/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/240816.mbx 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 16, 2024, Vol. 25, No. 165 Headlines I R E L A N D CROSS OCEAN X: S&P Assigns B- (sf) Rating on Class F Notes GLG EURO IV: S&P Affirms 'B- (sf)' Rating on Class F Notes TIKEHAU CLO XII: S&P Assigns B- (sf) Rating to Class F Notes N E T H E R L A N D S WEENER PLASTICS: S&P Places 'B' Long-Term ICR on Watch Positive R U S S I A TEMIRYOL-SUGURTA: S&P Lowers ICR to 'B', Outlook Stable U N I T E D K I N G D O M ASTRADENT (3) LIMITED: FRP Advisory Named as Administrators CIRCOFLO LIMITED: Francis Clark Named as Joint Administrators LONDON CITY CLEAN: Leonard Curtis Named as Administrators OMNIE LIMITED: Francis Clark Named as Joint Administrators TRAILAR LIMITED: Begbies Traynor Named as Administrators X X X X X X X X [*] BOOK REVIEW: Dynamics of Institutional Change - - - - - ============= I R E L A N D ============= CROSS OCEAN X: S&P Assigns B- (sf) Rating on Class F Notes ---------------------------------------------------------- S&P Global Ratings assigned credit ratings to Cross Ocean Bosphorus CLO X DAC's class A to F European cash flow CLO notes. At closing, the issuer also issued unrated subordinated notes. S&P's ratings reflect our 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 is bankruptcy remote. -- The transaction's counterparty risks, which are in line with our counterparty rating framework. Portfolio benchmarks CURRENT S&P weighted-average rating factor 2,807.07 Default rate dispersion 506.34 Weighted-average life (years) 5.31 Obligor diversity measure 104.51 Industry diversity measure 18.28 Regional diversity measure 1.14 Transaction key metrics CURRENT Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 37.76 Target weighted-average spread (net of floors; %) 4.16 Target weighted-average coupon (%) 6.08 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. Rationale S&P said, "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 CDOs. "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (4.10%), the covenanted weighted-average coupon (5.80%), the covenanted minimum 'AAA' weighted-average recovery rate (36.76%), and the target portfolio weighted-average recovery rate for all other rating levels. 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 in February 2029, the collateral manager may substitute assets in the portfolio for so 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 it compares that with the current portfolio's default potential plus par losses to date. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "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 and framework 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 will be assessed in line with our operational risk criteria at the time of closing. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to F notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B to F notes could withstand stresses commensurate with the same or higher ratings than those we have assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to these notes. "In addition to our standard analysis, to provide an indication of 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 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 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) INTEREST RATE§ ENHANCEMENT (%) A AAA (sf) 248.00 3mE +1.44% 38.00 B AA (sf) 46.00 3mE +2.15% 26.50 C A (sf) 22.00 3mE +2.60% 21.00 D BBB- (sf) 28.00 3mE +3.80% 14.00 E BB- (sf) 18.00 3mE +6.52% 9.50 F B- (sf) 10.00 3mE +8.37% 7.00 Sub NR 34.92 N/A N/A *The ratings assigned to the class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C to 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. NR--Not rated. N/A--Not applicable. 3mE--Three-month Euro Interbank Offered Rate. GLG EURO IV: S&P Affirms 'B- (sf)' Rating on Class F Notes ---------------------------------------------------------- S&P Global Ratings raised its credit ratings on GLG Euro CLO IV DAC's class B-1 and B-2 notes to 'AAA (sf)' from 'AA (sf)', C notes to 'AA+ (sf)' from 'A (sf)', and D notes to 'A (sf)' from 'BBB (sf)'. At the same time, S&P affirmed its 'AAA (sf)' ratings on the class A-1 and A-2 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 S&P's global corporate CLO criteria and our credit and cash flow analysis of the transaction based on the July 2024 monthly report and May 2024 payment report. Since the closing date in March 2018: -- The weighted-average rating of the portfolio remains at 'B'. -- The portfolio has become more diversified, as the number of performing obligors has increased to 122 from 107. -- The portfolio's weighted-average life has decreased to 3.25 years from 6.19 years. -- The percentage of 'CCC' rated assets has increased to 4.68% from 2.51% of the performing balance. -- Following the deleveraging of the senior notes, credit enhancement for the class A-1 to C notes has increased since closing. Credit enhancement CURRENT AMOUNT CLASS (MIL. EUR) CURRENT (%) AT CLOSING IN 2018 (%) A-1 105.16 51.70 42.00 A-2 18.24 51.70 42.00 B-1 29.00 32.52 28.00 B-2 20.00 32.52 28.00 C 23.50 23.32 21.29 D 20.00 15.49 15.57 E 19.00 8.05 10.14 F 9.50 4.33 7.43 Sub. Notes 37.25 N/A N/A N/A--Not applicable. The scenario default rates (SDRs) have decreased for all rating scenarios following a reduction in the weighted-average life since the closing date (3.25 years from 6.19 years), despite the portfolio's overall credit quality (as captured by the S&P Global Ratings' weighted-average rating factor) having decreased since closing. Recoveries have increased on the portfolio compared to closing (by an average of about 1% across all rating levels). Portfolio benchmarks CURRENT AT CLOSING IN 2018 SPWARF 2,896.48 2,606.59 Default rate dispersion 684.01 724.40 Weighted-average life (years) 3.25 6.19 Obligor diversity measure 90.12 92.06 Industry diversity measure 21.31 19.33 Regional diversity measure 1.15 1.43 SPWARF--S&P Global Ratings' weighted-average rating factor. All figures presented in the table do not include defaulted assets. On the cash flow side: -- The reinvestment period for the transaction ended in May 2022. -- The class A-1 and A-2 notes have deleveraged by EUR79.6 million since closing, whereas the collateral pool has since amortized by EUR94.5 million, leading to a par loss of EUR14.93 million. -- No class of notes is currently deferring interest. -- As presented in the May 2024 payment report, the class F notes failed the overcollateralization test by three basis points--the tranche was cured on the May 2024 payment date. Transaction key metrics AT CLOSING CURRENT IN 2018 Total collateral amount (mil. EUR)* 255.47 350.00 Defaulted assets (mil. EUR) 1.37 0.00 Number of performing obligors 122 107 Portfolio weighted-average rating B B 'AAA' SDR (%) 58.52 68.18 'AAA' WARR (%) 35.23 34.07 *Performing assets plus cash and expected recoveries on defaulted assets. SDR--Scenario default rate. WARR--Weighted-average recovery rate. S&P said, "In our view, the portfolio is diversified across obligors, industries, and asset characteristics. Nevertheless, due to the amortization phase, the portfolio will become more concentrated. Hence, we have performed an additional scenario analysis by applying a spread and recovery compression analysis. "Considering the improved SDRs at all rating levels and, for the class A-1 to C notes, higher available credit enhancement, we raised our ratings on the class B-1, B-2, C, and D notes. At the same time, we affirmed our ratings on the class A-1, A-2, E, and F notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class D and E notes could withstand stresses commensurate with higher ratings than those assigned. However, the ratings assigned also reflect the abovementioned additional scenario analysis. "The transaction has continued to amortize since the end of the reinvestment period in May 2022. However, we have considered that the manager may still reinvest unscheduled redemption proceeds, sale proceeds from credit-impaired assets, and proceeds from credit improved assets. Such reinvestments (as opposed to repayment of the liabilities) may therefore prolong the note repayment profile for the most senior class of notes. "We also considered the level of cushion between our break-even default rate and SDR for these notes at their passing rating levels, as well as current macroeconomic conditions and these tranches' relative seniority. Considering all of these factors, we raised our ratings on the class B-1 and B-2 notes by two notches, class C notes by four notches, and class D notes by three notches. "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. "Counterparty, operational, and legal risks are adequately mitigated in line with our criteria." GLG Euro CLO IV is a European cash flow CLO transaction that securitizes loans granted to primarily speculative-grade corporate firms. The transaction is managed by GLG Partners LP. TIKEHAU CLO XII: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------ S&P Global Ratings assigned credit ratings to Tikehau CLO XII DAC's class A to F European cash flow CLO notes. At closing, the issuer will issue unrated subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.6 years after closing, while the non-call period will end 1.5 years after closing. The ratings 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 is bankruptcy remote. -- The transaction's counterparty risks, which are in line with our counterparty rating framework. Portfolio benchmarks CURRENT S&P Global Ratings' weighted-average rating factor 2,851.31 Default rate dispersion 431.35 Weighted-average life (years) 5.04 Weighted-average life (years) extended to cover the length of the reinvestment period 5.04 Obligor diversity measure 131.79 Industry diversity measure 21.57 Regional diversity measure 1.20 Transaction key metrics CURRENT Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 'AAA' weighted-average recovery (%) 36.97 Floating-rate assets (%) 94.05 Weighted-average spread (net of floors; %) 4.16 S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. We understand that at closing the portfolio will 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 CDOsS&. "In our cash flow analysis, we used the EUR400 million target par amount, the actual weighted-average spread (4.16%), the actual weighted-average coupon (5.70%), and the actual portfolio weighted-average recovery rates for all rated 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. "Our credit and cash flow analysis show that the class B-1, B-2, C, D, E, and F notes benefit from break-even default rate and scenario default rate cushions that we would typically consider to be in line with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on the notes. The class A notes can withstand stresses commensurate with the assigned ratings. "Until the end of the reinvestment period on March 15, 2029, the collateral manager may substitute assets in the portfolio for so 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, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "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 and framework is bankruptcy remote. The issuer is a special-purpose entity that meets our criteria for bankruptcy remoteness. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to F 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 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 regards the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with its benchmark for the sector. For this transaction, the documents prohibit assets from being related to certain activities, including but not limited to, the following: trade of illegal drugs or narcotics; electrical utilities under certain conditions; oil and gas producers under certain conditions; one whose revenues are more than 25% derived from production or trade of highly hazardous chemicals, highly hazardous pesticides, highly hazardous waste or ozone-depleting substances; one whose revenues are more than 5% derived from sale of civilian firearms; one whose revenues are more than 5% derived from tobacco and tobacco-related products including e-cigarettes; one whose revenues are more than 1% derived from sale or extraction of thermal coal, coal based power generation, or oil sands; one whose any revenue is from pornography, prostitution, or payday lending; in violation of "The Ten Principles of the UN Global Compact". Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and S&P's ESG benchmark for the sector, no specific adjustments have been made in its rating analysis to account for any ESG-related risks or opportunities. Ratings AMOUNT CLASS RATING* (MIL. EUR) SUB (%) INTEREST RATE§ A AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.34% B-1 AA (sf) 27.80 27.30 Three/six-month EURIBOR plus 1.90% B-2 AA (sf) 15.00 27.30 5.25% C A (sf) 25.20 21.00 Three/six-month EURIBOR plus 2.30% D BBB- (sf) 27.00 14.25 Three/six-month EURIBOR plus 3.25% E BB- (sf) 17.00 10.00 Three/six-month EURIBOR plus 5.96% F B- (sf) 14.00 6.50 Three/six-month EURIBOR plus 8.15% Sub. Notes NR 32.20 N/A N/A *The ratings assigned to the class A, B-1, and B-2 notes address timely interest and ultimate principal payments. The 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. ===================== N E T H E R L A N D S ===================== WEENER PLASTICS: S&P Places 'B' Long-Term ICR on Watch Positive --------------------------------------------------------------- S&P Global Ratings placed its 'B' long-term issuer credit rating on Netherlands-based Weener Plastics Group B.V. (WP) as well as its 'B' issue rating on the senior secured facilities on CreditWatch with positive implications. S&P said, "We expect to resolve the CreditWatch upon completion of the transaction. We think that this acquisition could lead us to upgrade our long-term issuer credit rating on WP by one or more notches." WP's acquisition by Silgan is likely to improve WP's credit metrics and financial policy. On July 24, 2024, WP announced that 3i Group PLC had signed an agreement to sell WP to U.S.-based metal and plastic packaging solutions manufacturer Silgan. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2024. S&P said, "We expect this transaction to improve WP's business risk (larger scale and enhanced geographic reach) and financial risk (stronger credit metrics and less aggressive financial policy) profiles. "We will monitor WP's performance and discuss its capital structure with Silgan. We intend to resolve the CreditWatch once the transaction is completed. We will then evaluate the uplift to the business as well as the company's credit measures and financial policy. We will likely raise our long-term issuer credit rating on WP when we assess its strategic importance within Silgan's group of companies." =========== R U S S I A =========== TEMIRYOL-SUGURTA: S&P Lowers ICR to 'B', Outlook Stable ------------------------------------------------------- S&P Global Ratings lowered its financial strength rating and issuer credit rating on Uzbekistan-based insurer Temiryol-Surgata JSC (TYS) to 'B' from 'B+'. The outlook is stable. S&P said, "The downgrade reflects the downward revision of our governance assessment to moderately negative. Over the recent years, TYS has increased its exposure to international risks. We understand that the company has written these risks with a high retention level comprising around 15%-20% of its total equity (around $7 million-$8 million. We view this as an aggressive approach that demonstrates the insurer's still-evolving risk appetite framework. We believe that the company's ability to moderate and control this high exposure is yet to be tested. "Over the first half of 2024 TYS posted a significant decrease of net income to Uzbekistani sum (UZS) 3.0 billion from UZS5.5 billion for the first half of 2023, due to increased losses in employers' liability insurance and in international business. Contrary to our previous expectations, we now see TYS' prospective capital adequacy dropping to the 99.50% confidence level by 2026 from 99.99% in 2023 amid expected weaker profitability in 2024-2026. We now forecast net earned premium growth of 20%-25% over 2024-2025, with a combined ratio (loss and expense) of 108% and negative bottom-line results. We do not expect the company to pay dividends in 2024-2025. TYS' liquidity ratio (stressed assets over stressed liabilities) stood at 131% in 2023, which we consider sufficient. "Positively, the ratings are supported by our view that TYS will likely maintain its competitive standing. We anticipate that TYS will be able to maintain its market share at 2.0%-3.0% in 2024-2025. We expect TYS will continue to diversify its portfolio internationally in aviation and property insurance. In addition, the company will likely expand its local products to motor hull insurance and selective financial risks. We also expect TYS will continue its cooperation with Uzbek Railways. We understand that TYS' business ties with Uzbekistan's national rail carrier will support TYS' strong niche position amid the high competition in the sector in the medium term." With about UZS74 billion (about $6 million) in gross premium written as of March 31, 2024, TYS is ranked No.6 of 31 insurance companies operating on the Uzbek property/casualty insurance market (or No.12 in terms of net premium written). S&P said, "The stable outlook reflects our expectation that, over the next 12 months, TYS will maintain sound capital adequacy at least at the 99.50% confidence level as per our model. We expect competitive standing and the investment portfolio to remain unchanged." Downside scenario S&P could lower the ratings in the next 12 months if: -- Contrary to our expectations, TYS' capital position weakens below the 99.50% confidence level due to materially worse-than-expected operating performance, material underwriting or investment losses; or -- S&P views that TYS is likely to face a severe liquidity shortfall. Upside scenario S&P considers an upgrade as unlikely at this stage. However, this could happen if TYS develops a sustainable track record of moderated risk appetite. S&P considers governance factors a negative consideration in its credit rating analysis of TYS. This mainly reflects TYS' risk appetite framework as more aggressive and still developing compared with its peers. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight =========================== U N I T E D K I N G D O M =========================== ASTRADENT (3) LIMITED: FRP Advisory Named as Administrators ----------------------------------------------------------- Astradent (3) Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts in Leeds, Insolvency & Companies List (ChD), Court Number: CR-2024-773, and Philip David Reynolds and Alexander Kinninmonth of FRP Advisory Trading Limited were appointed as administrators on August 2, 2024. Astradent (3) Limited, trading as Anglesea Dental, is a company registered in United Kingdom involved in dental practice activities. The company's registered office address is at 33 Coton Road, Nuneaton, CV11 5TW. The company's principal trading address is at 20 Anglesea Road, Shirley, Southampton, SO15 5QJ. The administrators can be reached at: Philip David Reynolds FRP Advisory Trading Limited 110 Cannon Street, London, EC4N 6EU Tel No: 02381 448200 - and - Alexander Kinninmonth FRP Advisory Trading Limited Mountbatten House Grosvenor Square, Southampton, SO15 2RP Tel No: 02381 448200 Alternative contact: Liam Burrows E-mail: cp.southampton@frpadvisory.com CIRCOFLO LIMITED: Francis Clark Named as Joint Administrators ------------------------------------------------------------- Circoflo Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Company and Insolvency List, Court Number: CR-2024-004627, and Lucinda Clare Coleman and Stephen James Hobson of Francis Clark LLP were appointed as joint administrators on Aug. 6, 2024. Circoflo Limited is a UK based manufacturer of innovative underfloor heating systems designed to be "future proof" enough to work from almost any heat source. Its registered office is located at Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE. Its principal trading address is at Melrose House Pynes Hill, Rydon Lane, Exeter, EX2 5AZ. The joint administrators can be reached at: Lucinda Clare Coleman Stephen James Hobson Francis Clark LLP Centenary House, Peninsula Park Rydon Lane, Exeter EX2 7XE Tel. No: 01392 667000 For further information, contact: Charles Bell Francis Clark LLP Tel. No: 01392 667000 E-mail: Charles.Bell@pkf-francisclark.co.uk LONDON CITY CLEAN: Leonard Curtis Named as Administrators --------------------------------------------------------- The London City Clean Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2024-004640, and Dane O'Hara and Neil Bennett of Leonard Curtis were appointed as administrators on Aug. 6, 2024. The London City Clean Ltd. offers commercial cleaning services. Its registered office and principal trading address is at 34 Clarendon Road, Watford, England WD17 1JJ. The administrators can be reached at: Dane O'Hara Neil Bennett Leonard Curtis, 5th Floor, Grove House 248a Marylebone Road, London, NW1 6BB Tel No: 020 7535 7000 E-mail: recovery@leonardcurtis.co.uk Alternative contact: Aron Williams OMNIE LIMITED: Francis Clark Named as Joint Administrators ---------------------------------------------------------- Omnie Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Company and Insolvency List, Court Number: CR-2024-004642, and Lucinda Clare Coleman and Stephen James Hobson of Francis Clark LLP were appointed as joint administrators on Aug. 6, 2024. Omnie Limited is a manufacturer, designer and supplier of innovative underfloor heating products for all UK constructions. Its registered office is located at Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE. Its principal trading address is at Melrose House Pynes Hill, Rydon Lane, Exeter, EX2 5AZ. The joint administrators can be reached at: Lucinda Clare Coleman Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Tel. No: 01392 667000 For further information, contact: Charles Bell Francis Clark LLP Tel. No: 01392 667000 E-mail: Charles.Bell@pkf-francisclark.co.uk TRAILAR LIMITED: Begbies Traynor Named as Administrators -------------------------------------------------------- Trailar Limited was placed into administration proceedings in the Business and Property Court in Manchester, Insolvency & Companies List (ChD), Court Number: CR-2024-MAN-000961, and Paul Stanley and Mark Weekes of Begbies Traynor were appointed as administrators on Aug. 2, 2024. Trailar Limited offers solar powered transportation. Its registered office address is at Unit 4, Whitney Court, Hamilton Street, Oldham, OL4 1DB. The administrators can be reached at: Paul Stanley Mark Weekes Begbies Traynor (Central) LLP 340 Deansgate, Manchester, M3 4LY For further information, contact: Warren Seals Begbies Traynor (Central) LLP E-mail: warren.seals@btguk.com Tel No: 0161 837 1700 =============== X X X X X X X X =============== [*] BOOK REVIEW: Dynamics of Institutional Change ------------------------------------------------- Dynamics of Institutional Change: The Hospital in Transition Authors: Milton Greenblatt, Myron Sharaf, and Evelyn M. Stone Publisher: Beard Books Softcover: 288 pages List Price: $34.95 Review by Henry Berry Order your personal copy today at http://beardbooks.com/beardbooks/dynamics_of_institutional_change.html Like many other private-sector and public institutions in modern society, hospitals are regularly undergoing change. The three authors of this volume have been leaders in change at Boston State Hospital, a large public mental hospital, that serves as the test case for the experienced advice and hard-earned lessons found in this work. With their academic and professional backgrounds, the three authors combined offer an incomparable fund of knowledge and experience for the reader. In keeping with their positions, they focus on the position and the role of the leaders of institutional change. They do not recommend any particular choices, direction, or outcome. They do not presume to know what is the best for all institutions, or to understand the culture, realities, goals, or values of all institutions. They do not even presume to know what is best or desirable for hospitals, the institution with which they are most familiar. Instead, the authors direct their attention to "the problems hampering change and the gains and losses of one or another strategy of change." In relation to this, they are "more concerned with the study of process than with outcome." By not recommending specific policies or arguing for specific values or goals, the authors make their book relevant to all institutions involved in change, but particularly public-health institutions. All of the subjects are dealt with from the perspective of top executives and administrators. Among the subjects taken up are not only the staff and structure of the institution, specifically the medical institution, but also consultants, volunteers, local communities, and state and federal government agencies. The detail given to each subject goes beyond the administrator's relationship to it to discussion concerning the relationship of lower-level employees with the subject. This relationship of lower-level employees has everything to do with how change occurs within the institution, and often whether it occurs. The authors go into such detail because they understand that the performance and goals of top administrators are affected by everything that goes on within heir institution, and often by much that goes on outside of it. For example, the authors begin the subject of volunteers by defining three types of volunteers: volunteers from organizations, student or independent volunteers, and government-appointed or statutory volunteers. Volunteers of whatever type can cause anxiety, resistance, and even resentment among regular staff of an institution. Volunteers are not simply "free help," but require administration, training, and oversight -- which can distract regular employees from work they consider more important and interesting, and use up departments' resources. The transitional nature of volunteers, their ignorance of institutional and occupational concerns of the regular staff, and their lack of professionalism can cause disruptions and personnel problems in parts of an institution. The authors advise the top administrators, "The intrusive evangelism of student volunteers can be threatening not only to professional supervisors, but to the entire hospital staff as well, from the attendant to the top administrator." While recognizing the problems which may be caused by volunteers, especially younger ones, the authors point out the worth of volunteers to the hospital despite the potential problems they bring. Overall, the different types of volunteers "improve the physical and social environment" of the workplace, "make direct and beneficial contacts with chronic patients," and often "establish true innovations." After discussing the pros and cons of volunteers and providing detailed guidance on how to manage volunteers so as to minimize potential problems, the authors advise the administrator and his or her staff how to regard volunteers. "Both staff and administrator must constantly keep in mind that volunteers are not personally helping them [word in italics in original], but are helping the patients or the community." Along with the technical management and administrative guidance, such counsel is clearly relevant and important in keeping perspective on the matter of volunteers. The treatment of volunteers in a medical institution exemplifies the comprehensive, empathetic, and experienced treatment of all the subjects. Personnel -- whether professional, clerical, service, or volunteer -- is obviously a major concern of any institution and change in it. The structure of an institution is another crucial concern. This is addressed under the heading "decentralization through unitization." In the context of a large public medical facility, decentralization "involves breaking up the institution into semiautonomous units . . . ; each of which is like a small community health center in that it is responsible for serving a specific part of the community." As with the subject of volunteers, the authors treat this subject of the structure of the institution by examining its various sides, discussing related personnel and administrative matters, relating instructive anecdotes from their own experience, and in the end, offering relevant and practical advice and actions whose sense is apparent to the reader by this point. Recognizing that the authors have faced many of the same situations, decisions, pressures, challenges, and aims as they have, top hospital and public-health administrators will no doubt adopt many of the authors' recommendations for managing the process of change. The content of the book as well as its style (which is obviously meant to be helpful, sympathetic, and realistic) offers the reader not only resolutions, but also encouragement. The top hospital administrators and their staff, who are the main audience for "Dynamics of Institutional Change," will not find a better study and handbook to help them through the changes their institutions are being called upon to undergo to deal with the health concerns and problems of today's society. Milton Greenblatt, M.D. was Commissioner of the Massachusetts Department of Mental Health, Professor of Psychiatry at Tufts University School of Medicine, and Lecturer in Psychiatry at Harvard Medical School and Boston University School of Medicine. Myron R. Sharaf, Ph. D. was Associate Area Director of Boston State Hospital and Assistant Professor of Psychology at Tufts University School of Medicine. Evelyn M. Stone served as Executive Editor for the Massachusetts Department of Mental Health. ********* 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. 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