/raid1/www/Hosts/bankrupt/TCREUR_Public/240830.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 30, 2024, Vol. 25, No. 175
Headlines
F R A N C E
ACCOR S.A.: S&P Rates New Subordinated Hybrid Securities 'BB'
I R E L A N D
BAIN CAPITAL 2022-1: S&P Assigns B- (sf) Rating to CL. F-R Notes
S P A I N
TDA CAM 7: Moody's Hikes Rating on EUR92.7MM Class B Notes to Ba2
U N I T E D K I N G D O M
CONSULT ENERGY: Moorfields Named as Joint Administrators
E-BATE LIMITED: James Cowper Named as Administrators
HATCHET HARRY'S: Opus Restructuring Named as Administrators
i3 ENERGY: Gran Tierra to Acquire Company for GBP174.1MM
NORTHWOLDS RICHARDSON: Clark Business Named as Joint Administrators
SL 100: CRG Insolvency to Lead Administration Proceedings
SL200 LIMITED: CRG Insolvency to Lead Administration Proceedings
X X X X X X X X
[*] BOOK REVIEW: Taking Charge
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F R A N C E
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ACCOR S.A.: S&P Rates New Subordinated Hybrid Securities 'BB'
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S&P Global Ratings assigned its 'BB' issue rating to the proposed
undated, noncall for six years, optionally deferrable, and deeply
subordinated hybrid notes to be issued by Accor S.A.
(BBB-/Stable/A-3). The size of the hybrid issuance remains subject
to market conditions but we expect it to be up to EUR500 million.
Accor plans to use the proceeds to refinance an equivalent amount
of the hybrids it issued in October 2019, whose first call period
will fall between Jan. 30, 2025, and April 30, 2025. The company
has said that it might also repurchase some of these instruments
via a tender offer, and S&P understands that it does not intend to
permanently increase its stock of hybrids.
S&P said, "After this refinancing and the liability-management
transaction, we expect Accor's hybrid portfolio to be similar in
size to the current total of about EUR1 billion. We expect to
assess the new issuance as having intermediate equity content and
the equivalent amount of the outstanding hybrids being replaced as
having minimal equity content.
"Under our criteria, we cap at 15% the proportion of capital
comprising hybrids classified as having equity content.
Consequently, when we calculate our S&P Global Ratings-adjusted
credit ratios, we will treat one-half of Accor's hybrid capacity
(up to 15% of its adjusted capitalization) as equity rather than
debt. Similarly, we will treat 50% of the related payments on these
securities as equivalent to a common dividend.
"We expect to classify the proposed hybrid as having intermediate
equity content until the first reset date, which we expect to be
six years after issuance. During this period, the proposed hybrid
will meet our criteria for subordination, optional deferability,
and ability to conserve cash and absorb losses. The terms of the
proposed hybrid are generally in line with those of the hybrids
that Accor issued in October 2023."
The two-notch difference between S&P's 'BB' issue rating on the
proposed securities and our 'BBB-' issuer credit rating (ICR) on
Accor reflects the following adjustments, whereby it deduct from
the ICR:
-- One notch for the proposed securities' subordination, because
our long-term ICR on Accor is investment-grade (higher than 'BB+');
and
-- An additional notch for payment flexibility due to the optional
deferability of interest.
S&P said, "The notching indicates our view that there is a
relatively low likelihood that Accor will defer interest payments.
Should our view change, we may significantly increase the number of
notches that we deduct from the ICR to derive the issue rating. We
may lower the issue rating before we lower the ICR.
"We would classify any hybrid debt from the October 2019 issuance
that remains outstanding following the proposed transaction as
having no equity content (that is, 100% debt). We would no longer
regard this tranche as permanent capital since the issuer has
expressed its intention to exercise an early call option."
Key Factors In S&P Assessment Of The Securities' Ability To
Conserve Cash and Absorb Losses
Although the proposed securities have no maturity date, Accor can
redeem them following an initial non-call period of 5.75 years
(including a three-month par call) and on every interest payment
date thereafter. In addition, Accor can call the instrument at any
time, at a real premium, through a "make-whole" redemption option.
S&P said, "Accor has stated that it has no intention of redeeming
the instrument before the first reset date, and we do not consider
that this type of make-whole clause creates an expectation that the
proposed instrument will be redeemed before then. Accordingly, we
do not view it as a call feature in our hybrid analysis, even
though the documentation for the hybrid instrument refers to it as
a make-whole option clause.
"More generally, we understand that Accor intends to replace the
proposed hybrid securities, although it is not obliged to do so. In
our view, this statement of intent, combined with the company's
record of replacing its hybrid securities in a timely manner,
largely mitigates the possibility that it would repurchase the
securities without replacement.
"Accor will pay a fixed coupon on the proposed securities. The
margin will increase by 25 basis points (bps) no earlier than six
years from issuance, and by a further 275 bps after the second
step-up date, 26 years after the issue date. We view the cumulative
300 bps increase as a significant step-up that provides Accor with
an incentive to redeem the proposed securities on the first step-up
date.
"After the first step-up date, we will no longer recognize the
proposed securities as having intermediate equity content because
the remaining period until their economic maturity (second step-up
date) would, by then, be less than 20 years."
Key Factors In S&P Assessment Of The Securities' Subordination
The proposed securities will be deeply subordinated obligations of
Accor and will have the same seniority as the hybrids that the
company issued in October 2023. As such, they will be subordinated
to the senior debt instruments and are only senior to common
shares.
Key Factors In S&P Assessment Of The Securities' Deferability
S&P said, "In our view, Accor's option to defer interest payments
on the proposed securities is discretionary. It may, therefore,
choose not to pay accrued interest on an interest payment date. The
notching to derive the rating on the proposed perpetual securities
reflects our view that there is a relatively low likelihood that
the issuer will defer interest. Should our view change, we may
increase the number of notches we deduct from the ICR to derive our
issue rating.
"However, according to the documentation, if an equity dividend or
interest on any equal-ranking or junior securities is paid, or if
there is a redemption or repurchase of the hybrid or any
equal-ranking or junior securities, Accor would have to settle any
deferred interest payment in cash.
"We see this as a negative factor. That said, this condition
remains acceptable under our rating methodology because, once the
issuer has settled the deferred amount, it can choose to defer
payment on the next interest payment date."
The issuer retains the option to defer coupons throughout the life
of the securities. The deferred interest on the proposed securities
is cash cumulative and compounding.
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I R E L A N D
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BAIN CAPITAL 2022-1: S&P Assigns B- (sf) Rating to CL. F-R Notes
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S&P Global Ratings assigned its credit ratings to Bain Capital Euro
CLO 2022-1 DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes.
The issuer has unrated subordinated notes outstanding from the
existing transaction and has not issued additional subordinated
notes. It has issued unrated class M-1 Sub and M-2 notes.
This transaction is a reset of the already existing transaction
that closed in May 2022. The issuance proceeds of the refinancing
notes were used to redeem the refinanced notes (the original
transaction's class A, B, C, D, E, and F notes, for which S&P
withdrew its ratings at the same time), and pay fees and expenses
incurred in connection with the reset.
The ratings assigned to Bain Capital Euro CLO 2022-1's notes
reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The issuer's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2,821.87
Default rate dispersion 557.93
Weighted-average life (years) 4.27
Weighted-average life (years) extended
to match reinvestment period 5.14
Obligor diversity measure 157.92
Industry diversity measure 19.57
Regional diversity measure 1.23
Transaction key metrics
Total par amount (mil. EUR) including cash and recovery 415.00
Number of performing obligors 204
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 2.92
Actual 'AAA' weighted-average recovery (%) 36.63
Actual weighted-average spread (net of floors; %) 3.99
Actual weighted-average coupon (%) 5.48
Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.
The portfolio's reinvestment period will end approximately 5.14
years after closing, and the portfolio's maximum average maturity
date will be 9.15 years after closing.
The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any classes of notes
in this transaction."
S&P said, "In our cash flow analysis, we used the EUR415.00 million
target par, a actual weighted-average spread (3.99%), actual
weighted-average coupon (5.48%), and the actual weighted-average
recovery rates at all rating levels as indicated by the issuer. 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.
"Under our structured finance ratings above the sovereign criteria,
we consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate the exposure to counterparty risk
under our current counterparty criteria.
"The issuer's legal structure is bankruptcy remote, in line with
our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R to E-R notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes.
"The class X-R, A-R, and F-R notes can withstand stresses
commensurate with the assigned ratings. Our ratings on the class
X-R, A-R, and B-R notes address timely payment of interest and
ultimate payment of principal, while our ratings on the class C-R
to F-R notes address the ultimate payment of interest and
principal.
"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
X-R to F-R notes."
Bain Capital Euro CLO 2022-1 is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by speculative-grade
borrowers. Bain Capital Credit U.S. CLO Manager, LLC manages the
transaction.
S&P said, "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
X-R to E-R 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-R notes."
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries (non-exhaustive list): coal, weapons or
firearms, palm oil, opioid, predatory lending activities, gambling,
pornography, prostitution, civilian weapons or firearms, nuclear
weapons, thermal coal, controversial weapons, endangered or
protected wildlife, activities adversely affecting animal welfare,
speculative transactions of soft commodities, hazardous chemicals,
tobacco, and illegal drugs and narcotics including marijuana.
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, we have not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities."
Ratings
AMOUNT CREDIT
CLASS RATING* (MIL. EUR) ENHANCEMENT (%) INTEREST RATE§
X-R AAA (sf) 2.50 N/A Three/six-month EURIBOR
plus 0.80%
A-R AAA (sf) 257.30 38.00 Three/six-month EURIBOR
plus 1.30%
B-R AA (sf) 45.60 27.01 Three/six-month EURIBOR
plus 1.90%
C-R A (sf) 26.60 20.60 Three/six-month EURIBOR
plus 2.25%
D-R BBB- (sf) 27.40 14.00 Three/six month EURIBOR
plus 3.97%
E-R BB- (sf) 17.60 9.76 Three/six-month EURIBOR
plus 6.77%
F-R B- (sf) 13.50 6.51 Three/six-month EURIBOR
8.63%
M-1 Sub NR 33.20 N/A N/A
M-2 NR 0.50 N/A N/A
*The ratings assigned to the class X-R, A-R, and B-R notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C-R, D-R, E-R, and F-R 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.
EURIBOR--Euro Interbank Offered Rate.
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S P A I N
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TDA CAM 7: Moody's Hikes Rating on EUR92.7MM Class B Notes to Ba2
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Moody's Ratings has upgraded the ratings of five notes in four TDA
CAM Spanish RMBS transactions. The rating action reflects
better-than-expected collateral performance and increased levels of
credit enhancement for the affected notes.
Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.
Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.
Issuer: TDA CAM 5, FTA
EUR1944M Class A Notes, Affirmed Aa1 (sf); previously on Oct 26,
2023 Affirmed Aa1 (sf)
EUR56M Class B Notes, Upgraded to A2 (sf); previously on Oct 26,
2023 Upgraded to Ba2 (sf)
Issuer: TDA CAM 6, FTA
EUR752M Class A3 Notes, Affirmed Aa1 (sf); previously on Jul 27,
2021 Affirmed Aa1 (sf)
EUR50M Class B Notes, Upgraded to Baa2 (sf); previously on Jul 27,
2021 Upgraded to B1 (sf)
Issuer: TDA CAM 7, FTA
EUR1207.3M Class A2 Notes, Affirmed Aa1 (sf); previously on Oct
26, 2023 Affirmed Aa1 (sf)
EUR200M Class A3 Notes, Affirmed Aa1 (sf); previously on Oct 26,
2023 Affirmed Aa1 (sf)
EUR92.7M Class B Notes, Upgraded to Ba2 (sf); previously on Oct
26, 2023 Upgraded to B1 (sf)
Issuer: TDA CAM 9, FTA
EUR250M Class A1 Notes, Affirmed Aa1 (sf); previously on Apr 4,
2023 Affirmed Aa1 (sf)
EUR943.5M Class A2 Notes, Affirmed Aa1 (sf); previously on Apr 4,
2023 Affirmed Aa1 (sf)
EUR230M Class A3 Notes, Affirmed Aa1 (sf); previously on Apr 4,
2023 Affirmed Aa1 (sf)
EUR48M Class B Notes, Upgraded to Ba1 (sf); previously on Apr 4,
2023 Upgraded to Ba3 (sf)
EUR28.5M Class C Notes, Upgraded to B1 (sf); previously on Apr 4,
2023 Upgraded to Caa1 (sf)
EUR15M Class D Notes, Affirmed C (sf); previously on Dec 3, 2009
Downgraded to C (sf)
RATINGS RATIONALE
The rating action is prompted by decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) for all four
transactions and a decrease in the MILAN Stressed Loss assumptions
for TDA CAM 5, FTA ("CAM-5") and TDA CAM 6, FTA ("CAM-6") and TDA
CAM 9, FTA ("CAM-9") due to better than expected collateral
performance. The MILAN Stressed Loss assumption for TDA CAM 7, FTA
("CAM-7") remains unchanged.
The rating action is also prompted by an increase in credit
enhancement for the affected tranches.
Revision of Key Collateral Assumptions:
As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.
The performance of the transactions has continued to be stable
since one year ago. Total delinquencies as percent of current
balance have slightly increased in the past year in part due to
pool deleveraging and low pool factors. The 90 days plus arrears
currently stand at 0.29%, 0.75%, 0.65% and 0.55% of current pool
balance for CAM-5, CAM-6, CAM-7 and CAM-9 and are largely unchanged
since a year ago. Similarly, cumulative defaults currently stand at
7.50%, 13.44%, 13.19% and 16.14% of original pool balance, almost
unchanged from a year earlier.
Moody's decreased the expected loss assumption to 2.43%, 3.06%,
2.69% and 3.53% as a percentage of current pool balance from 3.25%,
3.64%, 3.04% and 4.37%, for CAM-5, CAM-6, CAM-7 and CAM-9,
respectively, due to continued good performance. The revised
expected loss assumption corresponds to 3.23%, 6.31%, 6.84% and
7.69% as a percentage of original pool balance.
Moody's have also assessed loan-by-loan information as a part of
Moody's detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's have reduced the MILAN Stressed Loss
assumption for CAM-5, CAM-6 and CAM-9 from 10% to 8.0%, 11.0% to
9.6% and 12.8% to 10.7% respectively. For CAM-7 the MILAN Stressed
Loss assumption was maintained at 9.5%.
Increase in Available Credit Enhancement
Sequential amortization for CAM-5, CAM-7 and CAM-9 since the last
rating action led to the increase in the credit enhancement
available in these transactions. CAM-6 is currently amortising the
notes' principal pro-rata and is expected to switch to sequential
shortly as pool factor reaches 10% (currently 10.6%). Moody's also
note that for CAM-7 and CAM-9 the Class A notes are composed of
series that rank and pay pari-passu to each other.
For instance, the credit enhancement for the most senior tranche
affected by the rating action (in all instances Class B) increased
to 5.66% from 4.97% for CAM-5, to 5.16% from 5.07% for CAM-6, to
4.73% from 4.23% CAM-7 and to 18.95.59% from 13.02.31% for CAM-9,
since the last respective rating action.
The reserve funds for CAM-5, CAM-6 and CAM-7 are fully funded and
at their respective minimum reserve fund floor amount. The reserve
fund for CAM-9 has replenished to 79.33% of its target level from
41.07% as of the last rating action.
For CAM-7 and CAM-9, the interest of Class B notes is and will
remain deferred to a position ranking junior to the Class A notes
principal repayment in the priority of payments until the class A
notes have repaid in full. In CAM-9, also the interest of the Class
C notes will remain deferred to a position ranking junior in the
priority of payments until the Class A and B notes have been repaid
in full. In both deals, interest payments on Class B and, in CAM-9
on Class C notes, rank senior to reserve fund replenishment.
The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in May 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties and (4) a decrease in sovereign
risk.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.
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U N I T E D K I N G D O M
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CONSULT ENERGY: Moorfields Named as Joint Administrators
--------------------------------------------------------
Consult Energy Ltd was placed into administration proceedings in
the High Court of Justice, No 004708 of 2024, and Andrew Pear and
Milan Vuceljic of Moorfields were appointed as joint administrators
on Aug. 14, 2024.
Consult Energy is an energy recruitment business that specializes
in staffing for companies across energy, renewables and water. Its
registered office address and principal trading address is at 5th
Floor Neville House, 14 Waterloo Street, Birmingham, B2 5TX.
The joint administrators can be reached at:
Andrew Pear
Milan Vuceljic
Moorfields
82 St John Street
London, EC1M 4JN
Tel No: 020 7186 1144
For further information, contact:
Lachlan Bowness
Moorfields
82 St John Street
London, EC1M 4JN
E-mail: lachlan.bowness@moorfieldscr.com
Tel No: 020 7186 1148
E-BATE LIMITED: James Cowper Named as Administrators
----------------------------------------------------
E-Bate Limited was placed into administration proceedings in the
High Court of Justice, Court Number: 4946 of 2024, and Sandra
Lillian Mund and Thomas Charles Russell of James Cowper Kreston
were appointed as administrators on Aug. 21, 2024.
E-Bate Limited focuses on business and domestic software
development. Its registered office address is at c/o James Cowper
Kreston, The White Building, 1-4 Cumberland Place, Southampton,
SO15 2NP. Its principal trading address at Charnwood Accountants,
The Point, Granite Way, Mountsorrel, Loughborough, LE12 7TZ.
The joint administrators can be reached at:
Sandra Lillian Mundy
Thomas Charles Russell
James Cowper Kreston
The White Building
1-4 Cumberland Place
Southampton, SO15 2NP
For further details, contact:
James Cowper Kreston
E-mail: ibenett@jamescowper.co.uk
Tel No: 02380 221 222
HATCHET HARRY'S: Opus Restructuring Named as Administrators
-----------------------------------------------------------
Hatchet Harry's Ltd was placed into administration proceedings in
the High Court of Justice, Court Number: CR-2024-000076, and Jack
Callow and Stella Davis of Opus Restructuring LLP were appointed as
administrators on Aug. 9, 2024.
Hatchet Harry's Lts, trading as Hatchet Harry's Axe Throwing,
operates in the amusement and recreation activities industry. Its
principal address is at 2 Dyke Road, Brighton, BN1 3FE. Its
principal trading address is at 8 Hemmells, Basildon, Essex, SS15
6ED.
The administrators can be reached at:
Jack Callow
Stella Davis
Opus Restructuring LLP
6th Floor, Broad Quay House
Broad Quay, Bristol
BS1 4DJ
For further details, contact:
Zoe Nelsey
E-mail: zoe.nelsey@opusllp.com
Tel No: 01908 087 222
i3 ENERGY: Gran Tierra to Acquire Company for GBP174.1MM
--------------------------------------------------------
Rocky Teodoro at rigzone.com reports that Gran Tierra Energy, Inc.
is acquiring i3 Energy plc for an implied value of approximately
$225.4 million (GBP 174.1 million).
Gran Tierra said the acquisition will create "an independent energy
company of scale in the Americas with significant production,
reserves, cash flows and development optionality," according to
rigzone.com.
i3 Energy is an independent oil and gas company with a diverse,
full-cycle portfolio of assets in the Western Canadian Sedimentary
Basin (WCSB) and UK North Sea (UKN), the report notes. Its
registered office is in Eastleigh, United Kingdom, and it has an
office located in Calgary in Canada, where the majority of its
employees are based and where its operational plans are formulated
and executed, the report relays.
i3 Energy's Canadian acreage spans four key regions in some of the
WCSB's most economic play types, including Central Alberta,
Simonette, Wapiti and Clearwater, the report discloses. The assets
are 76 percent operated with production from approximately 850 net
long-life, low-risk and low-decline wells, spanning approximately
600,000 net acres, the report relays. These four core areas
combined delivered 18,271 barrels of oil equivalent of production
(boepd) in the second quarter, the report notes.
i3 Energy has announced 2024 working interest production of 18,000
to 19,000 boepd from its Canadian assets with exit rate guidance of
20,250 to 21,250 boepd, while Gran Tierra has announced 2024
production guidance of 32,000 to 35,000 barrels of oil per day,
according to the release, the report discloses.
Further, i3 Energy has over 250 net booked drilling locations (374
gross booked drilling locations) associated with 2P reserves which,
coupled with Gran Tierra's substantial booked reserves, recent
exploration discoveries and significant prospective acreage across
Colombia and Ecuador, provides development and exploration upside
potential for shareholders, Gran Tierra noted, the report relays.
Under the terms of the acquisition, each i3 Energy shareholder will
be entitled to receive one new Gran Tierra Share for every 207 i3
Energy Shares held and 10.43 pence cash per i3 Energy Share, the
report discloses. In addition, each i3 Energy Shareholder will be
entitled to receive a cash dividend of 0.2565 pence per i3 Energy
Share in lieu of the ordinary dividend in respect of the
three-month period ending September 30, 2024, the report says.
Upon completion of the acquisition, i3 Energy shareholders will own
up to 16.5 percent of Gran Tierra. Gran Tierra will transfer the
entire issued share capital of i3 Energy to its wholly owned,
indirect subsidiary, Gran Tierra EIH. Gran Tierra EIH is the
holding entity for Gran Tierra's Colombian assets, the report
relays.
Upon completion, i3 Energy shares will be cancelled from trading on
the AIM market of the London Stock Exchange and delisted from the
TSX, Gran Tierra said, the report says.
Over the last five years, Gran Tierra said it has "looked to
diversify into specific oil and gas basins where it is confident it
can create shareholder value focused on operated, high-quality
assets with large resources in place and access to infrastructure,"
with the WCSB being one of the basins on its priority list, the
report discloses.
Gary Guidry, President and CEO of Gran Tierra, said, "We are
thrilled to announce this acquisition, which marks a significant
milestone in diversifying our portfolio while strengthening our
asset base. By integrating these high-quality, operated assets,
including low-decline production, large resources in place and a
substantial land base, we are not only enhancing our asset base but
also aligning with our long-term strategic vision. We are excited
to welcome the talented Canadian team to our company, as their
expertise and dedication will be invaluable in driving our
continued success. This acquisition is a testament to our
commitment to sustainable and profitable growth and delivering
consistent value to our shareholders," the report discloses.
Majid Shafiq, CEO of i3 Energy, said, "We believe that the
acquisition presents an exceptional opportunity for i3 Energy's
Shareholders, the report says. The acquisition represents the
culmination of a thorough process to realize the maximum value
available for shareholders and offers significant upside potential;
it expedites the realization of fair value, with a cash premium and
incremental upside through continued ownership in the Combined
Group, without necessitating additional capital investment, time,
or operational risk, the report relates. This business combination
will significantly enhance scale, thereby improving capacity to
drive growth, production, and cash flows for the benefit of all
shareholders and local stakeholders," the report adds.
NORTHWOLDS RICHARDSON: Clark Business Named as Joint Administrators
-------------------------------------------------------------------
Northwolds Richardson Group Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts at Leeds, Insolvency and Companies List (Chd), Court Number:
800 of 2024, and Phil Clark and Dave Clark of Clark Business
Recovery Limited were appointed as joint administrators on Aug. 21,
2024.
Northwolds Richardson provides printing services. Its registered
office is at 83 Halifax Way, Pocklington Industrial Estate,
Pocklington, YO42 1NR to be changed to: c/o Clark Business Recovery
Limited, 8 Fusion Court, Aberford Road, Leeds, LS1 2EY. Its
principal address is at 83 Halifax Way, Pocklington Industrial
Estate, Pocklington, YO42 1NR.
The joint administrators can be reached at:
Phil Clark
David Clark
Clark Business Recovery Limited
8 Fusion Court
Aberford Road, Garforth
Leeds, LS25 2GH
For further details, contact:
David Hines
E-mail: davidh@clarkbr.co.uk
Tel No: 0113 243 8617
SL 100: CRG Insolvency to Lead Administration Proceedings
---------------------------------------------------------
SL100 Limited was placed into administration proceedings in the
High Court of Justice, Leeds, Court Number: CR-2024-000826, and
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial Recovery
was appointed as administrator on Aug. 16, 2024.
SL100 Limited provides business support services. Its registered
office and principal trading address is at Hampton House, Church
Lane, Grimsby, DN31 1JR.
The administrators can be reached at:
Charles Howard Ranby-Gorwood
CRG Insolvency & Financial Recovery
Alexandra Dock Business Centre
Fisherman's Wharf, Grimsby
North East Lincolnshire, DN31 1UL
Contact information for administrators:
Mark Fletcher
Tel No: 01472 250001
SL200 LIMITED: CRG Insolvency to Lead Administration Proceedings
----------------------------------------------------------------
SL200 Limited was placed into administration proceedings in the
High Court of Justice Business, Leeds, Court Number:
CR-2024-LDS-000825, and Charles Howard Ranby-Gorwood of CRG
Insolvency & Financial Recovery was appointed as administrator on
Aug. 16, 2024.
SL200 Limited provides business support services. Its registered
office and principal trading address is at Hampton House, Church
Lane, Grimsby, DN31 1JR.
The administrators can be reached at:
Charles Howard Ranby-Gorwood
CRG Insolvency & Financial Recovery
Alexandra Dock Business Centre
Fisherman's Wharf
Grimsby, DN31 1UL
For further details, contact:
The Administrator
Tel: 01472 250001
Alternative contact: Mark Fletcher
===============
X X X X X X X X
===============
[*] BOOK REVIEW: Taking Charge
------------------------------
Taking Charge: Management Guide to Troubled Companies and
Turnarounds
Author: John O. Whitney
Publisher: Beard Books
Softcover: 283 Pages
List Price: $34.95
Order a copy today at:
http://beardbooks.com/beardbooks/taking_charge.html
Review by Susan Pannell
Remember when Lee Iacocca was practically a national hero? He won
celebrity status by taking charge at a company so universally known
as troubled that humor columnists joked their kids grew up thinking
the corporate name was "Ayling Chrysler." Whatever else Iacocca may
have been, he was a leader, and leadership is crucial to a
successful turnaround, maintains the author.
Mediagenic names merit only passing references in Whitney's book,
however. The author's own considerable experience as a turnaround
pro has given him more than sufficient perspective and acumen to
guide managers through successful turnarounds without resorting to
name-dropping. While Whitney states that he "share[s] no personal
war stories" in this book, it was, nonetheless, written from inside
the "shoes, skin, and skull of a turnaround leader." That sense of
immediacy, of urgency and intensity, makes Taking Charge compelling
reading even for the executive who feels he or she has already
mastered the literature of turnarounds.
Whitney divides the work into two parts. Part I is succinctly
entitled "Survival," and sets out the rules for taking charge
within the crucial first 120 days. "The leader rarely succeeds who
is not clearly in charge by the end of his fourth month," Whitney
notes. Cash budgeting, the mainstay of a successful turnaround, is
given attention in almost every chapter. Woe to the inexperienced
manager who views accounts receivable management as "an arcane
activity 'handled over in accounting.'" Whitney sets out 50
questions concerning AR that the leader must deal with -- not
academic exercises, but requirements for survival.
Other internal sources for cash, including judiciously managed
accounts payable and inventory, asset restructuring, and expense
cuts, are discussed. External sources of cash, among them banks,
asset lenders, and venture capital funds; factoring receivables;
and the use of trust receipts and field warehousing, are handled in
detail. Although cash, cash, and more cash is the drumbeat of Part
I, Whitney does not slight other subjects requiring attention. Two
chapters, for example, help the turnaround manager assess how the
company got into the mess in the first place, and develop
strategies for getting out of it.
The critical subject of cash continues to resonate throughout Part
II, "Profit and Growth," although here the turnaround leader
consolidates his gains and looks ahead as the turnaround matures.
New financial, new organizational, and new marketing arrangements
are laid out in detail. Whitney also provides a checklist for the
leader to use in brainstorming strategic options for the future.
Whitney's underlying theme -- that a successful business requires
personal leadership as well as bricks and mortar, money and
machinery -- is summed up in a concluding chapter that analyzes the
qualities that make a leader. His advice is as relevant in this
1999 reprint edition as it was in 1987 when first published.
John O. Whitney had a long and distinguished career in academia and
industry. He served as the Lead Director of Church and Dwight Co.,
Inc. and on the Advisory Board of Newsbank Corp. He was Professor
of Management and Executive Director of the Deming Center for
Quality Management at Columbia Business School, which he joined in
1986. He died in 2013.
*********
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 * * *