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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

          Thursday, August 22, 2019, Vol. 20, No. 168

                           Headlines



F R A N C E

RALLYE: Casino to Sell Additional EUR2 Billion in Assets


I R E L A N D

CARLYLE EURO 2019-2: S&P Assigns B- (sf) Rating to Class E Notes
PHOENIX LIGHT: S&P Lowers Class A4 EUR Notes Rating to B- (sf)


L A T V I A

PNB BANKA: ECB Shuts Down Bank Due to Insolvency


N E T H E R L A N D S

STEINHOFF INT'L: Secures EUR9-Bil Debt Restructuring Agreement


S W I T Z E R L A N D

SWISSPORT INTERNATIONAL: S&P Affirms 'B-' LT ICR, Outlook Stable


U N I T E D   K I N G D O M

BRITISH STEEL: Oyak's Rescue Deal Comes Under Fire in Turkey
BROOMHEAD & SAUL: Bought Out of Administration Via Pre-Pack Deal
BURY FC: Tranmere Game Suspended; On Brink of Expulsion
FERGUSON MARINE: More Jobs to Be Created to Complete Vessels
JACK WILLS: Mike Ashley Axes Boss Following Pre-Pack Deal

MONSOON ACCESSORIZE: Chief Executive Steps Down Following CVA
R DURTNELL: Subcontractors Seek Answers Over Repayment Deal
WOODFORD EQUITY: Sabina Estates Delisting Worsens Breach
WRIGHTBUS: Weichai Emerges as Frontrunner to Acquire Business

                           - - - - -


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F R A N C E
===========

RALLYE: Casino to Sell Additional EUR2 Billion in Assets
--------------------------------------------------------
Adam Samson and Harriet Agnew at The Financial Times report that
Casino has outlined plans to sell an additional EUR2 billion in
assets as the French retailer looks to slice its debt and focus on
key markets.

The announcement on Aug. 20 comes as part of a broad restructuring
led by chief executive Jean-Charles Naouri to shore up the
company's financial position, the FT notes.

According to the FT, the company said it had already sold EUR2.1
billion in non-core assets as part of a previously-announced EUR2.5
billion program.

Casino expects to complete the EUR2.5 billion program in the first
three months of 2020, with the EUR2 billion plan expected to be
concluded by the first quarter the following year, the FT states.

Casino is looking to reassure investors who worry that its cash
flow is under pressure because it has to pay a dividend to its
parent companies at a time when its main market in France is taking
a hit from an extended price war that has affected its
profitability, the FT discloses.

In May, Casino's parent companies including Rallye sought court
protection through a "procedure de sauvegarde", a court-led
creditor protection process that allows them to freeze their debts
for up to 18 months and restructure, the FT recounts.




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I R E L A N D
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CARLYLE EURO 2019-2: S&P Assigns B- (sf) Rating to Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class A-1A to E
European cash flow collateralized loan obligation (CLO) notes
issued by Carlyle Euro CLO 2019-2 DAC. At closing, the issuer also
issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments. The
portfolio's reinvestment period ends approximately four and half
years after closing.

S&P said, "We understand that at closing, the portfolio is
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
reference weighted-average coupon (5.00%), and the target minimum
weighted-average recovery rate as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Under our structured finance ratings above the sovereign criteria,
we consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels.

"Until the end of the reinvestment period on Feb. 15, 2024, the
collateral manager is allowed to substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager can, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Our cash flow analysis also considers scenarios where the
underlying pool comprises 100% of floating-rate assets (i.e., the
fixed-rate bucket is 0%). In these scenarios we note that the class
E cushion is (0.16%). Based on the actual characteristics of the
portfolio and additional overlaying factors, including our
long-term corporate default rates and the class E notes' credit
enhancement (6.5%), this class is able to sustain a steady-state
scenario, where the current market level of stress and collateral
performance remains steady. Consequently, we have assigned our 'B-
(sf)' rating to the class E notes, in line with our criteria.

"Taking into account the above-mentioned factors and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, we believe our ratings are commensurate with the
available credit enhancement for each class of notes."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by CELF Advisors LLP, a
wholly owned subsidiary of Carlyle Investment Management LLC, which
is a Delaware limited liability company, indirectly owned by The
Carlyle Group L.P.

  Ratings List

  Carlyle Euro CLO 2019-2 DAC

  Class  Rating     Amount (mil. EUR)

  A-1A   AAA (sf) 211.00
  A-1B   AAA (sf) 35.00
  A-2A   AA (sf)  22.00
  A-2B   AA (sf)  20.00
  B      A (sf)   30.00
  C       BBB (sf) 26.00
  D      BB- (sf) 20.00
  E      B- (sf)  10.00
  Sub notes NR       34.70

  NR--Not rated


PHOENIX LIGHT: S&P Lowers Class A4 EUR Notes Rating to B- (sf)
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on Phoenix Light SF DAC's
class A4 USD and A4 EUR notes. At the same time, S&P has affirmed
its rating on the class A3 USD notes.

S&P said, "The rating actions follow our assessment of the
transaction's performance and the application of our relevant
criteria. We performed a credit analysis using data from the June
2019 trustee report.

"Our credit analysis excluded assets that have had their legal
final maturity and assets that have equity-like characteristics
because they are outside the scope of our CLO framework.

"At the same time, in accordance with our cash flow analysis and
calculation of credit enhancement, we have considered assets that
have had their legal final maturity at the tranche-specific
recovery values as determined by the application of our CDO
criteria and our CLO criteria.

"As part of our analysis, we have also applied our current
counterparty criteria and our foreign exchange risk criteria.

"Since our previous review, the rated liabilities have experienced
further deleveraging, resulting in an increase in the available
credit enhancement for the notes. At the same time, the portion of
assets rated in the 'CCC' category ('CCC+', 'CCC', or 'CCC-') has
risen, resulting in an increase in portfolio default risk.

"We considered the above observations and subjected the capital
structure to our cash flow analysis, based on the methodology and
assumptions outlined in our criteria, to determine the break-even
default rate. We used the reported portfolio balance that we
considered performing, the principal cash balance, the current
weighted-average spread, and the weighted-average recovery rates
that we considered appropriate. We incorporated various cash flow
stress scenarios using various default patterns, levels, and
timings for each liability rating category, in conjunction with
different interest rate stress scenarios.

"We also calculated the scenario default rate for each rated class
of notes to determine the default rate expected on a defined
portfolio at each rating level.

"We have analyzed the derivative counterparties' exposure to the
transaction, and we have concluded that the counterparty exposure
continues to cap our rating on the class A3 USD notes under our
current counterparty criteria. Hence, even with increased credit
enhancement for the class A3 USD notes due to deleveraging and
these notes now being the most senior in the structure, we have
affirmed our 'BBB+ (sf)' rating on this class.

"Taking into account our credit and cash flow analysis, we consider
the available credit enhancement for the class A4 USD and A4 EUR
notes to be commensurate with lower ratings than previously
assigned. This was mainly driven by the reduction in the
portfolio's credit quality following the withdrawal of the rating
on one of the largest assets in the portfolio. In our previous
review, we treated this asset as having a high-investment-grade
rating. Following the withdrawal of the rating, we considered it as
'CCC-' (absent any rating information). As a result, the
portfolio's average credit quality declined to 'B' from 'BB'. We
have therefore lowered our ratings on these classes of notes to 'B-
(sf)' from 'B+ (sf)', as 'CCC' rated assets in the portfolio now
account for close to 40% of portfolio.

"For our downgrades of the A4 USD and A4 EUR notes, we also
considered other factors in our analysis. The supplemental test
indicated a 'CCC-' rating for these classes due to deterioration in
portfolio credit quality. Nevertheless, we concluded that the
portfolio is still fairly diversified, and there was no imminent
risk from portfolio concentration warranting a downgrade in the
'CCC' category. We also factored in the increased credit
enhancement for the notes due to deleveraging, and we concluded
that the 'B- (sf)' ratings assigned adequately reflect the current
portfolio and cash flow risk for these notes.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"We also consider the transaction's legal structure to be
bankruptcy remote, in line with our legal criteria. Following the
application of our operational risk framework, we concluded that
the maximum potential rating on the transaction's notes is 'AAA'."

Phoenix Light SF is a static cash flow CDO transaction that closed
in December 2008.

  Ratings List

  Phoenix Light SF
  
  Class        Rating to      Rating from

  A3 USD BBB+ (sf) BBB+ (sf)
  A4 USD B- (sf)         B+ (sf)
  A4 EUR B- (sf)         B+ (sf)




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L A T V I A
===========

PNB BANKA: ECB Shuts Down Bank Due to Insolvency
------------------------------------------------
Martin Arnold at The Financial Times reports that the European
Central Bank has closed down another Latvian bank after ruling it
had become insolvent, pulling the plug on a lender that was a vocal
critic of the Baltic country's financial authorities.

The decision by the ECB to shut down PNB Banka, which was
previously called Norvik Banka and is Latvia's sixth-largest lender
with a EUR550 million balance sheet, dealt another blow to the
country's scandal-hit banking system, the FT notes.

The Latvian regulator requested in April that the ECB take over
supervision of PNB after the bank launched a legal challenge
against the Baltic country's financial watchdog in an international
arbitration court, making domestic supervision of it difficult, the
FT relates.

PNB also accused Latvia's central bank governor, Ilmars Rimsevics,
of soliciting bribes--putting it at odds with the ECB, the FT
discloses. Mr. Rimsevics, who denies the charges, was suspended by
the government but was later reinstated after an EU court ruled his
dismissal was unfair, the FT recounts.

According to the FT, the ECB said on Aug. 15: "The need for
additional impairments of its assets led to a significant
deterioration in its capital situation to the point that the bank's
assets were less than its liabilities."

"The bank was unable to satisfy requirements for continuing
authorization and unable to provide assurances that it could comply
with capital requirements in the near future," it said, adding that
PNB had been in breach of its capital requirements since the end of
2017.

After the ECB ruled that PNB was "failing or likely to fail" it
informed the Single Resolution Board, which decided that the bank
was not systemically important enough to require it to intervene
and oversee an orderly resolution, the FT relays.

The bank had EUR472 million of deposits at the end of March and any
individual's deposits of up to EUR100,000 will be guaranteed by
Latvia's deposit guarantee fund, the FT states.




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N E T H E R L A N D S
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STEINHOFF INT'L: Secures EUR9-Bil Debt Restructuring Agreement
--------------------------------------------------------------
John Bowker at Bloomberg News reports that Steinhoff International
secured a long-awaited restructuring agreement on about EUR9
billion (US$10 billion) of debt.

Steinhoff's shares collapsed in late 2017 when the owner of
Conforama in France and Pep stores in Europe and Africa became
engulfed in an accounting scandal, Bloomberg recounts.  The company
has since been locked in a battle for survival, with the debt deal
agreed last week seen as critical to its chances of success,
Bloomberg relates.

However, attention is now turning more fully to a slew of lawsuits
facing the company--including a claim for about ZAR59 billion
(US$3.8 billion) from former chairman and ex-largest shareholder
Christo Wiese, according to Bloomberg.  Steinhoff is also the
subject of a number of legal and regulatory investigations,
Bloomberg notes.

As part of the agreement with creditors, Steinhoff doesn't have to
pay principal and interest on its debt until December 2021,
Bloomberg discloses.

Steinhoff International Holdings NV's registered office is located
in Amsterdam, Netherlands.




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S W I T Z E R L A N D
=====================

SWISSPORT INTERNATIONAL: S&P Affirms 'B-' LT ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on Swissport International Ltd. and its 'B-' issue and '3' recovery
ratings on the EUR850 million senior secured term loan B and EUR410
million senior secured notes, and 'CCC' issue and '6' recovery
ratings on the EUR250 million unsecured notes.

S&P also affirmed its 'CCC' issue rating and '6' recovery ratings
on the EUR36.5 million senior secured notes due December 2021 and
the EUR15.9 million unsecured notes due December 2022. S&P withdrew
its ratings on the debt that the group has redeemed.

Swissport has successfully completed its refinancing by issuing
EUR850 million senior secured term loan B and EUR410 million senior
secured notes, as well as EUR250 million unsecured notes. As
expected, the group also arranged EUR75 million revolving credit
facilities (RCF), EUR50 million delayed-draw loan facility, and
replaced the notes purchase agreement with a payment-in-kind (PIK)
loan. Overall, S&P forecasts Swissport will maintain S&P Global
Ratings-adjusted debt to EBITDA of 5.0x-5.5x in 2019-2020.

Swissport will continue to increase its EBITDA and cash flow
generation over the next two years. Specifically, S&P forecasts
adjusted EBITDA to rise to about EUR420 million in 2019 (implying
an underlying EBITDA margin of 13.5%) from about EUR370 million in
2018 (12.4% margin). In 2020, it could further improve to about
EUR450 million (14% margin) as the company maintains its good grip
on cost controls and as exceptional expenses are phased out. EBITDA
will be supported by improving profitability in Belgium, The
Netherlands, and Canada, which have been underperforming. Swissport
is achieving this by site management changes, streamlined cost
structures, and more careful contract selections.

More importantly, S&P forecasts positive reported FOCF of EUR50
million-EUR60 million per year in 2019 and 2020 thanks to improving
EBITDA and lower capital expenditure (capex; about EUR80 million
per year). Positive FOCF will further underpin Swissport's credit
measures and liquidity, while providing a financial cushion for
potential bolt-on acquisitions.

Swissport continues to grow both organically and via acquisitions,
which include Aerocare and Apron in 2018, Aviation Fuel Services in
2015, Servisair in 2013, and Flightcare in 2012. In 2018, the group
achieved a 74% contract renewal rate and a net contract win
annualized revenue of EUR56 million (about 2% of group revenue).

The ground and cargo handling industry is fragmented--the top four
players account for only about 30% of the market, which implies
scope for consolidation. S&P expects that Swissport will continue
to gain market share via bolt-on acquisitions, which could be
supported by its FOCF generation, ample cash balance (about EUR275
million), and EUR75 million delayed-draw loan facility.

S&P said, "However, Swissport is owned and controlled by HNA, which
we consider financially distressed. Our ratings therefore
incorporate our view of the potential for negative intervention by
HNA given its weaker credit standing. After a series of debt-funded
acquisitions, HNA has been actively disposing of assets to help
service its near-term debt maturities. HNA's disposals included key
airline businesses, such as airline caterer gategroup and low cost
airline Hong Kong Express in March 2019. We also see the potential
that HNA would divest Swissport in the medium term."

According to sources quoted by local news outlets, HNA may not have
paid the principal and interest on its RMB1.5 billion onshore
private bond due on Monday July 29, 2019. However, this does not
affect our view of Swissport's creditworthiness and ratings.
Swissport's liquidity position remains intact because no funds has
been upstreamed to HNA so far this year. S&P also understands that
there is no cross default, cross acceleration, or cross guarantee
between the debt instruments of Swissport and HNA.

S&P said, "The stable outlook reflects our view that Swissport will
benefit from the mainly organic expansion of its ground handling,
cargo, and lounge operations. Combined with good cost control,
these will support growth in EBITDA and cash flow generation such
that debt to EBITDA remains at 5.0x-5.5x and reported FOCF turns
positive over the next 12 months. We also assume that the parent
HNA will not take any adverse actions that would affect Swissport's
financial profile and liquidity.

"We could lower our ratings if EBITDA generation trends
significantly below our base-case forecast and FOCF remains
negative, putting pressure on liquidity. We could also lower our
rating if HNA adversely intervened, or if Swissport were drawn into
any potential insolvency or distressed restructuring as a result of
HNA's deteriorated credit position.

"Given the current ownership and control by the financially
distressed HNA, we see limited upside for our ratings on Swissport
unless HNA's credit standing significantly and sustainably improves
or Swissport is sold to a new controlling owner that has stronger
credit quality. Any rating upside under a new ownership will be
subject to our view of prudent leverage and financial policy,
assuming there is no risk of negative intervention."




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

BRITISH STEEL: Oyak's Rescue Deal Comes Under Fire in Turkey
------------------------------------------------------------
Michael Daventry at The Telegraph reports that a Turkish pension
fund's deal to rescue British Steel from insolvency has come under
fire from a major newspaper closely connected to President Recep
Tayyip Erdogan.

According to The Telegraph, the Aug. 19 edition of Sabah said Oyak,
the pension fund owned by the Turkish military, had numerous
"unanswered questions" about its swoop on British Steel, including
its failure to disclose how much it was paying for the troubled UK
manufacturer.

Ataer Holding, its investment arm, was last week selected as the
preferred bidder to buy British Steel, in a deal hailed as "an
important and positive step forward" by Andrea Leadsom, the
business secretary, The Telegraph relates.

                      About British Steel

British Steel Limited is a long steel products business founded in
2016 with assets acquired from Tata Steel Europe by Greybull
Capital.  The primary steel production site is Scunthorpe
Steelworks, with rolling facilities at Skinningrove Steelworks,
Teesside and Hayange, France.

British Steel has about 5,000 employees.  There are 3,000 at
Scunthorpe, with another 800 on Teesside and in north-eastern
England.  The rest are in France, the Netherlands and various sales
offices round the world.

British Steel was placed in compulsory liquidation on May 22, 2019.
The liquidation came after the Company failed to obtain an
emergency state loan of about GBP30 million.

The Government's Official Receiver has taken control of the company
as part of the liquidation process.  Accountancy firm EY has been
named Special Manager in the case, and will be assisting the
Receiver.

The Company will be trading normally as its search for a buyer is
ongoing.


BROOMHEAD & SAUL: Bought Out of Administration Via Pre-Pack Deal
----------------------------------------------------------------
Business Sale reports that Somerset-based law firm, Broomhead &
Saul LLP, has been saved from insolvency in a pre-pack
administration deal that will see the 124-year-old business come
under the ownership of Solicitors Title LLP.

All operations and assets will transfer across to the new owner,
Business Sale discloses.

Partners Sean Bucknall -- sean.bucknall@quantuma.com --
and Andrew Hosking -- andrew.hosking@quantuma.com --
of Quantuma were appointed joint administrators to the business on
July 31, 2019, and immediately completed a pre-pack sale to enable
the business to continue operating, Business Sale relates.

Alan Bennett -- a.bennett@ashfords.co.uk -- of Ashfords LLP advised
the Joint Administrators in respect of the transaction, Business
Sale notes.

Building on the firm's credentials in the legal sector, the deal
follows Quantuma facilitating the transfer of Blue Co London UK
LLP's (formerly Ince & Co) regulated business to Gordon Dadds LLP,
creating a top 30 legal practice; overseeing the transfer of Cubism
Limited to a number of acquiring firms; and advising on the sale of
Roberts Jackson Limited to AWH Legal Limited, Business Sale
states.

Solicitors Title LLP is a business law firm with offices in Exeter,
Yeovil and Totnes.  Founded in 1895, Broomhead & Saul LLP has
offices in Taunton and Ilminster and provides a full range of legal
advisory services, including: Children and Family law, Residential
Property, Wills, Powers of Attorneys and Probate law with a staff
of 34.


BURY FC: Tranmere Game Suspended; On Brink of Expulsion
-------------------------------------------------------
David Conn at The Guardian reports that Bury has now had five of
their League One matches suspended this season after the English
Football League postponed Saturday's game at Tranmere.

In a statement, the EFL maintained its stance that Bury's owner,
Steve Dale, has not provided details of how the club are to pay
their debts and fund the season, The Guardian relates.

"Further clarity remains outstanding in relation to a number of the
club's financial obligations," The Guardian quotes the statement as
saying.  "The EFL board continues to be frustrated at the lack of
significant progress that has been made by Mr. Dale in providing
the information required."

According to The Guardian, the league said Bury has until Friday,
Aug. 23, to provide all necessary information on "source and
sufficiency of funding" for paying GBP2 million debts owed under a
company voluntary arrangement and fund the season or the club will
be expelled after 125 years of Football League membership.

The EFL added: "The board remains in regular communication with Mr.
Dale but, if a solution is not found by the deadline, the board
will authorize the necessary [EFL] share transfer on behalf of Bury
FC which shall be legally binding on all parties and result,
regretfully, in the club no longer being a member of the League."

Mr. Dale, who bought the loss-making and heavily indebted club for
GBP1 in December from the property developer Stewart Day, has said
he has provided proof of funding but the EFL has remained firm and
refused to allow Bury to start the season, The Guardian notes.

FERGUSON MARINE: More Jobs to Be Created to Complete Vessels
------------------------------------------------------------
Gina Davidson at The Scotsman reports that more jobs could be
created at newly nationalized Ferguson Marine in order to complete
the two vessels which nearly sank the shipyard, Scotland's economy
secretary Derek Mackay has announced.

Speaking after the first meeting of the Programme Review Board, set
up by the Scottish Government to run the yard, Mr. Mackay suggested
that workers who had been made redundant as Ferguson Marine faced
administration, may be rehired, The Scotsman relates.

However, he admitted that the Board had not yet looked at the
firm's books, but said the aim was to ensure the ferries were
completed at the "lowest possible cost to the taxpayer", The
Scotsman notes.

The Board was established last week to rescue the Port Glasgow
shipyard as it faced administration after a huge over-run on a
contract to complete two Caledonian Maritime Assets Ltd (CMAL)
ferries, The Scotsman recounts.

Ministers effectively nationalized the shipyard under an agreement
with the administrators which will see them buy the facility if no
private bid emerges within the next month, The Scotsman discloses.

The yard, which employs 300 staff, had faced closure five years
ago, but was saved by SNP economic adviser and billionaire
businessman Jim McColl, and then won the GBP97 million public
contract to build the two ferries for Caledonian MacBrayne, The
Scotsman states.  However, as costs mounted, the Scottish
Government loaned GBP45 million to Ferguson Marine in an attempt to
get the ferries completed--money it may now have to write off, The
Scotsman notes.

The Programme Review Board is being chaired by Michelle Rennie,
director of major projects with Transport Scotland, and also
includes representatives from CMAL, Caledonian MacBrayne, Scottish
Enterprise, Marine Scotland, GMB Scotland and the Scottish
Government, The Scotsman discloses.  The Turnaround Director is Tim
Hair, a qualified marine engineer who is said to have a "track
record of stabilizing companies in difficult situations" after
working across a range of sectors including oil and gas,
manufacturing, aerospace and the car industry, according to The
Scotsman.


JACK WILLS: Mike Ashley Axes Boss Following Pre-Pack Deal
---------------------------------------------------------
Laura Onita at The Telegraph reports that Sports Direct tycoon Mike
Ashley has sacked the boss of Jack Wills just weeks after buying
the preppy clothing retailer out of administration.

Suzanne Harlow, the former trading boss at Debenhams, was appointed
chief executive at Jack Wills in September to help turn it around,
The Telegraph recounts.  She was ousted on Aug. 19 after a meeting
with Mr. Ashley, The Telegraph relays, citing Retail Week.

The sportswear billionaire coughed up GBP12.7 million for the
struggling fashion brand earlier this month after bidding against
his arch rival Philip Day's retail group, The Telegraph discloses.



MONSOON ACCESSORIZE: Chief Executive Steps Down Following CVA
-------------------------------------------------------------
Henry Saker-Clark at PA Media reports that the chief executive of
beleaguered high street retailer Monsoon Accessorize has quit, one
month after it confirmed major restructuring plans.

According to PA Media, the company, which runs both the Monsoon and
Accessorize fashion brands, confirmed that Paul Allen has stepped
down from his role leading the group.

Mr. Allen has left the retailer after six years, after he initially
joined the firm as finance director before promotion to the top job
in 2015, PA Media relates.

Most recently, Mr. Allen led the company through a major
restructuring which saw Monsoon Accessorize secure rent cuts to
reduce its costs, PA Media notes.

Last month, creditors backed plans to reduce rents on 135 stores as
part of a company voluntary arrangement (CVA), PA Media recounts.

Monsoon has 258 stores across the country but previously warned
that restructuring was needed to address its "unaffordable" rent
bill, due to the crisis on the British high street, PA Media
discloses.

As part of its CVA, Mr. Simon agreed to provide an emergency GBP12
million loan--which will be repaid first if the company goes
bust--and a further unsecured credit facility of GBP18 million at
0% interest, PA Media states.


R DURTNELL: Subcontractors Seek Answers Over Repayment Deal
-----------------------------------------------------------
Grant Prior at Construction Enquirer reports that subcontractors
owed cash by the country's oldest builder are demanding answers
after R Durtnell & Sons struck a debt repayment plan with some of
its creditors.

The Enquirer has been contacted by a group of suppliers who claim
they have been left out of the negotiations, which saw Durtnell
agree a company voluntary arrangement (CVA) with creditors brokered
by Begbies Traynor.

Durtnell ran into financial trouble last month after trading since
1591, The Enquirer recounts.

Brighton and Hove City Council said the firm was no longer working
on its GBP21 million Dome Corn Exchange and Studio Theatre
refurbishment job, The Enquirer notes.

Creditors owed more than more GBP8 million have agreed to give
Durtnell more time to pay its debts under the CVA, The Enquirer
discloses.

But a string of subcontractors who claim to be owed cash by
Durtnell said they have not been officially listed as creditors yet
and had no say in the CVA discussions, The Enquirer relates.

According to The Enquirer, the companies have written to Begbies
Traynor asking for an explanation.


WOODFORD EQUITY: Sabina Estates Delisting Worsens Breach
--------------------------------------------------------
Harriet Russell at The Telegraph reports that the delisting of
Sabina Estates from the Guernsey stock exchange has exacerbated
embattled fund manager Neil Woodford's breach of fund rules around
the proportion of unquoted or "illiquid" stocks held in the
portfolio.

Mr. Woodford started listing his stakes in several unquoted
companies in Guernsey in 2017 to maintain the balance of these
kinds of stocks held in his flagship equity fund, including
preference shares in Sabina Estates, The Telegraph relates.

According to The Telegraph, the cancellation of those preference
shares last week was confirmed by an official notice from
Guernsey's The International Stock Exchange (TISE).

Sabina Estates is a property development company that builds luxury
villas in Ibiza.

As reported by the Troubled Company Reporter-Europe on June 5,
2019, The Telegraph related that trading of Mr. Woodford's
flagship
Equity Income fund was suspended due to high levels of withdrawals
from investors.  According to The Telegraph, the GBP3.7 billion
fund suffered heavy outflows since its assets peaked at GBP10.2
billion in June 2017 -- with GBP560 million pulled out of the fund
in the last month alone.  It has been among the worst performing
income funds since it peaked in 2017 and for investors that bought
at the launch positive returns made at the start have been all-but
wiped out, The Telegraph noted.


WRIGHTBUS: Weichai Emerges as Frontrunner to Acquire Business
-------------------------------------------------------------
Oliver Gill at The Daily Telegraph reports that one of China's
biggest engineering companies has emerged as the frontrunner in the
race to save "Boris Bus" maker Wrightbus.

Weichai, part of giant state-owned conglomerate Shandong Heavy
Industry, is in detailed discussions to buy the struggling bus
company, The Daily Telegraph has learnt.

It has lodged a bid believed to be in the region of GBP50 million
for the 73-year-old company, The Daily Telegraph discloses.

The approach comes as fellow Chinese engineer BYD continues to
monitor the situation, The Daily Telegraph notes.  As reported by
The Daily Telegraph earlier this week, it was approached by
advisers from Deloitte but is yet to lodge a formal bid.

According to The Daily Telegraph, senior industry sources said
Weichai had a team of around a dozen representatives conducting
diligence.




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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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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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