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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

          Friday, August 9, 2024, Vol. 25, No. 160

                           Headlines



G E R M A N Y

DEUTSCHE BAHN: S&P Lowers EUR2BB Hybrid Notes Rating to 'BB+'


I T A L Y

RINO MASTROTTO: S&P Assigns 'B' Long-Term ICR, Outlook Stable


L U X E M B O U R G

EUROPEAN MEDCO: S&P Alters Outlook to Stable, Affirms 'B-' ICR
HERALD LUX: Court Closes Judicial Liquidation
SAMSONITE INTERNATIONAL: S&P Upgrades ICR to 'BB+', Outlook Stable


U N I T E D   K I N G D O M

YIELD APP: Appoints Cork Gully as Joint Liquidators
ZEGONA COMMUNICATIONS: S&P Assigns 'BB' LT ICR, Outlook Positive


X X X X X X X X

[*] BOOK REVIEW: The Heroic Enterprise

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G E R M A N Y
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DEUTSCHE BAHN: S&P Lowers EUR2BB Hybrid Notes Rating to 'BB+'
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S&P Global Ratings revised its outlook on Deutsche Bahn AG (DB)  to
positive from stable and affirmed our 'AA-' long-term issuer credit
and issue ratings on the company and its senior unsecured debt. At
the same time, S&P lowered its issue rating on DB's EUR2 billion
hybrid to 'BB+' from 'BBB-' and affirmed its 'A-1+' short-term
issuer credit rating on the company.

S&P said, "The outlook revision reflects our view that the
importance of DB's role to the German government could increase
further, which could mean a higher likelihood of extraordinary
government support. This could provide rating upside for the
company if the temporary weakening in the company's stand-alone
credit metrics reverts to the 9% we expect. Our assessment of
extraordinary government support (expected in times of stress)
remains at very high, reflecting DB's very important role and very
strong link. However, we factor in our rating that there is a
gradual transition toward an increasing role of DB's for the
government, as the government's announced EUR20 billion additional
equity injections over 2024-2029 will fund most of DB's ongoing
extensive investment program and recognize railway infrastructure's
importance to the country's economy and its central status in the
government's climate goal. Discussions on implementing
infrastructure investments under the German debt brake rule are
ongoing. We anticipate that the government will have the means to
implement its support--including beyond the equity injections--and
we will continue to monitor the track record of this as further
evidence of a strengthening likelihood of support."

The adjusted legal framework underpins the increasing importance
and alignment of DB and the German government, especially in
infrastructure modernization and accelerating the government's
execution of climate targets in the transport sector. The two
infrastructure subsidiaries of DB AG, DB Netz AG and DB
Station&Service AG, have been merged into DB InfraGO AG (formerly
DB Netz AG) on Dec. 27, 2023. As per DB InfraGO AG's articles of
association, the new entity is a commercial enterprise with
orientation toward a common good, meaning that the maintenance and
renovation of the rail network should achieve economic,
environmental, and social goals. The German government is now
working to better align DB InfraGO's funding requirements,
including important adjustments in the legal framework such as an
amendment to the Federal Railways Expansion Act (BSWAG) passed in
June 2024, which provides the government with the ability to
contribute to the cost of rail maintenance expense. Funds related
to this amendment are expected in the second half of 2024. S&P
said, "We also expect stronger coordination with the government via
the development of the InfraPlan 2025-2029 to better align the
transport policy goals with related funding requirement. Transport
policy goals include the doubling of the volume sold in
long-distance passenger transport and reaching a 25% market share
in rail freight transport. In our view, these changes strengthen
the government oversight of DB's strategy and the way the
government anticipates the company's financing needs."

S&P said, "We expect government funding for DB will increase
substantially to speed up infrastructure investment, strengthening
our view of its role for the government. The government will
provide DB with significantly higher funding through 2029,
reflecting the importance of rail in achieving climate targets in
the transport sector. This includes EUR20 billion of equity
increase over 2024-2029 to cover additional capex requirements, and
additional funding of infrastructure measures as part of the
approved 2024 budget, mainly to offset operating expenditure
payments in 2023. About EUR5 billion-EUR6 billion per year will be
funded with a share of the income from the carbon dioxide (CO2)
surcharge on trucks. In our view, these funds will accelerate DB's
execution of its Strong Rail strategy with the target of reducing
CO2 emissions by half by 2030 (compared with 2006). Germany aims to
reduce CO2 emissions from the transport sector by 48% by 2030 from
1990 levels, and has achieved only a 11% reduction through 2023.
The prioritization is on the existing network and upgrade of
high-performance corridors. The 2024 budget includes EUR4.4 billion
of additional equity injections (of the EUR20 billion announced)
and the government's federal budget draft for 2025 includes a
EUR5.9 billion equity injection tranche. This is in addition to the
EUR11 billion Climate Action program 2030, which was implemented in
2019 and focuses on improving the efficiency of the network and
digital investments."

DB's importance to the government was highlighted by the federal
government's quick decision to dispose shareholdings to offset the
cancellation of borrowing possibilities from the Climate and
Transformation Fund spending program. The federal government sold a
partial stake in DHL Group in February (for EUR2.2 billion) and in
Deutsche Telekom AG in June (for EUR2.5 billion). These proceeds
will compensate for borrowing proceeds from the Climate and
Transformation Fund that DB expected to receive before a
constitutional court ruling in November 2023. The sale of at least
EUR2 billion in disposal proceeds was a condition to enable the
planned equity increases at DB AG in 2024, with the first tranche
of EUR3 billion approved and paid on June 27, 2024.

The completed sale of DB Arriva on May 31, 2024, and the start of
the sales process for logistics subsidiary DB Schenker in December
2023 signal DB's refocus on the core business of rail in Germany.
S&P said, "In our view, DB's progress toward the disposal of
noncore operations is signaling that the government is refocusing
on the company's domestic operations, where it sees DB as integral
to achieving the country's environmental protection targets. At
this stage, we do not factor the potential sale of DB Schenker and
any potential proceeds into our base-case scenario because the
details--including the amount and timing of proceeds--are
uncertain. However, we understand that the proceeds from the
disposal would support increased capex needs and repay debt. That
DB Group, pursuant to the Supervisory Board resolution from
November 2023, would retain all proceeds from a potential sale
mainly to reduce debt is a form of the government's support to the
company, in our view."

S&P said, "Our view of a gradually strengthening degree of
government support mitigates the effect of weaker stand-alone
credit quality, which we have revised to 'bbb' from 'bbb+'. We
expect the EUR20 billion equity injection over 2024-2029 will
support the stabilization of DB's credit profile with funds from
operations (FFO) to net debt recovering above 9% in 2025-2026 after
still-weak credit metrics in 2024. This will be driven by the
gradual margin recovery at the passenger transportation segments as
we expect construction works on highly used corridors will drive
capacity and volume growth as well as reliability improvement. The
general modernization of the first rail corridor Riedbahn, the 70
kilometer long line between Frankfurt am Main and Mannheim, is
under way and the corridor will be closed for five months. The
company plans to upgrade about 40 highly frequented corridors by
the end of 2030. We expect the upgrade and related works will bring
temporary volatility to our base-case until capex and cost-cutting
measures deliver expected operating improvements including on
punctuality and disruptions caused by infrastructure problems.
These, combined with the need to invest in both the network and
rolling stock, are constraining the company's cash flow metrics,
which we expect will constrain rating headroom, despite the
additional equity injections. For the first half of the year, DB's
results have been affected by strikes, extreme weather events, and
significant pre-financing of additional maintenance expense, which
we expect the reimbursement of maintenance expense in the second
half of the year will offset.

"We expect DB's metrics to recover from subdued 2023 levels, thanks
to operating improvements as well as the reversal of timing
differences for the government support. While weakening 2023
performance stems somewhat from operating issues, punctuality
issues, and high energy and staff costs, we understand that DB's
reported credit metrics are also distorted by the pre-financing of
EUR1.5 billion of infrastructure capex and EUR1.1 billion of
maintenance expense. We have added the EUR1.1 billion to our EBITDA
in DB's 2023 adjusted EBITDA margins, resulting in a 7.8% to avoid
margin distortions based on timing issues (margin would have been
5.4% if we had not performed the adjustment). We understand that
the compensation for capex prefinanced in 2023 is part of the
additional EUR4.4 billion equity increase agreed in 2024, the first
tranche of EUR3 billion of which has already been received with the
remainder expected in the second half of 2024. Reimbursement of the
pre-financed infrastructure maintenance expense in 2023 will be
effective partly in 2024 and 2025, as part of the 2024 federal
budget. Our forecasts reflect the compensation for pre-financed
capex in 2023 (netted as part of 2024 capex) but excludes the 2023
pre-financed maintenance expense from our adjusted EBITDA metrics
to avoid margin distortions for those years. This means that DB's
FFO to debt over 2024-2025 could be stronger depending on when the
compensation is received, on top of operating improvements that we
partially factor into our base-case scenario.

"The company's still-elevated exposure to riskier logistics'
activities (expected at 35%-40% of DB's 2024 EBITDA) heightens
metric volatility and weighs on cash flow stability, supporting our
view of a weaker SACP. This mitigates the competitive strength of
DB's rail operations, where it has a dominant position as the
passenger and freight rail provider in Germany, a monopoly position
as infrastructure owner of all rail tracks and stations in the
country, a supportive regulatory framework where capital spending
is significantly state-funded. and the strong ongoing government
support it receives because of its key role for the government. We
consider the DB Schenker business as riskier than that of DB's
integrated rail system, because it is exposed to higher cyclicality
and competition and due to its lower margins. DB Schenker is one of
the largest freight forwarding and logistics services companies
worldwide with about EUR19 billion of revenue and a 10% reported
EBITDA margin in 2023. We don't expect DB Schenker to contribute
more than 30% of DB's total EBITDA sustainably and therefore we
continue to use the low volatility benchmarks to assess the
company's financial risk profile.

"Our approach to the hybrid rating is unchanged, putting the issue
rating two notches below the SACP to reflect our view of the notes'
subordination and optional interest deferability. As a result, the
hybrid issue rating is now 'BB+'. We assume that the EUR2 billion
hybrid instrument will be refinanced in due course, but expect more
clarity on DB's intention to refinance by the end of the year.

"The positive outlook reflects our view that the importance of DB's
role to the German government could further increase, which could
lead to a higher likelihood of extraordinary government support.
This could provide rating upside for the company if credit metrics
stabilize above 9%, in line with our expectations and despite
execution and volatility risks.

"This is based on our opinion that the government's focus on DB
role in the country's infrastructure and mobility transition and
the legal framework for government financing of DB is
strengthening, and illustrated with the EUR20 billion additional
equity injections over 2024-2029 announced by the government, which
will fund a significant part of DB's ongoing extensive investment
program. Discussions on implementing infrastructure investments
under the German debt brake rule are ongoing. We anticipate the
government will have the means to implement its support--including
beyond the equity injections--and we will continue to monitor the
track record for this. This would include, for instance, a track
record of equity funds being injected into DB's balance sheet,
increased visibility in the 2025 federal budget, or progress on the
DB Schenker sale with most of the proceeds, which we expect to be
material, going largely to debt repayment. In our view, the sale
could further strengthen the focus on DB's core rail business.

"The outlook also reflects our view that the company's credit
metrics will stabilize due to gradual margin recovery at the
passenger transportation segments from ongoing construction works
on highly frequented corridors, strong cost control, and ongoing
government support. This should translate in FFO to debt improving
to above 9% on average over 2025-2026, after about 7% in 2024. Our
S&P Global Ratings-adjusted EBITDA over 2023-2025 has been adjusted
to reflect EBITDA as if the EUR1.1 billion compensation for
pre-financed maintenance expense had occurred in 2023 to avoid
margin distortions due to timing issues (as a result, our adjusted
metrics exclude the compensation to be effective over 2024-2025,
resulting in DB's reported metrics likely being higher than our
base-case scenario in 2024-2025)."

S&P could upgrade DB if:

-- S&P sees further evidence that the importance of DB's role to
the German government has increased, including support being
implemented with no backtracking, for example due to the German
debt brake rule, which could ultimately affect investments in rail
infrastructure.

-- S&P sees signs of DB's credit profile stabilizing, with
improvement of its FFO to debt to above 9% on average over
2025-2026, as per anticipated in its base-case scenario.

S&P would consider revising its outlook on DB to stable under any
of the following circumstances:

-- The company's link with, or role for, the state weakened
compared with what S&P currently expects. This would include any
backtracking on the announced support.

-- The group cannot stabilize its credit metrics and improve its
FFO to debt to above 9% on average over 2024-2026; this could
follow from materially lower traffic volume growth than
anticipated, or if DB's cost-saving initiatives and cost efficiency
measures cannot contain earnings pressures from the current
inflationary environment. It could also occur if, despite
substantial investments, the company failed to improve its
competitiveness, attract more passengers, and improve profitability
such that leverage remains materially higher than what S&P
expects.

-- DB changes its strategy in relation to the potential sale of DB
Schenker and related usage of disposal proceeds; or if the sale
does not proceed, DB Schenker contribution to the company remains
sustainably above one-third of the groups' earnings.

S&P said, "Environmental factors are a positive consideration in
our rating analysis of DB, given its role in the German
government's strong carbon reduction objectives. Its sole owner,
the German government, recently announced equity increases of EUR20
billion over 2024-2029 in addition to EUR11 billion made available
under the Climate Action Program by 2030 to DB to accelerate the
rail infrastructure network's upgrade and attract more passengers
and cargo in line with its Strong Rail targets. Funding sources
include the CO2 surcharge in the truck toll, signaling the
government's commitment to accelerate the shift to rail and away
from road transport. This will benefit DB's volumes growth and
profitability levels. DB aims to reduce CO2 emissions by half by
2030 (from 2006 levels) and increase the use of renewable energies
for traction to 100% by 2038 from 68% in 2023, notably by replacing
diesel-powered trains by trains powered by green energy sources.

"Social factors are an overall neutral consideration in our
analysis. This balances the company's key social
mandate--underscoring DB's very important role for and very strong
link to the German government--versus any negative influences that
health and safety risk and labor union actions may have. For
example, the COVID-19 pandemic severely reduced passenger volumes,
but this was mitigated by federal government support measures
(about EUR5.4 billion) and COVID-19-related support for regional
transport (about EUR1.6 billion)."




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I T A L Y
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RINO MASTROTTO: S&P Assigns 'B' Long-Term ICR, Outlook Stable
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S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Italian leather and textile manufacturer Rino Mastrotto and its
'B' issue rating to the company's EUR320 million notes with a
recovery rating of '3' (recovery expectation: 50%-70%).

S&P said, "The stable outlook reflects our expectation that Rino
Mastrotto will continue to expand its sales by 4.5%-5.0% over the
next two years while improving its adjusted EBITDA margins to about
19%-21%, driven by a gradual shift to the luxury creation segment,
a better absorption of fixed costs linked to stronger topline
volumes, and improved operating leverage related to the flexibility
of company's production lines. We estimate this will translate into
adjusted debt to EBITDA approaching 5.0x in 2025 and positive
annual free operating cash flow (FOCF) generation (after leases) of
EUR10 million-EUR20 million.

"The final ratings on the notes are in line with the preliminary
ratings we assigned on July 8, 2024.

"The final amount of the issued senior secured floating rate notes
is in line with the EUR320 million originally proposed. The margin
on the notes is 4.75%. There are no material changes to the final
debt documentation since our original review, or to our
forecasts."

Rino Mastrotto enjoys an established market position in the leather
goods industry, with a focus on the high-end of the segment. Rino
Mastrotto supplies clients across luxury creation, automotive, and
interior design, serving the premium segment, which has
demonstrated an overall good resilience across different economic
cycles.

Within the luxury creation segment, the company is a strategic
partner for global personal luxury goods players, with a market
share of approximately 10% for calf and bovine leather and about
6%-7% for textiles. Within the leather industry, calf and bovine
leather accounts for about 60% of the high-end leather segment,
with the remainder represented by lamb, goat, and other exotic
leather, to which Rino Mastrotto does not have exposure.

Within the personal luxury goods industry, soft luxury (including
ready-to-wear, apparel, bags, accessories, and shoes) represents
about 50% of the overall industry and is expected to post average
value growth of about 5%-6% during next five years. S&P said,
"However, we have observed that in recent years, several major
luxury houses have started to internalize their production
processes to reduce reliance on suppliers, posing a potential risk
to Rino Mastrotto's growth. That said, we understand that the
in-house capabilities of the global luxury houses represent on
average only 15%-20% of the calf and bovine leather volume needs."

In the automotive segment, Rino Mastrotto leads with an estimated
market share of about 20% in leather for steering wheels, while it
is expanding in interior car panels and seats, although market
share remains still very limited. The use of genuine leather
remains a differentiating factor for the premium and luxury
automotive segment, although--especially in steering wheels (core
segment for Rino Mastrotto)--the industry is shifting to other
materials, which could lead to swings in volumes. Positively,
within the automotive sector, S&P notes that volume trend for
premium and luxury cars is outperforming the broader mass market
segment, and that Rino Mastrotto has won some new contracts with
premium automakers starting in 2024 and 2025.

In the interior design segment, Rino Mastrotto holds an estimated
10% volume market share in high-end leather upholstery in 2023,
with a total estimate value of about EUR23 billion-EUR25 billion
(representing about 52% of total furniture market). S&P estimates
that the addressable market for Rino Mastrotto will continue to
post positive market growth, with an expected compound annual
growth rate (CAGR) of 5%-7% over 2023-2028 driven by the
premiumization trend and personalization.

Rino Mastrotto benefits from long-lasting relationships with its
key clients, leveraging on its manufacturing know-how and
capabilities, integrated and flexible value chain, and "one-stop
shop" business model. The company serves a relatively large
customer base and benefits from multi-decade relationship with most
of its top clients. Customers include iconic luxury fashion brands,
well-recognized and premium automotive brands, and other renowned
brands in the interior design arena. In some cases, they are the
sole supplier for certain iconic products, highlighting their
position as a key partner for its clients.

Rino Mastrotto covers the vast majority of the manufacturing
process, from sourcing raw materials to delivering the
semi-finished products. S&P said, "We understand that leather
manufacturing is a relatively complex process requiring various
steps and lasting several weeks, and that the company's advanced
technology allows it to improve the overall final quality of the
leather utilized. We believe Rino Mastrotto's strong know-how in
working different types of leather and craftmanship, along with its
ability to obtain top quality consistent leather starting from
heterogeneous inputs, represents a key competitive advantage
compared to peers. Moreover, by leveraging the expertise of the
companies acquired over the years, Rino Mastrotto can offer
additional services such as stamps, decoration, and embroidery."

S&P views positively Rino Mastrotto's vertical integration
activities, which significantly reduce delivery times, increasing
efficiency, and giving some competitive advantage compared with
less integrated manufacturers. The company also co-develops some of
its clients' products by bringing innovation and creativity to the
production process, reinforcing its partnership with some of its
key customers, which ultimately translates into a strong client
retention rate. Rino Mastrotto functions as a "one-stop shop"
ensuring substantial cross-selling opportunities by providing
majority components of the finished product that would otherwise
need to be sourced separately, thus simplifying and streamlining
its clients' supply chain.

Rino Mastrotto has a good diversity in terms of business divisions,
with limited costumer and supply concentration. This, combined with
its focus on the premium segment, gives the company pricing power,
providing some resilience against negative macroeconomic cycles.

Rino Mastrotto operates across three distinct business units, each
with different market dynamics: luxury creations, accounting for
51% of the company's total sales in 2023 on a pro-forma basis
including most recent acquisitions, automotive (33% of sales), and
interior design (16%). This level of diversification reduces risks
associated with dependence on single market segment, limiting
overall volatility in company's operating performance. Moreover,
the company does not have any significant supplier or customer
concentration, with the top five customers accounting for 30%-35%
of 2023 pro-forma sales. The company's supplier base is also
well-diversified, with no supplier representing more than 8% of
total purchases of raw materials.

Rino Mastrotto mainly serves the higher-end premium segment of its
business divisions, which has proven to be resilient even in
uncertain times. In fact, the soft personal luxury goods market has
shown good resilience over time, with 2019-2022 CAGR close to
7%-8%. Similarly, the segment for premium cars has consistently
outperformed the mass market segment, with CAGR of about 4%-5% in
volume terms. As such, we believe that Rino Mastrotto' premium
market positioning has given it superior pricing power, which has
ultimately translated into sound historical profitability.

S&P said, "Over time, Rino Mastrotto has gradually improved its
margins and we expect S&P Global Ratings-adjusted EBITDA margins of
19%-21% over 2024-2025. Over 2019-2023, the company posted an S&P
Global Ratings-average adjusted EBITDA margin of about 17.0%. We
expect this will increase to about 19%-20% in 2024 and close to 21%
by year-end 2025, supported by the company's gradual shift to the
luxury creation segment, which retains higher marginality than
automotive and interior design." Other supportive drivers include
the premiumization trend in personal luxury goods, a better
absorption of fixed costs linked to stronger higher topline
volumes, and improved operating leverage related to the flexibility
of company's production lines. The improvement is also explained by
Rino Mastrotto's ability to source raw material from different
countries at favorable prices. The company's direct relationships
with the slaughterhouses, and deep knowledge across a wide range of
animals will allow it to constantly adjust the sourcing mix,
reducing average costs and preserving margins, while keeping
high-quality standards.

Margin development will also depend on Rino Mastrotto's ability to
achieve cost savings related to the implementation of new
technologies. Those include projects related to conscious water
consumption and sustainable wastewater disposal, enabling a more
efficient tanning process, resulting in significant water and
chemical cost savings; as well as insourcing of trimming and
production processes resulting in a reduction of outsourcing and
logistics costs. Profitability improvement could be constrained by
the company's reliance on high-skilled labor for the most
profitable steps of the production process (finishing, cutting,
printing, and embossing). As the market for highly-skilled
personnel is very competitive, the company may encounter personnel
shortages or salary pressures that could hinder its operations.

Rino Mastrotto has limited size with a relatively high
concentration in Italy in terms of manufacturing capabilities. With
revenue of about EUR363 million and S&P Global Ratings-adjusted
EBITDA of EUR58 million in 2023, Rino Mastrotto is a niche player
that generates most of its revenue in Italy (40%), France (18%),
U.S. (21%), and other countries (20%). The exposure to these
countries, primarily Italy and France, is explained by the nature
of its business as a supplier primarily serving luxury fashion
brands. The company operates a total of 16 plants, of which 12 are
production plants (nine in Italy, one in Sweden, one in Brazil, and
one in Mexico) and the others are distribution centres. Rino
Mastrotto's plants and distribution centers are strategically
located close to raw material suppliers as well as the main luxury
fashion houses driving de-complexity in logistic activities.
However, the customer proximity to their major automotive
manufacturers is relatively limited considering the locations of
customers' operations in Continental Europe, the U.S., and Asia
Pacific.

S&P said, "Rino Mastrotto's product range is focused on leather
(90% of 2023 pro-forma sales), however it has started to diversify
into textile and other leather-like solutions that we view
positively, but with attached execution risk. Rino Mastrotto's
product range traditionally focuses on leather, particularly calf
and bovine leather, representing 63% of 2022 market leather
consumption in the high-end of luxury segment. However, since 2018,
Rino Mastrotto has been diversifying away from the leather industry
(currently representing 90% of 2023 pro-forma sales from 100% in
2018), into the textile sector. This expansion was primarily
achieved through the acquisitions of Tessitura O. Mariani in 2022,
a manufacturer of luxury textiles for the fashion industry, Imatex
in 2023, a producer specializing in jacquard textiles for high-end
furniture, and Mapel Group in 2023, a manufacturer specialized in
tapes and components for the fashion industry. By 2023, the textile
and components segment accounted for 9% of Rino Mastrotto's
revenue. The company aims to further grow this segment by
leveraging cross-selling opportunities with its existing leather
clientele. Additionally, Rino Mastrotto has formed a partnership
with a new supplier to produce alternative synthetic materials,
with specific applications for the automotive industry. While we
view this diversification strategy positively, we believe the
company could face execution risk associated with the penetration
of these new markets, with different dynamics and potentially high
competition from established players in the market.

"We expect Rino Mastrotto to report positive annual FOCF of EUR10
million-EUR20 million (after leases) during 2024-2025.Over the past
five years, maintenance capital expenditure (capex) has remained
stable, within 1.5%-2.0% of revenue, and we expect this to continue
over time. On the other hand, expansion capex has been historically
around EUR6 million-EUR8 million annually, but it increased to
EUR17 million in 2023 due to substantial new investments in
photovoltaic plants, new headquarters, and new green technologies,
as well as the upgrade of the Tessitura Mariani plant and set-up of
a new plant in Tuscany. We anticipate that annual capex will remain
higher until 2026 (in the range of EUR13 million-EUR18 million each
year), owing to investment in new technologies.

"We observed that Rino Mastrotto's plants are not operating at
their full capacity, with most facilities exhibiting over 20% of
excess capacity. This can lead to the under-absorption of fixed
costs. However, it also implies that the company will not require
additional investment in expansionary capex to support volume
growth. Working capital is expected to remain stable at
approximately 25% of revenue. In 2023, we observed an increase in
working capital driven by a strategic decision to build-up
inventory to mitigate raw material quality fluctuations and prevent
production disruptions. For fiscal year 2024 and 2025, we expect
EUR5 million-EUR10 million of cash absorption associated to working
capital requirements. However, considering the new contracts signed
within the automotive segment, we anticipate higher working capital
requirements in 2026 due to the anticipated higher sales.

"Under our base case, we estimate that Rino Mastrotto will post
adjusted debt to EBITDA of close to 5.5x at year-end 2024, and
approaching 5.0x in 2025.Rino Mastrotto issued EUR320 million
senior secured floating-rate notes due 2031, to refinance its debt,
right size its capital structure, and decrease the total cost of
debt. As part of the transaction, Rino Mastrotto paid a EUR124
million one-off dividend to its shareholders. Our adjusted debt
figure includes the EUR320 million senior secured floating-rate
notes, our estimate of about EUR33 million-EUR36 million of
factoring liabilities, about EUR37 million-EUR40 million put
options on minority stakes, and a limited amount for lease and
pension liabilities. We do not net cash from our adjusted debt
calculation in line with our criteria for financial sponsor owned
companies.

"Although the company is majority owned (70%) by NB Renaissance
(private equity) we view positively that the family will remain
invested with a stake of 30%. We anticipate adjusted debt to EBITDA
to reach about 5.5x at year-end 2024, before decreasing toward 5.0x
in 2025. The deleveraging is supported by our expectation of an
EBITDA increase thanks to pricing initiatives and positive volumes,
combined with higher sales contribution coming from luxury
creation, and cost saving initiatives. We understand that the
company wants to continue acting as an industry consolidator,
although we do not include mergers and acquisitions within our base
case, considering the limited visibility. That said, bolt-on
acquisitions could delay the expected deleveraging, although we do
not anticipate major deviations in credit metrics. Finally, we
believe that the current company's shareholder structure has a
relatively long investment horizon and that credit metrics are
better placed than typical private-equity owned entities.

"The stable outlook reflects our expectation that Rino Mastrotto
will continue to expand its sales by 4.5%-5.0% over the next couple
of years while improving its adjusted EBITDA margin at about
19%-21%, underpinned by the gradual shift toward the luxury
creation segment, better absorption of fixed costs linked to
stronger higher topline volumes, and improved operating leverage
related to the flexibility of company's production lines. We
estimate this will translate into adjusted debt to EBITDA
approaching 5.0x in 2025 and positive annual FOCF generation (after
leases) of EUR10 million-EUR20 million."

Downside scenario

S&P could lower its rating on Rino Mastrotto if adjusted debt to
EBITDA increases above 7x or if the company becomes unable to
generate positive FOCF. This could stem from operating setbacks
such as the loss of key customer contracts as a result of weaker
consumer demand, a higher share of production internalization from
its clients, or execution risk related to company's penetration
strategy of the textile market. A more aggressive financial policy
favoring significant debt-funded acquisitions or shareholder
returns could also pressure the rating.

Upside scenario

A positive rating action would require Rino Mastrotto to improve
credit metrics such that the adjusted debt-to-EBITDA ratio remains
comfortably below 5x and with a track-record and clear financial
policy commitment to maintain the leverage at this level over time.
A positive rating action would also depend on the company's
successful diversification into alternative synthetic materials,
resulting in a more diversified product range and higher scale,
along with the ability to continually sustain higher positive
FOCF.

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Rino Mastrotto,
because of the company's ownership (70% financial sponsor and 30%
Mastrotto family). We view financial sponsor-owned companies with
aggressive or highly leveraged financial risk profiles as
demonstrating corporate decision-making that prioritizes the
interests of the controlling owners. This also reflects the
generally finite holding periods and a focus on maximizing
shareholder returns. Still, we positively view that the family
remains invested with a stake of 30% and think the company's
shareholder structure has a relatively long investment horizon than
typical private-equity owned entities.

"Environmental and social factors have a neutral influence on our
credit analysis of Rino Mastrotto. Leather is, by its nature, a
sustainable and biodegradable product that supports the circular
economy as raw hides, the key resource in the leather production
process; are a by-product of the meat food production process; and
an additional source of revenue for slaughterhouses for materials
that would otherwise be disposed of as waste. However, leather
production relies on carbon dioxide-emitting inputs such as hides
and chromium, such that we think it is somewhat more
carbon-intensive. We acknowledge the company's efforts in reducing
scope 1 and 2 greenhouse emissions by 45% over the past three
years, and its development of technologies allowing a reduction of
water and chemicals consumption within the tanning phase.
Increasing environmental and animal wellness considerations have so
far not materially affected customers' demand for leather, which
remains primarily identified as a luxury feature. The company is
also investing in developing alternative materials to leather, as
seen by its recent partnership a new supplier to produce
alternative synthetic materials, with specific applications for the
automotive industry."




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

EUROPEAN MEDCO: S&P Alters Outlook to Stable, Affirms 'B-' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on European Medco
Development 3 S.a.r.l. (operating as Axplora) to stable from
negative and affirmed its 'B-' long-term issuer credit and issue
ratings on the company and its debt.

The stable outlook reflects S&P's view that Axplora's anticipated
operating improvements will materialize, pushing the earnings and
cash flow rebound, and backed by a prudent financial policy and
sufficient liquidity, should enable the group to maintain adjusted
debt to EBITDA at 8.0x-8.5x over the next two years.

The outlook revision reflects the improved profitability in fiscal
2024 and positive trajectory in credit metrics for fiscal years
2025 and 2026, with increased operating efficiency and new
leadership. S&P said, "In fiscal 2024, the top line stood at EUR495
million, significantly lower than our forecast of EUR521 million,
due to slower demand and lower than anticipated ramp up of new
projects. However, S&P Global Ratings-adjusted EBITDA improved to
EUR79.7 million from EUR73.1 million in 2023, with S&P Global
Ratings-adjusted EBITDA growing to 16.1% in 2024 from 13.4% the
previous year, driven by organizational improvements, efficiency
measures, and upgraded customer product mix, primarily in the
Novasep business. The challenges faced by the Novasep contract
development manufacturing organization (CDMO) due to macroeconomic
headwinds and operating issues have been addressed through
significantly enhancing its sales processes and bolstering its
leadership team. However, it will take time before these measures
materially contribute to top-line growth. Moreover, S&P Global
Ratings-adjusted leverage decreased to 9.5x in 2024 from 10.1x in
2023 with adjusted free operating cash flow (FOCF) significantly
improving to negative EUR3 million in 2024 from negative EUR74.4
million in 2023, supported by lower working capital requirements
and more disciplined capital expenditure (capex). However, the loss
of revenue due to lower demand and weaker operating cash flow might
increase debt funding. We could foresee an increased risk of an
unsustainable capital structure if there are further operating
obstacles that strain operating performance. Overall, we think the
company will recover to profitable growth over the next two years
through further investments in pipeline acceleration and process
improvements, while expanding its core active pharmaceutical
ingredient (API) product offerings and acquiring new development
projects."

S&P said, "We expect Axplora's S&P Global Ratings-adjusted EBITDA
margin to expand to 19.0%-19.5% in fiscal 2025 and 2026 from 16.1%
in 2024, given the significant progress in managing the business.
The company expects to benefit from the reorganization of its
previously overly complex management structure. S&P Global Ratings
thinks these efforts will support the company in recovering its
profitability and achieving top-line growth, supported by the
healthy order backlog and strategic customer engagement. We
anticipate that in 2025, growth will come from robust performance
in the business units (BUs) Specialty and Steroids while the BU
CDMO will consolidate and perform moderately due to changes in the
portfolio. We anticipate the S&P Global Ratings-adjusted EBITDA
will increase to EUR95 million-EUR100 million over the next two
years, driven by a favorable product mix and continued efficiency
measures, and the prime focus on winning new clients. We see EBITDA
staying comfortable below 2x, including 1.3x-1.5x over the next two
years. S&P Global Ratings-adjusted FOCF will stay negative, at
EUR9.5 million in 2025, due to the increase of negative working
capital. Management is committed to improving cash flow, supported
by its disciplined capex and flexibility to postpone its growth
project without harming its growth trajectory. Nevertheless, we
forecast FOCF will remain negative over the next 12-24 months
before improving to substantially positive in fiscal 2027.

"We see Axplora gradually deleveraging toward levels commensurate
with the 'B-' rating. We project its S&P Global Ratings-adjusted
debt to EBITDA to decrease to 8.3x in 2025 and 2026 from 9.5x in
2024. We regard the leverage ratio as reasonable for the rating. If
further operating obstacles emerge, capital structure risk could
increase. Capex should stay near EUR44 million-EUR45 million over
the next two years. In our view, cash of about EUR47.4 million as
March 31, 2024, and an undrawn revolving credit facility (RCF) of
EUR72.5 million should let the company maintain an adequate
liquidity position and provide sufficient headroom. We think
Axplora can handle its working capital requirements, capex, and
interest payments over the next year. This is supported by the
group's bullet debt capital structure, with no meaningful
maturities in upcoming 24 months."

The most recent shift in Axplora's governance highlights the
management's unwavering commitment to enhancing organizational
efficiency and strategic focus. The appointment of Martin Meeson as
the new CEO effective April 2024, alongside the new leadership at
Novasep, represents a pivotal enhancement of senior management. New
senior management at Novasep (CDMO), including a new operations
director, commercial director, and CFO, have been in place since
October 2023. With this new leadership, S&P believes Novasep will
strengthen customer relationships, particularly in the U.S., and
improve operational key performance indicators. S&P Global Ratings
anticipates that this strategic initiative will elevate operational
efficiency and position Axplora to capitalize on new business
opportunities, signifying a clear trajectory and strong
leadership.

S&P said, "The stable outlook reflects our view that Axplora's
anticipated S&P Global Ratings-EBITDA will increase within EUR95
million-EUR100 million range and FFO cash interest coverage above
2x in the upcoming two fiscal years, based on recovered operating
efficiency from recent restructurings. Furthermore, we expect the
new Novasep leadership to help restore profitability and drive
top-line growth by strengthening customer relationships and cost
management. In our revised base-case scenario, the company's S&P
Global Ratings-adjusted debt leverage will decrease to below 9x
over the next 12-24 months, with S&P Global Ratings-adjusted EBITDA
improving to 19.0%-19.5%."

Downside scenario

S&P could lower the rating if Axplora's operating performance
deviated materially from our forecasts. This could stem from
underperformance, lower-than-anticipated demand, as well as
execution risk. This would put pressure on EBITDA margin and
constrain FOCF. Inability to restore positive FOCF ahead of March
2027 senior debt maturity could raise questions on sustainability
of the capital structure and prompt a negative rating action.

Upside scenario

S&P said, "We could raise the rating if Axplora significantly
increased the scale and diversity of its products without hindering
its credit metrics. Ratings upside could also emerge if the company
generated sizable recurring positive FOCF that would enable it to
withstand any unforeseen negative events, such as pressure on
profitability, greater working capital outflow, or an increase in
interest rates. Also, we would expect Axplora's financial policy,
especially on shareholder distributions and acquisitions, to
continue supporting the rating."


HERALD LUX: Court Closes Judicial Liquidation
---------------------------------------------
By judgment of July 9, 2024, the Tribunal d' Arrondissement de et a
Luxembourg, 6th Chamber, hearing commercial matters, declared the
judicial liquidation of variable capital investment company HERALAD
(LUX) closed.

The company's registered office is at:

         HERALD (LUX)
         85-87, Grand-Rue
         L-1661 Luxembourg



SAMSONITE INTERNATIONAL: S&P Upgrades ICR to 'BB+', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on
Luxembourg-based Samsonite International S.A. to 'BB+' from 'BB'.
S&P also raised its issue-level rating on its senior secured debt
to 'BBB-' from 'BB+' and its rating on its senior unsecured debt to
'BB+' from 'BB'.

The stable outlook reflects S&P's expectation that Samsonite will
maintain S&P Global Ratings-adjusted EBITDA margin near current
levels while expanding revenue resulting in adjusted leverage of
under 2x over the next 12 months.

The upgrade reflects Samsonite's improved credit metrics driven by
strong operating performance and disciplined expense management.
For the trailing 12-month (TTM) period ended March 31, 2024, S&P
Global Ratings-adjusted leverage improved to 1.9x compared to 2.7x
in the TTM period ended March 31, 2023, due to top-line growth and
gross margin expansion. The company reported revenue growth of
about 1% (+4.1% constant currency), during the first quarter of
2024 underpinned by growth in leisure and business travel,
particularly in Asia. Gross profit margin increased 240 basis
points (bps) in the first quarter of 2024, compared to the first
quarter of 2023 driven by a shift in sales mix toward
direct-to-consumer (DTC) channel and growth in Asia sales, both of
which generate higher gross profit margin. S&P believes an intent
focus on operational efficiency, combined with a significant
recovery in the travel industry, has allowed Samsonite to enhance
profitability even against a difficult macroeconomic backdrop.

S&P said, "We expect continued EBITDA expansion as the company
implements key operating and cost-saving initiatives. We believe
Samsonite will continue to benefit from its ongoing momentum and
forecast revenue growth of about 7% in 2024 alongside continued
operational efficiencies. We anticipate EBITDA margin to be
sustained in the 23% range as growth rates at the higher margin
Samsonite and Tumi brands remain ahead of the company's other
brands and revenue contribution from Asia remains robust." Though
we expect softening consumer spending, consumers continue to show a
willingness to spend on experiences, including travel, which bodes
well for Samsonite as it returns to a more normalized operating
environment.

Samsonite's products are discretionary in nature, and there is risk
that weaker consumer spending could hurt financial performance.
However, Samsonite's diverse portfolio of brands, including
value-oriented brands such as American Tourister, may offset the
risk by appealing to price-sensitive customers even in an economic
downturn. S&P said, "Notwithstanding its recent operating
successes, we believe changing consumer-buying habits along with
the discretionary nature of its product offerings and exposure to
the highly volatile travel industry increases the potential for
performance volatility. Therefore, we continue to apply a negative
comparable rating modifier to capture this standing in relation to
its 'BBB-' rated peers."

S&P said, "We expect the company's conservative financial policy
and strong cash flow generation to support the ratings. We project
Samsonite will generate free operating cash flow (FOCF) of around
$450 million in 2024 after $120 million of capital expenditures
(capex) for new stores, remodels, and product development.
Samsonite's company reported net leverage improved to 1.48x as of
March 31, 2024, compared to 2.53x in the prior year, reflecting its
lowest leverage levels since acquiring Tumi in 2016. Given the
lower leverage, we expect Samsonite will place greater emphasis on
deploying cash for shareholder returns as opposed to further debt
reduction. Still, we expect Samsonite will maintain a disciplined
financial policy and we forecast S&P Global Ratings-adjusted
leverage will be maintained below 2x in our base case scenario."

The stable outlook reflects our expectation for Samsonite to
maintain consistent operating performance, which includes revenue
expansion, margin stability, and leverage below 2x over the next 12
months.

S&P could lower the rating if it expects leverage of 2x or more on
a sustained basis.

This could occur if:

-- A worsening macroeconomic environment or operational misstep
significantly weakens performance compared with S&P's base case;
or

-- Management pursues a more aggressive financial policy with a
greater appetite for leverage or shareholder returns.

S&P could raise the rating if:

-- The company's operating prospects and competitive standing were
to improve such that S&P would compare it more closely to larger
and more diversified competitors. This could occur if the company
were to significantly expand its operating scale and competitive
position above our base case such that we would view its business
risk more favorably; and

-- A disciplined financial policy that supports leverage sustained
below 2x; and

-- S&P believes it can operate with stable credit metrics through
challenging economic cycles.




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

YIELD APP: Appoints Cork Gully as Joint Liquidators
---------------------------------------------------
Hadley Chilton and Stephen Cork of Cork Gully LLP, 40 Villiers
Street, London WC2N 6N, England, have been appointed to act as
Joint Liquidators of Yield App Limited under Sub-Part III of Part
XVII of the Act commenced with effect as of July 1, 2024.



ZEGONA COMMUNICATIONS: S&P Assigns 'BB' LT ICR, Outlook Positive
----------------------------------------------------------------
S&P Global Ratings assigned a 'BB' long-term issuer credit rating
to Zegona Communications PLC and its 'BB' issue ratings to the
group's senior secured notes and term loan B due 2029.

The positive outlook reflects the possibility of an upgrade if
Zegona achieves S&P Global Ratings-adjusted debt to EBITDA below
3.5x and FOCF to debt closer to 15%, in line with, or faster than,
its base-case projections.

In May 2024, Zegona finalized its take-over of the Spanish
operations of Vodafone Group, with funding via EUR3.9 billion of
senior secured debt and EUR1.2 billion of equity.

Zegona is pursuing a turnaround plan for Vodafone Spain that
targets expanding its value brands (Lowi and reseller FinetWork)
through a stronger product offering, while releasing significant
cost and capital expenditure (capex) savings to improve
profitability and free cash flow.

S&P said, "The 'BB' rating reflects Zegona's position as the
third-largest telecoms operator in Spain, its moderate leverage
profile, and a degree of execution risk. We consider Zegona's
competitive position is supported by its right to operate the
well-known Vodafone brand, its No. 3 place in a largely
three-player Spanish market, and its sound diversity of revenue
streams (several retail brands and sound business-to-business [B2B]
offering, now focusing on the wholesale market). We also think the
rating is supported by the group's moderate leverage profile over
the medium term, coupled with management's commitment to improving
credit metrics. At the same time, our rating on Zegona is
constrained by our view of the execution risk associated with the
new management's turnaround plan, which hinges on the stabilization
of group revenue and a material improvement in profitability and
cash flow metrics after years of underperformance. Furthermore, we
consider that the Spanish market will remain competitive, despite
recent consolidation trends, especially in the value segments.
This, in our view, will limit average revenue per unit (ARPU)
growth in that segment over the next few years.

"We assume Zegona's turnaround plan for Vodafone Spain will usher
in stronger profitability and free cash flow. We estimate the plan
includes more than EUR330 million of cost and capex savings over
four years, as well as a potential revenue opportunity from
entering the wholesale market. As a result, we forecast Zegona's
adjusted EBITDA margin could reach 40% and that FOCF to debt will
increase above 15% by the end of fiscal 2026. Key cost-saving
initiatives include the digitalization of sales channels,
outsourcing of equipment financing and bad debt management, network
and tech savings, renegotiation of fixed access agreements, and a
reduction in headcount among support functions. We anticipate capex
intensity will also decline, thanks to the group's advanced stage
in the investment cycle (both in terms of fiber deployment and 5G
investment). This is also supported by general savings in
information technology (IT) and a planned reduction in subscriber
acquisition costs from the simplification of sales commissions and
retail branch incentive plans.

"We forecast that Zegona's intentions to capitalize on growth from
its value retail brands, while stabilizing indicators in the
premium Vodafone brand and in the B2B segment, will help revenue
settle into a steady growth pace over the next 12 months, after two
years of modest declines. We anticipate 1%-3% annual revenue growth
over the medium term. Our forecast reflects improving trends in the
consumer segment, such as a reduction in customer churn in the
premium Vodafone brand due to an increased focus on customer care
and digitalization, and sound subscriber growth at the Lowi brand
thanks to improved product offering (5G and content). It also
reflects our expectation that B2B revenue will benefit from
increased focus in the retail-like small-office/home-office (SOHO)
segment, a sound position among small and midsize enterprises
(SMEs) and large corporate clients, and the revenue opportunity
from entering the wholesale market.

"Zegona's financial policy will likely support significant
deleveraging over the next two to three years. The group has a
public target leverage of 1.5x-2.0x, translating to 2.5x-3.0x as
adjusted by S&P Global Ratings. This is materially lower than our
estimate of about 4.2x debt to EBITDA at the close of the
transaction and reflects Zegona's commitment to improving credit
metrics over the next few years. We consider Zegona's deleveraging
profile is supported by our expectation of improving earnings and
FOCF, which should allow the group to repay debt ahead of
maturities. We understand Zegona intends to focus on improving
leverage toward its target range and will therefore only distribute
modest dividends and will not pursue any material acquisitions over
the next two to three years.

"We think the Spanish telecom market is in flux, adding uncertainty
to its competitive dynamics in the longer term.In the short term,
the consolidation between MasMovil and Orange Spain will ease the
competitive pressures observed over the last few years,
characterized by high churn and strain on ARPU. That said, over the
medium term, the consolidation will also strengthen Digi, now the
fourth-largest operator behind the MasOrange joint venture,
Telefonica, and Zegona. This is because Digi will receive the
merger remedies, including mid- and high-band spectrum and the
option to enter into a national roaming agreement with MasOrange in
2026. We therefore consider that the value end of the market is
likely to remain highly competitive over the next few years.

"The positive outlook reflects our expectation that we could raise
our rating on Zegona over the next 12-18 months if its S&P Global
Ratings-adjusted debt to EBITDA falls below 3.5x and FOCF to debt
improves toward 15%, in line with, or faster than, our current
projections."

Upside scenario

S&P said, "We could raise our rating on Zegona if the group
achieves S&P Global Ratings-adjusted debt to EBITDA below 3.5x and
its FOCF to debt improves toward 15%. This could occur if the group
releases the planned cost-saving measures ahead of schedule, or if
it achieves significant revenue synergies currently not
incorporated in our forecast."

Downside scenario

S&P could revise its outlook to stable if S&P expects S&P Global
Ratings-adjusted debt to EBITDA to remain above 3.5x or if FOCF
stays below 15% on a consistent basis, or if the group abandoned
its clear commitment to deleverage to its financial policy target.

ESG factors are an overall neutral consideration on S&P's ratings
analysis of Zegona.




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

[*] BOOK REVIEW: The Heroic Enterprise
--------------------------------------
The Heroic Enterprise: Business and the Common Good

Author: John Hood
Publisher: Beard Books (reprint of book published by The Free
Press/Division of Simon and Schuster in 1996).
Paperback: 266 pages
List Price: $34.95
Order your copy at https://bit.ly/3awLUV3

Hood writes as a counterbalance to ideas that business should be
expected to contribute to the common good along the lines of
charities, say, or public health.  He writes too against the highly
partisan, pernicious perspective that business activity is
antisocial and disruptive which at times gains some degree of
credibility.

Critiques of business have been around as long as commerce and
business have been around.  These come usually from religious or
political zealots seeking dictatorial hold over all significant
kinds of human activity and enterprise.  In this work, Hood aims to
counterbalance latter-day versions of such critiques arising in
American society.  The counterculture, antiestablishment 1960s was
a time when such critiques were particularly strong.  They have
moderated since, yet remain a persistent chorus which influences
politics and imagery and public affairs of business.

Hood does not aim to stifle or eliminate debate about the effects
of business on society or how business should engage in business.
What he aims for is dismissing once and for all myopic and almost
utopian conceptions about business and related erroneous purposes
and values of it.  Such conceptions are worrisome to
businesspersons not because they believe they have any foundation,
but because they waste resources and energy in having to
continually correct them so business can function properly. And to
the extent such myopic conceptions are believed or entertained by
the public, they hamper the public and politicians in working out
policies by which the greatest benefits of business can be reaped
by society.

The author clarifies the place and role of business by contrasting
business with other parts of society.  A standard, self-evident
tenet of sociologists going back to the time of Plato is that
society is made up of different parts fulfilling different roles
for the varied needs of society and so that a society will
function
smoothly and survive.  Business is distinguished from government
and philanthropy.  "Businesses exist to make and sell things,
whereas by contrast "governments exist to take and protect things
[and] charities exist to give things away."  The social
responsibility for each category of institution is inherent in its
purposes and activities.  For example, businesses alone cannot
solve environmental problems. Whatever problems which can be
attached to business are related to government policies and
business's operations to satisfy consumer interests.  Hence,
business alone cannot solve environmental problems, and should not
be expected to.  Critics requiring that business solve
environmental problems without similarly requiring changes in
government policies and consumer interests are shortsightedly and
unreasonably tarnishing business while not making any relevant or
productive arguments for dealing with environmental problems.

In elucidating business's proper place in and contributions to
society, Hood is not unmindful that some businesses fail to fulfill
their role in good faith and beneficially.  But instead of
criticizing business fundamentally, he proffers questions critics
can ask before targeting particular businesses.  Two of these are
"Are corporations obtaining their profits through force or fraud?"
and "Are corporations putting investments at their disposal to the
most economically productive use?"  Hood's perspective in support
of business against unfair and irrelevant criticisms is based on
the acknowledgment that business is operating productively, for the
common good, and is open to cooperative activities with other parts
of society in trying to resolve common problems.

"The Heroic Enterprise" is not an argument for business -- for as a
fundamental aspect of any society, business does not need an
argument to justify it.  The book mostly takes the approach of
reviewing why business is necessary and therefore must be
naturally, easily accepted -- namely, because of the manifold
benefits business provides for society and because it along with
good government and respectable morals has been a primary engine
for the betterment of human life.

John Hood has much experience in the media and communication as a
syndicated columnist, TV commentator, and radio host.  Author of
seven nonfiction books on subjects as business, advertising, public
policy, and political history, and many articles for national
publications such as the Wall Street Journal, Hood is President of
the John William Pope Foundation, a Raleigh, N.C.-based grantmaker
that supports public policy organizations, educational
institutions, arts and cultural programs, and humanitarian relief
in North Carolina and beyond. Hood also serves on the board of the
John Locke Foundation, the state policy think tank he helped found
in 1989 and led as its president for more than two decades.  He
teaches at Duke University's Sanford School of Public Policy.




                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *