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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 14, 2024, Vol. 25, No. 33

                           Headlines



F R A N C E

ATOS SE: Credit Agricole Likely to Walk Away from Refinancing
ATOS SE: S&P Lowers ICR to 'CCC' on Greater Refinancing Risk


G E R M A N Y

SCHOEN KLINIK: S&P Assigns 'B+' Long-Term ICR, Outlook Stable


I R E L A N D

ARES EUROPEAN IX: Moody's Affirms B1 Rating on EUR11.1MM F Notes
CARLYLE GLOBAL 2016-1: Moody's Affirms B3 Rating on Cl. E-R Notes
HARVEST CLO XIX: Moody's Affirms B2 Rating on EUR12MM Cl. F Notes


U N I T E D   K I N G D O M

BODY SHOP: Aurelius Confirms Appointment of Administrators
BOOM SPIN: Falls Into Administration
HAICO LTD: Enters Administration, Liabilities Total GBP417,000
HEALTHCARE HOMES: Omega Extends Rent Deferral
LLOYDSPHARMACY: Owed GBP293MM to Creditors at Time of Collapse

N D M LTD: Goes Into Administration
WIT FITNESS: Goes Into Administration
YODEL: Investor Consortium Buys Business Out of Administration

                           - - - - -


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F R A N C E
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ATOS SE: Credit Agricole Likely to Walk Away from Refinancing
-------------------------------------------------------------
Sarah White and Adrienne Klasa at The Financial Times report that
negotiations between highly indebted IT services company Atos and
its lenders are hanging in the balance after one of its biggest
creditors, Credit Agricole, signalled it wanted to walk away.

According to the FT, Credit Agricole has for several weeks said it
no longer wanted to refinance the group, according to three people
with knowledge of the talks, dealing a blow to debt negotiations
aimed at pushing back EUR3.65 billion in debt payments due by the
end of 2025 by several years.

Credit Agricole "have been wanting to get out for some time now .
 .  .  it's been at least three weeks that they've really
wanted to get out, said one person with knowledge of the situation,
the FT notes.

The setback points to growing fractures among creditors as Atos's
underlying business and financial situation rapidly deteriorate,
the FT states.

Under the leadership of recently appointed chair Jean Pierre
Mustier, Atos is trying to refinance and avoid a wider debt
restructuring that could wipe out shareholders, the FT
discloses.

On Feb. 5, the company appointed a mediator to oversee talks with
creditors -- a voluntary step before a potential court-supervised
debt restructuring -- which caused shares to plunge almost 30%, the
FT relates.

Once a French corporate champion with prized assets such as
supercomputers and sensitive contracts with the French military,
attempts to split the group and sell assets to pay down debt have
faltered after a series of strategic mis-steps and management
changes, the FT recounts.  In the past three years, the company has
had five chief executives, issued a series of profit warnings and
shed 90% of its market capitalisation, the FTnotes.

A plan to split the company and sell its lossmaking legacy business
to Czech billionaire Daniel Kretinsky is foundering, the FT states.
Talks have been at a standstill for weeks, though neither side is
yet willing to declare the deal officially dead, the FT relays,
citing multiple people with knowledge of the negotiations.

As concerns over the debt burden at Atos have mounted and the
Kretinsky deal stalled, Mr. Mustier has explored a back-up plan by
starting talks to sell the company's prized big data and cyber
security unit, BDS, to Airbus, the FT relates.  A deal with Airbus
would take time to finalise, however, since the parties only
recently began due diligence, the FT notes.

Credit Agricole is one of the biggest French lenders to Atos in a
group of banks that includes BNP Paribas, Natixis, Credit Mutuel
CIC and Societe Generale.  Together, the banks make up roughly 40%
of Atos's creditors, the FT discloses.

Other lenders were also disenchanted with Atos's situation but more
inclined to proceed with refinancing and find a solution by
extending fresh funds, the people close to the talks said, the FT
notes.

Credit Agricole's position could have a ripple effect on other
smaller foreign bank lenders, which were also on the fence about
re-extending credit lines to the group, the people added.  If it
fails to secure a voluntary extension of bank loans, Atos is likely
to be forced into the French equivalent of a bankruptcy proceeding,
which would involve a debt-for-equity swap, according to the FT.

Distressed debt investors are now circling Atos, including hedge
fund Attestor, which has bought some of the company's debt, the FT
discloses.

According to Bloomberg News' Irene Garcia Perez and Benoit
Berthelot, discussions between Atos SE and Mr. Kretinsky's EP
Equity Investments around the sale of the struggling French
company's legacy IT services business have hit a roadblock,
according to people familiar with the matter.

Mr. Mustier was due to meet the Czech billionaire the second week
of January, but has been postponing the meeting since then, the
people said, asking not to be named discussing private information,
Bloomberg notes.

Atos is a French multinational information technology service and
consulting company with headquarters in Bezons, France, and offices
worldwide.  It specialises in hi-tech transactional services,
unified communications, cloud, big data and cybersecurity
services.


ATOS SE: S&P Lowers ICR to 'CCC' on Greater Refinancing Risk
------------------------------------------------------------
French IT service provider Atos SE's ongoing negotiations with its
banks to refinance its EUR1.5 billion term loan, due January 2025,
are progressing more slowly than S&P Global Ratings expected.  On
Feb. 5, 2024, Atos announced the appointment of a mandataire ad
hoc, an independent third party, to frame the discussions with the
banks to reach an agreement on a refinancing plan.

S&P thinks the company could face challenges or delays in
addressing its liquidity shortage over the next 12 months via
refinancing, considering the execution risks of its asset disposal
plan and the lack of investor confidence evidenced by distressed
share and bond prices. Absent an agreement with its banks, this
could lead to a debt restructuring over the next 12 months, which
S&P could view as a distressed exchange and tantamount to default.

S&P said, "We have therefore lowered our long-term issuer credit
rating on Atos and our issue rating on its senior unsecured bonds
to 'CCC' from 'B-', with a recovery rating of '4' (30%-50%; rounded
estimate: 40%)."

The negative outlook reflects that we could lower the ratings
further if we were to see a continued lack of progress in both the
company's ongoing refinancing negotiations and asset disposal
efforts, and hence a rising likelihood of a debt restructuring that
we could consider as a distressed exchange.

Atos' ongoing refinancing negotiations with the banks are taking
longer than previously expected. Atos has appointed a mandataire ad
hoc, an independent third party, to help the company frame the
negotiations with the banks and to facilitate a rapid refinancing
agreement. Management remains confident in reaching an agreement
with the lenders. S&P said, "Nevertheless, we think there is a risk
such an agreement may not be reached because of a lack of investor
confidence, evidenced by the company's distressed share and bond
prices, execution risks on asset disposal and turnaround of Tech
Foundations (TFCo), and still a total EUR1.25 billion will be paid
to bond holders in 2024-2025 even if a refinancing agreement with
bank lenders is reached regarding the EUR1.5 billion term loan.
Given these challenges, and the longer negotiations go on, we think
there is an increasing risk that the new financing structure could
include features that we would view as a distressed exchange,
tantamount to a default."

Atos' planned asset disposal to strengthen the capital structure
will likely not address the liquidity shortage in time. Negotiating
the planned divestment of TFCo is taking longer than previously
anticipated and could be in jeopardy because of the renegotiation
of the previously agreed price and terms. Furthermore, limited
proceeds from the TFCO disposal will have little impact on the
company's liquidity coverage, although the success of the disposal
will reduce the group's cash needs because of TFCo's ongoing,
albeit reducing, cash burn. The company's biggest planned asset
disposal of BDS, on the other hand, could result in significantly
higher proceeds of EUR1.5 billion-EUR1.8 billion. However, even if
an agreement is reached, it could be more than a year before the
company receives the proceeds; beyond January 2025, the latest
maturity of the EUR1.5 billion term loan. Atos also does not rule
out other asset disposal plans to shore up its liquidity.
Nevertheless, exact proceeds and timing of the disposals, as well
as future capital structure, are uncertain and present some
execution risks.

S&P said, "The negative outlook reflects that we could lower the
ratings further if we were to see a continued lack of progress in
both the company's ongoing refinancing negotiations and asset
disposal efforts, and hence a rising likelihood of a debt
restructuring that we could consider as a distressed exchange.

"We could lower the rating further if we saw an increased
likelihood of a debt restructuring as a result of failure to reach
an agreement with the banks on a refinancing plan, and asset
disposal efforts falling short from current plans. We could lower
the rating by more than one notch if the company takes steps to
initiate, or voices its intent to, execute a debt restructuring
that we view as distressed.

"We could raise our rating if the company successfully refinances
its maturing debt and maintains sufficient liquidity over the next
12 months. This would provide the company with the time and
flexibility it needs to execute its asset disposal plan and shore
up its balance sheet."




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

SCHOEN KLINIK: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Germany-based Schoen Klinik SE and its 'B+' issue rating to the
group's senior secured term loan B (TLB), with a recovery rating of
'3'.

The stable outlook reflects S&P views that Schoen Klinik will
maintain leverage below 5x over the forecast horizon, supported by
organic revenue growth and progressive improvements in S&P Global
Ratings-adjusted EBITDA margins to about 14% by 2025.

Schoen Klinik, a leading hospital operator in Germany, benefits
from the increasing demand for mental health care services and the
aging population. With its 15% share in Germany's mental health
care market, Schoen Klinik is well positioned to benefit from the
expected market growth. S&P expects the group's addressable market
in Germany (mental health care, somatic care, and rehabilitation)
will expand at a compound annual growth rate of 3% from 2022-2028
and reach EUR155 billion by 2028. The aging population and
increasing focus on mental health care, driven by the COVID-19
pandemic, benefit Schoen Klinik because it has the know-how and
ability to scale up and leverage platforms. The group also benefits
from high referral rates. In our view, practitioners tend to have a
set list of specialists they refer patients to, and we think this
will continue to be the main factor for Schoen Klinik's increasing
occupancy rates. Additionally, the group's position is protected by
high barriers to entry and regulatory hospital listing requirements
that prevent the entry of new players and limit competition.

Schoen Klinik is a small player in a fragmented market and remains
strongly concentrated in Germany. The company lacks the scale of
larger operators in the German private hospital market, such as
Helios Kliniken GmbH, Asklepios Kliniken GmbH, and Sana Kliniken
AG, and of French peers, such as Ramsay Generale de Sante S.A.
(BB-/Stable/--) and ELSAN SAS (B+/Negative/--). S&P said, "We view
the German hospital market as highly fragmented. Schoen Klinik does
not only compete against larger private operators but also
not-for-profit and public hospitals, which have a higher percentage
of total beds than private operators. In addition, the company
generates 96% of its revenue in Germany, signaling single-payor
risk. Although we see Germany as a stable market with a transparent
regulatory and reimbursement framework, we believe the reliance on
funding from the German statutory health insurance, which accounts
for about 85% of the revenue base, exposes the group to political
and budgetary risks. The German government is working on hospital
reform, but we do not expect its implementation before 2027 and do
not envisage major regulatory risks over the next couple of
years."

The increasing number of beds in the mental health care sector and
integration of the recently acquired Schoen Klinik
Rendsburg-Eckernforde SE & Co. KG (formerly Imland Kliniken) will
support 10%-15% revenue growth over 2023-2024, with EBITDA margins
progressively returning to about 14% by 2025. S&P said, "We expect
Schoen Klinik's revenue will grow 12.2% in 2023 and 14.6% in 2024.
In our view, the key factors for this are the increase in the
number of beds the group has in mental health care and the
progressive integration of public hospital group Schoen Klinik
Rendsburg-Eckernfoerde, which Schoen Klinik bought out of
insolvency for about EUR70 million in July 2023. The acquisition is
highly synergistic, adding two sites and about 800 beds to the
group's hospital portfolio. We expect rehabilitation will
contribute to growth as we anticipate price increases of 4%-5%."

S&P said, "We anticipate the group will continue focusing on
efficiency and cost discipline, which will expand EBITDA margins
progressively to 14% by 2025. We expect Schoen Klinik will post
somewhat depressed EBITDA margins of about 12% over 2023-2024,
driven by its higher scale and personnel expense linked to the
integration of Schoen Klinik Rendsburg-Eckernfoerde. Similar to
other health care providers, Schoen Klinik's cost structure is
characterized by a high share of personnel expense. Given the
structural shortage of medical staff in Germany and the critical
importance of attracting and retaining talent for hospital
operators, we think wages will continue weighing on the group's
operating profitability. Also, we think EBITDA margins in 2023 and
2024 will be negatively affected by costs linked to Schoen Comfort,
an investment program for the refurbishment and maintenance of some
of the group's premises. We expect investments linked to Schoen
Comfort will dissipate by the beginning of 2025, supporting the
recovery of EBITDA margins to 14%.

"We believe Schoen Klinik will continue focusing on deleveraging
and organic growth. The group will use the EUR350 million senior
secured TLB to repay debt and simplify the capital structure. We
expect leverage will remain below 5x over 2024-2025, down from a
reported 5.2x in December 2022. We note positively the group's
intention to reduce net leverage below 4x over the next
three-to-four years. The progressive deleveraging that we expect
under our base-case scenario results from improvements in EBITDA
and cash flow. Our adjusted debt figure includes all debt
instruments on the balance sheet, EUR36 million lease liabilities,
and EUR39 million pension liabilities. We deduct all cash on the
balance sheet from our debt figure, given that we understand it
remains immediately available for debt repayment. Additionally, we
treat liabilities pursuant to the hospital financing as
nondebt-like as we understand that they relate to billing
correction and no cash outflow is related to them. We do not
anticipate the management team will aggressively over-lever the
group to fund acquisitions. Instead, we think management will focus
on smaller bolt-on deals and benefit from a market characterized by
many state-run hospitals, which struggle with low profitability and
offer good consolidation opportunities to more profitable, private
players, such as Schoen Klinik.

"We assume the group's fixed-charge coverage will remain above 2.5x
over the forecast horizon, supported by EBITDA growth and our
assumption that there will be no sale and leaseback transactions.
Schoen Klinik owns most of its assets under the freehold model. It
therefore compares favorably against companies that lease most of
their facilities, including larger private hospital operators in
France, such as Ramsay Generale de Sante and ELSAN, and
rehabilitation provider Median B.V. (B-/Stable/--). We understand
Schoen Klinik intends to keep most assets freehold and do not
anticipate the group will perform any sale and leaseback
transactions, which supports the 'B+' rating.

"The stable outlook reflects our view that Schoen Klinik's focus on
organic growth and efficiency measures should enable the group to
deliver on earnings, such that adjusted EBITDA margins will
progressively expand and return to close to 14% by 2025. In our
base case, we assume the group will grow organically via the
expansion of its facilities and an increase in its mental health
care capacities. We think the group will improve the Schoen Klinik
Rendsburg-Eckernfoerde's profitability. We expect Schoen Klinik
will maintain a fixed-charge coverage ratio above 2.5x, supported
by the freehold operating model and by protection against rising
interest rates. We expect the company's leverage will decrease and
remain below 5x over 2023-2024.

"We could lower the rating if Schoen Klinik's adjusted debt to
EBITDA rose materially above 5x sustainably, coupled with weak free
operating cash flow (FOCF). This could stem from a more aggressive
financial policy or difficulties in managing the cost base.
Substantial working capital outflows or higher-than-forecast
capital expenditure (capex) could also lead to a deterioration of
the group's financial metrics.

"We could upgrade Schoen Klinik if the group exceeded our base-case
assumptions by generating higher profitability and FOCF such that
debt to EBITDA approached 4x sustainably."




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

ARES EUROPEAN IX: Moody's Affirms B1 Rating on EUR11.1MM F Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Ares European CLO IX DAC:

EUR29,800,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Jan 31, 2022 Upgraded to
Aa1 (sf)

EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Jan 31, 2022 Upgraded to Aa1
(sf)

EUR26,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa1 (sf); previously on Jan 31, 2022
Upgraded to A1 (sf)

EUR22,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A3 (sf); previously on Jan 31, 2022
Affirmed Baa2 (sf)

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

EUR228,000,000 (Current outstanding amount EUR142,501,296) Class A
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jan 31, 2022 Affirmed Aaa (sf)

EUR23,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jan 31, 2022
Affirmed Ba2 (sf)

EUR11,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B1 (sf); previously on Jan 31, 2022
Affirmed B1 (sf)

Ares European CLO IX DAC, issued in April 2018, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured/mezzanine European and US loans. The portfolio is
managed by Ares European Loan Management LLP. The transaction's
reinvestment period ended in April 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2, Class C and Class
D notes are primarily a result of the deleveraging of the Class A
notes following amortisation of the underlying portfolio since the
payment date in January 2023 and a shorter weighted average life of
the portfolio which reduces the time the rated notes are exposed to
the credit risk of the underlying portfolio.

The affirmations on the ratings on the Class A, Class E and Class F
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.

The Class A notes have paid down by approximately EUR84.4 million
37% in the last 12 months. As a result of the deleveraging,
over-collateralisation (OC) has increased. According to the trustee
report dated January 2024 [1] the Class A/B, Class C, Class D and
Class E OC ratios are reported at 140.1%, 127.39%, 118.41% and
110.39% compared to February 2023 [2] levels of 139.18%, 127.28%,
118.80% and 111.15%, respectively. Moody's notes that the January
2024 principal payments are not reflected in the reported OC
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 than it
had assumed at the last rating action in January 2022.

Key model inputs:

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: EUR306.35m

Defaulted Securities: EUR8.50m

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2935

Weighted Average Life (WAL): 3.13 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.68%

Weighted Average Coupon (WAC): 3.77%

Weighted Average Recovery Rate (WARR): 43.46%

Par haircut in OC tests and interest diversion test:  none

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 and swap providers,
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: 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.

-- 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.


CARLYLE GLOBAL 2016-1: Moody's Affirms B3 Rating on Cl. E-R Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued Carlyle Global Market Strategies Euro CLO 2016-1
Designated Activity Company:

EUR11,200,000 Class A-2-A-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Jul 7, 2023 Affirmed Aa1
(sf)

EUR20,000,000 Class A-2-B-R Senior Secured Fixed Rate Notes due
2031, Upgraded to Aaa (sf); previously on Jul 7, 2023 Affirmed Aa1
(sf)

EUR9,300,000 Class A-2-C-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Jul 7, 2023 Affirmed Aa1
(sf)

EUR12,500,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Jul 7, 2023
Affirmed A1 (sf)

EUR17,000,000 Class B-2-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Jul 7, 2023
Affirmed A1 (sf)

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

EUR269,700,000 (Current outstanding amount EUR237,218,023) Class
A-1-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa
(sf); previously on Jul 7, 2023 Affirmed Aaa (sf)

EUR21,900,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa1 (sf); previously on Jul 7, 2023
Affirmed Baa1 (sf)

EUR30,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jul 7, 2023
Affirmed Ba2 (sf)

EUR13,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B3 (sf); previously on Jul 7, 2023
Downgraded to B3 (sf)

Carlyle Global Market Strategies Euro CLO 2016-1 Designated
Activity Company, issued in May 2016 and refinanced in May 2018, is
a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CELF Advisors LLP. The transaction's reinvestment period
ended in November 2022.

RATINGS RATIONALE

The upgrades on the Classes A-2-A-R, A-2-B-R and A-2-C-R notes as
well as on the Classes B-1-R and B-2-R notes are primarily a result
of the deleveraging of the Class A-1-R notes following amortisation
of the underlying portfolio since the November 2023 payment date.

The affirmations on the ratings on the Class A-1-R notes, C-R
notes, D-R notes and E-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.

The Class A-1-R notes have paid down by approximately EUR23.4
million (8.6%) since the last rating action in July 2023. As a
result of the deleveraging, over-collateralisation (OC) has
increased. According to the trustee report dated January 2024 [1]
the Class A, Class B and Class C OC ratios are reported at 139.64%,
126.24% and 117.84% compared to their levels of 137.31%, 125.06%
and 117.29%, respectively in the July 2023 report [2].

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: EUR339,895,905

Defaulted Securities: EUR8,116,826

Diversity Score: 47

Weighted Average Rating Factor (WARF): 3013

Weighted Average Life (WAL): 3.33 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.75%

Weighted Average Coupon (WAC): 4.63%

Weighted Average Recovery Rate (WARR): 44.16%

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: 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.

-- 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.


HARVEST CLO XIX: Moody's Affirms B2 Rating on EUR12MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Harvest CLO XIX DAC:

EUR22,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Dec 1, 2022 Upgraded to
Aa1 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Dec 1, 2022 Upgraded to Aa1
(sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Dec 1, 2022
Upgraded to A1 (sf)

EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on Dec 1, 2022
Affirmed Baa2 (sf)

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

EUR248,000,000 (Current outstanding amount EUR185,432,965) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Dec 1, 2022 Affirmed Aaa (sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Dec 1, 2022
Affirmed Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Dec 1, 2022
Affirmed B2 (sf)

Harvest CLO XIX DAC, issued in May 2018, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Investcorp
Credit Management EU Limited. The transaction's reinvestment period
ended in July 2022.

RATINGS RATIONALE

The upgrades to the ratings on the Class B-1, B-2, C and D notes
are primarily a result of the deleveraging of the Class A notes
following amortisation of the underlying portfolio since the last
rating review in September 2023.

The affirmations of the ratings on the Class A, E and F 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.

The Class A notes have paid down by approximately EUR35 million
(14%) since the last rating action in December 2022. As a result of
the deleveraging, senior note over-collateralisation (OC) has
increased. According to the trustee report dated January 2024 [1]
the Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 139.95%, 127.01%, 117.79%, 109.82% and 105.91% compared
to January 2023 [2] levels of 138.03%, 126.67%, 118.42%, 111.19%
and 107.60%, respectively. Moody's notes that the January 2024
principal payments are not reflected in the reported OC ratios.

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: EUR352,484,976

Defaulted Securities: EUR7,816,137

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2960

Weighted Average Life (WAL): 3.29 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.80%

Weighted Average Coupon (WAC): 3.74%

Weighted Average Recovery Rate (WARR): 43.38%

Par haircut in OC tests and interest diversion test:  None

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 and swap provider,
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: 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.

-- 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.




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

BODY SHOP: Aurelius Confirms Appointment of Administrators
----------------------------------------------------------
Business Sale reports that major UK cosmetics chain The Body Shop
has fallen into administration, just months after it was acquired
in a GBP207 million deal by a private equity firm.

The company was acquired by German firm Aurelius in November 2023,
but the private equity house said it had been unable to revive the
chain's fortunes following a poor trading period over Christmas and
New Year, Business Sale recounts.

According to Business Sale, Aurelius has confirmed the appointment
of Tony Wright, Geoff Rowley, and Alastair Massey of FRP Advisory
as joint administrators, leading to concerns that jobs could be
lost at the company, which was founded in 1976.  In addition to its
UK head office and distribution centre, The Body Shop has close to
200 UK stores and employs more than 2,200 staff.

The administration comes after the company said it had experienced
"an extended period of financial challenges under past owners,
coinciding with a difficult trading environment for the wider
retail sector", Business Sale relays.  Last month, Aurelius shut
down the company's direct sales business, The Body Shop at Home,
and sold off loss-making overseas stores in Europe and Asia,
Business Sale recounts.

According to sources close to the process, the brand is expected to
survive in some form.  However, it is thought that a restructuring
process could lead to the closure of up to 100 UK outlets, which
would bring the company's store count in line with competitors such
as Lush, Business Sale notes.


BOOM SPIN: Falls Into Administration
------------------------------------
Business Sale reports that Boom Spin Limited is a London-based
operator of spin cycle fitness studios which fell into
administration on Feb. 5, with the appointment of Howard Smith and
William Wright of Interpath Advisory confirmed the following day.

In the company's accounts for the year ending December 31, 2021,
its fixed assets were valued at slightly over GBP1.1 million and
current assets at close to GBP1.71 million, Business Sale
discloses.  At the time, its total equity amounted to just over
GBP960,000, Business Sale states.


HAICO LTD: Enters Administration, Liabilities Total GBP417,000
--------------------------------------------------------------
Business Sale reports that Haico Limited is a Manchester-based
manufacturer of branded stationery and toys.

The company fell into administration in late January, with the
appointment of Craig Johns and Jason Elliott of Cowgill Holloway
Business Recovery confirmed by the Gazette on
Feb. 6, Business Sale relates.

According to Business Sale, in the company's accounts for the year
ending January 31, 2023, its fixed assets were valued at just under
GBP15.5k and current assets at close to GBP723,000.  However, the
company's debts at the time left it with total liabilities of more
than GBP417,000, Business Sale notes.


HEALTHCARE HOMES: Omega Extends Rent Deferral
---------------------------------------------
Omega Healthcare Investors, Inc. disclosed in a regulatory filing
with the Securities and Exchange Commission that during the year
ended December 31, 2023, it allowed Healthcare Homes Limited to
defer $8.2 million of contractual rent and interest.

In December 2022, Omega agreed to allow Healthcare Homes the
ability to defer up to GBP6.7 million of contractual rent from
January 2023 through April 2023 with regular payments required to
resume in May 2023.

During the fourth quarter of 2023, the rent deferral agreement and
lease agreement were amended to, among other things, extend the
repayment period for the rent deferral to six years, with full
repayment due by April 1, 2030, and grant Omega the right to extend
the lease by two years. During the three and six months ended June
30, 2023, Healthcare Homes elected to defer GBP1.7 million ($2.1
million in USD) and GBP6.7 million ($8.2 million in USD),
respectively, of contractual rent in accordance with the December
2022 agreement. In May 2023, Healthcare Homes resumed making full
contractual rent payments. Healthcare Homes has remained on a
straight-line basis of revenue recognition.

Omega is a REIT that invests in the long-term healthcare industry,
primarily in skilled nursing and assisted living facilities. Its
portfolio of assets is operated by a diverse group of healthcare
companies, predominantly in a triple-net lease structure. The
assets span all regions within the U.S., as well as in the U.K.

Healthcare Homes is a U.K. based operator representing 3.1%, 2.9%
and 2.4% of Omega's total revenue (excluding the impact of
write-offs) for the years ended December 31, 2023, 2022 and 2021,
respectively.


LLOYDSPHARMACY: Owed GBP293MM to Creditors at Time of Collapse
--------------------------------------------------------------
Chemist+Druggist reports that some 514 companies and people are
owed a total of GBP293 million by the now-defunct Lloydspharmacy,
documents filed by its liquidators in Companies House on Jan. 22
have revealed.

Lloydspharmacy -- now known on Companies House as Diamond DCO Two
Limited -- was the second largest multiple in the UK this time last
year before the sale of all Lloydspharmacy high street branches was
announced in November, C+D notes.

But of the GBP293 million owing, just GBP8.2 million of assets can
be realised for Lloydspharmacy's "preferential creditors" and just
GBP800,000 is available for "unsecured creditors", the liquidators'
statement of affairs said, C+D relates.

Many people and companies are owed large sums of money, while
hundreds of entries on the list are owed a nominal amount of GBP1
-- for disclosure, C+D is one of these, C+D discloses.

According to C+D, the single largest creditors to the
Lloydspharmacy estate are its current and former owners: Diamond
DCO One Ltd, which used to trade as Admenta UK, is owed GBP228
million, Aurelius Crocodile, which was one of the many holding
companies used to control Lloydspharmacy, is owed GBP50 million,
and AAH Pharmaceuticals, which remains part of the Hallo Healthcare
group, is owed GBP1.5 million.

And there are many people and companies that are owed sums in the
thousands or tens of thousands that might well find the liquidation
ruinous, C+D states.

The Pharmacists' Defence Association (PDA) said on Friday (January
26) that the news is a "bitter blow" for ex-employees with
employment tribunal claims against the defunct high street chain
who "will be concerned that they may not now secure justice for the
loss of their enhanced redundancy entitlement", C+D relates.

The PDA first announced that it was taking "specialist legal
advice" on behalf of its members regarding the Lloydspharmacy
liquidation on Jan. 5, C+D recounts.

According to the union, "a firm of licensed insolvency
practitioners" informed some of the pharmacists with disputes
against Lloydspharmacy "on or around Christmas Eve" that the
company would be starting liquidation proceedings, C+D notes.

C+D has seen a letter issued by insolvency firm Turpin Barker
Armstrong (TBA) on Dec. 22 addressed to Lloydspharmacy's creditors,
informing recipients that two members of the firm had been
appointed as liquidators of the multiple, C+D states.

The PDA, as cited by C+D, said that the insolvency would
"prioritise" creditors such as HMRC, which may pursue the company
based on its treatment of the tax status of locum pharmacists, over
claims made by ex-employees.


N D M LTD: Goes Into Administration
-----------------------------------
Business Sale reports that N D M (Metal Roofing & Cladding) Limited
is a Surrey-based roofing and cladding company that fell into
administration in December 2023, with the appointment of Myles
Jacobson of MJ Advisory as administrator reported by the Gazette on
Feb. 7.

According to Business Sale, in the firm's accounts to March 31,
2022, its fixed assets were valued at GBP123,756 and current assets
at GBP2.1 million, while net assets amounted to GBP901,612.


WIT FITNESS: Goes Into Administration
-------------------------------------
Business Sale reports that Wit Fitness Limited, which trades as WIT
Training, WIT Fitness, WIT and Whatever It Takes, is a London-based
retailer of sports clothing and equipment.

The company fell into administration in late January, with Michael
Goldstein and Avner Radomsky of RG Insolvency appointed as joint
administrators, Business Sale relates.

According to the company's accounts for the year ending January 31,
2022, its fixed assets were valued at nearly GBP750,000 and current
assets at close to GBP2.8 million, Business Sale discloses.  At the
time, however, the firm's total liabilities amounted to just under
GBP4 million, Business Sale notes.


YODEL: Investor Consortium Buys Business Out of Administration
--------------------------------------------------------------
Business Sale reports that parcel courier Yodel has been acquired
by YDLGP, a consortium of investors, in a deal that creates a new
logistics group.

The consortium comprises the leadership team of tech logistics
platform Shift, which acquired and relaunched Tuffnells last year,
and investment bank Solano Partners, Business Sale states.

According to Business Sale, YDLGP has also agreed to acquire the
entire issued share capital of Shift, creating an enlarged group
serving both the parcels market that Yodel operated in, as well as
the larger, irregular dimensions and weights freight handled by
Tuffnells.

Despite being one of the UK's leading delivery firms, operating 50
sites and generating nearly GBP562 million of turnover last year,
Yodel has reportedly struggled in the increasingly competitive
parcel courier market, which has boomed amid the rise of online
shopping and the COVID-19 pandemic, Business Sale discloses.

Along with rival Evri, Yodel was ranked as the joint worst of the
UK's five leading parcel courier firms last year by Citizens
Advice.  The company, which is based in Liverpool and was owned by
the Barclay family, had been in discussions over an acquisition by
the consortium since the middle of 2023 and reportedly faced
collapse if a deal could not be struck, Business Sale notes.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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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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