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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, July 24, 2024, Vol. 25, No. 148

                           Headlines



F R A N C E

HOMEVI SAS: Moody's Ups Rating on Senior Secured Debt to B3
MEDIAWAN HOLDING: S&P Assigns 'B' Long-Term ICR, Outlook Stable
METABOLIC EXPLORER: Faces Judicial Liquidation, Euronext Delisting


H U N G A R Y

MBH MORTGAGE: Moody's Assigns Ba3 LT Issuer Rating, Outlook Stable


I R E L A N D

AVOCA CLO XXXI: S&P Assigns Prelim B- (sf) Rating to Class F Notes
DRYDEN 56: S&P Affirms 'B- (sf)' Rating on Class F Notes
GOLDENTREE LOAN 6: S&P Assigns B- (sf) Rating to Class F-R Notes
OCP EURO 2017-2: S&P Affirms 'BB+ (sf)' Rating on Class E Notes


L U X E M B O U R G

ALTISOURCE SARL: Saratoga Marks $1.1MM Loan at 43% Off


N E T H E R L A N D S

HUNKEMOLLER INT'L: S&P Cuts ICR to 'SD' Then Withdraws Rating
LEALAND FINANCE: Saratoga Marks $358,485 Loan at 67% Off


T U R K E Y

TURKEY: Moody's Upgrades LT Issuer & FC Sr. Unsec. Ratings to B1


U N I T E D   K I N G D O M

EDENBROOK MORTGAGE: Moody's Assigns Ba1 Rating to GBP4.6MM E Notes
INNOVA SYSTEMS: KBL Advisory Appointed as Administrators
SELINA HOSPITALITY: Faces IDB Default Over Missed $455K Payment
SOLA TECHNOLOGY: Moorfields Appointed as Administrators
THOMAS COOK: August 2 Proofs of Claim Deadline Set


                           - - - - -


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F R A N C E
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HOMEVI SAS: Moody's Ups Rating on Senior Secured Debt to B3
-----------------------------------------------------------
Moody's Ratings has upgraded the instrument ratings of the senior
secured bank credit facilities due 2026 to B3 from Caa1 borrowed by
HomeVi S.a.S. (DomusVi or the company). DomusVi's B3 corporate
family rating and B3-PD probability of default rating, and B3
instrument ratings of the senior secured bank credit facilities due
2029 are unaffected by this rating action. The outlook is stable.

RATINGS RATIONALE

The rating action reflects the updated security package of
DomusVi's senior secured credit facilities following the amend and
extend (A&E) transaction that closed at the end of June 2024. The
facilities due 2026 share the updated debt documentation which now
includes upstream guarantees from material subsidiaries of the
group, whereas this was not the case in the original documentation.
Following the A&E transaction, about EUR116 million senior secured
term loan and EUR9 million senior secured revolving credit facility
(RCF) have not been extended and will still mature in 2026, while
about EUR1,854 million senior secured term loan and EUR181 million
senior secured RCF will mature in 2029.

Moody's understand that the company intends to refinance the bank
facilities due in 2026 well ahead of maturity, which will be key to
support the adequate profile of its liquidity and its rating
positioning.

On June 20, 2024, Moody's had affirmed DomusVi's B3 CFR with stable
outlook based on Moody's expectations of a continuing improvement
of its key credit metrics, including its cash generation, to levels
more commensurate with its B3 rating, which is currently weakly
positioned. In particular, cash generation and liquidity are key
challenges to the rating position of the company.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that DomusVi's
margins and earnings will continue to recover over the next 12-18
months. It also assumes that the company will continue to take
actions in a timely manner to support liquidity, if needed, and
will refinance the remaining portion of its 2026 maturities well
ahead of maturity. The outlook assumes Moody's-adjusted debt/EBITDA
reducing towards 7.5x and a Moody's-adjusted EBITA/interest of at
least 1.2x.

LIQUIDITY

Moody's continue to see DomusVi's liquidity as adequate but tight.
Liquidity is supported by cash balances of EUR81 million as of
March 31, 2024, access to its EUR190 million senior secured RCF, of
which EUR130 million is drawn as of the same date. The recent
shareholders' EUR100 million equity injection supports liquidity
over the next 12 months, and will be partly used to cover debt
amortising in 2024 of about EUR57 million, and repay a portion of
the EUR40 million bilateral RCF, of which EUR35 million was drawn
at the end of March 2024.

The company intends to dispose some assets over the next 12 months,
which will be used to repay the drawn portion of the senior secured
RCF. Shareholders have committed to further inject up to EUR100
million if the company fails to generate sufficient proceeds by
July 2025. DomusVi will have to reimburse about EUR116 million of
its senior secured term loan by October 2026, and Moody's expect
the company to address this maturity in a timely manner.

The senior secured RCF is subject to a springing maintenance
covenant, tested quarterly if the senior secured RCF is drawn by
40%, which limits senior secured net leverage to 9.75x. The ratio
was 5.8x as of March 2024. The company also owns real estate assets
worth up to EUR1.0 billion, of which around EUR600 million of
freehold properties, which could be sold and leased back to support
liquidity if needed.

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

The ratings could be upgraded if a recovery in margins and earnings
lead to Moody's-adjusted debt/EBITDA comfortably below 7.0x on a
sustained basis (based on the company's rent multiple of around
7x); Moody's-adjusted EBITA/interest rises towards 2.0x; and the
company maintain a solid liquidity profile including positive
Moody's-adjusted free cash flow.

The ratings could be downgraded if the company fails to recover its
margins and earnings over the next 12-18 months, so that the
capital structure becomes no longer sustainable, or liquidity
concerns emerge. Quantitatively, this could be evidenced by
Moody's-adjusted debt/EBITDA remaining above 8.0x on a sustained
basis; Moody's-adjusted EBITA/interest falling towards 1.0x; or
sustained negative Moody's-adjusted free cash flow.

STRUCTURAL CONSIDERATIONS

The B3 rating of the EUR1,970 million senior secured TLB and the
EUR190 million senior secured RCF, is in line with the CFR and
reflects their pari passu ranking in the capital structure and the
upstream guarantees from material subsidiaries of the group. The
B3-PD probability of default rating incorporates Moody's assumption
of a 50% recovery rate, typical for bank debt structures with a
loose set of financial covenants. Guarantor coverage is at least
80% of EBITDA (determined in accordance with the agreement)
generated by each subsidiary representing more than 5% of
consolidated EBITDA. Security is granted over shares of the company
and receivables.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

DomusVi is the second-largest elderly housing, services and care
operator in France and the largest elderly housing, services and
care operator and mental care facilities in Spain. It also has a
presence in Portugal and, more recently, in Ireland, Germany and
The Netherlands. The company, which generated revenue of EUR2.46
billion and a company-adjusted EBITDA (excluding IFRS 16) of EUR271
million in 2023, is majority owned by funds advised by Intermediate
Capital Group plc alongside Sagesse Retraite Santé (SRS; the
investment vehicle of founder Yves Journel).

MEDIAWAN HOLDING: S&P Assigns 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to France-based content production, distribution, and licensing
company Mediawan Holding SAS (Mediawan). S&P also assigned its 'B'
issue and '3' recovery ratings to the senior secured term loan.

The stable outlook reflects S&P's view that Mediawan will continue
to deliver successful shows and will integrate Leonine, such that
its revenue and EBITDA will steadily increase organically, and that
the higher-margin licensing and distribution revenue will support
its solid profitability, leading FOCF to become breakeven and
adjusted debt to EBITDA to reduce toward 6.5x in 2025.

The 'B' ratings are in line with the preliminary ratings S&P
assigned on June 4, 2024. S&P's base-case assumptions have not
materially changed, except for the margin associated with the
senior secured term loan (3.75% instead of 4.25% assumed
previously) and the RCF (3.25% instead of 3.75% assumed
previously). Annual cash interest is therefore lower by EUR5
million, which is not material from a credit metrics and rating
standpoint.

Mediawan is well-positioned to achieve consistent organic revenue
growth. The 'B' rating and stable outlook on Mediawan reflects the
company's good position in the fragmented and competitive TV and
film content production and distribution industry. The rating is
constrained by its relatively high starting debt to EBITDA of about
7.0x and negative FOCF in 2024, mainly reflecting its heavier focus
on capital-intensive scripted productions compared with peers.

Mediawan operates in the competitive and fragmented TV and film
content production and distribution business and holds a
market-leading position within the European audiovisual production
market, being the No. 2 independent producer in terms of EBITDA,
ahead of Gold Rush Bidco (All3 Media; B/Stable/--) but behind
Banijay Group SAS (B+/Stable/--). Mediawan is the No. 1 scripted
and No. 2 non-scripted content producer in France. With the
consolidation of Leonine, it will become the No. 1 independent
content producer and distributor in Germany.

S&P said, "We expect in the next two to three years, Mediawan will
benefit from its strong positions in European markets, because we
believe global and local streaming platforms will keep investing in
original content to drive subscriber acquisition in underpenetrated
markets such as France or Germany. We also think streaming
platforms will continue to invest in local original content,
supported by regulation in Mediawan's key markets that requires
investment in local productions or directed toward local content
providers. We therefore anticipate Mediawan will deliver solid
revenue growth of 5%-7% per year over 2024-2025 and an S&P Global
Ratings-adjusted EBITDA margin of 12.5%-13.5% spurred by topline
growth, a largely stable cost base, and gradually reducing
restructuring costs."

Mediawan's track record of producing successful, high quality, and
replicable content supports its business growth. The company has a
strong intellectual property (IP) portfolio of award-winning
content, global hits, and returning franchises, providing
visibility and some recurring revenue and cash flows. Returning
series' make up to about 40% of production revenue and Mediawan has
produced 12 shows that have been aired for more than 10 seasons.
The company has also produced content that is successful in
multiple countries, through the production of local versions of an
original content (for example, Call My Agent) and licenses content
across several countries. Additionally, Mediawan has consolidated a
catalog of more than 30,000 hours of premium content supporting the
company's licensing and distribution activity, which provides
higher margins and recurring cash flows and serves as a natural
hedge to the more cyclical production activity. Finally, Mediawan
is strengthening its capabilities and portfolio in animation, which
also generates strong profits and cash flows and offers additional
monetization opportunities through merchandising and licensing.

Mediawan's focus on scripted content constrains its cash flow
generation. Mediawan's production revenue are skewed toward
scripted content (65% of production revenue and 43% of total
revenue in 2023 pro-forma), which is more capital intensive and
takes longer to produce than non-scripted content. S&P said, "We
understand that, on average, about 65% of the costs associated with
a new production are covered by advances from customers (accounted
for as change in working capital and included in our FOCF
calculation) and production loans (that we include below FOCF),
with the rest being funded through Mediawan's own cash flows. As
the company is investing in producing new scripted content, we
forecast a weaker cash flow profile than many of its peers,
including Banijay and Gold Rush BidCo (All3 Media), which focus
more on non-scripted content."

Mediawan's relatively small scale somewhat constrains the rating.
The company's operations are smaller and concentrated on a limited
number of key markets compared with larger global studios and
integrated producer/broadcaster groups, which, in S&P's view, could
leave the company more vulnerable to unexpected setbacks
(cancellation or postponement of shows for instance) or cost
overruns. Mediawan is smaller and less diversified than independent
studios like Banijay (B+/Stable/--) and Lions Gate (B/Stable/--)
and larger integrated medias companies such as ITV PLC
(BBB-/Stable/A-3; owner of ITV Studios) and Bertelsmann
(BBB/Stable/--, owner of Fremantle Studios), which benefit from the
vertical integration of their in-house content production and
linear broadcast and over-the-top (OTT) streaming operations.
Mediawan is comparable in size and scale to Gold Rush Bidco Ltd.
(All3Media) but has higher margins and slightly more diverse
operations thanks to its larger exposure to distribution and
animation.

High S&P Global Ratings-adjusted debt to EBITDA and negative FOCF
in 2024 constrain the rating. S&P said, "We expect Mediawan will
continue to invest in expanding scripted content production,
resulting in negative FOCF of EUR20 million-EUR30 million in 2024,
improving toward breakeven in 2025. We acknowledge this investment
will support future growth and cash flow generation, and a large
part of these investments are covered by customers advances and
cash inflows from production loans. We also forecast Mediawan's S&P
Global Ratings-adjusted debt (including production loans and put
options and earn-outs for past M&A) to EBITDA will be about 7.0x in
2024 and improve toward 6.5x in 2025, as EBITDA increases.

Sound EBITDA interest cover and solid liquidity support the rating.
The proposed debt structure will comprise the EUR500 million senior
secured term loan and we expect the floating interest will be
largely hedged at least over the next two years. We estimate this
will translate into a sound EBITDA cash interest coverage ratio of
about 3.0x over 2024-2025, which compares well with peers in the
'B' rating category. Mediawan's solid liquidity also supports the
rating given the company's large cash balance estimated at about
EUR175 million, pro-forma the acquisition of Leonine, and the
undrawn RCF of EUR225 million that will be sufficient to cover the
FOCF deficit we forecast over 2024, intra-year working capital
requirements, and cash outflow related to already contracted
acquisitions and earn-out payments.

"We view KKR as having material influence over Mediawan's strategy,
financial policy, and cash flows. Mediawan Holding SAS is owned, on
one side, by its founders (Pierre-Antoine Capton, Xavier Neil, and
Matthieu Pigasse) and other minority shareholders (BPI, MACSF, and
Société Générale), through TopCo Breteuil, which has 50.01%
voting rights in Mediawan. TopCo Breteuil--the shareholding entity
controlled by the Mediawan's founders--has operational control of
Mediawan as it retains 50.01% voting rights through a golden share
and appoints six out of the 12 board members, including the
chairman. On the other side, private-equity fund KKR with
co-investors have 41.4% voting rights in the company through Show
TopCo S.C.A. We believe KKR, through Show TopCo S.C.A., can
exercise material influence over Mediawan's strategy regarding M&A,
disposals, and its financial policy. This is because Show TopCo
S.C.A. holds significant economic rights in Mediawan. We also
understand that the shareholder agreement between KKR and the
founders provides for some reserved matters, which cannot be
decided without KKR.

"The stable outlook reflects our view that Mediawan will continue
to deliver successful shows and will integrate Leonine, such that
its revenue and EBITDA will steadily increase on an organic basis.
We also consider that the higher-margin licensing and distribution
revenue will support Mediawan's solid profitability leading FOCF to
become breakeven and adjusted debt to EBITDA to reduce toward 6.5x
in 2025."

Downside scenario

S&P could lower the rating over the next 12 months if FOCF remained
negative for a prolonged period or if its liquidity deteriorated
because of higher-than-forecast working capital outflows. S&P could
also lower the rating if the company failed to reduce its adjusted
debt to EBITDA toward 6.5x. This could happen if:

-- The company's revenue and EBITDA fell significantly below our
base case due to weaker demand for its content or the company's
inability to deliver successful shows;

-- Its free cash flow deteriorated because of material cost
overruns, working capital outflows, or because production capital
expenditure (capex) were not sufficiently covered by cash inflows
from customer advances;

-- The company pursues material debt-funded acquisitions or
shareholder returns.

Upside scenario

S&P said, "We are unlikely to upgrade Mediawan over the near term.
Over the longer term, we could raise the rating if Mediawan
increased its revenue and EBITDA and achieved sustainable positive
free cash flow generation, allowing it to reduce adjusted debt to
EBITDA well below 5.0x and maintain FOCF to debt above 5%." An
upgrade would also require Mediawan's financial policy to
sustainably support such improved credit metrics.

S&P said, "Governance factors are a moderately negative
consideration in our credit analysis of Mediawan. In our view, the
presence of a private-equity sponsor as a significant shareholder
raises the risk that financial leverage could stay high over the
medium term. In our view, KKR, with some co-investors through Show
TopCo S.C.A., has significant influence over Mediawan's strategy,
financial policy, and cash flows as it has 41.4% voting rights and
significant economic rights in Mediawan Holding, and benefits from
certain reserved matters in the shareholder agreement, which cannot
be decided upon without KKR."


METABOLIC EXPLORER: Faces Judicial Liquidation, Euronext Delisting
------------------------------------------------------------------
METabolic EXplorer (METEX), a leader in industrial fermentation for
the production of natural ingredients for the animal feed,
cosmetics and biopolymers markets, announced on July 16, 2024, that
the Paris Commercial Court has ordered the conversion into
liquidation of the receivership proceedings initiated in favor of
METEX NOOVISTAGO and METabolic EXplorer.

METabolic EXplorer recalls that on 12 July 2024, the Paris
Commercial Court appointed Avril as purchaser of the activities of
METEX NOOVISTAGO and part of the commercial and R&D activities of
METabolic Explorer.

In this context, the Court has, by judgment dated July 16, 2024,
ordered the conversion into judicial liquidation of the
receivership proceedings opened in favor of METEX NOOVISTAGO and
METabolic EXplorer.

Investors' attention is drawn to the fact that, as a result of the
Court's approval of the sale plan in favor of Avril and the
pronouncement of the compulsory liquidations of METEX NOOVISTAGO
and METabolic EXplorer, there will be no resumption of trading in
METabolic EXplorer shares and Euronext will shortly delist the
shares, which will have a zero value. Trading will remain suspended
until the delisting operations are completed.

As previously indicated, given the amount of the Group's
liabilities, the proceeds from the disposal of the activities of
the three Group companies will not enable a payment to be made to
METabolic EXplorer's shareholders.

               About Metabolic Explorer

Using renewable raw materials, the Group develops and
industrializes innovative and competitive industrial fermentation
processes as alternatives to petrochemical processes, in response
to consumers' new social expectations and the challenges of the
energy transition.

Its two industrial units, METEX NOOVISTAGO and METEX NOOVISTA, are
enabling the Group to realize its ambition of becoming a world
market leader in functional ingredients produced by fermentation
for the formulation of cosmetic products, animal feed or the
synthesis of biopolymers.

METabolic EXplorer, based at the Clermont Limagne Biopole near
Clermont-Ferrand, is listed on Euronext Paris (Compartment B,
METEX) and is included in the CAC Small index.



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H U N G A R Y
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MBH MORTGAGE: Moody's Assigns Ba3 LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
Moody's Ratings has assigned new Ba3/NP long- and short-term issuer
ratings to MBH Mortgage Bank Co. Plc. (MBH MB), as well as Baa3/P-3
long- and short-term Counterparty Risk Ratings (CRRs).
Concurrently, Moody's have also assigned new Baa3(cr)/P-3(cr) long-
and short-term Counterparty Risk (CR) Assessments to the bank. The
outlook on the long-term issuer ratings is stable.

RATINGS RATIONALE

Moody's consider MBH MB to be a highly integrated entity of its
parent MBH Bank Nyrt. (MBH, long-term deposits: Baa3 stable, senior
unsecured debt: Ba2 stable, BCA: ba3) and its creditworthiness to
be closely linked to the financial strength of MBH. Being the
mortgage bank subsidiary of MBH, MBH MB has very close financial
and operational links with its parent. Also considering the
strategic importance of MBH MB for its parent, Moody's see the
rationale for linking the rating of MBH MB to that of MBH.

However, economically, MBH holds a 52% stake in MBH MB and the
latter has funded moderate volumes of businesses of the parent's
smaller domestic competitors. Given that MBH owns just slightly
more than half of MBH MB and another key shareholder holding a
blocking minority, in Moody's opinion the ownership structure
entails risks of legal impediments that could hinder immediate
financial support to be forthcoming by MBH to its mortgage
subsidiary in the case of need. Therefore, the ratings of MBH MB
are one notch below the ratings of its majority owner, MBH. MBH's
controlling stake in MBH MB empowers it to centrally manage risk
and liquidity, ensuring instant liquidity support to its mortgage
subsidiary when necessary.

A significant 97% of loans refinanced by MBH MB are connected to
its parent group. Most of MBH MB's operations, including the
handling of a small remaining portion of its own originated loans,
are delegated to its parent bank through transfer and service
agreements. MBH MB acquires pooled assets on a 'risk-free' basis,
implying that the credit risk and management for these loans stay
with MBH. As MBH's covered bond funding vehicle, MBH MB plays a
strategic role in MBH's growth plans and regulatory compliance
concerning long-term funding requirements.

OUTLOOK

MBH MB's long-term issuer ratings outlook is stable, in line with
the outlook on MBH's senior unsecured ratings.

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

The ratings of MBH MB could be upgraded if the parent bank's
ratings are upgraded. Furthermore, the ratings could be upgraded in
case the ownership structure changes such that MBH's shareholding
in MBH MB would move much closer towards a full ownership.

The ratings of MBH MB could be downgraded if the parent entity's
ratings are downgraded, or if there was any loosening as to the
degree of integration of MBH MB into the parent group.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2024.



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I R E L A N D
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AVOCA CLO XXXI: S&P Assigns Prelim B- (sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to Avoca CLO XXXI
DAC's class A-1, A-2, B-1, B-2, C, D, E, and F notes. At closing,
the issuer will also issue unrated subordinated notes.

The preliminary ratings assigned to Avoca CLO XXXI's notes reflect
S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks
                                                         CURRENT

  S&P weighted-average rating factor                    2,835.95

  Default rate dispersion                                 338.85

  Weighted-average life (years)                             4.82

  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.82

  Obligor diversity measure                               165.50

  Industry diversity measure                               25.12

  Regional diversity measure                                1.25


  Transaction key metrics
                                                         CURRENT

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B

  'CCC' category rated assets (%)                           0.50

  Actual 'AAA' weighted-average recovery (%)               38.46

  Actual weighted-average spread (net of floors; %)         4.03

  Actual weighted-average coupon (%)                        4.34


Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.

Asset priming obligations and uptier priming debt

The issuer can purchase asset priming (drop down) obligations
and/or uptier priming debt to address the risk of a distressed
obligor either moving collateral outside the existing creditors'
covenant group or incurring new money debt senior to the existing
creditors.

Rationale

S&P said, "At closing, we expect the portfolio to be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.85%), the
covenanted weighted-average coupon (4.50%), and the actual
identified weighted-average recovery rates calculated in line with
our CLO criteria for all classes of notes. We applied various cash
flow stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Until the end of the reinvestment period on April 15, 2029, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

"Under our structured finance sovereign risk criteria, we consider
the transaction's exposure to country risk sufficiently mitigated
at the assigned preliminary ratings.

"We expect the transaction's documented counterparty replacement
and remedy mechanisms to adequately mitigate its exposure to
counterparty risk under our counterparty criteria, and the legal
structure and framework to be bankruptcy remote, in line with our
legal criteria.

"The CLO will be managed by KKR Credit Advisors (Ireland) Unlimited
Co., and the maximum potential rating on the liabilities is 'AAA'
under our operational risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the preliminary ratings
are commensurate with the available credit enhancement for the
class A-1 and A-2 notes. Our credit and cash flow analysis
indicates that the available credit enhancement for the class B-1
to E notes could withstand stresses commensurate with higher
ratings than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing--during which the
transaction's credit risk profile could deteriorate--we have capped
our preliminary ratings on the notes.

"The class F notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook,
we believe this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P's analysis reflects several
factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs S&P has rated and that has recently
been issued in Europe.

-- S&P's BDR at the 'B-' rating level is 26.69% versus a portfolio
default rate of 14.94% if we were to consider a long-term
sustainable default rate of 3.1% for a portfolio with a
weighted-average life of 4.82 years.

-- Whether the tranche is vulnerable to non-payment soon.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with a 'B-
(sf)' rating.

S&P said, "Given our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our
preliminary ratings are commensurate with the available credit
enhancement for all the rated classes of debt.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A-1 to E notes based on
four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. The transaction documents prohibit assets from being
related to the following industries: anti-personnel mines, cluster
weapons, depleted uranium, nuclear weapons, white phosphorus,
biological or chemical weapons; civilian firearms; tobacco; thermal
coal or coal extraction; payday lending; thermal coal production,
speculative extraction of oil and gas, oil sands and associated
pipelines industry; endangered or protected wildlife; marijuana;
pornography or prostitution; opioid; and illegal drugs or
narcotics. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings list

          PRELIM.   PRELIM. AMOUNT
  CLASS   RATING*     (MIL. EUR)       INTEREST RATE§     SUB (%)

  A-1     AAA (sf)     248.00    Three/six-month EURIBOR   38.00
                                 plus 1.32%


  A-2     AAA (sf)       6.00    Three/six-month EURIBOR   36.50
                                 plus 1.70%

  B-1     AA (sf)       30.00    Three/six-month EURIBOR   26.50
                                 plus 2.00%

  B-2     AA (sf)       10.00    5.30%                     26.50

  C       A (sf)        26.00    Three/six-month EURIBOR   20.00
                                 plus 2.30%

  D       BBB- (sf)     26.00    Three/six-month EURIBOR   13.50
                                 plus 3.30%

  E       BB- (sf)      17.00    Three/six-month EURIBOR    9.25
                                 plus 6.60%

  F       B- (sf)       12.00    Three/six-month EURIBOR    6.25
                                 plus 8.75%

  Sub notes   NR        35.10    N/A                         N/A

*The preliminary ratings assigned to the class A-1, A-2, B-1, and
B-2 notes address timely interest and ultimate principal payments.
The preliminary ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


DRYDEN 56: S&P Affirms 'B- (sf)' Rating on Class F Notes
--------------------------------------------------------
S&P Global Ratings raised its credit ratings on Dryden 56 Euro CLO
2017 DAC's class B-1 and B-2 notes to 'AA+ (sf)' from 'AA (sf)' and
class C notes to 'A+ (sf)' from 'A (sf)'. At the same time, S&P
affirmed its 'AAA (sf)' rating on the class A notes, 'BBB (sf)'
rating on the class D notes, 'BB (sf)' rating on the class E notes,
and 'B- (sf)' rating on the class F notes.

The rating actions follow the application of its global corporate
CLO criteria and its credit and cash flow analysis of the
transaction based on the March 2024 trustee report.

S&P's ratings address timely payment of interest and ultimate
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 the transaction closed in 2017:

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

-- The portfolio has become more concentrated (the number of
performing obligors has decreased to 116 from 140).

-- The portfolio's weighted-average life has decreased to 2.99
years from 6.31 years.

-- Despite a more concentrated portfolio, the scenario default
rates (SDRs) have decreased for all rating scenarios, mainly due to
the reduction in the weighted-average life of the portfolio to 2.99
years from 6.31 years.

  Portfolio benchmarks

  SPWARF                                  2,839.24

  Default rate dispersion (%)               743.24

  Weighted-average life (years)               2.99

  Obligor diversity measure                  78.86

  Industry diversity measure                 21.08

  Regional diversity measure                  1.15

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


On the cash flow side:

-- The reinvestment period for the transaction ended in January
2022. The class A notes have deleveraged by EUR74.21 million since
then, with a note factor of 79.30%.

-- No class of notes is deferring interest.

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

  Transaction key metrics

  Total collateral amount (mil. EUR)*             507.98

  Defaulted assets (mil. EUR)                       6.49

  Number of performing obligors                      116

  Portfolio weighted-average rating                    B

  'CCC' assets (%)                                  6.88

  'AAA' SDR (%)                                    56.59

  'AAA' WARR (%)                                   34.13

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

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

  A        284,394,132       44.01          40.23

  B-1        9,100,000       29.82          28.22

  B-2       63,000,000       29.82          28.22

  C         40,500,000       21.85          21.47

  D         35,100,000       14.94          15.62

  E         25,600,000        9.90          11.35

  F         21,200,000        5.73           7.82

  Sub       63,850,000         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.

Based on the improved SDRs and continued deleveraging of the senior
notes--which has increased available credit enhancement—S&P
raised its ratings on the class B-1, B-2, and C notes, as the
available credit enhancement is now commensurate with higher levels
of stress.

At the same time, S&P affirmed its ratings on the class A, D, E,
and F notes.

S&P's cash flow analysis indicates higher ratings than those
currently assigned to the class C, D, and E notes.

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

S&P said, "We also considered the portion of senior notes
outstanding, the current macroeconomic environment and the
tranches' relative seniority. Considering all of these factors, we
raised our ratings on the class C notes by one notch, and affirmed
our rating on the class D and E notes.

"For the class F notes, our cash flow analysis indicated a lower
rating than that currently assigned. Their current break-even
default ratio cushion at the 'B-' rating level is negative. Based
on the portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and the
notes' credit enhancement, this class is able to sustain a
steady-state scenario, in accordance with our 'CCC' rating
criteria." S&P's analysis also considers:

-- The notes' available credit enhancement is in the same range as
other recently issued European CLOs S&P rates.

-- S&P's model-generated portfolio default risk is at the 'B-'
rating level at 20.83% (for a portfolio with a weighted-average
life of 2.99 years), versus 9.27% if we were to consider a
long-term sustainable default rate of 3.1% for 2.99 years.

-- Whether the tranche is vulnerable to nonpayment risk in the
near term.

-- If there is a one-in-two chance of this tranche defaulting.

-- If S&P envisions this tranche defaulting in the next 12-18
months.

-- Following S&P's analysis, it considers that the class F notes'
available credit enhancement is commensurate with a 'B- (sf)'
rating. S&P therefore affirmed its rating.

Counterparty, operational, and legal risks are adequately mitigated
in line with S&P's criteria.

Following the application of S&P's structured finance sovereign
risk criteria, it considers 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 its criteria.


GOLDENTREE LOAN 6: S&P Assigns B- (sf) Rating to Class F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to GoldenTree Loan
Management EUR CLO 6 DAC's class A Loan and class X-R, A-R, B-R,
C-R, D-R, E-R, and F-R notes. At closing, the issuer had unrated
subordinated notes outstanding from the existing transaction.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.5 years after
closing, and the portfolio's maximum average maturity date is 8.5
years after closing.

This transaction is a reset of the already existing transaction
that closed in February 2023. The issuance proceeds of the
refinancing debt were used to redeem the refinanced notes (the
original transaction's class X, A, B-1, B-2, C, D, E, and F notes,
for which S&P withdrew its ratings at the same time), and pay fees
and expenses incurred in connection with the reset.

Under the transaction documents, the rated loan and notes pay
quarterly interest unless there is a frequency switch event.
Following this, the loan and notes will switch to semiannual
payment.

S&P said, "We consider that the portfolio is well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we have
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations."

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,706.79

  Default rate dispersion                                  602.38

  Weighted-average life (years)
  including reinvestment period                              4.50

  Obligor diversity measure                                130.12

  Industry diversity measure                                20.36

  Regional diversity measure                                 1.34


  Transaction key metrics

  Total par amount (mil. EUR)                              425.00

  Defaulted assets (mil. EUR)                                3.00

  'CCC' rated assets ('CCC+', 'CCC', and 'CCC-')
   (mil. EUR)                                                5.58

  Number of performing obligors                               155

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B

  Actual 'AAA' weighted-average recovery (%)                38.36

  Actual weighted-average spread
  (no credit to floors percentage) on identified pool        3.78

  Covenanted weighted-average spread                         3.65


S&P said, "In our cash flow analysis, we modeled the EUR425 million
target par amount, the covenanted weighted-average spread of 3.65%,
the covenanted weighted-average coupon of 3.60%, and the actual
weighted-average recovery rates for all rated notes and the loan.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"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.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"The operational risk associated with key transaction parties (such
as the collateral manager) that provide an essential service to the
issuer is in line with our operational risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A
Loan and class X-R to F-R notes. Our credit and cash flow analysis
indicates that the available credit enhancement for the class B-R
to F-R notes is commensurate with higher ratings than those
assigned. However, as the CLO will have a reinvestment period,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on these notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A loan and class X-R to E-R
notes in four hypothetical scenarios and applied to the actual
portfolio characteristics at closing.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to weapons or
firearms, illegal drugs or narcotics etc. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings
                      AMOUNT      CREDIT
  CLASS   RATING*   (MIL. EUR)   ENHANCEMENT (%)  INTEREST RATE§

  X-R     AAA (sf)     2.125      N/A     Three/six-month EURIBOR
                                          plus 0.99%

  A-R     AAA (sf)    226.50     38.00    Three/six-month EURIBOR
                                          plus 1.35%

  A Loan  AAA (sf)     37.00     38.00    Three/six-month EURIBOR
                                          plus 1.35%

  B-R     AA (sf)      45.70     27.25    Three/six-month EURIBOR
                                          plus 1.90%

  C-R     A (sf)       24.90     21.39    Three/six-month EURIBOR
                                          plus 2.30%

  D-R     BBB (sf)     30.30     14.26    Three/six-month EURIBOR
                                          plus 3.30%

  E-R     BB- (sf)     17.00     10.26    Three/six-month EURIBOR
                                          plus 6.27%

  F-R     B- (sf)      16.00      6.49    Three/six-month EURIBOR  

                                          plus 8.96%

  Sub notes   NR       42.50       N/A    N/A

*S&P's ratings address payment of timely interest and ultimate
principal on the class A Loan and class X-R, A-R, and B-R notes and
ultimate interest and principal on the other classes of notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


OCP EURO 2017-2: S&P Affirms 'BB+ (sf)' Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings raised its credit ratings on OCP Euro CLO 2017-2
DAC's class B notes to 'AAA (sf)' from 'AA+ (sf)', class C notes to
'AA+ (sf)' from 'AA (sf)', class D notes to 'A+ (sf)' from 'A-
(sf)', and class F notes to 'B (sf)' from 'B- (sf)'. At the same
time, S&P affirmed its 'AAA (sf)' rating on the class A notes and
'BB+ (sf)' rating on the class E notes.

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

Since S&P's previous review:

-- The pool's overall credit profile has improved on account of
the reduced weighted-average life of the portfolio offsetting a
slight reduction in overall credit quality.

-- The portfolio is more concentrated compared with at our
previous review (the number of performing obligors has decreased to
98 from 140).

-- The portfolio's weighted-average life has decreased to 3.06
years from 3.47 years.

-- The percentage of 'CCC' rated assets has increased to 1.41%
from 1.12%.

-- Despite a more concentrated portfolio the scenario default
rates (SDRs) have decreased for all rating scenarios except for
'AAA', mainly due to the portfolio's lower weighted-average life.

  Table 1

  Transaction Key Metrics
                                      AS OF THE         AS OF THE
                                       MAY 2024        MARCH 2023
                                  TRUSTEE REPORT   TRUSTEE REPORT

  SPWARF                               2,731.77          2680.84

  Default rate dispersion                658.75           660.77

  Weighted-average life (years)            3.06             3.47

  Obligor diversity measure               75.97           102.77

  Industry diversity measure              21.17            23.12

  Regional diversity measure               1.30             1.38

  Total collateral amount (mil. EUR)*    309.16           418.74

  Defaulted assets (mil. EUR)              0.00             0.00

  Number of performing obligors              98              140

  Portfolio weighted-average rating           B                B

  'AAA' SDR (%)                           54.72            54.47

  'AAA' WARR (%)                          37.46            36.65

*Performing assets plus cash and expected recoveries on defaulted
assets.
SPWARF--S&P Global Ratings' weighted-average rating factor.
SDR--Scenario default rate.
WARR--Weighted-average recovery rate.

On the cash flow side:

The reinvestment period ended in January 2022. The class A notes
have deleveraged by EUR108.62 million since then, which has led to
an increase in the available credit enhancement for all classes of
notes. No class of notes is deferring interest.

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

Table 2

  Credit Analysis Results

                          CREDIT ENHANCEMENT  CREDIT ENHANCEMENT
          CURRENT AMOUNT  AS OF THE MAY 2024    AS OF MARCH 2023
  CLASS     (MIL. EUR)   TRUSTEE REPORT (%)  TRUSTEE REPORT (%)


  A           133.70            56.75              42.13   

  B            59.20            37.60              27.99

  C            26.20            29.13              21.74

  D            22.30            21.92              16.41

  E            24.10            14.12              10.65

  F            13.20             9.85               7.50

  Subordinated 46.80              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 more concentrated across
obligors, industries, and asset characteristics than at our
previous review. The aggregate exposure to the top 10 obligors is
now 21.93%. Hence, we have performed an additional scenario
analysis by applying adjustments for spread and recovery
compression.

"Based on the improved portfolio weighted-average recovery and
continued deleveraging of the senior notes--which has increased
available credit enhancement--we raised our ratings on the class D
notes by two notches and on the class B, C, and F notes by one
notch, 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 E notes.

"Our cash flow analysis indicated higher ratings than those
currently assigned for the class D, E, and F notes. However, we
considered that the manager has and may still reinvest unscheduled
redemption proceeds and sale proceeds from credit-impaired and
credit-improved assets and that the weighted-average life test
continues to fail at a higher rate (such reinvestments, rather than
repayment of the liabilities, may therefore prolong the note
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.

"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."

OCP Euro CLO 2017-2 DAC is a cash flow CLO transaction that
securitizes leverage loans and is managed by Onex Credit Partners,
LLC.




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

ALTISOURCE SARL: Saratoga Marks $1.1MM Loan at 43% Off
------------------------------------------------------
Saratoga Investment Corp has marked its $1,121,235 loan extended to
Altisource Solutions S.a r.l to market at $644,710 or 57% of the
outstanding amount, according to a disclosure contained in
Saratoga's Amended Form 10-Q for the Quarterly period ended May 31,
2024, filed with the Securities and Exchange Commission.

Saratoga is a participant in a Term Loan B to Altisource Solutions
S.a r.l. The Loan accrues interest at a rate of 11.41% (3M USD
SOFR+ 5%, 1% Floor) per annum. The loan matures on April 30, 2025.

Saratoga is a non-diversified closed end management investment
company incorporated in Maryland that has elected to be treated and
is regulated as a business development company under the Investment
Company Act of 1940, as amended. The Company commenced operations
on March 23, 2007 as GSC Investment Corp. and completed the initial
public offering on March 28, 2007. The Company has elected, and
intends to qualify annually, to be treated for U.S. federal income
tax purposes as a regulated investment company under Subchapter M
of the Internal Revenue Code of 1986, as amended.

Saratoga is led by Christian L. Oberbeck, Founder, Chief Executive
Officer; and Henri J. Steenkamp, Chief Financial Officer and Chief
Compliance Officer. The Fund can be reach through:

     Christian L. Oberbeck
     Saratoga Investment Corp
     535 Madison Avenue
     New York, New York 10022
     Tel. No.: (212) 906-7800

Altisource Solutions S.a.r.l. specializes in developing and
providing services and technology solutions for real estate,
mortgage, and asset recovery and customer relationship management.
The Company’s country of domicile is Luxembourg.



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

HUNKEMOLLER INT'L: S&P Cuts ICR to 'SD' Then Withdraws Rating
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Hunkemoller International to 'SD' (selective default) from 'CCC+'
and its issue ratings on the EUR272.5 million senior secured notes
to 'D' (default) from 'CCC+'. At the time of default, the recovery
rating on the senior secured notes was '3', reflecting S&P's
expectations of meaningful recovery (50%-70%; rounded estimate:
55%) in the event of default.

Subsequently, at the issuer's request, S&P withdrew its ratings on
the company.

On June 13, 2024, Hunkemoller International completed its debt
exchange, swapping EUR186million from the existing EUR272.5 million
senior secured notes for a new first-out tranche that will be paid
in priority to the remaining EUR86.5 million tranche.

S&P said, "We view Hunkemoller's debt restructuring transaction as
a distressed exchange. The new EUR50 million term loan ranks super
senior secured and pari passu with the existing EUR50 million super
senior revolving credit facility (RCF). Also, the EUR186 million
senior secured notes will be first-out in payment priority and will
rank ahead of the remaining EUR86.5 million senior secured notes.
Under the completed transaction, the unexchanged senior secured
noteholders and lenders of the EUR67.5 million bridge facility
included in the group's capital structure have been placed in a
less-favorable payment position in case of a future conventional
default. Additionally, we think the unexchanged debtholders have
not received appropriate compensation for this future subordination
in recovery. Nevertheless, we acknowledge the transaction provides
Hunkemoller EUR50 million of additional liquidity needed to support
its requirements for now. At the time of default, the recovery
rating on the senior secured notes was '3', reflecting our
expectations of meaningful recovery (50%-70%; rounded estimate:
55%) in the event of default."


LEALAND FINANCE: Saratoga Marks $358,485 Loan at 67% Off
--------------------------------------------------------
Saratoga Investment Corp has marked its $358,485 loan extended to
Lealand Finance Company B.V to market at $116,956 or 33% of the
outstanding amount, according to a disclosure contained in
Saratoga's Amended Form 10-Q for the Quarterly period ended May 31,
2024, filed with the Securities and Exchange Commission.

Saratoga is a participant in a Exit Term Loan to Lealand Finance
Company B.V. The Loan accrues interest at a rate of 6.44% (1M USD
SOFR+ 1%) per annum. The loan matures on December 31, 2027.

Saratoga is a non-diversified closed end management investment
company incorporated in Maryland that has elected to be treated and
is regulated as a business development company under the Investment
Company Act of 1940, as amended. The Company commenced operations
on March 23, 2007 as GSC Investment Corp. and completed the initial
public offering on March 28, 2007. The Company has elected, and
intends to qualify annually, to be treated for U.S. federal income
tax purposes as a regulated investment company under Subchapter M
of the Internal Revenue Code of 1986, as amended.

Saratoga is led by Christian L. Oberbeck, Founder, Chief Executive
Officer; and Henri J. Steenkamp, Chief Financial Officer and Chief
Compliance Officer. The Fund can be reach through:

     Christian L. Oberbeck
     Saratoga Investment Corp
     535 Madison Avenue
     New York, New York 10022
     Tel. No.: (212) 906-7800

Lealand Finance is an affiliate of CB&I Holdings B.V. and Chicago
Bridge & Iron Company B.V. The Company’s country of domicile is
the Netherlands.



===========
T U R K E Y
===========

TURKEY: Moody's Upgrades LT Issuer & FC Sr. Unsec. Ratings to B1
----------------------------------------------------------------
Moody's Ratings has upgraded Government of Turkiye's long-term
foreign- and domestic-currency issuer and foreign-currency senior
unsecured ratings to B1 from B3. The outlook remains positive.
Concurrently, the foreign-currency backed senior unsecured rating
of Hazine Mustesarligi Varlik Kiralama A.S. has also been upgraded
to B1 from B3. The entity is a special purpose vehicle wholly owned
by the Republic of Turkiye from which the Treasury issues sukuk
certificates. The outlook on Hazine Mustesarligi Varlik Kiralama
A.S. also remains positive.

The key driver of the upgrade to B1 is improvements in governance,
more specifically the decisive and increasingly well-established
return to orthodox monetary policy. This is yielding first visible
results in terms of reducing Turkiye's major macroeconomic
imbalances. Inflation and domestic demand have started to moderate,
giving us greater confidence that inflationary pressures will ease
significantly over the coming months and into 2025. The Central
Bank of Turkiye's (CBRT) is rapidly enhancing the credibility of
monetary policy, which in turn is helping to restore confidence in
the Turkish Lira. Moreover, the tight policy stance is already
materially reducing Turkiye's elevated external vulnerability. At
the same time, political risk remains a rating constraint.

The positive outlook reflects a balance of risks skewed to the
upside. As the credibility and effectiveness of monetary policy
rises, macroeconomic stability and strengthened institutions may
allow Turkiye's underlying credit strengths such as its diversified
and competitive economy and comparatively strong fiscal and debt
metrics to come to the fore again, and especially if the shift in
the conduct of macroeconomic policy were accompanied by structural
changes that reduce the risk of long-lasting inflation shocks in
the future.

Concurrently to the rating actions, Moody's have raised Turkiye's
local-currency country ceiling to Ba1 from Ba3. The three-notch gap
between the local-currency ceiling and the sovereign rating
reflects the prospect for a further reduction in external
imbalances and improving monetary policy effectiveness, as well as
a relatively limited government footprint in the economy. These
positive factors are balanced against declining, but still elevated
domestic and geopolitical risks and external imbalances.

The foreign-currency ceiling has been raised to Ba3 from B2. The
two-notch gap between the foreign-currency and local-currency
ceilings takes into account reduced external vulnerability risks.
At the same time, the level of dollarisation remains high and
confidence in the Turkish Lira has not yet been fully restored,
implying that the risk of a return to the previous policy settings
which used regulatory measures to suppress demand for hard
currencies remains significant.

RATINGS RATIONALE

RATIONALE FOR UPGRADE TO B1

MODERATING INFLATION AND IMPROVING POLICY CREDIBILITY ON BACK OF
SIGNIFICANT MONETARY TIGHTENING

The first driver of the upgrade to B1 reflects the continued tight
monetary policy stance that is yielding first positive results in
terms of inflation, domestic confidence in the Turkish Lira and
foreign capital inflows. In June, consumer price inflation recorded
the first decline on an annual comparison for a year, standing at
71.6% versus 75.4% a month earlier. The monthly inflation rate of
1.6% was the lowest since December 2022 (excluding May 2023 when
inflation was artificially dampened by the pre-election freeze of
gas prices).

Moody's expect consumer price inflation to drop sharply to below
45% by December, helped by the slowdown in domestic demand that is
now under way and real exchange rate appreciation. Importantly,
there will be no repetition of the mid-year minimum wage increase
that happened in July 2023 and 2022, implying that wage
developments are likely to support disinflation going forward.
Inflation will likely be significantly lower next year; Moody's now
forecast end-2025 inflation at around 30%, compared to Moody's
expectation of 38% in January when Moody's changed the outlook to
positive.

The signs of a turnaround in the inflation trend help to restore
the CBRT's previously severely weakened credibility. In particular,
the rate hike in March shortly ahead of the municipal elections was
a clear sign that the CBRT has the mandate to pursue
disinflationary policy and was likely a turning point for domestic
and foreign confidence. The CBRT not only maintains high interest
rates but is also tightening credit availability and undoing the
many distortionary macroprudential measures that were implemented
under the previous CBRT leadership. Consequently credit growth is
now moderating fast, a key contributor to the softening of domestic
demand and Moody's rising confidence that sustained disinflation
will indeed be achieved.

The sharp monetary tightening has also restored the confidence in
and attractiveness of the Turkish Lira (TL), which can be seen in
the increase in TL deposits, with deposit rates averaging close to
60% currently. The CBRT has successfully reduced the size of the
protected deposit scheme (KKM) by around 50% to $61.6 billion in
early July compared to the peak at $127.6 bn in August 2023,
without material impact on financial stability. Foreign investors
have returned to Lira-denominated assets with cumulative capital
inflows since July 2023 standing at around $12.4 billion up to
early July 2024.

MATERIALLY REDUCED EXTERNAL VULNERABILITY

The second, and related, driver for the upgrade of the ratings to
B1 is Turkiye's materially reduced – albeit not eliminated -
external vulnerability, with the current-account deficit sharply
lower at $25 billion (2.1% of estimated 2024 GDP) in the 12 months
to May (versus $57 billion or 5.1% of GDP a year earlier) and
foreign-currency reserves around $33 billion (+68%) higher than at
the low point reached in late May 2023. External financing is again
widely available for Turkish issuers, including banks and corporate
issuers.

Earlier concerns over rising risks of a full-blown balance of
payments crisis – which had triggered successive downgrades to
the B3 rating level – have for now dissipated.  Moody's expect
the current-account deficit to stand at a manageable 2.4% of GDP
this year and below 2% of GDP in 2025, down from a recent high of
5% in 2022. While Turkiye's headline external financing needs
remain at elevated levels of over 20% of GDP, more than half is
financed via stable funding sources, in particular trade credit and
deposits into both the CBRT and the banking system that have been
resilient to repeated shocks.

At the same time, the CBRT's foreign-currency position has
materially improved in both gross and net terms. Reserves in hard
currencies have risen to $86.9 billion as of July 12 and combined
with gold reserves of over $59.4 billion, reserves now stand at the
highest level for more than a decade. Moody's expect the CBRT to
continue to accumulate foreign-currency reserves, reflecting
continuing foreign portfolio inflows and another strong year for
tourism, with foreign tourist arrivals 12.5% higher in the first
five months of the year compared to the same period in 2023.

External vulnerability risks remain significant though. In
particular, Moody's external vulnerability indicator – which
compares external debt payments due with the level of reserves of
the previous year – remains high at close to 280%. That said, the
indicator has declined from a peak of 360% in 2021 and somewhat
overstates the external risks, given that around half of short-term
external debt in the form of deposits and trade credit has
consistently been rolled over and the CBRT has large gold reserves
at its disposal.

Political risks have declined, but remain a key rating constraint.
The risk of a reversal of policy direction towards the previous
unorthodox stance have declined after the municipal elections in
late March, with the President publicly endorsing the tight
monetary policy stance. The next parliamentary and presidential
elections are only due in 2028, giving the authorities some time to
bring inflation down to previous low levels, even at the cost of
temporarily low economic growth. However, a very sharp slowdown in
growth coupled with rapidly rising unemployment could lead to
political pressure for an early easing of the monetary policy
stance.  

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects a balance of risks skewed to the
upside.

Moody's expect that the authorities will maintain the tight
economic policy stance for some time, so as to ensure that
inflation expectations converge to the central bank's target on a
sustained basis and the past distortions arising from a wide range
of macroprudential measures are eliminated, in the process largely
restoring the CBRT's credibility and policy effectiveness. Besides
continued monetary orthodoxy Moody's expect fiscal policy to be
tightened significantly next year, with reforms to broaden the tax
base and reduce the size of the informal economy on the agenda. A
return to relatively low budget deficits will in turn help to
stabilize the public debt at around 30% of GDP, a low level
compared to most emerging-market peers. Tight policy will also
continue to keep the current account and external financing needs
at moderate and manageable levels.

In turn, macroeconomic stability and strengthened institutions may
allow Turkiye's underlying credit strengths such as its diversified
and competitive economy and comparatively strong fiscal and debt
metrics to come to the fore again. Moody's would be likely to
consider such improvements to be long-lasting and sustainable if
they were to be accompanied by a structural reduction in Turkiye's
dependence on energy imports. Reforms to end the practice of
backward-indexation of wages would also be credit positive.

ESG CONSIDERATIONS

Turkiye's ESG credit impact score at CIS-4 reflects an overall
negative impact of ESG factors, in particular the still weak
governance. Turkiye also has material exposure to a number of
environmental and social risks, which are mitigated to some extent
by reasonably strong balance sheets of the sovereign, banks and
corporates.

Turkiye has moderate exposure to environmental risks (E-3) across a
range of categories, such as water supply, natural capital, and
waste and pollution. The country is vulnerable to water stress and
it has experienced reductions in winter precipitation in the
western part of the country over the past half century, which can
have an impact on the quantity and quality of water in Turkiye's
rivers, which are an important source of drinking water,
irrigation, and power generation. Carbon transition risks are also
material and reflect a relatively high share of coal and gas-fired
energy generation.

Exposure to social risks is similarly moderate (S-3). While
Turkiye's young population supports its demographic profile, youth
unemployment is high, labour force participation is low and
informality is widespread. High inflation has eroded living
standards, adding to social risks. The overall provision of basic
services such as safe drinking water and sanitation services to the
population is uneven across the country and weaker than in many
other OECD countries.

Governance risks remain a key risk to Turkiye's credit profile
(G-4), notwithstanding the decisive change in monetary policy. The
quality of institutions weighs on overall governance. The overall G
score incorporates the recently improved score for policy
credibility and effectiveness to reflect the continuing ability to
maintain prudent fiscal policies despite a range of shocks.

GDP per capita (PPP basis, US$): 42,064 (2023) (also known as Per
Capita Income)

Real GDP growth (% change): 4.5% (2023) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 64.8% (2023)

Gen. Gov. Financial Balance/GDP: -5.0% (2023) (also known as Fiscal
Balance)

Current Account Balance/GDP: -4.1% (2023) (also known as External
Balance)

External debt/GDP: 45.2% (2023)

Economic resiliency: baa3

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On July 16, 2024, a rating committee was called to discuss the
rating of the Turkiye, Government of. The main points raised during
the discussion were: The issuer's governance and/or management,
have materially increased. The issuer has become less susceptible
to event risks.

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

The rating could be upgraded further if the authorities managed to
reduce inflation on a sustained basis, while also achieving lasting
de-dollarisation and a stronger current account position. Moody's
would be likely to consider such improvements to be long-lasting
and sustainable, and therefore consistent with a higher rating, if
they were to be accompanied by a structural reduction in Turkiye's
dependence on energy imports. Reforms to end the practice of
backward-indexation of wages would also be positive.  

Given the positive outlook a downgrade is unlikely. However,
Moody's would return the outlook back to stable if the improvements
in disinflation, de-dollarisation and current account deficit were
not accompanied by structural changes that would reduce the risks
that future inflation shocks become long-lasting. Downward rating
pressure would emerge if the authorities returned to the previous
policy of prioritising economic growth in an unsustainable manner,
at the expense of bringing inflation down. A push for strong credit
growth, further large wage hikes or inability to reign in high
government spending that would prolong the period of very high
inflation and reduce the possibility of disinflation would be
credit negative.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Sovereigns
published in November 2022.



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

EDENBROOK MORTGAGE: Moody's Assigns Ba1 Rating to GBP4.6MM E Notes
------------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to Notes issued by
Edenbrook Mortgage Funding PLC:

GBP277.8M Class A Mortgage Backed Floating Rate Notes due March
2057, Definitive Rating Assigned Aaa (sf)

GBP125.0M Class A Loan Mortgage Backed Floating Rate Notes due
March 2057, Definitive Rating Assigned Aaa (sf)

GBP23.0M Class B Mortgage Backed Floating Rate Notes due March
2057, Definitive Rating Assigned Aa1 (sf)

GBP20.7M Class C Mortgage Backed Floating Rate Notes due March
2057, Definitive Rating Assigned A1 (sf)

GBP9.2M Class D Mortgage Backed Floating Rate Notes due March
2057, Definitive Rating Assigned Baa2 (sf)

GBP4.6M Class E Mortgage Backed Floating Rate Notes due March
2057, Definitive Rating Assigned Ba1 (sf)

Moody's have not assigned ratings to the GBP 6.4M Class Z Fixed
Rate Notes due March 2057 and the GBP 4.6M Class X Floating Rate
Notes due March 2057.

RATINGS RATIONALE

The Notes are backed by a pool of prime UK buy-to-let ("BTL")
mortgage loans originated by CHL Mortgages for Intermediaries
Limited ("CMI", NR). This represents the first rated RMBS issuance
from CMI.

The portfolio of assets amount to approximately GBP460.3 million as
of May 31, 2024 pool cut-off date. The Liquidity Reserve Fund will
be funded to 1.5% of the balance of Class A and B Notes at closing
and it will be fully funded at closing from the Class Z proceeds.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's Ratings, the transaction benefits from various
credit strengths such as a granular portfolio and an amortising
liquidity reserve sized at 1.5% of Class A and B Notes balance.
However, Moody's note that the transaction features some credit
weaknesses such as an unrated servicer. Various mitigants have been
included in the transaction structure such as a back-up servicer
facilitator which is obliged to appoint a back-up servicer if
certain triggers are breached, as well as an independent cash
manager and estimation language.

Moody's determined the portfolio lifetime expected loss of 1.3% and
Aaa MILAN Stressed Loss of 10.9% related to borrower receivables.
The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the MILAN Stressed
Loss captures the loss Moody's expect the portfolio to suffer in
the event of a severe recession scenario. Expected defaults and
MILAN Stressed Loss are parameters used by us to calibrate its
lognormal portfolio loss distribution curve and to associate a
probability with each potential future loss scenario in the ABSROM
cash flow model to rate RMBS.

Portfolio expected loss of 1.3%: This is broadly in line with the
recent UK BTL RMBS sector average and is based on Moody's
assessment of the lifetime loss expectation for the pool taking
into account: (i) the collateral performance of originated loans to
date; (ii) limited track record of CHL; (iii) limited seasoning of
loans in the pool; (iv) the current macroeconomic environment in
the United Kingdom; and (v) benchmarking with comparable
transactions in the UK market.

MILAN Stressed Loss for this pool is 10.9%, which is in line with
than the United Kingdom buy-to-let RMBS sector average and follows
Moody's assessment of the loan-by-loan information taking into
account the following key drivers (i) the collateral performance of
CMI originated loans to date as described above; (ii) the weighted
average indexed current loan-to-value of 72.3% which is in line
with the sector average; and (iii) only 0.2% of the borrowers have
adverse credit history or prior CCJs in the pool at the cut-off
date.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in May 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Significantly different actual losses compared with Moody's
expectations at close due to either a change in economic conditions
from Moody's central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. Deleveraging of the capital structure
or conversely a deterioration in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.

INNOVA SYSTEMS: KBL Advisory Appointed as Administrators
--------------------------------------------------------
Innova Systems Limited was placed in administration proceedings in
the High Court of Justice Business and Property Court in Manchester
Company and Insolvency List, No. 000942 of 2024, and KBL Advisory
Limited was appointed as administrators on July 16, 2024.

Innova Systems Limited is a UK Value Added Reseller of Commercial,
Research and Educational SOLIDWORKS licenses. Its registered office
is at Enterprise Centre, Alton Road Industrial Estate, Ross-On-Wye,
Herefordshire, HR9 5NB. Its principal trading address is at Unit 7B
Longhope Business Park, Monmouth Road, Longhope, Gloucestershire,
GL17 0QZ.

The Joint Administrators may be reached at:

     Steve Kenny
     Richard Cole
    KBL Advisory Limited
     Stamford House
     Northenden Road, Sale
     Cheshire, M33 2DH
     E-mail: steve@kbl-advisory.com.
             richard@kbl-advisory.com.

For further information, contact:

     Cherry Yau
     Tel: 0161 637 8100
     E-mail: Cherry.Yau@kbl-advisory.com


SELINA HOSPITALITY: Faces IDB Default Over Missed $455K Payment
---------------------------------------------------------------
Selina Hospitality PLC disclosed in a Form 8-k Report filed with
the U.S. Securities and Exchange Commission that on July 16, 2024,
Inter-American Investment Corporation sent to the Company and the
other obligors under IDB Invest's $50 million loan facility entered
into on November 20, 2020 among IDB Invest, Selina Global Services
Spain S.L., a subsidiary of the Company, as the borrower, and
Selina Operation One (1) S.A., the holding company of the group's
Latin American operations, a default notice and reservation of
rights letter regarding the failure of the obligors to pay interest
in the amount of $455,250.38 that was due on July 15, 2024.

According to the IDB Notice, the failure to pay such amount
constitutes an event of default under the IDB Facility entitling
IDB Invest to, among other things, accelerate the outstanding
amounts due under the IDB Facility, which had an outstanding
principal amount of approximately $44.1 million as of July 15,
2024, and seek to enforce its rights against the collateral and
guarantees that secure the IDB Facility. IDB Invest currently holds
collateral arrangements over many of the group's assets in Latin
America and an event of default under the IDB Facility could
trigger cross-defaults under other loan facilities and/or note
indentures with the Company and other companies within the group.

                      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 six 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.

In December 2023, the Company missed certain payments due under an
Indenture with Wilmington Trust, National Association, as trustee,
dated as of Oct. 27, 2022, in respect of 6% Convertible Senior
Notes due 2026.  The Company announced on Feb. 5, 2024, that it had
received a notice from a holder of more than 25% of the principal
amount of the 2026 Notes informing the Company that the holder was
purporting to exercise its right under the Indenture to accelerate
the outstanding principal amount of, premium (if any) on and
accrued and unpaid interest due under all of the 2026 Notes.  The
Company said in March it has engaged with relevant noteholders to
discuss potential settlement arrangements and is assessing its
legal position. "There can be no assurances that such discussions
will result in a successful outcome and the Company may need to
consider formal restructuring options in relation to the
indebtedness due under the 2026 Notes and its other liabilities,"
the Company warned.

SOLA TECHNOLOGY: Moorfields Appointed as Administrators
-------------------------------------------------------
SOLA Technology Limited was placed in administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Court Number: CR-2024-000891, and Moorfields was
appointed as administrators on July 9, 2024.

SOLA Technology Limited supplies permanent and contract talent to
tech sectors throughout the UK, EMEA and North America. Its
registered office and principal trading address is at 85 Great
Portland Street, First Floor, London, W1W 7LT.

The Joint Administrators may be reached at:

     Andrew Pear
     Michael Solomons
    Moorfields
     82 St John Street
     London, EC1M 4JN
     Tel: 020 7186 1144.

For further information, contact:

     Laura Robinson
     Moorfields
     Tel: 020 7186 1158
     E-mail: laura.robinson@moorfieldscr.com


THOMAS COOK: August 2 Proofs of Claim Deadline Set
--------------------------------------------------
THE INSOLVENCY ACT 1986
HIGH COURT OF JUSTICE     
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES

NOTICE OF INTENDED DIVIDEND BY THE OFFICIAL RECEIVER ON THE THOMAS
COOK GROUP OF COMPANIES (IN LIQUIDATION)

David Chapman, Official Receiver & Liquidator, 16th Floor, 1
Westfield Avenue, Stratford, E20 1HZ

Pursuant to Rule 14.29 of the Insolvency (England and Wales) Rules
2016 and the court order dated April 22, 2021, allowing for this
notice to be advertised, that David Chapman, Official Receiver &
Liquidator of The Thomas Cook Group of Companies, intends to
declare a first and final dividend to unsecured creditors of the
Companies within the period of two months from the last date for
proving specified below, subject to the Liquidator's ability to
postpone or cancel the dividend under Rule 14.33 of the Insolvency
(England and Wales) Rules 2016.

For the companies listed below, creditors who have not yet done so
must prove their debts by submitting your claim on the claims site:
www.thomascookukliquidations.com or by delivering their proofs (in
the format specified in Rule 14.4) by email to
tcukcreditors@alixpartners.com or by post to the Liquidator
courtesy of: AlixPartners, Ship Canal House, 8th Floor, 98 King
Street, Manchester, M2 4WU by no later than August 2, 2024 (the
last date for proving).  

Please ensure that the Thomas Cook Entity is quoted on the Proof of
Debt.

Creditors who have not proved their debt by the last date for
proving may be excluded from the benefit of this dividend.

Registered name of Company

Blue Sea Overseas Investments Limited
MyTravel Group Limited
Thomas Cook Airlines Limited
Thomas Cook Airlines Treasury plc
Thomas Cook Airlines Treasury Limited
Thomas Cook Continental Holdings Limited
Thomas Cook Group plc   
Thomas Cook Group Tour Operations Limited
Thomas Cook Group Tour Operations PLC
Thomas Cook Group Treasury Limited   
Thomas Cook Group UK Limited
Thomas Cook In Destination Management Limited
Thomas Cook In Destination Services Limited
Thomas Cook Money Limited  
Thomas Cook Services Limited   
Thomas Cook UK Limited   
Thomas Cook West Investments Limited
Co-op Group Travel 2 Holdings Limited
MyTravel Luxembourg UK Unlimited
MyTravel North America Limited   
MyTravel Pioneer Limited  
Parkway Hellas Holdings Limited   
TCCT Holdings UK Limited  
TCGH Holdings Limited
Thomas Cook Finance Limited
Thomas Cook Finance PLC
Thomas Cook Group Hedging Limited
Thomas Cook Investments 3 Limited
Thomas Cook Treasury Limited

For the companies listed below, creditors who have not yet done so
must prove their debts by submitting your claim on the claims site:
www.thomascookukliquidations.com or by delivering their proofs (in
the format specified in Rule 14.4) by email to
TCtradecreditors@interpathadvisory.com or by post to the Liquidator
courtesy of: c/o Interpath Advisory, 5th Floor, 130 St Vincent
Street, Glasgow, G2 5HF by no later than August 2, 2024 (the last
date for proving).

Please ensure that the Thomas Cook Entity is quoted on the Proof of
Debt.

Creditors who have not proved their debt by the last date for
proving may be excluded from the benefit of this dividend.

Registered name of Company

TCCT Retail Limited
Thomas Cook Retail Limited
The Freedom Travel Group Limited

The Official Receiver & Liquidator can be reached at:

David Chapman
16th Floor
1 Westfield Avenue
Stratford, E20 1HZ



                           *********


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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