/raid1/www/Hosts/bankrupt/TCREUR_Public/250102.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
Thursday, January 2, 2025, Vol. 26, No. 2
Headlines
I R E L A N D
ANCHORAGE CAPITAL 8: Fitch Puts 'B-sf' Reset Final F-R Notes Rating
FIDELITY GRAND 2019-1: Fitch Puts B-sf Reset Final F-R Notes Rating
ICG EURO 2022-1: Fitch Puts 'B-sf' Reset Final Rating to F-R Notes
MADISON PARK XIX: Fitch Puts B-sf Reset Final Rating to F-R Notes
L U X E M B O U R G
GARFUNKELUX HOLDCO: Moody's Deems Recap. Plan a Distressed Exchange
S W E D E N
INTRUM AB: Seeks to Hire Advokatrman Vinge as Special Counsel
INTRUM AB: Seeks to Hire AlixPartners LLP as Financial Advisor
INTRUM AB: Seeks to Hire Milbank LLP as Bankruptcy Counsel
NORTHVOLT AB: Ava Investors Steps Down as Committee Member
NORTHVOLT AB: Paul Weiss & Gray Reed Represent Second Lien Lenders
NORTHVOLT AB: To Appoint Investment Banker Stefan Selig to Board
NORTHVOLT AB: U.S. Trustee Appoints Creditors' Committee
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I R E L A N D
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ANCHORAGE CAPITAL 8: Fitch Puts 'B-sf' Reset Final F-R Notes Rating
-------------------------------------------------------------------
Fitch Ratings has assigned Anchorage Capital Europe CLO 8 DAC reset
notes final ratings, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Anchorage Capital
Europe CLO 8 DAC
A XS2614579469 LT PIFsf Paid In Full AAAsf
A-R LT AAAsf New Rating
B-1 XS2614579626 LT PIFsf Paid In Full AAsf
B-1-R LT AAsf New Rating
B-2 XS2614579972 LT PIFsf Paid In Full AAsf
B-2-R LT AAsf New Rating
C XS2614580129 LT PIFsf Paid In Full Asf
C-R LT Asf New Rating
D XS2614580475 LT PIFsf Paid In Full BBB-sf
D-R LT BBB-sf New Rating
E XS2614580632 LT PIFsf Paid In Full BB-sf
E-R LT BB-sf New Rating
F XS2614580806 LT PIFsf Paid In Full B-sf
F-R LT B-sf New Rating
Transaction Summary
Anchorage Capital Europe CLO 8 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
unsecured senior loans, unsecured senior bonds, second-lien loans,
first-lien last-out loans, mezzanine obligations and high-yield
bonds. Note proceeds were used to redeem all the existing notes,
apart from the subordinated notes, and to fund a portfolio with a
target par of EUR400 million.
The portfolio is actively managed by Anchorage CLO ECM, L.L.C. The
CLO has a 4.6-year reinvestment period and an 8.5-year weighted
average life test (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor of the identified
portfolio is 25.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
61.8%.
Diversified Asset Portfolio (Positive): The transaction also
includes various concentration limits, including a maximum exposure
to the three largest Fitch-defined industries in the portfolio at
40% and a top-10 obligor concentration limit of 20%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.
Portfolio Management (Neutral): The transaction has two matrices
that are effective at closing and two that are effective 12 months
post-closing, all with fixed-rate limits of 7.5% and 12.5. All four
matrices are based on a top 10 obligor concentration limit of 20%.
The closing matrices correspond to an 8.5-year WAL test while the
forward matrices correspond to a 7.5-year WAL test.
The switch to the forward matrices is subject to the collateral
principal amount (defaults at Fitch collateral value) being at
least at the reinvestment target par balance. The transaction has
reinvestment criteria governing the reinvestment similar to those
of other European transactions. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio analysis and matrices analysis is 12
months less than the WAL covenant at the issue date, to account for
the strict reinvestment conditions envisaged by the transaction
after its reinvestment period. These include passing both the
coverage tests and the Fitch 'CCC' limit, as well as a WAL covenant
that progressively steps down over time, both before and after the
end of the reinvestment period. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during
stress periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A, C and D notes and
would lead to downgrades of no more than one notch for the class B
and E notes, and to below 'B-sf' for the class F notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics of the identified portfolio than the Fitch-stressed
portfolio, the rated notes display a rating cushion to downgrades
of up to three notches.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR and a
25% decrease of the RRR across all ratings of the Fitch-stressed
portfolio would result in downgrades of up to four notches for the
class A to D notes and to below 'B-sf' for the class E and F
notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of no more than three notches for the rated notes of the
transaction, except for the 'AAAsf' notes.
During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, s may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction. After the end of the
reinvestment period, upgrades may result from a stable portfolio
credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Fitch does not provide ESG relevance scores for Anchorage Capital
Europe CLO 8 DAC.
In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.
FIDELITY GRAND 2019-1: Fitch Puts B-sf Reset Final F-R Notes Rating
-------------------------------------------------------------------
Fitch Ratings has assigned Fidelity Grand Harbour CLO 2019-1 DAC's
reset final ratings, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Fidelity Grand
Harbour CLO 2019-1 DAC
A XS2020626953 LT PIFsf Paid In Full AAAsf
A-R XS2959477725 LT AAAsf New Rating
B-1 XS2020628140 LT PIFsf Paid In Full AA+sf
B-2 XS2020628819 LT PIFsf Paid In Full AA+sf
B-R XS2959478020 LT AAsf New Rating
C XS2020629460 LT PIFsf Paid In Full A+sf
C-R XS2959478533 LT Asf New Rating
D XS2020630120 LT PIFsf Paid In Full BBB+sf
D-R XS2959478707 LT BBB-sf New Rating
E XS2020630807 LT PIFsf Paid In Full BB+sf
E-R XS2959478962 LT BB-sf New Rating
F XS2020652108 LT PIFsf Paid In Full B+sf
F-R XS2959479184 LT B-sf New Rating
Transaction Summary
Fidelity Grand Harbour CLO 2019-1 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to fund a portfolio with a
target par of EUR400 million and to redeem the existing notes,
except the subordinated notes.
The portfolio is actively managed by FIL Investments International
(FIL). The collateralised loan obligation (CLO) has a five-year
reinvestment period and a nine-year weighted average life (WAL)
test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 25.6.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) of the identified portfolio is 60.3%.
Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits in the portfolio, including the top 10
obligor concentration limit at 20% and a maximum exposure to the
three-largest Fitch-defined industries at 40%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.
Portfolio Management (Neutral): The transaction has two matrices
effective at closing with fixed-rate limits of 5% and 10%, and
correspond to a nine-year WAL test. The transaction includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.
Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' maximum limit, as well as a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during stress
periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would result in no rating impact on the class A-R and B-R
notes, lead to a downgrade of one notch for the class C-R to E-R
notes, and a downgrade to below 'B-sf' for the class F-R notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-R to E-R notes display a
rating cushion of two notches, while the class F-R notes show a
cushion of three notches.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of four notches
for the class A-R to C-R notes, of three notches for the class D-R
notes and to below 'B-sf' for the class E-R and F-R notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A reduction of the RDR by 25% of the mean RDR and an increase in
the RRR by 25% at all rating levels of the Fitch-stressed portfolio
would result in upgrades of two notches for all notes, except for
the 'AAAsf' rated notes.
During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction. After the end of the
reinvestment period, upgrades, except for the 'AAAsf' notes, may
result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Fitch does not provide ESG relevance scores for Fidelity Grand
Harbour CLO 2019-1 DAC.
In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.
ICG EURO 2022-1: Fitch Puts 'B-sf' Reset Final Rating to F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned ICG Euro CLO 2022-1 DAC reset notes
final ratings as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
ICG Euro CLO 2022-1 DAC
A XS2469128826 LT PIFsf Paid In Full AAAsf
A-R XS2964653567 LT AAAsf New Rating
B-1 XS2469129477 LT PIFsf Paid In Full AAsf
B-1-R XS2964653724 LT AAsf New Rating
B-2 XS2469315779 LT PIFsf Paid In Full AAsf
B-2-R XS2964653997 LT AAsf New Rating
C XS2469129634 LT PIFsf Paid In Full Asf
C-R XS2964654375 LT Asf New Rating
D XS2469129717 LT PIFsf Paid In Full BBB-sf
D-R XS2964654615 LT BBB-sf New Rating
E XS2469130137 LT PIFsf Paid In Full BB-sf
E-R XS2964654961 LT BB-sf New Rating
F XS2469130210 LT PIFsf Paid In Full B-sf
F-R XS2964654706 LT B-sf New Rating
X XS2469128586 LT PIFsf Paid In Full AAAsf
Transaction Summary
ICG Euro CLO 2022-1 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds were used to redeem all existing notes except for the
subordinated notes and to fund a portfolio with a target par of
EUR400 million.
The portfolio manager is Intermediate Capital Managers Limited. The
collateralised loan obligation (CLO) envisages a reinvestment
period of five years and an eight-year weighted average life (WAL)
test limit.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 25.5.
Strong Recovery Expectation (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 63.2%.
Diversified Asset Portfolio (Positive): The transaction has two
matrices effective at closing, corresponding to the 10-largest
obligors at 20% of the portfolio balance and two fixed-rate assets
limits at 5% and 12.5% of the portfolio. The transaction also
includes various concentration limits, including a maximum exposure
to the three largest Fitch-defined industries in the portfolio at
40%. These covenants ensure the asset portfolio will not be exposed
to excessive concentration.
WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, on or after the step- up date, which can be one year
after closing at the earliest. The WAL step up is at the option of
the manager but subject to conditions including the Fitch
collateral quality tests and the collateral principal amount being
above the reinvestment target par, with defaulted assets at their
collateral value.
Portfolio Management (Neutral): The transaction has an
approximately five-year reinvestment period, which is governed by
reinvestment criteria that are similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis was reduced by 12 months. This is
to account for the strict reinvestment conditions envisaged after
the reinvestment period. These include passing the coverage tests
and the Fitch 'CCC' maximum limit after reinvestment and a WAL
covenant that progressively steps down over time after the end of
the reinvestment period. In Fitch's opinion, these conditions would
reduce the effective risk horizon of the portfolio during stress
periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A-R, B-R, C-R, E-R and
F-R notes and would lead to downgrade of one notch for the class
D-R notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-R, D-R and E-R notes each
display a rating cushion of two notches, while the class C-R and
F-R notes have a rating cushion of three and four notches
respectively.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to a downgrade of up to two
notches for the class A-R to D-R notes and up to three notches for
the class E-R notes. The class F-R notes would be downgraded to
below 'B-sf'.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to an
upgrade of up to four notches of the rated notes, except for
'AAAsf' notes.
During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction. After the end of the
reinvestment period, upgrades may result from a stable portfolio
credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Fitch does not provide ESG relevance scores for ICG Euro CLO 2022-1
DAC.
In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.
MADISON PARK XIX: Fitch Puts B-sf Reset Final Rating to F-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Madison Park Euro Funding XIX DAC's
reset final ratings, as detailed below.
Entity/Debt Rating Prior
----------- ------ -----
Madison Park Euro
Funding XIX DAC
A-1 XS2600711811 LT PIFsf Paid In Full AAAsf
A-1-R LT AAAsf New Rating AAA(EXP)sf
A-2 XS2624570441 LT PIFsf Paid In Full AAAsf
A-2-R LT AAAsf New Rating AAA(EXP)sf
B-1 XS2600712033 LT PIFsf Paid In Full AAsf
B-1-R LT AAsf New Rating AA(EXP)sf
B-2 XS2600712389 LT PIFsf Paid In Full AAsf
B-2-R LT AAsf New Rating AA(EXP)sf
C XS2600712462 LT PIFsf Paid In Full Asf
C-R LT Asf New Rating A(EXP)sf
D XS2600712892 LT PIFsf Paid In Full BBB-sf
D-R LT BBB-sf New Rating BBB-(EXP)sf
E XS2600712975 LT PIFsf Paid In Full BB-sf
E-R LT BB-sf New Rating BB-(EXP)sf
F XS2600713197 LT PIFsf Paid In Full B-sf
F-R LT B-sf New Rating B-(EXP)sf
Transaction Summary
Madison Park Euro Funding XIX DAC is a securitisation of mainly
senior secured loans and secured senior bonds with a component of
senior unsecured, mezzanine, and second-lien loans. The transaction
has a target par of EUR400 million. The portfolio is actively
managed by Credit Suisse Asset Management Limited. The
collateralised loan obligation (CLO) has a 4.5-year reinvestment
period and an 8.5-year weighted average life (WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor of the identified portfolio is 24.9.
High Recovery Expectations (Positive): At least 96% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 60.6%.
Diversified Portfolio (Positive): The transaction includes two
matrices at closing and two effective 18 months after closing (the
forward matrices), each set with fixed-rate limits of 5% and 12.5%.
The manager can switch to the forward matrices provided the
portfolio balance (with defaults carried at the Fitch collateral
value) is greater than, or equal to, target par. The transaction
will include various concentration limits, including a maximum
exposure to the three largest Fitch-defined industries in the
portfolio at 37% and a top 10 obligor concentration limit at 20%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and include reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
matrix and the Fitch-stressed portfolio analysis is 12 months less
than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include, among others, passing both the
coverage tests and the Fitch 'CCC' bucket limitation test post
reinvestment as well a WAL covenant that progressively steps down
over time, both before and after the end of the reinvestment
period. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during stress periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A-1-R
and A-2-R notes and would lead to downgrades of one notch for the
class B-1-R to E-R notes and to below 'B-sf' for the class F-R
notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-1-R to E-R notes each
display a rating cushion of two notches and the class F-R notes of
four notches.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
three notches for the class A-1-R to D-R notes and to below 'B-sf'
for the class E-R and F-R notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to an upgrade of up to three notches for the
rated notes, except for the 'AAAsf' notes, which are at the highest
level on Fitch's scale and cannot be upgraded.
During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the remaining life of
the transaction. After the end of the reinvestment period, upgrades
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Madison Park Euro Funding XIX DAC
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG Considerations
Fitch does not provide ESG relevance scores for Madison Park Euro
Funding XIX DAC. In cases where Fitch does not provide ESG
relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
any ESG factor that is a key rating driver in the key rating
drivers section of the relevant rating action commentary.
===================
L U X E M B O U R G
===================
GARFUNKELUX HOLDCO: Moody's Deems Recap. Plan a Distressed Exchange
-------------------------------------------------------------------
Moody's Ratings views Garfunkelux Holdco 2 S.A.'s (Garfunkelux)
agreement that it has reached with 48% of its bondholders regarding
a recapitalization plan under which existing bondholders will
receive a cash amount of GBP165 million, new pay-in-kind holding
company notes of GBP250 million and will see existing notes issued
by Garfunkelux Holdco 3 S.A. of GBP1.2 billion equivalent have
their maturity extended for 3 years to 2028 and 2029 as a
distressed exchange default (DE).
Garfunkelux has 48% approval from its noteholders for the plan and
is seeking 90% approval for its framework agreement. The
recapitalisation plan could also be implemented under a UK Scheme
of arrangement or under the terms of the existing intercreditor
agreement. Garfunkelux is now seeking support for the transaction
from its Revolving Credit Facilities (RCF) bank lenders.
Moody's consider a distressed exchange is a form of default.
Associated risks for Garfunkelux's creditors from a debt
restructuring event with an expectation of significant losses are
already adequately reflected in the current ratings. Garfunkelux's
ratings include the Caa3 corporate family rating (CFR), the Caa3
senior secured rating assigned to notes issued by Garfunkelux
Holdco 3 S.A. and the issuers carry a negative outlook.
Once more visibility develops in relation to the ongoing
restructuring negotiations between Garfunkelux, its noteholders and
RCF banks as well as in relation to the timeline for the completion
of the transaction, Moody's will consider the impact of the changes
to the capital structure and reassess the magnitude of the losses
to the debtholders.
===========
S W E D E N
===========
INTRUM AB: Seeks to Hire Advokatrman Vinge as Special Counsel
-------------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Advokatrman Vinge KB as special
counsel.
As of the Petition Date, Vinge had approximately 10 active matters
open for the Debtors. These matters, as well as matters in which
Vinge has provided advice to the Debtors in the past, generally
relate to (i) regulatory and trade advice, (ii) insurance coverage
matters and advice, (iii) matters related to corporate governance,
Swedish securities laws, and public company reporting obligations,
(iv) matters related to financing, (v) IP, trademark, and
marketing
law advice, (vi) mergers and acquisitions, (vii) consumer law
advice, (viii) labor law matters, (ix) general corporate law
counseling,(x) various litigation matters, (xi) debt or equity
transactions in the Scandinavian capital markets, (xii) tax
advice,
and (xiii) government enforcement and regulatory matters.
Vinge's current hourly rates are:
Partners SEK 6,500 to SEK 11,500 ($650 to $1,150)
Specialist Counsel
and Senior Associates SEK 4,500 to SEK 6,500 ($450 to $650)
Associates SEK 2,000 to SEK 4,500 ($200 to $450)
Intrum AB and Vinge has on June 17, 2002 entered into a framework
agreement pursuant to which Vinge agreed to grant Intrum AB a
discount of 10 percent on the hourly rates.
As of the Petition Date, Vinge holds a fee advance in the amount
of
SEK 1,500,000 (approximately $150,000).
Vinge provided the following information addressed in Paragraph
D.1
of the U.S. Trustee Guidelines for Reviewing Applications for
Compensation and Reimbursement of Expenses Filed Under 11 U.S.C.
Sec. 330 (Appendix A to 28 C.F.R. Sec. 58):
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the twelve (12)
months prepetition, disclose your billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the twelve (12) months prepetition. If your
billing rates and material financial terms have changed
postpetition, explain the difference and the reasons for the
difference.
Response: Vinge represented the Company in the 12 months prior
to the Petition Date during which Vinge charged the Debtors for
services rendered in accordance with the fee structure described
in
the
Application.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: Vinge has supplied the Debtors estimates for the work
to be conducted under inter alia the chapter 11 process. e Debtors
have not yet approved our proposed estimates, including scope of
work and staffing.
Mikael Stahl, Esq., a partner of Advokatfirman, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mikael Stahl
Advokatfirman Vinge KB
Smalandsgatan 20
Box 1703
111 87 Stockholm
Phone: +46 10 614 30 00
E-mail: mikael.stahl@vinge.se
About Intrum
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF
(the
"RCF Steerco Group").
INTRUM AB: Seeks to Hire AlixPartners LLP as Financial Advisor
--------------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire AlixPartners, LLP as financial
advisor.
The firm will render these services:
a. assist in preparing for and filing a bankruptcy petition,
coordinating and providing administrative support for the
proceeding and developing the Debtors' disclosure statement and
plan of reorganization, or other appropriate case resolution, if
necessary;
b. prepare a liquidation analysis to be included in the
disclosure statement;
c. as requested, assist with the preparation of documents
such
the statement of financial affairs, schedules of assets and
liabilities, claims analysis, monthly operating reports and other
regular reports required by the court;
d. as needed, provide testimony and litigation support
services regarding any of the matters to which AlixPartners is
providing services;
e. provide post confirmation services, as may be necessary,
to
support the chapter 11 plan and emergence; and
f. assist the Debtors with such other matters as may be
requested that fall within AlixPartners' expertise and that are
mutually agreeable.
AlixPartners' hourly rates are:
Current 2025
Partner/ Partner &
Managing Director $1,200 to $1,495 $1,225 to $1,540
Senior Vice President/
Director $825 to $1,125 $850 to $1,150
Vice President $640 to $810 $650 to $835
Analyst/ Consultant $230 to $625 $250 to $640
AlixPartners received a retainer in the amount of $1,050,000.
Carrianne Basler, a partner and managing director at AlixPartners,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy
Code.
The firm can be reached through:
Carrianne Basler
AlixPartners LLP
300 N. LaSalle Street, Suite 1800
Chicago, IL 60654
Tel: (312) 346-2500
Email: cbasler@alixpartners.com
About Intrum
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF
(the
"RCF Steerco Group").
INTRUM AB: Seeks to Hire Milbank LLP as Bankruptcy Counsel
----------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Milbank LLP as counsel.
The firm's services include:
a. advising the Debtors in connection with a restructuring of
the Debtors' financial obligations, including negotiations with
the
Debtors' creditors and other stakeholders, and other legal
services
related to a restructuring of the Debtors' financial obligations;
b. advising the Debtors with respect to their rights, powers,
and duties as debtors-in-possession in the operation of their
business and the management of their properties;
c. advising and consulting on the conduct of these cases,
including the legal and administrative requirements of operating
in
chapter 11;
d. advising the Debtors and taking all necessary or
appropriate actions at the Debtors' direction with respect to
protecting and preserving the Debtors' estates, including defense
of any actions commenced against the Debtors, resolution of
disputes in which the Debtors are involved, objecting to claims
asserted against the Debtors, attending meetings, and negotiating
with parties in interest, including governmental authorities, as
necessary;
e. providing advice, representation, and preparation of
necessary documentation and pleadings and taking all necessary or
appropriate actions in connection with statutory bankruptcy
issues,
strategic transactions, asset sale transactions, real estate,
intellectual property, employee benefits, business and commercial
litigation, regulatory, corporate and tax matters, and prosecution
and settlement of claims both against and by the Debtors;
f. advising the Debtors in connection with a possible sale of
all or substantially all or a subset of the Debtors' assets in
chapter 11 and similar or related transactions;
g. drafting all necessary or appropriate pleadings necessary
or otherwise beneficial to the administration of the Debtors'
estates;
h. representing the Debtors in connection with obtaining
authority to continue using cash collateral;
i. advising the Debtors concerning assumptions, assignments,
and rejections of executory contracts and unexpired leases;
j. appearing before the Court and any appellate courts to
represent the interests of the Debtors' estates;
k. advising the Debtors regarding tax matters;
l. taking all necessary or appropriate actions as may be
required in connection with the administration of the Debtors'
estates, including with respect to a chapter 11 plan and related
disclosure statement; and
m. performing all other legal services in connection with
these Chapter 11 Cases as may be requested by the Debtors,
including, without limitation, any general corporate legal
services.
The firm will be paid at these hourly rates:
Partners $1,695 to $2,245
Counsel $1,575 to $1,795
Associates $595 to $1,475
Legal Assistants $330 to $530
Milbank is currently holding a retainer of approximately
$306,352.15.
The following information is provided in response to the request
for additional information set forth in Paragraph D.1. of the U.S.
Trustee Guidelines:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this agreement?
Response: Milbank agreed to a voluntary prepetition write off
of the first £500,000 in legal fees for this engagement. Other
than this accommodation Milbank did not agree to a variation of
its
standard or customary billing arrangements for this engagement.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: None of Milbank's professionals included in this
engagement has varied their rate based on the geographic location
of these cases.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Milbank represented the Debtors in the twelve months
prior to the Petition Date. The billing rates and material
financial terms in connection with such representation have not
changed postpetition, other than due to annual and customary
firm-wide adjustments to Milbank's hourly rates in the ordinary
course of Milbank's business; and
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The Debtors and Milbank intend to develop a
prospective budget and staffing plan in a reasonable effort to
comply with the U.S. Trustee's requests for information and
additional disclosures. Consistent with the U.S. Trustee
Guidelines, the budget may be amended as necessary to reflect
changed or unanticipated developments.
Jaimie Fedell, a Milbank partner, disclosed in court filings that
the firm is a "disinterested person" pursuant to Section 101(14)
of
the Bankruptcy Code.
The firm can be reached through:
Dennis F. Dunne. Esq.
Jaimie Fedell, Esq.
Milbank LLP
55 Hudson Yards
New York, NY 10001
Phone: (212) 530-5000
Fax: (212) 530-5219
Email: ddunne@milbank.com
About Intrum
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF
(the
"RCF Steerco Group").
NORTHVOLT AB: Ava Investors Steps Down as Committee Member
----------------------------------------------------------
The U.S. Trustee for Region 7 disclosed in a court filing the
resignation of Ava Investors, SA from the official committee of
unsecured creditors in the Chapter 11 cases of Northvolt AB and
its
affiliates.
The Creditors' Committee is now composed of:
1. Kataoka Corporation
140 Tsukiyama-cho,
Kuze, Minami-ky, Kyoto
Representative: Norio Nishi
Email: nishi@kataoka-ss.co.jp
Phone: +81-75-933-1101
2. LF Co., LTD
11, Igokdong-Ro, Dalseo-Gu,
Daegu, Republic of Korea, 42620
Representative: Chaewon Evelyn Lee
Email: lchaew@landf.co.kr
Phone: +82.10.6454.3379
3. PCS Holding AG
Schulstrasse 4 I CH-8500
Frauenfeld, Switzerland
Representative: Bettina Iseli
Email: bettina.iseli@pcs-holding.ch
Phone: +41 52 723 36 14
4. Easpring Technology LTD
No. 155 Jincheng Avenue, Jintan District,
Changzhou City
Representative: Hu Li
Email: huli@easpring.com
Phone: +86 15201610565
5. RJ & Collab GmbH
Gostritzer Str. 65 01217
Dresden, Germany
Representative: Sung Yong EUM
Email: young-eum@rjncollab.com
Phone: + 49 152 2407 6110
6. IMCO Global Public Equity Subco LP
16 York Street, Suite 2400,
Toronto, Ontario, Canada
M5J 0E6
Representative: Andrew Beamer
Email: andrew.beamer@imcoinvest.com
Phone: 416-408-4626
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
NORTHVOLT AB: Paul Weiss & Gray Reed Represent Second Lien Lenders
------------------------------------------------------------------
The law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Gray Reed filed a verified statement pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure to disclose that in the
Chapter 11 cases of Northvolt AB and its affiliates, the firms
represent Ad Hoc Group of Second Lien Lenders.
The Ad Hoc Group was formed by certain unaffiliated holders (each,
a "Member") of the Debtors' loans under that certain Second Lien
Facility Agreement, dated as of July 28, 2020, by and among,
Northvolt ETT AB as Borrower, Northvolt ETT Fastighetsforvaltning
AB as PropCo, the Financial Institutions party thereto as Original
Lenders, ING Bank N.V. as Intercreditor Agent, and Danske Bank A/S
as Original Facility Agent.
In fall 2024, the Ad Hoc Group of Second Lien Lenders retained
Paul, Weiss to represent it as counsel in connection with a
potential restructuring of the Debtors. In November 2024, the Ad
Hoc Group of Second Lien Lenders retained Gray Reed to serve as
its
co-counsel with respect to such matters.
Counsel represents only the Ad Hoc Group of Second Lien Lenders.
Counsel does not undertake to represent the interests of, and are
not a fiduciary for, any other creditor, party in interest, or
other entity.
In addition, neither the Ad Hoc Group of Second Lien Lenders nor
any Member of the Ad Hoc Group of Second Lien Lenders (i) has
assumed any fiduciary duties to any other creditor or person or
(ii) purports to act, represent, or speak on behalf of any other
entities in connection with these chapter 11 cases.
The Ad Hoc Group Members' address and the nature and amount of
disclosable economic interests held in relation to the Debtors as
of December 19, 2024, are as follows:
1. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised
or controlled by PFA Pension, Forsikringsaktieselska, or an
affiliate thereof.
PFA Pension
Sundkrogsgade 4
2100 Copenhagen Denmark
* EUR112,500,000.00
2. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, advised or
managed by Danica Pension, Livsforsikringsaktieselskab, or an
affiliate thereof.
Danica Pension
Bernstorffsgade 40, 1577
København V Denmark
* EUR112,500,000.00
3. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised
or controlled by APG Asset Management N.V., or an affiliate
thereof.
Stichting Pensioenfonds
ABP, Coriovallumstraat
46, 6411CD Heerlen, the Netherlands
* EUR12,781,124.98
Stichting Depositary
APG Developed
Markets Active Credits
Pool, Oude Lindestraat
70, 6411EJ, Heerlen, the Netherlands
* EUR2,218,875.02
4. Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised
or controlled by ING Sustainable Investments B.V., or an
affiliate thereof.
ING Sustainable
Investments B.V.
Bijlmerdreef 24, 1102CT
Amsterdam Netherlands
* EUR15,000,000.00
Counsel to the Ad Hoc Group of Second Lien Lenders:
Jason S. Brookner, Esq.
Emily F. Shanks, Esq.
GRAY REED
1300 Post Oak Blvd, Suite 2000
Houston, Texas 77056
Telephone: (713) 986-7000
Facsimile: (713) 986-7100
Email: jbrookner@grayreed.com
eshanks@grayreed.com
- and –
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
Alice Belisle Eaton, Esq.
Jessica Choi, Esq.
Bruce C. Racine, Esq.
1285 Avenue of the Americas
New York, New York 10019
Telephone: (212) 373-3000
Facsimile: (212) 757-3990
Email: aeaton@paulweiss.com
jchoi@paulweiss.com
bracine@paulweiss.com
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
NORTHVOLT AB: To Appoint Investment Banker Stefan Selig to Board
----------------------------------------------------------------
Christopher Jungstedt of Bloomberg Law reports that Northvolt AB
is
set to appoint American investment banker Stefan Selig to its
board, according to a report by Swedish Radio.
Selig, who has recently been advising the company, is expected to
be formally voted onto the board soon, according to the report.
In
a LinkedIn post, Selig stated he would serve "as an independent
adviser to Northvolt AB in connection with their restructuring,"
the report states
According to Bloomberg, Northvolt commented to Swedish Radio,
highlighting Selig's extensive experience with complex
restructuring processes, noting that it "can bring significant
value to the board."
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NORTHVOLT AB: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Northvolt
AB. And its affiliates.
The committee members are:
1. Ava Investors, SA
Rue du Rhone 78.
Geneva, Switzerland
Representative: Elena Klayn
Elena.Klayn@ava-investors.com
Phone: +41 79 468 24 05
2. Kataoka Corporation
140 Tsukiyama-cho,
Kuze, Minami-ky, Kyoto
Representative: Norio Nishi
nishi@kataoka-ss.co.jp
Phone: +81-75-933-1101
3. LF Co., LTD
11, Igokdong-Ro, Dalseo-Gu,
Daegu, Republic of Korea, 42620
Representative: Chaewon Evelyn Lee
lchaew@landf.co.kr
Phone: +82.10.6454.3379
4. PCS Holding AG
Schulstrasse 4 I CH-8500
Frauenfeld, Switzerland
Representative: Bettina Iseli
bettina.iseli@pcs-holding.ch
Phone: +41 52 723 36 14
5. Easpring Technology LTD
No. 155 Jincheng Avenue, Jintan District,
Changzhou City
Representative: Hu Li
huli@easpring.com
Phone: +86 15201610565
6. RJ & Collab GmbH
Gostritzer Str. 65 01217
Dresden, Germany
Representative: Sung Yong EUM
young-eum@rjncollab.com
Phone: + 49 152 2407 6110
7. IMCO Global Public Equity Subco LP
16 York Street, Suite 2400,
Toronto, Ontario, Canada
M5J 0E6
Representative: Andrew Beamer
andrew.beamer@imcoinvest.com
Phone: 416-408-4626
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
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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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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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