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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, January 18, 2024, Vol. 25, No. 14

                           Headlines



F R A N C E

PARTS HOLDING: S&P Rates New EUR580 Million Term Loan B 'BB-'


I R E L A N D

AURIUM CLO I: Moody's Affirms B3 Rating on EUR12MM Cl. F-R Notes
GEDESCO TRADE 2020-1: Moody's Cuts EUR15MM B Notes Rating to Caa1


I T A L Y

ILLIMITY BANK: Moody's Assigns 'Ba1' Sr. Unsecured Debt Ratings


L U X E M B O U R G

COVIS FINCO: S&P Cuts ICR to 'SD' on Agreed Debt Restructuring
SK NEPTUNE: Moody's Rates New $70MM Sr. Secured Term Loan B 'Caa2'


N E T H E R L A N D S

EDML BV 2019-1: Moody's Hikes Rating on EUR4.375MM Notes From Ba1


R U S S I A

XALQ BANK: S&P Affirms 'B/B' ICRs, Outlook Negative


S P A I N

BBVA CONSUMO 12: Moody's Affirms B1 Rating on EUR150MM Cl. B Notes
BERING III SARL: Moody's Ups CFR to Caa1 & Alters Outlook to Stable


U N I T E D   K I N G D O M

CAPLOR ENERGY: Goes Into Administration, 31 Jobs Affected
FORMAPLEX: Enters Administration, 500 Jobs at Risk
FOSTERS ROOMS: Goes Into Administration
GENTLEMEN BARISTAS: Goes into Administration
NORTH BREWING: Set to Go Into Administration

ORANGE MOUNTAIN: Enters Administration, Ceases Trading
STEWART MILNE: North West Dev't Subsidiary Enters Administration

                           - - - - -


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F R A N C E
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PARTS HOLDING: S&P Rates New EUR580 Million Term Loan B 'BB-'
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S&P Global Ratings assigned its 'BB-' issue rating and '3' recovery
rating to Parts Holding Europe S.A. (PHE)'s proposed EUR580 million
secured term loan B (TLB). The TLB will be issued by Parts Europe
S.A., a subsidiary of PHE, and will be due 2031. S&P also revised
its recovery rating on the group's 'BB-' rated senior secured
instruments to '3' from '4'. The '3' recovery rating indicates
meaningful recovery prospects (50%-70%; rounded estimate: 50%).

S&P said, "We expect the company will use the totality of the TLB
proceeds to repay the EUR580 million senior secured fixed-rate
notes due 2025. The proposed TLB will rank pari passu with PHE's
remaining outstanding EUR380 million senior secured floating-rate
notes due 2027. As part of the transaction, the group will extend
the maturity of its EUR200 million senior secured revolving credit
facility (RCF) to 2030. The RCF will now rank pari passu with the
company's senior secured debt (when before it had a priority
ranking). We estimate this will result in slightly improved
recovery prospects for the secured creditors in our hypothetical
default scenario.

"Our long-term issuer credit rating on PHE is unchanged at 'BB-',
with a stable outlook, and reflects our broadly unchanged
expectations on the company's operating performance from our
previous base case.

"We anticipate PHE will maintain credit metrics commensurate with
the 'BB-' rating in 2024. The transaction is leverage-neutral, and
we forecast the company's debt-to-EBITDA will remain below 5x this
year, with free operating cash flow (FOCF) to debt staying above
5%. We expect PHE will slightly expand its EBITDA margins to
approximately 12% in 2024, from 11.5%-12.0% in 2023 and 11.6% in
2022, thanks to further operating efficiencies at its recently
acquired businesses. We also think cash flow generation should
improve thanks to earnings growth and lower working capital
investments."

Issue Ratings -- Recovery Analysis

Key analytical factors

-- PHE's EUR580 million proposed TLB due 2031 and EUR380 million
senior secured floating-rate notes due 2027 are rated 'BB-', with a
'3' recovery rating.

-- The '3' recovery rating on the instruments indicates S&P's
expectations of meaningful (50%-70%; rounded estimate: 50%)
recovery prospects in a default scenario. Recovery prospects are
constrained by prior-ranking obligations, including factoring
facilities and local credit lines. The change in ranking of the
extended EUR200 million senior RCF from prior ranking will benefit
recovery prospects, in its view.

-- In S&P's hypothetical default scenario, it assumes slowing
demand for auto parts in aftermarkets, coupled with operational
setbacks, inventory inefficiency, and overhead cost inflation.

-- S&P values the company as a going concern due to its leading
position as an aftermarket distributor in France, its key market.

Simulated default assumptions

-- Year of default: 2028

-- Jurisdiction: France

Simplified waterfall

-- Emergence EBITDA: EUR154 million

-- Maintenance capital expenditure: 2% of group revenue

-- Cyclicality adjustment: 5% for the industry subsegment

-- Operational adjustment: 15%, incorporating the less cyclical
nature of PHE's operations

-- Implied enterprise value multiple: 5.5x in line with the
industry.

-- Gross recovery value: EUR849 million

-- Net recovery value for waterfall after 5% administrative
expenses (5%): EUR806 million

-- Priority claims: EUR198 million

-- Estimated secured debt claims: EUR1,165 million

-- Recovery expectations: 50%-70% (rounded estimate: 50%)

-- Recovery rating: 3

All debt amounts include six months of prepetition interest. RCF is
assumed to be 85% drawn at default, and factoring facilities 50%.



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AURIUM CLO I: Moody's Affirms B3 Rating on EUR12MM Cl. F-R Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Aurium CLO I Designated Activity Company:

EUR41,000,000 Class B-R Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Oct 17, 2022 Affirmed Aa2
(sf)

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Oct 17, 2022
Affirmed A2 (sf)

EUR26,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa2 (sf); previously on Oct 17, 2022
Affirmed Baa3 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR249,000,000 Class A-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Oct 17, 2022 Affirmed Aaa
(sf)

EUR22,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Oct 17, 2022
Affirmed Ba2 (sf)

EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Oct 17, 2022
Downgraded to B3 (sf)

Aurium CLO I Designated Activity Company, issued in March 2015,
refinanced in May 2017 and September 2019 is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Spire
Management Limited. The transaction's reinvestment period will end
in March 2024.

RATINGS RATIONALE

The rating upgrades on the Class B-R, C-R and D-R are primarily a
result of the benefit of the shorter period of time remaining
before the end of the reinvestment period in March 2024.

The affirmations on the ratings on the Class A-R, E-R and F-R notes
are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher spread levels than it had assumed at the last rating review
in August 2023.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR395.6m

Defaulted Securities: EUR5.1m

Diversity Score: 57

Weighted Average Rating Factor (WARF): 2741

Weighted Average Life (WAL): 3.92 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.92%

Weighted Average Coupon (WAC): 4.47%

Weighted Average Recovery Rate (WARR): 43.80%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
concluded the ratings of the notes are not constrained by these
risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: Once reaching the end of the
reinvestment period in January 2024, the main source of uncertainty
in this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


GEDESCO TRADE 2020-1: Moody's Cuts EUR15MM B Notes Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded one class of notes and
placed on review for downgrade the ratings of five classes of notes
issued by Gedesco Trade Receivables 2020-1 Designated Activity
Company. The rating actions reflect the continued underperformance
of the portfolio as well as the probable termination of the
Servicing Agreement provided by Gedesco Services Spain, S.A.U.
("the Servicer").

EUR225M Class A Notes, Ba3 (sf) Placed Under Review for Possible
Downgrade; previously on Jul 13, 2023 Confirmed at Ba3 (sf)

EUR15M Class B Notes, Downgraded to Caa1 (sf) and Placed Under
Review for Possible Downgrade; previously on Jul 13, 2023 Confirmed
at B3 (sf)

EUR15M Class C Notes, Caa3 (sf) Placed Under Review for Possible
Downgrade; previously on Jul 13, 2023 Confirmed at Caa3 (sf)

EUR7.5M Class D Notes, Ca (sf) Placed Under Review for Possible
Downgrade; previously on Jul 13, 2023 Affirmed Ca (sf)

EUR7.5M Class E Notes, Ca (sf) Placed Under Review for Possible
Downgrade; previously on Jul 13, 2023 Affirmed Ca (sf)

EUR15M Class F Notes, Affirmed C (sf); previously on Jul 13, 2023
Affirmed C (sf)

The transaction is a revolving cash securitisation of different
types of receivables (factoring, promissory notes and short-term
loans) originated or acquired by Gedesco Finance S.L. ("Gedesco",
NR) and Toro Finance, S.L.U. (NR) to enterprises and self-employed
individuals located in Spain. The revolving period of the
transaction ended in January 2023.

RATINGS RATIONALE

The rating actions are primarily driven by the performance
deterioration observed since the last rating action in July 2023.
The most recent cash manager report obtained in December 2023
indicates that defaults have increased to EUR72.2m in November 2023
[1] from EUR59.2m observed in July 2023 [2]. Cumulative defaults
now stands at EUR138.9m. Also the outstanding performing balance
stands at EUR21.7m, which compares to outstanding liabilities of
EUR80.7m. Finally, on January 5th, 2024, the Issuer received notice
from the Servicer stating that it is no longer in position to
perform its contractual obligations under the Transaction
Documents.

The rating affirmation of Class F notes is primarily a result of
the rating level already being at the low end of the rating scale
and not being further impacted by the current developments.

As of the last payment date of December 2023, the Class A notes has
continued to deleverage since last rating action in July 2023,
amortising to a current balance of EUR5.7m from  EUR88.4m in July
2023. Additionally, full interest payments have been made until now
of the EUR15m Class B notes. However, growing outstanding defaults
have led to the formation of a Class B PDL which is currently
standing at EUR3.6m. No payments have been made to the remaining
classes of notes. The reserve fund is fully replenished as of the
December 2023 payment date.

The rating review will also focus on updated performance data,
especially the evolution of defaults and recoveries, as well as the
smooth transition of the Servicing Agreement to Copernicus
Servicing, S.L., the current back-up servicer. Moody's expects to
conclude the rating review within a period of 90 days.

Counterparty Exposure

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as servicer and account bank.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "SME
Asset-Backed Securitizations methodology" published in December
2023.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral and
servicing of receivables that is better than current performance
and trends suggest.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) performance of the underlying collateral and
management of receivables that is worse than suggested by the
current status and trends.




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ILLIMITY BANK: Moody's Assigns 'Ba1' Sr. Unsecured Debt Ratings
---------------------------------------------------------------
Moody's Investors Service has assigned first-time long-term (LT)
and short-term (ST) bank deposit ratings of Baa3/Prime-3 and LT
issuer and senior unsecured debt ratings of Ba1 to illimity Bank
S.p.A. (illimity). The outlook assigned to these LT ratings is
stable.

Moody's has also assigned a Baseline Credit Assessment (BCA) and
Adjusted BCA of ba3, a subordinated debt rating of B1, LT and ST
Counterparty Risk (CR) Assessments of Baa3(cr)/Prime-3(cr), LT and
ST Counterparty Risk Ratings (CRR) of Baa3/Prime-3.

RATINGS RATIONALE

illimity is a publicly listed bank incorporated in Italy since 2018
totaling EUR6.8 billion of assets as of September 2023.

The bank's business model consists of (i) providing financing and
services to Italian small and medium-sized enterprises (SMEs) and
(ii) purchasing corporate's non performing loans (NPL) in Italy.

illimity primarily targets medium-sized companies for which it can
offer a wide array of financial services including factoring,
capital market solutions and other investment banking services.

The bank has rapidly become one of the most active players in the
NPL secondary market benefiting from the Italian banking industry's
disposal of large amount of problem loans. This activity, which is
currently critical to the bank's performance, is likely to be cut
back over time in sync with the downsizing of the Italian NPL
secondary market.

illimity's LT Baa3 deposit ratings, LT Ba1 issuer and senior
unsecured debt ratings and B1 subordinated debt rating are derived
from the bank's ba3 BCA, the outcome of Moody's Advanced Loss Given
Failure (LGF) analysis and low probability of government support.

RATIONALE FOR BCA

illimity's BCA of ba3 reflects the bank's still developing
franchise and its business concentration in commercial banking
towards SMEs, which amounted to 46% of its assets as of September
2023. The bank's BCA also reflects the high operational risks
related to the acquisition and collection of Italian NPLs, which
represented 16% of its assets and close to half of the profit
before tax at the same date. This makes illimity's loan book and
other SME exposures sensitive to the economic cycles despite the
significant use of high state guarantees on originated loans.

The BCA also captures illimity's sound capital buffers and good
profitability driven by assets with a high risk-return amid
improved operating conditions in Italy. The relatively good
liquidity of the bank is mitigated by its high reliance on online
retail deposits that are presumed to be unstable and which do not
fully match long maturities on some SME financing and duration of
NPL collection. Thus, Moody's expects the bank to further issue LT
bonds to finance its commercial expansion.

The ba3 BCA also incorporates a one notch negative adjustment to
reflect the need for the bank to tweak its business model and LT
strategy in particular its NPL activity. Moreover, illimity is
exposed to a key-person risk given the prominent role played by its
CEO in consolidating and developing the bank's still limited
franchise.

ESG CONSIDERATIONS

The assigned ratings also incorporate illimity's environmental,
social and governance (ESG) considerations. illimity's ratings take
into consideration Moody's assessment of its exposure to governance
risks, which is reflected in a Governance Issuer Profile Score
(IPS) of G-4. This assessment is underpinned by the bank's limited
track record after five years of existence and the key-man risk
which are mitigated by illimity's experienced management team and
the high number of independent board members.

RATIONALE FOR LT DEPOSIT RATINGS

The Baa3 LT deposit ratings assigned to illimity also reflect the
extremely low loss given failure resulting in three notches of
uplift above the Adjusted BCA, according to Moody's Advanced LGF
analysis, and a low probability of government support owing to the
small size of the bank. Hence, this drives no further uplift.

RATIONALE FOR LT ISSUER AND SENIOR UNSECURED DEBT RATINGS

The Ba1 LT issuer and senior unsecured debt ratings assigned to
illimity reflect the very low loss given failure resulting in two
notches of uplift above the Adjusted BCA, according to Moody's
Advanced LGF analysis, and no further uplift given a low
probability of government support owing to the small size of the
bank.

RATIONALE FOR SUBORDINATED DEBT RATING

The B1 subordinated debt rating reflects the high loss given
failure on this Tier 2 capital instrument resulting in one downward
notch from the Adjusted BCA of ba3 according to Moody's Advanced
LGF analysis.

RATING OUTLOOK

The outlook on illimty's LT deposits, LT issuer and senior
unsecured debt ratings is stable. Moody's expects the bank to
broadly maintain its asset quality, a sound capitalization
supported by retained profits and a relatively good liquidity
despite its expected commercial expansion.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

illimity's debt ratings could be upgraded if the bank were to
improve its fundamentals above Moody's expectations, which would
prompt an upgrade of its ba3 BCA and Adjusted BCA. The bank's BCA
could be upgraded if, for example, its asset risk were to decrease
and the average maturity of its deposits were lengthened.

However, the negative adjustment for corporate behavior is unlikely
to be withdrawn in the foreseeable future given the recent creation
of the bank, and the prominent role of the CEO.

illimity's LT issuer and senior unsecured debt ratings may also
benefit from a one-notch additional uplift from Moody's Advanced
LGF analysis if the bank were to issue significantly more
subordinated debt.

Conversely, a downgrade of illimity's BCA and Adjusted BCA would
likely lead to a downgrade of the bank's debt ratings. The bank's
BCA and Adjusted BCA could be downgraded if a significant
deterioration were to occur in its asset risk profile. This would
involve lower recovery values in its NPL book or losses stemming
from its SME exposures, which could eventually weaken its capital
position. A downgrade could also occur if the bank's funding and
liquidity were experiencing stress.

illimity's LT deposit, LT issuer ratings and senior unsecured debt
ratings could also be downgraded if the amount of its subordinated
and senior unsecured debt were to reduce, increasing the loss given
failure for bondholders and junior depositors.




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L U X E M B O U R G
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COVIS FINCO: S&P Cuts ICR to 'SD' on Agreed Debt Restructuring
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Covis Finco S.a.r.l. to 'SD' (selective default) from 'CCC-'. S&P
lowered to 'D' (default) from 'CCC-' its issue-level rating on its
$683 million outstanding first-lien term loan and to 'D' from
'CCC+' its $64 million super senior loan. Both loans are due in
2027.

S&P said, "We consequently withdrew our issuer credit rating and
the issue-level ratings on Covis Finco S.a.r.l. at the company's
request.

"Covis Finco, the holding company of Covis Pharma, has commenced a
debt restructuring process with its lenders. Although we understand
that the process is ongoing, we view the restructuring measures
already agreed with the lenders as distressed and tantamount to a
default because we think they result in lenders receiving less than
the original promise. Our rating methodology interprets any change
in the initial economic terms of a debt instrument as consistent
with a 'D' rating when no adequate compensation is provided.

"Subsequently, we withdrew all our ratings on Covis Finco S.a.r.l.
at the company's request."


SK NEPTUNE: Moody's Rates New $70MM Sr. Secured Term Loan B 'Caa2'
------------------------------------------------------------------
Moody's Investors Service has assigned a Caa2 rating to the $70
million backed senior secured term loan B (the facility) raised by
SK Neptune Husky Finance S.a r.l. and co-borrowed by Heubach
Holdings USA LLC, which matures on April 30, 2024. The rating on
the new backed senior secured term loan B is in line with SK
Neptune Husky Intermediate IV S.a r.l.'s (Heubach or the company)
long term corporate family rating (CFR) which is unaffected at
Caa2.

The proceeds from the new backed senior secured term loan B will be
used to alleviate immediate liquidity concerns. The facility
matures on April 30, 2024, with the option for three one-month
extensions with certain lenders' approvals.

RATINGS RATIONALE

Heubach's Caa2 CFR reflects the company's very weak operating
performance. Currently, the agency considers there is limited
visibility for a meaningful earnings recovery in 2024 and expects
the company will remain Moody's adjusted free cash flow negative in
the next twelve to eighteen months.

Heubach is very highly leveraged and interest costs have increased.
The company's weak liquidity position and the lack of visibility
for an EBITDA recovery for 2024 increase the likelihood that
Heubach will be unable to meet its interest payments and other
basic cash obligations in the next twelve months. Moody's therefore
considers the capital structure will remain unsustainable, despite
the additional short-term backed senior secured term loan B and the
long-dated maturity of its original debt.

LIQUIDITY ANALYSIS

The company's liquidity position is weak. As of the beginning of
December 2023, the company reported a cash balance of EUR30
million, of which around EUR10 million is held in geographical
regions that cannot be accessed for central funding purposes. The
company reported availability under SK Neptune Husky Finance S.a
r.l.'s $125 million backed senior secured revolving credit facility
(RCF) of $77.8 million at the end of September 2023. The RCF
contains a springing covenant, tested two months after quarter-end,
if drawings reach 35%. The testing condition requires the company's
net leverage ratio (which includes significant EBITDA addbacks) to
be no more than 6.3x. Moody's expects the company may need to seek
covenant relief following the last quarter of 2023. There are no
significant maturities until 2027 except for the facility issued by
SK Neptune Husky Finance S.a r.l. maturing in 2024.

STRUCTURAL CONSIDERATIONS

SK Neptune Husky Finance S.a r.l.'s backed senior secured term loan
B is rated Caa2 in line with Heubach's CFR. The facility has been
provided by certain existing lenders and ranks pari passu with the
company's RCF and backed senior secured term loan B on all secured
assets and guarantees by subsidiaries of the group under the
existing credit agreement. The facility will rank on a first lien
basis on certain previously unencumbered property (the new
security) of the company. The existing facility lenders will rank
with a second priority on the new security but pari passu on the
existing security. The new security comprises assets in Japan,
Brazil, Mexico, Germany and India. As such the additional security
is not considered sufficient by Moody's to differentiate the
ratings of the various debt classes.

RATING OUTLOOK

The negative outlook reflects the company's weak liquidity position
and the likelihood the company will need to raise additional
liquidity to meet its basic cash obligations (which include
interest costs) in 2024 and the heightened risk of default.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Positive pressure on the rating is unlikely to develop given the
company's weak liquidity position and unsustainable capital
structure.

The rating could be downgraded if the company fails to refinance
the facility which is required to meet its basic cash obligations
in 2024, or the risk of default increases with an expectation of
greater loss to debt holders.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Chemicals
published in October 2023.

COMPANY PROFILE

Heubach emerged from the combination of the German-based pigments
business company Heubach GmbH and the pigments business of Clariant
AG (Ba1 positive). The company is now owned 50.1% by the US private
equity sponsors SK Capital Partners, 29.9% owned by Heubach GmbH,
and 20% by Clariant AG. Heubach produces a variety of organic and
inorganic pigments and pigment preparations in 19 facilities across
Europe, the Americas, Asia, and Africa.




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EDML BV 2019-1: Moody's Hikes Rating on EUR4.375MM Notes From Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings of
Notes in EDML 2019-1 B.V. and Phedina Hypotheken 2010 B.V., Dutch
RMBS transactions. The upgrades reflect increased level of credit
enhancement for the affected Notes and better than expected pool
performances.

Issuer: EDML 2019-1 B.V.

EUR315M Class A Notes, Affirmed Aaa (sf); previously on Dec 13,
2019 Definitive Rating Assigned Aaa (sf)

EUR8.75M Class B Notes, Upgraded to Aa1 (sf); previously on Dec
13, 2019 Definitive Rating Assigned Aa2 (sf)

EUR7M Class C Notes, Upgraded to Aa2 (sf); previously on Dec 13,
2019 Definitive Rating Assigned A1 (sf)

EUR7M Class D Notes, Upgraded to A3 (sf); previously on Dec 13,
2019 Definitive Rating Assigned Baa1 (sf)

EUR4.375M Class E Notes, Upgraded to Baa3 (sf); previously on Dec
13, 2019 Definitive Rating Assigned Ba1 (sf)

Issuer: Phedina Hypotheken 2010 B.V.

EUR4600M Class A Notes, Affirmed Aaa (sf); previously on May 13,
2016 Affirmed Aaa (sf)

EUR400M Class B Notes, Upgraded to Aaa (sf); previously on May 13,
2016 Upgraded to Aa1 (sf)

RATINGS RATIONALE

The upgrades of the ratings of the Notes are prompted by an
increase in credit enhancement for the affected tranches and better
than expected pool performances.

Increase in Available Credit Enhancement:

Sequential amortization and the non-amortising reserve funds led to
the increase in the credit enhancement available in the
transactions. For instance, the credit enhancement for the most
senior tranches affected by the rating actions in EDML 2019-1 B.V.
and Phedina Hypotheken 2010 B.V. increased to 13.01% and 36.04%
from 10.35% and 11.59% respectively, since the last rating action
for each transaction.

Revision of Key Collateral Assumptions:

As part of the rating actions, Moody's reassessed its lifetime loss
expectations for the portfolios reflecting the collateral
performances to date.

The performances of the transactions have been stable. Total
delinquencies have remained low in the past year, with 60 days plus
arrears of EDML 2019-1 B.V. and Phedina Hypotheken 2010 B.V.
currently at 0.13% and 0.11% of current pool balance respectively.
Cumulative losses of EDML 2019-1 B.V. and Phedina Hypotheken 2010
B.V. are 0% and 0.09% respectively as a percentage of the original
pool balances.

Moody's decreased the expected loss assumptions of EDML 2019-1 B.V.
and Phedina Hypotheken 2010 B.V. to 1.00% and 0.25% as a percentage
of original pool balance from 1.30% and 0.50% respectively, due to
the stable performance. The revised expected loss assumptions of
EDML 2019-1 B.V. and Phedina Hypotheken 2010 B.V. correspond to
1.26% and 0.75% as a percentage of the current pool balance.

Moody's has also reassessed loan-by-loan information as a part of
its detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's decreased the MILAN CE assumptions of
EDML 2019-1 B.V. and Phedina Hypotheken 2010 B.V. to 8.0% and 4.0%
from 11.0% and 5.0% respectively.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
October 2023.

The analysis undertaken by Moody's at the initial assignment of
ratings for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in the Notes'
available credit enhancement; and (iii) improvements in the credit
quality of the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the Notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.




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

XALQ BANK: S&P Affirms 'B/B' ICRs, Outlook Negative
---------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term issuer
credit ratings on Xalq Bank. S&P removed the long-term issuer
credit rating from CreditWatch, where it was placed with negative
implications on July 17, 2023. The outlook is negative.

S&P said, "We consider that Xalq Bank's profitability and
capitalization will remain under significant pressure over the next
12 months due to its asset quality, which is still substantially
weaker than that of peers, and the only gradual clean-up of its
legacy problem loans. We believe Xalq Bank's management faces a
prolonged period of restructuring of its business and needs to
increase new lending while allocating substantial resources to
reduce the legacy problem portfolio. Problem loans, which are
defined as stage 3 loans under international financial reporting
standards (IFRS), accounted for more than a quarter of total loans
as of year-end 2022 and remained at similar levels as of Sept. 30,
2023. In our view, a substantial reduction in legacy problem loans
will take time, meaning the bank's profitability and capital will
remain under pressure over the next two years. We therefore revised
downward Xalq Bank's stand-alone credit profile (SACP) to 'b-' from
'b'. Considering an expected new capital injection from the
government in 2024, we forecast that Xalq Bank's projected
risk-adjusted capital (RAC) will improve and remain sustainably
within a 7%-10% range over the next 12 months, from 5.9% as of
year-end 2022.

"Our base-case expectation is that Xalq Bank will receive capital
support from the government in 2024, which will support its
capitalization. We believe the bank will continue its efforts to
reduce its legacy problem portfolio, increase new lending, and
perform its important function of distributing pensions and social
benefits. However, timely and sufficient extraordinary capital
support from the government will be essential for supporting the
bank's capital buffers and creditworthiness. Since Xalq Bank
remains the only agent of pension and social benefits distribution
in Uzbekistan, we think the bank will likely receive government
support in 2024, as has happened before. We continue to consider
the bank a government-related entity (GRE) with a moderately high
likelihood of receiving timely and sufficient government support if
necessary. We now incorporate one additional notch above the bank's
SACP in our long-term issuer credit rating on Xalq Bank to reflect
the potential extraordinary government support."

Due to the management's efforts, Xalq Bank has gained new healthy
business and reported positive financial results for the first
three quarters of 2023. The bank increased its retail loans to
about 30% of its total loan book as of Sept. 30, 2023. This,
together with ongoing legacy portfolio recovery efforts, resulted
in Xalq Bank reporting a positive financial result of Uzbekistani
sum (USZ) 295.7 billion ($24.5 million) for the first three
quarters of 2023, after three consecutive years of losses. S&P
expects the bank will continue this positive trend in 2024.

S&P said, "The negative outlook reflects our expectation that the
bank's asset quality and financial performance will remain under
significant pressure over the next 12 months and that capital
support from the government will be critical to support the bank's
adequate capitalization.

"We could lower the ratings over the next 12 months if, contrary to
our expectations, the bank's capital position deteriorates
significantly, for example due to delayed or less-than-expected
capital support from the government. This could lead us to lower
our view of the probability of extraordinary government support. We
could also lower the ratings if we anticipate that the bank's
liquidity and funding profile deteriorates materially in the
absence of sufficient and timely government support.

"We could revise the outlook to stable over the next 12 months if
the management makes significant progress on the bank's
restructuring efforts by materially reducing nonperforming loans
such that the proportion is closer to the system average, the
bank's risk management strengthens, and the bank maintains its
adequate capital position."




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

BBVA CONSUMO 12: Moody's Affirms B1 Rating on EUR150MM Cl. B Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the Class A
Notes in BBVA CONSUMO 12, FT. The rating action reflects the
increased levels of credit enhancement and better than expected
collateral performance for the affected Notes.

Moody's affirmed the rating of the Class B Notes that had
sufficient credit enhancement to maintain their current rating.

EUR2850 million Class A Notes, Upgraded to Aa2 (sf); previously on
Mar 16, 2023 Definitive Rating Assigned Aa3 (sf)

EUR150 million Class B Notes, Affirmed B1 (sf); previously on Mar
16, 2023 Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranche and decreased key collateral assumption,
namely the default probability assumption, due to better than
expected collateral performance.

Increase in Available Credit Enhancement:

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, the credit enhancement for the Class A Notes
increased to 12.15% from 10% since closing.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability assumption for the portfolio reflecting the collateral
performance to date.

The performance of the transaction has continued to improve since
closing. Total delinquencies have increased since closing, but are
still at a very low value with 90 days plus arrears currently
standing at 0.23% of current pool balance. Cumulative defaults
currently stand at 0.30% of original pool balance.

The current default probability assumption is 4.5% of the current
portfolio balance, which translates into a decrease of the default
probability assumption on original balance to 4.0% from 4.5%.
Moody's maintained the assumption for the fixed recovery rate at
15% and the portfolio credit enhancement at 17%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties, and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the Notes' available credit enhancement, and
(4) deterioration in the credit quality of the transaction
counterparties.


BERING III SARL: Moody's Ups CFR to Caa1 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has upgraded the long term corporate
family rating of Bering III S.a r.l. ("Bering" or "Iberconsa") to
Caa1 from Caa2 and its probability of default rating to Caa1-PD/LD
from Caa3-PD. Bering is the parent company of Spanish fishing
company Grupo Iberica de Congelados, S.A.U. At the same time,
Moody's appended the PDR with the "/LD" (limited default)
designation. Concurrently, Moody's has assigned Caa1 ratings to the
EUR291.82 million senior secured first lien term loan B (B1 & B2)
facility due in November 2027 and to the EUR50.62 million senior
secured revolving credit facility (RCF) due in May 2027 raised by
Bering. The Caa2 ratings of the existing senior secured first lien
term loan B and senior secured revolving credit facility legacy
instruments have been withdrawn. The outlook has been changed to
stable from negative.

"The rating action follows the company's recent closure of an amend
and extend offer on its existing senior secured bank credit
facilities, which remove the refinancing risk by extending the
maturity of its debt from 2024 to 2027 and included an equity
injection which supported the refinancing preventing a potential
debt impairment" says Valentino Balletta, a Moody's Analyst and
lead analyst for Iberconsa.

Governance considerations were a key driver of the rating actions,
as the EUR72 million equity contribution by the company's
shareholders agreed as part of the amend and extend transaction
helped to remove the refinancing risk of the RCF and term loan B
and allowed Iberconsa 's leverage to significantly improve.

RATINGS RATIONALE

The upgrade of the CFR to Caa1 from Caa2 and of the PDR by two
notches to Caa1-PD/LD from Caa3-PD reflects the company's recent
closure of an amend and extend transaction on its existing credit
facilities. This resolved the near-term refinancing risk because
the original maturities of the RCF and senior secured first lien
term loan B (TLB) in 2024 were extended by three years. The amend
and extend transaction, which closed in December 2023, alleviates
concerns about the company's liquidity profile and was supported by
a EUR72 million equity injection by the shareholders, led by the
sponsor, Platinum. The proceeds of this were used mostly to pay
down debt, including a EUR25 million repayment of the senior
secured first lien term loan B, and around EUR25 million repayment
of the RCF, whose commitment was reduced to EUR50.62 (from EUR75
million) because part of it was switched to a TLB commitment.

Moody's has appended a limited default designation ("/LD") to
Iberconsa's Caa1-PD probability of default rating as a result of
the amend and extend transaction, which Moody's considers to be a
distressed exchange and tantamount to a default under the rating
agency's definition. The rating agency will remove the LD
designation from the company's PDR after three business days.

The rating upgrade takes into account the improvement in credit
metrics following the reduction in outstanding debt, and
expectations that Iberconsa's capital structure will be more
sustainable. In addition, Iberconsa has demonstrated a resilient
operating performance in 2023, despite a difficult operating
environment. Moody's forecasts that under the new capital
structure, the company's Moody's-adjusted debt/EBITDA will improve
to around 7.0x for FY2023 from 7.6x in 2022, owing both to a
decline in gross leverage amount and better than expected operating
performance. This is supported by a softening in costs inflation,
implementation of price increase and a good diversification between
channel, products and markets. However, the macro operating
environment remains complex with soft demand in most European
markets, while geopolitical uncertainty keeps adding pressure to
certain costs.

Despite this, Moody's expects the company's operating performance
to remain resilient in the next 12 to 18 months supported by a
further normalizing in input costs, improved efficiency and better
product mix as the company shifts toward selling value-added
products through the retail channel. In addition, Iberconsa should
continue benefiting from the positive dynamics of the wild catch
industry and the stability of hake and illex squid demand,
supported by its staple nature, price affordability, and lack of
aquaculture substitutes. As a result, the rating agency expects the
company's Moody's adjusted leverage to further reduce to 6.3x in
FY2024 while EBITA/Interest will reach 1.0x.

The rating agency expects that the company's free cash flow (FCF)
generation in the next 12 to 18 months, will be neutral-to-slightly
positive, backed by some improvement in profitability, but also
supported by reduction in capital spending mainly associated with
the replacement of the company's fleet with new and more efficient
vessels. This will be mostly absorbed by some committed debt
repayment.

Moody's believes that governance was a key rating driver in the
rating action. The equity contribution by the company's
shareholders agreed as part of the amend and extend supported the
refinancing, preventing a potential debt impairment.

The Caa1 CFR, also reflects the company's large exposure to assets
and operating facilities located in Argentina, where it sources
around 70% of its catches, and Moody's view that the
creditworthiness of the company cannot be completely de-linked from
the credit quality of the Argentine government (long-term issuer
rating of Ca, local currency and foreign currency country ceilings
of Caa1 and Caa3 respectively). Although the company has so far
been relatively immune to the increasingly difficult economic
environment in Argentina, it remains exposed to the risk of adverse
changes in the operating environment stemming from governmental
decisions, that can create a drag on the credit profile of
companies operating within its borders. The current Caa1 CFR rating
recognises nonetheless that Iberconsa has basically no local debt
in Argentina nor is any debt obligation subject to local law, is
incorporated in Luxembourg, and sells its products and collects the
related proceeds in hard currencies outside the country.

The Caa1 CFR continues to be supported by Iberconsa's (1) well
established fishing operations in the Southern Hemisphere, with
leading market shares and an integrated production process; (2) a
sizeable fleet of owned vessels and in vessel processing capability
that help to maintain high margins; (3) the regulatory protections
provided by the current licence and quota systems; (4) supportive
long term demand fundamentals and limited threat from aquaculture,
though reducing disposable incomes leads to shifting consumer
spending patterns.

The rating is constrained by Iberconsa's (1) modest size, limited
geographical diversification and exposure to emerging markets,
especially assets and operations located in Argentina; (2) volatile
operating performance because of its inherent exposure to a number
of factors beyond management's control, such as fish availability,
weather conditions and foreign currency; (3) the operating risks of
high sea fishing; and (4) highly leveraged capital structure.

LIQUIDITY

Iberconsa's liquidity profile is adequate. Pro forma for the
transaction, Moody's expects the company to have around EUR40
million of cash on balance sheet at year-end 2023 and around EUR30
million of availability under its EUR50.62 million RCF due in May
2027 (the RCF commitments reduced to EUR50.62 million following the
closing of amend and extend transaction). These liquidity sources
in combination with neutral or slightly positive free cash flow
generation, should be sufficient to cover forecasted capital
expenditure, scheduled debt amortizations and swings in working
capital over the next 12-18 months.

Iberconsa's RCF contains a springing covenant, which requires the
consolidated first-lien net leverage ratio not to exceed 5.25x
(4.8x as of September 2023), tested only when drawings under the
RCF less cash exceed 35% of the total RCF. Moody's expects the
company to maintain sufficient capacity under this covenant.

STRUCTURAL CONSIDERATION

The Caa1 ratings of Iberconsa's EUR291.82 million senior secured
first lien term loan B (B1 & B2) due in November 2027 and EUR50.62
million senior secured RCF due in May 2027 are in line with the
CFR, reflecting the fact that these facilities represent most of
the group's debt and that the two instruments rank pari passu and
share the same guarantee and security package.

The Caa1-PD probability of default rating of Iberconsa reflects
Moody's assumption of a 50% family recovery rate, given the weak
security package and the limited set of financial covenants,
comprising only a springing covenant on the RCF. Also, the rating
agency notes that a large portion of the company's vessels are
unencumbered, which strengthens the potential recovery rate for
senior creditors.

Iberconsa's capital structure also includes a EUR50 million
subordinated vendor loan, which is borrowed by an entity outside of
the restricted group but the cash interest on which is effectively
paid from within the restricted group.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company's
earnings will remain resilient and it will maintain credit metrics
that will be positioned reasonably well for a Caa1 rating. The
stable outlook assumes that Iberconsa will maintain adequate
liquidity over the next 12 to 18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The current country ceilings of Argentina limits upside potential
on the rating. However, positive rating pressure could materialise
in case of (1) a long track record of stable operating margins and
proven ability to weather potential market price volatility; (2) a
Moody's adjusted debt to EBITDA remaining below 6.0x on a
sustainable basis in combination with an EBITA/interest well above
1.0x; and (3) sustained free cash flow generation together with an
improved liquidity profile, including more flexibility under
financial covenants.

The rating could be downgraded if (1) the Argentinian government
takes measures detrimental to Iberconsa's operating environment;
(2) the company's operating performance deteriorate beyond Moody's
expectations; (3) the company implements a more aggressive
financial policy that leads to a permanent deterioration in its
credit metrics; or (4) its liquidity profile weakens due to
negative FCF or decreasing covenant headroom.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.

COMPANY PROFILE

Bering III S.a r.l., is the holding company of Grupo Iberica de
Congelados, S.A.U., a vertically integrated company incorporated in
Spain, whose main activity is to catch, process and distribute
frozen hake, shrimp and illex squid. The company catches fish in
Argentina, Namibia and South Africa; freezes and processes its
catch directly on its vessels or at facilities in Argentina, Spain
and Namibia; and distributes its products mainly across Europe,
particularly in Spain, Italy, and Portugal, and across Asia, mainly
in China and Japan. In the last twelve months as of September 2023,
the company generated revenue of EUR481 million and
management-adjusted EBITDA of EUR67 million.




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

CAPLOR ENERGY: Goes Into Administration, 31 Jobs Affected
---------------------------------------------------------
Paul Rogers at Hereford Times reports that a well-established
Herefordshire company has entered administration.

Caplor Energy is a Fownhope-based renewable energy specialist that
has been trading since 1923.  But documents submitted on Companies
House say it has gone into administration, Hereford Times notes.

Begbies Traynor Group, which, according to its website, handles the
largest number of corporate insolvency and restructuring
appointments in the UK, has been appointed as the administrator,
Hereford Times relates.

Caplor Energy's registered office address has therefore changed
from Caplor Farm to 8th Floor, Temple Row, Birmingham, one of the
administrator's offices.

Begbies Traynor confirmed that the company has ceased trading, with
the loss of 31 jobs, and Mark Malone and Gareth Prince have been
appointed joint administrators, Hereford Times discloses.

According to Hereford Times, Mr. Malone said: "This family
business, which pioneered in the energy sector since 2001, traded
successfully for many years, installing renewable energy solutions
for domestic and commercial customers across the UK.  Regrettably,
a recent period of rapid growth has led to substantial trading
losses and cash pressures.   

"Unfortunately, the directors were unable to secure additional
funding or investment and after an unsuccessful attempt to sell the
business the directors made the difficult decision to cease trading
at the beginning of 2024."

The administrators are now helping affected employees process their
claims and are working to realise assets and maximise recoveries
for the benefit of all creditors, as well as exploring options to
mitigate the impact on any adversely impacted customer, Hereford
Times notes.


FORMAPLEX: Enters Administration, 500 Jobs at Risk
--------------------------------------------------
Maya George at Daily Echo reports that Formaplex, a Hampshire
business, has gone into administration, putting 500 jobs at risk.

Formaplex, which has four manufacturing sites across Hampshire,
appointed administrator on Jan. 16, Daily Echo relates.

Around 500 employees of the Portsmouth company, which supplies
lightweight component solutions to the global automotive,
motorsport, aerospace, medical and defence markets, face losing
their jobs, Daily Echo states.

Sarah Collins and Mark Firmin of professional services firm Alvarez
& Marsal Europe LLP were appointed as joint administrators, Daily
Echo discloses.

According to Daily Echo, a spokesperson said: "Every effort is
being made to save the business and as many jobs as possible.
Formaplex's employees have been sent home to enable a full
stocktake to be carried out.

"Active discussions with the company's customers have begun, with a
view to securing funding for the continued trading of the business
whilst a buyer is sought over the coming weeks.

This is the second time the company has entered administration,
Daily Echo notes.


FOSTERS ROOMS: Goes Into Administration
---------------------------------------
Business Sale reports that Fosters Rooms Limited, an event catering
business based in Bristol, fell into administration on Jan. 5, with
James Hawksworth and Terence Jackson of RSM Restructuring Advisory
appointed as joint administrators.

In the company's accounts for the year to June 30 2022, its fixed
assets were valued at slightly under GBP960,000 and current assets
at just over GBP700,000, Business Sale discloses.  However, the
company's significant debts at the time left it with net
liabilities of close to GBP840,000, Business Sale notes.


GENTLEMEN BARISTAS: Goes into Administration
--------------------------------------------
Business Sale reports that The Gentlemen Baristas Limited, a coffee
roaster and cafe operator, fell into administration on Jan. 5, with
the appointment of Farheen Qureshi of Parker Getty as
administrator.

The company was founded in 2014 and, following significant growth,
has expanded to 11 locations by 2022, across a mix of
brick-and-mortar sites and outlets in office properties.

However, since then, the group has downsized significantly and now
comprises just four coffee houses, including its flagship location
in Piccadilly, as well as its roastery in Maryland Stratford,
Business Sale relates.

In its accounts for the year ending December 31 2021, its fixed
assets were valued at slightly over GBP1 million and current assets
at around GBP472,000, Business Sale discloses.  However, at the
time, its total liabilities stood at just under GBP34,000, Business
Sale states.


NORTH BREWING: Set to Go Into Administration
--------------------------------------------
Sarah Neish at the drinks business reports that North Brewing
Company, a Leeds brewer and bar operator, has filed a Notice of
Intention to appoint an administrator despite doubling its brewing
capacity in recent years.

According to the drinks business, North Brewing Company has moved
to appoint Atle Crowe-Maxwell as administrator as it attempts to
navigate through financial difficulties.

In March 2022, North owed GBP2.7 million to creditors following its
relocation in 2020 to a bigger site, and opening its Tap Room,
which has room for 500 customers, the drinks business discloses.

The brewer was also dealt a blow in 2022 when Event Genius, the
company that was meant to be providing tickets for North's first
beer festival, went into administration, leaving North "completely
shocked" and "blindsided" and out of pocket to the tune of
GBP25,000, the drinks business relates.

The brewer set up a Crowdfunding plea, raising GBP8,000 in the
first 12 hours, and vowed the festival would still go ahead, the
drinks business notes.

Things seemed to be looking up for the company when in April 2023
it was able to secure GBP375,000 in funding from Bibby Financial
Services (BFS) to expand its business internationally, the drinks
business recounts.

According to the drinks business, speaking to the drinks business
at the time, North Brewing Co co-founder John Gyngell said: "The
support gives us the breathing space to concentrate on what we're
best at, plan ahead for business growth over the next few years and
have more time to enjoy the day job, which we absolutely love . . .
within the next three months we're launching in the US."

However, he admitted that, "as a business owner, cashflow is a
daily concern, especially over the past 12 months" and said that it
has been "a really tough year for the brewing industry."


ORANGE MOUNTAIN: Enters Administration, Ceases Trading
------------------------------------------------------
Business Sale reports that two West Yorkshire mountain bike
manufacturers connected by common directorship and ownership have
fallen into administration.

According to Business Sale, Orange Mountain Bikes Ltd and P
Bairstow Ltd, based in Halifax, have ceased trading, but
administrators are hopeful of selling the business and assets.

The companies fell into administration on January 10 2024, with BDO
restructuring partners Mark Thornton and Kerry Bailey appointed as
joint administrators, Business Sale relates.  The businesses, which
employ 44 staff between them, were impacted by COVID-19
restrictions, which caused disruption throughout the industry
during 2021 and 2022, along with increasing costs and
sector-specific challenges, Business Sale discloses.

As a result of these headwinds, the businesses saw a detrimental
impact on their cashflow and financial position, Business Sale
states.  They were unable to resolve these issues, leading to the
appointment of administrators, Business Sale notes.  While they
will not be trading while in administration, the joint
administrators have said that they are hopeful that a sale will be
concluded shortly for the bike manufacturing operations and certain
assets of P Bairstow and for Orange Mountain Bikes' business and
certain assets, preserving as many jobs as possible, Business Sale,
Business Sale relays.

P Bairstow Ltd manufactures high end mountain bike frames for
Orange Bikes' bike manufacturing operations and also provides
precision engineering services to third parties.  In the company's
accounts for the year ending October 31, 2022, its fixed assets
were valued at slightly over GBP1 million and current assets at
around GBP1.2 million, with net assets standing at GBP169,835.

Orange Mountain Bikes Ltd manufactures bikes which it sells to
retailers, as well as directly to customers via an online store.
In the company's account for the year ending
October 31, 2022, its total assets were valued at around GBP6.85
million, while net assets amounted to just under GBP2 million.


STEWART MILNE: North West Dev't Subsidiary Enters Administration
----------------------------------------------------------------
Housing Today reports that the last remaining subsidiary of the
Stewart Milne group has officially followed its parent company into
administration.

According to an update on Companies House on Jan. 16, BDO LLP were
appointed as administrators for Stewart Milne Homes North West
England (Developments),
Housing Today discloses.

The business was responsible for building homes in the North West
of England and had a separate funding structure from the rest of
the Stewart Milne Group, including Stewart Milne Homes North West
England Limited, which sold the homes that the development company
built.

Teneo, which is handling the administration of the rest of the
group, had said last week that a strategy for the North West
development company was "being discussed with Homes England" and
that there would be "more clarity" by the end of the week, Housing
Today notes.  

According to the firm's latest accounts, liabilities under the
category "other loans" were worth a total GBP14 million, with
GBP9.2 million falling due within less than one year, Housing Today
states.  



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2754.

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