/raid1/www/Hosts/bankrupt/TCREUR_Public/190820.mbx        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

          Tuesday, August 20, 2019, Vol. 20, No. 166

                           Headlines



G E O R G I A

GEORGIA: Fitch Affirms 'BB' LT IDR, Outlook Stable


I R E L A N D

PROVIDUS CLO III: Fitch Assigns B-sf Rating on Class F Debt


L U X E M B O U R G

ZACAPA S.A.R.L: S&P Alters Outlook to Stable & Affirms 'B-' Ratings


N E T H E R L A N D S

MV24 CAPITAL: Fitch Rates $1.1BB Sec. Notes 'BB', Outlook Stable


P O R T U G A L

ELECTRICIDADE DOS ACORES: Moody's Affirms Ba2 CFR, Outlook Now Pos.
EMPRESA DE ELECTRICIDADE: Moody's Affirms B1 LT CFR


R U S S I A

LIPETSK: Fitch Affirms BB+ LT IDR, Alters Outlook to Positive


U N I T E D   K I N G D O M

ARCADIA GROUP: Nears Resolution of CVA Dispute with US Landlords
CONVATEC: Names John McAdam as New Chairman Amid Turnaround
DONCASTERS: Likely to Be Broken Up Amid Heavy Debt Load
JACK WILLS: Eight Stores to Close Following Pre-Pack Deal
JAMIE OLIVER: Creditors to Lose Millions of Pounds After Collapse

WRIGHTBUS: Seeks Fresh Funding; BYD Mulls Rescue

                           - - - - -


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G E O R G I A
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GEORGIA: Fitch Affirms 'BB' LT IDR, Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed Georgia's Long-Term Foreign-Currency
Issuer Default Rating at 'BB' with a Stable Outlook.

KEY RATING DRIVERS

Georgia's ratings are supported by governance and business
environment indicators that are above the current medians of 'BB'
category peers, and a track record of macroeconomic resilience
against regional shocks. Confidence in the authorities' economic
strategy is also anchored by an IMF Extended Fund Facility (EFF)
programme. Georgia's external finances are significantly weaker
than the majority of 'BB' category peers.

Georgia is facing a new external shock after withstanding a testing
external environment in 2018. Russia suspended flights to and from
Georgia from July 8, invoking security issues after an address by a
Russian MP in the Georgian parliament reignited long-standing
bilateral tensions, leading to large demonstrations in Tbilisi.
Russia is the largest source of tourist arrivals in Georgia,
although the bulk of these travel by road. The authorities are
assessing the impact from the ban and their policy response. Fitch
assumes the IMF will allow some adjustment of the EFF to
accommodate the tourism shock.

Dynamic tourism exports and lower import growth following the
completion of large energy projects led to a narrowing of the
current account deficit to 7.7% of GDP in 2018, from 8.8% in 2017.
Fitch forecasts the current account deficit will narrow further to
an average of 5.3% over 2019-2021 versus 3% for the current 'BB'
median, as a slowdown in consumer lending and rising domestic
savings following the launching of the funded pension pillar ease
pressure on imports. The flight ban will partly reverse the recent
rapid improvement in tourism revenues, with international visitors'
growth slowing to 4.3% yoy in July, from 19.9% in June, but Fitch
expects continued growth over the forecast period.

Net inflows of foreign direct investment (FDI) are forecast to
cover the current account deficit each year. Net FDI is projected
to average 5.9% of GDP over 2019-2021, after declining to 5.5% in
2018 from 10.8% in 2017 due to the completion of major
infrastructure and energy projects. Official reserves rose to
USD3.3 billion at end-2018 (3.1 months of current account payments,
versus 4.3 months for the 'BB' median) as FX reserve requirements
increased and the National Bank of Georgia (NBG) pursued its
reserve accumulation policy while remaining committed to a floating
exchange rate. Reserves rose further over 1H19 and Fitch expects
they will reach USD3.7 billion at end-2019 (3.3 months of current
account payments), although accumulation may be hampered by subdued
tourism earnings and possible further FX intervention by the NBG to
curb exchange rate volatility.

External vulnerabilities remain a key rating weakness but are
gradually easing. The gross external financing requirement accounts
for 87.4% of international reserves and is set to rise in 2021 when
the USD500 million Eurobond matures. The liquidity ratio is weaker
than peers at 102% (172.5% for the 'BB' median) and gross external
debt (GXD) is twice the current 'BB' median at 109.5% of GDP in
2018. Fitch forecasts GXD to decline below 100% of GDP by 2021 due
to sustained FDI inflows and a narrowing current account deficit;
intra-company loans, which carry limited refinancing risks,
accounted for an estimated 19% of GXD at end-2018.

Fitch forecasts economic growth to decelerate to 4.3% in 2019, from
4.7% in 2018, as credit growth slows down and the Russian flight
ban hinders expansion of the tourism sector. Nonetheless, it will
remain above the forecast current 'BB' median of 3.3%. Acceleration
of infrastructure spending and slightly looser fiscal policy will
support a pick-up in growth to an average 4.7% in 2020-2021.

Inflation abated to 2.6% in 2018 but price pressures stemming from
higher excise tax on tobacco and lari depreciation following the
Russian flight ban will lead to an uptick in CPI in 2019 to a
forecast 3.8%, above the NBG's inflation target of 3%, and compared
with a current 'BB' median of 3.5%. Fitch expects inflation to
return towards target in 2020 and 2021 as these effects dissipate.
The NBG could tighten monetary policy should inflationary pressures
resulting from a weaker currency materialise. However monetary
policy easing is likely to resume in the medium term, as credit
growth moderates, following the adoption of tighter
macro-prudential regulation on consumer lending, and the economy
grows below potential.

An augmented fiscal deficit of 2.5% of GDP was recorded in 2018, in
line with the IMF programme target, as revenue over-performance
offset higher than planned budget lending and capex. Fitch expects
increased education expenditure, in line with the new legislation
introducing a floor on education spending, and higher capital
spending in response to the current external shock will widen the
augmented fiscal deficit to 2.7% of GDP in 2019, compared with a
current 'BB' median of 2.9%.

A weaker lari will lead to an increase in gross general government
debt (GGGD)/GDP to 45.7% of GDP in 2019 ('BB' median; 44.6%). Fitch
expects the Government Debt Management Strategy and IMF
quantitative targets will provide a policy anchor to place GGGD/GDP
on a downward trajectory in the medium term, further supported by a
moderate recovery of the domestic currency. Fiscal risks arise from
the large share of FX-denominated debt (77.9% of total debt),
although the government intends to increase domestic issuance to
deepen the local capital market, which could decrease exposure to
exchange rate volatility. As a high share of public external debt
is multilateral (73.7%) the interest burden of 4.4% of government
revenues is lower than peers ('BB' median; 7.6%).

Governance and business environment indicators are well above the
current medians of 'BB' category peers, with Georgia ranking 6th
out of 190 in the 2019 World Bank Ease of Doing Business Indicator.
Nonetheless, political risk associated with unresolved conflicts
involving Russia in Abkhazia and South Ossetia remains material and
the evolution of relations with Russia can impact domestic politics
as well as the economy.

The outcome of the 2020 parliamentary elections is uncertain given
declining public support for the governing Georgian Dream
coalition, according to independent observers' view, a fragmented
opposition and the introduction of a proportional representation
system with a zero threshold. However, Fitch does not expect a
shift in policy direction, with the IMF programme (likely to be
renewed in 2020), NATO accession talks, and maintenance of a close
relationship with the EU providing solid anchors.

Georgia's banking sector is sound as reflected by Fitch's BSI score
of 'bb'. Capitalisation is high at 18.2% in 2Q19 and non-performing
loans account for 2.9% of total loans, according to IMF
methodology. Fitch's MPI score of 2* reflects a period of rapid
credit growth, although new macro-prudential measures including
limits on payment-to-income and loan-to-value ratios slowed private
sector credit growth to 15% in 1Q19, from 17.1% at end-2018, while
mortgage loans grew at a solid 26%. Dollarisation remains elevated
at 62.1% of total deposits and 55.8% of loans at end-2018, although
measures capping new FX-lending are supporting the long-term steady
decline.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Georgia a score equivalent to a
rating of 'BB+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - External finances: -1 notch, to reflect that relative to its
peer group, Georgia has higher net external debt, structurally
larger current account deficits, and a large negative net
international investment position.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main risk factors that, individually or collectively, could
trigger positive rating action:

  - A significant reduction in external vulnerability, stemming
from decreasing external indebtedness and rising external buffers.

  - Track record of reduction in GGGD/GDP.

  - Stronger GDP growth prospects leading to higher GDP per capita
level, consistent with preserving macro stability.
The main factors that could, individually or collectively, lead to
negative rating action are:

  - An increase in external vulnerability, for example a sustained
widening of the current account deficit not financed by FDI.

  - Worsening of the budget deficit, leading to a sustained rise in
public indebtedness.

  - Deterioration in either the domestic or regional political
environment that affects economic policymaking, economic growth
and/or political stability.


KEY ASSUMPTIONS

The global economy performs in line with Fitch's Global Economic
Outlook.



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I R E L A N D
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PROVIDUS CLO III: Fitch Assigns B-sf Rating on Class F Debt
-----------------------------------------------------------
Fitch Ratings assigns Providus CLO III Designated Activity Company
final ratings.

Providus CLO III Designated Activity Company is a cash-flow
securitisation of mainly senior secured obligations. Net proceeds
from the notes are being used to fund a portfolio with a target par
of EUR375 million. The portfolio is managed by Permira Debt
Managers Group Holdings Limited. The collateralised loan obligation
(CLO) features a 4.5-year reinvestment period and an 8.5-year
weighted-average life (WAL).

Providus CLO III DAC

Class A;      LT AAAsf New Rating; previously at AAA(EXP)sf

Class B-1;    LT AAsf New Rating;  previously at AA(EXP)sf

Class B-2;    LT AAsf New Rating;  previously at AA(EXP)sf

Class C;      LT Asf New Rating;   previously at A(EXP)sf

Class D;      LT BBB-sf New Rating previously at;BBB-(EXP)sf

Class E;      LT BB-sf New Rating; previously at BB-(EXP)sf

Class F;      LT B-sf New Rating;  previously at B-(EXP)sf

Subordinated; LT NRsf New Rating;  previously at NR(EXP)sf

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B' category. The weighted-average rating factor (WARF) of the
identified portfolio is 32, below the indicative maximum covenanted
WARF of 34.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Recovery prospects for these assets are typically more favourable
than for second-lien, unsecured and mezzanine assets. The
weighted-average recovery rate (WARR) of the identified portfolio
is 67.4% above the indicative minimum covenanted WARR of 63.6%.

Diversified Asset Portfolio

The transaction features different Fitch test matrices with
different allowances for exposure to the 10-largest obligors
(maximum 16% and 26%) and fixed-rate assets (maximum 0% and 10%).
The manager can then interpolate between and within these matrices.
The transaction also includes various concentration limits,
including the maximum exposure to the three-largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls, and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.



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L U X E M B O U R G
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ZACAPA S.A.R.L: S&P Alters Outlook to Stable & Affirms 'B-' Ratings
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Zacapa S.a.r.l., parent
of Ufinet International, to stable from positive, and affirmed its
'B-' ratings.

S&P said, "We are revising the outlook on Zacapa S.a.r.l, parent of
Ufinet International, because we have lowered our base-case
expectations for the group's free operating cash flow (FOCF)
generation in 2019 and 2020. We take into account slower growth of
transmission services as at June 2019, inflated interest payments,
slightly less favorable changes in working capital, lower net
inflows from indefeasible right of use (IRU) as more IRU
collections do not fully offset higher accrued IRUs, and higher
capital expenditures (capex) than in our previous base case. The
affirmation reflects our expectation that the group's key ratios
will gradually strengthen, although from a weaker base, bolstered
by continued high demand for lit and dark fiber in Latin America
and profitability gains as the group expands and optimizes its
costs base.

"We initially expected FOCF would turn positive in 2019, but now
anticipate this turnaround will be delayed by at least a year. In
our updated base case, we forecast Ufinet International's reported
FOCF will amount to approximately negative $28 million in 2019,
compared with our initial expectations of about $10 million." The
difference compared with previous forecasts results from:

-- Slightly weaker-than-expected revenue performance in lit fiber,
Ufinet's main segment, reflected in results as of June 2019. S&P
expects currency fluctuation will weigh on Ufinet International's
revenue growth and its customers' ability to pay in U.S. dollar
(especially in Argentina).

-- Higher interest expenses ($40 million-$45 million in total,
versus about $35 million as per its initial expectations). This is
because, in July 2019, Ufinet International drew on its revolving
credit facility (RCF) to fund its interest charge, and undertook a
$50 million add-on to its term loan in July 2019.

-- A slightly weaker change in working capital because of
increased trade receivables due to a slight delay in obtaining
purchase orders from some customers. S&P also assumes higher
accrued IRUs (a cash outflow) that are not fully offset by slightly
higher collections from IRUs (a cash inflow), in line with demand
and revenue trends, as well as management guidance for 2019.

-- Higher gross capex than initially expected, because of the
development of towering and fiber to the home (FTTH) projects,
although S&P is mindful that capex is invested only when an anchor
tenant is secured.

S&P said, "We have therefore revised our EBITDA and cash flow
forecasts for 2019 and 2020, and anticipate FOCF to debt of
negative 3.3% in 2019 and almost breakeven in 2020. We also expect
slower deleveraging of 5.8x in 2019 and about 5.0x in 2020 compared
with our previous projections of 4.5x and 3.7x, respectively. We
note that the group's adjusted debt figure increased compared with
our initial base case because of the $50 million add-on on the term
loan B, and revised operating lease commitments based on 2018
audited consolidated accounts. This corresponds to roughly a
one-year delay in the company's deleveraging schedule and return to
positive FOCF generation.

"In addition, although we anticipate adjusted leverage will
decrease, we believe the company's private-equity ownership
continues to constrain its financial risk profile. We think such
ownership could translate into debt-financed recapitalization, and
a likely steady flow of mergers and acquisitions, with the company
likely seizing opportunities to acquire local players in order to
further extend and densify its fiber network." A recent example is
the acquisition of Netell, a fiber optic operator in Sao Paulo, in
July 2019.

Ufinet International's position as a niche player continues to
constrain our view of its business. The company has an estimated
market share of 4.1% within its footprint, competing with larger
and better-capitalized fiber-based telecom operators such as Lilac,
Telefonica S.A., and America Movil, with some overlap, mostly in
relation to metro networks. S&P also considers Ufinet
International's business risk profile as weaker than before the
spin-off of its Spanish operations, which previously accounted for
about 45% of 2016 revenue. This is because the new structure no
longer benefits from a more stable and dominant position in dark
fiber in its Spanish operations.

Furthermore, Ufinet International's geographic concentration and
country risk exposure increased significantly following the
spin-off because it now operates exclusively in Latin America. The
company is exposed to various political, regulatory, and economical
risks stemming from the jurisdictions where it operates. Although
invoicing in U.S. dollar protects Ufinet International from
currency risk for interest payments and debt reimbursement, some
Latin American clients could face difficulties paying for its
services due to local currency volatility. In Argentina, some
customers had difficulties paying in dollars, indirectly exposing
the group to currency risk through delayed payment during
first-half 2019.

S&P said, "We note that the company does not own the physical
routes along which it deploys its fiber network, although Ufinet is
fully proprietary of its fiber network. Moreover, Ufinet
International is exposed to ongoing price pressure per megabit (Mb)
in the lit-fiber segment (56% of revenue in first-half 2019), due
to its relative commoditization, in our view. However, we expect
steadily rising data capacity demand will mitigate this." In
addition, contract periods are typically shorter (one to three
years) for lit fiber, and the market has lower barriers to entry
than for dark fiber.

These factors are balanced by Ufinet International's extended
network across Latin America, revenue and cash flow visibility, and
significant growth prospects, especially in lit fiber. S&P said,
"We view Ufinet International's extensive network of about 59,000
kilometers (km) (including Netell) across Latin America as a
differentiating factor over smaller, local operators. We believe
Ufinet International will continue to strengthen its network on the
continent through targeted acquisitions similar to Netell, or
organic network expansion contracted with an anchor tenant."

Ufinet International operates in an addressable lit-fiber market of
about $2.2 billion, which is expanding on the back of increasing
demand for data (21% compound annual growth rate over 2016-2020)
from consumers and businesses, as well as mobile network operators
that require fiber backbone for their towers (less than 30% of cell
sites in Latin America are connected with fiber). Ufinet
International is also the only large dark-fiber provider in its
region (31% of first-half 2019 revenue, including rights of way).
The addressable market for dark fiber is relatively limited at $400
million, of which Ufinet International took a 10% share as of
year-end 2017. However, the company's ability to provide dark fiber
in the region gives it a competitive edge, given scarcer dark-fiber
capacity. The commercial and cost advantages of its extensive
network help differentiate it from its competitors, which mostly
focus on capacity services. This unique positioning provides
revenue and cash flow visibility, with about 98% recurring revenue,
but also a healthy EBITDA margin (close to 50% in 2019 and expected
to continue increasing) due to existing network capacity
utilization.

S&P said, "Finally, we consider that Enel S.p.A's significant
presence in Latin America and its large scale could support Ufinet
International in its future growth opportunities. Although not yet
included in our base-case assumptions, we think Ufinet
International could leverage Enel's existing energy distribution
network to deploy fiber services all across Latin America, making
Ufinet International the full owner and operator of a much larger
fiber network.

"The stable outlook on Zacapa reflects our view that Ufinet
International's expanding infrastructure needs in Latin America,
combined with increasing bandwidth demand from companies and
telecom carriers and its sound dark-fiber backlog, will support
revenue growth of about 12%-13% in 2019. We also expect that the
group's expansion strategy, combined with cost optimization, will
improve Ufinet International's adjusted EBITDA margin toward 50% in
2019 and 2020, and that the company will maintain high capex
levels."



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N E T H E R L A N D S
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MV24 CAPITAL: Fitch Rates $1.1BB Sec. Notes 'BB', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating with a Stable Outlook to
the USD1.1 billion senior secured notes issued by MV24 Capital B.V.
, a special purpose vehicle incorporated under the laws of the
Netherlands.

The transaction is backed by payments to be made to Cernambi Sul
MV24 B.V. under a charter agreement signed with Tupi B.V. for the
use of the floating production storage and offloading unit (FPSO)
Cidade de Mangaratiba MV24, in the Lula Iracema Oil Field in Brazil
for a remaining term of 15.3 years. Tupi B.V.  is an SPV created by
the members of the BM-S-11 consortium to conduct operations in the
BM-S-11 block of the Santos Basin (the Lula Iracema oil field). The
BM-S-11 consortium is comprised of Petroleo Brasilerio S.A., Shell
Brasil Petroleo Ltda., and Petrogal Brasil Ltda. with 65%, 25%, and
10% shares, respectively.

For the purposes of this transaction, Cernambi Sul MV24 B.V.
pledged its rights to MV24 Capital B.V. The financial structure
contemplates a fully amortizing transaction. Proceeds of the
issuance will largely be used to refinance existing project finance
obligations of the project company within 120 days of closing
during which time noteholders will be cash collateralized. Once the
project company is released from its existing project finance
obligations, a perfection of a first priority security interest in
the collateral will be created. If the project company is not
released of its existing obligations within 120 days of closing or
180 days of closing with its extension option, noteholders will be
repaid in an amount equal to 100% of principal and any accrued
interest on the notes. Fitch's rating addresses the timely payment
of interest and principal on a semi-annual basis until legal final
maturity in June 2034.

Tupi B.V., the offtaker of the charter agreement, is comprised of a
consortium between Petroleo Brasileiro S.A.'s (Petrobras) Dutch
subsidiary Petrobras Netherlands B.V.  as controlling party with
65% share, BG Energy Holdings Ltd. (wholly owned subsidiary of
Royal Dutch Shell plc) with 25% share, and Galp Energia (a joint
venture between Galp and Sinopec) with 10% share of Tupi B.V.  

The vessel is operated by M&S Cernambi Sul Operacao Ltd, a
subsidiary of Modec do Brasil Ltda. (Modec Brasil), the Brazilian
subsidiary of Modec, Inc. (Modec), through a services agreement
with Petrobras. Modec is jointly and severally liable for Modec
Brasil's obligations under the services agreement as an intervening
party and has also provided a guarantee to Petrobras as leader and
operator of Tupi B.V. for the performance of the obligations of
Modec Brasil.

Modec is one of four sponsors of the project. The sponsors of the
transaction are a Japanese consortium comprised of Modec, Inc.,
Mitsui & Co, Mitsui OSK Lines, and Marubeni.

The transaction documents contemplate an assignment of the charter
agreement from Tupi B.V. to Petrobras S.A. as leader and operator
of the BM-S-11 consortium by year-end 2020. Each consortium member
(Petrobras, Shell, and Petrogal) would remain severally liable for
their respective share under an assignment of the charter agreement
to another entity otherwise resulting in an event of default.
Therefore, an assignment of the charter agreement where a
confirmation is obtained that consortium members will be severally
liable for the obligations of Petrobras as the new charter
counterparty and leader and operator of the consortium would not
change Fitch's credit view of the transaction.

KEY RATING DRIVERS

Linkage to Offtaker's Credit Quality: The offtaker related to the
charter agreement is Tupi B.V. , a joint venture (JV) among
Petroleo Brasileiro S.A.'s (Petrobras, 'BB-') Dutch subsidiary
Petrobras Netherlands B.V., acting as the controlling party with a
65% share; BG Energy Holdings Ltd., with a 25% share; and Galp
Energia, with a 10% share. When assessing JV offtaker obligations,
which are several and not joint and several, Fitch's rating of the
controlling party is used as the starting point.

Linkage to Offtaker's Payment Obligation: When considering the
strength of the JV's payment obligation, Fitch analyzed the credit
quality of the overall group and the asset/oil field's economic and
strategic importance to its owners. This analysis supports Fitch's
view that the offtaker's payment obligation is one notch above
Petrobras' rating, at 'BB', which ultimately caps the rating of the
transaction at this level.

Operator Credit Quality: The operator of MV24 is an entity of Modec
do Brasil Ltda. (Modec Brasil), the Brazilian subsidiary of Modec,
Inc. (Modec). Modec's credit quality is in line with
investment-grade metrics and this is relevant due to the underlying
support offered by Modec to the transaction. In addition to the
complexities involved with replacement of the operator, the
services agreement and overall operating costs are supported by
Modec.

Operational Risk: MV24 has demonstrated stable performance with
deviations in specific years. The average availability since
commercial operation is 96.43%, which is in line with Modec's fleet
average. Modec operates 11 FPSOs within Brazil, and average uptimes
remain in line at 96.65%. Finally, operational expenses have
remained stable for the past four years and will be capped for the
life of the transaction, with the exception of insurance
(guaranteed by Modec).

Leverage/Credit Enhancement: The key leverage metric for fully
amortizing FPSO transactions is the DSCR. The transaction rating is
not currently constrained by the DSCR level as Fitch expects base
case DSCRs to be in the range of 1.23x-1.29x, which would be in
line with the 'BBB' rating category. The charter rates are fixed
with escalators for inflation, and operating expenses are capped
with most overage guaranteed by Modec; therefore, DSCR levels are
primarily used to mitigate any downtime risks associated with
operations.

Available Liquidity: The transaction benefits from a six-month debt
service reserve and a three-month operational expense reserve.
Fitch views this as sufficient to cover debt service under any
potential operational disruptions. The debt service reserve account
(DSRA) is funded through a letter of credit (LOC) that is sized to
cover six months of principal and interest payments due on the
notes.

Sovereign Ceiling: While the transaction is rated one notch above
the controlling party's credit quality, it is ultimately capped by
the Country Ceiling of Brazil due to Petrobras being the
controlling party of the JV. Fitch rates Brazil's Long-Term Foreign
Currency IDR 'BB-'/Stable and its Country Ceiling 'BB'.

Additional Key Rating Drivers

Refinancing Risk: The notes are fully amortizing and have a 15-year
tenor, which is longer than other oil- and gas-related transactions
(i.e. drilling rigs and shuttle tankers) because an FPSO's
deployment period typically aligns to the production life of the
underlying field. The transaction is backed by a 20-year charter
agreement (15.3 years remaining) and, therefore, is not exposed to
any refinancing risk.

Asset Supply and Demand Fundamentals: The FPSO market is
consistently stable as all vessels are built to suit the
characteristics of the oil and field in question and the lead time
for construction is long. FPSOs are contracted based on long-term
field production plans and have cash flow dynamics that are highly
favorable to the offtaker once oil is produced. For Brazil in
particular, FPSOs are essential to the country's development and
production of deep water oil, which supports the strategic
importance of this asset to Petrobras' operations. Additionally,
charter rates for MV24 are in line with those of other comparable
FPSOs in the region.

Completion Risk: The asset has been in operation for the past four
years, and, therefore, the transaction is not exposed to completion
risk.

Legal Analysis: Noteholders will have a legal right to cash flows
from charter payments via the project's waterfall, a first-priority
mortgage on the vessel and a pledge of the underlying shares of the
project company and issuer. Fitch's legal analysis has reviewed
this as well as the protections related to the bankruptcy risks of
the sponsoring entities.

RATING SENSITIVITIES

This transaction's rating may be sensitive to movements in the
credit quality of the charter agreement controlling party, as well
as to significant deterioration of the credit quality of the FPSO's
operator and/or sponsor of the transaction.

In addition, this transaction's rating is sensitive to the
operating performance of the FPSO as the JV will make charter
payment adjustments depending on overall availability.

The rating assigned to this transaction is capped at one notch
above the Foreign-Currency IDR (FC IDR) assigned to Petrobras, as
controlling party of the JV offtaker to this transaction. If
Petrobras' FC IDRs were downgraded below 'BB-', the rating assigned
to the senior notes would be downgraded accordingly.

Most transactions in which local assets transfer dollars offshore
are capped by the sovereign Country Ceiling. Exceptions arise when
the FC IDR of the obligor/offtaker is higher than the sovereign
Country Ceiling. Given the sovereign's control over Petrobras as
main shareholder, and the influence it exerts within the company,
Petrobras' ratings are correlated to those of the sovereign.
Therefore, this transaction's rating could be sensitive to a
downgrade in Brazil's sovereign rating.



===============
P O R T U G A L
===============

ELECTRICIDADE DOS ACORES: Moody's Affirms Ba2 CFR, Outlook Now Pos.
-------------------------------------------------------------------
Moody's Investors Service changed the outlook for EDA -
Electricidade dos Acores, S.A. to positive from stable and affirmed
its long-term Corporate Family Rating at Ba2.

The rating action follows the change in outlooks, to positive from
stable, for the Government of Portugal (Baa3 positive) and the
Autonomous Region of Azores (Ba1 positive).

RATINGS RATIONALE

RATIONALE FOR CHANGING OUTLOOK TO POSITIVE FROM STABLE

With the RAA holding 50.1% of EDA's share capital, Moody's
considers EDA as a Government-Related Issuer and hence rates EDA in
accordance with its Government-Related Issuers methodology
published in June 2018. EDA's rating does not currently benefit
from any uplift from its standalone credit quality or Baseline
Credit Assessment (BCA) as a result of its government shareholding.
Further improvement in RAA's credit quality could, however, signal
an increased capacity of the region to support EDA and potentially
result in ratings uplift.

RATIONALE FOR RATING AFFIRMATION

Affirmation of the Ba2 rating reflects Moody's unchanged view of
the BCA at ba2. This assessment reflects as positives: (1) the
company's position as the dominant vertically integrated utility in
the RAA; (2) the fully regulated nature of the company's activities
in the context of a relatively well-established and transparent
regulatory framework; and (3) a relatively sound financial profile
against the background of a gradually improving regional economy.
However, EDA's credit quality is constrained by: (1) the small size
of the company and its large EUR260 million investment and asset
transition plan for the period 2019-2023 in order to shift its
generation mix from thermal to renewables sources; (2) the costs
and challenges associated with operating in a small, relatively
remote archipelago; (3) the tightened efficiency factors during the
2018-20 regulatory period; and (4) some working capital volatility
arising mainly from oil price movements, although this is likely to
decrease following the balancing of EDA's generation mix between
thermal and renewable generation.

The rating factors in EDA's sound financial profile, which has
benefited from positive free cash flow generation overall in the
2015-2017 regulatory period, thanks in part to slower than planned
capital investment, and notwithstanding adverse movements in
working capital. However, an increase in dividend payments in 2018
and 2017, to EUR18 million, and higher capital expenditure resulted
in reported net debt growing to EUR241 million at end-2018 from
EUR217 million at end-2016. EDA achieved funds from operations
(FFO) / debt of 19.7% in 2018.

Moody's assumptions of very high dependence between EDA and the
region and a low ability of the RAA to support EDA should this be
needed currently result in no ratings uplift between the BCA and
the assigned rating under Moody's GRI methodology.

WHAT COULD CHANGE THE RATING UP/DOWN

The rating could be upgraded if the rating of the RAA, EDA's
majority shareholder, was upgraded and Moody's considered the RAA
as more able to support EDA in case of need. The rating could also
be upgraded if EDA's standalone credit quality improved as
evidenced by FFO / debt above 20% on a sustainable basis.

EDA's rating could be downgraded if (1) EDA's financial profile
weakened, whether because of failure to reach efficiency targets,
faster than expected capital investment, or high dividend
distributions resulted in a deterioration in the group's financial
profile, such that FFO/debt was likely to be consistently below
mid-teens; and/or (2) a deterioration in EDA's liquidity position.

EDA is the dominant vertically integrated utility in Azores, 50.1%
owned by the Autonomous Region of Azores. In the year to December
2018, the company reported consolidated revenues of EUR202 million
and EBITDA of EUR70 million.

The methodologies used in these ratings were Regulated Electric and
Gas Utilities published in June 2017, and Government-Related
Issuers published in June 2018.

EMPRESA DE ELECTRICIDADE: Moody's Affirms B1 LT CFR
---------------------------------------------------
Moody's Investors Service affirmed Empresa de Electricidade da
Madeira, S.A.'s long-term Corporate Family Rating of B1, the
outlook remains stable.

The rating action follows the change in outlooks, to positive from
stable, for the Government of Portugal (Baa3 positive) and the
Autonomous Region of Madeira (Ba3 positive).

RATINGS RATIONALE

RATIONALE FOR STABLE OUTLOOK

Affirmation of EEM's rating with a stable outlook following the
change in outlook for RAM, which owns 100% of EEM, reflects that
Moody's does not currently expect any upgrade of RAM's rating to
result in upward pressure on EEM's rating. Moody's considers EEM as
a Government-Related Issuer and hence rates the company in
accordance with its Government-Related Issuer methodology published
in June 2018. EEM's rating already includes a one-notch uplift from
Moody's assessment of its standalone credit quality or Baseline
Credit Assessment (BCA) of b2 due to its regional government
ownership and Moody's does not currently consider the RAM's
capacity to support EEM in case of need as sufficient to justify
further uplift.

RATIONALE FOR RATING AFFIRMATION

EEM's b2 BCA is unchanged and reflects as positives: (1) the
company's position as the dominant vertically integrated utility in
the RAM; (2) the fully regulated nature of the company's activities
in the context of a relatively well-established and transparent
regulatory framework; (3) progress on resolving certain legacy
issues; and (4) a slowly improving economic environment. However,
credit quality is constrained by: (1) the small size of the company
and its relatively sizeable investment plan to increase the share
of power output from renewable sources; (2) the costs and
challenges associated with operating in a small, relatively remote,
archipelago; (3) ongoing efficiency challenges included in the
regulatory settlement for the 2018-20 period; and (4) the company's
high leverage and reliance on short-term credit facilities.

WHAT COULD CHANGE THE RATING UP/DOWN

EEM's rating could be upgraded if the company were to strengthen
its standalone credit positioning by: (1) successfully delivering
its capex programme and (2) reducing leverage by further cutting
receivables and achieving the operating efficiencies imposed by the
regulator, such that FFO/debt is in the low double digits in
percentage terms on a sustainable basis. Any upward movement in
EEM's rating will be considered in the context of Moody's view on
the RAM's willingness and ability to provide support to EEM, which
is currently low.

The rating could be downgraded if: (1) the company were unable to
make progress on executing its capital investment or achieving the
efficiency targets imposed by the regulator, whilst FFO/net debt
deteriorated in the mid-single digits; (2) a deterioration in the
company's liquidity position; and/or (3) if the rating of the RAM
were downgraded, without any strengthening of the company's
underlying credit profile.

EEM is the dominant vertically integrated utility in Madeira, 100%
owned by the Autonomous Region of Madeira. In the year to December
2018, the company reported consolidated revenues of EUR176.7
million and EBITDA of EUR46.3 million.

The methodologies used in these ratings were Regulated Electric and
Gas Utilities published in June 2017, and Government-Related
Issuers published in June 2018.



===========
R U S S I A
===========

LIPETSK: Fitch Affirms BB+ LT IDR, Alters Outlook to Positive
-------------------------------------------------------------
Fitch Ratings has revised Lipetsk Region's Outlooks to Positive
from Stable, while affirming the region's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB+'.

The revision reflects a growing track record of budget discipline
and consistently prudent debt and liquidity management.

Lipetsk Region is located in the centre of the European part of
Russia. The region's capital, the city of Lipetsk, is 442km south
of Moscow. According to budgetary regulation, Lipetsk Region can
borrow on the domestic market. The region's budget accounts are
presented on a cash basis while the region's budget law covers a
three-year period.

KEY RATING DRIVERS

The Outlook revision of Lipetsk's IDRs reflects the following key
rating drivers and their relative weights

MEDIUM

Expenditure Sustainability Assessed as Midrange

Lipetsk Region's administration has demonstrated sound control over
expenditure, as historical spending growth closely tracked that of
revenue in 2014-2018. As with other Russian regions, Lipetsk has
responsibilities in education, healthcare, provision of certain
social benefits, public transportation and road construction.
Education and healthcare, being counter- or non-cyclical
expenditures, accounted for 30% of total spending in 2018. In line
with other Russian regions, Lipetsk is not required to adopt
anti-cyclical measures, which would inflate social benefit spending
in a downturn. At the same time, budgetary policy of Russian
regions is dependent on the decisions of the federal authorities,
which could negatively affect their expenditure dynamic.

Expenditure Adjustability Assessed as Weaker

As the majority of spending responsibilities are mandatory for
Russian subnationals, this leaves the regions with little room to
manoeuvre in response to potential revenue shortfalls. Lipetsk's
flexibility to cut capex is also somewhat limited, particularly by
the moderate proportion of capital spending, which averaged 18% in
2014-2018. Additionally, the region's ability to cut expenditure is
also constrained by the low level of per capita expenditure (USD784
at end-2018) compared with international peers'.

At the same time Lipetsk budget deficit has not exceeded 1% of
total revenue during the last five years, which demonstrate the
region's intention to follow its balanced budget rule. Fitch
expects the administration to maintain its prudent approach over
the medium term, which could lead to reassessment of this key risk
factor to 'Midrange'.

Liabilities and Liquidity Robustness Assessed as Midrange

The assessment is supported by a national budgetary framework with
strict rules on the region's debt management. Russian local and
regional governments (LRGs) are subject to debt stock limits and
new borrowing restrictions as well as limits on annual interest
payments. Use of derivatives and floating rates on debt instruments
are prohibited for LRGs in Russia. Limits on external debt are
strict and in practice no Russian region borrows externally.

Lipetsk follows a consistent debt policy aimed at maintaining
moderate debt levels with minimal costs of debt servicing. In 2018,
the region's debt declined to 26% of current revenue from an
average of 40% in 2014-2017. This was supported by a markedly large
budget surplus at 9.9% of total revenue et end-2018. The region's
weighted average life of debt at end-1H19 was three and a half
years, while 76% of the region's debt is scheduled to mature in
2019-2023. As of end-June 2019, the debt stock was dominated by
budget loans (57%), followed by domestic bonds (39%) and bank loans
(4%). However, gradual amortisation of existing budget loans will
eventually lead to the domination of market debt as no new budget
loans are expected. The region's contingent's liabilities are
small.

Liabilities and Liquidity Flexibility Assessed as Midrange

Historically, Lipetsk's cash position has been sound; in 2018 the
region's cash rose to RUB10.1 billion (2017: RUB5.1 billion) on the
back of boosted revenue due to favourable market conditions in the
metals sector. Fitch expects most of the accumulated cash to be
gradually depleted in 2019-2023, with end-of-year cash lower than
the historical average of RUB6.6 billion in 2014-2018.

The region's liquidity is additionally supported by federal
treasury loans covering intra-year cash gaps. Fitch assesses
Lipetsk's access to domestic capital markets as reasonable,
allowing the region to borrow in case of need, as evidenced by a
track record of domestic bond issues. Nonetheless, due to
counterparty risk associated with 'BBB' rated domestic liquidity
providers, Fitch assesses this risk factor as 'Midrange'.

Debt Sustainability Assessment: 'aa'

The assessment is derived from a combination of a sound payback
ratio (net adjusted debt/operating balance), which, under Fitch's
rating case, will be maintained below 9x and correspond to a 'aa'
assessment; a low fiscal debt burden (net adjusted
debt-to-operating revenue), corresponding to a 'aaa' assessment;
and a weak actual debt service coverage ratio (ADSCR: operating
balance-to-debt service, including short-term debt maturities)
assessed at 'bb' in most years under Fitch's rating case.

According to Fitch's rating case, the payback ratio, which is the
primary metric of debt sustainability, will remain below 7.5x in
2019-2023. For the secondary metrics, Fitch's rating case projects
that the fiscal debt burden will not exceed 50% over the next four
years, while the ADSCR, which was at about 2x in 2018, will average
1.3x in 2019-2023, deteriorating to 1x towards the final year of
projection. The combination of the primary and secondary metrics
results in a 'aa' overall debt sustainability assessment.

LOW

Revenue Robustness Assessed as Weaker

The 'Weaker' assessment is derived from the region's revenue
volatility due to dependence on economic cycles and the metals
industry, with pronounced tax concentration on a particular company
- PJSC Novolipetsk Steel (BBB/Stable). This exposes the region to
market risk in the metals sector and financial decisions of the
company's management. Corporate income tax (CIT), being the most
volatile tax revenue item, historically averaged at 33% of the
region's total revenue in 2014-2017 (2018: 39%). At the same time
Lipetsk's economic profile is stronger than the average Russian
region due to concentrated production of ferrous metals. Fitch
expects continued expansion of the region's tax base, supported by
steady output in the metallurgical sector.

Revenue Adjustability Assessed as Weaker

Fitch assesses Lipetsk's ability to generate additional revenue in
response to possible economic downturns as limited. The federal
government in Russia holds significant tax-setting authority, which
limits local and regional governments' (LRG) fiscal autonomy and
revenue adjustability. Regional governments have rate-setting
power, albeit limited, over three regional taxes: corporate
property tax, transport tax and gambling tax. The proportion of
these taxes in Lipetsk's budget revenues was about 13.5% in 2018.
Russian regions formally have the rate-setting power over those
taxes, but are bound by limits are set in the National Tax Code.

DERIVATION SUMMARY
Fitch assesses Lipetsk's standalone credit profile (SCP) at 'bb+',
which reflects a combination of a 'Weaker' assessment of the
region's risk profile (the result of three 'Weaker' and three
'Midrange' assessments of Key Risk Factors) and a 'aa' assessment
of debt sustainability. It also reflects Lipetsk's comparison
against international peers. The IDRs are not affected by any
asymmetric risk or extraordinary support from an upper tier of
government. As a result, the region's IDRs are equal to the SCP.

KEY ASSUMPTIONS

Fitch's key assumptions within its base case for the issuer
include:

  - 2019 revenue outturn close to the region's budget

  - CIT and other taxes will grow in line with the local economy's
nominal growth in 2020-2023

  - Operating expenditure growth in line with inflation

  - Proportion of capex to average 23% of the region's total
expenditure over the next four years

Fitch's rating case envisages the following stress compared with
the agency's base case:

  - Stress CIT by -3.4pp annually in 2019-2023 in case of a weaker
economy to reflect historical CIT volatility

  - Stress operating expenditure by 0.8pp annually in 2019-2023 to
reflect historical operating expenditure volatility

RATING SENSITIVITIES

A positive reassessment of Lipetsk's risk profile could be positive
for the ratings, provided debt sustainability metrics remain
sound.

Maintaining the region's sound payback ratio at below 5x in Fitch
rating case could lead to an upgrade.



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

ARCADIA GROUP: Nears Resolution of CVA Dispute with US Landlords
----------------------------------------------------------------
Grace Whelan at Drapers reports that Sir Philip Green is reported
to be close to a resolution of the legal challenges brought against
his Arcadia Group's company voluntary arrangement by two US
landlords.  

The retail tycoon is close to achieving out-of-court settlements to
challenges brought by Vornado and Caruso, Drapers relays, citing
The Sunday Times.

Both landlords disputed Arcadia's use of a CVA, which enabled it to
close almost 50 stores and cut rents on a further 194 in the UK,
Drapers discloses.

Five landlords, led by Vornado, claimed Arcadia "manipulated and
gerrymandered" its CVA in the UK to effect the "complete forfeiture
and deprivation" of their rights, Drapers states.  The group filed
a legal challenge against Topshop's liquidation in the US in a bid
to recoup losses from the closure of 11 stores, which they claim in
to be in excess of GBP100 million, Drapers relates.

According to Drapers, Vornado and Caruso's separate challenges are
now reportedly likely to be withdrawn based on negotiations with
Green.

                       About Arcadia Group

Arcadia Group Ltd. is the UK's largest privately owned fashion
retailer with seven major high street brands: Burton, Dorothy
Perkins, Evans, Miss Selfridge, Topshop, Topman and Wallis, along
with its out-of-town fashion destination Outfit.  

In June 2019, Arcadia's creditors approved a Company Voluntary
Arrangement (CVA).  The company's landlords agreed to rent cuts, 23
store closures and 520 job losses.


CONVATEC: Names John McAdam as New Chairman Amid Turnaround
-----------------------------------------------------------
Michael O'Dwyer at The Daily Telegraph reports that NHS supplier
Convatec has announced that John McAdam, the former boss of British
chemicals firm ICI, will become its new chairman as part of a
leadership overhaul at the end of September.  

The troubled FTSE 250 company, which makes colostomy bags,
catheters and wound dressings launched a US$150 million (GBP124
million) turnaround plan earlier this year in a bid to respond to
tougher competition, price pressure facing NHS suppliers and slower
than expected growth in the US, The Daily Telegraph discloses.

According to The Daily Telegraph, a botched effort to improve
productivity and production disruption due to a manufacturing
relocation also contributed to its woes.

Mr. McAdam will assume the role filled by Vodafone grandee Sir
Christopher Gent until earlier this year, The Daily Telegraph
states.


DONCASTERS: Likely to Be Broken Up Amid Heavy Debt Load
-------------------------------------------------------
Christopher Williams and Ben Marlow at The Telegraph reports that
the specialist metals engineer Doncasters is in line to be broken
up and sold for parts by its hedge fund lenders, as one of
Britain's oldest manufacturers crumples under the weight of its
debts.

The Telegraph reveals that a consortium of distressed debt
investors is positioned to cash in with a string of asset sales.

According to The Telegraph, the process will bring uncertainty for
a stalwart of British engineering, which traces its history back to
1778, and the crucible of the steel industry in Sheffield.

Doncasters in now headquartered in Staffordshire, with 3,200 staff
spread across sprawling operations in Sheffield, the North East,
South Wales, Somerset, Worcestershire, and Wiltshire.



JACK WILLS: Eight Stores to Close Following Pre-Pack Deal
---------------------------------------------------------
Phoebe Eckersley at Daily Mail reports that eight Jack Wills stores
have been shut by billionaire Mike Ashley who was expected to save
the clothing brand.   

The Sports Direct executive snapped up the high-street fashion
chain in a GBP12.8 million deal--adding to his GBP2.14 million net
worth, Daily Mail relates.     

But already the Marlborough, Derby, Reigate, Rock, Tunbridge Wells,
Durham, Kingston and St Albans branches will be be axed, Daily Mail
discloses.

Sports Direct have claimed that staff from these stores will be
moved to those which are performing well, Daily Mail notes.

According to Daily Mail, the 54-year-old fashion businessman has
also been negotiating with Jack Wills' landlords about a rent-free
tenancy agreement for the shops doing badly.

Mr. Ashley had fought off Philip Day's The Edinburgh Mill with his
pre-pack deal, Daily Mail states.

A spokesperson said Sports Direct have been "working hard" with
landlords to keep as many stores open, Daily Mail notes.

The Jack Wills group had a net debt of GBP24.6 million and a
GBP21.6 million loss before tax, Daily Mail relays, citing the
company's last filed accounts.


JAMIE OLIVER: Creditors to Lose Millions of Pounds After Collapse
-----------------------------------------------------------------
Food for Thought reports that the creditors of celebrity chef Jamie
Oliver's Jamie's Italian chain of restaurants are set to lose
millions of pounds after the collapse of the business.

Jamie Oliver Restaurant Group (JORG) operated 23 restaurants across
the UK under the Jamie's Italian name but succumbed to tough
trading conditions in May this year, when it appointed KPMG as
administrator of the business, Food for Thought recounts.

KPMG continued to trade three restaurants at Gatwick Airport while
it tried to find a buyer for them but closed the remaining 20
restaurants, Food for Thought relates.

Now, in a new report, the administrator, as cited by Food for
Thought, said it expected the company's secured creditors to suffer
a "significant" shortfall.  That includes Jamie Oliver Holdings
Limited (JOHL), a company outside of the restaurant group, which
covers all of the celebrity chef's media interests, Food for
Thought notes.

JOHL made an ex gratia payment of just over GBP1 million (EUR1.1
million) to cover all employee arrears in the collapsed restaurant
group, following the administration, Food for Thought discloses.
KPMG said JOHL also provided secured loans totalling GBP18.3
million (EUR19.9 million) to try and keep JORG afloat and is now
likely to suffer a shortfall of GBP16 million (EUR17.4 million),
Food for Thought discloses.  In addition to that, it also provided
guarantees of GBP4.7 million (EUR5.1 million) to HSBC bank which
have since been paid out and has further unsecured intercompany
loans of GBP3.5 million (EUR3.8 million), potentially leaving
Oliver's surviving company out of pocket to the tune of GBP24.2
million (EUR26.3 million), Food for Thought states.

Meanwhile, HSBC provided secured debt totalling GBP39.4 million
(EUR42.9 million), Food for Thought relays.  KPMG said it "will
likely not receive any distributions in the administration", Food
for Thought notes.

JORG had been struggling for some time, having entered a Company
Voluntary Arrangement (CVA) in February 2018 to compromise certain
terms of its lease agreements with landlords at some of its
restaurants sites in a bid to survive, Food for Thought recounts.
It also closed a number of stores, Food for Thought relays.


WRIGHTBUS: Seeks Fresh Funding; BYD Mulls Rescue
------------------------------------------------
Oliver Gill at The Daily Telegraph reports that the Chinese auto
giant BYD is exploring a rescue of the troubled "Boris bus" maker
Wrightbus, as the Government comes under pressure from the DUP to
save jobs in Northern Ireland.

According to The Daily Telegraph, around 1,400 roles are on the
line as the 73-year-old company races to secure either a new owner
or fresh funding.

Parent company Wrights Group, one of Northern Ireland's biggest
exporters, hired Deloitte last month to find new funding after a
cash flow squeeze cast doubt on its future, The Daily Telegraph
recounts.

The Daily Telegraph can reveal that BYD, whose vast global
operations include providing bus batteries to Wrightbus rival
Alexander Dennis, has since been approached about a potential
rescue deal.





                           *********


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-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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