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

                          E U R O P E

          Wednesday, August 21, 2024, Vol. 25, No. 168

                           Headlines



F R A N C E

ALTICE FRANCE: $2.15BB Bank Debt Trades at 16% Discount
ALTICE FRANCE: $2.50BB Bank Debt Trades at 19% Discount


I T A L Y

LUZZATTI POP: DBRS Cuts Class A Notes Rating to BB(high)
POPOLARE BARI 2016: DBRS Confirms C Rating on Class B Notes


N E T H E R L A N D S

FLAMINGO GROUP: EUR236.5MM Bank Debt Trades at 18% Discount


P O R T U G A L

TAGUS: DBRS Cuts Class E Notes Rating to B


U N I T E D   K I N G D O M

ACE GLOBAL: R2 Advisory Named as Administrators
BLETCHLEY PARK 2024-1: DBRS Finalizes CCC Rating on X2 Notes
BOTANICAL WATER: Notice of Creditors' Decision on Proposals Up
CLUB MEXICANA: Quantuma Advisory Named as Administrators
PIDGINTOWN LIMITED: Oury Clark Named as Joint Administrators

SKONTO PLAN: Evelyn Partners Named as Joint Administrators
TIME GB (OFFICES): FRP Advisory Named as Joint Administrators

                           - - - - -


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

ALTICE FRANCE: $2.15BB Bank Debt Trades at 16% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 83.7
cents-on-the-dollar during the week ended Friday, Aug. 16, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $2.15 billion Term loan facility is scheduled to mature on
February 2, 2026. About $546.0 million of the loan is withdrawn and
outstanding.

Altice France provides wireless telecommunication services. The
Company offers fiber optic network solutions for all type of media.
Altice France serves customers in France.

ALTICE FRANCE: $2.50BB Bank Debt Trades at 19% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 81.1
cents-on-the-dollar during the week ended Friday, Aug. 16, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $2.50 billion Term loan facility is scheduled to mature on
August 14, 2026. About $580.0 million of the loan is withdrawn and
outstanding.

Altice France provides wireless telecommunication services. The
Company offers fiber optic network solutions for all type of media.
Altice France serves customers in France.



=========
I T A L Y
=========

LUZZATTI POP: DBRS Cuts Class A Notes Rating to BB(high)
--------------------------------------------------------
DBRS Ratings GmbH downgraded its credit rating on the Class A Notes
issued by Luzzatti POP NPLs 2021 S.r.l. (the Issuer) to BB (high)
(sf) from BBB (sf) and maintained the Negative trend on the credit
rating.

The transaction represents the issuance of Class A, Class B, and
Class J Notes (collectively, the Notes). The credit rating on the
Class A Notes addresses the timely payment of interest and the
ultimate repayment of principal. Morningstar DBRS does not rate the
Class B or Class J Notes.

As of the January 1, 2021 cut-off date, the Class A Notes were
backed by a EUR 790.5 million portfolio by gross book value (GBV)
of Italian secured and unsecured nonperforming loans (NPLs)
originated by 12 Italian banks (the Sellers or the Originators).
doValue S.p.A. (the Servicer) services the receivables, while
Zenith Service S.p.A. acts as the master servicer for the
transaction. Centotrenta Servicing S.p.A. (the Backup Servicer) has
been appointed to carry out the servicing activities in case the
agreement with the Servicer terminates.

The securitized portfolio included secured loans representing
approximately 53.7% of the GBV, approximately 89.4% by GBV which
benefits from a first-ranking lien mortgage, with unsecured loans
representing the remaining 46.3% of the GBV. At the cut-off date,
the portfolio mainly represented corporate borrowers (68.4% by
GBV), and the properties securing the loans in the portfolio were
mainly residential (48.9% by first-ranking lien updated real estate
value). The secured collateral was mainly concentrated in the
northern regions of Italy (50.6% by first-ranking lien updated real
estate value) with Lombardy as the most represented region (40.0%
by first-ranking lien updated real estate value).

CREDIT RATING RATIONALE

The credit rating action follows a review of the transaction and is
based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of March 2024, focusing on (1) a comparison between actual
collections and the Servicer's initial business plan forecast, (2)
the collection performance observed over recent months, and (3) a
comparison between the current performance and Morningstar DBRS'
expectations.

-- Updated business plan: The Servicer's updated business plan as
of December 2023, approved in July 2024, and a comparison with the
initial collection expectations.

-- Portfolio characteristics: The loan pool composition as of
March 2024 and the evolution of its core features since issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the Notes (i.e., the
Class B Notes will begin to amortize following the full repayment
of the Class A Notes, and the Class J Notes will begin to amortize
following the repayment of the Class B Notes). Additionally,
interest payments on the Class B Notes become subordinated to
principal payments on the Class A Notes if the cumulative net
collection ratio or the net present value cumulative profitability
ratio is lower than 90%. As of the April 2024 interest payment
date, these triggers had not been breached with actual figures at
224.7% and 135.1%, respectively, per the Servicer.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve and a recovery expenses cash reserve providing
liquidity to the structure and covering a potential interest
shortfall on the Class A Notes and senior fees. The cash reserve
target amount is equal to 4.0% of the Class A Notes' principal
outstanding balance and the recovery expenses cash reserve target
amounts to EUR 300,000, both fully funded.

-- The exposure to the transaction account bank and the downgrade
provisions outlined in the transaction documents.

TRANSACTION AND PERFORMANCE

According to the latest investor report from April 2024, the
outstanding principal amounts of the Class A, Class B, and Class J
Notes were EUR 112.3 million, EUR 25.0 million, and EUR 10.0
million, respectively. As of the April 2024 payment date, the
balance of the Class A Notes had amortized by 41.2% since issuance
and the aggregated transaction balance was EUR 147.3 million.

As of March 2024, the transaction was performing above the
Servicer's business plan expectations. The actual cumulative gross
collections equaled EUR 100.3 million whereas the Servicer's
initial business plan estimated cumulative gross collections of EUR
44.0 million for the same period. Therefore, as of March 2024, the
transaction was overperforming by EUR 56.3 million (128.1%)
compared with the initial business plan expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 32.6 million in the BBB (sf)
stressed scenario. Therefore, as of April 2024, the transaction was
performing above Morningstar DBRS' initial stressed expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in April 2024, the Servicer delivered an updated
portfolio business plan. The updated portfolio business plan,
combined with the actual cumulative gross collections of EUR 89.3
million as of December 2023, results in a total of EUR 287.5
million, which is 5.9% lower than the total gross disposition
proceeds of EUR 305.7 million estimated in the initial business
plan. Considering the performance to date, future expected
collections have been reduced considerably (by 17.3%). Morningstar
DBRS understands that this is because the overperformance to date
is the result of closed files in relation to unsecured loans,
whereas the workout performance of secured loans has been lagging.
Excluding actual collections, the Servicer's expected future
collections from April 2024 amount to EUR 186.4 million. The
updated Morningstar DBRS BB (high) (sf) credit rating stresses
assume a haircut of 17.2% to the Servicer's updated business plan,
considering future expected collections.

Considering the revision of the business plan, Morningstar DBRS
does not deem the positive performance trend to be sustainable,
hence the downgrade of the credit rating on the Class A notes to BB
(high) (sf) while maintaining the Negative trend on the credit
rating. Morningstar DBRS credit rating also considers continued
leakage of available funds to the payment of class B interests,
while the positive performance to date has been considered by
lowering our distressed sales discount assumptions.

The final maturity date of the transaction is October 2045.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transactions' respective press releases at
issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.



POPOLARE BARI 2016: DBRS Confirms C Rating on Class B Notes
-----------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the notes issued
by Popolare Bari NPLS 2016 S.r.l. (the Issuer) as follows:

-- Class A Asset Backed Floating Rate Notes due 2036 (the Class A
Notes) at CC (sf)

-- Class B Asset Backed Floating Rate Notes due 2036 (the Class B
Notes) at C (sf)

The transaction represents the issuance of Class A, Class B, and
Class J Notes (collectively, the notes). The credit rating on the
Class A Notes addresses the timely payment of interest and the
ultimate repayment of principal. The credit rating on the Class B
Notes addresses the ultimate payment of principal and interest.
Morningstar DBRS does not rate the Class J Notes.

At issuance, the notes were backed by a EUR 480.0 million portfolio
by gross book value consisting of a mixed pool of Italian
nonperforming residential, commercial, and unsecured loans
originated by Banca Popolare di Bari S.c.p.A., Banca Tercas, and
Banca Caripe S.p.A. All entities were subsequently merged into
Banca Popolare di Bari S.c.p.A. (the Originator).

Prelios Credit Servicing S.p.A. (Prelios or the servicer) services
the receivables while Banca Finint S.p.A. (Banca Finint; formerly
Securitization Services S.p.A.) operates as backup servicer.

CREDIT RATING RATIONALE

The credit rating confirmations follow a review of the transaction
and are based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of May 2024, focusing on (1) a comparison between actual
collections and the servicer's initial business plan forecast, (2)
the collection performance observed over recent months, and (3) a
comparison between the current performance and Morningstar DBRS'
expectations.

-- Updated business plan: The servicer's updated business plan as
of November 2023, received in March 2024, and the comparison with
the initial collection expectations.

-- Portfolio characteristics: Loan pool composition as of May 2024
and the evolution of its core features since issuance.

-- Transaction liquidating structure: The fully sequential
amortization of the notes according to the order of priority (i.e.,
the Class B Notes will begin to amortize following the full
repayment of the Class A Notes, and the Class J Notes will amortize
following the repayment of the Class B Notes). Additionally,
interest payments on the Class B Notes become subordinated to
principal payments on the Class A Notes if the cumulative net
collection ratio or the net present value (NPV) cumulative
profitability ratio are lower than 90%. Since the June 2020
interest payment date (IPD), the cumulative net collection ratio
has breached the 90% limit, so that interest payments on the Class
B Notes are subordinated to the repayment of principal on the Class
A Notes. As per the May 2024 servicer report, the cumulative net
collection ratio is 57.6% and the NPV cumulative profitability
ratio is 84.2%.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure, covering
potential interest shortfall on the Class A Notes and senior costs.
The cash reserve target amount is equal to 3% of the Class A and
Class B Notes' principal outstanding and is currently fully funded.
There is an additional cash reserve funded at EUR 2.5 million from
the first IPD through collections. It is fully funded as of the
June 2024 IPD.

-- Interest rate risk: The transaction is exposed to high interest
rate risk in a rising-interest-rate environment because of the
material under hedging of the Class A and Class B Notes, which is a
result of the underperformance in terms of collections. In
addition, the interest cap agreement will expire on the December
2024 IPD, meaning no interest risk protection thereafter.

TRANSACTION AND PERFORMANCE

According to the latest investor report from June 2024, the
outstanding principal amounts of the Class A, Class B, and Class J
Notes were EUR 63.2 million, EUR 14.0 million, and EUR 10.0
million, respectively. As of the June 2024 payment date, the
balance of the Class A Notes had amortized by 50.1% since issuance,
and the current aggregated transaction balance was EUR 87.2
million.

As of May 2024, the transaction was performing below the servicer's
business plan expectations. The actual cumulative gross collections
equaled EUR 102.0 million, whereas the servicer's initial business
plan estimated cumulative gross collections of EUR 176.5 million
for the same period. Therefore, as of May 2024, the transaction was
underperforming by EUR 74.6 million (42.2%) compared with the
initial business plan expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 130.9 million at the BBB
(high) (sf) stressed scenario and EUR 149.4 million at the B (high)
(sf) stressed scenario. Therefore, as of May 2024, the transaction
was performing below Morningstar DBRS' initial stressed
expectations.

Pursuant to the requirements set out in the receivable servicing
agreement, in March 2024, the servicer delivered an updated
portfolio business plan as of November 2023.

The updated portfolio business plan, combined with the actual
cumulative gross collections of EUR 95.7 million as of November
2023, results in a total of EUR 136.3 million, which is 30.9% lower
than the total gross disposition proceeds of EUR 197.2 million
estimated in the initial business plan.

Excluding actual collections as of May 2024, the servicer's
expected future collections from June 2024 amount to EUR 33.2
million, which is less than the current balance of the Class A
Notes. In Morningstar DBRS' CCC (sf) scenario, the servicer's
updated forecast was adjusted only in terms of actual collections
to date and the timing of future expected collections, resulting in
EUR 34.2 million in recoveries.

Considering the material gap between the future expected
collections and the current balance of Class A Notes, the full
repayment of the Class A principal is unlikely, but considering the
transaction structure, a payment default on the notes would likely
occur only in a few years.

Given the characteristics of the Class B Notes, as defined in the
transaction documents, Morningstar DBRS notes that a default would
most likely be recognized only at the maturity or early termination
of the transaction.

The final maturity date of the transaction is in December 2036.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transactions' respective press releases at
issuance.

Notes: All figures are in euros unless otherwise noted.





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

FLAMINGO GROUP: EUR236.5MM Bank Debt Trades at 18% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Flamingo Group
International Ltd is a borrower were trading in the secondary
market around 82.4 cents-on-the-dollar during the week ended
Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing
service data.

The EUR236.5 million Term loan facility is scheduled to mature on
August 1, 2028. The amount is fully drawn and outstanding.

Flamingo Group International Limited is a business combination
created in February 2018 between Flamingo Horticulture Ltd
(Flamingo UK), a supplier of cut flowers and premium vegetables to
the UK premium and value retailers, and Afriflora, a supplier of
sweetheart roses to major European retailers such as Lidl, Aldi and
Edeka. The company runs farming operations primarily in Kenya and
Ethiopia. Flamingo is owned by private equity funds managed and
advised by Sun Capital Partners, Inc. and its affiliates. The
Company's country of domicile is the Netherlands.



===============
P O R T U G A L
===============

TAGUS: DBRS Cuts Class E Notes Rating to B
------------------------------------------
DBRS Ratings GmbH took the credit rating actions on the Class A,
Class B, Class C, Class D and Class E Notes (collectively, the
Rated Notes) issued by Tagus - Sociedade de Titularizacao de
Creditos, S.A. (Vasco Finance No. 1) (the Issuer) as follows:

-- Class A Notes confirmed at AA (high) (sf)
-- Class B Notes downgraded to A (sf) from A (high) (sf)
-- Class C Notes downgraded to BBB (sf) from BBB (high) (sf)
-- Class D Notes downgraded to BB (sf) from BB (high) (sf)
-- Class E Notes downgraded to B (sf) from B (high) (sf)

Morningstar DBRS did not rate the Class F, Class R or Class X Notes
also issued by the Issuer.

The credit rating of the Class A, Class B and Class C Notes
addresses the timely payment of scheduled interest and the ultimate
repayment of principal by the legal final maturity date. The credit
ratings of the Class D and Class E Notes address the ultimate
payment of scheduled interest and principal by the legal final
maturity date.

CREDIT RATING RATIONALE

The credit rating actions follow a review of the transaction and
are based on the following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement to withstand stressed
cashflow assumptions and repay the Issuer's financial obligations
according to the terms under which the Rated Notes were issued;

-- The credit quality and characteristics of WiZink Bank S.A.U.
Portuguese branch (WiZink Portugal or the servicer)'s portfolio,
its historical performance and Morningstar DBRS' expectation of
monthly principal payment rates (MPPRs), yields and charge-off
rates under various stress scenarios;

-- The capabilities of WiZink Portugal with respect to
originations, underwriting, servicing and its position in the
market and financial strength.

-- The transaction parties' financial strength regarding their
respective roles;

-- Morningstar DBRS sovereign credit rating on the Republic of
Portugal, currently at "A" with a Positive trend;

-- The consistency of the transaction's structure with Morningstar
DBRS "Legal Criteria for European Structured Finance Transactions"
and "Derivative Criteria for European Structured Finance
Transactions" methodologies; and

-- The non-occurrence of a revolving termination event.

Specifically, the downgrade of credit ratings on the Class B, Class
C, Class D and Class E Notes is related to a cashflow
implementation error as described in a press release. The error
over-estimated the principal collections and incorrectly resulted
in better cashflow results.

TRANSACTION STRUCTURE

The Issuer is a securitization of credit card receivables granted
to individuals under credit card agreements originated and serviced
by WiZink Portugal. WiZink Portugal is the rebranding of the
acquired BarclayCard operation in Portugal.

After the scheduled revolving period end date of 31 August 2024,
the Class A, Class B, Class C, Class D, Class E, Class F and Class
X Notes will enter into a pro rata amortization with the
amortization amounts based on the respective percentages of 68.46%,
9.48%, 5.52%, 6.97%, 4.98%, 4.55% and 0.05%, respectively, until
the breach of a sequential amortization trigger or an event of
default after which these notes will be repaid sequentially.

Morningstar DBRS notes the Class R Notes have been fully repaid by
the payment date in February 2024.

The transaction includes a cash reserve to cover the shortfalls in
senior expenses, servicing fees, senior swap payments and interest
on the Class A and, if not deferred, Class B and Class C Notes. The
reserve target amount is 2% of the outstanding principal amount of
the Class A, Class B and Class C Notes and would amortize down to a
floor equal to 0.5% of the initial amount of the Class A, Class B
and Class C Notes.

COUNTERPARTIES

Deutsche Bank AG remains as the account bank for the Issuer. Based
on Morningstar DBRS credit ratings on Deutsche Bank AG, Morningstar
considers the risk arising from the exposure to the account bank to
be commensurate with the credit ratings assigned.

BNP Paribas remains as the swap counterparty for the Issuer.
Morningstar DBRS credit ratings on BNP Paribas meet the criteria to
act in such capacity. The transaction documents contain downgrade
provisions consistent with Morningstar DBRS criteria.

PORTFOLIO ASSUMPTIONS

As of the July 2024 payment date, the Issuer investor report
indicated an MPPR of 7.4%, a yield of 14.3% and an annualized
charge-off rate of 4.8%. Based on the trends of historical
performance, Morningstar DBRS maintained the expected MPPR, yield
and charge-off rate at 5.75%, 15% and 8%, respectively.

Morningstar DBRS credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. Where
applicable, a description of these financial obligations can be
found in the transaction's respective press releases at issuance.

Morningstar DBRS long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




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

ACE GLOBAL: R2 Advisory Named as Administrators
-----------------------------------------------
Ace Global Trading Limited was placed into administration
proceedings in the High Court of Justice, Court Number:
CR-2024-004791, and Robert Horton of R2 Advisory Limited was
appointed as administrator on Aug. 8, 2024.  
       
Ace Global is a wholesaler of perfumes.  Its registered office is
at c/o R2 Advisory Limited, St Clement's House, 27 Clements Lane,
London, EC4N 7AE.  Its principal trading address is at Treviot
House, 186-192 High Road, Ilford, IG1 1LR.
       
The administrator can be reached at:
       
                Robert Horton
                R2 Advisory Limited
                St Clement's House
                27 Clements Lane
                London, EC4N 7AE
       
For further details:
       
                Robert Horton
                E-mail: enquiries@r2a.uk.com
                Tel No: 0207 043 4190
       
Alternative contact:

                Ella Harvey

BLETCHLEY PARK 2024-1: DBRS Finalizes CCC Rating on X2 Notes
------------------------------------------------------------
DBRS Ratings Limited finalized its provisional credit ratings on
the residential mortgage-backed notes (the rated notes) issued by
Bletchley Park Funding 2024-1 PLC (the Issuer) and assigned a
credit rating to the Class X2 notes as follows:

-- Class A notes at AAA (sf)
-- Class B notes at AA (high) (sf)
-- Class C notes at A (sf)
-- Class D notes at BBB (high) (sf)
-- Class E notes at BB (high) (sf)
-- Class X1 notes at BB (high) (sf)
-- Class X2 notes at CCC (sf)

The credit rating assigned to the Class X2 notes and the finalized
provisional credit ratings on the Class B to Class X1 notes are
higher than the provisional credit ratings Morningstar DBRS
assigned because of the lower cost of funding in the transaction
after the rated notes priced.

The credit rating on the Class A notes addresses the timely payment
of interest and the ultimate repayment of principal on or before
the legal final maturity date. The credit ratings on the Class B,
Class C, Class D, Class E, Class X1, and Class X2 notes address the
ultimate payment of interest and the ultimate repayment of
principal on or before the legal final maturity date while junior
and the timely payment of interest once such class of notes becomes
the most senior class of notes outstanding. Morningstar DBRS does
not rate the residual certificates also issued in this
transaction.

CREDIT RATING RATIONALE

The transaction represents the issuance of residential
mortgage-backed securities (RMBS) backed by first-lien mortgage
loans.

The Issuer is a bankruptcy-remote special-purpose vehicle (SPV)
incorporated in the UK. The collateralized notes are backed by
buy-to-let (BTL) mortgage loans originated by Quantum Mortgages
Limited (QML) and by owner-occupied (OO) mortgage loans originated
by Hey Habito Ltd. (Habito; together with QML, the originators).

QML is a UK specialist property finance lender that has been
offering loans to customers in England, Wales, and Northern Ireland
since May 2022. QML's BTL business targets professional portfolio
landlords, often real estate companies or SPVs, which they acquire
through the broker marketplace. Habito is an online mortgage
broker, incorporated in January 2015, offering services to
customers in the UK. It originated residential mortgage loans from
May 2021 to September 2022.

The portfolio consists of GBP 219.5 million of QML-originated
mortgage loans collateralized by BTL properties in the UK and GBP
14.8 million of Habito-originated mortgage loans collateralized by
OO residential properties in England and Wales. The
weighted-average (WA) seasoning of the portfolio is ten months,
with two-thirds of the pool (67%) originated in the past 12 months.
BCMGlobal Mortgage Services Limited will service the BTL loans.
Habito will service the OO loans as master servicer and, upon
termination of the master servicing agreement, Pepper (UK) Limited
will take over.

Liquidity in the transaction is provided by a liquidity reserve
fund (LRF) funded through the issuance of the collateralized notes
(the Class A to Class E notes) at closing and through excess spread
thereafter. The LRF shall cover senior costs and expenses, senior
swap payments, and interest shortfalls on the Class A and Class B
notes. In addition, principal borrowing is also envisaged under the
transaction documentation and can be used to cover senior costs and
expenses as well as interest shortfalls on the most senior
outstanding class of the Class A to Class E notes after using
revenue funds and the LRF. Principal can also be used to cure any
shortfalls on the notes that are not the most-senior class of notes
outstanding as long as the relevant principal deficiency ledger
balance for each of those notes is less than 10%.

The Class X1 and Class X2 notes are paid (both, interest and
principal) through available revenue funds (excess spread).

All interest on the notes (apart from Class A interest) can be
deferred while the class is not the most senior, any deferred
interest becomes due on the first payment date the particular class
of notes becomes most senior.

The transaction also features two fixed-to-floating interest rate
swaps (IRS) (a vanilla IRS for the QML loans and a balance
guaranteed swap for the Habito loans), given the presence of a
large portion of fixed-rate loans (with a compulsory reversion to
floating in the future), while the liabilities shall pay a coupon
linked to the daily compounded Sterling Overnight Index Average.
The swap counterparty appointed at closing is NatWest Markets Plc
(NatWest). Based on Morningstar DBRS' credit rating on NatWest, the
downgrade provisions outlined in the documents, and the transaction
structural mitigants, Morningstar DBRS considers the risk arising
from the exposure to NatWest to be consistent with the credit
ratings assigned to the rated notes as described in Morningstar
DBRS' "Derivative Criteria for European Structured Finance
Transactions" methodology.

Furthermore, Citibank N.A., London Branch will act as the Issuer
account bank while Barclays Bank PLC and National Westminster Bank
Plc was appointed as the collection account banks for the QML loans
and the Habito loans, respectively. All three entities' current
credit ratings meet the eligible credit ratings in structured
finance transactions and are consistent with the credit ratings
assigned to the rated notes as described in Morningstar DBRS'
"Legal Criteria for European Structured Finance Transactions"
methodology.

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its "European RMBS Insight:
UK Addendum";

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class X1, and Class X2 notes according to the terms of the
transaction documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- The sovereign credit rating of AA with a Stable trend on the
United Kingdom of Great Britain and Northern Ireland as of the date
of this press release; and

-- The consistency of the transaction's legal structure with
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions that
are expected to address the assignment of the assets to the
Issuer.

Morningstar DBRS' credit ratings on the rated notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated notes are the related
Interest Amounts and the related Class Balances.

Morningstar DBRS' credit ratings on the rated notes also address
the credit risk associated with the increased rate of interest
applicable to each of the rated notes if the rated notes are not
redeemed on the Optional Redemption Date (as defined in and) in
accordance with the applicable transaction documents.

Notes: All figures are in British pound sterling unless otherwise
noted.



BOTANICAL WATER: Notice of Creditors' Decision on Proposals Up
--------------------------------------------------------------
A Notice of Creditors' Decision on Administrators' Proposals, Form
AM07, is available free of charge to any member of Botanical Water
Technologies Ltd who applies in writing to the Joint Administrators
by post to Cork Gully LLP, 40 Villiers Street, London, WC2N 6NJ, or
by e-mail to alexanderzografakis@corkgully.com. If any member has
not previously read the Joint Administrators' Statement of
Proposals, this can be supplied free of charge.

Botanical Water Technologies Ltd was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency and Companies List (ChD),
Court Number: CR-2924-001978, and Stephen Cork and Mark Smith both
of Cork Gully LLP were appointed as administrators on April 4,
2024.  
       
Botanical Water's registered office address is at C/O Cork Gully
LLP, 40 Villiers Street, London, WC2N 6NJ.  Its principal trading
address is at 2nd Floor, 55 Ludgate Hill, London, EC4M 7JW.
       
The administrators can be reached at:
       
                Stephen Cork
                Mark Smith
                Cork Gully LLP
                40 Villiers Street
                London, WC2N 6NJ

For further details, contact:
       
                 Alexander Zografakis
                 E-mail: alexanderzografakis@corkgully.com

CLUB MEXICANA: Quantuma Advisory Named as Administrators
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Club Mexicana Ltd was placed into administration proceedings in the
High Court of Justice Business and Property Courts of England and
Wales, Court Number: CR-2024-004803, and  Nicholas Simmonds and
Chris Newell of Quantuma Advisory Limited were appointed as
administrators on Aug. 9, 2024.  
       
Club Mexicana Ltd is a restaurant offering 100% vegan and Mexican
inspired street food, since 2014. Its registered office is at C/O
Sedulo 605 Albert House, 256-260 Old Street, London, EC1V 9DD and
it is in the process of being changed to 1st floor, 21 Station
Road, Watford, Herts, WD17 1AP.  Its principal trading address is
at Ground Floor, Kingly Court, London, W1B 5PW.
       
The administrators can be reached at:
       
               Nicholas Simmonds
               Chris Newell
               Quantuma Advisory Limited
               1st Floor, 21 Station Road
               Watford, WD17 1AP

For further details, contact:
       
               Laura Bodgi
               E-mail: Laura.Bodgi@quantuma.com
               Tel No: 01923 943494

PIDGINTOWN LIMITED: Oury Clark Named as Joint Administrators
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Pidgintown Limited was placed into administration proceedings in
the High Court of Justice, No CR-2024-004683 of 2024, and Nick
Parsk and Kalani Gunawardana of Oury Clark Chartered Accountants
were appointed as joint administrators on Aug. 12, 2024.  
       
Pidgintown Limited operates a restaurant.  Its registered office
address is at 17 Hanover Square, C/O Main Course Partners, London,
England, W1S 1BN.  Its principal trading address is at 52 Wilton
Way, London, E8 1BG.
       
The joint administrators can be reached at:
       
               Nick Parsk
               Kalani Gunawardana
               Oury Clark Chartered Accountants
               Herschel House
               58 Herschel Street, Slough
               Berkshire SL1 1PG GB
       
For further details, contact:
       
               Ben Briscoe
               E-mail: IR@ouryclark.com
               Tel No: 017535 51 111

SKONTO PLAN: Evelyn Partners Named as Joint Administrators
----------------------------------------------------------
Skonto Plan UK 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-2024-004823, and Clare Lloyd and Colin Hardman of Evelyn
Partners LLP were appointed as joint administrators on Aug. 12,
2024.  
       
Skonto Plan UK Ltd manufactures fabricated metal products.  Its
registered office and principal trading address is at 183-185
Bermondsey Street, London, SE1 3UW.
       
The administrators can be reached at:
       
                 Clare Lloyd
                 Colin Hardman
                 Evelyn Partners LLP
                 c/o RRS Department
                 45 Gresham Street
                 London, EC2V 7BG
                 Tel No: 020 7131 8904
       
Alternative contact:
       
                 Cameron Dalrymple-Rockett
                 E-mail: Cameron.dalrymple-rockett@evelyn.com

TIME GB (OFFICES): FRP Advisory Named as Joint Administrators
-------------------------------------------------------------
Time GB (Offices) Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Leeds, Insolvency & Companies List, Court Number:
CR-2024-LDS-000808, and Gary Hargreaves and Anthony Collier of FRP
Advisory Trading Limited were appointed as joint administrators on
Aug. 12, 2024.  
       
Time GB operates in the recreational vehicle parks, trailer parks
and camping grounds industry.  Its registered office address is at
Royale House 1550 Parkway, Whiteley, Fareham, Hampshire, PO15 7AG
in the process of being changed to C/o FRP Advisory Trading
Limited, Derby House, 12 Winckley Square, Preston, PR1 3JJ.  Its
principal trading address is at Royale House 1550 Parkway,
Whiteley, Fareham, Hampshire, PO15 7AG.
       
The joint administrators can be reached at:
       
                Gary Hargreaves
                Anthony Collier
                FRP Advisory Trading Limited
                Derby House, 12 Winckley Square
                Preston, PR1 3JJ
                Tel No: 01772 440700
       
For further details, contact:
       
                Matthew Williams
                E-mail: cp.preston@frpadvisory.com


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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-
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Editors.

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