/raid1/www/Hosts/bankrupt/TCREUR_Public/190827.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 27, 2019, Vol. 20, No. 171

                           Headlines



B E L G I U M

SARENS BESTUUR: S&P Affirms 'B' Rating, Outlook Stable


C R O A T I A

3. MAJ: Croatia to Issue State Guarantees on HRK150-Mil. Loan


I R E L A N D

MAN GLG II: Fitch Affirms B-sf Rating on EUR7.7MM Class F Notes


L A T V I A

PNB BANKA: Latvian Banking Regulator Files Insolvency Suit v. Bank


N E T H E R L A N D S

EURO-GALAXY III: S&P Assigns Prelim B-(sf) Rating to Cl. F-R Notes


S P A I N

INVICTUS MEDIA: Fitch Affirms BB- LT IDR, Outlook Stable


U N I T E D   K I N G D O M

BLOCKEX: Files for Insolvency, Taps Leonard Curtis to Run CVA
BURY FC: Steve Dale Agrees to Sell Club to C & N Sporting Risk
HARLAND AND WOLFF: Gets Number of "Non-Binding" Offers
KAREN MILLEN: Bohoo Axes Chief Executive Following Acquisition
LIKEYS: Company Collapses; Online Auction Scheduled for August 29

NEWGATE FUNDING 2006-2: S&P Affirms B+(sf) Rating on Class E Notes
TORO PRIVATE I: Fitch Assigns B+ Final LT IDR, Outlook Stable
WARWICK FINANCE NUMBER FOUR: S&P Rates Class E-Dfrd Notes B(sf)

                           - - - - -


=============
B E L G I U M
=============

SARENS BESTUUR: S&P Affirms 'B' Rating, Outlook Stable
------------------------------------------------------
S&P Global Ratings revised its assessment of Sarens Bestuur N.V.'s
(Sarens') liquidity to less than adequate from adequate. S&P also
notes that the headroom remains tight under Sarens' reset financial
covenants.

S&P affirmed its 'B' rating on Sarens.

Sarens' operating performance in first-half 2019 was stronger than
we expected. This supports our forecast that the group will quickly
reduce debt, with adjusted debt to EBITDA expected to improve to
below 5.5x in 2019, from 6.4x in 2018, and to below 5x by 2020.

Sarens' revenue increased by 7.3% to EUR307 million and reported
EBITDA increased by EUR20 million to above EUR80 million in
first-half 2019, versus first-half 2018--based on preliminary
results provided by the group. This good operating performance was
primarily due to the continuous ramp up of the Tengizchevroil (TCO)
project, with reductions in subcontracting and correspondingly
higher margins, as well as improved performance in North America
and Asia--especially India. For the 12 months ended June 30, 2019,
preliminary reported EBITDA reached about EUR147 million including
Oceania operations and nearly EUR160 million excluding Oceania
operations, which are being wound down. This is fully in line with
S&P's forecast of EUR140 million-EUR150 million of adjusted EBITDA
after restructuring costs for 2019 and EUR150 million-EUR160
million for 2020.

Despite healthy operating performance and markedly lower capex,
FOCF generation will likely remain negative in 2019, versus our
previous expectation of above EUR35 million. This is because of
exceptionally high working capital outflows of above EUR65 million
in first-half 2019 linked to negative one-off effects related to
TCO investments and delays in receivables collection from the
longer-than-expected certification of the TCO project. S&P expects
FOCF to turn positive by 2020, supported by much lower working
capital outflows related to the TCO project and low capex, which is
capped at EUR50 million by the new global facilities agreement
(GFA). The GFA was amended at the beginning of 2019, with the
amount upsized to EUR454 million--including a EUR118 million
revolving credit facility (RCF) and EUR336 million revolving lease
facility (RLF)--from EUR425 million and the maturity extended to
Jan. 15, 2022. The amendments also included two extension options
of one year.

S&P said, "Sarens' very high working capital outflows and negative
FOCF weigh on its liquidity profile, moving us to change our
assessment to less than adequate from adequate for the coming 12
months. However, we expect liquidity to improve in 2020, in line
with FOCF generation. Despite the successful renewal of the GFA and
resetting of financial covenants, headroom will remain tight for
the next 12 months due to negative FOCF, which affects net debt.

"We expect Sarens to focus on deleveraging in the next few years,
as determined in the new GFA, with tightening covenants and a net
capex cap.

"The outlook is stable because we believe Sarens will strengthen
its adjusted EBITDA to EUR140 million-EUR150 million this year,
with adjusted debt to EBITDA improving to below 5.5x in 2019 and
FOCF turning positive in 2020, supported by markedly lower capex.

"We could lower the rating if Sarens' operating performance were to
substantially weaken. This could be due to issues in executing the
TCO project, or a persisting and significant decline in key end
markets that means leverage does not improve as per our base-case
scenario. More specifically, we could lower the rating if FOCF were
to remain negative in 2020, if liquidity were to further weaken, or
if covenant breaches occurred.

"We could raise the rating if Sarens outperformed our base case and
deleveraged to less than 5x adjusted debt to EBITDA on a sustained
basis, accompanied by supportive near- to medium-term macroeconomic
and industry conditions." An upgrade would also hinge on
continuously positive FOCF generation, and the group sustaining at
least adequate liquidity and headroom under financial covenants.

Headquartered in Belgium, family-owned Sarens is a global provider
of heavy lifting, specialized transport projects, and crane rental
services to a broad range of end markets including oil and gas,
wind energy, civil works, power and nuclear plants, petrochemical,
industrial, and mining. The group has the second-largest heavy
lifting fleet worldwide and generated sales of EUR593 million and
reported EBITDA of EUR127 million in 2018.



=============
C R O A T I A
=============

3. MAJ: Croatia to Issue State Guarantees on HRK150-Mil. Loan
-------------------------------------------------------------
SeeNews reports that the Croatian government said on Aug. 22 it
adopted a decision to issue state guarantees on loans of up to
HRK150 million (US$22.5 million/EUR20.3 million) to troubled 3. Maj
shipyard to help the company restart production and complete
vessels already under construction.

According to SeeNews, the government said in a statement the state
guarantees will serve for taking loans from the Croatian Bank for
Reconstruction and Development (HBOR), or any commercial bank.

The statement added Croatia's finance ministry will issue the
pledged state guarantees only if 3. Maj meets several conditions by
Sept. 5, SeeNews relates.

The first condition is to agree with all creditors a postponement
of their claims on unpaid debt until September 1, 2021, SeeNews
notes.

The second condition is to negotiate with HBOR, or any other bank,
a credit agreement at market terms, whose validation will depend on
the issuance of the state guarantees, SeeNews states.

3. Maj should also hire Croatian Shipbuilding
Corporation -- Jadranbrod (CSC) as a supervisor on the works for
completion of vessels already under construction, SeeNews says.
Zagreb-based CSC was established by the government with the main
task of providing expert monitoring of the restructuring process
and modernization programs of Croatian shipyards, SeeNews
discloses.

The fourth and final condition is that 3. Maj present to the
finance and economy ministries a detailed analysis on how it will
spend the funds that will be provided thanks to the pledged state
guarantees, and to elaborate on the effect this will have on the
company's operations and on the resulting decrease of the
government's guarantee exposure at 3. Maj, according to SeeNews.

Earlier in August, the government announced plans to support 3.
Maj, following which the commercial court in Rijeka postponed for
Sept. 26 a hearing on the launch of bankruptcy proceedings against
the shipyard, SeeNews recounts.

3. Maj is part of troubled shipbuilding group Uljanik, which
includes another major shipyard in Croatia, Uljanik Shipyard, along
with smaller subsidiaries.

In May, a Croatian court launched bankruptcy proceedings against
Uljanik Shipyard on a request of the country's financial agency
citing the shipyard's overdue debt. Subsequently, the court also
launched bankruptcy proceedings against the Uljanik Group, the
report recalls.



=============
I R E L A N D
=============

MAN GLG II: Fitch Affirms B-sf Rating on EUR7.7MM Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned MAN GLG EURO CLO II's refinancing notes
final ratings, and affirmed the remaining notes as follows:

EUR207 million class A-1-R notes: assigned at 'AAAsf'; Outlook
Stable

EUR17.7 million class C-R notes: assigned at 'Asf'; Outlook Stable

EUR10 million class A-2 notes: affirmed at 'AAAsf'; Outlook Stable

EUR43,900,000 class B notes: affirmed at 'AAsf'; Outlook Stable

EUR17,300,000 class D notes: affirmed at 'BBBsf'; Outlook Stable

EUR19,200,000 class E notes: affirmed at 'BBsf'; Outlook Stable

EUR7,700,000 class F notes: affirmed at 'B-sf'; Outlook Stable

Man GLG Euro CLO II D.A.C. formerly known as GLG Euro CLO II
D.A.C., is a cash flow collateralised loan obligation (CLO). Net
proceeds from the issue of the notes are being used to refinance
the current outstanding class A-1 and C notes. The portfolio is
actively managed by GLG Partners LP.

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B'/'B-' category. The Fitch- weighted average rating factor (WARF)
of the current portfolio is 33.4.

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
Fitch-weighted average recovery rating (WARR) of the current
portfolio is 65.6%.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors is 20% of
the portfolio balance. The transaction also includes limits on the
largest Fitch-defined industry exposure covenanted at 17.5% and on
the three-largest Fitch-defined industries covenanted at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Limited Interest Rate Risk

Fixed-rate liabilities represent 2.9% of the target par, while
fixed-rate assets can represent up to 10% of the portfolio balance.


Extended Weighted Average Life (WAL)

On the refinancing date, the issuer will extend the WAL covenant by
one year to 6.3 years as part of the refinancing of the notes and
update the Fitch matrix based on the extended WAL covenant.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls. This was also used to test
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.

RATING SENSITIVITIES

A 25% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated notes.


A 25% reduction in recovery rates would lead to a downgrade of up
to three notches for the class E notes and up to for two notches
for the remaining rated notes.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.



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

PNB BANKA: Latvian Banking Regulator Files Insolvency Suit v. Bank
------------------------------------------------------------------
Verdict reports that Latvian banking regulator has filed an
insolvency suit against the troubled local lender PNB Banka.

The move comes just a week after the bank's operations were
suspended after the European Central bank (ECB) determined that PNB
Banka is likely to fail, Verdict notes.

The Financial and Capital Market Commission (FCMC) of Latvia has
submitted an application to the City of Riga Vidzeme District,
Verdict relates.  It also requested the appointment of Vigo
Krastins as the insolvency administrator, Verdict discloses.

FCMC suspended the operations of PNB Banka following repeated
failures by the bank to comply with the stipulated regulatory
requirements, Verdict recounts.

PNB Banka also received an opportunity to strengthen its capital,
but it failed to achieve the target within the deadline, Verdict
states.  Also, the European Single Resolution Board (SRB) decided
not to take any action to revive the bank's financial health,
according to Verdict.

After the operations were suspended, new shareholders of troubled
lender decided to invest EUR146 million in the bank, Verdict
relays.

The shareholders also decided to challenge the insolvency claims
against PNB Banka and criticized the regulator's move to suspend
lender's operations, Verdict discloses.

The compensation payments of the suspended bank have also started,
according to Verdict.




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

EURO-GALAXY III: S&P Assigns Prelim B-(sf) Rating to Cl. F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Euro-Galaxy III CLO B.V.'s class AR-R, A-R (together, the class A
notes), B-1R, B-2R (together, the class B notes), C-R, D-R, E-R,
and F-R notes.

On the upcoming payment date in September 2019, the issuer will
refinance the original class A-R-VFN, A-R, B-1R, B-2R, C-R, D-R,
E-R, and F-R notes by issuing replacement notes of the same
notional.

The replacement notes are largely subject to the same terms and
conditions as the 2017 notes, except for the following:

-- The replacement class A and B notes have a lower spread over
Euro Interbank Offered Rate (EURIBOR) than the original notes,
while the other replacement notes have higher spreads than the
respective original notes.

-- The portfolio's maximum weighted-average life has been extended
by one year.

-- Trading gains, which the CLO manager has built through trading,
can be leaked as interest proceeds, subject to certain conditions
being met.

The preliminary ratings assigned to Euro-Galaxy III CLO's
refinanced notes 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.

S&P said, "In our cash flow modeling, we considered the par value
of all performing securities, and the lower of the applicable
recovery or market value of the currently held defaulted security.
Our analysis also considers actual coupon and spread of the assets
in the portfolio when generating the cash flows.

"In analyzing the credit risk and cash flow, we applied a stable
quality rating approach, as the CLO manager has committed to using
our CDO Monitor model as part of the reinvestment conditions to
monitor the portfolio's quality.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B, C-R, D-R, and E-R notes could
withstand stresses commensurate with higher rating levels than
those we have assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned preliminary
ratings on the notes.

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"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 preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class AR-R, A-R, B-1R, B-2R, C-R, D-R, E-R, and F-R notes."

Euro-Galaxy III CLO is a European cash flow corporate loan CLO
securitization of a revolving pool, primarily comprising
euro-denominated senior secured loans and bonds, issued mainly by
European borrowers. PineBridge Investments Europe Ltd. is the
collateral manager and Credit Industriel et Commercial is the
junior collateral manager.

  Ratings List

  Euro-Galaxy III CLO B.V.

  Class  Preliminary rating
  AR-R   AAA (sf)
  A-R     AAA (sf)
  B-1R   AA (sf)
  B-2R   AA (sf)
  C-R     A (sf)
  D-R    BBB (sf)
  E-R    BB (sf)
  F-R    B- (sf)
  Sub notes NR

  NR--Not rated




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

INVICTUS MEDIA: Fitch Affirms BB- LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Invictus Media S.A.U's Long-Term Issuer
Default Rating at 'BB-' with a Stable Outlook.

The ratings of Imagina reflect its mid-size business, with material
concentrations in its contract portfolio balanced by reasonable
earnings visibility and regularly renewed contracts. Its projected
financial risk profile with fund flows from operations (FFO)
adjusted gross leverage averaging at 4.5x for 2019-2022 (about 3.9x
on net basis) also support the 'BB-' IDR, and includes some
de-leveraging expectations.

The Stable Outlook reflects its expectations that Imagina will see
stable operating performance until end-2022, supported by its
contract portfolio and management's strong execution skills.

KEY RATING DRIVERS

Diversified Business Model: Imagina's vertically integrated
business model of marketing premium sports events overlaid with
audio-visual services and content creation creates a diversified
client and income base. Fitch views this as credit-positive,
particularly when benchmarking the company against most of its
direct peers with a mono-product focus. Imagina is a smaller sector
player that may be confined to the 'BB' rating category unless its
EBITDA can be scaled up above EUR500 million on a sustained basis.
Its operations are supported by long-term or regularly renewed
contracts that form the bulk its EBITDA, making it a comparatively
resilient business in the broader media sector.

Improved Cash Flow Visibility: As a result of the contract
extension with La Liga International Agency and completion of the
placement of Champions League and Europa League rights cash flow
visibility for Imagina has improved. This, combined with
contribution from long-term contracts in the audio-visual and
content divisions, creates a resilient cash flow base.

The company has secured a package of domestic rights to the French
Ligue 1 for EUR780m per season for the 2020/21-2023/24 seasons. The
commercialisation method of these rights is at this stage unknown
as management could produce their own channel or resell the rights
directly to a Pay-TV operator. Until Fitch obtains further details
- expected next year - visibility of their future contribution to
EBITDA is limited.

Concentrated Exposure to La Liga: A material proportion of
Imagina's earnings depend on continuation of Imagina's cooperation
with La Liga in its international agency role. This concentration
creates substantial risks to Imagina's future cash flows but is
somewhat mitigated by the tenor and secure economics of the current
agreements in its current rating case until end-2022. Its
projections assume that the relative share of EBITDA from the
international agency contract will decrease with expected growth in
contribution from the audio-visual and content divisions.

Limited Leverage Headroom: Imagina's financial risk profile is
commensurate with that of Fitch-rated diversified media peers,
although it offers limited headroom for the IDR. Following last
year's buyout and recapitalisation, Fitch expects leverage to
remain high averaging 4.5x on a gross basis and 3.9x on a net
basis. Moderate deleveraging is expected to reduce leverage to 4.3x
gross (3.6x net) by end-2022, driven by EBITDA expansion in
combination with the amortising portion of the company's first-lien
debt.

Supportive Sports Content Demand Outlook: With a focus on most
popular Spanish and European football leagues, Imagina benefits
from long-term rising global demand for premium sports content from
across various groups, including conventional TV operators and
rapidly developing disruptive streaming service providers. A widely
diversified content off-taker platform stimulated by strong
consumer demand is supportive in optimising content monetisation
strategies and mitigates the emergence of grossly imbalanced
relationships between content providers and distributors.

DERIVATION SUMMARY

Fitch assesses Imagina in the context of its Ratings Navigator for
diversified media companies and by benchmarking it against
Fitch-rated selected rights management and content-producing peers,
none of which Fitch considers to be a complete comparator given
Imagina's vertically integrated business model.

Fitch regards Imagina as a 'BB' business risk, based on its
competitive position with an EBITDA of about EUR220 million, a
stronger regional rather than global sector relevance, high
dependence on key accounts that is partly counter-balanced by
medium-term earnings visibility. This places it slightly better
than Banijay Group SAS's (B+/Stable) unleveraged credit quality.
Its operating profile is less robust than that of Pinewood Group
Limited (BB/Stable).Imagina's cash-flow generation, which Fitch
projects will strengthen over the medium term, offers some
deleveraging potential (Fitch expects 2019-2021 average FFO
adjusted gross leverage to be about 4.5x and net leverage at 3.9x),
which compares well with that of peers at the 'B+'/'BB-' level.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

Revenue decline in 2019 of around 10% following the loss of the La
Liga domestic rights in Spain after the 2018/19 season. Thereafter
Fitch expects revenue to grow at an average of 6.8% per year till
2022.

The company holds the domestic Champions League rights in Spain
till the 2020/21 seasons. Fitch has conservatively assumed that
these will not be renewed thereafter.

EBITDA margin to increase to approximately 13% in 2019 following
the loss of the domestic La Liga contract, which was
margin-dilutive to the wider group.

Capital expenditure as a percentage of sales to remain at 3%-5% a
year.

No dividends to shareholders.

Operating lease rentals to remain at 1% of revenue in all years to
2022.

Fitch assumes Joye Media S.A.U. and Calidora Investments S.A.U. to
be holding companies only with no transactions at a company level.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

Increased EBITDA diversification, with EBITDA growing sustainably
above EUR300 million;

Free cash flow (FCF) margin growing to mid-single digits; and

FFO adjusted gross leverage sustainably below 4.0x and FFO adjusted
net leverage sustainably below 3.5x.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

Loss of one or more contract for domestic rights or adverse change
of La Liga contracts leading to EBITDA falling below EUR200
million;

FCF margin weakening towards zero;

FFO adjusted gross leverage consistently above 5.0x and FFO
adjusted net leverage above 4.5x; and

Freely available cash reserves persistently declining towards EUR50
million.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-2018, Imagina had a cash balance of
EUR157 million. Fitch projects moderately positive FCF generation
during 2019-2022, which will be used for covering debt amortisation
of its term loan A. Freely available cash position is expected to
remain comfortable at around EUR110 million during the next four
years. Fitch projects the company's committed revolving credit
facility of EUR60 million expiring in 2024 will remain undrawn over
the rating horizon. Apart from term loan A, Imagina's debt maturity
profile is comfortable with the first large debt repayment only in
2025.



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

BLOCKEX: Files for Insolvency, Taps Leonard Curtis to Run CVA
-------------------------------------------------------------
Scott Thompson at Coin Rivet reports that BlockEx, an exchange for
digital currencies, has filed for insolvency.

The London-based startup has hired Leonard Curtis to run a company
voluntary arrangement (CVA) which allows distressed businesses to
walk away from certain liabilities, Coin Rivet relates.  Creditors,
including former employees and HM Revenue & Customs, are owed more
than GBP3 million in total, Coin Rivet discloses.

According to Coin Rivet, a source told The Sunday Times BlockEx is
planning a restructuring and is confident it will emerge with new
investment.

The venture said it raised GBP20 million through its own ICO last
year, when it issued Digital Asset Exchange Tokens (DAXT), Coin
Rivet relays.  However, Co-founder and Chief Executive, Adam
Leonard, later admitted that only GBP5.5 million of the funding had
been forthcoming as the crypto market hit troubled waters, Coin
Rivet notes.

The price of DAXT has collapsed and is now almost worthless, Coin
Rivet states.


BURY FC: Steve Dale Agrees to Sell Club to C & N Sporting Risk
--------------------------------------------------------------
Brinkwire reports that Bury football club appeared to have been
handed a narrow reprieve from threatened expulsion out of the EFL
late into the night on Aug. 23 as owner Steve Dale finally agreed a
deal to sell the club hours before the league's deadline.

Mr. Dale, who since his GBP1 takeover in December had failed to
provide evidence to the EFL that he had the funds to pay Bury's
debts and fund the club for a season, said that he had agreed a
sale of the club to a sports analytics company, Brinkwire relates.

According to Brinkwire, in a statement Rory Campbell, 32, and Henry
Newman, 30, directors of that company, C & N Sporting Risk,
confirmed that they had been in discussions for 10 weeks about
buying Bury, and said they had asked the EFL to extend its 11:59
p.m. deadline to allow them to further investigate the details.

Bury's position had come to look increasingly hopeless after the
EFL suspended their first five matches of the season due to Mr.
Dale's failure to provide proof of funds, and set him the firm
deadline of 11:59 p.m. on Aug. 23 or the club would be expelled,
Brinkwire notes.

Debbie Jevans, the EFL's executive chair, spoke publicly on Aug.
22, emphasizing that the deadline would not be extended unless Mr.
Dale provided the necessary evidence of funding, or that there were
"deep" and "tangible" discussions for him to sell the club,
Brinkwire relays.

Bury, Brinkwire says, have been in a financial crisis since Mr.
Dale took over in December from the former owner, property
developer Stewart Day, who was facing a number of his companies
collapsing into administration.

Last month, Mr. Dale succeeded in having a company voluntary
arrangement (CVA) approved which offered non-football creditors a
quarter of GBP4 million they were owed, Brinkwire recounts.  Those
debts will need to be paid by Messrs. Campbell and Newman if they
take over, as well as the players' back wages and other "football
creditors" said now to be around GBP750,000, and funding of
expected GBP1.5 million losses for the season, according to
Brinkwire.

They may also want to pay off a mortgage on Gigg Lane taken out by
Mr. Day with a company, Capital Bridging Finance Solutions, now
said by Mr. Dale to be up to GBP3.7 million, Brinkwire notes.


HARLAND AND WOLFF: Gets Number of "Non-Binding" Offers
------------------------------------------------------
Francess McDonnell at The Irish Times reports that a number of
"non-binding" offers are on the table for Harland and Wolff which,
if successful, could ensure a new future for the historic east
Belfast shipyard which is in the hands of administrators.

According to The Irish Times, Michael Jennings --
michael.jennings@bdoni.com -- and Brian Murphy --
brian.murphy@bdoni.com -- of BDO NI, who were appointed as joint
administrators of the yard at the beginning of this month, said
there has been a "healthy level of interest" from potential
buyers.

Mr. Jennings and Mr. Murphy have said their priority is to "find a
viable, commercial solution" for Harland and Wolff and have been
working in close contact with trade unions in Northern Ireland who
want to see the shipyard sold as a "going concern" to protect the
130 jobs currently at stake, The Irish Times relates.

Because of the level of interest in Harland and Wolff, the
administrators plan to extend an "unpaid temporary lay-off"
arrangement it has with unions and former employees to the end of
September, The Irish Times discloses.

They believe that this extends the window of opportunity to try and
successfully secure a complete sale of the business, The Irish
Times states.

In a statement on Aug. 23, the joint administrators, as cited by
The Irish Times, said they are continuing to "work with all
interested parties and bidders as they undertake further financial
and legal due diligence work in the coming weeks as every effort is
made to secure a going concern sale."


KAREN MILLEN: Bohoo Axes Chief Executive Following Acquisition
--------------------------------------------------------------
Laura Onita at The Telegraph reports that fashion website Boohoo
have parted ways with Karen Millen's top team including chief
executive Beth Butterwick just weeks after buying the upmarket
brand out of administration.

Boohoo acquired the online business and intellectual property of
Karen Millen and Coast earlier this month for GBP18 million, making
62 people redundant, The Telegraph relates.  More than 1,000 jobs
are still at risk as the retailer looks to shut 32 stores and 177
concessions, The Telegraph states.

Ms. Butterwick joined Karen Millen from Bonmarche, the over-fifties
retailer, three years ago to improve its offering, The Telegraph
recounts.
  


LIKEYS: Company Collapses; Online Auction Scheduled for August 29
-----------------------------------------------------------------
Christie Bannon at WalesOnline reports that more than GBP100,000
worth of ultra sports clothing is being auctioned off after a Welsh
firm collapsed.

Likeys, based in Brecon, had a reputation as one of the UK's
leading specialists in ultra sport clothing and equipment.

But after going bust, their products have had their prices
incredibly slashed with some clothing starting at as little as
GBP10, as opposed to original prices of GBP145 or more, WalesOnline
relates.

The company entered voluntary liquidation in July, WalesOnline
recounts.

According to WalesOnline, clothing and equipment with a recommended
retail value of over GBP100,000 is set to go under the hammer in an
online auction that is scheduled to end on Thursday, Aug. 29.

Auctioneers Eddisons CJM will be selling off the company's entire
stock, WalesOnline states.



NEWGATE FUNDING 2006-2: S&P Affirms B+(sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on all classes of
notes issued by Newgate Funding PLC series 2006-2.

In this transaction, S&P's ratings address timely receipt of
interest and ultimate repayment of principal for all classes of
notes.

The affirmations follow the application of S&P's revised criteria
and its full analysis of the most recent transaction information
that it has received, and reflect the transaction's current
structural features.

S&P said, "Upon revising our criteria for assessing pools of
residential loans, we placed our ratings on all of the
transaction's classes of notes under criteria observation.
Following our review of the transaction's performance and the
application of these criteria, our ratings on the notes are no
longer under criteria observation.

"In our opinion, the performance of the loans in the collateral
pool has slightly improved since our previous full review. Since
then, total delinquencies have decreased to 22.2% from 23.9%.

"The presence of capitalized arrears in the pool was mitigated in
our weighted-average foreclosure frequency (WAFF) calculations by
the greater proportion of the loans in the pool receiving the
maximum seasoning credit as well as the withdrawal of our arrears
projection, which no longer forms part of our criteria. Our
weighted-average loss severity (WALS) assumptions have decreased at
all rating levels as a result of higher U.K. property prices, which
triggered a lower weighted-average current loan-to-value ratio."
  
  WAFF And WALS Levels
  Rating level WAFF (%)WALS (%)
  AAA          42.28  31.37
  AA            36.13  24.71
  A             32.53  13.93
  BBB           28.60  8.48
  BB            24.35  5.49
  B             23.29  3.47

Credit enhancement levels have increased for all rated classes of
notes since S&P's previous full review.

  Credit Enhancement Levels
  Class CE (%) CE as of previous review (%)
  A3a  56.5   55.3
  A3b  56.5   55.3
  M    48.4   47.2
  Ba   28.9   27.8
  Bb   28.9   27.8
  Ca   16.7   15.6
  Cb   16.7   15.6
  Da   7.6    6.4
  Db   7.6    6.4
  E    6.1    4.9
  CE--Credit enhancement.

The notes benefit from a liquidity facility and a reserve fund,
neither of which are amortizing as the respective cumulative loss
triggers have been breached.

S&P said, "Our conclusions on operational, legal, and counterparty
risk analysis remain unchanged since our previous full review. The
liquidity facility and bank account provider (Barclays Bank PLC;
A/Stable/A-1) breached the 'A-1+' downgrade trigger specified in
the transaction documents, following our lowering of its long- and
short-term ratings in November 2011. Because no remedial actions
were taken following our November 2011 downgrade, our current
counterparty criteria cap the maximum potential rating on the notes
in this transaction at our 'A' long-term issuer credit rating (ICR)
on Barclays Bank.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A3a, A3b, M, Ba, Bb, Ca, and Cb
notes is commensurate with higher ratings than those currently
assigned. However, given the ratings on all the notes are capped at
the long-term ICR on Barclays Bank, we have affirmed our 'A (sf)'
ratings on these classes of notes.

"Our analysis also indicates that the available credit enhancement
for the class Da, Db, and E notes is commensurate with higher
ratings than those currently assigned. However, given the junior
position of these classes of notes in the capital structure, the
presence in the pool of loans with capitalized arrears (15.2%), and
the tail risk in the transaction due to the low pool factor and the
high percentage of interest-only loans, we have affirmed our 'BB+
(sf)' ratings on the class Da and Db notes, and our 'B+ (sf)'
rating on the class E notes."

Newgate Funding 2006-2 is a U.K. RMBS transaction, which closed in
June 2006 and securitizes a pool of nonconforming loans secured on
first-ranking U.K. mortgages.

  Ratings List

  Newgate Funding PLC (Series 2006-2)
  
Class Rating to Rating from
  A3a  A (sf)   A (sf)
  A3b  A (sf)   A (sf)
  M    A (sf)   A (sf)
  Ba   A (sf)   A (sf)
  Bb   A (sf)   A (sf)
  Ca   A (sf)   A (sf)
  Cb   A (sf)   A (sf)
  Da    BB+ (sf) BB+ (sf)
  Db   BB+ (sf) BB+ (sf)
  E    B+ (sf)  B+ (sf)


TORO PRIVATE I: Fitch Assigns B+ Final LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned the global distribution system (GDS)
platform Toro Private Holdings I, Ltd (Travelport) a final
Long-Term Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook. Fitch has also assigned the debt issued by Travelport
Finance (Luxembourg) Sarl final senior secured ratings of
'BB-'/'RR3'/66% and second-lien rating of 'B-'/'RR6'/0%.

The assignment of the final ratings is in line with the expected
ratings (assigned in February 2019) despite some notable changes in
the financing documentation upon completion of the transaction, and
wider than expected final pricing. Fitch views the changes as
overall positive for creditors with more favourable documentation
regarding creditors' proceeds from any potential disposal of eNett
and tighter requirements on run-rate adjustments to EBITDA for the
purposes of calculating leverage for quarterly covenant tests.

Travelport's 'B+' IDR reflects its entrenched position in the GDS
platform market, broadly diversified by geography, high proportion
of recurring revenues, and an asset-light business model. These
factors also facilitate strong free cash flow (FCF) generation and
overall adequate financial flexibility for the rating.

However, the rating is constrained at the 'B' category by the high
opening funds from operations (FFO) adjusted gross leverage,
moderate execution risk of maintaining market share and achieving
target revenue growth and desired synergies, which will both be key
for the pace of deleveraging over the next three years.

KEY RATING DRIVERS

Entrenched Market Position: The rating reflects Travelport's strong
recurring revenue profile and low customer concentrations. Fitch
expects Travelport's GDS platforms to maintain its position in the
value chain through continued investment in platform technology and
the currently limited feasibility for travel suppliers to bypass
the platforms altogether. The three players in the GDS market,
Travelport, Amadeus and Sabre have a unique and dominant position
in the global travel value chain, despite some differences in their
regional coverage. GDS players can leverage decades of data and
sophisticated technology platforms to provide client solutions as
well as having achieved a critical mass of travel supplier
relationships to attract travel buyers.

Stable Global Travel Industry: Booking volumes through GDS are
directly driven by global travel. Developed markets exhibit modest
growth, but travel volumes in Asia in particular continue
above-trend growth. Travelport has established a strong market
position in Asia. This forms a pillar of its business strategy
along with expansion into other emerging markets. While airline
ticket prices will be pressured in a downturn, the experience of
2008 to 2009 shows that there is a more modest impact on volumes.
Since Travelport takes a fixed fee per booking (booking fee or
yield payable by travel providers) rather than one tied to total
price of the booking, this provides its business model with a good
level of resilience.

High Leverage Supported by Strong FCF: Fitch expects the post
transaction FFO adjusted gross leverage to be 7.8x (2019) reducing
to 6.0x by 2022. This leverage is aligned with a lower rating, and
therefore Travelport has limited headroom to deliver on its
business plan and deleverage via earnings growth given its
downgrade sensitivity (to 'B') set at 7.0x.

However, the rating reflects adequate deleveraging capacity given
the strong visibility of cash flows, in turn supported by a
recurring revenue base and high EBITDA margins for the rating.
Fitch also believes that operational improvements through cost
reductions are achievable in 2019 and 2020. Therefore Fitch assumes
FFO adjusted gross leverage would trend below 6.5x by 2021, a level
more tolerable for the rating. Any failure to adhere to a clear
deleveraging path by 2021, or cash flow weakness, could cause
negative rating action.

High GDS Competitive Intensity: Travelport has the lowest air
volume market share of the three GDS, at approximately 21% versus
Amadeus's 44% and Sabre's 36%. One consequence of competition with
peers was a loss of significant customers in 2018. For example,
Expedia acquired Orbitz, a US online travel agent (OTA), and the
combined group switched their contract to another provider. Further
OTA consolidation may enhance their market power and increase the
risk of large customer losses.

However, Travelport had significant customer wins in 2018 to offset
these losses, in particular in India, Indonesia, Thailand, Germany
and the Netherlands. Management has also invested in its systems to
improve performance and the customer experience. Currently Fitch
does not assume any material increase in agency incentives (paid to
clients) to secure new contracts.

eNett Growth Potential: eNett is Travelport's B2B payment solution,
which serves to develop a more digital payment system and leverages
Travelport's position in the travel value chain. It reduces fraud,
improves reconciliation and eliminates the risk of doing business
with an unsecured creditor. The estimated intermediated Gross
Booking Volumes in Travel industry for 2019 provides an addressable
market of USD1 trillion. This business is growing faster than the
core GDS business, and serves to further integrate Travelport with
its customers, helping diversification benefits.

DERIVATION SUMMARY

Travelport is well-established in the travel industry, with a 21%
market share in the dominant GDS segment. This position gives it an
advantage to develop further technology and data solutions to
travel buyers and providers. Sabre, Inc may be the most comparable
peer. Sabre has a higher market share of the GDS segment at 36% in
2018, higher margins and lower leverage. Sabre's EBITDAR margin was
29% compared with 23% (as reported) for Travelport in 2018.

Some of Travelport's more recent initiatives, like its payment
solutions, eNett, have proven its technologies proficiency. The key
rating constraint for Travelport is its high gross leverage, which
is 7.8x on a FFO adjusted gross basis compared with 4.2x for Sabre.
In terms of leverage, Travelport is comparable with peers such as
Nets Topco (B+), which operates in the payment services market in
the Nordics, although Travelport's leverage is higher than Latino
Italy (Nexi) (BB-).

KEY ASSUMPTIONS

  - Revenue CAGR of 3.6% with eNett growth supplementing moderate
core GDS growth of the business;

  - Adjusted EBITDA margin to increase given the cost savings
expected to be achieved, 20-21% by 2022;

  - Capex intensity of 4.5% over the rating horizon;

  - No acceleration of the amortisation profile of the first-lien
term loan; contractually amortising 1% annually;

  - No M&A forecast;

  - No common dividends.

  - Customer Loyalty Payments: Travelport makes payments to travel
agencies for their use of Travelport's platform (typically such
agreements last three to five years). Even though under US GAAP,
these are capitalised and subsequently amortised over the life of
the contract, Fitch views the loyalty payments (around USD80
million per year) as being an operating cash outflow that has just
been paid in advance. Therefore Fitch reverses the capitalised
treatment and consider such expense an operating cost.

  - Equity compensation: Fitch treats such payments within EBITDA
(thus above FFO) as they entail cash disbursements which have
proven recurrent.

Recovery Assumptions

  - Its recovery analysis assumes that Travelport would be treated
as a going concern in a restructuring and that the group would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

  - Travelport's going-concern EBITDA is based on FY18 Fitch
adjusted EBITDA of USD491 million (including customer loyalty
payments and equity compensation treated as operating costs),
discounted by 20% to arrive at an estimated post-restructuring
EBITDA of USD393 million. Fitch then applies a conservative
distressed enterprise value (EV)/EBITDA multiple of 5.5x,
consistent with Fitch's approach to the sector, resulting in a
distressed EV of USD1,944 million.

  - Fitch assumes the revolving credit facility (RCF) of USD150
million would be fully drawn upon default, ranking pari passu with
the USD2.8 billion first-lien term loan.

  - In terms of distribution of value, after deducting 10% for
administrative claims, its waterfall analysis generates a ranked
recovery for the senior secured creditors in the 'RR3' band,
indicating a 'BB-' instrument rating, one notch above Travelport's
IDR, and in the 'RR6', indicating a 'B-' rating for the USD500
million second-lien term loan. The waterfall analysis output
percentage on current metrics and assumptions was 66% for senior
secured creditors and 0% for second-lien lenders.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - FFO adjusted leverage below 6.0x on a sustained basis with
solid FCF margins above 5%

  - FFO fixed charge cover sustainably above 2.5x

  - Execution growth initiatives namely GDS expansion in Asia and
continued growth of eNett without diluting the group's profit
margins

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Failure to deleverage below 7.0x on a FFO adjusted leverage
basis by 2020

  - FFO fixed charge cover below 1.8x for two consecutive years

  - Erosion of EBITDA margins (Fitch defined) trending below 20%
and further loss of customers and market position relative to
direct GDS peers including large online travel agencies

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch forecasts that Travelport's liquidity
will remain adequate for 2019 despite a rise in the debt burden and
interest payments. Fitch forecasts that Travelport's liquidity will
improve over the next three years once some of the cost savings are
realised. Liquidity is underpinned by its expectation of continuing
positive FCF and limited debt repayments (1% annually on the USD2.8
billion first-lien debt).

Post-closing of its acquisition from Siris and Evergreen Coast
Capital, Travelport's debt has increased to USD3.3 billion
(maturing in 2026 and 2027) from USD2.3 billion, increasing
leverage to 7.8x from 4.8x on a FFO basis.

WARWICK FINANCE NUMBER FOUR: S&P Rates Class E-Dfrd Notes B(sf)
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Warwick Finance
Residential Mortgages Number Four PLC's class A, B-Dfrd, C-Dfrd,
D-Dfrd, and E-Dfrd notes. At closing, Warwick 4 also issued unrated
class F notes and principal and revenue residual certificates.

At closing, the issuer purchased the beneficial interest in an
initial portfolio of U.K. residential mortgages from the sellers,
and funded the liquidity reserve fund using the proceeds from the
issuance of the rated and unrated notes.

The issuer is an English special-purpose entity, which S&P assumes
to be bankruptcy remote for our credit analysis.

The notes will pay interest quarterly on the interest payment dates
(IPD) in March, June, September, and December, beginning in March
2020. The rated notes pay interest equal to three-month British
pound sterling London Interbank Offered Rate (LIBOR) plus a
class-specific margin, with a further step-up in margin in
September 2024. The unrated class F notes will pay no interest,
with residual principal and interest paid to the residual
certificate holders. All of the notes reach legal final maturity in
March 2042.

Within the mortgage pool, the loans are linked to the Bank of
England base rate, the legal title holders' standard variable rate,
and three-month sterling LIBOR. There is no swap in the transaction
to cover the interest rate mismatches between the assets and
liabilities. S&P has stressed for basis risk accordingly.

Under the transaction documents, interest payments on all classes
of rated notes (excluding the class A notes) can be deferred.
Consequently, any deferral of interest on the class B-Dfrd, C-Dfrd,
D-Dfrd, and E-Dfrd notes would not constitute an event of default.

S&P's ratings address the timely payment of interest and the
ultimate payment of principal on the class A notes and the ultimate
payment of interest and principal on the other rated notes. The
issuer granted a first fixed-equitable charge and, as applicable,
assignation in security in favor of the trustee over and of its
interests in the loans, the mortgages, and their related security.

  Ratings List

  Warwick Finance Residential Mortgages Number Four PLC

  Class  Rating*  Amount (mil. GBP)
  A      AAA (sf) 266.668
  B-Dfrd AA (sf)  14.118
  C-Dfrd A (sf)   9.412
  D-Dfrd BBB+ (sf) 4.707
  E-Dfrd B (sf)   4.707
  F      NR       4.707

  Principal residual certificates NR 9.409
  Revenue residual certificates NR 0.00
  NR--Not rated


                           *********


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.

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