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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

          Wednesday, February 7, 2024, Vol. 25, No. 28

                           Headlines



A U S T R I A

SIGNA HOLDING: Creditors File Criminal Complaint with WKStA


F R A N C E

CASINO GUICHARD: EUR1.43BB Bank Debt Trades at 46% Discount


G E R M A N Y

TELE COLUMBUS: EUR525.2MM Bank Debt Trades at 39% Discount


I R E L A N D

DILOSK RMBS 8: DBRS Gives Prov. CCC Rating on Class X Notes


I T A L Y

GOLDEN BAR 2023-2: DBRS Confirms B(low) Rating on Class F Notes


L U X E M B O U R G

COVIS FINCO: $395MM Bank Debt Trades at 62% Discount
COVIS FINCO: EUR309MM Bank Debt Trades at 64% Discount
EP BCO: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
SK NEPTUNE HUSKY: $610MM Bank Debt Trades at 62% Discount


N E T H E R L A N D S

BRIGHT BIDCO: Eaton Vance EFT Marks $479,000 Loan at 61% Off
COLUMBUS FINANCE: EUR350MM Bank Debt Trades at 16% Discount
SPRINT BIDCO: EUR700MM Bank Debt Trades at 40% Discount


N O R W A Y

HURTIGRUTEN GROUP: EUR655MM Bank Debt Trades at 37% Discount


U N I T E D   K I N G D O M

BABCO UK: Goes Into Administration
BRIDGETIME TRANSPORT: Goes Into Administration
READIE CONSTRUCTION: Set to Go Into Administration
TILE CHOICE: Walsall Branch Reopens Following Rescue Deal
TOGETHER ASSET 2024-2ND1: DBRS Finalizes BB(low) Rating on F Notes

TRG LIVERPOOL: Enters Administration, Owes GBP186,443

                           - - - - -


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

SIGNA HOLDING: Creditors File Criminal Complaint with WKStA
-----------------------------------------------------------
Sam Jones at The Financial Times reports that creditors of Rene
Benko's Signa have filed a criminal complaint with Austrian
anti-fraud prosecutors, calling for an urgent investigation into
the collapsed property group.

The complaint was filed with Austria's State Prosecutor for
Economic Crime and Corruption (WKStA) late last week by a Viennese
law firm on behalf of a group of international, institutional
investors who are long-term lenders to Signa, the FT relates.

Signa Development, one of the three main holding companies of the
Signa Group, engaged in "unlawful transactions" before its
insolvency filing on Dec. 29, the creditors allege in the
complaint, a copy of which has been seen by the FT.

In the 22-page submission, the creditors say they have identified
"a considerable outflow of assets of more than EUR662 million from
Signa Development to (indirect) shareholders and sister companies
and that there is no economic or operational justification for
this", the FT discloses.

Signa Development was the arm of the Signa conglomerate responsible
for developing lucrative properties and selling them quickly.  It
was also the most cash-generative part of the Signa Group.

The claim alleges a "presumably deliberate" lack of transparency
from Signa Development in the run-up to its insolvency, the FT
notes.  "No substantial information was disclosed" to creditors in
the prior months, it states, adding that a "total loss" is now
expected on the missing funds, the FT states.

According to the FT, a spokesperson for the WKStA said prosecutors
had received "several" criminal complaints relating to Signa in
recent weeks. They declined to comment on specific allegations.

The body had not yet decided whether to formally open a criminal
inquiry and was still assessing the merits of the claims, they
said, the FT relays.

The company is currently in "self-administration" -- a situation in
Austrian law where existing management may attempt to restructure a
company, with only arms-length supervision by a third-party
administrator.

The FT last month reported on two of the large transactions
creditors detailed in their complaint last week, including the
transfer of more than EUR300 million from Signa Development to two
entities connected to the family trusts of Benko, the FT recounts.

Following the FT's report, Signa Development's external
administrator, Andrea Fruhstorfer, said transactions had been "used
for Signa real estate projects" and had not occurred immediately
prior to the company's insolvency, the FT notes.

Contacted by the FT on Feb. 5, Fruhstorfer said claims about the
purpose of the payment flows had not yet been fully checked by her.
"The process will take time," she said.

Creditors have been taken by surprise by the scale of Signa's
borrowing, the FT notes.  Last week, Signa Holding revealed it had
debts of more than EUR8.6 billion -- EUR3.5 billion more than
disclosed in November, the FT relates.




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

CASINO GUICHARD: EUR1.43BB Bank Debt Trades at 46% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Casino Guichard
Perrachon SA is a borrower were trading in the secondary market
around 53.6 cents-on-the-dollar during the week ended Friday,
February 2, 2024, according to Bloomberg's Evaluated Pricing
service data.

The EUR1.43 billion facility is a Term loan that is scheduled to
mature on August 31, 2025.  The amount is fully drawn and
outstanding.

Casino Guichard-Perrachon SA operates a wide range of hypermarkets,
supermarkets, and convenience stores. The Company operates stores
in Europe and South America. The Company's country of domicile is
France.




=============
G E R M A N Y
=============

TELE COLUMBUS: EUR525.2MM Bank Debt Trades at 39% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Tele Columbus AG is
a borrower were trading in the secondary market around 60.7
cents-on-the-dollar during the week ended Friday, February 2, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR525.2 million facility is a Term loan that is scheduled to
mature on October 15, 2024.  About EUR462.5 million of the loan is
withdrawn and outstanding.

Tele Columbus AG provides cable services. The Company offers cable
television programming, telephone, and internet connection services
to homeowners and the housing industry. Tele Columbus operates
throughout Germany.




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

DILOSK RMBS 8: DBRS Gives Prov. CCC Rating on Class X Notes
-----------------------------------------------------------
DBRS Ratings GmbH assigned provisional credit ratings to the
residential mortgage-backed notes to be issued by Dilosk RMBS No. 8
(STS) DAC (the Issuer) as follows:

-- Class A notes at AAA (sf)
-- Class B notes at AA (sf)
-- Class C notes at A (high) (sf)
-- Class D notes at BBB (high) (sf)
-- Class E notes at BB (high) (sf)
-- Class F notes at B (low) (sf)
-- Class X notes at CCC (sf)

The credit rating on the Class A notes addresses the timely payment
of interest and ultimate payment of principal. The credit rating on
the Class B notes addresses the timely payment once most senior and
the ultimate payment of principal on or before the legal final
maturity date. The credit ratings on Classes C, D, E, F, and X
notes address the ultimate payment of interest and principal on or
before the legal final maturity date. Morningstar DBRS does not
rate the Class Z notes expected to be issued in this transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote, special-purpose vehicle
incorporated in the Republic of Ireland (Ireland). The Issuer will
use the proceeds of the notes to fund the purchase of prime and
performing Irish owner-occupied (OO) mortgage loans secured over
properties located in Ireland. The mortgage loans included in the
portfolio were originated by Dilosk DAC (Dilosk; the originator,
seller, and servicer) between 2017 and 2023 and includes 25% of
loans that are currently still securitized under Dilosk RMBS No. 4
DAC, which will be called in February 2024.

This is the eight securitization from Dilosk, following Dilosk RMBS
No. 7, which closed in August 2023. The provisional mortgage
portfolio consists of EUR 423 million of first-lien mortgage loans
collateralized by OO residential properties in Ireland. The
mortgage loans are all current on their payments, with a portion of
0.1% of the portfolio being up to two months in arrears. The
weighted-average (WA) seasoning of the portfolio is 1.8 years.

The mortgage loans will be serviced by BCMGlobal ASI Limited
(BCMGlobal), trading as BCMGlobal, in its role as delegated
servicer. Morningstar DBRS reviewed both the originator and
servicer via an email update in February 2023. Underwriting
guidelines are in accordance with market practices observed in
Ireland and are subject to the Central Bank of Ireland's
macroprudential mortgage regulations, which specify restrictions on
certain lending criteria.

Liquidity in the transaction is provided by the nonamortizing
general reserve fund, which the Issuer can use to pay senior costs
and interest on the rated notes but also to clear principal
deficiency ledger balances. Liquidity for the Class A notes will be
further supported by a liquidity reserve fund, fully funded at
closing and then amortizing in line with the referred class of
notes. The notes' terms and conditions allow interest payments,
other than on the Class A notes and on the Class B notes when they
are the most senior notes outstanding, to be deferred if the
available funds are insufficient.

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its "European RMBS Insight:
Irish Addendum" methodology;

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X notes according to the terms of the
transaction documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- The sovereign credit rating of AA (low) with a Stable trend on
the Republic of Ireland as of the date of this press release; and

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal Criteria for European Structured
Finance Transactions" methodology and the presence of legal
opinions that are expected to address the assignment of the assets
to the Issuer.

Morningstar DBRS' credit ratings on the rated notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated notes are the related
Interest Payment Amounts and the related Class Balances.

Morningstar DBRS' credit ratings on the rated notes also address
the credit risk associated with the increased rate of interest
applicable to each of the rated notes if the rated notes are not
redeemed on the Optional Redemption Date (as defined in and) in
accordance with the applicable transaction documents.

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an Issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




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

GOLDEN BAR 2023-2: DBRS Confirms B(low) Rating on Class F Notes
---------------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes (collectively, the Rated Notes) issued by Golden Bar
(Securitization) S.r.l. - Series 2023-2 (the Issuer):

-- Class A 2023-2 (Class A Notes) confirmed at AAA (sf)
-- Class B-2023-2 Notes (Class B Notes) upgraded to AA (low) (sf)
from A (high) (sf)
-- Class C-2023-2 Notes (Class C Notes) upgraded to A (sf) from A
(low) (sf)
-- Class D-2023-2 Notes (Class D Notes) confirmed at BBB (sf)
-- Class E-2023-2 Notes (Class E Notes) confirmed at BB (sf)
-- Class F-2023-2 Notes (Class F Notes) confirmed at B (low) (sf)

Additionally, Morningstar DBRS removed its credit ratings on the
Class B Notes, Class C Notes, Class D Notes, Class E Notes, and
Class F Notes from Under Review with Positive Implications
(UR-Pos.), where they were placed on October 13, 2023 following
Morningstar DBRS' release of an updated sovereign methodology

The credit rating on the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal by
the final maturity date in September 2043. The credit ratings on
the Class B to Class E Notes address the ultimate payment of
scheduled interest (or timely when most senior class outstanding)
and the ultimate repayment of principal by the final maturity date.
The credit rating on the Class F Notes addresses the ultimate
payment of scheduled interest and the ultimate repayment of
principal by the final maturity date.

The credit rating actions follow a review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the December 2023 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the receivables;

-- The updated sovereign methodology; and

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective credit rating
levels.

The Issuer is a special-purpose entity incorporated for the purpose
of issuing asset-backed securities. The securitization is fully
segregated from the Issuer's previous securitizations. The Issuer
has already engaged in several securitization transactions that
were also carried out in accordance with Italian securitization
law. Only the Class A to Class E Notes are collateralized and
backed by a portfolio of fixed-rate receivables related to Italian
standard auto loans and balloon auto loans granted by Santander
Consumer Bank S.p.A. (SCB) to private consumers and sole
proprietors residing in the Republic of Italy. SCB will also act as
the Servicer for the transaction. The Class F Notes are
uncollateralized and have been issued to fund the cash reserve at
closing.

PORTFOLIO PERFORMANCE

As of the December 2023 payment date, loans 0 to 30 days, 30 to 60
days, and 60 to 90 days in arrears represented 0.3%, 0.06%, and
0.03% of the outstanding portfolio balance, respectively. Gross
cumulative defaults amounted to 0.02% of the aggregate original
portfolio balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS maintained its base case PD and LGD assumptions at
2.3% and 54.0%, respectively. Because of the inclusion of a
revolving period in the transaction, Morningstar DBRS' analysis
considers potential portfolio migration based on replenishment
criteria set forth in the transaction's legal documents.

CREDIT ENHANCEMENT

Portfolio overcollateralization provides credit enhancement the
Class A to Class E Notes, which has remained unchanged since the
initial credit rating action due to the inclusion of a 15-month
revolving period expected to end in December 2024.

The transaction benefits from a fully funded nonamortizing cash
reserve equal to 1.4% of the Class A to Class E Notes' initial
balance, which the Issuer can use to pay senior expenses, swap
payments, and interest on the Class A to Class E Notes. The Class F
Notes are only redeemed through available excess spread.

The Bank of New York Mellon SA/NV - Milan Branch (BNYM) has been
appointed as the Issuer's account bank for the transaction.
Morningstar DBRS' Long-Term Senior Debt credit rating and Long-Term
Deposits credit rating on BNYM are both AA (high) with Stable
trends, which meets the relevant criteria to act in this capacity.
The transaction documents contain downgrade provisions relating to
the account bank consistent with Morningstar DBRS's legal
criteria.

Banco Santander SA (Banco Santander) has been appointed as the swap
counterparty for the transaction. Morningstar DBRS' Long Term
Critical Obligations Rating on Banco Santander is AA (low) with a
Stable trend, which meets the criteria to act in such capacity. The
hedging documents contain downgrade provisions consistent with
Morningstar DBRS' derivative criteria.

Morningstar DBRS' credit ratings on the Rated Notes addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents.

Morningstar DBRS' credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued. The Morningstar DBRS short-term debt rating scale
provides an opinion on the risk that an issuer will not meet its
short-term financial obligations in a timely manner.

Notes: All figures are in euros unless otherwise noted.




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

COVIS FINCO: $395MM Bank Debt Trades at 62% Discount
----------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 38.4
cents-on-the-dollar during the week ended Friday, February 2, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $395 million facility is a Term loan that is scheduled to
mature on February 18, 2027.  About $342.9 million of the loan is
withdrawn and outstanding.

Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management.  Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses.  Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.

COVIS FINCO: EUR309MM Bank Debt Trades at 64% Discount
------------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 36.2
cents-on-the-dollar during the week ended Friday, February 2, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR309.6 million facility is a Term loan that is scheduled to
mature on February 18, 2027.  About EUR296  million of the loan is
withdrawn and outstanding.

Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management.  Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses.  Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.


EP BCO: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on EP Bco S.A.
at 'BB-', its issue rating on its first-lien term loan and
revolving credit facility (RCF) at 'BB-', and its issue rating on
the second-lien term loan at 'B', and removed all our ratings from
under criteria observation (UCO).

S&P said, "The stable outlook reflects our expectation that EP Bco
will continue to deleverage by increasing cash flow generation
through its business growth, as well as improving its operating
performance thanks to its global terminal platform with a
diversified essential commodity exposure and customer base, growing
logistics services, and variable cost base.

"The affirmation follows the revision to our criteria for
evaluating the credit risks presented by an entity's management and
governance framework. The terms management and governance encompass
the broad range of oversight and direction conducted by an entity's
owners, board representatives, and executive managers. These
activities and practices can affect an entity's creditworthiness
and, as such, the M&G modifier is an important component of our
analysis.

"Our M&G assessment of moderately negative points to certain
management and governance weaknesses that weigh on EP Bco's
creditworthiness. We have incorporated in our ratings the company's
complex ownership structure and less transparent information
disclosure than rated peers. Partly offsetting these negative
factors from a M&G standpoint, the minority shareholders (Belgian
sovereign wealth funds PMV and FPIM; 23.3% stake each) have active
oversight and veto powers on all decisions, mitigating the risk of
negative intervention from its controlling shareholder, Cycorp
First Investment Ltd. (Cycorp).

"The highly complex group structure, including several intermediate
holding companies up to Thaumas N.V., the investment vehicle
through which Cycorp owns 53.36% of EP Bco, adds credit risks
because the information transparency has been weaker than that of
peers, especially regarding identifying debtlike instruments in the
upper level of the structure. We will continuously monitor EP Bco's
progress in reinforcing information transparency and risk awareness
looking at the company's wider group structure, but it would
require a longer track record for a better score.

"The aforementioned elements have not had any material financial
impact on EP Bco to date and all ratings on EP Bco remain unchanged
following the new M&G evaluation.

"The stable outlook reflects our expectations that EP Bco will
continue to expand its business and improve its operating
performance, thanks to its global terminal platform, which has a
diversified commodity exposure and customer base, growing logistics
services, and a variable cost base. This should enable the company
to maintain a credit profile commensurate with the 'BB-' rating,
even after it has increased its senior leverage. We expect EP Bco
will maintain an S&P Global Ratings-adjusted funds from operations
(FFO) to debt consistently above 8% and debt to EBITDA of up to
6.5x. Our rating also reflects minority shareholders' active
participation and the strong shareholder agreement that balances
the decision-making process and limits the power of majority
shareholders. Still, we believe EP Bco presents a highly complex
group structure and that could increase its credit risk."

S&P could lower the issuer credit rating on EP Bco if:

-- The company fails to sustain its strong operating performance,
or the business is more volatile than we anticipate;

-- FFO to debt falls below 8% and debt to EBITDA increases above
6.5x on average over 2024-2026. This could result from a setback in
operating performance in connection with a shortfall in volumes
from key customers, a failure to contain earnings pressures, or
higher-than-expected debt-funded acquisitions and investments that
are not sufficiently compensated by EBITDA growth;

-- The financial policy does not support deleveraging because of
its acquisitive appetite and dividend distributions when allowed
under the financial covenants;

-- There is any change in the shareholder agreement or governance
that could lead S&P to reassess its rating approach and which may
not be consistent with EP Bco's credit quality, which is delinked
from that of its parent, Cycorp;

-- S&P's view of information transparency weakens--for instance,
because of information misstatements or restatements making the
leverage assessment more difficult because of additional financial
debt or debtlike instruments as part of the structure up to Thaumas
N.V.;

-- EP Bco's access to capital markets or bank support diminishes,
reducing financial flexibility and the company's ability to
maintain at least adequate liquidity; or

-- There is a risk of a breach of the springing leverage-based
financial covenant, which is tested if RCF drawings exceed 40%.

S&P could upgrade EP Bco if the company maintains a stable and
predictable operating performance that enables it to keep FFO to
debt consistently above 10% and debt to EBITDA below 5.5x combined
with an improved track record of information transparency.


SK NEPTUNE HUSKY: $610MM Bank Debt Trades at 62% Discount
---------------------------------------------------------
Participations in a syndicated loan under which SK Neptune Husky
Group Sarl is a borrower were trading in the secondary market
around 38.1 cents-on-the-dollar during the week ended Friday,
February 2, 2024, according to Bloomberg's Evaluated Pricing
service data.

The $610 million facility is a Term loan that is scheduled to
mature on January 3, 2029.  The amount is fully drawn and
outstanding.

SK Neptune Husky Group Sarl has its registered office in
Luxembourg.




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

BRIGHT BIDCO: Eaton Vance EFT Marks $479,000 Loan at 61% Off
------------------------------------------------------------
Eaton Vance Floating-Rate Income Trust (EFT) has marked its
$479,000 loan extended to Bright Bidco B.V., to market at $185,391
or 39% of the outstanding amount, as of Nov. 30, 2023, according to
a disclosure contained in EFT's Semi-Annual Report on Form N-CSR
for the period ended Nov. 30, 2023, filed with the U.S. Securities
and Exchange Commission.

EFT is a participant in a Second Lien Term Loan (SOFR + 9.00%
6.378% cash, 8.00% PIK) to Bright Bidco. The loan accrues interest
at a rate of 14.378% per annum. The loan matures on October 31,
2027.

EFT is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company. The Trust's investment
objective is to provide a high level of current income. The Trust
will, as a secondary objective, also seek preservation of capital
to the extent consistent with its primary goal of high current
income. EFT's fiscal year ends May 31.

EFT can be reached at:

     Deidre E. Walsh
     Eaton Vance Senior Floating-Rate Income Trust
     Two International Place
     Boston, MA 02110
     Tel: (617) 482-8260

Amsterdam, The Netherlands-based Bright Bidco B.V. designs and
manufactures discrete semiconductor devices and circuits for light
emitting diodes (LEDs).


COLUMBUS FINANCE: EUR350MM Bank Debt Trades at 16% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Columbus Finance BV
is a borrower were trading in the secondary market around 83.8
cents-on-the-dollar during the week ended Friday, February 2, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR350 million facility is a Term loan that is scheduled to
mature on February 27, 2027.  The amount is fully drawn and
outstanding.

Columbus Finance B.V., is a finance subsidiary of the Scenic Group,
which is in the field of luxury cruises and tours worldwide.
Columbus Finance's country of domicile is the Netherlands.



SPRINT BIDCO: EUR700MM Bank Debt Trades at 40% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Sprint Bidco BV is
a borrower were trading in the secondary market around 59.8
cents-on-the-dollar during the week ended Friday, February 2, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR700 million facility is a Term loan that is scheduled to
mature on September 16, 2029.  The amount is fully drawn and
outstanding.

Sprint Bidco B.V. is a special purpose vehicle that owns the
Dutch-based bicycle company Accell. The Company's country of
domicile is the Netherlands.




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N O R W A Y
===========

HURTIGRUTEN GROUP: EUR655MM Bank Debt Trades at 37% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Hurtigruten Group
AS is a borrower were trading in the secondary market around 62.6
cents-on-the-dollar during the week ended Friday, February 2, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR655 million facility is a Term loan that is scheduled to
mature on February 28, 2027.  The amount is fully drawn and
outstanding.

Hurtigruten is a Norwegian cruise ship operator that offers cruises
along the Norwegian coast, expedition cruises and land-based Arctic
experience tourism in Svalbard. In the first nine months of 2023,
Hurtigruten reported revenue of EUR512 million (2022: EUR441
million) and company-defined adjusted EBITDA of EUR58 million
(2022: EUR46 million). The Company's country of domicile is
Norway.




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

BABCO UK: Goes Into Administration
----------------------------------
Business Sale reports that Babco UK Limited, an alcoholic drinks
wholesale group based in Sheffield, fell into administration, with
Robert Dymond and Joanne Hammond of Begbies Traynor appointed as
joint administrators.

The joint administrators were also appointed to its subsidiary,
Neptune Rum Limited, Business Sale relates.

In Babco UK Limited's accounts to the year ending September 29
2022, its fixed assets were valued at GBP65,230 and current assets
at GBP2.9 million, Business Sale discloses.  At the time, the
firm's net liabilities stood at just under GBP622,700, Business
Sale notes.


BRIDGETIME TRANSPORT: Goes Into Administration
----------------------------------------------
Business Sale reports that Bridgetime Transport Limited, a haulage
company based in Cwmbran, South Wales, has fallen into
administration.

Huw Powell and Katrina Orum of Begbies Traynor's Cardiff office
were appointed as joint administrators of the company on Jan. 31,
Business Sale relates.

In its profit and loss accounts for the year to August 31 2022, the
company reported profits of more than GBP800,000, but this was down
from more than GBP1 million a year earlier, Business Sale
discloses.  While few details of the company's struggles have been
disclosed, the administration comes amid mounting pressure and
rising insolvencies in the UK's haulage sector, Business Sale
notes.

Bridgetime Transport, which was founded in 2002 as a small
family-owned firm, has expanded to become one of the area's main
employers, with a workforce of close to 100 staff.

The company specialises in a wide range of logistics services,
including general haulage, palletised freight, warehousing, storage
and parcel deliveries and operates a fleet of more than 100
vehicles.  It is headquartered at the Ty Coch Industrial Centre in
Cwmbran, operating a 25,000 sq ft warehouse that is well located
just off the M4 corridor.

Administrators from Begbies Traynor are yet to comment on the
company's administration, but, according to a report in industry
publication MotorTransport, a spokesperson for the administrators
has said that creditors will be contacted shortly.

In the company's accounts for the year ending August 31 2022, its
fixed assets were valued at over GBP1.1 million, while current
assets amounted to nearly GBP2 million, Business Sale states.  At
the time, the firm's debts meant that net assets were valued at
slightly over GBP923,000, according to Business Sale.


READIE CONSTRUCTION: Set to Go Into Administration
--------------------------------------------------
Dave Rogers and Matilda Battersby at Building report that Essex
contractor Readie Construction has told staff to start looking for
new jobs after the logistics and warehousing specialist confirmed
on Feb. 5 it was heading for administration.

Bosses at the firm, which is headed by executive chairman Stuart
Read and employs over 200 people, called staff into its Romford
head office on Feb. 6 to break the bad news, Building relates.

Building understands that Mr. Read told employees in an email on
Feb. 5 the firm had been felled by "inflationary cost pressures"
and "numerous subcontractor failures."

In its latest published accounts, filed at Companies House last
October, Readie reported a turnover of GBP421 million in the year
to March 2023, a rise of 22%, Building discloses.

But pre-tax profit nosedived two-thirds to GBP1.7 million, although
its cash balance at the year-end improved by GBP1.2 million to
GBP12.3 million, Building states.

Explaining the fall in profit, it said its bottom line was hit by
several drawbacks, Building notes.

"We had a number of projects that were delayed due to supply chain
failures, incurring additional prelim costs to the business as well
as additional costs to find replacement subcontractors at a higher
cost," Building quotes the company as saying.

And it added: "Inflation within the construction sector has been
challenging and this has had an impact on margin, along with a
return to more projects being competitively tendered, rather than
negotiated."


TILE CHOICE: Walsall Branch Reopens Following Rescue Deal
---------------------------------------------------------
John Corser at Express & Star reports that the Walsall branch of
Tile Choice has reopened, savings five jobs.

The store on Birchills Industrial Estate, Green Lane, closed after
the retailer, which serves trade and the public, went into
administration on Friday, Jan. 12, Express & Star relates.

Tile Choice was rescued within 10 days by Stiled Holdings, owners
of Tile Giant, and it now wants to welcome customers old and new
back to the Walsall store, Express & Star discloses.

According to Express & Star, as a result of the acquisition, 10 of
the 18 Tile Choice stores across the Midlands have now been saved
including Bilston, Birmingham, Burton, Cannock, Coventry, Derby,
Kidderminster, Telford and Worcester.

The acquisition has also meant that 50 jobs, which had been in
doubt, have also been saved, Express & Star states.

Dean Smith the Walsall store manager, said the store would continue
trading as Tile Choice, Express & Star notes.


TOGETHER ASSET 2024-2ND1: DBRS Finalizes BB(low) Rating on F Notes
------------------------------------------------------------------
DBRS Ratings Limited (Morningstar DBRS) finalized its provisional
credit ratings on the residential mortgage-backed notes issued by
Together Asset Backed Securitization 2024-2ND1 PLC (TABS 2024-2ND1
or the Issuer) as follows:

-- Loan note at AAA (sf)
-- Class A notes at AAA (sf)
-- Class B notes at AA (sf)
-- Class C notes at A (low) (sf)
-- Class D notes at BBB (low) (sf)
-- Class E notes at BB (high) (sf)
-- Class F notes at BB (low) (sf)
-- Class X notes at A (high) (sf)

The final credit ratings assigned to the Class E, Class F, and
Class X notes differ from the provisional credit ratings of BB
(low) (sf), B (sf), and A (low) (sf), respectively, because of the
tighter spreads and step-up margins on Classes B through X in the
final structure.

The credit ratings on the Loan note and the Class A notes
(together, the Class A Debt) and on the Class B notes address the
timely payment of interest and the ultimate repayment of principal
on or before the final maturity date in August 2055. The credit
ratings on the Class B, Class C, Class D, Class E, and Class F
notes address the timely payment of interest once they are the
senior-most class of notes outstanding, otherwise the ultimate
payment of interest, and the ultimate repayment of principal on or
before the final maturity date. The credit rating on the Class X
notes addresses the ultimate payment of interest and principal.
Morningstar DBRS does not rate the Class Z notes or the residual
certificates also issued in this transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in England and Wales. The notes issued funded the
purchase of residential assets originated by Together Personal
Financial Services Limited (TPFL) and Together Commercial Financial
Services Limited (TCFL), part of the Together Financial Group
(Together or the Group) in the UK. TPFL and TCFL both act as the
servicers of the respective loans in the portfolio. Together is a
UK specialist provider of property finance. BCMGlobal Mortgage
Services Limited (BCMG) acts as the standby servicer.

This is the second public securitization backed by second-ranking
assets from the Together Group (TABS 2ND). The mortgage portfolio
consists of GBP 302 million of second-lien owner-occupied (OO) and
buy-to-let (BTL) mortgages secured by properties in the UK.

The Issuer issued eight tranches of collateralized mortgage-backed
securities (the Loan note as well as the Class A, Class B, Class C,
Class D, Class E, Class F, and Class Z notes) to finance the
purchase of the portfolio. Additionally, the Issuer issued one
class of noncollateralized notes, the Class X notes, the proceeds
of which the Issuer used to fully fund the liquidity reserve fund
(LRF) at closing.

The transaction is structured to initially provide 25.0% of credit
enhancement to the Class A Debt. This includes subordination of the
Class B to Class Z notes.

In line with the previous TABS 2ND transaction, TABS 2024-2ND1
features a fixed-to-floating interest rate swap, given the presence
of a portion of fixed-rate loans (with a compulsory reversion to
floating in the future) while the liabilities shall pay a coupon
linked to the daily compounded Sterling Overnight Index Average
(Sonia). The swap counterparty appointed at closing is Natixis S.A.
(Natixis). Based on Morningstar DBRS' private credit rating on
Natixis, the downgrade provisions outlined in the documents, and
the transaction structural mitigants, Morningstar DBRS considers
the risk arising from the exposure to Natixis to be consistent with
the credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Derivative Criteria for European Structured
Finance Transactions" methodology.

Furthermore, Elavon Financial Services DAC, UK Branch acts as the
Issuer Account Bank, and National Westminster Bank Plc was
appointed as the Collection Account Bank. Both entities are
privately rated by Morningstar DBRS, meet the eligible credit
ratings in structured finance transactions, and are consistent with
the credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology.

Liquidity in the transaction is provided by an LRF that was funded
at closing through the issuance of the Class X notes. It is
amortizing, sized at 1.6% of the outstanding Class A Debt and B
notes' balance. It covers senior costs and expenses, swap payments
as well as interest shortfalls for the Class A Debt and the Class B
notes. It also provides credit support to the rated notes upon the
redemption in full of the Class B notes when it becomes part of
revenue receipts. In addition, principal borrowing is also
envisaged under the transaction documentation and can be used to
cover for interest shortfalls of the most senior outstanding class
of notes (except the Class X and Class Z notes).

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its “European RMBS Insight:
UK Addendum” methodology;

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A Debt and Class B, Class C, Class
D, Class E, Class F, and Class X notes according to the terms of
the transaction documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- The sovereign credit rating of AA with a Stable trend on the
United Kingdom of Great Britain and Northern Ireland as of the date
of this press release; and

-- The consistency of the transaction's legal structure with
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions that
address the assignment of the assets to the Issuer.

Morningstar DBRS' credit ratings on the rated notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated notes are the related
Interest Amounts and the related Class Balances.

Morningstar DBRS' credit rating on the rated notes also addresses
the credit risk associated with the increased rate of interest
applicable to each of the rated notes if the rated notes are not
redeemed on the Optional Redemption Date (as defined in and) in
accordance with the applicable transaction documents.

Morningstar DBRS' credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in British pound sterling unless otherwise
noted.


TRG LIVERPOOL: Enters Administration, Owes GBP186,443
-----------------------------------------------------
Business Sale reports TRG Liverpool Limited, a real estate
investment company based in Liverpool, fell into administration in
January, with Gary Hargreaves and Sarah Cook of FRP Advisory
appointed as administrators.

In the company's accounts for the year ending October 31 2022, its
current assets totalled GBP8.46 million and net liabilities stood
at GBP186,443.



                           *********


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