from EUR233 million in 2017,
thanks to NH Hotel's successful repositioning plan, which saw it
increase ADR, together with efficiency measures implemented during
the year.

"We also anticipate that NH Hotel will generate around EUR120
million-EUR130 million FOCF in 2018, for the second consecutive
year, after EUR80 million FOCF in 2017. It considerably decreased
its reported gross debt during 2018 with the conversion of its
EUR250 million convertible bond and early redemption of EUR43.2
million of its EUR400 million senior secured notes, due 2023, using
available cash. As a result, we estimate that its year-end S&P
Global Ratings-adjusted debt to EBITDA will be about 5.0x-5.2x
versus 6.2x as of December 2017 and funds from operations (FFO) to
debt of around 10%-12% (8% in December 2017).

"For FY2019 and FY2020, we expect NH Hotel to continue benefitting
from the positive trend in the travel industry, boosted by
supportive macroeconomics in its key operating markets (Spain,
Benelux, Germany, and Italy) and by gaining penetration mainly in
Benelux and Central Europe and to a lesser extent in Spain and
Italy. We expect the company's sales to grow by around 4% during
2019-2020, which, barring any unforeseen events, should lead to S&P
Global Ratings-adjusted debt to EBITDA of about 5.0x."

NH Hotel's competitive position remains characterized by its solid
brand recognition and relatively high barriers to entry given that
many of its properties are located in prime real estate markets.
Despite still relying heavily on owned or leased hotels (about 85%
of total rooms)--which in S&P's opinion contributes to a high and
relatively inflexible fixed-cost base and increases constraints on
the group's earnings in a cyclical downturn--it notes that NH Hotel
is moving toward a more asset-light business model by focusing on
growth via management contracts and flexible rent leasing
agreements, instead of fixed-rent agreements.

S&P said, "In our view, NH Hotel's business remains constrained by
its limited geographical concentration in Europe (about 90% of
total revenues) as well as its limited format diversification with
its still-significant reliance on mid-scale and upscale hotels. The
company's strategy is to continue increasing its presence in the
upper-scale category, which should help increase revenue per
available room (RevPar) and thereby improve profitability.
Moreover, we factor in some key business risks such as the
company's profit volatility over the lodging cycle given the high
fixed-cost base of its owned hotels; the cyclical, fragmented, and
competitive nature of the lodging industry; and its exposure to
discretionary consumer spending. We also think that the growing
Airbnb market could weigh on NH Hotel, although we recognize that
NH Hotel's proposition is different and targets more affluent (and
often business) customers with a shorter average stay.

"The stable outlook is based on our expectation that Minor will be
able to refinance the largest part of its bridge loan by the end of
first-quarter 2019 (ending March 31, 2019) and the remaining part
of a bridge loan in second-quarter 2019, which is necessary for it
to maintain an adequate liquidity assessment.

"The stable outlook on NH Hotel also reflects our expectation that
the financial leverage of the wider group (including Minor), will
remain stable over the next 12 months, with S&P Global
Ratings-adjusted consolidated debt to EBITDA of close to 6x-7x (our
estimations), and that Minor will keep majority control of NH
Hotel."

S&P would likely take a negative rating action on NH Hotel if
Minor's consolidated GCP substantially weakened. This could happen
if one or more of the following occurred:

-- Minor failed to refinance the main part of its bridge loan by
March 30, 2019, leading to
    material refinancing risk within 12 months.

-- Its cash flow adequacy or leverage ratios weakened due to more
aggressive spending or
    debt-funded acquisitions. A consolidated ratio of debt to
EBITDA exceeding 7.0x without
    any prospect of near-term improvement could also indicate a
weaker credit profile.

-- Minor's own operations deteriorated materially due to
macroeconomic turbulence, increased
    competition, or diminished cash generation.

S&P said, "We may revise down NH Hotel's SACP to 'b' if the
company's operating performance weakened materially compared to our
current base case due to macroeconomic or geopolitical event risks,
or competition or debt-financed dividend distributions or
acquisitions such that its debt-to-EBITDA ratio increased above
5.5x and FOCF turned negative, with no prospects of quick
recovery.

"We could raise the rating on NH Hotel if we saw a material
improvement in Minor's GCP following its consolidated
debt-to-EBITDA ratio falling below 5.5x and the generation of
material positive FOCF on a sustainable basis. An improved credit
profile at Minor would also be contingent on the group
demonstrating and maintaining ample liquidity at the parent level
and proactively lengthening its debt maturity profile within the
group, as well as adhering to a prudent financial policy.

"A higher SACP for NH Hotel is unlikely over the next 12 months
given the company's high lease-adjusted leverage. However, we could
consider revising NH Hotel's SACP up to 'bb-' if the company
managed to substantially increase its EBITDA with management
contracts, therefore without increasing its operating lease
obligations, and leading to a debt-to-EBITDA ratio below 5.0x and
material and sustainable FOCF generation."




=============
U K R A I N E
=============

[*] UKRAINE: NBU Gets $93.6MM Insolvent Banks' Debt Repayment
-------------------------------------------------------------
Kyiv Post reports that the National Bank of Ukraine in 2018
received more than UAH2.6 billion (US$93.6 million) in repayment of
refinancing loans earlier issued to banks that later became
insolvent, which was UAH0.5 billion (US$18 million) up from 2017.



===========================
U N I T E D   K I N G D O M
===========================

ADDISON LEE: $170MM Bank Debt Trades at 19% Off
-----------------------------------------------
Participations in a syndicated loan under which Addison Lee Plc is
a borrower traded in the secondary market at 81.00
cents-on-the-dollar during the week ended Friday, January 25, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 3.40 percentage points from the
previous week. Addison Lee pays 475 basis points above LIBOR to
borrow under the $170 million facility. The bank loan matures on
April 16, 2020. Moody's and Standard & Poor's have not rated the
loan. The loan is one of the biggest gainers and losers among 247
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday, January 25.

Addison Lee is a London-based private hire taxi company.

ADDISON LEE: $45MM Bank Debt Trades at 19% Off
----------------------------------------------
Participations in a syndicated loan under which Addison Lee Plc is
a borrower traded in the secondary market at 81.00
cents-on-the-dollar during the week ended Friday, January 25, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 3.40 percentage points from the
previous week. Addison Lee pays 475 basis points above LIBOR to
borrow under the $45 million facility. The bank loan matures on
April 16, 2020. Moody's and Standard & Poor's have not rated the
loan. The loan is one of the biggest gainers and losers among 247
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday, January 25.

Addison Lee is a London-based private hire taxi company.


ADDISON LEE: $70MM Bank Debt Trades at 19% Off
----------------------------------------------
Participations in a syndicated loan under which Addison Lee Plc is
a borrower traded in the secondary market at 81.00
cents-on-the-dollar during the week ended Friday, January 25, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 3.40 percentage points from the
previous week. Addison Lee pays 475 basis points above LIBOR to
borrow under the $70 million facility. The bank loan matures on
April 16, 2020. Moody's and Standard & Poor's have not rated the
loan. The loan is one of the biggest gainers and losers among 247
widely quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday, January 25.

Addison Lee is a London-based private hire taxi company.

LADBROKES GROUP: S&P Reinstates BB Rating on Outstanding Bonds
--------------------------------------------------------------
S&P Global Ratings said it corrected by reinstating its 'BB' rating
on Ladbrokes Group Finance PLC's GBP100 million, 5.125% bonds due
Sept. 16, 2022, and GBP400 million, 5.125% callable notes due Sept.
8, 2023. S&P had withdrawn the rating in error on Feb. 13, 2019.

MIKHAIL SHLOSBERG: February 21 Claims Filing Deadline Set
---------------------------------------------------------
In accordance with Rule 14.28 of the Insolvency (England and Wales)
Rules 2016, Jeremy Willmont -- jeremy.willmont@moorestephens.com --
and Emma Sayers -- emma.sayers@moorestephens.com -- of Moore
Stephens LLP, of 150 Aldersgate Street, London, EC1A 4AB, were
appointed joint trustee in bankruptcy of Mikhail Shlosberg.

The joint trustees in bankruptcy intend to declare a first and
final dividend to all known creditors within two months of the last
date for proving.  Should you fail to submit your claim by February
21, 2019, you will be excluded from the benefit of any dividend.

For further details contact:

         Brooke Phillips
         Telephone: +44 (0)20 7334 9191
         Email: Phillips@moorestephens.com

PARKDEAN HOLIDAYS: Bank Debt Trades at 8% Off
---------------------------------------------
Participations in a syndicated loan under which Parkdean Holidays
Plc is a borrower traded in the secondary market at 92.13
cents-on-the-dollar during the week ended Friday, January 25, 2019,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.96 percentage points from the
previous week. Parkdean Holidays pays 425 basis points above LIBOR
to borrow under the $575 million facility. The bank loan matures on
March 6, 2024. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
January 25.

Parkdean Resorts was formed in November 2015 through the merger of
Parkdean Holidays and Park Resorts. Operating 67 holiday parks
across England, Scotland and Wales, Parkdean Resorts is currently
the largest holiday park operator in the UK.

PATISSERIE VALERIE: Rescued from Administration Via MBO
-------------------------------------------------------
Jonathan Eley at The Financial Times reports that cafe chain
Patisserie Valerie has been rescued from administration with a
management buyout backed by Causeway Capital.

According to the FT, people familiar with the situation said the
buyers intend to keep almost 100 stores open, depending on
negotiations with landlords. Philpotts and Baker & Spice, two other
brands within the Patisserie Holdings group, are to be sold
separately.

The deal comes days after Mike Ashley's Sports Direct pulled its
offer to buy Patisserie Valerie, complaining of being shut out of
the bidding process for the beleaguered cafe chain, the FT
relates.

Patisserie Valerie crashed into administration at the end of
January after talks with banks failed to save it from bankruptcy
following an investigation into long-term fraud of its accounts,
the FT recounts.


UTILITYWISE: Enters Administration After Rescue Deal Fails
----------------------------------------------------------
Jillian Ambrose at The Telegraph reports that Utilitywise,
Britain's largest energy broker, has collapsed into administration
after an eleventh hour lifeline from the company's founder failed
to save its 1,000 strong workforce.

Utilitywise slumped into administration after rescue talks with
potential investors, including its former chairman, fell apart just
weeks after it put itself up for sale, The Telegraph relates.

It is the largest energy market failure of recent years including
the ten energy suppliers which have crashed out of the market in
the last year alone, The Telegraph states.

It also adds further gloom to a run of poor bets by one of
Britain's best-known investors, Neil Woodford, who owns a 29% stake
in the company through Woodford Investment Management, The
Telegraph notes.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: Macy's for Sale
--------------------------------
Author: Isadore Barmash
Paperback: 180 pages
List price: $34.95
Review by Henry Berry
Order your personal copy today at
http://www.beardbooks.com/beardbooks/macys_for_sale.html

Isadore Barmash writes in his Prologue, "This book tells the story
of Macy's managers and their leveraged buyout, the newest and most
controversial device in the modern financial armament" when it took
place in the 1980s. At the center of Barmash's story is Edward S.
Finkelstein, Macy's chairman of the board and chief executive
office. Sixty years old at the time, Finkelstein had worked for
Macy's for 35 years. Looking back over his long career dedicated to
the department store as he neared retirement, Finkelstein was
dismayed when he realized that even with his generous stock
options, he owned less than one percent of Macy's stock. In the 185
years leading up to his unexpected, bold takeover, Finkelstein had
made over Macy's from a run-of-the-mill clothing retailer into a
highly profitable business in the lead of the lucrative and growing
fashion and "lifestyle" field.

To aid him in accomplishing the takeover and share the rewards with
him, Finkelstein had brought together more than three hundred of
Macy's top executives. To gain his support for his planned
takeover, Finkelstein told them, "The ones who have done the job at
Macy's are the ones who ought to own Macy's." Opposing Finkelstein
and his group were the Straus family who owned the lion's share of
Macy's and employees and shareholders who had an emotional
attachment to Macy's as it had been for generations, "Mother
Macy's" as it was known. But the opponents were no match for
Finkelstein's carefully laid plans and carefully cultivated
alliances with the executives. At the 1985 meeting, the
shareholders voted in favor of the takeover by roughly eighty
percent, with less than two percent opposing it.

The takeover is dealt with largely in the opening chapter. For the
most part, Barmash follows the decision making by Finkelstein, the
reorganization of the national company with a number of branches,
the activities of key individuals besides Finkelstein, Macy's moves
in the competitive field of clothing retailing, and attempts by the
new Macy's owners led by Finkelstein to build on their successful
takeover by making other acquisitions. Barmash allows at the
beginning that it is an "unauthorized book, written without the
cooperation of the buying group." But as he quickly adds, his
coverage of Macy's as a business journalist and his independent
research for over a year gave him enough knowledge to write a
relevant and substantive book. The reader will have no doubt of
this. Barmash's narrative, profiles of individuals, and analysis of
events, intentions, and consequences ring true, and have not been
contradicted by individuals he writes about, subsequent events, or
exposure of material not public at the time the book was written.

First published in 1989, the author places the Macy's buyout in the
context of the business environment at the time: the aggressive,
largely laissez-faire, Reagan era. Without being judgmental, the
author describes how numerous corporations were awakened from their
longtime inertia, while many individuals were feeling betrayed,
losing jobs, and facing uncertain futures. Isadore Barmash, a
veteran business journalist and author, was associated with the New
York Times for more than a quarter-century as business-financial
writer and editor. He also contributed many articles for national
media, Reuters America, and the Nihon Kenzai Shimbun of Japan. He
has published 13 books, including a novel and is listed in the 57th
edition of Who's Who in America.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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