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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

          Thursday, June 27, 2024, Vol. 25, No. 129

                           Headlines



A Z E R B A I J A N

AZERENERJI ASC: S&P Affirms 'BB/B' ICRs, Outlook Stable


F R A N C E

CMA CGM: S&P Affirms 'BB+/B' Issuer Credit Ratings, Outlook Stable


G E R M A N Y

CECONOMY AG: S&P Affirms 'BB-' ICR on Proposed Refinancing
GESCHAEFTSHAUS AM GENDARMENMARKT: Files for Insolvency


I R E L A N D

ARES EUROPEAN IX: S&P Assigns 'B-(sf)' Rating on Class F Notes
CARLYLE GLOBAL 2015-3: S&P Affirms 'B- (sf)' Rating on Cl. E Notes
FINANCE IRELAND NO. 7: S&P Assigns B-(sf) Rating on Cl. X Notes


L U X E M B O U R G

ADLER GROUP: S&P Lowers LT ICR to 'SD' on Debt Recapitalization
VENGA FINANCE: S&P Rates New Incremental Term Loans 'B'


N E T H E R L A N D S

IGNITION TOPCO: S&P Upgrades ICR to 'CCC+', Outlook Stable
SAMVARDHANA MOTHERSON: S&P Affirms 'BB' LT Issuer Credit Rating


U N I T E D   K I N G D O M

AYRES WYND: Collapses Into Administration
BIRKENSTOCK HOLDING: S&P Raises LT ICR to 'BB', Outlook Positive
CAZOO GROUP: To Hold Extraordinary General Meeting on July 2
CAZOO GROUP: Updates Website Ahead of Shareholder Meeting
E-POST MEDIA: Goes Into Administration

GEMINI PRINT: Enters Administration, Ceases Trading
QSR PLATFORM: S&P Assigns 'B-' LongTerm Issuer Credit Rating
SILK LTD: Falls Into Administration
SOUTHERN TOWER: Goes Into Administration
THOMAS GOODE: Falls Into Administration


                           - - - - -


===================
A Z E R B A I J A N
===================

AZERENERJI ASC: S&P Affirms 'BB/B' ICRs, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' long- and short-term issuer
credit ratings on Azerbaijan power producer Azerenerji.

The stable outlook on Azerenerji reflects that on Azerbaijan
(BB+/Stable/B).

A favorable operating environment amid elevated power prices
supports Azerenerji's financial profile. S&P said, "Azerenerji's
financial profile has sustainably strengthened, in our view,
leading us to revise the SACP to 'b' from 'b-'. We now forecast
that adjusted funds from operations (FFO) to debt will remain above
30% from 2024." The ratio has remained strong for two consecutive
years, with FFO to debt reaching 38.8% in 2023 after peaking in
2022 at 62.8%. The improvement comes from high power prices and
higher volumes of power exported, particularly to Turkey.

Energy crises and inflation have been hurdles for most utility
companies over the past few years. That said, Azerenerji did not
suffer material negative consequences from the energy crisis amid
Russia's invasion of Ukraine. It benefited from high power prices,
and, along with some other companies in Azerbaijan, was boosted by
higher gas prices because a large proportion of the economy is
dependent on oil and gas.

S&P said, "We estimate Azerenerji's FFO-to-debt ratio will remain
above 30% over the next few years, despite our expectation of high
capital spending. We assume the company's annual capital
expenditure (capex) will be about Azerbaijani manat (AZN)340
million-ANZ350 million (about $200 million-$210 million) over
2024-2025, down from AZN696 million in 2023, leading to annual
positive free operating cash flow of AZN110 million on average. At
the same time, we forecast net debt will moderately increase, with
new debt issuance, to about AZN1.2 billion-AZN1.3 billion in
2024-2025 to support its capex plan. This will result in FFO to
debt above 30% for the next two years. We note that capex could
increase if the government instructs Azerenerji to invest
further."

Azerenerji expects to commission several generation assets by
year-end 2024, including nine hydro power plants with a total
installed capacity of around 80 megawatts (MW).

In April 2023, Azerenerji secured a $180 million six-year loan from
local bank Kapital to support its investment plan, notably a new
1,280-MW combined cycle gas turbine. S&P understands that the
construction is proceeding according to plan and the plant is set
to be commissioned by the end of 2024.

A weak regulatory regime, lack of cash flow predictability, and
foreign exchange volatility weigh on the SACP. The wholesale tariff
has been fixed since the last 16% tariff increase in November 2021.
For social and political reasons, the government is unlikely to
lift regulated tariffs sufficiently to fully cover Azerenerji's
operating expenditure, large capex needs, and debt service. S&P
said, "As a result, we view the regulatory framework in Azerbaijan
as nonsupportive. That said, we understand from the company that
the regulator is looking to review the transmission tariff but
timing remains uncertain. We will monitor what impact this might
have on business risk."

Moreover, Azerenerji remains exposed to:

-- Foreign exchange volatility (with almost all debt denominated
in foreign currency and essentially all revenue in manat);

-- A weak domestic banking system, in which the company keeps all
its cash; and

-- Potential hikes in working capital or capex beyond our current
forecast.

However, these weaknesses are mitigated by state support. The state
guarantees or owns all Azerenerji's debt and provides capital
increases. S&P said, "We expect this to remain the case in the
medium term. Moreover, the company historically has benefitted from
a wide range of state support measures, including equity
injections, debt service payments, tax benefits, and zero
dividends. We understand this is linked to Azerenerji's essential
economic and social role for Azerbaijan's government, supporting
our assessment that it is extremely likely to receive timely and
sufficient extraordinary state support, if needed."

The stable outlook on Azerenerji reflects that on the sovereign.
S&P said, "We see an extremely high likelihood of extraordinary
state support for the company and expect the government will
continue to support Azerenerji's large investment program and cover
any liquidity shortfall. In our base-case scenario, we expect the
company will not issue debt with third parties without government
guarantees, and that its structure and current asset composition
will not change."

Downside scenario

S&P said, "If we were to lower our long-term rating on Azerbaijan
one notch, we would likely take a similar rating action on
Azerenerji, all else remaining equal. In addition, we could
downgrade the company if the SACP deteriorates or government
support weakens." This could occur, for example, due to:

-- Significant weakening of the manat, leading to higher
leverage;

-- New debt without state guarantees (for example, to fund large
capex needs);

-- Diminishing government commitment to support Azerenerji;

-- Changes in the government's mechanisms to monitor the company's
finances; or

-- Privatization or negative government intervention affecting
Azerenerji's profitability or leverage.

None of these are part of S&P's current base-case scenario,
however.

S&P could also downgrade the company if the government discontinues
supportive measures, indicating diminishing likelihood of
extraordinary government support.

Upside scenario

Rating upside is limited because we already incorporate substantial
uplift for state support and will likely continue to differentiate
between the rating on Azerenerji and that on the sovereign even if
Azerenerji's SACP strengthens by up to four notches. A sovereign
upgrade would not automatically lead us to upgrade Azerenerji.




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

CMA CGM: S&P Affirms 'BB+/B' Issuer Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+/B' long- and short-term issuer
credit ratings on CMA CGM. At the same time, S&P assigned a 'BB+'
rating to the company's proposed senior unsecured notes and a
recovery rating of '3' indicating a meaningful recovery at default
(65%).

The stable outlook reflects S&P's expectation that CMA CGM will
maintain its adjusted EBITDA above the strong 2020 level of about
$6.2 billion and pursue a more balanced financial policy.

CMA CGM's satisfactory first-quarter 2024 results benefitted from
ongoing Red Sea disruptions absorbing capacity, as well as robust
container volume growth.  Despite a notable year-on-year revenue
and EBITDA decline reported for the quarter (9% and 30%,
respectively) the group's overall results outperformed S&P's
expectations. CMA CGM's first-quarter 2024 average freight rates
fell 21% compared with first-quarter 2023, which was less steep
than in our previous base case. This is because the current
capacity absorption amid Red Sea rerouting and the recent rise in
global trade volumes is cushioning the impact from new tonnage
deliveries. CMA CGM saw a close to 12% spike in shipping volumes in
the first quarter (a trend continuing into the second quarter),
which indicates robust underlying demand combined with a likely
early peak season.

CMA CGM is on track to achieve our 2024 adjusted EBITDA forecast of
between $8 billion and $9 billion. S&P said, "Our base case
incorporates global container volume growth of 3.5%-4.5% reflecting
an end of de-stocking, a normalization of consumption patterns, and
easing inflationary pressures on demand. Full-year 2024 average
freight rates will be slightly lower than in 2023 but they will
stay well above their pre-pandemic averages. We anticipate that the
Red Sea disruption will continue into the second half of 2024. We
also note that port congestion (notably in Asia and the Middle
East) is surging--caused by elevated trade volumes, shortages of
container boxes, and container liners' ongoing active network
realignments--and tying up capacity. We also expect CMA CGM's
EBITDA will be supported by a $2.5 billion-$2.7 billion
contribution from the recently expanded logistics operations and
infrastructure-like terminals segment, which is typically more
resilient."

S&P said, "CMA CGM's 2024-2025 credit metrics will remain well
within our 'BB+' rating threshold, but with clearly diminished
headroom. According to our base case, the group's solid operating
cash flow (after interest paid on borrowing and leases, and
including interest received) of close to $7 billion in 2024 will
only partly cover large discretionary spending. This spending
includes capital expenditure (capex; instalments for new ships and
some discretionary spending) of up to $6.7 billion, acquisitions
(mainly Bolloré and Altice Media) of $6.6 billion, and dividend
distribution of $1.3 billion. As a result, CMA CGM's financial
leeway accumulated over 2021-2022 will further decline, with the
group's S&P Global Ratings-adjusted debt soaring to $12.5
billion-$13.0 billion, from about $5.0 billion at year-end 2023 and
an adjusted net cash position of $3.6 billion at year-end 2022.
Despite this buildup in debt, our base case points to adjusted
funds from operations (FFO) to debt of 50%-60% in 2024 and 45%-55%
in 2025, which is well above our rating guideline of at least 35%.
That said, we see a significantly diminishing financial headroom
under the rating for unforeseen operational setbacks or external
growth amid softer freight rates and continued inflationary
pressures on the cost base, particularly from energy prices."

CMA CGM's ability to retain headroom under the 'BB+' rating ahead
of a difficult 2025 hinges on its discretionary spending and
industry players' stringent management of excess supply when the
Red Sea disruptions and port congestions ease. S&P said, "We
forecast that CMA CGM's container shipping EBITDA will ultimately
stabilize at above pre-pandemic levels, further supported by the
earnings contribution from its logistics and terminals segments.
However, our base case is subject to various risks. We factor in
that amid uncertain and volatile industry conditions--given the
looming capacity oversupply that has been delayed rather than
solved--combined with CMA CGM's significant accumulation of debt,
the group will apply a more prudent capital allocation policy
prioritizing balance sheet strength over mergers and acquisitions
(M&A) and shareholder returns. As such, we have removed our
negative financial policy modifier to account for this. That said,
we now apply a negative volatility adjustment to arrive at an
intermediate financial risk profile (previously minimal). This
reflects the potential downside risks considering that global trade
is subject to lingering macroeconomic and geopolitical
uncertainties and the uncertainty about the interplay between the
resilience of profitable freight rates and industry players'
capacity-management discipline, most importantly when the Red Sea
disruptions and port congestions ease (releasing capacity into the
network), which we anticipate from 2025. These are only partly
captured in our forecasts and may exert additional pressure on CMA
CGM's EBITDA and cash flow measures in times of high investment in
new ships."

S&P said, "The stable outlook reflects our expectation that CMA CGM
will maintain adjusted FFO to debt of at least 35%--our threshold
for a 'BB+' rating--because the Red Sea rerouting, solid global
trade volumes, and port congestion are cushioning the impact from
new tonnage deliveries. This is reflected in year-to-date rates
holding up well above their pre-pandemic averages. We also factor
in industry players' stringent capacity-management discipline when
the Red Sea disruptions and port congestion ease (releasing
capacity into the network), which we anticipate from 2025. This
should help CMA CGM to maintain its adjusted EBITDA at above the
strong 2020 level of about $6.2 billion. It also reflects our view
that CMA CGM will pursue a more balanced financial policy."

Downside scenario

S&P could downgrade CMA CGM if it expects its adjusted FFO to debt
to fall below 35%, with limited prospects for recovery, for example
due to a plunge in trade volumes along with industry players'
unexpected failure to adjust excess capacity, thereby sustainably
depressing freight rates. A large cash- or debt-funded acquisition,
resulting in credit measures falling short of our guidelines for a
long period, would also pressure the rating.

Upside scenario

S&P said, "We view an upgrade in the short term as unlikely given
the weak trading conditions. In the medium term, we could raise the
rating if CMA CGM sustained its adjusted FFO-to-debt ratio above
50% once freight rates normalized, and the group committed to a
financial policy to ensure this level was sustainable.

"Environmental factors are a negative consideration in our credit
rating analysis of CMA CGM, as the global shipping industry is
highly regulated from an environmental perspective. The
International Maritime Organization (IMO) dictates the industry's
global regulatory framework, while shipping companies are also
bound to specific local and/or regional rules. The regulatory
framework aims to address issues around climate change (greenhouse
gas emissions for example) and biodiversity (ballast water for
example) with rules set to tighten over the coming years. This will
require lumpy investments in new vessels powered by alternative
fuels and may increase ships' running costs. CMA CGM is proactively
investing in methanol and dual-fuel gas vessels operated with LNG,
a transitional fuel that, in addition to reducing air pollution,
emits up to 20% less CO2 than traditional fuels. These vessels will
also have the technical capability to use carbon-neutral biomethane
(still in a nascent stage) and e-methane in the future instead of
LNG. CMA currently operates 32 vessels of that type (equivalent to
about 13% of the total fleet as measured by the number of vessels)
and plans to have 120 LNG or methanol vessels by 2027."




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

CECONOMY AG: S&P Affirms 'BB-' ICR on Proposed Refinancing
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' ratings on electronics
retailer Ceconomy AG and its senior unsecured debt and assigned its
'BB-' issue rating, with a '3' recovery rating, to the proposed
notes.

S&P said, "The stable outlook reflects our view that, over the next
12–18 months, Ceconomy's strategic initiatives will improve
profitability to S&P Global Ratings-adjusted EBITDA margins of more
than 4%, despite ongoing economic uncertainty. We anticipate that
this translates into leverage at 2.5x-2.7x, EBITDAR coverage above
1.5x, and reported FOCF after leases of about EUR100 million

"Ceconomy's proposed transaction is credit neutral, in our view,
and does not affect our adequate assessment of the group's
liquidity. We think that the group's aim to refinance its notes two
years ahead of the 2026 maturity reflects a prudent financial
policy. The proposed notes are due in June 2029, and our forecast
envisages that all outstanding notes due 2026 are tendered. We
would expect the group to remain conservative in its capital
allocation decisions if part of the existing notes remain
outstanding and in such a scenario, any excess proceeds are
preserved for repaying the remainder of the 2026 notes.

"We expect Ceconomy to report a modest revenue decline this year
due to divestments of the group’s business in Sweden and Portugal
in the fiscal year ended Sept. 30, 2023 (fiscal 2023).In the first
half of fiscal 2024, S&P adjusted EBITDA increased 7.8% to EUR556
million on the back of improvements in the group’s gross margin.
Weak, but slightly improving consumer sentiment across Europe has
caused modestly declining revenue in Germany and only a minor
revenue increase in Western-Southern Europe. Nevertheless,
like-for-like sales increased 3.9% on continued strong development
in the East segment (comprising Poland and Turkiye), and
company-adjusted EBITDA margins improved 45 basis points to 4.7%,
mainly from product mix and strict cost management. At the same
time, comparing the results from the first half of the past few
years, the positive working capital developments have somewhat
reversed, as the group ensures product availability by investing in
inventories; this is in line with our expectations of largely
neutral working capital changes in the next two fiscal years.

"Ceconomy's narrowed company adjusted EBIT guidance to EUR290
million-EUR310 million supports our forecast of S&P Global
Ratings-adjusted EBITDA of about EUR940 million. Fiscal 2024 will
be the year in which Ceconomy plans to implement meaningful changes
to its cost structure and the first fiscal year after it has
outlined its "Experience Electronics" strategy. From fiscal 2025
on, we anticipate that the absence of restructuring costs and
acceleration of margin-accretive services and marketplace income,
as well as a higher share of own brand products, will support S&P
Global Ratings-adjusted EBITDA of EUR1,034 million. As a result, we
expect our adjusted leverage to further decrease toward 2.1x in
fiscal 2025 from 2.4x in fiscal 2024 and 2.7x in fiscal 2023.

"Although the group's EBITDAR to cash interest and leases remains
low due to higher interest burden, we expect the ratio to improve.
The reported interest expense increased to EUR113 million from
EUR70 million in first half fiscal 2024. We understand this is
partially driven by lease accounting and to commission aspects
related to operations in Turkiye. This effect, combined with the
expected higher coupon on the proposed notes will temporarily
weaken the EBITDAR coverage to 1.5x in 2024. That said, we think
that the group’s strategy to reduce store space will continue to
benefit total lease expense, driving a decrease to EUR506 million
in 2025 from EUR536 million in 2023. This, teamed with the
anticipated improvements in profitability, should yield a stronger
EBITDAR coverage ratio of 1.7x in 2025.

"Our expectations of a moderate working capital inflows this year
and higher interest leads to a decline in FOCF after leases to
about EUR92 million. We expect capital expenditure (capex) to rise
in the next years to about EUR220 million (1% of sales), from
EUR176 million (0.8% of sales) in fiscal 2023 as the company
pursues the modernization of 90% of its stores, investments in IT,
and the openings of additional Lighthouse stores by fiscal 2026.
Furthermore, we forecast around EUR75 million of other investments,
similar to the previous years, for mergers, acquisitions, and
related investments, that limit cash flow.

"The stable outlook reflects our view that, over the next 12–18
months, Ceconomy's strategic initiatives will improve profitability
to S&P Global Ratings-adjusted EBITDA margins of more than 4%,
despite ongoing economic uncertainty. We anticipate that this
translates into leverage at 2.5x-2.7x, EBITDAR coverage above 1.5x,
and reported FOCF after leases of about EUR100 million."

S&P could lower the rating on Ceconomy if the company's operating
performance and earnings weaken, translating into:

-- Adjusted EBITDA margin remains below 4% for a prolonged
period;

-- Annual FOCF after leases turns negative for a prolonged period;
or

-- Adjusted debt to EBITDA approaching 3.5x.

These developments could stem from higher-than-expected margin
erosion amid fierce price competition Ceconomy's end markets, the
group's inability to sustainably improve working capital, or
falling substantially short of realizing profit accretion from its
current strategy. A downgrade could also occur because of a more
aggressive financial policy than we anticipate, resulting in the
erosion of the company's sizable cash cushion, liquidity, or credit
metrics.

S&P could raise the rating on Ceconomy if the company's operating
performance and cash generation sustainably improve, translating
into:

-- Meaningful and increasing FOCF after leases;

-- Adjusted EBITDA margin approaching 5%;

-- An EBITDAR coverage ratio approaching 2.0x; and

-- Adjusted debt to EBITDA well below 3.0x.

This could stem from better-than-anticipated consumer discretionary
spending and a more effective execution of the company's strategy,
leading to stronger competitiveness and profitability, tight
working capital management and capex, and other capital allocation
decisions reflecting the financial policy commensurate with
maintaining such stronger level of the credit measures.


GESCHAEFTSHAUS AM GENDARMENMARKT: Files for Insolvency
------------------------------------------------------
Tom Sims and Matthias Inverardi at Reuters report that the owner of
a prominent skyscraper in Germany's banking capital of Frankfurt
has filed for insolvency, as the country reels from its biggest
property crisis in a generation.

The tower, described on its website as an "essential part of the
Frankfurt skyline", is home to part of Germany's central bank and
to Deka, one of its biggest asset managers.

Geschaeftshaus am Gendarmenmarkt, which owns the 186-metre,
45-floor Trianon building, filed for insolvency in a Frankfurt
court on June 24 and an insolvency manager has been appointed, a
filing published on June 25 showed, Reuters relates.

According to Reuters, the court-appointed manager, law firm PLUTA,
said that the reason for the insolvency was "liquidity
difficulties" and that it was already in talks with banks.

Like the United States and other countries, offices in Germany and
its financial capital of Frankfurt are suffering from lower
occupancy rates, in part due to working from home, Reuters
discloses.




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

ARES EUROPEAN IX: S&P Assigns 'B-(sf)' Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Ares European CLO
IX DAC's class B-1 and B-2 notes to 'AAA (sf)' from 'AA (sf)',
class C notes to 'AA+ (sf)' from 'A (sf)', class D notes to 'A+
(sf)' from 'BBB (sf)', and class E notes to 'BB+ (sf)' from 'BB
(sf)'. At the same time, S&P affirmed its 'AAA (sf)' rating on the
class A notes and its 'B- (sf)' rating on the class F notes.

The rating actions follow the application of S&P's global corporate
CLO criteria and its credit and cash flow analysis of the
transaction based on the April 2024 trustee report.

S&P's ratings address timely payment of interest and ultimate
payment of principal on the class A, B-1, and B-2 notes, and
ultimate payment of interest and principal on the class C, D, E,
and F notes.

Since S&P reviewed the transaction in April 2018:

-- The portfolio's weighted-average rating is unchanged at 'B'.

-- The portfolio has become more diversified since the closing
analysis (the number of performing obligors has increased to 134
from 121).

-- The portfolio's weighted-average life has decreased to 3.079
years from 6.47 years.

-- The percentage of 'CCC' rated assets has increased to 12.03%
from 0%.

-- Despite a slight deterioration in credit quality, the scenario
default rates (SDRs) have decreased for all rating scenarios,
mainly due to the reduction in the portfolio's weighted-average
life to 3.079 years from 6.47 years.

  Portfolio benchmarks
                                                    CURRENT

  SPWARF                                           3,039.93

  Default rate dispersion (%)                        760.72

  Weighted-average life (years)                       3.079

  Obligor diversity measure                          91.400

  Industry diversity measure                         21.379

  Regional diversity measure                          1.153

SPWARF--S&P Global Ratings' weighted-average rating factor.


On the cash flow side:

-- The transaction's reinvestment period ended in April 2022. The
class A notes have deleveraged by EUR126.48 million since then.

-- No class of notes is deferring interest.

-- All coverage tests are passing as of the April 2024 trustee
report.

  Transaction key metrics
                                                 CURRENT

  Total collateral amount (mil. EUR)*             270.81

  Defaulted assets (mil. EUR)                       2.06

  Number of performing obligors                      134

  Portfolio weighted-average rating                    B

  'CCC' assets (%)                                 12.03

  'AAA' SDR (%)                                    58.32

  'AAA' WARR (%)                                   36.28

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.
WARR--Weighted-average recovery rate.


  Credit enhancement
             CURRENT                    (BASED ON THE APRIL 2024
              AMOUNT                        TRUSTEE REPORT)
  CLASS       (EUR)          CURRENT (%)      PREVIOUS (%)

  A         101,517,641         62.51           43.00

  B-1        29,800,000         40.43           28.05

  B-2        30,000,000         40.43           28.05

  C          26,800,000         30.54           21.35

  D          22,400,000         22.26           15.75

  E          23,100,000         13.74            9.98

  F          11,100,000          9.64            7.20

  Sub        42,500,000           N/A             N/A

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)]/ [Performing balance +
cash balance + recovery on defaulted obligations (if any)].
N/A--Not applicable.


S&P said, "In our view, the portfolio is diversified across
obligors, industries, and asset characteristics. The aggregate
exposure to the top 10 obligors is now 18.73%. Hence, we have
performed an additional scenario analysis by applying adjustments
for spread and recovery compression. At the same time, almost 23%
of the assets pay semiannually. The CLO has a smoothing account
that helps to mitigate any frequency timing mismatch risks.

"Based on the improved SDRs and continued deleveraging of the
senior notes--which has increased available credit enhancement--we
raised our ratings on the class B-1, B-2, C, D, and E notes, as the
available credit enhancement is now commensurate with higher levels
of stress.

"At the same time, we affirmed our ratings on the class A and F
notes.

"The cash flow analysis indicated higher ratings than those
currently assigned for the class E and F notes (without the
above-mentioned additional sensitivity analysis). However, we have
considered that the manager may still reinvest unscheduled
redemption proceeds and sale proceeds from credit-improved assets.
Such reinvestments (as opposed to repayment of the liabilities),
may prolong the repayment profile for the most senior class of
notes. We also considered the portion of senior notes outstanding,
the current macroeconomic environment, and these classes'
seniority. Considering all of these factors, we raised our rating
on the class E notes by one notch and affirmed our rating on the
class F notes.

"Counterparty, operational, and legal risks are adequately
mitigated in line with our criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria."


CARLYLE GLOBAL 2015-3: S&P Affirms 'B- (sf)' Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Carlyle Global
Market Strategies Euro CLO 2015-3 DAC's class A2-A and A2-B notes
to 'AAA (sf)' from 'AA (sf)', class B notes to 'AA+ (sf)' from 'A
(sf)', class C-1 and C-2 notes to 'A+ (sf)' from 'BBB (sf)', and
class D notes to 'BB+ (sf)' from 'BB (sf)'. At the same time, S&P
affirmed its 'AAA (sf)' ratings on the class A1-A and A1-B notes,
and its 'B- (sf)' rating on the class E notes.

The rating actions follow the application of our global corporate
CLO criteria and our credit and cash flow analysis of the
transaction based on the April 2024 trustee payment date report.

S&P's ratings address timely payment of interest and ultimate
payment of principal on the class A1-A, A1-B, A2-A, and A2-B notes
and ultimate payment of interest and principal on the class B, C-1,
C-2, D, and E notes.

Since S&P's previous rating action when it reviewed the transaction
in January 2018:


-- The portfolio's weighted-average rating is unchanged at 'B'.

-- The portfolio has become less diversified since the closing
analysis (the number of performing obligors has decreased to 109
from 151).

-- The portfolio's weighted-average life has decreased to 3.148
years from 5.93 years.

-- The percentage of 'CCC' rated assets has increased to 6.56%
from 2.5%.

Despite a slight deterioration in credit quality, the scenario
default rates (SDRs) have decreased for all rating scenarios,
mainly due to the reduction in the portfolio's weighted-average
life to 3.148 years from 5.93 years.

  Portfolio benchmarks
                                                      CURRENT
  
  SPWARF                                             2,972.31

  Default rate dispersion (%)                          622.01

  Weighted-average life (years)                         3.148

  Obligor diversity measure                            81.785

  Industry diversity measure                           21.144

  Regional diversity measure                            1.205

SPWARF--S&P Global Ratings' weighted-average rating factor.


On the cash flow side:

-- The transaction's reinvestment period ended in January 2022.

-- The class A1-A and A1-B notes have deleveraged by EUR200.67
million and EUR5.83 million respectively since then.

-- No class of notes is deferring interest.

All coverage tests are passing as of the April 2024 trustee payment
date report.

  Transaction key metrics

  Total collateral amount (mil. EUR)*         375.95

  Defaulted assets (mil. EUR)                   0.00

  Number of performing obligors                  109

  Portfolio weighted-average rating                B

  'CCC' assets (%)                              6.56

  'AAA' SDR (%)                                59.19

  'AAA' WARR (%)                               37.14

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.
WARR--Weighted-average recovery rate.

  Credit enhancement
                                           (BASED ON
                                         THE APRIL 2024
         CURRENT AMOUNT                  TRUSTEE REPORT)
  CLASS     (EUR)          CURRENT (%)     PREVIOUS (%)

  A1-A     143,333,224        60.77           41.00

  A1-B       4,166,663        60.77           41.00

  A2-A      52,200,000        42.89           29.80

  A2-B      15,000,000        42.89           29.80

  B         57,600,000        27.57           20.20

  C-1       16,400,000        20.55           15.80

  C-2       10,000,000        20.55           15.80

  D         33,600,000        11.61           10.20

  E         18,600,000         6.66            7.10

  Sub       51,100,000          N/A             N/A

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)]/ [Performing balance +
cash balance + recovery on defaulted obligations (if any)].
N/A--Not applicable.


S&P said, "In our view, the portfolio is diversified across
obligors, industries, and asset characteristics. The aggregate
exposure to the top 10 obligors is now 20.65%. Hence, we have
performed an additional scenario analysis by applying adjustments
for spread and recovery compression. At the same time, 19.60% of
the assets pay semiannually. The CLO has a smoothing account that
helps to mitigate any frequency timing mismatch risks.

"The transaction has continued to amortize since the end of the
reinvestment period in January 2022. However, we considered that
the manager may still reinvest unscheduled redemption proceeds and
sale proceeds from credit-improved assets. Such reinvestments (as
opposed to repayment of the liabilities) may therefore prolong the
note repayment profile for the most senior class of notes.

"Based on the improved SDRs and continued deleveraging of the
senior notes--which has increased available credit enhancement--we
raised our ratings on the class A2-A, A2-B, B, C-1, C-2, and D
notes, as the available credit enhancement is now commensurate with
higher levels of stress.

"At the same time, we affirmed our ratings on the class A1-A, A1-B,
and E notes.

"For the class E notes, the credit enhancement reduced since our
previous rating action. Furthermore, our credit and cash flow
analysis indicates that the available credit enhancement could
withstand stresses that are commensurate with a lower rating.
However, we have applied our 'CCC' rating criteria resulting in a
'B- (sf)' rating for this class of notes.

"Our affirmation of our 'B- (sf)' rating on the class E notes
reflects the available credit enhancement for this class, the
portfolio's average credit quality, and comparing our
model-generated break-even default rate at the 'B-' rating level
versus the long-term sustainable default rate. We also assessed (i)
whether the tranche is vulnerable to nonpayment soon, (ii) if there
is a one in two chance of this tranche defaulting, and (iii) if we
envision this tranche defaulting in the next 12-18 months.
Following this analysis, we consider that the available credit
enhancement for the class E notes is commensurate with a 'B- (sf)'
rating.

"Counterparty, operational, and legal risks are adequately
mitigated in line with our criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria."


FINANCE IRELAND NO. 7: S&P Assigns B-(sf) Rating on Cl. X Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Finance Ireland RMBS
No. 7 DAC's class A notes and class B-Dfrd to X-Dfrd notes. At
closing, the issuer also issued unrated class Y, R1, and R2 notes.

Finance Ireland RMBS No. 7 DAC is a static RMBS transaction that
securitizes a portfolio of EUR264.05 million owner-occupied and BTL
mortgage loans secured on properties in Ireland.

The loans in the pool were originated between 2016 and 2024 by
Finance Ireland Credit Solutions DAC (Finance Ireland) and Pepper
Finance Corp. (Ireland) DAC (Pepper). Finance Ireland is a nonbank
specialist lender, which purchased Pepper's residential mortgage
business in 2018.

The pool comprises warehoused loans newly originated by Finance
Ireland (45.35%) and loans that were previously a part of the
Finance Ireland RMBS No. 3 DAC transaction (54.65%).

The collateral comprises prime borrowers, and there is a high
exposure to self-employed and first-time buyers. All of the loans
were originated relatively recently and thus under the Central Bank
of Ireland's mortgage lending rules limiting leverage and
affordability.

The transaction benefits from liquidity provided by a general
reserve fund, and in the case of the class A notes, a class A
liquidity reserve fund.

Principal can be used to pay senior fees and interest on the notes
subject to various conditions.

Credit enhancement for the rated notes consists of subordination
and the general reserve fund from the closing date. The class A
liquidity reserve can also ultimately provide additional
enhancement subject to certain conditions.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the three-month Euro
Interbank Offered Rate, and the loans, which pay fixed-rate
interest before reversion.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Ratings

  CLASS     RATING*     CLASS SIZE (EUR)

  A         AAA (sf)      244,910,000

  Y         NR                  5,000

  B-Dfrd    AA+ (sf)        7,260,000

  C-Dfrd    AA (sf)         4,620,000

  D-Dfrd    BBB+ (sf)       4,620,000

  E-Dfrd    BBB- (sf)       2,645,000

  X-Dfrd    B- (sf)         3,960,000

  R1        NR                 10,000

  R2        NR                 10,000

NR--Not rated.




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

ADLER GROUP: S&P Lowers LT ICR to 'SD' on Debt Recapitalization
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Adler Group SA to 'SD' (selective default) from 'CCC-', and its
issue rating on its 3L (reported by Adler as 2L) to 'D' (default)
from 'C'. S&P also placed on CreditWatch with developing
implications its 'CCC+' and 'CCC-' issue ratings on Adler's 1L and
2L (the latter reported by Adler as 1.5L) senior unsecured debt,
respectively.

S&P said, "We also placed on CreditWatch with positive implications
our 'CCC-' issuer credit and 2026 senior unsecured bond ratings on
Adler Real Estate GmbH's (Adler RE).

"We will reassess our ratings on Adler and Adler RE after the
restructuring is implemented in a few weeks and expect an upgrade
to a 'CCC+' rating."

On June 18, 2024, Adler Group S.A. (Adler) announced that the
majority of its AGPS bondholders had agreed to its proposed
recapitalization plan.

S&P said, "We view Adler's successful consent solicitation as
distressed and tantamount to a default, in line with our distressed
exchange criteria. In our view, the transaction is undertaken in a
distressed situation in light of elevated levels of leverage with
Adler and a larger debt maturity approaching in mid-2025. The
transaction allows the company to change the terms for all the
outstanding five 3L (reported by Adler as 2L) senior unsecured
bonds with an outstanding amount of around EUR3 billion at Adler
Group S.A. (including accrued interest) to a single series of new
notes of approximately EUR700 million as well as EUR2.3 billion
conversion into perpetual notes. We understand that the new EUR700
million notes will be secured--as before--with 3L (2L under Adler's
reporting) and bear payment-in-kind (PIK) interest of 6.25% with a
maturity of January 2030. The perpetual notes will be subordinated
and rank after all remaining outstanding bonds. This would alter
the ranking of Adler's current EUR2.3 billion 3L (reported by Adler
as 2L) notes. Therefore we lowered our issue rating on the
company's 3L debt (reported by Adler as 2L) to 'D', as the change
in ranking and maturity constitute different terms than originally
promised on these instruments without adequate compensation.

"The details of the transaction on Adler's 1L and 2L instruments
are not fully available. As a result, we have placed our 'CCC+' and
'CCC-' ratings on this debt on Credit Watch developing. We
understand that the new money notes (1L), due 2025, with a current
amount of EUR1.1 billion including accrued interest, will be fully
refinanced with new 1L money notes due 2028, including a EUR100
million tap. We further understand that there will be no change to
the 12.5% PIK interest as well as the security package. In
addition, the company's reported 2L instruments (reported as 1.5L
by Adler) might be exchanged or replaced with cash by new notes
with similar security package, at 14% PIK interest and a maturity
of December 2029. We will review the final transaction details once
available and update our analysis on these issuances accordingly.
We may downgrade the issue ratings to 'D', if the final transaction
included term changes that we saw as tantamount to default under
our criteria. However, if this is not the case, we may also
directly upgrade the instruments after implementation of the
recapitalization plan, in line with the issuer credit rating and
subject to recovery prospects.

"We understand the Adler RE 2026 bond will not be part of the
recapitalization exercise and will be repaid in full at or before
maturity. Although there has been a consent solicitation launched
on Adler Real Estate GmbH (Adler RE), we expect that there will be
no major amendments related to the 2026 bond issued by Adler RE and
expect that the 2026 bond will be repaid at or ahead of its
maturity at par with funds raised at an option as part of the
current recapitalization plan. The proposed changes to the terms
are not tantamount to default under our criteria. We will likely
upgrade Adler RE and its rated bond post implementation of the
recapitalization plan, in line with the issuer credit rating and
subject to recovery prospects.

"We will reassess our ratings on the Adler and Adler RE after
implementation of its restructuring plan in the next few months. We
expect to raise our long-term issuer credit rating to 'CCC+'."


VENGA FINANCE: S&P Rates New Incremental Term Loans 'B'
-------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '3' recovery
rating to the $650 million and EUR250 million incremental term
loans due in June 2029 that Venga Finance S.a.r.l. (Venga) plans to
issue. Venga is the financing arm of satellite connectivity and
digital service provider Venga Holdings S.a.r.l. (Marlink;
B/Stable/--). S&P assigned its '3' recovery rating to the term
loans, indicating its expectation of meaningful recovery (50%-70%;
rounded estimate: 55%) in the event of a payment default.

Marlink plans to use the proceeds to refinance its existing $596.9
million and EUR250 million term loans in full. The company expects
the transaction to reduce the pricing on the loans below its
existing level. S&P said, "Subject to the final pricing, we do not
expect the transaction to materially affect Venga's interest
expenses due to the slight increase in gross debt, assuming that
the hedging instruments remain in place. We will discontinue the
issue and recovery ratings on the existing U.S. dollar- and
euro-denominated term loans upon completion of the proposed
refinancing."

S&P's 'B' issuer credit rating and stable outlook on the parent,
Venga Holdings, are unchanged.

The issue and recovery ratings on the proposed term loans are based
on preliminary information and are subject to the successful
issuance of the loans and its satisfactory review of the final
documentation.

Issue Ratings – Recovery Analysis

Key analytical factors

-- S&P rates the proposed $920 million-equivalent U.S. dollar- and
euro-denominated term loans 'B'. The recovery rating is '3',
indicating its expectation of meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of a payment default.

-- The recovery prospects are supported by our valuation of
Marlink as a going concern and the senior secured nature of the
term loans and revolving credit facility (RCF). The recovery
prospects are constrained by the asset-light nature of the business
and the company's relatively high S&P Global Ratings-adjusted
leverage.

-- In S&P's hypothetical default scenario, it envisages a
combination of weak global economic conditions, which would
pressurize the company's key end markets, particularly merchant
shipping, and increased competitive pressures from satellite
operators and other satellite service providers. This would lead to
increased churn and pricing pressure that erode profitability and
eventually lead to a default in 2027.

-- S&P values Marlink as a going concern, supported by the
company's leading position as the main satellite service provider
to the maritime industry, its existing customer and supplier
relationships, and the demand prospects for connectivity in
maritime markets.

Simulated default assumptions

-- Year of default: 2027

-- Emergence EBITDA after recovery adjustments: About $118
million

-- Implied enterprise value multiple: 5.5x

-- Jurisdiction: Norway

Simplified waterfall

-- Gross recovery value: $647 million

-- Net recovery value for waterfall after administrative expenses
(5%): $615 million

-- Estimated senior secured claims: $1,062 million [1]

    --Recovery range: 50%-70% (rounded estimate: 55%) [2]

[1] All debt amounts include six months of prepetition interest.
RCF assumed to be 85% drawn on the path to default.
[2] Rounded down to the nearest 5%.




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

IGNITION TOPCO: S&P Upgrades ICR to 'CCC+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised to 'CCC+' from 'D' its long-term issuer
credit rating on Netherlands-based IGM Resins's parent, Ignition
Topco B.V. At the same time, S&P raised the issue rating on IGM's
EUR225 million term loan B, due in July 2027, to 'CCC+' from 'D'
and assigned its 'CCC-' issue rating to the EUR150 million
subordinated loan due in December 2028.

The stable outlook reflects S&P's view that IGM's liquidity will be
sufficient to cover its liquidity needs and absorb negative free
operating cash flows (FOCF) in the next 12 months, despite the
ongoing challenging market environment in 2024-2025.

The debt restructuring reduced IGM's cash interest costs and
improved its liquidity buffer. On June 11, 2024, IGM completed the
transaction and implemented a new capital structure. After the debt
restructuring, the term loan B of EUR325 million and drawn
revolving credit facility (RCF) of EUR50 million, together with the
accrued-but-unpaid interest, have been re-tranched and now
comprise:

-- A first-lien term loan of EUR225 million plus 60%
accrued-but-unpaid interest, issued by Ignition Midco B.V. and
maturing July 3, 2027, with a one-year extension subject to certain
conditions; and

-- A second-lien term loan of EUR150 million plus 40%
accrued-but-unpaid interest, issued at the Ignition New Midco B.V.
level, maturing on Dec. 3, 2028, with a one-year extension subject
to certain conditions.

After the debt restructuring, IGM's financial debt also includes a
EUR35 million shareholder loan that Astorg injected to support the
business, and about EUR24 million of local borrowings in China. The
shareholder loan has the same maturity as the second-lien term loan
and ranks senior to the second-lien term loan in case of
enforcement.

IGM was given the option of accruing 50% of cash interest payments
on the first-lien term loan in 2024 and about 25% in 2025, which
will temporarily alleviate the cash interest burden while the
company invests in innovative new products. This will modestly
increase capital expenditure (capex) above the maintenance level,
and the projected volume recovery will require some working capital
investment. S&P notes that the majority of interest on the EUR150
million second-lien term loan is also accrued, with only 0.1% cash
interest payment annually.

S&P said, "We acknowledge that the transaction will help IGM to
meet its cash flow needs over the next 12 months, thanks to lower
cash interest expenses and the extension of the debt maturity
profile. Nevertheless, we note that the company no longer has
access to an RCF and we believe the liquidity buffer might tighten
if it were to underperform our base-case scenario, and covenant
headroom could be at risk.

"We view IGM's debt structure as unsustainable due to the higher
debt amount at closing, elevated leverage, and negative cash flow
generation. The transaction has been implemented with the objective
of stabilizing the capital structure as the company works on
turning around its operations. However, we note that the
transaction did not lower the debt amount, mostly due to the
shareholder loan and accrued interest adding to the financial debt.
We project that S&P Global Ratings-adjusted debt will stand at
about EUR468 million at year-end 2024, which is about EUR60 million
higher than IGM's adjusted debt at year-end 2023. High debt
combined with our expectation that operating performance will take
time to recover, leads us to forecast adjusted debt to EBITDA
remaining well above 15.0x until 2026. We forecast negative FOCF in
2024-2025, mostly due to the high restructuring costs weighing on
EBITDA, combined with investments needed in working capital and
capex to expand the business.

"We project that sales and EBITDA will gradually improve in
2024-2025, although we believe they will not fully recover until
2026.Since 2022, IGM's operating performance has been severely
depressed by the challenges inherent to the chemical industry, with
declining demand leading to pricing pressure and higher energy and
raw material costs further constraining profitability. Operational
challenges at the company's Mortara plant, wind down costs for the
Charlotte site, and increasing competition from Chinese and U.S.
players further contributed to IGM's deteriorating financial
performance and liquidity crunch in 2023. While we believe that
market conditions will remain challenging, we forecast that demand
for IGM's products will pick up from the second half of 2024, as
customers have depleted their existing inventories, and the overall
market will gradually recover from 2025. From the second half of
2024, we expect that lower ramp-up costs at the Anqing plant and
reduced restructuring costs for the turnaround of the Mortara plant
will gradually benefit the company's profitability. This, combined
with company's implementation of further cost-cutting initiatives
and focus on a better product mix at Mortara, lead us to expect
IGM's EBITDA will gradually improve in 2024-2025, ramping up to
EUR30 million-EUR35 million in 2026.

"We believe IGM's liquidity sources will be sufficient to cover
cash flow needs over the next 12 months, but the covenant test
could be at risk if performance deteriorates. In our view, the
financial sponsor's cash injection of EUR35 million will
temporarily alleviate liquidity pressure and provide IGM with a
sufficient buffer to face cash flow needs over the next year. These
needs include short-term maturities of about EUR18.8 million as of
March 31, 2024, related to the local overdraft credit lines in
China; we acknowledge that IGM has regularly rolled over these
local overdrafts in the past few years. Nevertheless, we assess its
liquidity as less than adequate, as the company no longer benefits
from an RCF following the transaction close, and has to rely solely
on its current cash balance to meet cash flow needs and bridge
negative cash flow generation. Under IGM's new capital structure,
the company no longer has a springing covenant on its leverage, but
instead needs to comply with a minimum EUR15 million liquidity
threshold. While this would give the company more financial room to
manoeuvre, we anticipate that if IMG's operating performance
deteriorated compared with our current projections, the company's
liquidity could be pressured, and the covenant test could be at
risk.

"The stable outlook reflects our expectation that EBITDA will
gradually improve over the next two years. It also encompasses the
company's sufficient cash balance at transaction close, which
provides an adequate cash buffer over the next 12 months, and
limited debt maturities until 2027.

"We could lower our ratings if we think there was an increased risk
of IGM defaulting in the next 12 months. This could occur if the
expected business recovery does not materialize in line with our
base-case scenario, leading to a deterioration in liquidity. We
could downgrade the company if it announced an additional debt
exchange offer or debt restructuring, or missed any interest
payment.

"We could take a positive rating action if we considered IGM's
capital structure had become sustainable over the long term. This
would imply a sustained solid improvement in operating performance.
A positive rating action would also hinge on IMG retaining a strong
liquidity buffer combined with positive FOCF."


SAMVARDHANA MOTHERSON: S&P Affirms 'BB' LT Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings revise its outlook on Samvardhana Motherson
Automotive Systems Group B.V. (SMRP) to positive from stable and
affirmed its 'BB' long-term issuer credit and issue ratings on its
secured debt. S&P subsequently withdrew all its ratings on SMRP at
the group's request.

At the time of the withdrawal, the positive outlook mainly
reflected the positive momentum in the group's profitability and
cash conversion. S&P said, "We anticipate that SMRP, in fiscal
2025, will sustain S&P Global Ratings-adjusted EBITDA margin at
least in line with the 8.2% it achieved in fiscal 2024 (based on
preliminary results). We also think the group's FOCF to debt ratio
will gradually approach 10%. We revised up our stand-alone credit
profile (SACP) on SMRP to 'bb' from 'bb-' following the
consolidation of SAMIL's international wiring harness operations,
which were previously in SAMIL's perimeter. This business added
EUR2.1 billion of revenue and EUR169 million of reported EBITDA to
SMRP in fiscal 2024. We assume this could contribute to earnings
stability and lift SMRP's FFO to debt above 30% in fiscal 2025 from
29% in fiscal 2024. The consolidation also diversifies the group's
operations."

S&P said, "In addition, we assume the international wiring harness
business consolidation improves SMRP's liquidity position thanks to
the larger earnings base. We also project contracted acquisition
spending will decline this year, prompting us to positively
reassess the group's liquidity as adequate from less than adequate
previously.

Furthermore, in our hypothetical default scenario, we project
stronger recovery prospects for the group's EUR300 million senior
secured notes due July 2024 and EUR100 million senior secured notes
due June 2025.This stems from SMRP's enlarged perimeter of
operations. Our '3' recovery rating on the notes is unchanged, but
we now estimate recovery prospects of 65% versus 55% previously."




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

AYRES WYND: Collapses Into Administration
-----------------------------------------
Business Sale reports that Ayres Wynd Developments Limited, a
building projects developer based in Edinburgh, fell into
administration earlier this month, with Stephen Hunt of Griffiths
appointed as the company's administrator.

According to Business Sale, in its accounts for the year to
May 31, 2022, its fixed assets were valued at GBP100,000 and total
current assets at GBP1.5 million, with total net assets amounting
to GBP285,860.


BIRKENSTOCK HOLDING: S&P Raises LT ICR to 'BB', Outlook Positive
----------------------------------------------------------------
S&P Global Ratings raised the long-term issuer credit rating on
Birkenstock Holding PLC to 'BB' from 'BB-', assigned a 'BB+' rating
to the group's new EUR375 million and $280 million term loans due
2029 with a '2' recovery rating, and raised its issue rating on the
existing EUR428.5 million senior unsecured notes due 2029 to 'B+'
from 'B' with an unchanged recovery rating of '6'.

The positive outlook mainly reflects the possibility of an upgrade
if Birkenstock accelerates deleveraging with S&P's adjusted debt to
EBITDA approaching 2x and funds from operations (FFO) to debt
sustainably at 30%-45% with a commitment to maintain these credit
metrics level.

Birkenstock's track record of being able to significantly
outperform its addressable market, proven robust brand equity
power, successful expansion into the direct to consumer (DTC)
channel, and enlargement of its product range have resulted in
stronger business positioning. Over the last three years,
Birkenstock has doubled its size with an about 20% compound annual
revenue growth (CAGR), substantially higher than the global
footwear industry average of roughly 4%-6% over the same period.
Birkenstock's revenue base grew to EUR1.5 billion in fiscal 2023
(ended Sept. 30, 2023) from EUR722 million in fiscal 2019. This
growth was supported by both volume growth (across all product
categories, channels, and segments)and average selling price (ASP)
which increased by 14% year on year in fiscal 2023. The improved
ASP was driven by mix of factors, including pure price increases,
better product mix, and higher penetration in the DTC channel. In
recent years, the group has enlarged its product offering to reduce
sales seasonality, improving product diversification and overall
group profitability. The non-sandal products (i.e. closed-toe shoes
now represent about 25% of total sales versus 14%-19% in
second-quarter 2023), and slightly more than 50% of the group's DTC
sales, with six of the 10 top selling products being non-sandal
products. At the same time, the group has increased the overall
contribution of its DTC channel, now representing about 40% of
annual sales, up from 20% in 2019. In this way, the group has
increased its diversification by channel and reinforced control of
its brands and pricing strategy.

As of March 2024, Birkenstock operates 57 stores and plans to
expand its presence to 100 stores in the next three years while
keeping equilibrium with its exposure to the profitable wholesale
channel.Retail expansion is backed by a testing phase with the
opening of several pop-up stores in big cities (Paris, Amsterdam,
Barcelona, Milan, and Miami). Store openings in secondary streets
are possible because Birkenstock does not need to open in premium
locations, given it is a "destination" brand, thus reducing
operating costs linked to premium locations. Although the focus was
the development of the DTC footprint in recent years, S&P
positively views the group's strategic presence in the wholesale
channel (60% of revenue as of 2023). Birkenstock's
business-to-business (B2B) operations provide good visibility on
current market dynamics thanks to its strong order book, while
keeping good profitability levels on the back of favorable
pass-through mechanisms and brand elevation strategy.

Birkenstock's brand equity, good strategy execution, and relatively
limited marketing spending will continue to support EBITDA margin
at about 30%. S&P said, "We anticipate the group will sustain a
stable EBITDA margin of about 29%-30% over our forecast period on
the back of strong consumer demand and supported by new production
capacity and category expansion, including new variations of
closed-toe shoes, orthopedics, professional, and children's
offerings. For fiscal 2024, we expect a contraction of about 50-100
basis points on the S&P Global Ratings-adjusted EBITDA margin,
driven by temporary underabsorption of costs due to ramp-up of some
production facilities, and higher administrative and staff costs.
Despite the growing presence in the DTC segment and associated
marketing expenses, we believe the group will be able to keep
stable marketing spending as a percentage of sales, given that 90%
of Birkenstock buyers come from unpaid marketing/advertisement
channels and over 60% of consumers learn about the brand through
word-of-mouth, proving the strength of the brand. We also believe
the move toward premium and closed-toe silhouettes will be the main
driver of ASP growth, while we forecast positive volume growth
across all product categories, channels, and segments."

S&P said, "We believe the group will be able to continue to
self-fund its expansion strategy, thanks to FOCF of EUR230
million-EUR260 million after lease payments in the next 12 months.
DTC expansion has been internally funded by the group's good cash
flow conversion, with FOCF after leases standing at EUR111 million
in 2023. This growth has been possible thanks to improved operating
performance, good working capital management, and reduced interest
payments. We expect this positive trend to continue also during our
forecast period. Thanks to the ongoing expansion and the ongoing
penetration into new markets--especially in Asia-Pacific, the
Middle East, and Africa (a quickly growing region for the group,
accounting for about 11% of sales with approximately 40% annualized
growth in the first half of 2024)--we expect higher annual capital
spending (capex) requirements of around EUR120 million-EUR150
million over the next two years versus about EUR70 million-EUR100
million in the past couple of years. Also, working capital
requirements have seen a peak in recent years to support capacity
expansion, the entry into new markets, and the group's transition
toward a higher share of DTC, which requires higher inventories.
Despite the increase in working capital requirements, we positively
view Birkenstock's management of its inventory stock, which
resulted in an improved inventory-to-revenue ratio of 40% in fiscal
2023 versus 43% the year before. In turn, we project FOCF after
leases to increase to EUR230 million-EUR260 million in 2024, and
EUR360 million-EUR390 million by 2025, which provides ample
headroom for the group to support the next level of its expansion.
Under our base-case scenario, we assume annual lease payments of
EUR32 million-EUR37 million.

"Birkenstock recently announced it would refinance its existing
euro and dollar term loans and voluntarily repay $50 million, which
reinforces our perception of its commitment to continue
deleveraging. In May 2024, the group signed new term loans of
EUR375 million and $280 million due in 2029, and a new EUR225
million RCF agreement due in 2028 that will be used to refinance
the existing EUR375 million and $330 million term loans due 2028
and to replace the undrawn EUR200 million ABL facility with the new
RCF. In connection with this refinancing, the group is reducing the
outstanding amount of term loans by approximately $50 million and
increasing the annual amortization to 5% for its U.S. dollar term
loan . This reflects the group's commitment to further reduce its
debt quantum and to accelerate its deleveraging trend. Under our
base case, we expect S&P Global Ratings-adjusted debt to EBITDA
slightly below 3.0x at year-end 2024 and approaching 2.5x the
following year.

"The positive outlook mainly reflects the possibility of an upgrade
if Birkenstock is able to accelerate its deleveraging with an S&P
Global Ratings-adjusted debt to EBITDA approaching 2x and FFO to
debt sustainably at 30%-45% and a commitment to maintain these
credit metrics in the future. Under this scenario, we would expect
the group to continue to generate sustainable profitable growth,
ultimately translating into higher-than-currently anticipated
annual FOCF after leases with discretionary spending prioritizing
debt reduction and internal investments. Another scenario for an
upgrade could result if L Catteron's ownership reduced below 40%,
together with the group's commitment to maintain a conservative
financial policy with an S&P Global Ratings-adjusted below 3.0x.

"We could revise the outlook to stable if there is a setback in the
group's deleveraging prospects or in its ability to generate
significant cash flow generation on a recurring basis. This could
derive from weaker-than-expected operating performance, due, for
example, to material deterioration in consumer confidence or
stronger competition, coupled with execution risks regarding its
expansion strategy. Alternatively, this scenario could derive from
a more aggressive financial policy translating into higher
discretionary spending for acquisitions or shareholder
remuneration."


CAZOO GROUP: To Hold Extraordinary General Meeting on July 2
------------------------------------------------------------
Cazoo Group filed a Notice of Extraordinary General Meeting of
Shareholders and Proxy Statement attached in a Form 6-K Report
filed with the U.S. Securities and Exchange Commission.

In the notice, Shareholders are cordially invited to attend an
Extraordinary General Meeting of Shareholders of Cazoo Group Ltd,
which will be held at 2:00 p.m. GMT on Tuesday, July 2, 2024 at 100
Bishopsgate London EC2P 2SR and via live webcast at
www.virtualshareholdermeeting.com/CZOO2024SM, during which
Shareholders will be able to vote during the meeting via live
webcast by visiting www.virtualshareholdermeeting.com.

The purpose of the Extraordinary General Meeting is to approve the
voluntary winding up of the Company and, in connection with the
Winding Up, to approve the appointment of Neema Griffin and David
Soden as joint voluntary liquidators and the remuneration of the
Voluntary Liquidators.

The board of directors of Cazoo Group Ltd has unanimously
determined that the Winding Up, the appointment of the Voluntary
Liquidators, and the remuneration of the Voluntary Liquidators is
advisable and in the best interests of the Company and its
stakeholders and directed that the Winding Up Proposal be submitted
to the Company's shareholders for approval.

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

  
https://www.sec.gov/Archives/edgar/data/1859639/000121390024054499/ea0208145-6k_cazoo.htm

                        About Cazoo Group Ltd

Headquartered in London, United Kingdom, Cazoo Group is an online
car retailer.  Cazoo was founded with a mission to transform the
car buying and selling experience across the UK by providing better
selection, transparency, and convenience.  The Company's aim is to
make buying or selling a car no different to ordering any other
product online, where consumers can simply and seamlessly buy, sell
and finance a car entirely online for delivery or collection. Since
its launch in the UK in December 2019, the Company has experienced
rapid growth and sold more than 100,000 cars to Retail customers
across the UK as of Dec. 31, 2022.

London, United Kingdom-based Ernst & Young LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 30, 2023, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has stated that substantial doubt exists
about the Company's ability to continue as a going concern.

In a Form 12b-25 filed with the Securities and Exchange Commission,
the Company said that as a result of the significant amount of time
devoted by management of the Company to pursuing strategic
alternatives and changing its business model as previously
disclosed, which has also required a dedication of the Company's
limited personnel and financial resources that precluded the
Company from completing the preparation and review of its financial
statements and disclosures for the reporting period, and because of
the Company's liquidity concerns whereby it would not be able to
demonstrate an ability to continue as a going concern in the
medium- to long-term, the Company is unable to file its Form 20-F
for the fiscal year ended Dec. 31, 2023 on or before the prescribed
filing date without unreasonable effort or expense.  The Company
does not currently expect to file the 2023 Form 20-F on or before
the fifteen-day extension period granted pursuant to Rule 12b-25
under the Securities Exchange Act of 1934, as amended.  At of the
current, the Company cannot estimate when it will be able to file
the 2023 Form 20-F, if at all.

CAZOO GROUP: Updates Website Ahead of Shareholder Meeting
---------------------------------------------------------
Cazoo Group Ltd disclosed in a Form 6-K Report filed with the U.S.
Securities and Exchange Commission that effective June 21, 2024,
the Company's corporate website will be
https://www.cazoogroupltd-shareholders.co.uk/.

Shareholders should refer to this website, in addition to
www.sec.gov, to view its filings with the SEC, including the proxy
statement that will be filed in connection with the previously
announced Extraordinary General Meeting of Shareholders, which will
be held on July 2, 2024.

As previously disclosed, the EGM is being held to seek shareholder
approval of the winding up of the Company.

                        About Cazoo Group Ltd

Headquartered in London, United Kingdom, Cazoo Group is an online
car retailer.  Cazoo was founded with a mission to transform the
car buying and selling experience across the UK by providing better
selection, transparency, and convenience.  The Company's aim is to
make buying or selling a car no different to ordering any other
product online, where consumers can simply and seamlessly buy, sell
and finance a car entirely online for delivery or collection. Since
its launch in the UK in December 2019, the Company has experienced
rapid growth and sold more than 100,000 cars to Retail customers
across the UK as of Dec. 31, 2022.

London, United Kingdom-based Ernst & Young LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 30, 2023, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has stated that substantial doubt exists
about the Company's ability to continue as a going concern.

In a Form 12b-25 filed with the Securities and Exchange Commission,
the Company said that as a result of the significant amount of time
devoted by management of the Company to pursuing strategic
alternatives and changing its business model as previously
disclosed, which has also required a dedication of the Company's
limited personnel and financial resources that precluded the
Company from completing the preparation and review of its financial
statements and disclosures for the reporting period, and because of
the Company's liquidity concerns whereby it would not be able to
demonstrate an ability to continue as a going concern in the
medium- to long-term, the Company is unable to file its Form 20-F
for the fiscal year ended Dec. 31, 2023 on or before the prescribed
filing date without unreasonable effort or expense.  The Company
does not currently expect to file the 2023 Form 20-F on or before
the fifteen-day extension period granted pursuant to Rule 12b-25
under the Securities Exchange Act of 1934, as amended.  At of the
current, the Company cannot estimate when it will be able to file
the 2023 Form 20-F, if at all.

E-POST MEDIA: Goes Into Administration
--------------------------------------
Business Sale reports that E-Post Media Limited, which trades as
Halo Post Production, is a radio and television post-production
company based in London.

The firm fell into administration earlier this month, with William
Batty and Hugh Jesseman of Antony Batty & Company LLP appointed as
joint administrators, Business Sale relates.

According to Business Sale, in its accounts for the year to
March 31, 2023, the company's fixed assets were valued at GBP1.08
million and current assets at GBP1.76 million.  At the time,
however, the company's net liabilities stood at GBP1.17 million,
Business Sale notes.


GEMINI PRINT: Enters Administration, Ceases Trading
---------------------------------------------------
Business Sale reports that Gemini Print Southern Limited, a
West Sussex-based commercial printer, fell into administration on
June 10 after ceasing trading earlier this month.

The Gazette subsequently confirmed the appointment of Jonathan
Beard and John Walters of Begbies Traynor as joint administrators
on June 19, Business Sale relates.

According to Business Sale, the company's trading had been
seriously impacted by the COVID-19 pandemic and its challenges were
later exacerbated by inflationary pressures, rising costs and
unpaid debts that it was owed.

In accounts to July 31 2022, the firm reported turnover of GBP16.5
million and pre-tax profits of nearly GBP250,000, Business Sale
states.  At the time, its fixed assets were valued at over GBP5
million and current assets at around GBP3.9 million, with total
equity of just under GBP229,000, Business Sale notes.


QSR PLATFORM: S&P Assigns 'B-' LongTerm Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to QSR Platform Holding (QSRP) and its 'B-' issue rating to the
group's proposed TLB with a '3' recovery rating, indicating its
expectation of meaningful recovery (50%-70%; rounded estimate: 55%)
in the event of a payment default.

S&P said, "The stable outlook reflects our expectation that QSRP's
8%-12% annual revenue growth will translate in a robust EBITDA
margin of 24.5%-25.5%, while we anticipate the group will maintain
adequate liquidity and progressively reduce S&P Global
Ratings-adjusted debt to EBITDA closer to 7.0x in the next 18
months.

"Even with the company slightly increasing its TLB issued amount
from EUR500 million to EUR525 million, the final ratings are in
line with the preliminary ratings we assigned in May this year, as
the EUR25 million will strengthen the group's liquidity.

"We anticipate QSRP's adjusted leverage will increase to 8.3x in
2024, from 8.2x in 2023, on the back of slightly higher debt. QSRP
issued a EUR525 million TLB and a EUR85 million RCF to refinance
its EUR479 million private loan owned by Ares asset manager, as
well as Ares' EUR20 million equity buyout. QSRP's capital structure
also continue to include a EUR111 million junior payment-in-kind
(PIK) facility with 10% PIK interest yearly. The difference in debt
amounts and transaction costs were covered with cash on the balance
sheet. This transaction lengthens QSRP's maturity profile and
boosts its liquidity position. At year-end 2024, S&P Global
Ratings-adjusted debt to EBITDA should stand at 8.3x, from 8.2x in
2023. We estimate total adjusted debt of about EUR1.14 billion at
year-end 2024, including EUR427 million of lease liabilities and
about EUR51 million of pension and post-retirement debt. We note
that our lease-adjusted ratios, based on IFRS disclosures,
significantly inflate the group's leverage, but reflects the
average rental period of retail stores and restaurants across
continental Europe and operating-lease commitments of rated peers.
We nonetheless view positively the fact that the group can exit its
lease contracts every three years in case of underperformance. In
addition, the group subleases a sizable portion of its stores to
franchisees which mitigates the weight of the lease liability in
our adjusted debt calculation. That said, our adjusted leverage
calculation excluding leases (by treating leases as an operational
expense and removing the corresponding lease liability on the debt
side) is still relatively elevated at 8.4x as of 2024. We expect
this ratio to improve toward 7.0x in 2025 because of lower
exceptional costs.

"QSRP's robust positioning through its various brands is a key
support to the business risk profile.QSRP benefits from diversified
banners in several European countries, with growth potential. The
group operates the O'Tacos concept, which we believe has
development potential in France and targets teenagers and young
adults. That said, unlike burger restaurants, O'Tacos is still a
new brand and food concept without a durable track record. QSRP
also operates the Burger King Master Franchises in Italy and
Belgium, which in our view still present growth potential as the
quick service restaurant (QSR) industry is slightly underdeveloped
in these markets relative to the U.K. or the U.S. The group is also
present in Germany, under the brand Nordsee, a seafood restaurant
chain that we see as having lower growth potential. Similarly, QSRP
operates the Quick brand in Belgium, which has solid profitability
but low growth potential. All in all, we expect the European market
to expand at about 4%-5% annually in the next few years, and we
anticipate above average growth at 8%-12% for QSRP in the next
three years, on the back of its ambitious expansion strategy in
Belgium, France, and Italy.

"The rating is constrained by the group's limited size and exposure
to intense competition in the QSR segment. Over the past three
years, the group has increased its restaurant network by 136
locations, reaching 1,230 restaurants at the end of 2023.
Consequently, systemwide sales grew to EUR1.4 billion in 2023 from
EUR1.2 billion in 2022. However, despite QSRP's expansion strategy
in the large and growing QSR European markets, its revenue remains
smaller than more global and higher rated peers. In 2023, QSRP
reported revenue of EUR512 million (excluding the marketing fund).
Moreover, the restaurant industry is highly competitive.
Competition stems both from global QSR players such as McDonalds,
but also from more regional players such as Paul, Exki, or
Pret-a-Manger, or even from local players especially for tacos and
seafood. As more and more competitors (global, regional, and local)
enter the market, we anticipate increasing competition for
franchises, restaurant locations, and employees, which may affect
QSRP's cost structure. QSRP's ability to compete would ultimately
depend on its ability to expand its network and continue
modernizing restaurants, responding to consumer and industrial
trends and maintaining a positive public perception of its brands
and products.

"The company's asset-light model through franchises supports
margins and expansion. QSRP has a good mix of franchised and
company-owned restaurants, with franchises contributing 72% of 2023
systemwide sales, resulting in an asset-light business model. This
business model is somewhat protective during times of inflation
because franchisees bear the increases in the cost structure and
QSRP benefits from higher selling prices as royalties are indexed
to revenues, as well as rental income from franchisees. Hence, in
our view, a key parameter to the company's success is to select the
right locations and the right franchisees to operate stores, which
we believe the company has done relatively well so far. We
anticipate the company will expand mainly through franchise
openings in the next five years, opening an expected 55 new
restaurants in 2024 and up to 105 in 2025. This should boost
revenue to EUR553 million and EUR617 million, respectively, from
reported EUR512 million in 2023. As a result, we expect S&P Global
Ratings-adjusted EBITDA to follow the revenue trend, and to stand
at EUR137 million in 2024 and EUR159 million in 2025, from EUR131
million in 2023. In 2024, we forecast the remaining restructuring
cost on the Nordsee brand will somewhat reduce the adjusted EBITDA
margin to 24.9%, from 25.5% in 2023. However, we anticipate that
the increasing number of franchises, coupled with less aggressive
inflation, will lead the adjusted EBITDA margin to recover to 25.7%
in 2025 and further up to 26.1% in 2026.

"Adjusted leverage is high and we expect negative free operating
cash flow (FOCF) after leases. While our expectations of growing
adjusted EBITDA will lead to adjusted leverage to 8.3x in 2024 and
7.5x in 2025, from 8.2x in 2023, we still view these levels as in
line with those of 'B-' rated peers. Furthermore, due to sizable
capital expenditure (capex) in 2024 and one-off expenses of EUR11
million in 2024 and about EUR7 million in 2025, we expect FOCF
after leases to be negative by about EUR20 million in 2024 and
positive in 2025 at about EUR4 million. That said, we understand
growth capex is discretionary and the group could delay or stop it,
if necessary. We do not expect this, in our base-case scenario,
since the group has adequate liquidity thanks to its cash reserves
and full availability of its RCF.

"The stable outlook reflects our expectation that QSRP will
increase its EBIDTA significantly through its expansion program,
mainly via franchisees, while maintaining adequate liquidity and
progressively reducing S&P Global Ratings-adjusted leverage closer
to 7.0x in the next 18 months. We anticipate negative FOCF after
leases of about EUR20 million in 2024, linked to the higher growth
capex to finance the company's expansion, but we expect this to
turn positive in 2025 and thereafter.

"Considering the high debt level, we could lower the rating if the
group fails to improve earnings further from current levels thus
preventing deleveraging and improvement in FOCF after leases. This
could lead us to view the capital structure as unsustainable and
liquidity as under pressure.

"Due to high leverage, forecast negative FOCF after leases, and
execution risk in the expansion plan, exacerbated by the Nordsee
brand challenges, we view a positive rating action as unlikely in
the next 12 months." Nevertheless, S&P could consider raising the
rating if:

-- The group materially improved its profitability such that FOCF
after leases turns sustainably and materially positive; and

-- S&P perceived that the financial policy had become
conservative, resulting in adjusted debt to EBITDA falling
sustainably toward 6x.

S&P said, "Governance factors are a moderately negative
consideration in our rating on QSRP. This is the case for most
rated entities owned by private-equity sponsors. We believe the
company's aggressive financial policy, highlighted by its highly
leveraged financial risk profile, points to corporate
decision-making that prioritizes the interests of the controlling
owners. This also reflects generally finite holding periods and a
focus on maximizing shareholder returns.

"Environmental and social factors are a net neutral consideration
in our rating on QSRP. Nonetheless, over the longer term, we expect
consumers could shift their eating habits to favor meatless
options, either for health considerations, animal protection, or
carbon impact reasons. Our concern is around the ability of burger
and tacos restaurants, and to a wider extent all QSR players, to
attract customers with a plant-based offering, burger restaurants
being associated with meat-related products in customer's minds.
Nonetheless, we view favorably the diversification of the group,
with the seafood brand Nordsee representing about 17% of systemwide
sales."


SILK LTD: Falls Into Administration
-----------------------------------
Business Sale reports that Silk (Clyde Three) Limited, a
Glasgow-based property management company, fell into administration
last week, with Emily Ball of Sterling Advisory appointed as
administrator.

According to Business Sale, in the company's accounts for the year
to April 30 2023, its fixed assets were valued at
GBP8.5 million and current assets at GBP406,807, with net assets
amounting to just over GBP2 million.


SOUTHERN TOWER: Goes Into Administration
----------------------------------------
Business Sale reports that Southern Tower Services Limited, a
Reading-based supplier of towers and other access solutions to
contractors and other tradespeople, fell into administration
earlier this month, with Glen Carter and James Hawksworth of RSM
Restructuring Advisory appointed as joint administrators.

In the company's accounts for the year to June 30, 2022, its fixed
assets were valued at slightly over GBP1 million and current assets
at GBP402,356, with net assets amounting to GBP463,450, Business
Sale discloses.


THOMAS GOODE: Falls Into Administration
---------------------------------------
Business Sale reports that Thomas Goode & Co Limited, a supplier
and retailer of fine china, silverware and table linen, fell into
administration last week, with David Elliott and Mark Reynolds of
Valentine & Co appointed as joint administrators.

The administration comes just over a month after the prestigious,
longstanding company faced a winding-up petition from HMRC over an
unpaid tax bill, Business Sale relates.  In accounts for the year
to March 31, 2022, the company's fixed assets were valued at
slightly over GBP500,000 and current assets at around GBP1.7
million, Business Sale states.  However, its net liabilities at the
time totalled more than GBP2.8 million, 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
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Information contained herein is obtained from sources believed to
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