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

                          E U R O P E

          Wednesday, January 15, 2025, Vol. 26, No. 11

                           Headlines



T U R K E Y

TURKCELL ILETISIM: S&P Rates New US$1BB Unsecured Notes 'BB'


U N I T E D   K I N G D O M

CRAFTER'S COMPANION: Interpath Advisory Named as Administrators
FABLINK (EVENWOOD): Ernst & Young Named as Administrators
FABLINK (LUTON): Ernst & Young Named as Administrators
HART MILLER: Begbies Traynor Named as Administrators
PHYTO NOURISHMENT: Leonard Curtis Named as Administrators


                           - - - - -


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T U R K E Y
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TURKCELL ILETISIM: S&P Rates New US$1BB Unsecured Notes 'BB'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' rating to the proposed US$1
billion unsecured notes to be issued by Turkcell Iletisim
Hizmetleri A.S. (Turkcell). The notes will be issued in two
tranches, including about US$500 million fixed-rate notes and about
US$500 million sustainable bonds with maturities between five years
and 10 years. The notes will rank pari passu with all of Turkcell's
existing unsecured debt.

Turkcell intends to use these proceeds for eligible sustainable
projects that align with its sustainable finance framework and
general corporate purposes, including the refinancing of its
near-term debt maturities.   As of Sept. 30, 2024, Turkcell had
about Turkish lira (TRY) 36 billion (equivalent to about US$1
billion) debt maturing within the next 12 months. In addition, the
company's next significant maturity is the US$500 million 5.75%
fixed rate notes due Oct. 15, 2025. Beyond the positive impact on
liquidity, S&P views the proposed issuance as neutral to Turkcell's
credit metrics.

S&P said, "We expect Turkcell to continue to report healthy credit
metrics on the back of a strong operating performance.   Average
revenue per user (ARPU) and postpaid subscribers' growth, along
with continued efforts in upselling of services, will remain the
key growth drivers in the next 12-24 months. We estimate Turkcell's
revenue growth at about 50% in 2024 (unadjusted for the effect of
International Accounting Standard 29 financial reporting in
hyperinflationary economies) and about 20%-30% in 2025-2026. We
forecast Turkiye's inflation rate will slow to 23%-30% in 2025 and
to 15%-20% in 2026 from 44.4% in December 2024. We estimate S&P
Global Ratings-adjusted EBITDA margin will reach about 37% in 2024,
then improve further to 37.5%-38.0% in 2025-2026, from about 33% in
2023, reflecting the benefits from higher ARPU, prudent cost
management, and absent of significant one-off costs related to the
earthquake in early 2023. Notwithstanding continued high capital
expenditure (capex), we expect free operating cash flow to remain
meaningfully positive over the forecast period. As a result, we
forecast adjusted debt to EBITDA will remain below 1.0x in
2024-2026. As such, the stand-alone credit profile remains at
'bbb'."

Turkcell is exposed to currency risks because about 80% of its debt
is denominated in hard currencies (U.S. dollar and euro) as well as
a significant portion of capex.   S&P expects management's prudent
foreign exchange approach (including US$2.2 billion equivalent of
foreign currency liquid assets--mostly US$ and euro--at the end of
third-quarter 2024) and low leverage will continue to partially
offset the risk of additional lira depreciation. However,
higher-than-expected lira depreciation against the U.S. dollar and
euro (compared with our estimate of around 16% in 2025) remains one
of the key risks to our forecast.

S&P said, "We rate Turkcell at 'BB', one notch higher than the
'BB-' unsolicited sovereign foreign currency rating on Turkiye.  
This is because Turkcell passes our hypothetical sovereign default
stress test that assumes, among other factors, a 50% devaluation of
the lira against hard currencies and a 20% decline in organic
EBITDA. This is mainly because the company keeps about 70% of its
cash in hard currencies. Therefore, in the hypothetical case of
further lira depreciation, we think the appreciation of the cash
balance would offset the increase in short-term debt maturities in
foreign currencies and capex. However, our ratings on Turkcell are
capped at the level of our Transfer & Convertibility (T&C)
assessment on Turkiye, where Turkcell generates most of its cash
flow. The T&C assessment reflects our view of the likelihood that
Turkiye would restrict access to foreign currency liquidity for
Turkish companies."

  Turkcell Iletisim Hizmetleri A.S.--Forecast summary

  Industry sector: Diversified telecom
                         --Fiscal year ended Dec. 31--
  (Mil. TRY)         2022a   2023a    2024e    2025f     2026f

  Revenue          52.9    107.1   150-170  200-220   250-270
  Annual revenue
  growth (%)         49.8    102.4   ~50      30-32     20-22
  EBITDA             19.2    35.1    55-65    75-85     90-100
  EBITDA margin (%)  36.3    32.8    ~37      37.5-38.0 37.5-38.0
  Funds from
  operations (FFO)   15.1    26.5    45-50    65-70     85-90
  Free operating
  cash flow (FOCF)   10.7    17.3    5-10     13-18     17-22
  Capex (reported)   14.1    29.5    45-50    55-60     65-70
  
  Adjusted ratios

  Debt/EBITDA (x)    1.4     0.9     80
  FOCF/debt (%)      41.1    53.8    >20      >20      
>20

All figures are adjusted by S&P Global Ratings, unless stated as
reported.
a--Actual.
e--Estimate.
f--Forecast.

Issue Ratings - Subordination Risk Analysis

Capital structure

On Sept. 30, 2024, Turkcell's debt structure comprised about
TRY3.894 billion in leases, about TRY58.886 billion in unsecured
loans, about TRY6.062 billion in secured loans, and about TRY37.886
billion in other unsecured debt.

Analytical conclusions

Most debt is issued by Turkcell and the company's leverage is
modest. As a result, S&P's 'BB' issue rating on Turkcell's proposed
$1 billion unsecured notes and the remaining unsecured debt is in
line with its long-term issuer credit rating on the company.




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

CRAFTER'S COMPANION: Interpath Advisory Named as Administrators
---------------------------------------------------------------
Crafter's Companion Limited was placed in administration
proceedings in the High Court of Justice, Business and Property
Courts at Newcastle, Insolvency and Companies List (ChD),  Court
Number: CR-2025-NCL-000004, and James Ronald Alexander Lumb and
Howard Smith of Interpath Advisory were appointed as administrators
on Jan. 7, 2025.  

Crafter's Companion specializes in retail sale via mail order
houses or via internet.

Its registered office and principal trading address is Unit 1
Horndale Avenue, Newton Aycliffe, Co. Durham, England, DL5 6DR.

The administrators can be reached at:

           James Ronald Alexander Lumb
           Interpath Advisory
           60 Grey Street, Newcastle
           NE1 6AH

              -- and --

           Howard Smith
           Interpath Advisory
           Interpath Ltd, 4th Floor, Tailors Corner
           Thirsk Row, Leeds, LS1 4DP

For further information, contact contact Martyna Trzaska at
crafterscompanion@interpath.com


FABLINK (EVENWOOD): Ernst & Young Named as Administrators
---------------------------------------------------------
Fablink (Evenwood) Limited was placed in administration proceedings
in the High Court of Justice Business and Property Courts, Company
& Insolvency List (ChD) Court Number: CR-2024-007886, and Daniel
Christopher Hurd and Lucy Winterborne of Ernst & Young LLP were
appointed as administrators on Jan. 7, 2025.  

Fablink (Evenwood) fka ENSCO 3 Limited and AGHOCO 2313 Limited are
manufacturers of metal structures and parts of structures.

Its registered office is at 1 Colmore Square, Birmingham, B4 6HQ.

Its principal trading address is at Evenwood Plant, Evenwood Lane,
Bishop Auckland, DL14 9NJ

The joint administrators can be reached at:

              Daniel Christopher Hurd
              Ernst & Young LLP
              1 Colmore Square
              Birmingham, B4 6HQ

                  -- and --

              Lucy Winterborne
              Ernst & Young LLP
              The Paragon, Counterslip
              Bristol, BS1 6BX

For further details, contact:

             The Joint Administrators
             Email: fablinkadministration@uk.ey.com

Alternative contact: Catriona Lynch


FABLINK (LUTON): Ernst & Young Named as Administrators
------------------------------------------------------
Fablink (Luton) Limited was placed in administration proceedings in
the High Court of Justice Business and Property Courts, Company &
Insolvency List (ChD) Court Number: CR-2024-007886, and Daniel
Christopher Hurd and Lucy Winterborne of Ernst & Young LLP were
appointed as administrators on Jan. 7, 2025.  

Fablink (Luton) fka ENSCO 5 Limited and AGHOCO 2315 Limited is a
manufacturer of other fabricated metal products.

Its registered office is at 1 Colmore Square, Birmingham, B4 6HQ.

Its principal trading address is at Evenwood Plant, Evenwood Lane,
Bishop Auckland, DL14 9NJ

The joint administrators can be reached at:

              Daniel Christopher Hurd
              Ernst & Young LLP
              1 Colmore Square
              Birmingham, B4 6HQ

                 -- and --

              Lucy Winterborne
              Ernst & Young LLP
              The Paragon, Counterslip
              Bristol, BS1 6BX

For further details, contact:

             The Joint Administrators
             Email: fablinkadministration@uk.ey.com

Alternative contact: Catriona Lynch


HART MILLER: Begbies Traynor Named as Administrators
----------------------------------------------------
Hart Miller Design Ltd was placed in administration proceedings in
Business and Property Courts in Manchester, Insolvency & Companies
List (ChD), Court Number: CR-2024-001634, and Mark Weekes and Paul
Stanley of Begbies Traynor were appointed as administrators on Dec.
30, 2024.  

Hart Miller is a manufacturer of office and shop furniture and
engages specialised design activities.

Its registered office is at 340 Deansgate, Manchester, M3 4LY.

Its principal trading address is Polhigey Mine Polhigey Mine,
Carmenellis, Nr. Redruth, Cornwall, TR16 6PH.

The joint administrators can be reached at:

              Mark Weekes
              Paul Stanley
              Begbies Traynor (Central) LLP
              340 Deansgate, Manchester
              M3 4LY

For further details, contact:

              Abigail Smith
              Begbies Traynor (Central) LLP
              E-mail: abigail.smith@btguk.com
              Tel No: 0161-837-1700


PHYTO NOURISHMENT: Leonard Curtis Named as Administrators
---------------------------------------------------------
Phyto Nourishment Limited was placed in administration proceedings
in Business and Property Courts in Manchester, Insolvency &
Companies List (ChD), Court Number: CR-2025-000001, and Andrew
Knowles and Andrew Poxon of Leonard Curtis were appointed as
administrators on Jan. 3, 2025.  

Phyto Nourishment trading as Wulf & Lamb specializes in food
services.

Its registered office is at Chiltern Place, 66 Chiltern Street,
London, W1U 4EJ.  Principal trading address is at Chiltern Place,
66 Chiltern Street, London, W1U 4EJ; 243 Pavilion Rd, London, SW1X
0BP; 54 Margaret St, London, W1W 8RA

The joint administrators can be reached at:

              Andrew Knowles
              Andrew Poxon
              Leonard Curtis
              Riverside House
              Irwell Street
              Manchester, M3 5EN

For further details, contact:

             The Joint Administrators
             Tel No: 0161 831 9999
             Email: recovery@leonardcurtis.co.uk

Alternative contact: Kieran Higson



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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

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