---

       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, March 13, 2024, Vol. 25, No. 53

                           Headlines



A U S T R I A

SIGNA DEVELOPMENT: Offers to Pay Back Creditors 30% of Money Owed


G E R M A N Y

NEXT.E.GO: Files for Insolvency Amid Industry Challenges


N E T H E R L A N D S

KETER GROUP: EUR759.1MM Bank Debt Trades at 19% Discount


S W E D E N

OSCAR PROPERTIES: DSAM Sverige Withdraws Bankruptcy Petition


U N I T E D   K I N G D O M

ASSET EXCHANGE: Goes Into Administration
CAZOO GROUP: Evaluates Strategic Options Amid Financial Challenges
CAZOO GROUP: Shifts to Pure-Play Automotive Marketplace Biz Model
CHAPPELL & DIX: Enters Administration, Owes More Than GBP2.3MM
INKTHREADABLE LIMITED: Goes Into Administration

RADIANT SOLAR: Enters Administration, Owes More Than GBP390,000

                           - - - - -


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

SIGNA DEVELOPMENT: Offers to Pay Back Creditors 30% of Money Owed
-----------------------------------------------------------------
Giulia Morpurgo at Bloomberg News reports that Signa Development
Selection AG, the smaller of two main units in Rene Benko's
insolvent property group, is offering to pay back its creditors 30%
of their money within two years.

Signa's proposal, backed by the company's administrator, would see
a trustee managing an orderly asset sale process, according to a
report dated March 11 and seen by Bloomberg. The offer is the
minimum required by Austrian law under Signa's form of insolvency,
Bloomberg according to Bloomberg.

The recovery rate is the first detailed calculation on how much
creditors can expect to get from the troubled units that form
Benko's Signa empire, Bloomberg states.  Investors are scheduled to
vote on the plan at a meeting on March 18, according to the Vienna
Commercial Court, Bloomberg notes.

Creditors could lose almost everything if they vote against the
plan and the company goes bankrupt, Signa said in the report,
Bloomberg relates.  They may recover as low as 19% in case of an
asset fire sale, according to estimates by property experts
Syngroup, Bloomberg notes.

The proposal kicks off a final stretch of formal insolvency
proceedings at Signa Development, which started with the company's
request for creditor protection at the end of December, Bloomberg
relays.

The report said investors have registered EUR2.3 billion (US$2.5
billion) of claims against Signa Development, of which around
EUR1.3 billion have been so far recognized by the administrators,
according to Bloomberg.

Signa Development managed almost EUR3 billion of property at the
end of 2022, including the Berlin BEAM project.




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

NEXT.E.GO: Files for Insolvency Amid Industry Challenges
--------------------------------------------------------
Mihaela Miteva at SeeNews reports that German electric vehicle (EV)
manufacturer Next.e.Go Mobile, which planned to build a factory in
Bulgaria, has filed for insolvency amid industry challenges and
capital market volatility.

It is expected that other subsidiaries, including New York-listed
Next.e.GO N.V., will initiate corresponding insolvency proceedings,
SeeNew relays, citing German business news magazine
Wirtschaftswoche.

Next.e.Go Mobile intended to build three new micro-factories across
Europe and the U.S., aiming to expand production of its small EVs
for urban settings.

The company filed an investment proposal in 2022 to build a plant
for the assembly of e.GO vehicles in the northern Bulgarian town of
Lovech, SeeNews discloses.  The plant was expected to be fully
equipped by the end of 2023, with full production capacity to be
reached in the second half of this year, SeeNews notes.




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

KETER GROUP: EUR759.1MM Bank Debt Trades at 19% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Keter Group BV is a
borrower were trading in the secondary market around 81.1
cents-on-the-dollar during the week ended Friday, March 8, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR759.1 million facility is a Term loan that is scheduled to
mature on March 31, 2025.  The amount is fully drawn and
outstanding.

Keter Group BV manufactures and markets resin-based household and
garden consumer products. The Company offers furniture, storage,
and organization solutions, such as sheds, deck boxes, dining
tables, seating lounge sets, cabinets, shelves, workbenches,
sawhorses, tool chest systems, and outdoor toys. The Company’s
country of domicile is the Netherlands.




===========
S W E D E N
===========

OSCAR PROPERTIES: DSAM Sverige Withdraws Bankruptcy Petition
------------------------------------------------------------
Greta Rosen Fondahn at Reuters reports that Sweden's DSAM Sverige
has withdrawn its bankruptcy petition against rival real estate
company Oscar Properties, opens new tab after receiving
confirmation that its claims had been paid, the Stockholm District
Court said on March 11.

DSAM had received documentation from Oscar Properties regarding
payment of its claims, its lawyer said in an email to the court
seen by Reuters.

According to Reuters, Oscar Properties has been hard hit by a real
estate market crisis in Sweden, as high interest rates and slowing
demand left companies struggling with large debts they took on when
borrowing costs were low.

The problems at Oscar Properties were exacerbated in recent
quarters by some of its creditors demanding immediate repayment of
loans, and two applications for it to be declared bankrupt, one of
which was withdrawn in January, Reuter discloses.

Earlier this year, Oscar Properties opted to sell real estate at a
discount to repay loans from Norwegian bank DNB and other smaller
creditors, Reuters relates.  The company's CEO and the chief
financial officer both resigned last month, Reuters notes.




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

ASSET EXCHANGE: Goes Into Administration
----------------------------------------
Business Sale reports that The Asset Exchange Limited, which trades
as The Car Loan Centre, Cash4Declines and Yes Car Credit, fell into
administration at the end of February, with the appointment of Ian
Corfield, Geoff Rowley and Glyn Mummery of FRP Advisory as joint
administrators confirmed by the Gazette the following month.

According to Business Sale, in the year ending December 31, 2022,
the company reported turnover of GBP14.9 million, up from GBP13.5
million a year earlier, and post-tax profits of GBP412,372, up from
GBP367,535 in 2021.  At the time, its net assets were valued at
GBP1.4 million, Business Sale discloses.

The Asset Exchange Limited is a company that sells used cars and
provides finance for car purchases to customers who normally find
it difficult to obtain such finance.


CAZOO GROUP: Evaluates Strategic Options Amid Financial Challenges
------------------------------------------------------------------
As previously disclosed, in connection with the Company's
debt/equity exchange in December 2023, the Company committed that
it would remain listed on the New York Stock Exchange until at
least March 20, 2024, but would have no obligation to remain listed
or registered with the Securities and Exchange Commission after
that date. The Company's board has been evaluating the Company's
liquidity and cost structure, including the costs of being a
publicly reporting company, and whether the benefits of being a
publicly reporting and listed company outweigh the costs. As part
of its efforts to conserve cash, the Company has notified the
parties to its registration rights agreement that the Company may
delist from the NYSE and deregister its securities in accordance
with applicable SEC regulations.

Furthermore, as previously disclosed, Cazoo needs to raise
additional outside capital before the beginning of the second half
of 2024 or alternatively satisfy its liquidity needs through a
successful strategic transaction, which has not been accomplished
to date. The requirement for additional capital before the
beginning of the second half of 2024 will remain the case
notwithstanding Cazoo's pivot to a marketplace model. Cazoo
currently has no firm commitments from prospective investors and
there can be no assurance that Cazoo will be able to raise the
needed funds on a timely basis or will be successful in pursuing a
strategic transaction.  The Board also continues to review
strategic initiatives which may be available to the Company,
including asset sales, mergers, sales of the business or parts
thereof, joint ventures or filing for administration or
bankruptcy.

                        About Cazoo Group

Cazoo Group -- https://www.cazoo.co.uk/ -- makes buying and selling
a car as simple as ordering any other product online, where
consumers can simply and seamlessly buy, sell or finance a car
entirely online for delivery or collection in as little as 72
hours.  Its mission is to transform the car buying and selling
experience across the UK by providing better selection, value,
transparency, convenience and peace of mind. Cazoo was founded in
2018 by serial entrepreneur Alex Chesterman OBE and is a publicly
traded company (NYSE: CZOO).

In the condensed consolidated interim financial statements included
in its Q2 Form 6-K, the Company cautioned, "We have determined
that, in a downside scenario, certain inherent uncertainties in
forecasting operating performance, including gross profit margin,
raise substantial doubt about our ability to continue as a going
concern, due to the risk that we may not have had sufficient cash
and liquid assets at June 30, 2023, to cover our operating and
capital requirements for the period through to August 31, 2024; and
if sufficient cash cannot be obtained, we would have to
substantially alter, or possibly even discontinue, operations. The
identification of a substantial doubt about our ability to continue
as a going concern could adversely affect our ability to obtain
additional financing on favorable terms, if at all, and may cause
investors to have reservations about our long-term prospects and
may adversely affect our relationships with suppliers. If we cannot
successfully continue as a going concern, our investors may lose a
large proportion of or even their entire investment."

In the Q2 Form 6-K, the Company acknowledged it has limited
liquidity and will need to raise additional capital before the
beginning of the second half of 2024 to satisfy its liquidity needs
going forward, as well as to pursue its business objectives and to
capitalize on business opportunities, and there is no assurance
that it will be able to raise the necessary capital on terms
acceptable to the Company or at all.

CAZOO GROUP: Shifts to Pure-Play Automotive Marketplace Biz Model
-----------------------------------------------------------------
Cazoo Group Ltd. announced its intention to transition to a
marketplace business model, leveraging the strength of the Cazoo
brand and the market-leading ecommerce platform it has built-in
online automotive retailing for the benefit of the 13,000 car
dealers operating in the UK's highly fragmented used car market.

On December 6, 2023, Cazoo completed a series of transactions to
restructure its capital structure and a new Board of Directors was
appointed. Since their appointment, the members of the Cazoo Board
have reviewed the strategic options for the Company and believe
that a pivot to a pure-play marketplace business model is the best
direction for Cazoo and all its stakeholders. This will leverage
our key advantages: our brand, which is recognisable and trusted
nationwide, and our technology platform, which provides a market
leading customer experience, and which will build on the demand
from customers and UK dealers to transact online.

The adoption of a marketplace model leverages Cazoo's
market-leading ecommerce platform and the more than £100 million
investment in the Cazoo brand. The brand is now one of the top five
most recognised UK automotive brands and has enabled Cazoo to sell
close to 160,000 retail cars entirely online since 2019. The Board
believes Cazoo will bring fresh opportunities for dealers in the
highly fragmented used car market, providing Britain's car dealers
with an online platform to offer their vehicles to the one million
consumers on average who visit Cazoo's website every month. Cazoo
will support interactions between consumers and car dealers across
a variety of business models, including enabling them to use the
Cazoo platform to complete their transactions fully online.

Cazoo will leverage its substantial customer and data resources,
including the 185,000 valuations it provides every month to
consumers looking to sell their car. Based on this and its other
proprietary pricing data, Cazoo is well-positioned to offer car
dealers valuable customer and market analytical insights to support
their sales and marketing activities and to help them source new
stock in the UK's currently stock-constrained used car market.

"To achieve this transition, beginning March 6, 2024, we will be
unwinding our inventory through retail and wholesale channels. We
will also make changes to our operations in line with a pure-play
marketplace model, such as exiting fulfilment operations and
reducing headcount to focus on our ecommerce technology platform,
proprietary data, brand, and our digital marketing and commercial
functions."

Paul Whitehead, Chief Executive Officer of Cazoo, said,
"Transitioning Cazoo to a pure-play automotive marketplace business
model leverages our key advantages: the nationally recognised and
trusted Cazoo brand and the Cazoo ecommerce technology platform. We
have built a data-driven business for buying and selling cars and
having sold close to 160,000 cars we have demonstrated that there
is robust demand for online transactions in the automotive market.
Our transition means we can now offer the UK's 13,000 car dealers
the chance to put their forecourt stock in front of the one million
potential customers on average who visit the Cazoo website every
month. The UK used car market represents a significant opportunity
for Cazoo, with approximately seven million transactions annually,
worth an estimated £100 billion."

"We look forward to completing this transition and starting an
exciting new chapter for Cazoo, building upon our investment in
both the Cazoo brand and in our ecommerce technology platform."

Following the conclusion of the Board's review of the business and
with a new strategic direction agreed and in place, Paul Whitehead
has made the decision that now is the right time to step back as
CEO.

Paul has been with Cazoo for more than five years, having joined at
its inception as Chief Operating Officer. Since his appointment as
CEO, Paul has successfully focused Cazoo on the business's core UK
retail opportunity, delivered improved gross profit per unit
quarter on quarter, significantly reduced costs and extended the
company's cash runway. He oversaw completion of a restructure of
the company's debt before leading the Board's recent strategic
review of Cazoo's business model. Paul will step back as CEO at the
end of March but will remain with Cazoo until at least mid-May as a
strategic adviser to support its transition to the new business
model.

Cazoo has a highly experienced Board and Executive team who have
been through operational restructuring processes and will navigate
the business through this transitional period.

Tim Isaacs, Chairman of Cazoo, said, "I would like to thank Paul
for his immense contribution to Cazoo over five years and where
more recently he has guided the business through the restructuring
of the Group's debt and successfully focusing on the UK market.

"I am very pleased Paul has agreed to stay on as a strategic
adviser, as his knowledge and experience of digital marketplace
businesses will be invaluable."

                        About Cazoo Group

Cazoo Group Ltd. -- https://www.cazoo.co.uk/ -- makes buying and
selling a car as simple as ordering any other product online, where
consumers can simply and seamlessly buy, sell or finance a car
entirely online for delivery or collection in as little as 72
hours.  Its mission is to transform the car buying and selling
experience across the UK by providing better selection, value,
transparency, convenience and peace of mind. Cazoo was founded in
2018 by serial entrepreneur Alex Chesterman OBE and is a publicly
traded company (NYSE: CZOO).

In the condensed consolidated interim financial statements included
in its Q2 Form 6-K, the Company cautioned, "We have determined
that, in a downside scenario, certain inherent uncertainties in
forecasting operating performance, including gross profit margin,
raise substantial doubt about our ability to continue as a going
concern, due to the risk that we may not have had sufficient cash
and liquid assets at June 30, 2023, to cover our operating and
capital requirements for the period through to August 31, 2024; and
if sufficient cash cannot be obtained, we would have to
substantially alter, or possibly even discontinue, operations. The
identification of a substantial doubt about our ability to continue
as a going concern could adversely affect our ability to obtain
additional financing on favorable terms, if at all, and may cause
investors to have reservations about our long-term prospects and
may adversely affect our relationships with suppliers. If we cannot
successfully continue as a going concern, our investors may lose a
large proportion of or even their entire investment."

In the Q2 Form 6-K, the Company acknowledged it has limited
liquidity and will need to raise additional capital before the
beginning of the second half of 2024 to satisfy its liquidity needs
going forward, as well as to pursue its business objectives and to
capitalize on business opportunities, and there is no assurance
that it will be able to raise the necessary capital on terms
acceptable to the Company or at all.

CHAPPELL & DIX: Enters Administration, Owes More Than GBP2.3MM
--------------------------------------------------------------
Business Sale reports that Chappell & Dix Limited fell into
administration earlier this month, saying it had been unable to
overcome the severity of the current economic downturn, so soon
after the global pandemic and the legacy problems that this caused
the company.

Neil Vinnicombe and Paul Wood of Begbies Traynor were appointed as
joint administrators, with 60 jobs lost upon the company entering
administration, Business Sale relates.

In the company's accounts for the year to June 30 2022, fixed
assets were valued at GBP214,406 and current assets at GBP2.28
million, Business Sale discloses.  However, debts stood at more
than GBP2.3 million, with net assets amounting to GBP166,790,
Business Sale notes.

Chappell & Dix Limited is a Cotswold building and carpentry
business that has been trading since the 1970s.


INKTHREADABLE LIMITED: Goes Into Administration
-----------------------------------------------
Business Sale reports that Inkthreadable Limited, a custom printing
business based in Blackburn, fell into administration late in
February, with the appointment of Mark Colman and Megan Singleton
of Leonard Curtis as joint administrators confirmed earlier this
month.

In its accounts for the year to December 31 2022, the company's
fixed assets were valued at slightly over GBP1 million and current
assets at GBP439,567, Business Sale discloses.   At the time, the
company's net liabilities amounted to slightly over GBP420,000,
Business Sale notes.


RADIANT SOLAR: Enters Administration, Owes More Than GBP390,000
---------------------------------------------------------------
Business Sale reports that Radiant Solar Limited, a company that
constructs large-scale photovoltaic plants, fell into
administration earlier this month, with Michael Sander and
Steven Illes of MacIntyre Hudson appointed as joint
administrators.

In the company's accounts for the year to October 31, 2022, its
total assets were valued at around GBP2.9 million, Business Sale
discloses.  However, the company's debts at the time left it with
net liabilities of more than GBP390,000, 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,
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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *