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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 28, 2024, Vol. 25, No. 43

                           Headlines



F I N L A N D

AMER SPORTS: Moody's Assigns 'B1' CFR, Outlook Positive
REN10 HOLDING: Moody's Affirms 'B2' CFR Following Refinancing


G E R M A N Y

ENVALIOR FINANCE: Moody's Lowers CFR & First Lien Term Loans to B3
PROJECT 1 MOTORSPORT: Files for Bankruptcy After Investor Talks
RENK GMBH: Moody's Raises CFR to Ba3 & Alters Outlook to Positive
TUI AG: Moody's Rates New EUR300MM Senior Unsecured Notes 'B1'
TUI AG: S&P Rates New EUR300MM Senior Unsecured Notes 'B+'



I R E L A N D

ACCUNIA EUROPEAN III: Moody's Affirms B1 Rating on Class F Notes
PALMERSTON PARK: Moody's Ups Rating on EUR11MM E Notes to B1


N E T H E R L A N D S

CUPPA BIDCO: Moody's Affirms 'B3' CFR & Alters Outlook to Negative


U N I T E D   K I N G D O M

DU BOULAY: Goes Into Administration
LIGHTNING FIBRE: Falls Into Administration, Owes GBP5.1 Million
MG EMPOWER: Enters Administration, Owes GBP1.9 Million
SELINA HOSPITALITY: Faces Default Notice from YAM Over JV Dispute
SELINA HOSPITALITY: Osprey, 12 Others Own 41.3% of Ordinary Shares

SHIRDI SAI'S: Enters Administration
SKYLINE DEVELOPMENT: Goes Into Administration
VUE ENTERTAINMENT: S&P Upgrades ICR to 'CCC+', Outlook Negative
[] Kroll Comments on January UK Insolvency Statistics

                           - - - - -


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F I N L A N D
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AMER SPORTS: Moody's Assigns 'B1' CFR, Outlook Positive
-------------------------------------------------------
Moody's Investors Service has assigned a B1 long-term corporate
family rating, and a B1-PD probability of default rating to sports
equipment and outdoor apparel maker Amer Sports, Inc. (Amer Sports
or the company). Concurrently, Moody's has affirmed the B1 rating
on the EUR700 million backed senior secured term loan (TL) due
February 2031 and the $800 million backed senior secured revolving
credit facility (RCF) due February 2029 borrowed by Amer Sports
Corporation, and affirmed the B1 ratings on the $500 million backed
senior secured term loan and $800 million backed senior secured
notes, both due February 2031 and borrowed by Amer Sports Company.
The outlook on all ratings is positive.

At the same time Moody's has withdrawn the B2 CFR and B2-PD PDR of
Amer Sports Holding 1 Oy, as well as the B2 ratings on Amer Sports
Holding Oy's EUR1,700 million backed senior secured term loan B
(TLB) due March 2026 and EUR315 million backed senior secured
revolving credit facility (RCF) due September 2025, which have been
repaid. Previously, the ratings were on review for upgrade.

This rating action concludes the review for upgrade initiated by
Moody's on January 23, 2024, following Amer Sports' initial public
offering (IPO) on the New York Stock Exchange and the closing of
the company's refinancing transaction on February 16, which
resulted in an improved liquidity profile and a modest leverage
reduction. As a result, the upgrade to B1 was also driven by the
company's financial strategy and risk management, which are
governance considerations under Moody's General Principles for
Assessing Environmental, Social and Governance Risks Methodology.

RATINGS RATIONALE

Following the IPO in late January which raised proceeds of $1.48
billion, Amer Sports repaid the $1.46 billion Term Loan A (TLA) due
March 2025 issued by an holding company above Amer Sports'
restricted group. The repayment of the TLA, which does not have any
impact on the Moody's adjusted leverage calculation, has
streamlined the group structure by removing the overhang that the
debt at the holding company level represented. Amer Sports will
also benefit from lower cash leakage from the interest payments it
used to pay on the TLA.

With an ownership stake of 44%, down from 53% before the IPO, Anta
Sports remains Amer Sports' reference shareholder, with still tight
control over its Board of Directors. While recognizing that Anta
Sports has been instrumental in supporting the highly profitable
expansion of Amer Sports into the Direct-to-Consumer (D2C) channel
in China, Moody's notes that the company still needs to build a
track record of prudent and transparent financial policy as a
publicly listed group.

Amer Sports has also successfully refinanced its existing $1.86
billion (EUR1.7 billion) equivalent TLB with a combination of
7-year USD- and EUR-denominated notes and loans of a total amount
of $2.074 billion. The excess funds, together with around $200
million company's own cash, have been used to pay down outstanding
drawings under Amer Sports' existing revolving credit facility and
other short-term lines. This had led to a reduction of 0.3x in the
Moody's adjusted debt to EBITDA ratio to around 4.6x as of December
2023, as estimated by the rating agency and pro-forma for the
refinancing. Moody's anticipates further de-leveraging in the next
12-18 months as the company's retail expansion strategy in China
and the US, together with still supportive consumer spending, will
continue to drive earnings growth. This is despite the expectation
that free cash flow (FCF) generation will remain negative in 2024
in light of the company's retail-driven expansionary capex - and
will only improve starting from 2025.

Amer Sports has also increased the size of its 5-year committed RCF
to $800 million, from $337 million previously (EUR315
million-equivalent). Following the refinancing, Amer Sports'
liquidity has improved because the maturity wall has been pushed by
five and seven years, from September 2025 and March 2026,
respectively, and the availability of its external credit line is
now much higher. Despite the still unfavorable interest rate
environment, the company was able to complete the refinancing with
manageable borrowing costs.

The B1 CFR and positive outlook takes into account Amer Sports' (1)
large scale and leading market positions, underpinned by a large
portfolio of globally recognised brands; (2) its broad
diversification across sports segments and geographies; (3) the
favorable long-term demand dynamics of the sporting goods and
outdoor apparel and footwear market; and (4) the growth potential
from the company's expansion into the D2C channel in China and the
US.

The B1 CFR is constrained by Amer Sports' (1) exposure to
discretionary consumer spending, which could slow down its strong
sales momentum; (2) still-negative free cash flow (FCF) expected
over the next 12-18 months as a result of sustained expansionary
capital spending in the D2C channel; and (3) the exposure to a
competitive market environment with the presence of very large
players with well-known, global brands.

LIQUIDITY

Moody's expects Amer Sports to maintain good liquidity, supported
by a starting cash balance of EUR275 million as of the end of 2023
(pro-forma for the IPO and refinancing transactions) and full
availability under its new $800 million committed RCF.

Based on Moody's forecasts, these liquidity sources together with
internal cash generation will abundantly cover the company's cash
needs over the next 12-18 months, which include an assumed minimum
capital spending of around EUR300 million annually (that is,
including an average EUR130 million related to the lease
adjustment). The company will intensify its capital spending plan
in 2024 to accelerate on retail expansion and to upgrade its IT
infrastructure, leading to still negative FCF of around180 million
during the year. The rating agency forecasts FCF will improve
towards breakeven in 2025 supported by EBITDA growth.

Amer Sports faces significant EBITDA and working capital
seasonality, with the largest cash outflows in the second and third
quarters of each year. Top-line expansion will drive still-high
working capital requirements, equal to approximately 4% of total
sales, as a result of growing account receivables and inventory
build-up. Amer Sports will use its RCF to fund its working capital
swings and partially fund the negative FCF, but Moody's expect
average drawings to remain well below 50% of the committed
amounts.

The company's RCF contains two financial covenants of senior
secured net leverage not exceeding 5.0x, and a minimum interest
coverage test of 2x progressively increasing to 2.5x by December
2026. Given the expected continued reduction in the company's
leverage driven by earnings growth, Amer Sports will maintain ample
capacity under these covenants.

STRUCTURAL CONSIDERATIONS

The B1 ratings on Amer Sports' EUR700 million and $500 million
backed senior secured term loans (TLs), $800 million backed senior
secured notes due 2031, and the $800 million backed senior secured
RCF due 2029 are in line with the CFR. This is because these
instruments rank pari passu and represent substantially all of the
company's financial debt. The TLs, the notes and the RCF are
secured by pledges over substantially all Amer Sports' assets
including its brands, shares, bank accounts and intragroup
receivables, and are guaranteed by the group's operating
subsidiaries representing at least 80% of the consolidated EBITDA.
The B1-PD probability of default rating assigned to Amer Sports
reflects the assumption of a 50% family recovery rate, given the
presence of both bank and bond debt which are covenant-lite.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectation that the demand
for Amer Sports' brands will remain supportive, despite the
uncertain consumer spending environment, and that retail expansion
in the US and China will drive earnings improvement, leading to a
Moody's adjusted leverage below 4.5x over the next 12-18 months.
The positive outlook also assumes that Amer Sports will
progressively improve its FCF after 2024, and maintain a balanced
financial policy including good liquidity.

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

Moody's could upgrade Amer Sports if the company continues to
execute successfully its retail expansion plan, such that the
Moody's-adjusted gross debt/EBITDA moves towards 4.0x; FCF
generation improves to positive levels and the Moody's-adjusted
EBIT margins are sustained in the low-to-mid teens in percentage
terms; and the company maintains a good liquidity.

A downgrade is unlikely in the short term given the current
positive outlook. Negative pressure on the ratings could develop if
Amer Sports' operating performance deteriorates as a result of
weaker consumer spending or stronger competition, leading to a
Moody's-adjusted gross debt/EBITDA sustained above 5.5x and a
decline in the Moody's-adjusted EBIT margins towards mid-to-high
single-digit percentages. A deterioration in the liquidity profile,
as a result of increasingly negative FCF or lower availability
under external credit lines, could also lead to a downgrade.

LIST OF AFFECTED RATINGS

Issuer: Amer Sports, Inc.

Outlook Actions:

Outlook, Assigned Positive

Assignments:

Probability of Default Rating, Assigned B1-PD

LT Corporate Family Rating, Assigned B1

Issuer: Amer Sports Holding 1 Oy

Outlook Actions:

Outlook, Changed To Rating Withdrawn From Rating Under Review

Withdrawals:

LT Corporate Family Rating, Withdrawn, previously rated B2

Probability of Default Rating, Withdrawn, previously rated B2-PD

Issuer: Amer Sports Holding Oy

Outlook Actions:

Outlook, Changed To Rating Withdrawn From Rating Under Review

Withdrawals:

BACKED Senior Secured Bank Credit Facility (Local Currency),
Withdrawn, previously rated B2

Issuer: Amer Sports Corporation

Outlook Actions:

Outlook, Changed To Positive From No Outlook

Affirmations:

BACKED Senior Secured Bank Credit Facility (Foreign Currency),
Affirmed B1

BACKED Senior Secured Bank Credit Facility (Local Currency),
Affirmed B1

Issuer: Amer Sports Company

Outlook Actions:

Outlook, Changed To Positive From No Outlook

Affirmations:

BACKED Senior Secured Bank Credit Facility (Local Currency),
Affirmed B1

BACKED Senior Secured Regular Bond/Debenture (Local Currency),
Affirmed B1

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables published in September 2021.

COMPANY PROFILE

Amer Sports is a global sporting goods company, with sales in more
than 100 countries across EMEA, the Americas and APAC. Focused on
outdoor sports, its product offering includes apparel, footwear,
winter sports equipment and other sports accessories. Amer Sports
owns a portfolio of globally recognised brands such as Arc'teryx
Salomon, Wilson, Peak Performance and Atomic, encompassing a broad
range of sports, including alpine skiing, running, tennis,
baseball, American football, hiking and golf. In the last twelve
months ended September 2023, Amer Sports generated revenue of $4.3
billion (2022: $3.5 billion) and company-adjusted EBITDA, that is,
excluding non-recurring items and IFRS 16 impact, of $537 million
(2022: $380 million).


REN10 HOLDING: Moody's Affirms 'B2' CFR Following Refinancing
-------------------------------------------------------------
Moody's Investors Service has affirmed the B2 Corporate Family
Rating and the B2-PD Probability of Default Rating of Ren10 Holding
AB (Renta or the company). Concurrently Moody's has assigned a B2
instrument rating to Renta's proposed backed senior secured term
loan B of 550 million due 2030. The B2 instrument rating of the
existing backed senior secured floating rate notes due 2027 and the
EUR200 million senior secured term loan B due 2028 remain
unchanged. The outlook remains stable.    

Proceeds from the new EUR550 million term loan B will be used to
repay the existing EUR350 million floating rate notes and EUR200
million term loan B. Moody's will withdraw the rating on the EUR350
million floating rate notes and EUR200 million term loan B upon
repayment. This transaction is leverage neutral and is expected to
reduce the interest cost of Renta and push out its maturities to
2030. The super senior revolving credit facility (RCF) is also
being upsized by EUR25 million to EUR125 million as part of this
transaction.

RATINGS RATIONALE

The affirmation of Renta's CFR reflects the company's relatively
resilient operating performance in 2022 and year to date September
30, 2023, driven by acquisitions, volume growth and price increases
despite a significant slowdown in the Nordic construction market
and overall softening demand for rental equipment. Leverage
(Moody's adjusted debt/EBITDA) pro forma for closed acquisitions
was 4.5x for the last twelve months (LTM) ending September 2023
while free cash flow (FCF) to debt was slightly negative at -0.8%
as of period due to capital spending that is required to meet fleet
demand.

Moody's expects Renta's operating performance and earnings to grow,
albeit at a slower pace as demand for construction activity is
slowing down given higher levels of inflation and interest rates.
Despite this slowdown, Renta's geographic exposure to different
countries in the Nordics and end market diversification should help
mitigate any major decline in volumes.

Moody's expects Renta will continue to grow its top line in
mid-single-digit percentage in the next two years. As a result,
Moody's expects adjusted EBITDA of around EUR188-196 million during
this period resulting in leverage of around 4.3x-4.2x in 2024 and
2025. Moody's projects that the company's FCF/debt will still be
negative in both 2024 and 2025 mostly due to higher finance lease
repayments but expects the company to have ample flexibility to
reduce capex should market demand be lower than expected.

LIQUIDITY

Moody's considers Renta's liquidity as adequate. The cash balance
as of December 2023 was EUR16 million at Renta Group Oy level (and
an additional EUR65 million at Ren10 Holding AB). Liquidity is
further supported by EUR125 million available under the (undrawn)
RCF following the EUR25 million upsize. FCF generation is expected
to remain negative in 2024 but is expected to improve from 2025 due
to lower levels of growth capital expenditure in light of reduced
market demand.

The senior secured RCF is subject to a springing financial
maintenance covenant, tested only when 40% or more of the facility
is drawn. This senior secured net leverage covenant is set at a
fixed 7.9x, giving the company ample buffer. No meaningful debt
amortization or maturity is expected to come due before 2030.

RATING OUTLOOK

The stable outlook reflects Moody's expectation of continued
organic growth in revenue and EBITDA and increased rental
penetration in the company's countries of operations, improved free
cash flow generation and adequate liquidity. Moody's expects that
the company will not execute any major debt-funded acquisitions or
shareholder distributions in the short-term.

STRUCTURAL CONSIDERATIONS

The EUR550 million senior secured term loan B and super senior RCF
benefit from a security package limited to share pledges and
intercompany receivables which is considered to be weak. The
guaranteed term loan B and the RCF also benefit from upstream
guarantees from operating companies accounting for at least 80% of
consolidated EBITDA. However, the RCF will rank ahead of the term
loan in an enforcement scenario under the provisions of the
intercreditor agreement.

The B2 backed senior secured term loan B rating is in line with the
CFR due to the relatively limited size of the super senior RCF
ranking ahead. The B2-PD PDR is at the same level as the CFR,
reflecting the assumption of a 50% family recovery rate.

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

Ratings could be upgraded if (1) Renta continues to grow its size
and scale in terms of revenue and EBITDA (2) its Moody's-adjusted
(gross) leverage falls below 4.0x on a sustained basis; (3) its
EBIT/interest expense is sustained around 2x and (4) it maintains
an adequate liquidity profile, including an improvement in Moody's
adjusted free cash flow.

Ratings could be downgraded if (1) its operating performance
deteriorates with revenue and EBITDA declining materially ; (2) its
Moody's-adjusted (gross) leverage rises above 5.0x on a sustained
basis; (3) its EBIT/interest expense declines below 1x on a
sustained basis or (4) if its free cash flow generation
deteriorates and liquidity profile weakens.

COVENANTS

Moody's has reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) generated by
companies in Finland, Sweden and Norway, and include all companies
representing 5% or more of consolidated EBITDA generated by
companies in those countries. Only companies incorporated in those
countries are required to provide guarantees and security. Security
will be granted over key shares, bank accounts and receivables, and
floating security will be granted in Finland and Sweden.

Unlimited pari passu debt is permitted up to a senior secured
leverage ratio of 4.40x, and unlimited unsecured debt is permitted
subject to a 2.00x fixed charge coverage ratio. Any permitted debt
may be incurred as an incremental facility. Any restricted payments
is permitted if total net leverage is 3.40x or lower, and
restricted investments are permitted if total net leverage is 4.40x
or lower. Asset sale proceeds are only required to be applied in
full (subject to exceptions) where total leverage is 3.90x or
greater.

The proposed terms, and the final terms may be materially
different.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental published in February 2022.

COMPANY PROFILE

Established in Finland in 2016, Renta is a full-service equipment
rental company operating through a network of 181 depots with a
diversified presence across five main countries (Sweden, Denmark,
Finland, Norway and Poland) in the Nordic region. Renta has a
rental fleet of over 100,000 tools and pieces of equipment which
include tools and light equipment, power and heating, earthmoving
equipment, lifts, site modules etc. The company reported revenue
and EBITDA of EUR493 million and EUR181 million respectively (pro
forma for closed acquisitions) for the last twelve months ending
September 30, 2023.




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G E R M A N Y
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ENVALIOR FINANCE: Moody's Lowers CFR & First Lien Term Loans to B3
------------------------------------------------------------------
Moody's Investors Service downgraded Envalior Finance Gmbh's long
term Corporate Family Rating to B3 from B2 and Probability of
Default Rating to B3-PD from B2-PD. Concurrently, Moody's
downgraded Envalior's ratings on the senior secured revolving
credit facility (RCF) and senior secured first lien term loans B
(TLB) ratings to B3 from B2. The outlook remains stable.

RATINGS RATIONALE

The downgrade reflects Moody's expectations that Envalior will not
achieve credit metrics commensurate with expectations for the B2
rating over the next 12 to 18 months, despite expected improvements
in EBITDA and synergy realization. Moody's anticipates that at
year-end 2023, Envalior's liquidity will have remained at least
stable compared to Q3 2023 supported by a focus on cost controls,
working capital management and the institution of a factoring
program. The rating agency expects the company to experience
negative FCF in 2024 given the pronounced downturn in volumes
during the course of 2023, with prospects for only a modest
recovery in 2024.

As of the twelve months ended September 2023, the rating agency
estimates Envalior's Moody's adjusted debt/EBITDA was above 20x on
a reported basis, but including certain unusual items and expected
proforma synergies around 12x, with EBITDA interest coverage below
1.0x, (including certain expected proforma synergies). These
metrics incorporate Moody's standard adjustments for pensions,
leases and securitization, and do not include certain unusual items
as included by the company. Over the next 12-18 months, the rating
agency expects some recovery in engineering materials pricing and
volumes leading to improved EBITDA generation and the company's
Moody's debt/EBITDA declining below 10x (including PF synergy
realization), depending on the pace and stability of the recovery.
Additionally, Moody's expects that increasing volumes will
contribute to better gross margin development as the company
achieves improved fixed cost absorption in the intermediates
segments from higher utilization rates.

Envalior's (1) top three market position in the growing engineering
materials market, (2) good operational and revenue diversification
across the Americas, EMEA and APAC with backward integration, (3)
strong portfolio of branded products with long standing customer
relationships and (4) good liquidity support the ratings. However
Envalior's (1) very high leverage, (2) the integration and
execution risk associated with combining two entities with a global
presence, (3) concentration in the mobility segment (around 47% of
pro forma revenue), (4) a relatively complex capital structure with
PIK notes and preferred equity raised outside the restricted group,
and (5) low visibility of historical financial data due to the
combination of two carve out entities, constrain the ratings.

LIQUIDITY PROFILE

Envalior's liquidity is good. As of the end of Septebmer 2023, the
company has around EUR345 million of cash on hand and access to
EUR301 million on the company's EUR375 million RCF. In combination
with forecast funds from operations, these sources are expected to
be sufficient to cover capital spending, working capital movements
and general cash needs. Moody's estimates the company's total
liquidity has remained stable or increased at FYE 2023, due to
working capital management and the establishment of a factoring
program.

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

Factors that could lead to an upgrade of Envalior's ratings
include: (i) debt/EBITDA decreasing below 6.0x on a sustained
basis; (ii) positive FCF and maintenance of adequate liquidity;
(iii) EBITDA/Interest coverage comfortably above 2.0x on a
sustained basis; (iv) continued evidence of a successful
integration process.

Factors that could lead to a downgrade of Envalior's ratings
include: (i) debt/EBITDA remaining consistently and well above
7.5x; (ii) consistently negative FCF which drives a deterioration
of liquidity; (iii) EBITDA/Interest coverage below 1.5x on a
sustained basis (iv) delays or disruptions to the integration which
result in operational challenges or cost overruns, or an inability
to deliver expected synergies which has a material financial impact
or; (v) the enactment of more aggressive financial policies which
would favor shareholder returns over creditors.

STRUCTURAL CONSIDERATIONS

Moody's rates the TLBs and the RCF B3, in line with the CFR because
these debt instruments represent the largest debt instrument in
Moody's waterfall analysis. The TLBs ranks pari passu with the
RCF.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 2023.

COMPANY PROFILE

Envalior Finance GmbH (Envalior) is a Germany-based chemical
producer specializing in the production of engineering materials
with core end markets in mobility and electronics. The company was
formed by the carve-out of Royal DSM N.V.'s (A3 stable) DEM
(engineering materials) business and Lanxess AG (Baa3 negative)
contributing its High-Performance Materials (HPM) business into a
newly formed joint venture. The company is 60% owned by the private
equity firm Advent International and 40% by Lanxess AG. For the
twelve months ended September 30, 2023, the company had a PF
reported EBITDA of EUR132 million.


PROJECT 1 MOTORSPORT: Files for Bankruptcy After Investor Talks
---------------------------------------------------------------
Sven Haidinger at Motorsport reports that leading German sportscar
racing outfit Project 1 Motorsport has filed for bankruptcy and
will not contest the DTM in 2024.

The team entering its 30th season, run by Hans-Bernd Kamps, has
also announced that its event company Project 1 Drivetime, which
ran the BMW M2 Cup on the DTM undercard, will also close down,
Motorsport relates.

According to Motorsport, a short statement released by the team on
Feb. 26 said: "After numerous discussions with investors,
manufacturers, partners and friends, we were unable to achieve a
positive result for the continuation of our companies Project 1
Motorsport and Project 1 Drivetime.

"The generally difficult economic situation, which also affects
motorsport, also contributed to this.

"For these reasons, we unfortunately have to file for bankruptcy
for both Project 1 GmbHs.  It pains us even more to have to do this
in our 30th anniversary year."

In concrete terms, this means that insolvency proceedings are
opened if the company is insolvent or over-indebted, Motorsport
notes.

The team was founded in 1993 by Kamps and business partner Jorg
Michaelis as Tolimit Motorsport, and soon caused a stir with its
successes in Porsche Carrera Cup and also through sponsorship from
Deutsche Post.

Project 1 Motorsport emerged from Tolimit Motorsport in 2013, and
it ran Philipp Eng to the Porsche Supercup title in 2015.


RENK GMBH: Moody's Raises CFR to Ba3 & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long term corporate
family rating of the German gearbox producer RENK GmbH to Ba3 from
B1 and the probability of default rating to Ba3-PD from B1-PD. The
rating outlook has been changed to positive from stable.

RATINGS RATIONALE

The rating action reflects Moody's expectation that the company,
following its recent IPO, will have a relatively conservative and
balanced financial policy going forward. This expectation is
supported by its new dividend policy, which foresees a 40-50%
payout from net income, and its plan to reduce net leverage to
approximately 2x from 2.6x at the end of September 2023.
Additionally, RENK has successfully refinanced its EUR520 million
guaranteed senior secured notes with term loans. This move has kept
the debt amount largely unchanged while increasing the revolving
credit facility to EUR75 million, thereby enhancing liquidity.

RENK's credit metrics, including Moody's adjusted gross leverage of
around 3.2x at the end of September 2023, have been robust and
already exceeded Moody's quantitative requirements for a higher
rating. Moreover, the increase in defense budgets across NATO
countries creates a favorable environment for RENK's operating
performance, as approximately 70% of its revenue comes from the
defense market. The company aims for a 10% CAGR for revenue over
the mid-term along with EBIT margin expansion, which Moody's
consider achievable. The projected earnings growth will continue to
foster deleveraging that creates additional positive rating
pressure over the next 12-18 months.  

However, the company's growth potential and aspiration could lead
to further acquisitions with associated event-driven risks.
Furthermore, the high growth phase is challenged by the
industry-wide supply chain issues and a severe labor shortage.
These challenges have recently resulted in increased working
capital, which can be volatile and unpredictable. Despite working
capital fluctuations, Moody's expect RENK's free cash flow
generation (after dividends) to remain positive over the coming
12-18 months, supported by growing earnings and relatively modest
capex requirements (around 3% of sales). Failure to generate
positive FCF due to weaker earnings growth or higher than expected
capex spending may conversely exert negative pressure on the
rating.

The recent IPO did not contribute new funds to the company, but it
did diversify RENK's shareholder base as the private-equity firm
Triton reduced its stake to around 67%. Triton's future exit
strategy is unknown at the current stage and while it continues to
have a controlling stake, carrying some re-leveraging risks, the
publicly stated financial policy, (including a clearly-stated
dividend policy) limits the releveraging risk. The rating action
factors in Moody's expectation that the company will adhere to this
policy and building a track record of commitment would be required
for further positive rating actions. Limited releveraging risk in
Moody's view also reflects the fact that RENK's share price since
the IPO increased strongly, which makes Triton's remaining stake in
RENK highly valuable, by far exceeding its initial investment in
the company.

However, with approximately EUR900 million of revenue in the last
12 months ending September 2023, RENK remains a relatively small
entity compared to most of its Ba-Baa rated peers in the Aerospace
and Defense sector.

The rating is mainly supported by (1) its strong positions in the
market for military tracked vehicle transmissions and naval
gearboxes; (2) its large exposure (about 70% of revenue) to the
defense end market, which benefits from growing defense spending;
(3) its long-standing relationships with ministries of defense and
original equipment manufacturers (OEMs); (4) its good near-term
revenue visibility, supported by a sizable aftermarket business and
its order backlog; and (5) Moody's expectation of a fairly
conservative and balanced financial policy going forward following
the recent IPO.

The rating is primarily constrained by (1) RENK's modest scale of
operations relative to rated peers; (2) exposure to raw material
price volatility and supply chain disruptions; (3) intra-year
volatility in net working capital; and (4) a history of growing
through acquisitions that will likely continue in coming years.

The rating upgrade reflects governance considerations which
includes Moody's expectation of a relatively conservative financial
policies following the IPO and a greater diversity in the company's
supervisory board with reduced influence of its major shareholder
Triton.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects our expectation that RENK's credit
metrics will continue to improve over the next 12-18 months on the
back of solid earnings growth so that Moody's adjusted gross
leverage will decline below 3.0x. Additionally, Moody's expect RENK
to continue generating positive free cash flow despite the
initiation of regular dividend payments as a listed company (40-50%
payout ratio). Moody's also expect it to maintain robust liquidity
profile and to build a track record of conservative financial
policy over time.

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

Positive rating pressure could arise if:

-- RENK's business profile were to improve evidenced through
increased scale and diversification;

-- The company demonstrate a track record of commitment to
conservative financial policy, including the dividend policy;

-- Moody's-adjusted gross debt/ EBITDA sustained below 3.0x;

-- Moody's-adjusted RCF/ net debt sustained above 25%;

-- Continued strong free cash flow generation and good liquidity
profile.

Conversely, negative rating pressure could arise if:

-- Moody's-adjusted gross debt/ EBITDA sustained above 4.0x;

-- Moody's-adjusted RCF/ net debt sustained below 15%;

-- Reduced free cash flow and deterioration of liquidity profile.

LIQUIDITY

RENK's liquidity is solid. The company had EUR70 million of
unrestricted cash on balance sheet as of September 2023 that
Moody's expect to increase close to EUR100 million at the year-end
2023. In course of the recent debt refinancing RENK has increased
the amount of its revolving credit facility (RCF) to EUR75 million
from EUR50 million and extended its maturity to 2029 from 2025
previously. The RCF is fully undrawn. Moody's expect RENK to
generate EUR50-100 million of free cash flow (after dividends) in
2024-25 that will further support its liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense published in October 2021.

COMPANY PROFILE

Headquartered in Augsburg, Germany, RENK GmbH is a manufacturer of
high-quality gear units, automatic transmissions, slide bearings,
suspension systems, couplings and test systems. The company
operates through three business segments — Vehicle Mobility
Solutions, Marine & Industry and Slide Bearings — serving a
diverse set of end markets, with around 70% of its revenue coming
from the defense sector. In the last 12 months ending September
2023, the company reported EUR908 million in revenue and EUR181
million of company-adjusted EBITDA. The company is publicly listed
but majority owned (c. 67% of shares) by funds managed by the
private-equity firm Triton, which completed the acquisition of RENK
from Volkswagen Aktiengesellschaft  (A3 stable), in October 2020.


TUI AG: Moody's Rates New EUR300MM Senior Unsecured Notes 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a debt instrument rating of
B1 to the planned issuance of backed senior unsecured notes in a
targeted amount of EUR300 million by TUI AG (TUI or the company).

"The B1 debt instrument rating reflects the pari-passu nature of
the notes to be issued with existing facilities with a limited
guarantor coverage of around 26% of the group's EBITDA but limited
amount of structurally senior debt. This also reflects that the
restricted group excludes key joint-ventures such as RIUSA II which
is fully consolidated into the issuer's accounts. Moody's however
believe that in the event of financial difficulty, TUI could sell
its stake in TUI Cruises. This move would likely mitigate losses
for note holders, counterbalancing the more limited scope of the
restricted group" say Elise Savoye, the lead analyst for TUI AG.
"The instrument rating is in line with B1 corporate family rating
(CFR). The proceeds will be used to refinance the EUR197 million of
drawn RCF and EUR100 million bank loans" adds Mrs Savoye.

RATINGS RATIONALE

The new backed senior unsecured notes will be issued at TUI AG, the
parent company of the TUI Group. The notes will rank pari passu
with the existing EUR2.5 billion RCF, the EUR242 million
Schuldschein and the EUR190 million bonding facilities. The EUR590
million convertible bonds also rank pari-passu but do not benefit
from the upstream guarantees from operating subsidiaries the other
debt instruments and the notes to be issued benefit from. The
guarantor's coverage however represents a bit less than 26% of the
group's EBITDA.

The restricted group excludes some key joint-ventures of TUI such
as RIUSA II and TUI Cruises. While the later is consolidated at
equity, RIUSA II is fully consolidated into TUI AG accounts,
representing around 6% of TUI's total revenues as of fiscal 2023.
Moody's however believe that TUI's capacity to dispose of its stake
in TUI Cruise in case of financial difficulty will support recovery
for noteholders which largely offsets the potential negative impact
of the exclusion of RIUSA from the restricted group.

Moody's expected loss analysis factors in the substantial volume of
trade payables including those at the non-guarantors level which
take structural precedence over the senior unsecured notes to be
issued. However, the financial debt held at the non-guarantors
level, to which the proposed notes will be structurally
subordinated, is quite limited. In addition, TUI's corporate family
rating (CFR) is strongly positioned into the B1 category. This is
why the debt rating is in line with TUI's CFR.

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

Positive rating pressure could develop if:

-- Moody's adjusted EBITA/Interest improves to 3x

-- The company maintains solid available liquidity of at least
EUR1.5 billion, with a track record of prudent liquidity
management

-- Positive Moody's adjusted FCF with FCF/debt improving toward 5%
on a sustained basis

-- And Moody's adjusted gross debt/EBITDA declines to below 2.5x
on a sustained basis

Negative pressure could arise if:

-- Moody's adjusted gross debt/EBITDA increased to 3.5x

-- Moody's adjusted EBITA/Interest remains well below 2.5x

-- Liquidity deteriorates with sustainably negative Moody's
adjusted FCF and negative working capital movement over the full
fiscal year.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

TUI AG, based in Hannover, Germany, is a leading global tourism
group with divisions in Holiday Experiences and Markets and
Airlines, serving 19 million customers in 180 regions pre-pandemic.
With current listings on the Frankfurt, Hannover, and London stock
exchanges, TUI reported revenue of EUR20.7 billion and underlying
EBIT of EUR977 million for the fiscal year ending September 30,
2023.


TUI AG: S&P Rates New EUR300MM Senior Unsecured Notes 'B+'
----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating to the proposed
EUR300 million senior unsecured notes, due in 2029, to be issued by
German travel company TUI AG (B+/Positive/--). S&P assigned a '3'
recovery rating to this debt, indicating its expectation of
meaningful recovery prospects (50%-70%; rounded estimate: 65%) for
debtholders in the event of a payment default.

The recovery rating considers the proposed notes will rank pari
passu with TUI's other unsecured debt, but prior to the convertible
bonds. The issue and recovery ratings are subject to our review of
the final documentation.

TUI intends to use the proceeds to refinance its liabilities to
banks, including drawings on its revolving credit facilities
(RCFs), and pay fees and expenses related to the issuance.
Following the refinancing, TUI will cancel EUR300 million of
commitments under its facility from KfW.

The proposed issuance is unlikely to affect S&P's current base
case, under which it forecasts S&P Global Ratings-adjusted net
leverage of 3.0x-2.5x for 2024 and 2025. This is because S&P
expects the group will use the proceeds for refinancing purposes.

The proposed senior unsecured notes are linked to sustainability
targets that, if not met, would lead to an additional step-up in
interest of 0.25%. TUI's sustainability target is to reduce TUI
Airline's carbon dioxide emissions by 11% or more by Sept. 30,
2026, compared with the figure as of fiscal year ended Sept. 30,
2019.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P rates the group's proposed EUR300 million senior unsecured
notes due in 2029, at 'B+', in line with the issuer credit rating.

-- The recovery rating on the senior unsecured notes is '3',
indicating its expectation of meaningful recovery prospects
(50%-70%; rounded estimate: 65%) in the event of default.

-- In S&P's hypothetical default scenario, it assumes a prolonged
economic downturn in the U.K. and Germany, TUI's main source
markets, resulting in deteriorating demand, combined with a series
of unexpected adverse events in different destination markets,
resulting in severe losses that trigger a default.

-- TUI relies on its RCFs during the winter season (the first half
of each fiscal year), when S&P would expects a hypothetical default
is most likely to occur due to sizable working capital-related cash
outflows. S&P therefore assumes all RCFs are 100% drawn at
default.

-- S&P views TUI's liabilities to banks for asset financing as
priority debt that ranks ahead of syndicated facilities (a cash
facility of EUR1.45 billion; KfW facility of EUR0.75 billion; and a
bonding facility of EUR0.19 billion), Schuldschein of EUR242
million, and the proposed EUR300 million of senior unsecured
notes.

-- The convertible bonds of EUR590 million do not benefit from the
guarantee package attached to the syndicated facilities,
Schuldschein, and proposed senior unsecured notes. Therefore, S&P
views the convertible bonds as subordinated.

-- S&P values TUI as a going concern, given its leading market
position and strong brand.

Simulated default assumptions

-- Year of default: 2028
-- Jurisdiction: Germany

Simplified waterfall

-- EBITDA at emergence: EUR557 million

-- Minimum capital expenditure: 2.0% of annual revenue, based on
historical trends and future expectations

-- Standard cyclicality adjustment: 10%, in line with S&P's
assumptions for the travel sector

-- Implied enterprise value multiple: 5.0x, which is supported by
the strength of the TUI brand, but constrained by the business'
exposure to event risks, TUI's low EBITDA margins compared with
peers', and operations in a highly fragmented market.

-- Gross enterprise value at default: About EUR2.78 billion

-- Net enterprise value after administrative costs (10%): EUR2.50
billion

-- Priority claims of EUR639 million

-- Senior unsecured debt: EUR2.87 billion

    --Recovery range: 50%-70% (rounded estimate 65%)

*All debt amounts include six months of prepetition interest. RCFs
assumed to be 100% drawn.




=============
I R E L A N D
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ACCUNIA EUROPEAN III: Moody's Affirms B1 Rating on Class F Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Accunia European CLO III Designated Activity
Company:

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Oct 10, 2022 Upgraded to
Aa1 (sf)

EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Oct 10, 2022 Upgraded to Aa1
(sf)

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

EUR216,000,000 (Current outstanding amount EUR195,172,945) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 10, 2022 Affirmed Aaa (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A1 (sf); previously on Oct 10, 2022
Upgraded to A1 (sf)

EUR19,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Oct 10, 2022
Affirmed Baa2 (sf)

EUR21,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 10, 2022
Affirmed Ba2 (sf)

EUR10,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B1 (sf); previously on Oct 10, 2022
Upgraded to B1 (sf)

Accunia European CLO III Designated Activity Company, issued in
August 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Accunia Fondsmæglerselskab A/S. The
transaction's reinvestment period ended in August 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1 and B-2 notes are primarily a
result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the last review in
June 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, C, D, E and Class F
notes are primarily a result of the expected losses on the notes
remaining consistent with their current ratings after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralization (OC) levels.

The Class A notes have paid down by approximately EUR20.8 million
(9.6%) 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 and Class D OC
ratios are reported at 143.03%, 128.85% and 119.60% compared to May
2023 [2] levels of 140.87%, 127.95%, 119.40%, respectively.

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 review.

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: EUR323.12m

Defaulted Securities: EUR7.2m

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3076

Weighted Average Life (WAL): 3.38 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.95%

Weighted Average Coupon (WAC): 3.31%

Weighted Average Recovery Rate (WARR): 44.48%

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, 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.


PALMERSTON PARK: Moody's Ups Rating on EUR11MM E Notes to B1
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Palmerston Park CLO Designated Activity Company:

EUR14,000,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aaa (sf); previously on Aug 17, 2023
Upgraded to Aa1 (sf)

EUR10,000,000 Class B-2-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aaa (sf); previously on Aug 17, 2023
Upgraded to Aa1 (sf)

EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Aug 17, 2023
Upgraded to A3 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Ba1 (sf); previously on Aug 17, 2023
Affirmed Ba2 (sf)

EUR11,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to B1 (sf); previously on Aug 17, 2023
Affirmed B2 (sf)

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

EUR233,000,000 (Current outstanding amount EUR73,662,769) Class
A-1A-R Senior Secured Floating Rate Notes due 2030, Affirmed Aaa
(sf); previously on Aug 17, 2023 Affirmed Aaa (sf)

EUR10,000,000 (Current outstanding amount EUR 3,161,492) Class
A-1B-R Senior Secured Fixed Rate Notes due 2030, Affirmed Aaa (sf);
previously on Aug 17, 2023 Affirmed Aaa (sf)

EUR26,000,000 Class A-2A Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Aug 17, 2023 Affirmed Aaa
(sf)

EUR20,000,000 Class A-2B Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Aug 17, 2023 Affirmed Aaa
(sf)

Palmerston Park CLO Designated Activity Company, issued in April
2017 and refinanced in November 2019, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Blackstone
Ireland Limited. The transaction's reinvestment period ended in
April 2021.

RATINGS RATIONALE

The rating upgrades on the Classes B-1-R, B-2-R, C, D and E Notes
are primarily a result of the deleveraging of the most senior notes
following amortisation of the underlying portfolio, improvement in
over-collateralisation ratios 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 since the last
rating action in August 2023.

The Class A-1A-R and A-1B-R Notes have paid down by approximately
EUR64.9m (26.7%) since the last rating action in August 2023 and
EUR166.2 million (68.4%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated January
2024 [1] the Class A, Class B, Class C and Class D OC ratios are
reported at 163.46%, 142.93%, 128.78% and 115.45% compared to July
2023 [2] levels of 152.81%, 136.94%, 125.53% and 114.40%,
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 August 2023.

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

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

Performing par and principal proceeds balance: EUR225m

Defaulted Securities: EUR7.0m

Diversity Score: 41

Weighted Average Rating Factor (WARF): 2973

Weighted Average Life (WAL): 3.1 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.47%

Weighted Average Coupon (WAC): 3.46%

Weighted Average Recovery Rate (WARR): 44.33%

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.

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.




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

CUPPA BIDCO: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the ratings of Cuppa Bidco B.V. ("Lipton" or "the
company"). Concurrently, Moody's has affirmed the company's B3
corporate family rating, its B3-PD probability of default rating
and the B2 instrument ratings on the EUR2,083 million equivalent
guaranteed senior secured term loans due 2029 and the EUR375
million guaranteed senior secured revolving credit facility (RCF)
due 2028.

"The change in outlook to negative from stable reflects Lipton's
higher than expected leverage owing to the higher than anticipated
cash burn related to the separation process from Unilever" says
Lorenzo Re, a Moody's VP-Senior Analyst and lead analyst for
Lipton.

"While Moody's expect material improvements in the company's
operating performance and cash flow generation with phasing out of
the separation related costs in the next 12-18 months, these remain
subject to execution risk limiting the visibility on the company's
ability to restore a more sustainable capital structure" Mr. Re
added.  

RATINGS RATIONALE

The separation from Unilever PLC (A1 stable) has been largely
completed and Lipton is well on track on the other initiatives to
streamline its organisation and increase efficiency. However, the
costs associated to the separation process and the transformation
plan have been much higher than anticipated, resulting in a
significant cash burn of EUR314 million in 9M 2023. In addition to
one-off costs, the cash burn was due to higher than expected
working capital absorption, because of longer suppliers' payment
terms as well as the settlement of different agreements with
Unilever. Moody's expects working capital to stabilise in 2024.

As a result of this negative free cash flow, the company has drawn
under its revolving credit facility. The EUR375 million RCF was
drawn for EUR240 million as of September 2023 and Moody's expects
drawings to have exceeded EUR300 million at December 2023. Moody's
forecasts Lipton's free cash flow generation to remain negative in
H1 2024 because of further EUR70 million separation costs, but
expects that the current liquidity sources will be enough to cover
for the additional cash burn. Cash flow should materially improve
in the second half of the year. However, the drawings under the RCF
weight on the company already weak credit metrics and Moody's
expects that leverage will remain above 8.0x in 2024. Moreover, the
improvement in Lipton's operating performance in 2024 remains
subject to execution risk and relies on the company's ability to
boost sales volumes and further improve margins.

The rating reflects Lipton's significant scale and leading global
market positions, driven by a strong portfolio of local and
international brands. The company has strong geographical
diversification, including emerging markets, although this exposes
it to foreign-exchange fluctuations. The rating also factors in
Lipton's high product concentration and significant exposure to
mature segments and geographies.

STRUCTURAL CONSIDERATIONS

The EUR2,083 million equivalent senior secured term loans and the
EUR375 million senior secured RCF are rated B2, one notch above the
CFR, reflecting the senior position of these instruments relative
to the junior instruments in the capital structure, that is, the
EUR470 million equivalent second-lien term loan.

The senior secured term loan B and the senior secured RCF benefit
from pledges over the shares of the borrower and guarantors, as
well as pledges over bank accounts and intragroup receivables, and
are guaranteed by the group's operating subsidiaries representing
at least 80% of the consolidated EBITDA.

The B3-PD PDR reflects Moody's assumption of a 50% family recovery
rate because of the weak security package and the limited set of
financial covenants.

LIQUIDITY

Lipton's liquidity remains adequate, supported by EUR102 million of
cash as of September 2023 and EUR135 million availability under the
EUR375 million revolving credit facility due in 2028. However,
Moody's expects drawings under the RCF to have increased to above
EUR300 million as of December 2023. Moody's forecasts Lipton's free
cash flow (FCF) to remain negative over the next 12 months, mainly
because of EUR70 million remaining one-off costs related to the
separation process. The available liquidity should cover for this
expected additional cash burn. The rating assumes that Lipton will
be able to address any liquidity shortfall in a timely manner.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the execution risks associated with
the turnaround strategy, based on volume recovery and continued
margin progression. While Moody's expects a gradual improvement in
cash generation, this will happen only in the second part of 2024
and the weak credit metrics leave limited room for underperformance
compared with current expectations.

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

Negative pressure on the rating could materialize in case of (1)
failure to execute its turnaround plan, resulting in continued
sales erosion, additional one-off costs or a strain on margins; (2)
continued negative FCF, leading to further liquidity deterioration;
or (3) Moody's-adjusted gross debt/EBITDA not improving from the
current high level.

Conversely, positive pressure on the ratings is unlikely given the
negative outlook, but could materialize over time as a combination
of (1) solid top line growth with improving profitability; (2)
sustainable positive free cash flow generation; (3) adjusted gross
debt/EBITDA reducing below 7.5x on a sustainable basis; and (4)
EBITA interest coverage ratio improving above 1.5x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Cuppa Bidco B.V. (Lipton) is the parent company of Lipton Teas and
Infusions, a global manufacturer of tea and other herbal infusions.
Headquartered in the Netherlands, Lipton is present in 82
countries, with a portfolio comprising both global and local
brands. It operates nine production sites globally and is partially
vertically integrated, as it owns 20 tea estates in East Africa.
Lipton reported in 2022 revenue of around EUR1.9 billion and
Moody's-adjusted EBITDA of EUR200 million.




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

DU BOULAY: Goes Into Administration
-----------------------------------
Business Sale reports that Du Boulay Contracts Limited is a
London-based contractor specialising in commercial fit out and
refurbishment.

The company fell into administration on Feb. 20, with the Gazette
confirming the appointment of Nicholas Simmonds and Chris Newell of
Quantuma Advisory on Feb. 23, Business Sale relates.

According to Business Sale, in its accounts for the year ending
December 31, 2022, the company's fixed assets were valued at
GBP143,100 and current assets at GBP5.5 million.  At the time, its
net assets amounted to GBP98,813, Business Sale discloses.


LIGHTNING FIBRE: Falls Into Administration, Owes GBP5.1 Million
---------------------------------------------------------------
Business Sale reports that Lightning Fibre Limited, a full fibre
broadband provider based in Eastbourne, fell into administration on
Feb. 19, with the Gazette reporting the appointment of Philip
Armstrong and Philip Watson of FRP Advisory as joint administrators
on Feb. 23.

The company had been undertaking an FTTP network rollout in parts
of Sussex and Kent, with backing from private equity firm
Foresight.

According to Business Sale, in its accounts for the year to
March 31, 2022, the firm's fixed assets were valued at GBP13.5
million and current assets at GBP4.4 million, with net liabilities
amounting to GBP5.1 million.


MG EMPOWER: Enters Administration, Owes GBP1.9 Million
------------------------------------------------------
Business Sale reports that MG Empower Limited fell into
administration this month, with Lisa Moxon and Chris Barrett of Dow
Schofield Watts Business Recovery appointed as joint
administrators.

According to Business Sale, in the company's accounts to
December 31, 2022, its fixed assets were valued at GBP1.9 million
and current assets at just under GBP5.9 million.

At the time, the company's total net liabilities amounted to GBP1.9
million, Business Sale discloses.

MG Empower Limited is a marketing agency with operations in London
and New York.


SELINA HOSPITALITY: Faces Default Notice from YAM Over JV Dispute
-----------------------------------------------------------------
As previously announced by Selina Hospitality PLC via a Report on
Form 6-K issued on January 4, 2024, the Company and certain of its
subsidiaries received a default and reservation of rights notice
from YAM at Selina Ops, L.P. ("YAM") on December 27, 2023 (the
"Default Notice"), pertaining to the Company's failure to keep
ordinary shares held by YAM registered under an effective
registration statement and make certain payments to YAM as required
under the second amendment ("Second Amendment") to a separation and
amendment agreement, initially dated June 3, 2022 (as subsequently
amended, the "Separation Agreement"), and entered into between YAM,
on one hand, and the Company, PCN Operations, S.A. ("PCN"), Selina
Operation One (1), S.A. ("Selina One"), and Selina Management
Panamá, S.A., on the other hand (the "Selina Parties").

The Separation Agreement includes the terms relating to the
eventual buy-out of YAM's equity interest in a joint venture
arrangement, entered into in September 2017 between the Company and
YAM (the "JV Arrangements"), pursuant to a shareholder agreement,
entered into in December 2020 among the Company, Selina One and
YAM, that governs PCN, the joint venture company that was
established for the development and operation of the Company's
business in Panama, Costa Rica and Nicaragua.

Further to the Default Notice, on February 9, 2024, YAM sent to the
Selina Parties a notice pursuant to which YAM purports to exercise
certain rights in relation to the JV Arrangements and enforce
various rights of YAM under pledges it holds over certain
subsidiaries of PCN (the "PCN Group") and guarantees provided by
the Company and other subsidiaries. In particular, YAM is
requesting information relating to PCN Group and, among other
things, is seeking to accelerate a buy-out payment due pursuant to
a put option accruing to YAM under the JV Arrangements, and change
the directors of the pledged entities within the PCN Group. The
Company estimates that the buy-out payment totaled approximately
US$3.7 million as of January 4, 2024, which amount was prior to the
additional sales of ordinary shares of the Company held by YAM
since that date.

Management is assessing the situation and will vigorously defend
the position of the Selina Parties and pledged entities, while
continuing to seek to engage with YAM regarding settlement options.
An amicable outcome from those discussions cannot be assured at
this time and the enforcement actions could trigger cross-defaults
under certain of the Company's other financing arrangements.

                   About Selina Hospitality PLC

United Kingdom-based Selina (NASDAQ: SLNA) is one of the world's
largest hospitality brands built to address the needs of millennial
and Gen Z travelers, blending beautifully designed accommodation
with coworking, recreation, wellness, and local experiences.
Founded in 2014 and custom-built for today's nomadic traveler,
Selina provides guests with a global infrastructure to seamlessly
travel and work abroad. Each Selina property is designed in
partnership with local artists, creators, and tastemakers,
breathing new life into existing buildings in interesting locations
in 24 countries on six continents -- from urban cities to remote
beaches and jungles.

SELINA HOSPITALITY: Osprey, 12 Others Own 41.3% of Ordinary Shares
------------------------------------------------------------------
In a Schedule 13D Report filed with the U.S. Securities and
Exchange Commission, the following reporting persons disclosed
beneficial ownership of Selina Hospitality PLC's ordinary shares as
of January 26, 2024.

Reporting Person               Amount beneficially owned     
Percent of class

Osprey International Limited           155,777,897                 
41.3%
Newbridge Associates Limited           155,777,897                 
41.3%
Riverhead Ventures Limited             155,777,897                 
41.3%
The Heritage Trust                     155,777,897
Trust Corporation
of the Channel Islands                 155,777,897                 
41.3%
Trust Corporation Internal Limited     155,777,897                 
41.3%
Ocorian Financial Services
Group (Guernsey) Limited               155,777,897                 
41.3%
Bramley Interco Limited                155,777,897                 
41.3%
Bramley Topco Limited                  155,777,897                 
41.3%
Orthrus Limited                        155,777,897                 
41.3%
Stanford BidCo Limited                 155,777,897                 
41.3%
Stanford MidCo Limited                 155,777,897                 
41.3%
Stanford HoldCo Limited                155,777,897                 
41.3%

A full-text copy of the Report is available at:

https://www.sec.gov/Archives/edgar/data/1909417/000119312524032313/d718041dsc13d.htm

                   About Selina Hospitality PLC

United Kingdom-based Selina (NASDAQ: SLNA) is one of the world's
largest hospitality brands built to address the needs of millennial
and Gen Z travelers, blending beautifully designed accommodation
with coworking, recreation, wellness, and local experiences.
Founded in 2014 and custom-built for today's nomadic traveler,
Selina provides guests with a global infrastructure to seamlessly
travel and work abroad. Each Selina property is designed in
partnership with local artists, creators, and tastemakers,
breathing new life into existing buildings in interesting locations
in 24 countries on six continents -- from urban cities to remote
beaches and jungles.

SHIRDI SAI'S: Enters Administration
-----------------------------------
Business Sale reports that Shirdi Sai's Oil Limited, a service
station operator based in Essex, fell into administration on Feb.
16, with Stephen Hunt of Griffins appointed as administrator.

According to Business Sale, in the company's accounts for the year
to November 30, 2022, its fixed assets were valued at close to
GBP6.4 million, with current assets standing at just under
GBP500,000 and net assets amounting to GBP2.4 million.


SKYLINE DEVELOPMENT: Goes Into Administration
---------------------------------------------
Business Sale reports that Skyline Development & Construction
Limited, a construction company based in Oxford, fell into
administration on Feb. 16, with the appointment of Quantuma's
Michael Chamberlain and Gareth Peckett as joint administrators
confirmed by the Gazette on February 20.

According to Business Sale, in the company's balance sheet as of
December 31, 2022, its total current assets were valued at GBP3.45
million, with total assets less liabilities amounting to slightly
over GBP1 million.


VUE ENTERTAINMENT: S&P Upgrades ICR to 'CCC+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings raised its rating on Vue Entertainment
International Ltd. (Vue) to 'CCC+' from 'SD' (selective default)
and its issue rating on the group's EUR95 million super senior debt
facility to 'B' from 'CCC'.

S&P said, "We have also assigned ratings of 'B' to Vue's new EUR64
million super-senior facility due June 2027, 'B-' to the new EUR127
million 1.5 lien senior secured loan due December 2027, and 'CCC-'
to the reinstated EUR229 million senior term loan due December
2027.

"The negative outlook reflects our view that Vue will continue to
show material cash outflows and high leverage during the fiscal
year ending Nov. 30, 2024 (fiscal 2024), with tight liquidity and
covenant headroom.

"The 'CCC+' issuer credit rating reflects our view that the group
will continue to show weak credit metrics and tight liquidity over
the next 12-18 months. We anticipate continued weak earnings, and
free operating cash flow (FOCF) after lease outflows of close to
GBP100 million in fiscal 2024, owing to a decline in cinema
admissions because of a lower number of film releases scheduled for
2024 than in 2023. We expect this will lead to a gradual decline in
Vue's cash balance in the near term, and particularly during the
fourth quarter (September to November) of fiscal 2024. Although we
forecast cinema admissions will improve in fiscal 2025, we do not
expect them to recover as strongly as previously anticipated.
Moreover, the additional cash burden of rent payments deferred from
fiscal 2024 will result in liquidity remaining tight next year.

"Operating conditions remain challenging for cinema operators due
to a weaker film slate for 2024. After a solid recovery in 2023,
marked by the strong performance of blockbuster movies like Barbie
and Oppenheimer, we now expect 2024 will be a challenging year for
cinema operators. The six-month long writers and actors strike in
Hollywood over the second half of 2023 disrupted movie producers'
schedules, resulting in fewer films being ready for release in 2024
and 2025. Movie-making is a long and complex process, with projects
usually taking about three years from start to finish. As such, we
anticipate that the 2023 strikes will likely impair release
schedules through 2025. A reduction in the number of movie
releases, especially in 2024, will hamper admissions. We now expect
a decline of about 10% in full-year admissions versus 2023 and
compared with our previous expectation of a gradual recovery.
Although we anticipate this will be partly offset by higher average
ticket prices and moviegoers' concession spending, we forecast
Vue's revenue will decline moderately, resulting in weaker earnings
and significant free cash outflows due to its high operating
leverage.

"Vue's leverage will remain high, even if operating performance
improves. We forecast the group's S&P Global Ratings-adjusted debt
to EBITDA at over 9x in fiscal 2024, due to high adjusted debt of
GBP1.2 billion and a material decline in EBITDA from fiscal 2023.
Although Vue's financial debt declined as a result of the recent
debt-for-equity swap transaction, the group still has considerable
lease commitments of about GBP830 million. Vue has not materially
reduced its cinema estate since 2020, unlike more U.S.-focused
operators like AMC, Cineworld, and Cinemark. We understand Vue
intends to exit nonperforming sites to improve its profitability
and reduce operating leverage in the future, although at a very
gradual pace and when opportunities to exit leases arise. We
anticipate adjusted leverage will reduce toward 5x in the medium
term, mainly because we anticipate improved earnings from 2025."

Vue aims to offset lower admissions with higher ticket prices to
support revenue. The group will continue to roll out dynamic
pricing across its sites, and optimize its pricing rule set. This
includes initiatives such as pricing seats differently, depending
on their location within the auditorium, the type of film, the
site, or the time and day of the screening. The group has succeeded
in this strategy over the last two years, achieving material growth
in average ticket prices while maintaining a low entry price point
(GBP4.99 in the U.K.) to avoid attract price-conscious customers
and drive market growth.

The sustainability of Vue's capital structure will depend on the
speed and extent of admissions' recovery from 2025. In our view, if
admissions do not improve to more than 85% of pre-pandemic levels
(average of fiscal 2017-fiscal 2019) after fiscal 2024, Vue's
current capital structure could prove unsustainable. This is due to
our expectation of ongoing negative FOCF after leases should
admissions fall consistently below that level. From February 2026
(two years after the latest restructuring transaction) Vue will
start paying cash-only interest on its debt, most of which will
accrue interest payment in kind before that. In particular:

-- The EUR67 million super senior facility will switch from a
minimum cash interest of Euro Interbank Offered Rate (EURIBOR) plus
4%, to EURIBOR plus 8% mandatory cash interest; and

-- The EUR127 million 1.5-lien (between first and second lien)
facility and the EUR229 million reinstated senior facilities will
switch from 0.1% to EURIBOR plus 8% mandatory cash interest.

This will lead to an increase in annual interest payments to about
GBP46 million per year, from our estimate of about GBP6 million per
year until then.

The negative outlook reflects S&P's view that Vue will continue to
show material free cash outflows (after leases) and high leverage
during fiscal 2024, leading to tight liquidity and covenant
headroom.

Downside scenario

S&P could lower its ratings on Vue if it considered that a default
is becoming increasingly likely in the next 12 months, due to
operating underperformance leading to a liquidity shortfall, or if
we believed there was an increasing chance of another debt
restructuring transaction.

Upside scenario

S&P could revise the outlook to stable if it saw improved FOCF and
increasing liquidity headroom. A positive rating action would hinge
on operating conditions improving in line with S&P's base case over
the second half of 2024.

Social factors are a moderately negative consideration in our
credit rating analysis of Vue. S&P estimates that global film
attendance is unlikely to recover to pre-pandemic levels in the
near future, and pressure from fixed operational and financial
charges will continue suppressing cash flow, notwithstanding
cost-savings and cash-preservation measures.

Governance factors are a moderately negative consideration. Vue's
highly leveraged financial risk profile reflects corporate
decision-making that prioritizes the interests of the shareholders,
who are also the company's lenders, as well as S&P's view that the
owners have a finite asset holding period.


[] Kroll Comments on January UK Insolvency Statistics
-----------------------------------------------------
The Insolvency Service published the latest individual and company
January insolvency statistics for England and Wales, together with
related insolvency figures for Scotland and Northern Ireland.

* Company insolvency statistics for England and Wales
   - January 2024

In January 2024, there was a total of 1,769 registered company
insolvencies in England and Wales, which included:

- 1,294 creditors' voluntary liquidations (CVLs)
- 339 compulsory liquidations
- 120 administrations
- 16 company voluntary arrangements (CVAs)
- 0 receivership appointments

Overall company insolvencies in January 2024 were 5% higher when
compared to January 2023.

In January 2024:

- CVLs were 6% lower when compared to January 2023
- compulsory liquidations were 66% higher when compared to
   January 2023
- administrations were 40% higher when compared to January 2023
- CVAs were 14% higher when compared to January 2023

* Individual insolvency statistics for England and Wales
   - January 2024

In January 2024, there were 8,089 individual insolvencies, which
was 4% higher than in January 2023. Personal insolvencies in
January 2024 included:

- 4,528 IVAs
- 768 bankruptcies (606 debtor applications and 162 creditor
   petitions)
- 2,793 DROs

* Individual voluntary arrangements (IVAs)

IVAs in January 2024 were 16% lower when compared to January 2023.
IVA numbers in 2023 were lower than the record-high numbers in
2022.

* Bankruptcies

Bankruptcies in January 2024 were 20% higher than in January 2023,
with debtor applications 17% higher and creditor petitions 31%
higher.

* Debt relief orders

The number of DROs in January 2024 were 60% higher than in January
2023. DRO numbers have increased over the past year, with the
annual 2023 number being a record high.

* Company insolvency statistics for Scotland - January 2024

The Accountant in Bankruptcy, Scotland's Insolvency Service,
administers company insolvency in Scotland. They reported that in
January 2024 there were 88 company insolvencies in total, 19% lower
than the number in January 2023.

Total corporate insolvencies in Scotland in January 2024 consisted
of:

- 34 compulsory liquidations
- 46 CVLs
- 7 administrations
- 1 CVA
- 0 receivership appointments

* Company insolvency statistics for Northern Ireland
   - January 2024

In Northern Ireland, in January 2024, there were 30 company
insolvencies. This was 114% higher than the number in January 2023.
They consisted of:

- 17 CVLs
- 8 compulsory liquidations
- 4 CVAs
- 1 administration
- 0 administrative receiverships

* Individual insolvency statistics for Northern Ireland
  - January 2024

There were 112 individual insolvencies in Northern Ireland in
January 2024. This was 7% lower when compared to January 2023. They
consisted of:

- 76 IVAs
- 20 bankruptcies
- 16 DROs

      Kroll Comments on Latest Company Insolvency Figures

Commenting on the figures, Matt Ingram, Managing Director Kroll,
said: "Kroll's forecast for rising administrations is on track as
mid-sized businesses start to feel the combined strain of
inflation, increased debt servicing costs and subdued consumer
demand. We expect these numbers to continue on an upward
trajectory, particularly as companies with stretched balance sheets
but otherwise compelling business propositions use this process as
part of a restructuring strategy with the anticipated return of
investor appetite.

"The first set of insolvency statistics for 2024 continue with the
trends we saw throughout last year. Liquidations remain high, we
expect to see these numbers tail off later in the year but in the
short term, with consumer spending still suppressed, we will likely
see smaller businesses use this process to wind up their affairs."

Further information

Kroll also tracks another form of insolvency, administrations,
throughout the year. The following table breaks down the top 10
sectors in January 2024:

Administrations
by Industry Sector    Administrations in 2023
------------------    -----------------------
Manufacturing                     16
Media & Tech                      12
Construction                      11
Real Estate                       11
Retail                             9
Healthcare                         7
Leisure & Hospitality              7
Food & Drink                       6
Logistics & Transport              4
Energy & Industrials               3



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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