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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

          Monday, May 27, 2024, Vol. 25, No. 106

                           Headlines



A U S T R I A

SIGNA PRIME: Files for Debtor-In-Possession Restructuring


B O S N I A   A N D   H E R Z E G O V I N A

POLIETILENKA D.D.: Sarajevo Stock Exchange Delists Shares


G E R M A N Y

DOUGLAS AG: S&P Upgrades ICR to 'B+' After Successful Refinancing
GALERIA KAUFHOF: Administrator Expects 2.5%-3% Insolvency Ratio
SOLARSPRING GMBH: To File for Insolvency Proceedings in Germany


I R E L A N D

NAC AVIATION: Invesco Dynamic Writes Off $1.92MM Loan
NAC AVIATION: Invesco Dynamic Writes Off $1.96MM Loan


N O R W A Y

ERLING LUX: 91% Markdown for Sixth Street's NOK7.4MM Loan


S W E D E N

HIPPO XPA: 91% Markdown for Sixth Street's SEK78.1MM Loan


T U R K E Y

KOC HOLDING: S&P Upgrades LongTerm ICR to 'BB', Outlook Positive


U N I T E D   K I N G D O M

AA BOND: S&P Affirms B+(sf) Rating on Class B3-Dfrd Notes
BODY SHOP: Administrators Set Initiate Auction After CVA Fails
CAZOO: G3 Vehicle Acquires Wholesale Business
SELINA HOSPITALITY: Shows Strong Q1 2024, FY 2023 Performance


X X X X X X X X

[*] BOND PRICING: For the Week May 20 to May 24, 2024

                           - - - - -


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A U S T R I A
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SIGNA PRIME: Files for Debtor-In-Possession Restructuring
---------------------------------------------------------
Libby Cherry at Bloomberg News reports that Signa Prime Beteiligung
GmbH has filed for debtor-in-possession restructuring proceedings
at the Vienna Commercial Court on Friday, May 24, according to
creditor association KSV1870.

Its subsidiary, Signa Prime Holding GmbH, also applied for the
opening of proceedings, the creditor association said in an emailed
statement on May 24, Bloomberg states.

According to Bloomberg, the reorganization plan submitted to the
court would see 20% of claims payable within two years of the
acceptance of the plan.

KSV1870 says it can be assumed that restructuring proceedings
without self-administration will be opened by the insolvency court
in the near future, Bloomberg discloses.

It notes that the debtor no longer expects any profit distributions
from its investments or financing from its shareholders in the
short term, Bloomberg relates.

Signa Prime Beteiligung is the sole owner of Signa Prime Holding,
which holds a 12.6% direct stake in Signa Prime Selection, the
flagship property unit of Signa, according to a Signa Holding
insolvency report dated Jan. 29

Signa Prime Beteiligung is a subsidiary of Signa Holding, with a
unit of Benko's Laura Private Foundation also holding a minority
stake.

Signa Prime Holding reported liabilities of about EUR1.3 billion,
while Signa Prime Beteiligung has EUR38 million, Bloomberg states.




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B O S N I A   A N D   H E R Z E G O V I N A
===========================================

POLIETILENKA D.D.: Sarajevo Stock Exchange Delists Shares
---------------------------------------------------------
The Sarajevo Stock Exchange on May 20 disclosed that the shares of
Polietilenka d.d. Bihac, in bankruptcy, with symbol POETRK2
(802.671 shares, nominal value 16,00 KM) have been deleted from the
records of the Registry of Securities in the FBiH.




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G E R M A N Y
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DOUGLAS AG: S&P Upgrades ICR to 'B+' After Successful Refinancing
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Douglas AG to 'B+' from 'B-' and removed the rating from
CreditWatch, where it was placed with positive implications on
April 3, 2024 following the IPO.

S&P subsequently withdrew its 'B+' long-term issuer credit rating
on Douglas AG at the company's request. S&P's outlook on the
company was stable at the time of withdrawal.

Douglas AG has refinanced its capital structure and published the
trading update for the first quarter of fiscal year 2024, ending
Dec. 31, 2023. Its resilient results support our forecast that it
will continue to improve operating performing, resulting in our
updated base case of consistently stronger credit metrics.

Rating Action Rationale

The upgrade follows the completion of the IPO on March 21 and the
full refinancing of Douglas AG's capital structure. The refinancing
significantly improves the group's leverage, such that S&P expects
S&P Global Ratings-adjusted debt to EBITDA to reduce to 4.2x in
2024 and to less than 4.0x by 2026, from 5.4x in 2023, reflecting
both the significant reduction in gross debt and an expanding
EBITDA base.

S&P said, "Post refinancing, private equity sponsor CVC Capital
Partners maintains control of the company, but we expect Douglas AG
to pursue a less aggressive financial policy under new ownership
and governance. We estimate CVC holds around 54.4% of the company
following the IPO (from 85% previously), and the Kreke family has
around 10.2% (from 15%). We expect S&P Global Ratings' adjusted
debt to EBITDA to remain at about 4.0x, with a low risk that it
will releverage above 5.0x over our 2024-2026 forecast period.

"We withdrew the long-term issuer credit rating on Douglas AG at
the issuer's request. The outlook was stable at the time of the
withdrawal as we expect Douglas' operating performance to remain
resilient in a challenging macroeconomic environment. We anticipate
that it will pursue topline growth, maintain solid profitability by
executing its strategic initiatives, and continue to gradually
reduce leverage. However, rating constraints include the
still-aggressive financial policy under CVC's control; higher than
peers' cash outlays on leases, which results in a higher operating
leverage and intrayear seasonality; and our forecast of low, albeit
positive, free operating cash flow after leases for the next 12-24
months."


GALERIA KAUFHOF: Administrator Expects 2.5%-3% Insolvency Ratio
---------------------------------------------------------------
According to Bloomberg News' Paula Doenecke, Galeria Kaufhof's
insolvency administrator expects an insolvency ratio of 2.5% to 3%,
German magazine Capital reports, citing a plan the administrator
submitted to the Essen district court at the end of April.

If the insolvency plan is accepted, EUR22.5 million will initially
be available for distribution to creditors, Bloomberg.

Unsecured creditors of the department store group can "probably"
expect a total dividend of 2.5% in the end, according to the plan,
Capital writes, Bloomberg notes.

First, the creditors are expected to receive a "basic quota" of
0.5% of their claims against the company, EUR4.5 million is
earmarked for this, Bloomberg states.

Supplementary payment is then planned at a later date, the amount
of which "cannot yet be conclusively quantified", according to the
insolvency plan; this "recovery rate" is expected to amount to 2%,
Bloomberg discloses.

Administrator estimates the registered claims of non-subordinated,
unsecured creditors at as much as EUR886 million, Bloomberg
states.


SOLARSPRING GMBH: To File for Insolvency Proceedings in Germany
---------------------------------------------------------------
The Board of Directors in Clean Industry Solutions Holding Europe
AB (publ) ("CISH Holding" or the "Company") on May 21 disclosed
that its wholly owned subsidiary SolarSpring GmbH is left with no
other option but to file for insolvency and that the Board of
Directors in the Company will propose that the Annual General
Meeting of CISH Holding resolves on liquidation of CISH Holding.
The assessment is based on a thorough analysis of CISH Holding's
future opportunities and the fact that the holding company has no
remaining operational assets or business activities. As a result,
the most prudent course of action is to liquidate the holding
company to ensure that as large part as possible of the Company's
remaining assets benefit the shareholders.

SolarSpring GmbH's operations have not progressed in 2024 to an
extent that will enable a break-even result in the foreseeable
future, without a significant investment. Due to the current market
value of CISH Holding, the raising of such an amount is not deemed
possible.  Even if further loans were granted by CISH Holding,
which would allow the business to continue in the short to medium
term, SolarSpring GmbH would still be at risk of insolvency in the
coming months. It was a very difficult decision for the board of
CISH Holding as its objective is to protect the value of CISH
Holding's assets. Providing further equity to SolarSpring GmbH with
no likely possibility to prevent insolvency of the subsidiary could
not be justified by the board. It has therefore been decided to
apply for insolvency proceedings in Germany for SolarSpring GmbH in
the coming days. Should the insolvency proceedings not be
successful, but instead result in a bankruptcy, CISH Holding will
have to write off the asset causing a loss of approx. 5.4 mSEK.
The Board of Directors is confident that this decision is in the
best interest of its shareholders under the current circumstances
as it is preserving the maximum possible value of the Company.

Given that both subsidiaries have filed for insolvency and all
operations were conducted through these entities, the holding
company has no remaining operational assets or business activities.
As a result, the most prudent course of action is to liquidate the
holding company to distribute any remaining assets to
shareholders.

Against this background and to ensure that as much as possible of
the Company's remaining assets benefit the shareholders, the Board
of Directors has decided to propose that the Annual General Meeting
resolves to distribute as large a portion of capital as possible
and take a decision that the Company is to be liquidated.

Assuming that the Annual General Meeting resolves in accordance
with the Board of Directors' proposal, the Board of Directors will
apply for delisting of the Company's shares from Nasdaq First North
Growth Market.

Clean Industry Solutions Holding Europe AB holds 100% of
SolarSpring GmbH, located in Freiburg/Germany.  




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I R E L A N D
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NAC AVIATION: Invesco Dynamic Writes Off $1.92MM Loan
-----------------------------------------------------
Invesco Dynamic Credit Opportunity Fund has marked its $1,920,000
loan extended to NAC Aviation 8 Ltd. (Ireland) to market at $0 as
of February 29, 2024, according to a disclosure contained in
Invesco Dynamic's Form N-CSR for the fiscal year ended February 29,
2024, filed with the U.S. Securities and Exchange Commission.

Invesco Dynamic is a participant in a Term Loan to NAC Aviation 8.
The loan accrues interest at a rate of 9.44% (1 mo. Term SOFR +
4.11%) per annum. The loan matures on December 31, 2026.

Invesco Dynamic said the loan is "valued using significant
unobservable inputs." Invesco Dynamic also noted that NAC Aviation
8, along with MLN US HoldCo and IAP Worldwide, were the largest
detractors from the Fund's absolute returns.

Invesco Dynamic is a Delaware statutory trust registered under the
Investment Company Act of 1940, as amended, as a closed-end
management investment company that is operated as an interval fund
and periodically offers its shares for repurchase.

Invesco Dynamic is led by Glenn Brightman, Principal Executive
Officer; and Adrien Deberghes, Principal Financial Officer. The
Fund can be reached through:

     Glenn Brightman
     Invesco Senior Income Trust
     1555 Peachtree Street, N.E., Suite 1800
     Atlanta, GA 30309
     Tel: (713) 626-1919

NAC Aviation 8 Ltd. (Ireland) is a Private limited company.

In December 2021, NAC Aviation 8 filed for Chapter 11 bankruptcy in
U.S. Bankruptcy Court for the Eastern District of Virginia, along
with affiliates including Nordic Aviation Capital Designated
Activity Company (Bankr. E.D. Va. Lead Case No. 21-33693), the Hon.
Kevin R. Huennekens presiding.  The Debtors exited Chapter 11
protection in January 2023.  NAC is a regional aircraft leasing
company.  It is based in Ireland and has offices in Singapore,
Denmark, Toronto and Beijing.  NAC served almost 70 airlines in
approximately 45 countries at the time of the bankruptcy filing.

In July 2023, NAC Aviation 29 Designated Activity Company commenced
an offer to buy back its 4.75% Senior Secured Notes due June 30,
2026, and -- by way of assignment from lenders -- the loans under
its term loan B credit agreement dated as of June 1, 2022.  The
maximum aggregate amount (at face value) of NAC 29 Debt to be
purchased by the Company was $80 million. The accepted bid price
ranged was $875.00 to $905.00 per $1,000.00 principal amount of NAC
29 Debt.

NAC AVIATION: Invesco Dynamic Writes Off $1.96MM Loan
-----------------------------------------------------
Invesco Dynamic Credit Opportunity Fund has marked its $1,962,000
loan extended to NAC Aviation 8 Ltd. (Ireland) to market at $0 as
of February 29, 2024, according to a disclosure contained in
Invesco Dynamic's Form N-CSR for the fiscal year ended February 29,
2024, filed with the U.S. Securities and Exchange Commission.

Invesco Dynamic is a participant in a Term Loan to NAC Aviation 8.
The loan accrues interest at a rate of 9.56% (1 mo. USD LIBOR +
4.12%)per annum. The loan matures on December 31, 2026.

Invesco Dynamic said the loan is "valued using significant
unobservable inputs." Invesco Dynamic also noted that NAC Aviation
8, along with MLN US HoldCo and IAP Worldwide, were the largest
detractors from the Fund's absolute returns.

Invesco Dynamic is a Delaware statutory trust registered under the
Investment Company Act of 1940, as amended, as a closed-end
management investment company that is operated as an interval fund
and periodically offers its shares for repurchase.

Invesco Dynamic is led by Glenn Brightman, Principal Executive
Officer; and Adrien Deberghes, Principal Financial Officer. The
Fund can be reached through:

     Glenn Brightman
     Invesco Senior Income Trust
     1555 Peachtree Street, N.E., Suite 1800
     Atlanta, GA 30309
     Tel: (713) 626-1919

NAC Aviation 8 Ltd. (Ireland) is a Private limited company.

In December 2021, NAC Aviation 8 filed for Chapter 11 bankruptcy in
U.S. Bankruptcy Court for the Eastern District of Virginia, along
with affiliates including Nordic Aviation Capital Designated
Activity Company (Bankr. E.D. Va. Lead Case No. 21-33693), the Hon.
Kevin R. Huennekens presiding.  The Debtors exited Chapter 11
protection in January 2023.  NAC is a regional aircraft leasing
company.  It is based in Ireland and has offices in Singapore,
Denmark, Toronto and Beijing.  NAC served almost 70 airlines in
approximately 45 countries at the time of the bankruptcy filing.

In July 2023, NAC Aviation 29 Designated Activity Company commenced
an offer to buy back its 4.75% Senior Secured Notes due June 30,
2026, and -- by way of assignment from lenders -- the loans under
its term loan B credit agreement dated as of June 1, 2022.  The
maximum aggregate amount (at face value) of NAC 29 Debt to be
purchased by the Company was $80 million. The accepted bid price
ranged was $875.00 to $905.00 per $1,000.00 principal amount of NAC
29 Debt.




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

ERLING LUX: 91% Markdown for Sixth Street's NOK7.4MM Loan
---------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its NOK7,427,000
loan extended to Erling Lux Bidco SARL to market at NOK 691,000 or
9% of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Sixth Street's Form 10-Q for the quarterly
period ended March 31, 2024, filed with the Securities and Exchange
Commission.

Sixth Street is a participant in a First Lien Loan to Erling Lux
Bidco SARL. The loan accrues interest at a rate of 11.45% (N +
6.75%) per annum. The loan matures in September 2028.

Sixth Street is a Delaware corporation formed on July 21, 2010. The
Company was formed primarily to lend to, and selectively invest in,
middle-market companies in the United States. The Company has
elected to be regulated as a business development company under the
1940 Act. In addition, for tax purposes, the Company has elected to
be treated as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended. The Company is
managed by Sixth Street Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

Sixth Street is led by Joshua Easterly, Chief Executive Officer;
and Ian Simmonds, Chief Financial Officer. The fund can be reach
through:

     Joshua Easterly
     Sixth Street Specialty Lending, Inc
     2100 McKinney Avenue, Suite 1500
     Dallas, TX 75201
     Tel: (469) 621-3001

Erling Lux Bidco SARL does business as EcoOnline, which offers a
comprehensive and configurable suite of software solutions, with
expertise in Chemical Safety, Sustainability Reporting, and all
aspects of Environmental, Health, and Safety (EHS) including
Learning and Training. 



===========
S W E D E N
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HIPPO XPA: 91% Markdown for Sixth Street's SEK78.1MM Loan
---------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its SEK78,125,000
loan extended to Hippo XPA Bidco AB to market at SEK7,102,000 or 9%
of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Sixth Street's Form 10-Q for the quarterly
period ended March 31, 2024, filed with the Securities and Exchange
Commission.

Sixth Street is a participant in a First Lien Loan to  . The loan
accrues interest at a rate of 10.58% (incl. 3.50% Payment In Kind)
(STIBOR + 6.50%) per annum. The loan matures in February 2031.

Sixth Street is a Delaware corporation formed on July 21, 2010. The
Company was formed primarily to lend to, and selectively invest in,
middle-market companies in the United States. The Company has
elected to be regulated as a business development company under the
1940 Act. In addition, for tax purposes, the Company has elected to
be treated as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended. The Company is
managed by Sixth Street Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

Sixth Street is led by Joshua Easterly, Chief Executive Officer;
and Ian Simmonds, Chief Financial Officer. The fund can be reach
through:

     Joshua Easterly
     Sixth Street Specialty Lending, Inc
     2100 McKinney Avenue, Suite 1500
     Dallas, TX 75201
     Tel: (469) 621-3001

Hippo XPA Bidco AB does business as Hypergene --
https://www.hypergene.com/ -- a SaaS company in the North European
market for corporate performance management and project management.
Hypergene provides solutions within corporate performance
management and project management for those seeking to drive change
or to boost efficiency and quality.



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T U R K E Y
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KOC HOLDING: S&P Upgrades LongTerm ICR to 'BB', Outlook Positive
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on Koc
Holding A.S. and its issue rating on its unsecured notes to 'BB'
from 'BB-' and affirmed its 'B' short-term rating on the company.

In addition, S&P revised its stand-alone credit profile (SACP) on
Koc to 'bbb-' from 'bb+', reflecting the company's track record of
minimal leverage and portfolio resiliency.

The positive outlook on Koc mirrors that on Turkiye.

On May 3, 2024, S&P raised its unsolicited long-term foreign
currency sovereign rating on Turkiye to 'B+' from 'B' and revised
its transfer and convertibility (T&C) assessment to 'BB-' from
'B+'. The outlook on the rating is positive.

S&P said, "The upgrade follows a similar action on Turkiye. We
continue to apply a criteria exception on our rating on Koc, based
on our expectation that the holding company can maintain sufficient
cash in U.S. dollars to repay its $750 million bond due in March
2025. As a result, Koc can be rated one notch above our 'BB-' T&C
assessment on Turkiye, and at a maximum of two notches above our
'B+' sovereign credit rating on Turkiye. The two-notch cap is
because we view domestic investment holding companies, in general,
as having high sensitivity to their home country's risk.

"The criteria exception that enables us to rate Koc one notch above
our T&C assessment on Turkiye reflects our expectation that the
company can maintain sufficient cash in U.S. dollars at
international banks to fully repay its U.S.-dollar-denominated debt
and related interest. We would typically apply our T&C rating cap
to companies such as Koc that are not exporters and generate more
than 90% of their stand-alone cash flow in Turkiye, implying a
rating of 'BB-'. In Koc's case, more than 90% of its income
represents dividends from investments in the country. As of Dec.
31, 2023, the company's only financial debt liability pertains to
its $750 million bond due in March 2025. We think Koc has enough
U.S. dollars sitting offshore to repay its debt, and we do not
anticipate this cash would be depleted for other reasons. In
addition, the company has passed our sovereign stress tests,
indicating that it would have enough liquidity resources to cover
its obligations in the next 12 months, in the event of a sovereign
default. We do not expect Koc's ability to use its U.S. dollar cash
to pay U.S.-dollar-denominated debt to be restricted by exchange or
repatriation controls. As a result of these factors, we are
deviating from our criteria for rating above the sovereign by
adding one notch, and therefore rate Koc one notch above our 'BB-'
T&C assessment on Turkiye." S&P will continue to apply this
criteria exception so long as:

-- The company is able to meet our T&C stress test requirements;

-- The amount of cash in U.S. dollars held offshore exceeds Koc's
U.S. dollar liabilities; and

-- S&P perceives no heightened risks of a repatriation of Koc's
offshore U.S. dollar holdings.

These three factors, which are the conditions to be rated one notch
above the T&C assessment, remain monitored on a quarterly basis.
The company passed all our requirements as of the end of December
2023.

S&P said, "We raised our SACP on Koc to 'bbb-' from 'bb+' based on
the company's track record of minimal leverage and portfolio
resiliency. We estimate Koc's net cash position was about Turkish
lira (TRY) 22.7 billion (or about $773 million) at Dec. 31, 2023,
based on the portfolio value at the same date and pro forma the
recent disposal of Tat Gida for about TRY2.2 billion, the
redemption of Yapi Kredit's additional Tier 1 (AT1) instrument for
$200 million (TRY6.3 billion) and the acquisition of Kemer Medical
Center for about TRY2.9 billion. This in line with the company's
track record of maintaining a net cash position or very low debt
levels, with its adjusted loan-to-value (LTV) ratio staying well
below our 10% maximum level for the 'bbb-' SACP since 2014. Under
our base-case scenario, we anticipate that Koc will retain a net
cash position, supported by a conservative financial policy and a
sizable recuring dividend stream from its investee assets. For
2024, we estimate the company will receive dividends, fees, and
interest income over TRY48 billion, up from TRY29.2 billion a year
ago. This is supported by its key assets' solid operating results,
with the exporting nature of companies such as Ford Otosan or
Arcelik providing resiliency in case of weaker domestic market
conditions. We estimate that about 50% of the revenue from Koc's
investee assets was linked to hard currencies (U.S. dollars and
euros for the most part) in 2023, including Tupras' sales, which
are mostly settled in U.S. dollars. As a result, we view Koc's
portfolio as relatively protected from Turkish lira depreciation.
Overall, the holding has a track record of portfolio value creation
thanks to steady asset value and dividend income growth. We
estimate its pro forma adjusted portfolio value increased to about
$17.2 billion as of Dec. 31, 2023, from about $10.2 billion as of
Dec. 31, 2015. Therefore, we think Koc can maintain a net cash
position for the foreseeable future. Even in a hypothetical Turkish
sovereign default, we anticipate the company would retain a net
cash position and a negative LTV ratio.

"Koc's strong liquidity position and net cash position in hard
currency are pivotal for our ratings. We view the company as having
strong liquidity as of Dec. 31, 2023, and expect sources to exceed
uses by 2.7x for the next 12 months and 1.6x for the subsequent 12
months, according to our estimates. In addition, about 96% of the
company's gross cash held as of Dec. 31, 2023, was in U.S. dollars
and predominantly held at international banks. In a hypothetical
scenario in which the Turkish sovereign were to default, we think
Koc would be able to continue to service its obligations. Under our
stress test, which assesses the company's liquidity for a one-year
period under a hypothetical sovereign default scenario, we estimate
that Koc's liquidity sources would remain sound at about 1.4x of
its uses, even including the repayment of its $750 million Eurobond
and excluding dividend income. We notably estimate that the
company's high share of cash denominated in hard currency would
benefit from a devaluation of the lira and offset the potential
lack of dividend income and higher operating and interest expense.
In addition, our T&C stress test points to a continued positive
liquidity ratio of foreign sources of cash to foreign uses of cash,
because Koc's U.S. dollar cash balances held offshore are
sufficient to cover its $750 million bond maturing in March 2025
and associated interest payment."

The positive outlook on Koc mirrors that on Turkiye.

S&P could take a negative rating action on Koc following a similar
rating action on Turkiye, or if, during the coming quarters:

-- Koc is unable to pass our T&C stress test;

-- The company depletes its U.S. dollar cash balance abroad and
can no longer cover its U.S.-dollar-denominated debt maturing in
2025; or

-- Its U.S. dollar cash held abroad becomes subject to
repatriation requirements or exchange controls.

S&P said, "We could take a positive rating action on Koc following
a similar rating action on Turkiye, implying a revision of the
sovereign long-term rating by one notch to 'BB-' and of the T&C
assessment to 'BB'. An upgrade will also require that the company
meets our requirements to be rated up to one notch above our T&C
assessment."

Environmental factors are a negative consideration in our credit
rating analysis of Koc. This is because the company's portfolio has
material stakes in companies exposed to high greenhouse gas
emissions, such as Ford Otosan, Otokoc, Turk Traktor, Tofas, and
Otokar. Also, Koc is exposed to refineries through its stake in
Tupras. These assets make up close to 65% of the total portfolio
value, with the remainder in less exposed sectors such as finance
and consumer durables.

Koc's governance is exposed to high country risk in Turkiye, a
negative factor compared with that of other investment holdings in
Europe, but S&P views as positive that the group has an extensive
strategic planning process, a track record of delivering on its
strategy, and very comprehensive risk-management and
performance-monitoring procedures.




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

AA BOND: S&P Affirms B+(sf) Rating on Class B3-Dfrd Notes
---------------------------------------------------------
S&P Global Ratings assigned its 'BBB (sf)' credit rating to AA Bond
Co. Ltd.'s class A12 notes. Its rating addresses the timely payment
of interest and ultimate payment of principal on the legal final
maturity date.

S&P's rating is primarily based on its ongoing assessment of the
borrowing group's underlying BRP; the integrity of the
transaction's legal and tax structure; and the robustness of its
operating cash flows, supported by structural enhancements.

On the closing date, the issuer issued GBP434.8 million class A12
notes to partially redeem the class A2 notes. The balance of the
class A2 notes will reduce to GBP10.8 million from GBP438.5
million. The remaining GBP10.8 million surplus proceeds from the
class A12 notes' issuance will be held in a mandatory prepayment
account with the existing borrower transaction bank account
provider, until they can be used to further repay the class A2
notes. While the surplus could be used to repay the class A2 notes
on any interest payment date this is not a contractual obligation.
Therefore, in S&P's analysis it assumes that the class A2 notes'
balance will remain at GBP10.8 million until their expected
maturity date (EMD) in July 2025.

AA Bond Co.'s financing structure blends a corporate securitization
of the operating business of the Automobile Association (the AA)
group in the U.K. with a subordinated high-yield issuance.

Overview of the New Issuance

On the closing date, the issuer issued GBP435.0 million class A12
notes to redeem the class A2 notes. The class A12 notes have an EMD
in July 2031 and a legal final maturity date in July 2050. These
new notes rank pari passu among themselves and with the existing
senior class A notes, and rank senior to the existing class B
notes. The class A12 notes have access to the same security package
as the existing class A notes.

The senior and total debt for the issuer is unchanged by this
issuance.

  Table 1

  Sources and uses of funds

  SOURCES MIL. GBP                             USES   MIL. GBP

  Class A12 issuance                                   434.8

  Redemption of the class A2 notes                     428.5

  Cash from whole business securitization               17.7

  Transaction fees                                       3.7

  Make whole price on A2 notes*                          4.8

  Accrued interest on A2 notes*                          9.0

  Mandatory prepayment account                           6.5

  Total sources                                        452.5

  Total uses                                           452.5

*Assumes full amount is tendered and redeemed at the end of May
2024.


Tender purchase of class A2 notes

GBP429.4 million of class A2 notes will be repaid via tender
purchase.

The surplus of GBP6.5 million from the class A12 notes' issuance
will be deposited in the mandatory prepayment account at closing.
The balance of the mandatory prepayment account will be used only
to further repay the class A2 notes on or before their EMD in July
2025.

Senior term facility

The only interest rate swaps the AA Bond Co. has in place are to
hedge the drawings on the senior term facility (STF). On March 24,
2023, the issuer entered into an interest rate swap agreement for
this portion with J.P. Morgan Securities PLC.

S&P said, "Under our ratings scenario, we assume that the STF is
fully utilized and it will remain fully drawn until its legal final
maturity date. Thereafter, our analysis assumes that the STF will
take a pro rata share of a 100% excess cash sweep, along with all
other class A debt that has passed its respective EMD."

Liquidity facility

The liquidity facility has a balance of GBP200 million, which
represents about 9.8% of the current outstanding senior debt. S&P's
threshold for liquidity support to be assessed as significant is
10%. Therefore, it does not apply any uplift to the
resilience-adjusted anchor for liquidity support. The current
liquidity facility providers are Banco Santander S.A., London
branch; Barclays Bank PLC; BNP Paribas S.A., London branch; Credit
Suisse International; Goldman Sachs International Bank; and
JPMorgan Chase Bank N.A., London branch.

Executive summary

S&P believes the transaction would qualify for the appointment of
an administrative receiver under the U.K. insolvency regime.
Accordingly, an obligor default would allow the noteholders to gain
substantial control over the charged assets prior to an
administrator's appointment, without necessarily accelerating the
secured debt, both at the issuer and borrower levels.

AA Bond Co.'s primary sources of funds for principal and interest
payments on the class A notes are the loan interest and principal
payments from the borrower and amounts available from the liquidity
facility, which is shared with the borrower to service the senior
term loan (when the latter is drawn).

Principal and interest payments under the loan are supported by the
operating cash flows generated by the borrowing group's two main
lines of business: roadside assistance and insurance brokering.

S&P's rating on the class A12 issuance is based primarily on our
ongoing assessment of the borrowing group's underlying BRP; the
integrity of the transaction's legal and tax structure; and the
robustness of operating cash flow, supported by structural
enhancements.

On the closing date, the issuer issued GBP435.0 million class A12
notes to partially redeem GBP428.5 million of the class A2 notes.
The balance of the class A2 notes will reduce to GBP10.8 million
from GBP439.4 million. The remaining GBP6.5 million surplus
proceeds from the class A12 notes' issuance will be held in a
mandatory prepayment account with the existing borrower transaction
bank account provider, until they can be used to further repay the
class A2 notes. While the surplus could be used to repay the class
A2 notes on any interest payment date this is not a contractual
obligation. Therefore, S&P assumes that the class A2 notes' balance
will remain unchanged until their EMD in July 2025.

Business risk profile

S&P said, "We have not seen material changes to the business
fundamentals for the borrowing group's holding company, AA
Intermediate Co., so we continue to view the group's BRP as
satisfactory. Our BRP assessment is based on the factors outlined
below."

Table 2

Key credit considerations

Leading market position

With a market share of about 40% in the B2C and 60% in the B2B
roadside segments, the AA is the market leader in the U.K.'s
roadside breakdown services industry.

Membership-based business model

The AA had about 3.3 million paid members in the B2C roadside
segment and about 11 million paid members in the B2B roadside
segment in FY2024. Retention rates in the B2C segment are
approximately 84% under the new reported measure, and it retained
or extended all its key contracts in the B2B segment in FY2024.
This membership-based business model provides good cash flow
visibility, despite some churn in membership base and potential
renewal risk for the longer-term B2B contracts.

Relatively high barriers to entry

The AA's long-standing brand name, strong customer loyalty, and
retention rates, as well as its national roadside assistance fleet,
create relatively high barriers to entry.

Strong profitability

The BRP is underpinned by above-average S&P Global Ratings-adjusted
EBITDA margins of about 30%. We expect margins to be 31%-33%, going
forward, because of the AA's lower exceptional costs, better
efficiency, and higher volumes. Absent major operational issues
related to the program's implementation and given its ability to
largely pass on cost increases to its customers (especially in the
roadside segment), adjusted EBITDA margins should remain
comfortably above the 25% threshold we would expect from the group,
and so will support the group's satisfactory BRP.

Limited scale

Despite the significant advantage in terms of size relative to its
direct competitors, we view its base as relatively small compared
with peers from across other business services sectors.

Limited service diversification and weak geographic
diversification

The AA's roadside segment accounted for about 88% of the group's
revenue base and about 92% of company-reported EBITDA in FY2024.
The AA derives its revenue solely in the U.K.

Moderate customer concentration

Top 10 B2B clients account for about 15% of the group's revenue in
that segment.

Rating Rationale for the Class A Notes

AA Bond Co.'s primary sources of funds for principal and interest
payments on the class A notes are the loan interest and principal
payments from the borrower and amounts available from the liquidity
facility, which is shared with the borrower to service the senior
term loan (if the latter is drawn).

S&P said, "Our ratings on the class A notes address the timely
payment of interest and the ultimate payment of principal due on
these notes.

"Our ratings are based primarily on our ongoing assessment of the
borrowing group's underlying BRP; the integrity of the
transaction's legal and tax structure; and the robustness of
operating cash flow, supported by structural enhancements.

"Our cash flow analysis serves to both assess whether cash flows
will be sufficient to service debt through the transaction's life
and to project minimum DSCRs in base-case and downside scenarios.
In our analysis, we have excluded any projected cash flows from the
underwriting part of the AA's insurance business, which is not part
of the restricted borrowing group (only the insurance brokerage
part is included)."

Under S&P's criteria, it typically expects liquidity facilities and
cash trapped by a breach of a financial covenant or following an
expected repayment date to be kept in the structure if:

-- The funds are held in accounts or may be accessed from
liquidity facilities; and

-- S&P views it as dedicated to service the borrower's
debts--specifically, that the funds are exclusively available to
service the issuer/borrower loans and any super senior or pari
passu debt, which may include bank loans.

In this transaction, although the borrower and the issuer share the
liquidity facility, the borrower's ability to draw on it is limited
to liquidity shortfalls related to the STF and does not cover the
issuer/borrower loans. Therefore, S&P does not give credit to the
liquidity facility in our base-case DSCR analysis.

Currently, as per AA Limited annual report, about GBP87 million of
cash is trapped in the whole business securitization (WBS)
structure, given the breach of the restricted payment condition
(RPC). The RPC permits the upstreaming of unrestricted surplus cash
if the class A net debt-to-EBITDA ratio is less than or equal to
5.5x. Since the unrestricted cash is not dedicated for debt service
and may be upstreamed at any point the RPC is satisfied, S&P does
not account for it in its DSCR analysis.

Base-case scenario

S&P said, "Our base-case EBITDA, short-term operating cash flow
projections, and the company's satisfactory BRP rely on our
corporate methodology. We discussed and received confirmation on
the company's performance as well as expectations from its
management. Considering the updates provided, we have revised our
forecasts upward, primarily based on the higher contribution from
the roadside segment, fueled by new business wins, pricing, and
volume. We gave credit to growth through the end of FY2026. Beyond
FY2026, our base-case projections are based on our methodology and
assumptions for corporate securitizations, from which we then apply
assumptions for capital expenditure (capex), finance leases,
pension contributions, and taxes to arrive at our projections for
the cash flow available for debt service." For AA Intermediate Co.,
S&P's assumptions were:

-- Maintenance capex (including net finance leases): GBP89 million
for FY2025 and about GBP84 million for FY2026. Thereafter, S&P
assumes GBP44 million, in line with the transaction documents'
minimum requirements, which were recently revised to increase the
minimum to GBP44 million from GBP35 million.

-- Development capex: GBP23 million for FY2025, and GBP25 million
for FY2026. Thereafter, because S&P assumes no growth, S&P
considered no investment capex, in line with its corporate
securitization criteria.

-- Working capital: A net inflow of GBP17 million in FY2025, and
GBP2 million in FY2026, compared with S&P's previous expectations
of GBP5 million in FY2025 and nil in FY2026. Thereafter, S&P
assumes that the change in working capital is nil.

-- Pension contributions: S&P considered the plan agreed by the
company with the trustee in February 2023, accordingly it assumes
GBP29 million in FY2025, GBP24 million in FY2026, thereafter GBP16
million until FY2030.

-- Tax: S&P's updated tax assumptions are GBP17 million for
FY2024, GBP18 million for FY2025, and GBP27 million for FY2026.
Thereafter, we considered GBP27 million tax exposure.

-- Asset disposals: S&P assumes inflow of GBP4 million in FY2024,
nil in FY2025, and GBP1 million in FY2026 and thereafter. Cash from
asset disposals can only be utilized toward debt repayment for the
WBS.

The transaction structure includes a cash sweep mechanism for the
repayment of principal following an EMD on each class of class A
notes including the issuance of the class A12 notes. Therefore, in
line with our corporate securitization criteria, S&P assumed a
benchmark principal amortization profile where the class A12 notes
are repaid over 15 years following the EMD based on an annuity
payment that it includes in its calculated DSCRs.

Based on S&P's assessment of AA Intermediate Co.'s BRP as
satisfactory, which it associates with a business volatility score
of 3, and the minimum DSCR achieved in our base-case analysis, S&P
established a 'bbb-' anchor for the class A notes.

Downside DSCR analysis

S&P said, "Our downside DSCR analysis tests whether the
issuer-level structural enhancements improve the transaction's
resilience under a stress scenario. AA Intermediate Co. falls
within the business and consumer services industry, for which we
apply a 30% decline in EBITDA relative to the base case at the
point where we believe the stress on debt service would be
greatest.

"Our downside DSCR analysis resulted in a strong resilience score
for the class A notes' issuance. The combination of a strong
resilience score and the 'bbb-' anchor derived in the base-case
results in a resilience-adjusted anchor of 'bbb+'.

The GBP200 million balance in the liquidity facility represents
liquidity support of about 9.8% of the current outstanding senior
debt, which is below the 10% level we typically assess as offering
significant liquidity support. Therefore, S&P has not considered
any further uplift adjustment to the resilience-adjusted anchor for
liquidity.

Modifiers analysis

S&P has not applied any adjustments under its modifier analysis.

Comparable rating analysis

Due to its cash sweep amortization mechanism, the transaction
relies significantly on future excess cash. In S&P's view, the
uncertainty related to this feature is increased by the execution
risks related to the company's investment plan and the returns it
will effectively generate. The company may need to invest
periodically to maintain its cash flow generation potential over
the long term, which could erode future excess cash. To account for
this combination of factors, S&P applied a one-notch decrease to
the senior class A notes' resilience-adjusted anchor.

Counterparty risk

S&P's 'BBB (sf)' ratings on the class A notes are not constrained
by the ratings on any of the counterparties, including the
liquidity facility, derivative, and bank account providers.

Eligible investments

Following amendments to the transaction documents, the
counterparties can invest cash in short-term investments with a
minimum required rating of 'BBB+'. Given the substantial reliance
on excess cash flow as part of our analysis and the possibility
that this could be invested in short-term investments, full
reliance can be placed on excess cash flows only in rating
scenarios up to 'BBB+'.

  Table 3

  Credit rating steps for class A notes
                                       PRELIMINARY       FINAL
                                        RATINGS         RATINGS

  Business risk profile              Satisfactory     Satisfactory

  Business volatility score                  3             3

  Base case minimum DSCR range          Upper end        Lower end
                                   of 1.10x-1.40x   of 1.40x-3.25x

  Anchor                                    bb+           bbb-

  Downside case EBITDA decline              30%            30%

  Downside minimum DSCR range           1.8x-4.0x        1.8x-4.0x

  Resilience score                        Strong          Strong

  Resilience-adjusted anchor                bbb            bbb+

  Liquidity adjustment                      None           None

  Modifier analysis adjustment              None           None

  Comparable rating analysis adjustment  -1 notch        -1 notch

  Maximum potential rating                  BBB-            BBB

  Counterparty cap                          A               A

  Eligible investment cap                   BBB+            BBB+

  Rating                                  BBB- (sf)       BBB (sf)

  DSCR--Debt service coverage ratio.


Rating Rationale For The Class B3-Dfrd Notes

S&P's rating on the class B3-Dfrd notes addresses the ultimate
payment of interest and ultimate payment of principal on or before
its legal final maturity date in July 2050. The class B3-Dfrd notes
are structured as soft-bullet notes due in July 2050, but with
interest and principal due and payable to the extent received under
the class B3 loan. Under the terms and conditions of the class B3
loan, if the loan is not repaid on its EMD (January 2026), interest
and principal will no longer be due and will be deferred. The
deferred interest, and the interest accrued thereafter, becomes due
and payable on the final maturity date of the class B3-Dfrd notes
in 2050.

S&P said, "Our analysis focuses on the scenarios in which the
underlying loan is not repaid on the EMD and the corresponding
notes are not redeemed. We understand that the obligors will not be
permitted to make interest and principal payments under the class
B3 issuer/borrower facility agreement. Therefore, in our cash flow
analysis, we assume that the class B3 notes do not receive interest
following the class A2 EMD, and receive no further payments until
the class A notes are fully repaid.

"Moreover, under the terms of the class B issuer/borrower loan
agreement, further issuances of class A notes, for the purpose of
refinancing, are permitted without consideration given to any
potential effect on the then-current rating on the outstanding
class B notes. Both the extension risk, which we view as highly
sensitive to the future performance of the borrowing group, given
its deferability, and the ability to issue more-senior debt without
consideration given to the class B3-Dfrd notes, may adversely
affect the issuer's ability to repay the class B3-Dfrd notes. As a
result, our rating on the class B3-Dfrd notes has limited uplift
above the borrowing group's creditworthiness.

"Our view of the borrowing group's stand-alone creditworthiness has
not changed. Therefore, we affirmed our 'B+ (sf)' rating on the
class B3-Dfrd notes.

"We believe the transaction will qualify for the appointment of an
administrative receiver under the U.K. insolvency regime. When the
events of default allow security to be enforced before the
company's insolvency, an obligor event of default would allow the
then senior-most noteholders to gain substantial control over the
charged assets before an administrator's appointment, without
necessarily accelerating the secured debt."

However, under certain circumstances, particularly when the class A
notes have been repaid, removal of the class B free cash flow DSCR
financial covenant would, in our opinion, prevent the borrower
security trustee, on the class B3-Dfrd noteholders' behalf, from
gaining control over the borrowers' assets as their operating
performance deteriorates. A borrower event of default would no
longer be triggered under the class B3 loan before the operating
company's insolvency or restructuring. S&P said, "This may lead us
to conclude that we are unable to rate through an insolvency of the
obligors, which is an eligibility condition under our corporate
securitizations criteria. Our criteria state that noteholders
should be able to enforce their interest on the assets of the
business before the insolvency and/or restructuring of the
operating company."

If the class B3-Dfrd noteholders lose their ability to enforce by
proxy the security package S&P may revise its analysis, and may
consider that the class B3-Dfrd notes' security package resembles
covenant-light corporate debt, rather than secured, structured
debt.

Outlook

A change in S&P's assessment of the company's BRP would likely
prompt a rating action on the notes. To achieve the same anchor, it
would expect higher DSCRs for a weaker BRP and lower DSCRs for a
stronger BRP.

Upside scenario

S&P said, "We do not expect to revise upward our assessment of the
borrowing group's BRP because it is constrained by the group's weak
geographic and service diversification, as well as its exposure to
the insurance broker business. We may consider raising our ratings
on the class A notes if our minimum projected DSCR reaches the
middle of the 1.4x-3.25x range, under our base-case scenario."

Downside scenario

S&P said, "We could lower our anchor or the resilience-adjusted
anchor for the class A notes if we were to revise the borrowing
group's BRP to fair from satisfactory. This could occur if the
group faced significant operational difficulties in relation to its
investment plan or if trading conditions in its core roadside
service market were to deteriorate, so that it saw a significant
loss of customers or lower revenue per customer. Under these
scenarios, we would likely observe margins falling below 25% with
little prospect for rapid improvement, or an increase in the
volatility of the group's profitability.

"We may also consider lowering our ratings on the class A notes if
our minimum projected DSCR falls below 1.4x in our base-case
scenario or 1.8x in our downside scenario. This could happen if the
cash flow available for debt service declines beyond our expected
base-case level."

Surveillance

S&P said, "We will maintain active surveillance on the rated notes
until the notes mature or are retired. The purpose of surveillance
is to assess whether the notes are performing within the initial
parameters and assumptions applied to each rating category. The
transaction terms require the issuer to supply periodic reports and
notices to S&P Global Ratings to enable it to maintain continuous
surveillance on the rated notes.

"We view the AA's performance as an important part of analyzing and
monitoring the performance and risks associated with the
transaction. Although company performance will likely affect the
transaction, we believe other factors, such as cash flow, debt
reduction, and legal framework, also contribute to the overall
analytical opinion."

  Ratings list

  CLASS     RATING*      AMOUNT (MIL. GBP)

  RATING ASSIGNED  

  A12       BBB (sf)      434.8

  RATINGS UPGRADED  

  A2§       BBB (sf)       10.8

  A8        BBB (sf)      325.0

  A9        BBB (sf)      270.0

  A10       BBB (sf)      250.0

  A11       BBB (sf)      400.0

  RATING AFFIRMED  

  B3-Dfrd   B+ (sf)       280.0

*S&P's ratings on the class A notes address the timely payment of
interest and the ultimate payment of principal on the legal final
maturity date. S&P's rating on the class B3-Dfrd notes addresses
ultimate payment of interest and ultimate payment of principal by
the legal final maturity date.
§The proceeds from the issuance of the class A12 notes are used to
partially repay the class A2 notes.


BODY SHOP: Administrators Set Initiate Auction After CVA Fails
--------------------------------------------------------------
GlobalData, citing Sky News, reports that administrators of
cosmetics chain The Body Shop are set to initiate an auction for
the retailer, following the conclusion that a company voluntary
arrangement (CVA) is not feasible.

FRP Advisory, which has been managing The Body Shop since its
collapse in January 2024, is ready to formally approach potential
buyers in the upcoming weeks, GlobalData discloses.

The chain now operates from approximately 100 locations following a
series of store closures and redundancies, GlobalData notes.

Retailer Next showed interest in acquiring The Body Shop earlier in
the insolvency process, GlobalData recounts.

Investment firm Aurelius, which acquired the chain shortly before
its administration, is also considered to be a potential bidder,
GlobalData states.

According to GlobalData, an FRP spokesperson told Sky News: "After
engaging with stakeholders about a CVA, it had not been possible to
reach the necessary agreements for a CVA to be launched.

The joint administrators have therefore decided to commence a sale
process for the underlying business and assets of The Body Shop
International."

FRP added that the interest received from parties so far has been
encouraging, GlobalData relays.

The advisory company anticipates finalising the sale in the summer
of 2024, GlobalData discloses.

Aurelius acquired the retailer from Natura & Co, which paid more
than US$1 billion for it in 2017, GlobalData notes.

Before the sale to Aurelius, The Body Shop had 10,000 employees and
operated 3,000 stores in 70 countries.

In March the high street retailer announced the closure of 75
stores across the UK in the six weeks to mid-April 2024, resulting
in the loss of 489 jobs, according to GlobalData.


CAZOO: G3 Vehicle Acquires Wholesale Business
---------------------------------------------
Business Sale reports that the Cazoo Wholesale business has been
acquired by G3 Vehicle Auctions.

The acquisition, which follows Cazoo falling into administration,
creates the new G3 Bedford auction facility, Business Sale notes.

G3 moved swiftly after Cazoo entered administration, acquiring the
premises, land and existing remarketing team, as well as other
software assets, Business Sale relates.  The site instantly doubles
G3's capacity for vehicles and increases its total workforce to
more than 140, Business Sale states.

According to Business Sale, the Bedford site will complement the
company's established 14-acre, purpose-built G3 Castleford
remarketing site, which was opened in 2021.  The company expects
the new site to be break even by the end of this year and
ultimately aims to offer more than 30,000 vehicles per annum,
Business Sale discloses.

In addition to providing an auction facility in a new area of the
UK, the site will also become an additional drop-off point for G3's
network of finance house partners, as well as offering onsite
de-fleet and refurbishment facilities, Business Sale relays.  The
company also intends to relocate its existing Pool Fleet business
to Bedford, Business Sale says.


SELINA HOSPITALITY: Shows Strong Q1 2024, FY 2023 Performance
-------------------------------------------------------------
Selina Hospitality PLC announced its preliminary financial and
operational information for FY 2023 and Q1 2024 reflecting the
recent progress and improvements made in its core hotel operating
business.

The Company's Financial Highlights include:

     * Total revenue increased by 9.4% to $201.3 million for FY
2023 compared to FY 2022, driven primarily by higher occupancy
rates and higher total annualized revenue per bedspace.

     * Total revenue expected to decrease by 9.2% in Q1 2024 vs Q1
2023 ($49.2 million vs $54.2 million) due primarily to the exiting
of underperforming properties.

     * Occupancy rate of 57.4% in Q1 2024, a 1% increase from Q1
2023, growing each month during the quarter. The Company's ongoing
progress of ramping occupancy towards its 58% target in 2024 was
driven by the launch of our commercial leadership team and Selina's
formal and robust commercial strategy. In addition, the Company
focused on driving new guests to Selina hotels through new
distribution channels, as well as driving traffic directly through
Selina's website and app for reservations.

     * Continued progress on exiting underperforming properties.
The Company exited 17 hotel properties from January 2023 through
April 30, 2024. This included nine in 2023, three in Q1 2024, and
five in Q2 of 2024 YTD. These 17 properties had approximately 4,000
bedspaces and the annualized savings from these closures is
expected to offset approximately 70% of the Company's ULOL of
2023(3). This is a significant component of Selina's path to
profitability.

     * As of April 30, 2024, the Company has 102 open hotels, in 22
countries and 6 continents. For FY 2023, occupancy of these 102
hotels was 52.3%.

     * GOP margin increased by 22.6%, reaching 24.8% in FY 2023
from 20.2% in FY 2022. In addition, in Q1 2024, GOP margin is
expected to increase approximately by 24%, to 29.4% to 31.4%, as
compared to 24.6% in Q1 2023. This improvement was driven by the
operational restructuring process carried out in 2023 and the
continued focus on cost optimization.

     * COH is expected to decrease from $9.8 million in Q1 2023 to
$5.5 to $6.5 million in Q1 2024, representing a 38.8% decrease,
driven mostly by the labor restructuring carried out in Q4 2023 and
Q1 2024, reduced corporate office commitments in UK, US, Panama and
Israel, and overall cost reduction plans in global functions.

Commenting on the results, Rafael Museri, co-founder and Chief
Executive Officer, said, "On behalf of our entire company, I am
very pleased with the progress we are making in our business as we
have stayed relentlessly focused on our path to profitability since
early 2023. I am confident that the partnership with our new
strategic investor, Osprey International Limited, will continue to
help us on our path. I want to thank all Selina teams around the
world and vendor partners for their support, flexibility, and
creativity as we all work together to reinforce our infrastructure
and deliver an incredible experience to our guests. While we
complete our financial reporting and independent audit processes,
we want to keep our investment community updated as much as we can
on the progress we are making in our core business."

A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission is available at
https://tinyurl.com/23f9n8hk

                   About Selina Hospitality

Headquartered in London, England, Selina Hospitality PLC is an
operator of lifestyle and experiential Millennial- and Gen
Z-focused hotels, with 118 destinations opened in 24 countries
across 6 continents.

Tysons, Virginia-based Baker Tilly US, LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated April 28, 2023, citing that the Company has suffered
historical losses from operations, has a net capital deficiency,
negative working capital and cash outflows from operations that
raise substantial doubt about its ability to continue as a going
concern.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week May 20 to May 24, 2024
-----------------------------------------------------
Issuer                      Coupon Maturity Currency  Price
------                      ------ -------- --------  -----
Codere Finance 2 Luxembour  13.62511/30/2027  USD  1.000
Codere Finance 2 Luxembour  11.000 9/30/2026  EUR  34.86
Solocal Group               10.940 3/15/2025  EUR  20.51
Kvalitena AB publ           10.067  4/2/2024  SEK  45.00
Codere Finance 2 Luxembour  12.75011/30/2027  EUR  1.000
UkrLandFarming PLC          10.875 3/26/2018  USD  4.195
Sidetur Finance BV          10.000 4/20/2016  USD  0.378
Tinkoff Bank JSC Via TCS F  11.002            USD  42.85
Altice France Holding SA    10.500 5/15/2027  USD  37.26
Teksid Aluminum Luxembourg  12.375 7/15/2011  EUR  0.619
Immigon Portfolioabbau AG   10.258            EUR  9.750
Goldman Sachs Internationa  16.288 3/17/2027  USD  26.54
Marginalen Bank Bankaktieb  12.996            SEK  45.00
Avangardco Investments Pub  10.00010/29/2018  USD  0.108
IOG Plc                     13.428 9/20/2024  EUR  4.917
Bakkegruppen AS             11.720  2/3/2025  NOK  45.37
Plusplus Capital Financial  11.000 7/29/2026  EUR  11.22
Privatbank CJSC Via UK SPV  10.875 2/28/2018  USD  5.267
Virgolino de Oliveira Fina  10.500 1/28/2018  USD  0.010
Privatbank CJSC Via UK SPV  10.250 1/23/2018  USD  3.786
Virgolino de Oliveira Fina  11.750  2/9/2022  USD  0.635
Bourbon Corp SA             11.652            EUR  1.375
Saderea DAC                 12.50011/30/2026  USD  48.02
Solis Bond Co DAC           10.391 5/31/2024  EUR  50.00
Lehman Brothers Treasury C  11.00012/20/2017  AUD  0.100
Ilija Batljan Invest AB     10.768            SEK  3.500
Societe Generale SA         11.000 7/14/2026  USD  11.47
Transcapitalbank JSC Via T  10.000            USD  1.450
Societe Generale SA         23.510 6/23/2026  USD  3.943
Codere Finance 2 Luxembour  13.62511/30/2027  USD  1.000
Privatbank CJSC Via UK SPV  11.000  2/9/2021  USD  0.749
Altice France Holding SA    10.500 5/15/2027  USD  37.72
Ukraine Government Bond     11.000 4/20/2037  UAH  29.19
Virgolino de Oliveira Fina  10.500 1/28/2018  USD  0.010
Solocal Group               10.940 3/15/2025  EUR  9.049
Bilt Paper BV               10.360            USD  0.650
Banco Espirito Santo SA     10.000 12/6/2021  EUR  0.058
R-Logitech Finance SA       10.250 9/26/2027  EUR  15.08
YA Holding AB               12.75812/17/2024  SEK  15.02
Oscar Properties Holding A  11.270  7/5/2024  SEK  0.464
Codere Finance 2 Luxembour  11.000 9/30/2026  EUR  34.86
NTRP Via Interpipe Ltd      10.250  8/2/2017  USD  1.027
Lehman Brothers Treasury C  11.000  7/4/2011  USD  0.100
Lehman Brothers Treasury C  11.25012/31/2008  USD  0.100
Landesbank Baden-Wuerttemb  23.000 6/28/2024  EUR  43.97
Swissquote Bank SA          15.74010/31/2024  CHF  42.30
Landesbank Baden-Wuerttemb  25.000  1/3/2025  EUR  48.35
Societe Generale SA         20.000 1/29/2026  USD  15.30
Bank Vontobel AG            14.000  3/5/2025  CHF  41.00
Leonteq Securities AG       24.000  1/9/2025  CHF  47.70
UniCredit Bank GmbH         13.800 9/27/2024  EUR  32.42
UniCredit Bank GmbH         14.800 9/27/2024  EUR  31.48
UniCredit Bank GmbH         15.800 9/27/2024  EUR  30.67
UniCredit Bank GmbH         16.900 9/27/2024  EUR  29.97
UniCredit Bank GmbH         18.000 9/27/2024  EUR  29.09
UniCredit Bank GmbH         19.100 9/27/2024  EUR  28.56
Societe Generale SA         14.300 8/22/2024  USD  11.00
Leonteq Securities AG       24.000 1/13/2025  CHF  24.58
UniCredit Bank GmbH         13.700 9/27/2024  EUR  35.29
UniCredit Bank GmbH         14.800 9/27/2024  EUR  34.12
Zurcher Kantonalbank Finan  24.00011/22/2024  EUR  40.06
Vontobel Financial Product  20.25012/31/2024  EUR  48.52
Landesbank Baden-Wuerttemb  15.000 3/28/2025  EUR  48.64
Basler Kantonalbank         21.000  7/5/2024  CHF  45.01
Basler Kantonalbank         24.000  7/5/2024  CHF  37.90
Societe Generale SA         15.000 9/29/2025  USD  6.267
Bank Vontobel AG            12.000 9/30/2024  EUR  12.00
Bank Vontobel AG            13.500  1/8/2025  CHF  16.70
Societe Generale SA         20.000 9/18/2026  USD  15.10
UniCredit Bank GmbH         13.500 9/27/2024  EUR  46.17
UniCredit Bank GmbH         13.50012/31/2024  EUR  49.35
UniCredit Bank GmbH         14.900 9/27/2024  EUR  43.88
Landesbank Baden-Wuerttemb  21.000 9/27/2024  EUR  48.89
Landesbank Baden-Wuerttemb  23.000 9/27/2024  EUR  46.76
Landesbank Baden-Wuerttemb  19.000 6/28/2024  EUR  46.87
Landesbank Baden-Wuerttemb  27.000 6/28/2024  EUR  41.50
UniCredit Bank GmbH         14.300 8/23/2024  EUR  34.18
UniCredit Bank GmbH         13.90011/22/2024  EUR  37.34
UniCredit Bank GmbH         13.500 2/28/2025  EUR  40.49
Leonteq Securities AG       23.00012/27/2024  CHF  30.80
Leonteq Securities AG/Guer  30.000  8/7/2024  CHF  32.86
Leonteq Securities AG/Guer  22.000  8/7/2024  CHF  32.89
DZ Bank AG Deutsche Zentra  13.100 9/27/2024  EUR  48.23
Leonteq Securities AG       24.000 7/10/2024  CHF  43.33
Leonteq Securities AG       26.000 7/10/2024  CHF  37.30
Leonteq Securities AG/Guer  24.000 7/10/2024  CHF  39.20
Swissquote Bank SA          26.120 7/10/2024  CHF  39.63
Leonteq Securities AG/Guer  12.490 7/10/2024  USD  40.32
Vontobel Financial Product  11.00012/31/2024  EUR  47.93
Leonteq Securities AG/Guer  20.000  8/7/2024  CHF  9.930
Raiffeisen Schweiz Genosse  20.000  8/7/2024  CHF  36.80
DZ Bank AG Deutsche Zentra  16.000 6/28/2024  EUR  30.32
UniCredit Bank GmbH         18.200 6/28/2024  EUR  28.86
UniCredit Bank GmbH         19.500 6/28/2024  EUR  27.79
UniCredit Bank GmbH         18.50012/31/2024  EUR  35.87
UniCredit Bank GmbH         19.30012/31/2024  EUR  35.27
Societe Generale SA         20.000  1/3/2025  USD  7.400
UniCredit Bank GmbH         19.30012/31/2024  EUR  34.33
Societe Generale SA         16.000 8/30/2024  USD  20.40
Societe Generale SA         16.000 8/30/2024  USD  21.60
Societe Generale SA         18.000 8/30/2024  USD  14.00
Societe Generale SA         15.000 8/30/2024  USD  19.30
Leonteq Securities AG       28.000 8/21/2024  CHF  44.67
Landesbank Baden-Wuerttemb  10.000 8/23/2024  EUR  41.55
Landesbank Baden-Wuerttemb  15.000 8/23/2024  EUR  32.88
Bank Vontobel AG            10.000 8/19/2024  CHF  7.000
Leonteq Securities AG       24.000 8/21/2024  CHF  45.86
UniCredit Bank GmbH         14.900 8/23/2024  EUR  46.13
UniCredit Bank GmbH         14.700 8/23/2024  EUR  31.36
UniCredit Bank GmbH         14.50011/22/2024  EUR  34.70
UniCredit Bank GmbH         13.100 2/28/2025  EUR  38.41
UniCredit Bank GmbH         13.800 2/28/2025  EUR  37.79
UniCredit Bank GmbH         14.500 2/28/2025  EUR  37.04
Corner Banca SA             23.000 8/21/2024  CHF  41.49
BNP Paribas Emissions- und  17.00012/30/2024  EUR  48.70
BNP Paribas Emissions- und  13.000 6/27/2024  EUR  48.54
BNP Paribas Emissions- und  14.000 6/27/2024  EUR  46.26
BNP Paribas Emissions- und  18.000 6/27/2024  EUR  42.49
BNP Paribas Emissions- und  21.000 6/27/2024  EUR  40.95
HSBC Trinkaus & Burkhardt   17.500 6/27/2025  EUR  47.94
HSBC Trinkaus & Burkhardt   15.500 6/27/2025  EUR  34.98
BNP Paribas Emissions- und  16.000 6/27/2024  EUR  46.41
BNP Paribas Emissions- und  17.000 6/27/2024  EUR  44.36
BNP Paribas Emissions- und  20.000 6/27/2024  EUR  42.64
BNP Paribas Emissions- und  23.000 6/27/2024  EUR  41.10
DZ Bank AG Deutsche Zentra  10.75012/27/2024  EUR  48.55
HSBC Trinkaus & Burkhardt   22.250 6/27/2025  EUR  45.14
HSBC Trinkaus & Burkhardt   11.250 6/27/2025  EUR  37.55
Leonteq Securities AG/Guer  22.000 8/28/2024  CHF  42.88
UniCredit Bank GmbH         19.800 6/28/2024  EUR  26.72
EFG International Finance   15.000 7/12/2024  CHF  33.08
UBS AG/London               25.000 7/12/2024  CHF  46.70
UniCredit Bank GmbH         15.100 9/27/2024  EUR  41.52
UniCredit Bank GmbH         16.400 9/27/2024  EUR  39.83
UBS AG/London               19.000 7/12/2024  CHF  38.50
Finca Uco Cjsc              13.000 5/30/2025  AMD  0.000
Citigroup Global Markets F  14.650 7/22/2024  HKD  36.69
Swissquote Bank SA          26.040 7/17/2024  CHF  41.26
Leonteq Securities AG/Guer  20.000 7/17/2024  CHF  46.44
Raiffeisen Switzerland BV   20.000 7/10/2024  CHF  44.51
UniCredit Bank GmbH         18.60012/31/2024  EUR  38.21
HSBC Trinkaus & Burkhardt   15.10012/30/2024  EUR  33.78
UBS AG/London               18.750 5/31/2024  CHF  27.22
HSBC Trinkaus & Burkhardt   12.50012/30/2024  EUR  36.08
Leonteq Securities AG       18.000 9/11/2024  CHF  16.00
HSBC Trinkaus & Burkhardt   17.600 9/27/2024  EUR  29.98
HSBC Trinkaus & Burkhardt   10.80012/30/2024  EUR  38.32
UniCredit Bank GmbH         15.700 6/28/2024  EUR  44.47
Raiffeisen Schweiz Genosse  20.000 8/28/2024  CHF  11.86
Leonteq Securities AG/Guer  24.000  6/5/2024  CHF  41.28
Raiffeisen Schweiz Genosse  19.500  6/6/2024  CHF  43.29
HSBC Trinkaus & Burkhardt   19.000 6/28/2024  EUR  25.00
HSBC Trinkaus & Burkhardt   11.000 6/28/2024  EUR  33.42
Leonteq Securities AG/Guer  22.000 8/14/2024  CHF  32.46
Leonteq Securities AG/Guer  21.000 8/14/2024  CHF  41.61
Zurcher Kantonalbank Finan  22.000  8/6/2024  USD  24.12
HSBC Trinkaus & Burkhardt   15.000 6/28/2024  EUR  27.85
HSBC Trinkaus & Burkhardt   15.000 6/28/2024  EUR  41.89
UniCredit Bank GmbH         19.400 6/28/2024  EUR  25.67
UniCredit Bank GmbH         20.00012/31/2024  EUR  32.65
Bank Vontobel AG            20.500 11/4/2024  CHF  41.00
UniCredit Bank GmbH         19.10012/31/2024  EUR  33.33
Vontobel Financial Product  15.500 6/28/2024  EUR  41.71
Vontobel Financial Product  13.250 9/27/2024  EUR  44.57
Bank Vontobel AG            29.000 9/10/2024  USD  48.40
Leonteq Securities AG/Guer  28.000  6/5/2024  CHF  28.90
Vontobel Financial Product  18.000 9/27/2024  EUR  24.36
Leonteq Securities AG/Guer  24.000 8/14/2024  CHF  36.72
Leonteq Securities AG/Guer  21.000  6/5/2024  CHF  43.68
Swissquote Bank SA          26.980  6/5/2024  CHF  34.03
Raiffeisen Switzerland BV   17.500 5/30/2024  CHF  43.60
UBS AG/London               14.250 7/12/2024  EUR  15.80
Vontobel Financial Product  11.000 6/28/2024  EUR  45.40
Vontobel Financial Product  10.000 9/27/2024  EUR  47.61
UniCredit Bank GmbH         19.700 6/28/2024  EUR  30.53
UniCredit Bank GmbH         19.50012/31/2024  EUR  37.46
UniCredit Bank GmbH         19.200 6/28/2024  EUR  42.55
UniCredit Bank GmbH         17.800 6/28/2024  EUR  45.50
Finca Uco Cjsc              12.000 2/10/2025  AMD  0.000
Basler Kantonalbank         16.000 6/14/2024  CHF  19.79
EFG International Finance   24.000 6/14/2024  CHF  36.94
UniCredit Bank GmbH         16.10012/31/2024  EUR  45.43
UniCredit Bank GmbH         18.90012/31/2024  EUR  41.27
UniCredit Bank GmbH         19.80012/31/2024  EUR  40.25
Leonteq Securities AG       20.000  7/3/2024  CHF  9.190
Leonteq Securities AG/Guer  20.000  7/3/2024  CHF  45.43
Leonteq Securities AG       26.000  7/3/2024  CHF  35.92
Corner Banca SA             15.000  7/3/2024  CHF  46.74
Swissquote Bank SA          23.990  7/3/2024  CHF  46.31
UniCredit Bank GmbH         18.00012/31/2024  EUR  42.47
Vontobel Financial Product  13.500 6/28/2024  EUR  48.55
Vontobel Financial Product  16.000 6/28/2024  EUR  45.69
Vontobel Financial Product  19.000 6/28/2024  EUR  43.23
UniCredit Bank GmbH         14.70011/22/2024  EUR  36.17
Swissquote Bank SA          25.390 5/30/2024  CHF  45.26
Leonteq Securities AG/Guer  14.000  7/3/2024  CHF  8.340
Leonteq Securities AG       24.000  7/3/2024  CHF  43.13
Bank Vontobel AG            15.50011/18/2024  CHF  47.30
Bank Vontobel AG            21.000 6/10/2024  CHF  40.90
Raiffeisen Switzerland BV   20.000 6/19/2024  CHF  41.33
Swissquote Bank SA          20.120 6/20/2024  CHF  9.080
Leonteq Securities AG/Guer  16.000 6/20/2024  CHF  20.81
DZ Bank AG Deutsche Zentra  19.400 6/28/2024  EUR  40.68
Leonteq Securities AG/Guer  15.000 9/12/2024  USD  10.05
Leonteq Securities AG/Guer  20.000 6/19/2024  CHF  40.38
Leonteq Securities AG/Guer  23.400 6/19/2024  CHF  37.93
Leonteq Securities AG/Guer  24.000 6/19/2024  CHF  33.13
Armenian Economy Developme  10.500  5/4/2025  AMD  0.000
UniCredit Bank GmbH         16.550 8/18/2025  USD  29.40
UniCredit Bank GmbH         15.000 8/23/2024  EUR  32.80
Raiffeisen Switzerland BV   12.300 8/21/2024  CHF  8.930
Bank Vontobel AG            18.000 6/28/2024  CHF  42.80
UniCredit Bank GmbH         13.800 8/23/2024  EUR  47.98
Leonteq Securities AG       20.000 8/28/2024  CHF  11.43
UBS AG/London               14.250 8/19/2024  CHF  33.50
Inecobank CJSC              10.000 4/28/2025  AMD  0.000
Societe Generale SA         24.000  4/3/2025  USD  44.00
DZ Bank AG Deutsche Zentra  12.500 6/26/2024  EUR  47.25
Bank Vontobel AG            23.000  6/4/2024  CHF  43.50
Swissquote Bank SA          25.080 6/12/2024  CHF  43.00
Vontobel Financial Product  19.500 6/28/2024  EUR  47.46
Raiffeisen Switzerland BV   18.000 6/12/2024  CHF  41.06
Raiffeisen Schweiz Genosse  20.000 6/12/2024  CHF  31.48
Vontobel Financial Product  24.750 6/28/2024  EUR  34.60
HSBC Trinkaus & Burkhardt   17.300 9/27/2024  EUR  32.10
HSBC Trinkaus & Burkhardt   14.80012/30/2024  EUR  35.99
HSBC Trinkaus & Burkhardt   13.40012/30/2024  EUR  37.31
HSBC Trinkaus & Burkhardt   11.20012/30/2024  EUR  40.40
HSBC Trinkaus & Burkhardt   17.500 9/27/2024  EUR  47.20
HSBC Trinkaus & Burkhardt   19.60012/30/2024  EUR  36.50
HSBC Trinkaus & Burkhardt   17.40012/30/2024  EUR  38.02
HSBC Trinkaus & Burkhardt   15.20012/30/2024  EUR  39.89
HSBC Trinkaus & Burkhardt   19.000 3/28/2025  EUR  36.51
HSBC Trinkaus & Burkhardt   18.100 3/28/2025  EUR  36.88
HSBC Trinkaus & Burkhardt   16.300 3/28/2025  EUR  37.61
HSBC Trinkaus & Burkhardt   14.400 3/28/2025  EUR  38.99
HSBC Trinkaus & Burkhardt   19.60011/22/2024  EUR  39.31
Vontobel Financial Product  14.000 9/27/2024  EUR  46.77
Vontobel Financial Product  21.000 9/27/2024  EUR  40.73
Vontobel Financial Product  23.500 6/28/2024  EUR  36.12
Bank Vontobel AG            18.000 7/19/2024  CHF  44.00
Raiffeisen Switzerland BV   16.000 6/12/2024  CHF  20.48
Leonteq Securities AG/Guer  27.000 7/24/2024  CHF  9.020
Leonteq Securities AG/Guer  15.000 7/24/2024  CHF  8.460
Leonteq Securities AG/Guer  23.000 7/24/2024  CHF  38.65
Bank Vontobel AG            25.000 7/22/2024  USD  27.70
Vontobel Financial Product  15.500 9/27/2024  EUR  45.31
Vontobel Financial Product  17.000 9/27/2024  EUR  44.03
Vontobel Financial Product  18.000 9/27/2024  EUR  42.73
Vontobel Financial Product  19.500 9/27/2024  EUR  41.71
Vontobel Financial Product  24.500 6/28/2024  EUR  35.55
Zurcher Kantonalbank Finan  24.673 6/28/2024  CHF  48.34
HSBC Trinkaus & Burkhardt   18.10012/30/2024  EUR  43.44
Vontobel Financial Product  23.000 6/28/2024  EUR  44.24
Bank Vontobel AG            10.000 6/28/2024  USD  49.50
HSBC Trinkaus & Burkhardt   15.70012/30/2024  EUR  46.53
Leonteq Securities AG       24.000 7/17/2024  CHF  24.14
UBS AG/London               13.000 9/30/2024  CHF  18.06
Credit Suisse AG/London     28.000 9/23/2024  USD  2.360
Fast Credit Capital UCO CJ  11.500 7/13/2024  AMD  0.000
Bank Vontobel AG            10.500 7/29/2024  EUR  47.20
Leonteq Securities AG/Guer  19.000  8/8/2024  CHF  48.44
Landesbank Baden-Wuerttemb  10.00010/25/2024  EUR  39.99
Landesbank Baden-Wuerttemb  11.50010/25/2024  EUR  36.32
Leonteq Securities AG       23.000 6/26/2024  CHF  40.63
Leonteq Securities AG/Guer  20.000 9/26/2024  USD  27.32
Corner Banca SA             18.500 9/23/2024  CHF  14.00
UBS AG/London               13.750  7/1/2024  CHF  39.50
UBS AG/London               18.500 6/14/2024  CHF  26.36
Swissquote Bank SA          27.050 7/31/2024  CHF  47.86
Swissquote Bank SA          16.380 7/31/2024  CHF  8.260
Raiffeisen Switzerland BV   10.500 7/11/2024  USD  24.62
UniCredit Bank GmbH         13.400 9/27/2024  EUR  36.89
Landesbank Baden-Wuerttemb  15.500 9/27/2024  EUR  47.80
Bank Julius Baer & Co Ltd/  15.300 6/17/2024  EUR  48.25
Evocabank CJSC              11.000 9/27/2025  AMD  0.000
ACBA Bank OJSC              11.500  3/1/2026  AMD  0.000
National Mortgage Co RCO C  12.000 3/30/2026  AMD  0.000
Bank Julius Baer & Co Ltd/  13.600 6/17/2024  CHF  48.20
UniCredit Bank GmbH         15.20012/31/2024  EUR  47.34
UniCredit Bank GmbH         17.00012/31/2024  EUR  43.80
HSBC Trinkaus & Burkhardt   12.400 9/27/2024  EUR  46.52
Vontobel Financial Product  21.500 6/28/2024  EUR  46.25
Societe Generale SA         16.000  7/3/2024  USD  20.00
Raiffeisen Switzerland BV   20.000 6/26/2024  CHF  33.41
HSBC Trinkaus & Burkhardt   17.000 6/28/2024  EUR  30.68
UniCredit Bank GmbH         17.800 6/28/2024  EUR  40.38
Bank Vontobel AG            22.000 5/31/2024  CHF  22.50
Bank Julius Baer & Co Ltd/  12.720 2/17/2025  CHF  46.25
DZ Bank AG Deutsche Zentra  11.200 6/28/2024  EUR  42.76
UBS AG/London               13.500 8/15/2024  CHF  46.40
HSBC Trinkaus & Burkhardt   19.700 6/28/2024  EUR  46.68
Landesbank Baden-Wuerttemb  13.000  1/3/2025  EUR  40.14
Societe Generale SA         25.26010/30/2025  USD  9.200
HSBC Trinkaus & Burkhardt   18.300 9/27/2024  EUR  36.53
HSBC Trinkaus & Burkhardt   15.900 9/27/2024  EUR  39.34
HSBC Trinkaus & Burkhardt   13.600 9/27/2024  EUR  43.11
Societe Generale SA         26.64010/30/2025  USD  2.170
UniCredit Bank GmbH         18.000 6/28/2024  EUR  35.29
UniCredit Bank GmbH         19.800 6/28/2024  EUR  31.99
Societe Generale SA         15.00010/31/2024  USD  28.57
Vontobel Financial Product  10.750 6/28/2024  EUR  47.66
Societe Generale SA         22.75010/17/2024  USD  21.30
UniCredit Bank GmbH         13.200 6/28/2024  EUR  47.36
UniCredit Bank GmbH         17.100 6/28/2024  EUR  37.87
UniCredit Bank GmbH         18.900 6/28/2024  EUR  33.55
Evocabank CJSC              11.000 9/28/2024  AMD  0.000
Leonteq Securities AG/Guer  19.000  6/3/2024  CHF  42.28
Bank Vontobel AG            10.000  9/2/2024  EUR  48.70
UBS AG/London               10.000 3/23/2026  USD  25.25
HSBC Trinkaus & Burkhardt   18.750 9/27/2024  EUR  26.91
Bank Vontobel AG            20.000 6/26/2024  CHF  36.40
Bank Vontobel AG            13.000 6/26/2024  CHF  5.600
UniCredit Bank GmbH         17.800 6/28/2024  EUR  24.58
UniCredit Bank GmbH         18.80012/31/2024  EUR  31.59
Basler Kantonalbank         18.000 6/21/2024  CHF  42.74
UniCredit Bank GmbH         15.800 6/28/2024  EUR  22.71
UniCredit Bank GmbH         17.20012/31/2024  EUR  29.04
HSBC Trinkaus & Burkhardt   20.250 6/28/2024  EUR  22.60
HSBC Trinkaus & Burkhardt   17.50012/30/2024  EUR  30.68
Leonteq Securities AG       20.000 9/18/2024  CHF  42.67
UniCredit Bank GmbH         18.200 6/28/2024  EUR  21.54
UniCredit Bank GmbH         19.60012/31/2024  EUR  28.65
UniCredit Bank GmbH         19.200 6/28/2024  EUR  23.87
UniCredit Bank GmbH         19.70012/31/2024  EUR  31.39
DZ Bank AG Deutsche Zentra  24.100 6/28/2024  EUR  46.93
DZ Bank AG Deutsche Zentra  23.200 6/28/2024  EUR  46.88
UniCredit Bank GmbH         17.000 6/28/2024  EUR  22.10
UniCredit Bank GmbH         19.500 6/28/2024  EUR  21.04
UniCredit Bank GmbH         18.80012/31/2024  EUR  28.74
Bank Vontobel AG            12.250 6/17/2024  CHF  50.50
Vontobel Financial Product  21.000 6/28/2024  EUR  44.70
Vontobel Financial Product  18.000 6/28/2024  EUR  47.34
Leonteq Securities AG/Guer  19.000 6/10/2024  CHF  38.76
BNP Paribas Emissions- und  13.000 6/27/2024  EUR  48.58
ACBA Bank OJSC              11.000 12/1/2025  AMD  9.300
Vontobel Financial Product  24.500 9/27/2024  EUR  46.53
Societe Generale SA         16.000  8/1/2024  USD  13.10
Societe Generale SA         16.000  8/1/2024  USD  24.10
Ameriabank CJSC             10.000 2/20/2025  AMD  0.000
Societe Generale SA         15.000  8/1/2024  USD  19.60
UniCredit Bank GmbH         10.700  2/3/2025  EUR  29.55
BNP Paribas Emissions- und  16.000 6/27/2024  EUR  47.21
Societe Generale SA         20.000 7/21/2026  USD  3.940
Landesbank Baden-Wuerttemb  15.500 1/24/2025  EUR  46.73
Leonteq Securities AG/Guer  26.000 7/31/2024  CHF  38.12
Landesbank Baden-Wuerttemb  11.000  1/3/2025  EUR  43.25
Basler Kantonalbank         18.000 6/17/2024  CHF  39.10
UBS AG/London               11.250 9/16/2024  EUR  49.60
Citigroup Global Markets F  25.530 2/18/2025  EUR  0.130
UniCredit Bank GmbH         10.700 2/17/2025  EUR  29.59
Vontobel Financial Product  19.500 6/28/2024  EUR  39.45
Vontobel Financial Product  11.000 6/28/2024  EUR  46.35
BNP Paribas Issuance BV     19.000 9/18/2026  EUR  0.980
BNP Paribas Issuance BV     20.000 9/18/2026  EUR  27.75
Raiffeisen Schweiz Genosse  20.000 9/25/2024  CHF  41.23
Raiffeisen Schweiz Genosse  20.000 9/25/2024  CHF  27.76
UniCredit Bank GmbH         18.00012/31/2024  EUR  28.87
Leonteq Securities AG/Guer  27.600 6/26/2024  CHF  28.49
Leonteq Securities AG/Guer  21.600 6/26/2024  CHF  6.790
UniCredit Bank GmbH         14.100 6/28/2024  EUR  48.34
Landesbank Baden-Wuerttemb  14.500 6/28/2024  EUR  44.89
Societe Generale SA         20.00012/18/2025  USD  20.67
Vontobel Financial Product  21.500 6/28/2024  EUR  38.06
UniCredit Bank GmbH         15.600 6/28/2024  EUR  46.38
Vontobel Financial Product  16.500 6/28/2024  EUR  42.74
Vontobel Financial Product  15.000 6/28/2024  EUR  44.65
Vontobel Financial Product  18.000 6/28/2024  EUR  41.02
Vontobel Financial Product  23.000 6/28/2024  EUR  36.75
Vontobel Financial Product  13.500 6/28/2024  EUR  46.76
Vontobel Financial Product  14.000 6/28/2024  EUR  46.61
Vontobel Financial Product  12.500 6/28/2024  EUR  46.45
Societe Generale SA         14.000  8/8/2024  USD  38.80
Vontobel Financial Product  16.500 6/28/2024  EUR  44.34
Vontobel Financial Product  14.500 6/28/2024  EUR  47.04
Vontobel Financial Product  19.500 6/28/2024  EUR  42.02
Vontobel Financial Product  11.000 6/28/2024  EUR  39.78
Basler Kantonalbank         17.000 7/19/2024  CHF  45.58
Armenian Economy Developme  11.000 10/3/2025  AMD  0.000
Landesbank Baden-Wuerttemb  11.000 6/28/2024  EUR  25.40
Societe Generale SA         27.30010/20/2025  USD  8.800
Societe Generale SA         18.000 10/3/2024  USD  19.20
Societe Generale SA         18.000 10/3/2024  USD  18.80
Societe Generale SA         20.000 10/3/2024  USD  32.00
Societe Generale SA         20.00011/28/2025  USD  4.500
Societe Generale SA         18.000 5/31/2024  USD  28.70
Societe Generale SA         21.00012/26/2025  USD  28.87
EFG International Finance   11.12012/27/2024  EUR  31.32
UniCredit Bank GmbH         10.500 9/23/2024  EUR  30.22
Finca Uco Cjsc              13.00011/16/2024  AMD  0.000
UBS AG/London               16.500 7/22/2024  CHF  19.88
UBS AG/London               21.600  8/2/2027  SEK  35.12
Finca Uco Cjsc              12.500 6/21/2024  AMD  0.000
Bank Vontobel AG            12.000 6/10/2024  CHF  42.50
EFG International Finance   10.300 8/23/2024  USD  24.09
Credit Suisse AG/London     11.200 8/26/2024  USD  39.30
Societe Generale SA         10.010 8/29/2024  USD  47.40
Societe Generale SA         11.750 9/18/2024  USD  48.70
Credit Suisse AG/London     20.00011/29/2024  USD  16.77
UniCredit Bank GmbH         10.300 9/27/2024  EUR  30.68
KPNQwest NV                 10.000 3/15/2012  EUR  0.797
Ist Saiberian Petroleum OO  14.00012/28/2024  RUB  15.95
Ukraine Government Bond     11.000 2/16/2037  UAH  29.23
Privatbank CJSC Via UK SPV  10.875 2/28/2018  USD  5.267
UkrLandFarming PLC          10.875 3/26/2018  USD  4.195
Lehman Brothers Treasury C  14.900 9/15/2008  EUR  0.100
Ukraine Government Bond     11.580  2/2/2028  UAH  49.38
Ukraine Government Bond     11.110 3/29/2028  UAH  47.66
Lehman Brothers Treasury C  15.000 3/30/2011  EUR  0.100
Lehman Brothers Treasury C  13.50011/28/2008  USD  0.100
Ukraine Government Bond     11.570  3/1/2028  UAH  48.94
Bulgaria Steel Finance BV   12.000  5/4/2013  EUR  0.216
Sidetur Finance BV          10.000 4/20/2016  USD  0.378
Lehman Brothers Treasury C  10.500  8/9/2010  EUR  0.100
Lehman Brothers Treasury C  10.000 3/27/2009  USD  0.100
Lehman Brothers Treasury C  11.000 6/29/2009  EUR  0.100
Lehman Brothers Treasury C  11.00012/19/2011  USD  0.100
Deutsche Bank AG/London     12.780 3/16/2028  TRY  48.20
Bulgaria Steel Finance BV   12.000  5/4/2013  EUR  0.216
Bilt Paper BV               10.360            USD  0.650
Virgolino de Oliveira Fina  10.875 1/13/2020  USD  36.00
Tonon Luxembourg SA         12.500 5/14/2024  USD  0.010
Virgolino de Oliveira Fina  10.875 1/13/2020  USD  36.00
Tonon Luxembourg SA         12.500 5/14/2024  USD  0.010
Phosphorus Holdco PLC       10.000  4/1/2019  GBP  0.234
Ukraine Government Bond     11.000 4/24/2037  UAH  31.93
BLT Finance BV              12.000 2/10/2015  USD  10.50
Lehman Brothers Treasury C  12.000 7/13/2037  JPY  0.100
Lehman Brothers Treasury C  10.000 6/11/2038  JPY  0.100
Virgolino de Oliveira Fina  11.750  2/9/2022  USD  0.635
Ukraine Government Bond     11.000 3/24/2037  UAH  29.31
Ukraine Government Bond     11.000  4/8/2037  UAH  29.36
Ukraine Government Bond     11.000 4/23/2037  UAH  29.41
Ukraine Government Bond     10.36011/10/2027  UAH  48.61
Codere Finance 2 Luxembour  12.75011/30/2027  EUR  1.000
PA Resources AB             13.500  3/3/2016  SEK  0.124
Phosphorus Holdco PLC       10.000  4/1/2019  GBP  0.234
Tailwind Energy Chinook Lt  12.500 9/27/2019  USD  1.500
Ukraine Government Bond     11.000  4/1/2037  UAH  29.34
Lehman Brothers Treasury C  18.250 10/2/2008  USD  0.100
Ukraine Government Bond     12.500 4/27/2029  UAH  45.94
Ukraine Government Bond     12.50010/12/2029  UAH  44.44
Lehman Brothers Treasury C  13.000 7/25/2012  EUR  0.100
Petromena ASA               10.85011/19/2018  USD  0.622
Ukraine Government Bond     10.710 4/26/2028  UAH  46.51
Credit Agricole Corporate   10.20012/13/2027  TRY  49.51
Lehman Brothers Treasury C  16.800 8/21/2009  USD  0.100
Lehman Brothers Treasury C  13.15010/30/2008  USD  0.100
Lehman Brothers Treasury C  13.00012/14/2012  USD  0.100
Lehman Brothers Treasury C  11.750  3/1/2010  EUR  0.100
Lehman Brothers Treasury C  14.90011/16/2010  EUR  0.100
Lehman Brothers Treasury C  16.000 10/8/2008  CHF  0.100
Lehman Brothers Treasury C  11.00012/20/2017  AUD  0.100
Lehman Brothers Treasury C  11.00012/20/2017  AUD  0.100
Lehman Brothers Treasury C  11.000 2/16/2009  CHF  0.100
Lehman Brothers Treasury C  13.000 2/16/2009  CHF  0.100
Lehman Brothers Treasury C  10.00010/23/2008  USD  0.100
Lehman Brothers Treasury C  10.00010/22/2008  USD  0.100
Lehman Brothers Treasury C  10.600 4/22/2014  MXN  0.100
Lehman Brothers Treasury C  10.000 2/16/2009  CHF  0.100
Lehman Brothers Treasury C  16.000 11/9/2008  USD  0.100
Lehman Brothers Treasury C  17.000  6/2/2009  USD  0.100
Lehman Brothers Treasury C  16.00012/26/2008  USD  0.100
Lehman Brothers Treasury C  13.432  1/8/2009  ILS  0.100
Lehman Brothers Treasury C  10.44211/22/2008  CHF  0.100
Lehman Brothers Treasury C  16.00010/28/2008  USD  0.100
Lehman Brothers Treasury C  16.200 5/14/2009  USD  0.100
Lehman Brothers Treasury C  10.000 5/22/2009  USD  0.100
Lehman Brothers Treasury C  13.500  6/2/2009  USD  0.100
Lehman Brothers Treasury C  23.300 9/16/2008  USD  0.100
Lehman Brothers Treasury C  10.000 6/17/2009  USD  0.100
Lehman Brothers Treasury C  11.000  7/4/2011  CHF  0.100
Lehman Brothers Treasury C  12.000  7/4/2011  EUR  0.100
Lehman Brothers Treasury C  14.10011/12/2008  USD  0.100
Lehman Brothers Treasury C  15.000  6/4/2009  CHF  0.100
Lehman Brothers Treasury C  12.400 6/12/2009  USD  0.100



                           *********


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
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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,
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                * * * End of Transmission * * *