/raid1/www/Hosts/bankrupt/TCREUR_Public/250120.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
Monday, January 20, 2025, Vol. 26, No. 14
Headlines
I R E L A N D
HALT NFR: Northern Ireland Company Enters Administration
RISE 2 SHINE: Enters Administration in Northern Ireland
I T A L Y
BANCA IFIS: Moody's Affirms 'Ba3' Subordinate Debt Rating
N E T H E R L A N D S
PEARLS (NETHERLANDS): Moody's Cuts CFR to B3, Outlook Stable
S P A I N
CODERE GROUP: Moody's Withdraws 'Caa2' Corporate Family Rating
S W E D E N
POLESTAR AUTOMOTIVE: Retail Sales Up 5.3% in Q4 2024
S W I T Z E R L A N D
MATTERHORN TELECOM: Moody's Rates New Secured Notes Due 2032 'B2'
U N I T E D K I N G D O M
A J MECHANICAL: Quantuma Advisory Named as Administrators
BRAND AGENCY (LONDON): FRP Advisory Named as Administrators
CELSUS GROUP: Kroll Advisory Named as Administrators
EVER READYMIX: Clark Business Named as Administrators
GLOBAL DX: AAB Business Named as Administrators
LOTTIE LONDON: FRP Advisory Named as Administrators
MHA AUCHLOCHAN: Azets Holding Named as Administrators
MULTIWOOD PRODUCTS: FRP Advisory Named as Administrators
NEIL COWLING: Quantuma Advisory Named as Administrators
NORTH WEST WINDOWS: Lines Henry Named as Administrators
PEOPLELINE LIMITED: Leonard Curtis Named as Administrators
PIZZA HUT UK: Fried Frank Advised Franchisee on Pre-pack Sale
QUALTECH RESOURCING: Leonard Curtis Named as Administrators
SARA-INT LIMITED: Begbies Traynor Named as Administrators
SOLENT BUTCHERS: Quantuma Advisory Named as Administrators
T20 AF MIDCO: Dow Schofield Named as Administrators
TEF TRANSPORT: FRP Advisory Named as Administrators
X X X X X X X X
[*] BOND PRICING: For the Week January 13 to January 17, 2025
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I R E L A N D
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HALT NFR: Northern Ireland Company Enters Administration
--------------------------------------------------------
Belfast, Northern Ireland-based HALT (NFR) Limited, which is
involved in the sale of timber and building materials, has been
placed into administration, as per an order from the High Court of
Justice in Northern Ireland.
The company, which operates from its registered office at
Springbank Industrial Estate, Springbank Road, Dunmurry, Belfast,
BT17 0QL, entered administration on January 9, 2025, governed by
the Insolvency (Northern Ireland) Order 1989. Peter Allen of
Deloitte (NI) Limited has been appointed as the administrator. His
office is located at The Ewart, 3 Bedford Square, Belfast, with an
insolvency practitioner number of 009743.
HALT (NFR) Limited, registered under the company number NI677819,
now faces a period where its financial and operational strategies
will be reassessed to either revive the business or manage its
affairs in an orderly manner.
The Administrator will oversee the company's affairs, aiming to
protect the interests of creditors, employees, and other
stakeholders during this period.
RISE 2 SHINE: Enters Administration in Northern Ireland
-------------------------------------------------------
Lurgan, Northern Ireland-based Rise 2 Shine Ltd has been placed
into administration, according to an order from the High Court of
Justice in Northern Ireland's Chancery Division (Company
Insolvency).
Under the Insolvency (Northern Ireland) Order 1989 as amended, and
with case number 29182 of 2025, the company, registered under
number NI601136 and based at 9 Flush Place, Lurgan, Craigavon, BT66
7DT, officially entered administration on January 14, 2025.
Scott Murray and Ian Davison from Keenan Corporate Finance Ltd have
been appointed as Joint Administrators to oversee the company's
affairs. Their office is located at the 10th Floor, Victoria House,
15-17 Gloucester Street, Belfast, BT1 4LS.
The administrators can be contacted for further information at the
telephone number 028 9023 3023 or via email at
mmclean@keenancf.com.
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I T A L Y
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BANCA IFIS: Moody's Affirms 'Ba3' Subordinate Debt Rating
---------------------------------------------------------
Moody's Ratings has affirmed all of Banca Ifis S.p.A.'s (Banca
Ifis) ratings and assessments including: its Baa2 long-term (LT)
and Prime-2 short-term (ST) deposit ratings, Baa3 LT issuer and
senior unsecured debt ratings, Baa2 LT and Prime-2 ST Counterparty
Risk Ratings (CRR), Baa2(cr) LT and Prime-2(cr) ST Counterparty
Risk (CR) Assessments, Ba3 subordinate debt rating, and the ba2
Baseline Credit Assessment (BCA) and Adjusted BCA.
The outlook on Banca Ifis' LT deposit ratings, LT issuer and senior
unsecured debt ratings remains stable.
Moody's also placed on review for upgrade all the ratings and
assessments of illimity Bank S.p.A. (illimity), including its: Baa3
LT and Prime-3 ST deposit ratings, Ba1 LT issuer and senior
unsecured debt ratings, the B1 subordinated debt ratings, the Baa3
LT and Prime-3 ST CRR, the Baa3(cr) LT and Prime-3(cr) ST CR
Assessments as well as the ba3 BCA and Adjusted BCA.
Previously, the outlook on the LT deposit ratings and LT issuer and
senior unsecured debt ratings of illimity was stable.
The rating actions are prompted by Banca Ifis' announcement on
January 08, 2025, that it had launched a voluntary tender and
exchange offer for all the shares of illimity.
RATINGS RATIONALE
-- DETAILS OF THE TRANSACTION
Banca Ifis has initiated an offer valued at EUR298 million,
consisting of approximately 60% newly issued shares and 40% cash,
for all of illimity's shares. The goal is to delist and
subsequently merge the entities. Banca Ifis plans to settle the
tender offer in July 2025, contingent upon a minimum acceptance
level of at least 66.67% of illimity's share capital and obtaining
the necessary regulatory approvals.
-- RATIONALE FOR THE AFFIRMATION OF BANCA IFIS' RATINGS
The affirmation of Banca Ifis' ba2 BCA is based on the bank's
announcement including the proposed capital increase to partly
finance the acquisition as well as the commitment to a combined
entity's Common Equity Tier 1 capital ratio above 14%, despite
maintaining its policy of high earnings distribution.
Moody's evaluation further considers the scale benefits to and the
complementary nature of both banks' franchises, consisting of
lending to small and mid-sized enterprises (SMEs) as well as
nonperforming loan purchasing and restructured loan activities.
At the same time, Moody's consider execution risks customary to
such larger scale acquisition relative to Banca Ifis' size and
associated integration process as significant; illimity's assets
would account for 39% of the combined entity based on September
2024 data. While Moody's acknowledge Banca Ifis' successful
historical acquisitions, the requirements for the commercial,
organisational and operational integration of illimity are of
unprecedented nature for the bank's management.
Under Moody's framework of assessing environmental, social and
governance (ESG) risks, Moody's have reflected the execution risks
and demands placed on Banca Ifis' management by lowering the score
for management credibility and track record to moderate while
maintaining the bank's overall governance issuer profile score
(IPS) at G-2, indicating overall low governance risks.
Consequently, the Credit Impact Score of CIS-2 remains unchanged
and reflects that ESG factors have no material impact on Banca
Ifis' ratings.
The affirmation of Banca Ifis's deposit and LT issuer and senior
unsecured debt ratings also reflects the unchanged outcome of
Moody's Advanced Loss Given Failure (LGF) analysis and Moody's
assumption of a low probability of government support in case of
resolution for the combined entity.
The LT deposit and LT issuer and senior unsecured debt ratings for
Banca Ifis carry stable outlooks, indicating Moody's expectation
that, should the acquisition be completed, it would not materially
affect Banca Ifis credit profile, despite execution and operational
risks associated with integrating an entity of a large scale
relative to Banca Ifis' current balance sheet. In addition, the
degree of protection provided to senior creditors from the stock of
bail-in-able liabilities will not materially change either given
both entities' comparable current liability structure.
-- RATIONALE FOR THE REVIEW FOR UPGRADE ON ILLIMITY'S RATINGS
The review for upgrade of illimity's ratings and assessments is
prompted by the fact that the bank's creditworthiness will converge
with that of Banca Ifis if the acquisition is finalized and the
legal merger is completed. Moody's expect that illimity would be
fully integrated into Banca Ifis after the acquisition and
illimity's creditors to benefit from the greater financial strength
of Banca Ifis.
Moody's anticipate to conclude the ratings review once more
detailed information about the operational steps, authorizations
and timeline of the acquisition will be provided.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Banca Ifis' ratings if the bank improved its
fundamentals beyond Moody's expectation, which would prompt an
upgrade of its ba2 BCA. Moody's could upgrade its BCA if it reduces
its asset risk, decreases its reliance on confidence-sensitive
market funding and strengthens its liquidity, while maintaining
targeted capital and profitability levels.
Banca Ifis' LT issuer, senior unsecured debt and subordinated debt
ratings would also benefit from a one-notch additional uplift from
Moody's Advanced LGF analysis if the bank were to issue more
subordinated debt than currently expected.
Conversely, a downgrade of Banca Ifis' BCA could lead to a
downgrade of its ratings, other things being equal. Moody's could
downgrade the bank's BCA if there is an unexpected significant
deterioration in its asset risk profile, driven, for example, by a
substantial decline in revenue or higher than expected losses in
the bank's nonperforming loans business or corporate lending
business, which could eventually weaken its capital position.
Additionally, a downgrade could also occur if the bank's funding
and liquidity were to experience some stress.
Several factors could lead to a downgrade of Banca Ifis in the
context of integrating illimity. For instance, if Banca Ifis
encounters significant operational failures, if it shows a higher
risk appetite in the SME or nonperforming acquiring business, or if
it reduces the current diversification of its business activities.
Furthermore, Moody's could downgrade Banca Ifis' ratings if it
reduces the buffer of liabilities subject to bail-in or its balance
sheet expands beyond Moody's current projections.
The ratings and assessments of illimity could be upgraded following
the completion of the acquisition by Banca Ifis.
A downgrade of illimity's ratings is unlikely given the review for
upgrade. However, the ratings and assessments could be confirmed at
current level if the acquisition by Banca Ifis were not to take
place. In addition, if the acquisition is cancelled and if
illimity's BCA is downgraded, that would likely lead to a downgrade
of the bank's ratings.
In such a scenario, illimity's BCA could be downgraded if its asset
risk profile were to deteriorate significantly. This would involve
lower recovery values in its nonperforming loans investment
portfolio or losses stemming from its SME exposures, which could
eventually weaken its capital position.
A downgrade could also occur if the bank's profitability, funding
and liquidity were under stress. Furthermore, Moody's could
downgrade the bank's ratings if it reduces the buffer of
liabilities subject to bail-in or its balance sheet expands beyond
Moody's current projections.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published
in November 2024.
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N E T H E R L A N D S
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PEARLS (NETHERLANDS): Moody's Cuts CFR to B3, Outlook Stable
------------------------------------------------------------
Moody's Ratings has downgraded Pearls (Netherlands) BidCo B.V.'s
(Caldic or the company) long term corporate family rating and
probability of default rating to B3 and B3-PD from B2 and B2-PD
respectively. Concurrently, Moody's downgraded the instrument
ratings of Caldic's senior secured bank credit facilities to B3
from B2. The outlook has been changed to stable from negative.
RATINGS RATIONALE
The downgrade of Caldic's rating reflects the company's weak credit
metrics, including an expected Moody's-adjusted gross leverage of
around 8x in 2024, and Moody's expectation of a slower deleveraging
trajectory with gross leverage of around 7x in 2025.
Integration and restructuring costs related to the transformation
into a global platform weighed on cash and EBITDA generation in
2024. Moody's anticipate these transformational costs to continue
in 2025, albeit at a lower level. Moody's forecast Caldic's gross
leverage to be slightly above 7x in 2025 and to fall below 6.5x in
2026. This is weaker than Moody's previous forecasts primarily
because Moody's expect lower gross profit and higher non-recurring
expenses. However, if the company meets Moody's forecast for 2026,
this would position the rating solidly within its B3 rating.
As a result of high integration and restructuring costs, and
working capital needs, Moody's estimate that Caldic generated
negative free cash flow (FCF) of about EUR60 million in 2024. Over
the next 12-18 months, Moody's expect FCF to return to positive
territory however the overall size of expected FCF is low compared
to the total debt size. Moody's anticipate that the company will
continue with acquiring smaller distributors given the fragmentated
nature of the industry.
Caldic's B3 rating continues to reflect its position as one of the
world's largest chemicals distributors, with a strong market
position in the food ingredients end market; capital spending-light
business model, but working capital requirements can be
significant; no immediate refinancing needs for its term loans; and
diversified end market and product base.
However, the rating is constrained by high leverage; some exposure
to cyclical industrial end-markets; risk of debt-funded
acquisitions; and integration risk related to the transformation
into one global platform.
OUTLOOK
The stable outlook reflects Moody's expectation that the company
will retain an adequate liquidity profile and generate positive FCF
in the next 12-18 months. In addition, there are no immediate
refinancing needs which gives the company time to delever.
LIQUIDITY
Caldic has good liquidity. As of the end of September 2024, the
company reported EUR110 million of cash on balance sheet and access
to a EUR155 million senior secured revolving credit facility (RCF)
of which EUR115 million are undrawn. In combination with forecasted
funds from operations, these funds are sufficient to cover capital
spending, working capital swings and day-to-day cash needs. Most of
the company's debt does not mature until 2029 (RCF matures in
2028). Caldic also has access to non-recourse factoring lines to
manage working capital swings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the rating if the company reduces its
Moody's-adjusted gross debt/EBITDA sustainably below 6x; generates
sustainable meaningful positive free cash flow (FCF); and also
maintains an at least adequate liquidity profile.
Moody's could downgrade the rating if the company fails to generate
positive FCF; if there is a deterioration of the liquidity profile;
or if Moody's-adjusted gross debt/EBITDA remains sustainably above
7x without prospects of earnings driven deleveraging.
The principal methodology used in these ratings was Distribution
and Supply Chain Services published in December 2024.
COMPANY DESCRIPTION
Headquartered in the Netherlands, Caldic is one of the world's
leading specialty chemicals and life science ingredients
distributors. In 2022, private equity firm Advent International
acquired Caldic, and combined the activities of Caldic and the
Latin America-based chemicals distributor GTM, which has been owned
by Advent since 2014. In early 2023, the company merged with the
Asia-Pacific distributor Connell. As well as Advent (largest
shareholder), Caldic's shareholders comprise the family-owned
company Wilbur-Ellis (previous owner of Connell) and the company's
management team.
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S P A I N
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CODERE GROUP: Moody's Withdraws 'Caa2' Corporate Family Rating
--------------------------------------------------------------
Moody's Ratings has withdrawn the Caa2 corporate family rating and
Caa2-PD probability of default rating of Codere Group Topco, S.A.
(Codere or the company). At the same time, Moody's have withdrawn
the Caa2 instrument rating on the backed senior secured notes due
2028 issued by Codere Finance 2 (Luxembourg) S.A. Prior to the
withdrawal, the outlook was stable for all entities.
RATINGS RATIONALE
Moody's have decided to withdraw the rating(s) because Moody's
believe Moody's have insufficient or otherwise inadequate
information to support the maintenance of the rating(s).
Moody's consider the company's governance to be a key driver for
the rating action given compliance and reporting issues associated
with the change in auditor and the delay in reporting its annual
audited accounts for 2023.
COMPANY PROFILE
Founded in 1980 and headquartered in Madrid, Spain, Codere is an
international gaming operator. The company is present in seven
countries where it has market-leading positions: Spain and Italy in
Europe; and Mexico, Argentina, Uruguay, Panama and Colombia in
Latin America. In 2023, the company reported preliminary
non-audited consolidated revenue of around EUR1.4 billion and
preliminary non-audited consolidated company-adjusted EBITDA of
EUR205.7 million.
Codere's ultimate ownership is composed of former note holders and
first-priority notes holders.
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S W E D E N
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POLESTAR AUTOMOTIVE: Retail Sales Up 5.3% in Q4 2024
----------------------------------------------------
Polestar (Nasdaq: PSNY) on January 9, 2025, announced that retail
sales totalled 12,256 cars in Q4 2024, up 5.3% versus Q4 2023,
taking total retail sales for the full year to 44,851 in 2024, down
15% versus 2023. Total order intake in Q4 2024 increased by 37.2%
versus Q4 2023 and by 37.9% for the full year 2024 versus 2023.
Michael Lohscheller, Polestar CEO, says: "The changes being made to
our commercial operations are clearly having a positive impact, as
we saw a 5.3% increase in retail sales and a 37.2% increase in
order intake compared to the same quarter last year, creating a
strong momentum as we enter 2025."
To align more closely with sector convention, Polestar has amended
its definition of global volumes, with the new definition being
retail sales representing sales to end customers.
As previously announced, the Company will publish Q3 key financial
KPIs, business and operational highlights on 16 January 2025.
Management will host a live webcast on the same date, to provide a
business and strategy update. Further details, including a link to
the webcast, are available on the Polestar Investor Relations
website. Verified shareholders are able to ask questions through
the Say Technologies platform, accessible via:
https://app.saytechnologies.com/polestar-strategy-business-update
A full-text copy of the Form 6K is available at
https://urlcurt.com/u?l=W1dGGP
Contacts:
Investor Relations
IR@polestar.com
Theo Kjellberg
Head of Corporate Communication
Theo.kjellberg@polestar.com
About Polestar Automotive
Polestar Automotive Holding UK PLC manufactures and sells premium
electric vehicles. The company was founded in 2017 and is
headquartered in Gothenburg, Sweden.
As of December 31, 2023, the Company had $4.1 billion in total
assets, $5.4 billion in total liabilities, and $1.3 billion in
total deficit.
Gothenburg, Sweden-based Deloitte AB, the Company's auditor since
2021, issued a 'going concern' qualification in its report dated
August 14, 2024, citing that the Company requires additional
financing to support operating and development activities that
raise substantial doubt about its ability to continue as a going
concern.
=====================
S W I T Z E R L A N D
=====================
MATTERHORN TELECOM: Moody's Rates New Secured Notes Due 2032 'B2'
-----------------------------------------------------------------
Moody's Ratings has assigned a B2 rating to the proposed senior
secured notes due 2030 and senior secured term loan B due 2032 to
be issued by Matterhorn Telecom SA. Matterhorn Telecom Holding SA
(Salt or the company) ratings, including its B2 Corporate Family
Rating, and Matterhorn Telecom SA's B2 ratings on its existing
senior secured notes and senior secured credit facilities are
unchanged. The outlook is positive.
"Proceeds from the proposed issuance will be used to fully redeem
the company's senior secured notes due in 2027 and a portion of the
senior secured term loan B due 2026," says Luigi Bucci, a Moody's
Ratings Vice President and lead analyst of Salt.
"The transaction is leverage neutral and supports Salt's liquidity.
Moody's positive outlook continues to assume a timely refinancing
of the company's remaining portion of its senior secured notes and
term loan B due in 2026," adds Mr Bucci.
RATINGS RATIONALE
The proposed senior secured notes are rated B2, the same as Salt's
existing senior secured notes, senior secured term loan B and
senior secured revolving credit facility. The B2 instrument rating
on these facilities, at the same level as the CFR, thus reflects
the absence of any liabilities ranking ahead or behind. While the
issuance will positively extend the company's debt maturity
profile, Moody's note that it will have a slight negative impact on
free cash flow (FCF), as the interest paid will increase.
The B2 CFR of Salt is supported by the company's: (1) position as a
market challenger and the third-largest telecom operator in
Switzerland; (2) exposure to the positive dynamics in the Swiss
telecom market, including customers' focus on quality rather than
on price; (3) continued strong growth in the broadband market; and
(4) adequate liquidity, supported by good underlying FCF before
dividends.
The rating also takes into consideration the company's: (1) still
high Moody's-adjusted leverage of 5.3x as of September 2024; (2)
high shareholder distribution, which weakens the company's
Moody's-adjusted retained cash flow (RCF)/net debt; (3) its modest
size and still-high concentration in the mobile segment; and (4)
Moody's continued expectation of a slowdown in EBITDA growth in
2024, because of inflation and heightened commercial costs.
RATIONALE FOR POSITIVE OUTLOOK
The positive rating outlook reflects Moody's expectation that the
company will continue to report good operating performance on the
back of growth in postpaid mobile, business-to-business (B2B) and
broadband. This should push Moody's-adjusted leverage down towards
5x by 2025 and drive sustained positive FCF before dividends.
The positive outlook also incorporates Moody's expectation that
there will be no significant change in the company's shareholder
remuneration policy (annual payout of CHF150 million-CHF180 million
with no use of dividend recapitalisations) as well as a timely
refinancing of Salt's remaining 2026 debt maturities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on Salt's rating could develop if the company's:
(1) operating performance continues to improve, including through
sustained revenue growth supported by subscriber net adds and/or
improving average revenue per user (ARPU); (2) Moody's-adjusted
debt/EBITDA decreases towards 5.0x on a sustained basis; (3)
financial policy becomes more prudent and predictable; and (4)
liquidity remains adequate.
Downward pressure could be exerted on the ratings if the company's:
(1) operating performance deteriorates; (2) financial policy
becomes more aggressive, as demonstrated by annual shareholder
distributions in excess of current expectations; (3)
Moody's-adjusted debt/EBITDA is maintained at above 6.0x; or (4)
liquidity weakens.
COMPANY PROFILE
Headquartered in Renens (Switzerland), Salt is the third-largest
telecom operator in Switzerland. Salt has been an integrated
operator since 2018 when it launched its broadband offering. In
2023, the company generated revenue and company-adjusted EBITDA
(including the impact of IFRS 15 and IFRS 16) of CHF1,117 million
and CHF577 million, respectively. The company is owned by NJJ
Capital, Xavier Niel's private holding company.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.
===========================
U N I T E D K I N G D O M
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A J MECHANICAL: Quantuma Advisory Named as Administrators
---------------------------------------------------------
A J Mechanical Services Limited was placed into administration
proceedings in Business and Property Courts of England and Wales
Court Number, Court Number: CR-2024-007482, and Richard Easterby
and Chris Newell of Quantuma Advisory Limited were appointed as
administrators on Dec. 6, 2024.
A J Mechanical specializes in plumbing, heat and air-conditioning
installation.
Its registered office is at 12 Stephenson Court, Priory Business
Park, Bedford, MK44 3WJ, and it is in the process of being changed
to Quantuma Advisory Limited, The Lexicon, 10-12 Mount Street,
Manchester, M2 5NT. Its principal trading address is at 12
Stephenson Court, Priory Business Park, Bedford, MK44 3WJ.
The administrators can be reached at:
Richard Easterby
Gary Thompson
Quantuma Advisory Limited
The Lexicon
10 - 12 Mount Street
Manchester, M2 5NT
For further information, contact:
Alex Holliday
Tel No: 01616 949 144
Email: alex.holliday@quantuma.com
BRAND AGENCY (LONDON): FRP Advisory Named as Administrators
-----------------------------------------------------------
Brand Agency (London) Limited was placed in administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Court Number: CR-2025-000118, and
Geoffrey Paul Rowley and Anthony John Wright of FRP Advisory
Trading Limited were appointed as administrators on Jan. 9, 2025.
Brand Agency (London) engages in the wholesale of perfume and
cosmetics.
Its registered office is at Trinity Court C/O Mercer & Hole Church
Street, Rickmansworth, WD3 1RT, to be changed to c/o FRP Advisory
Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU.
The joint administrators can be reached at:
Geoffrey Paul Rowley
Anthony John Wright
FRP Advisory Trading Limited
110 Cannon Street, London
EC4N 6EU
Further details contact:
The Joint Administrators
Tel: 020 3005 4000
Alternative contact:
Jacob Kench
Email: cp.london@frpadvisory.com
CELSUS GROUP: Kroll Advisory Named as Administrators
----------------------------------------------------
Celsus Group Limited was placed into administration proceedings in
The High Court of Justice, Business and Property Courts of England
and Wales, Royal Courts of Justice, Insolvency and Companies List
(ChD), Court Number: CR-2025-000142, and Benjamin John Wiles and
Philip Dakin of Kroll Advisory Ltd were appointed as administrators
on Jan. 13, 2025.
Celsus Group is a recruitment and consultancy service with over 15
years of experience, supporting the UK's primary, secondary, and
private care sectors. Celsus Group offers primary care, secondary
care and private care staffing solutions in the UK for nurses,
doctors, GPs and AHPs.
Its registered office and principal trading address is at 400
Capability Green Suite B, Floor 2, Luton, Bedfordshire, LU1 3LU.
The administrators can be reached at:
Benjamin John Wiles
Philip Dakin
Kroll Advisory Ltd
The Shard
32 London Bridge Street
London SE1 9SG
For further information, contact:
The Joint Administrators
Email: Samuel.Warlow@kroll.com
Tel: +44(0)20-7089-4797
EVER READYMIX: Clark Business Named as Administrators
-----------------------------------------------------
Ever Readymix Concrete And Screed Limited was placed into
administration proceedings in the High Court of Justice Business
and Property Courts in Leeds Company and Insolvency List CHD, Court
Number: No 1184 of 2024, and Phil Clark and Dave Clark of Clark
Business Recovery Limited were appointed as administrators on Dec.
10, 2024.
Ever Readymix is a manufacturer of readymix concrete and screed
based in Northern Lincolnshire and South Yorkshire.
Its registered office is at Cabourn House, Station Street, Bingham,
NG13 8AQ -- to be changed to c/o Clark Business Recovery Limited, 8
Fusion Court, Aberford Road, Leeds, LS1 2EY. Its principal trading
address is at Woodcar Lane, Sandtofdt, Doncaster, DN9 1PN.
The joint administrators can be reached at:
Phil Clark
Dave Clark
Clark Business Recovery Limited
8 Fusion Court, Aberford Road
Garforth, Leeds, LS25 2GH
For further details, contact:
David Hines
Tel No: 0113 243 8617
Email: davidh@clarkbr.co.uk
GLOBAL DX: AAB Business Named as Administrators
-----------------------------------------------
Global Dx Limited was placed in administration proceedings in the
Alloa Sheriff Court, Court Number: No ALO-L4-24, and David
McGinness and Judith Howson of AAB Business & Tax Advisory LLP were
appointed as administrators on Jan. 6, 2025.
Global DX specialises in the provision of diagnostic solutions to
safe-guard the future of the food-chain, industry and global
health.
Its registered office is at Elmbank Business Centre, The Charrier,
Menstrie, FK11.
The joint administrators can be reached at:
David McGinness
Judith Howson
AAB Business & Tax Advisory LLP
133 Finnieston Street
Glasgow, G3 8HB
For further details, contact:
Steven Rodden
Tel No: 0141-221-2984
Email at steven.rodden@aab.uk
LOTTIE LONDON: FRP Advisory Named as Administrators
---------------------------------------------------
Lottie London Limited was placed in administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales, Court Number: CR-2025-000120, and Geoffrey Paul Rowley
and Anthony John Wright of FRP Advisory Trading Limited were
appointed as administrators on Jan. 9, 2025.
Lottie London engages in the wholesale of perfume and cosmetics.
Its registered office is at Trinity Court C/O Mercer & Hole Church
Street, Rickmansworth, WD3 1RT, to be changed to c/o FRP Advisory
Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU.
The joint administrators can be reached at:
Geoffrey Paul Rowley
Anthony John Wright
FRP Advisory Trading Limited
110 Cannon Street, London
EC4N 6EU
Further details contact:
The Joint Administrators
Tel: 020 3005 4000
Alternative contact:
Jacob Kench
Email: cp.london@frpadvisory.com
MHA AUCHLOCHAN: Azets Holding Named as Administrators
-----------------------------------------------------
MHA Auchlochan was placed into administration proceedings in the
Court of Session, Case No. P1121 of 2024, and Blair Milne, James
Fennessey, and Robert Young of Azets Holding Limited, were
appointed as administrators on May 2, 2024.
MHA Auchlochan specialized in residential care activities for the
elderly and disabled.
Its registered office is at Titanium 1, King's Inch Place, Renfrew,
PA4 8WF. Its principal trading address is at Auchlochan Garden
Village, New Trows Road, Lesmahagow, South Lanarkshire, ML11 0GH.
The joint administrators can be reached at:
Blair Milne
James Fennessey
Robert Young
Azets Holding Limited
Titanium 1, King’s Inch Place
Renfrew, PA4 8WF
For further details, contact:
The Joint Administrators
Tel No: 0141 886 6644
Email: MHAAuchlochan@azets.co.uk
Alternative contact:
Michael Carr-White
Tel No: 0207 403 1877
Email: Michael.Carr-White@azets.co.uk
MULTIWOOD PRODUCTS: FRP Advisory Named as Administrators
--------------------------------------------------------
Multiwood Products Limited was placed in administration proceedings
in Business and Property Courts in Manchester, Insolvency &
Companies List (ChD), Court Number: CR-2025-MAN-001691, and Simon
Farr and Anthony Collier of FRP Advisory Trading Limited were
appointed as administrators on Jan. 9, 2025.
Multiwood Products engages in non-specialised wholesale trade.
Its registered office is at Multiwood Products Limited, Roach Bank
Road, Pilsworth Industrial Estate, Bury, BL9 8RQ, to be changed to
FRP Advisory Trading Limited, 4th Floor, Abbey House, 32 Booth
Street, Manchester, M2 4AB. Its principal trading address:
Multiwood Products Limited, Roach Bank Road, Pilsworth Industrial
Estate, Bury, BL9 8RQ.
The joint administrators can be reached at:
Simon Farr
Anthony Collier
FRP Advisory Trading Limited
4th Floor, Abbey House, Booth Street
Manchester, M2 4AB
For further details, contact:
The Joint Administrators
Tel: 0161 833 3344
Alternative contact:
Oliver Oakes
Email: cp.manchester@frpadvisory.com
NEIL COWLING: Quantuma Advisory Named as Administrators
-------------------------------------------------------
Neil Cowling Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD), Court Number:
CR-2024-06743, and Andrew Andronikou and Michael Kiely of Quantuma
Advisory Limited were appointed as administrators on Nov. 21, 2024.
Neil Cowling trading as Fresh Air engages in sound recording and
music publishing activities.
Its registered office is at 11 Devizes Road, Swindon SN1 4BH and it
is in the process of being changed to Quantuma Advisory Limited,
7th Floor, 20 St Andrew Street, London, EC4A 3AG. Its principal
trading address is at Unit 15 Tileyard Rd, London, N7 9AH.
The joint administrators can be reached at:
Andrew Andronikou
Michael Kiely
Quantuma Advisory Limited
7th Floor, 20 St. Andrew Street
London, EC4A 3AG
For further details, contact:
Ellie Knapp
Tel No: 020 3856 6720
Email: ellie.knapp@quantuma.com
NORTH WEST WINDOWS: Lines Henry Named as Administrators
-------------------------------------------------------
North West Windows Ltd was placed into administration proceedings
in Business and Property Courts in Manchester, Insolvency &
Companies List (ChD), Court Number: CR-2024-MAN-001617, and Neil
Henry of Lines Henry Ltd were appointed as administrators on Dec.
10, 2024.
North West is a window manufacturer & installation.
Its registered office and principal trading office is at Lion
Works, Old Market Street, Blackley, Manchester, M9 3DU.
The joint administrators can be reached at:
Neil Henry
Lines Henry Ltd
5 Tabley Court, Victoria Street
Altrincham, Cheshire
WA14 1EZ
For further details, contact:
Andrew Walker
Tel No: 0161-929-1905
Email: andrew.w@lineshenry.co.uk
PEOPLELINE LIMITED: Leonard Curtis Named as Administrators
----------------------------------------------------------
Peopleline Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Birmingham, Insolvency & Companies List (ChD), Court Number:
CR-2024-007228, and Conrad Beighton and Kirsty Swan of Leonard
Curtis were appointed as administrators on Dec. 6, 2024.
Peopleline Limited is temporary employment agency.
Its registered office is at Cavendish House, 39-41 Waterloo Street,
Birmingham B2 5PP.
The joint administrators can be reached at:
Conrad Beighton
Kirsty Swan
Leonard Curtis, Cavendish House
39-41 Waterloo Street
Birmingham, B2 5PP
For further details, contact:
The Joint Administrators
Tel No: 0121 200 2111
Email: recovery@leonardcurtis.co.uk.
Alternative contact: Mahnoor Aslam
PIZZA HUT UK: Fried Frank Advised Franchisee on Pre-pack Sale
-------------------------------------------------------------
Fried Frank advised the franchisee of well-known restaurant chain,
Pizza Hut and the administrators from Interpath Advisory on the
restructuring and pre-packaged administration sale of the Pizza Hut
business in the UK and Ireland to Directional Capital.
Ashley Katz, the lead Fried Frank partner on the deal, commented,
"Fried Frank is pleased to have been able to support the companies,
the boards and Interpath on concluding this significant
transaction."
The transaction underscores Fried Frank's strength in advising
clients on substantial and complex restructuring and insolvency
deals.
The Fried Frank team was led by restructuring and insolvency
partner Ashley Katz and included finance partner Neil Caddy,
corporate real estate partner, Roger Schofield and tax partner
Richard Pilgrim, together with restructuring and insolvency
associates Amy Faraday, Ewan Gardner and Eshan Khot, corporate real
estate associate Luther Goh-Mah, and tax associates Neema Sofaer
and Thomas Bramall.
Employment law partner Nick Robertson of Keystone Law and data
protection law partner Muzaffar Shah of Keystone Law also formed
part of the deal team.
The Interpath team was led by administrators Will Wright and Chris
Pole, supported by Victoria Horishny and Andrew Simpson.
QUALTECH RESOURCING: Leonard Curtis Named as Administrators
-----------------------------------------------------------
Qualtech Resourcing Limited was placed into administration
proceedings at The High Court of Justice Business and Property
Courts in Birmingham, Insolvency & Companies List (ChD), Court
Number: CR-2024-007229, and Conrad Beighton and Kirsty Swan of
Leonard Curtis were appointed as administrators on Dec. 6, 2024.
Qualtech Resourcing is a temporary employment agency.
Its registered office is at Cavendish House, 39-41 Waterloo Street,
Birmingham B2 5PP. Its principal trading address is at 37-39 Union
Street, Dewsbury, WF13 1AS.
The joint administrators can be reached at:
Conrad Beighton
Kirsty Swan
Leonard Curtis
Cavendish House
39-41 Waterloo Street
Birmingham, B2 5PP
For further details, contact:
The Joint Administrators
Tel No: 0121 200 2111
Email: recovery@leonardcurtis.co.uk.
Alternative contact: Mahnoor Aslam
SARA-INT LIMITED: Begbies Traynor Named as Administrators
---------------------------------------------------------
Sara-Int Limited was placed into administration proceedings in the
High Court of Justice Business and Property Courts in Birmingham,
Insolvency & Companies List (ChD), Court Number:
CR-2024-BHM-000695, and Mark Malone and Gareth Prince of Begbies
Traynor (Central) LLP were appointed as administrators on Dec. 6,
2024.
Sara-Int Limited engages in the publication of consumer and
business journals and periodicals.
Its registered office is at 5 Jardine House, Harrovian Business
Village, Bessborough Road, Harrow, Middlesex, England, H1 3EX.
The joint administrators can be reached at:
Mark Malone
Gareth Prince
Begbies Traynor (Central) LLP
11th Floor, One Temple Row
Birmingham, B2 5LG
For further details, contact:
Daniel Williams
Begbies Traynor (Central) LLP
E-mail: birmingham@btguk.com
Tel No: 0121 200 8150
SOLENT BUTCHERS: Quantuma Advisory Named as Administrators
----------------------------------------------------------
Solent Butchers & Co Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts Court Number: CR-2024-007289, and Nicholas Charles Simmonds
and Chris Newell of Quantuma Advisory Limited were appointed as
administrators on Dec. 9, 2024.
Solent Butchers, fka Demeran Limited, engages in the wholesale of
meat and meat products.
Its registered office is at 2 Ameiva Point, Dundas Lane,
Portsmouth, PO3 5SD and it is in the process of being changed to
2nd Floor, 15 Forlease Road, Maidenhead, SL6 1RX. Its principal
trading address: 2 Ameiva Point, Dundas Lane, Portsmouth, PO3 5SD.
The joint administrators can be reached at:
Nicholas Charles Simmonds
Chris Newell
Quantuma Advisory Limited
1st Floor, 21 Station Road
Watford, Herts, WD17 1AP
Further Details Contact:
Mary Dempsey
Tel No: 01628 478100
Email: mary.dempsey@quantuma.com
T20 AF MIDCO: Dow Schofield Named as Administrators
---------------------------------------------------
T20 AF Midco Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Company and Insolvency List, Court Number:
CR-2024-MAN-001599, and Lisa Marie Moxon and Christopher Benjamin
Barrett of Dow Schofield Watts Business Recovery LLP were appointed
as administrators on Dec. 6, 2024.
T20 AF Midco is an employment agency.
Its registered office is at 7400 Daresbury Park, Daresbury,
Warrington, WA4 4BS (formerly) Mynshull House, 78 Churchgate,
Stockport, Cheshire, SK1 1YJ. Its principal trading address is at
33 Soho Square, London, W1D 3QU.
The joint administrators can be reached at:
Lisa Marie Moxo
Christopher Benjamin Barrett
Dow Schofield Watts Business Recovery LLP
7400 Daresbury Park, Daresbury
Warrington, WA4 4BS
For further details, contact:
The Joint Administrators
Tel No: 01928 378014
Alternative contact:
Laura Hewitt
Email: laura@dswrecovery.com
TEF TRANSPORT: FRP Advisory Named as Administrators
---------------------------------------------------
TEF Transport Limited was placed into administration proceedings in
The High Court of Justice, Business and Property Courts in Leeds,
Insolvency and Companies List (ChD), Court Number:
CR-2024-LDS-001174, and Kelly Burton and Joseph Fox of FRP Advisory
Trading Limited were appointed as administrators on Dec. 9, 2024.
TEF Transport engages in freight transport by road.
Its registered office is at Unit 1 City Link Industrial Park,
Phoenix Way, Tyersal, Bradford, BD4 8JP in the process of changing
to C/O Wilson Field, The Manor House, 260 Ecclesall Road, South
Sheffield, S11 9PS. Its principal trading address is at Unit 3
Great Hill, Scarborough Business Park, Scarborough, YO11 3TX.
The joint administrators can be reached at:
Kelly Burton
Joseph Fox
FRP Advisory Trading Limited
The Manor House
260 Ecclesall Road South
Sheffield S11 9PS
For further details, contact:
Joint Administrators
Tel: 01142356780
Alternative contact:
Carl Addy
Email: c.addy@frpadvisory.com
===============
X X X X X X X X
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[*] BOND PRICING: For the Week January 13 to January 17, 2025
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Altice France Hol 10.500 5/15/2027 USD 29.992
Turkiye Governmen 10.400 10/13/2032 TRY 49.000
Ferralum Metals G 10.000 12/30/2026 EUR 29.350
Cabonline Group H 11.937 4/19/2029 SEK 40.000
NCO Invest SA 10.000 12/30/2026 EUR 0.152
NCO Invest SA 10.000 12/30/2026 EUR 0.152
Bilt Paper BV 10.360 USD 2.247
Tinkoff Bank JSC 11.002 USD 42.875
Fastator AB 12.500 9/26/2025 SEK 37.250
IOG Plc 12.204 9/22/2025 EUR 0.355
Fastator AB 12.500 9/25/2026 SEK 40.000
Marginalen Bank B 11.457 SEK 13.525
Kvalitena AB publ 10.067 4/2/2024 SEK 45.750
Societe Generale 23.500 3/3/2025 USD 47.250
UkrLandFarming PL 10.875 3/26/2018 USD 1.778
Avangardco Invest 10.000 10/29/2018 USD 0.186
Privatbank CJSC V 11.000 2/9/2021 USD 0.500
Privatbank CJSC V 10.250 1/23/2018 USD 3.583
Sidetur Finance B 10.000 4/20/2016 USD 0.784
Oscar Properties 11.270 7/5/2024 SEK 0.077
Transcapitalbank 10.000 USD 1.450
Fastator AB 12.500 9/24/2027 SEK 39.917
R-Logitech Financ 10.250 9/26/2027 EUR 4.136
Altice France Hol 10.500 5/15/2027 USD 30.261
Bulgaria Steel Fi 12.000 5/4/2013 EUR 0.216
UkrLandFarming PL 10.875 3/26/2018 USD 1.778
Plusplus Capital 11.000 7/29/2026 EUR 8.490
Swissquote Bank E 20.300 1/29/2025 USD 48.110
Phosphorus Holdco 10.000 4/1/2019 GBP 0.467
Ameriabank CJSC 10.000 2/20/2025 AMD 0.000
Phosphorus Holdco 10.000 4/1/2019 GBP 0.467
Societe Generale 17.800 2/12/2026 USD 45.466
Societe Generale 20.000 7/21/2026 USD 4.500
Tonon Luxembourg 12.500 5/14/2024 USD 2.216
Serica Energy Chi 12.500 9/27/2019 USD 1.500
UniCredit Bank Gm 12.250 2/28/2025 EUR 44.710
Societe Generale 20.000 9/18/2026 USD 5.200
Elli Investments 12.250 6/15/2020 GBP 0.337
Bilt Paper BV 10.360 USD 2.247
Privatbank CJSC V 10.875 2/28/2018 USD 4.548
Privatbank CJSC V 10.875 2/28/2018 USD 4.548
Corner Banca SA 18.800 6/26/2025 CHF 45.240
Bank Vontobel AG 26.000 3/5/2025 CHF 30.700
UBS AG/London 10.000 3/23/2026 USD 40.450
Societe Generale 11.000 7/14/2026 USD 15.730
BNP Paribas Issua 20.000 9/18/2026 EUR 23.800
KPNQwest NV 10.000 3/15/2012 EUR 0.705
NTRP Via Interpip 10.250 8/2/2017 USD 1.002
Lehman Brothers T 23.300 9/16/2008 USD 0.100
Elli Investments 12.250 6/15/2020 GBP 0.337
Societe Generale 18.320 2/26/2026 USD 40.800
Societe Generale 11.140 4/2/2026 USD 47.600
Vontobel Financia 23.250 6/27/2025 EUR 43.450
Leonteq Securitie 22.600 6/24/2025 CHF 46.410
Vontobel Financia 18.500 6/27/2025 EUR 46.810
Corner Banca SA 16.800 1/12/2026 USD 44.070
Bank Vontobel AG 15.000 10/14/2025 USD 38.600
Bank Vontobel AG 14.250 5/30/2025 USD 27.600
Vontobel Financia 14.750 3/28/2025 EUR 48.690
BNP Paribas Emiss 15.000 9/25/2025 EUR 40.800
Vontobel Financia 16.000 3/28/2025 EUR 12.270
Raiffeisen Schwei 18.000 7/15/2025 CHF 43.480
Leonteq Securitie 16.400 10/15/2025 CHF 45.790
Swissquote Bank S 24.070 5/6/2025 CHF 36.640
DZ Bank AG Deutsc 15.000 3/28/2025 EUR 6.430
DZ Bank AG Deutsc 23.600 3/28/2025 EUR 34.140
DZ Bank AG Deutsc 18.300 3/28/2025 EUR 6.430
DZ Bank AG Deutsc 18.900 3/28/2025 EUR 41.010
DZ Bank AG Deutsc 21.200 3/28/2025 EUR 37.140
Zurcher Kantonalb 11.350 2/21/2025 CHF 50.240
DZ Bank AG Deutsc 23.600 3/28/2025 EUR 46.410
DZ Bank AG Deutsc 10.500 3/28/2025 EUR 47.110
Swissquote Bank S 14.960 7/1/2025 CHF 32.890
Bank Julius Baer 18.500 7/2/2025 CHF 45.400
Raiffeisen Schwei 16.000 7/8/2025 CHF 46.810
Basler Kantonalba 16.000 10/15/2025 CHF 45.970
Swissquote Bank E 25.320 2/26/2025 CHF 22.630
DZ Bank AG Deutsc 13.200 3/28/2025 EUR 36.810
Bank Julius Baer 14.000 6/4/2025 CHF 35.500
Swissquote Bank E 19.340 8/5/2025 USD 41.150
Basler Kantonalba 14.200 9/17/2025 CHF 33.100
Swissquote Bank E 17.590 4/22/2025 USD 31.360
Bank Vontobel AG 11.000 8/11/2025 CHF 52.600
Bank Vontobel AG 14.500 8/15/2025 USD 46.400
Bank Vontobel AG 11.000 4/11/2025 CHF 25.500
Bank Vontobel AG 12.000 4/11/2025 CHF 24.700
Bank Vontobel AG 14.500 4/4/2025 CHF 25.100
Bank Vontobel AG 15.000 4/29/2025 CHF 28.900
Bank Vontobel AG 11.000 4/29/2025 CHF 37.200
Zurcher Kantonalb 14.000 6/17/2025 USD 29.240
Landesbank Baden- 13.000 6/27/2025 EUR 15.100
Landesbank Baden- 11.000 1/2/2026 EUR 16.690
Leonteq Securitie 15.400 7/1/2025 CHF 43.330
Landesbank Baden- 16.000 1/2/2026 EUR 19.440
Landesbank Baden- 16.000 6/27/2025 EUR 14.760
Bank Vontobel AG 12.000 3/5/2025 CHF 25.700
Bank Vontobel AG 14.000 3/5/2025 CHF 11.500
Basler Kantonalba 17.000 9/5/2025 USD 46.250
Bank Julius Baer 18.690 3/7/2025 CHF 27.650
Landesbank Baden- 10.500 4/24/2026 EUR 18.520
Landesbank Baden- 11.500 4/24/2026 EUR 19.230
Landesbank Baden- 13.000 4/24/2026 EUR 20.630
Swissquote Bank E 18.530 3/5/2025 CHF 32.470
UBS AG/London 15.000 4/7/2025 USD 32.750
Vontobel Financia 11.750 3/28/2025 EUR 51.260
Raiffeisen Switze 16.500 3/11/2025 CHF 11.740
Leonteq Securitie 20.000 3/11/2025 CHF 11.120
Leonteq Securitie 16.000 3/4/2025 CHF 33.000
Raiffeisen Switze 16.000 3/4/2025 CHF 12.200
DZ Bank AG Deutsc 20.400 3/28/2025 EUR 17.920
Raiffeisen Switze 13.000 3/11/2025 CHF 29.940
DZ Bank AG Deutsc 16.000 6/27/2025 EUR 48.120
DZ Bank AG Deutsc 21.900 6/27/2025 EUR 51.420
Leonteq Securitie 17.200 9/24/2025 CHF 46.760
DZ Bank AG Deutsc 18.500 3/28/2025 EUR 19.520
DZ Bank AG Deutsc 17.600 6/27/2025 EUR 19.980
Zurcher Kantonalb 23.000 3/5/2025 CHF 33.710
Raiffeisen Schwei 15.000 3/18/2025 CHF 32.710
Leonteq Securitie 14.500 2/27/2025 CHF 10.300
Landesbank Baden- 11.000 2/27/2026 EUR 16.890
Landesbank Baden- 12.000 2/27/2026 EUR 17.550
Leonteq Securitie 19.000 7/15/2025 USD 41.450
Leonteq Securitie 14.000 10/15/2025 CHF 35.000
Raiffeisen Schwei 16.000 7/4/2025 CHF 31.150
Swissquote Bank E 19.380 3/18/2025 USD 51.000
Bank Julius Baer 19.400 1/30/2025 CHF 26.500
Bank Julius Baer 17.100 3/19/2025 CHF 30.500
Bank Julius Baer 12.000 5/28/2025 USD 29.900
Bank Vontobel AG 16.000 2/10/2025 CHF 26.900
Bank Vontobel AG 14.000 6/23/2025 CHF 41.600
Societe Generale 16.000 3/18/2027 USD 49.060
UBS AG/London 15.000 8/21/2025 USD 47.850
Swissquote Bank S 20.060 5/22/2025 CHF 41.970
UBS AG/London 14.000 7/31/2025 USD 48.500
Raiffeisen Schwei 14.500 1/29/2025 CHF 32.090
Leonteq Securitie 12.000 8/5/2025 CHF 35.900
Finca Uco Cjsc 12.000 2/10/2025 AMD 0.000
Leonteq Securitie 20.800 2/5/2025 CHF 33.740
Raiffeisen Schwei 16.000 2/19/2025 CHF 32.840
Leonteq Securitie 18.000 5/27/2025 CHF 37.870
Landesbank Baden- 10.500 2/28/2025 EUR 49.860
Landesbank Baden- 11.500 2/28/2025 EUR 14.490
Raiffeisen Schwei 13.000 3/25/2025 CHF 28.890
Landesbank Baden- 19.000 2/28/2025 EUR 11.420
Landesbank Baden- 15.000 2/28/2025 EUR 12.610
Bank Vontobel AG 13.000 6/30/2025 USD 49.100
Bank Vontobel AG 12.000 3/19/2026 CHF 39.300
Bank Vontobel AG 16.000 6/24/2025 USD 39.700
Swissquote Bank E 20.280 3/11/2025 USD 51.850
Erste Group Bank 10.750 3/31/2026 EUR 40.950
Landesbank Baden- 14.000 10/24/2025 EUR 15.430
Leonteq Securitie 20.000 1/22/2025 CHF 32.610
Landesbank Baden- 14.000 1/24/2025 EUR 10.780
Erste Group Bank 14.500 5/31/2026 EUR 45.300
UniCredit Bank Gm 10.700 2/3/2025 EUR 7.980
Landesbank Baden- 10.500 4/28/2025 EUR 15.940
Landesbank Baden- 10.000 10/24/2025 EUR 14.630
UniCredit Bank Gm 16.550 8/18/2025 USD 17.400
Inecobank CJSC 10.000 4/28/2025 AMD 0.000
Landesbank Baden- 11.000 3/28/2025 EUR 11.320
Landesbank Baden- 13.000 3/28/2025 EUR 10.410
Raiffeisen Switze 10.500 4/2/2025 EUR 46.690
UniCredit Bank Gm 10.700 2/17/2025 EUR 8.310
Landesbank Baden- 16.500 4/28/2025 EUR 14.470
Landesbank Baden- 19.000 4/28/2025 EUR 14.260
UBS AG/London 21.600 8/2/2027 SEK 18.420
Societe Generale 23.110 2/17/2025 USD 45.550
Basler Kantonalba 10.000 1/20/2025 EUR 47.880
Landesbank Baden- 15.500 1/24/2025 EUR 8.460
Leonteq Securitie 10.000 1/20/2025 CHF 48.260
Landesbank Baden- 12.000 1/24/2025 EUR 10.750
HSBC Trinkaus & B 16.000 3/28/2025 EUR 19.710
HSBC Trinkaus & B 11.000 3/28/2025 EUR 24.120
HSBC Trinkaus & B 11.500 6/27/2025 EUR 25.530
HSBC Trinkaus & B 16.300 3/28/2025 EUR 7.200
HSBC Trinkaus & B 14.400 3/28/2025 EUR 7.500
HSBC Trinkaus & B 15.100 3/28/2025 EUR 20.320
Leonteq Securitie 10.000 1/21/2025 EUR 40.980
HSBC Trinkaus & B 13.400 6/27/2025 EUR 23.620
Raiffeisen Switze 10.250 1/21/2025 EUR 41.050
Raiffeisen Schwei 15.000 1/22/2025 CHF 24.100
Leonteq Securitie 20.000 1/22/2025 CHF 12.560
UBS AG/London 11.000 1/20/2025 EUR 45.250
Leonteq Securitie 24.000 4/23/2025 CHF 39.780
Corner Banca SA 18.400 7/22/2025 CHF 32.970
UBS AG/London 17.500 2/7/2025 USD 46.550
Bank Vontobel AG 24.000 4/14/2025 CHF 36.800
DZ Bank AG Deutsc 12.100 3/28/2025 EUR 48.710
Barclays Bank PLC 21.500 12/26/2025 USD 22.470
Landesbank Baden- 19.000 6/27/2025 EUR 13.340
Landesbank Baden- 10.500 1/2/2026 EUR 13.800
Leonteq Securitie 12.000 7/2/2025 USD 50.510
EFG International 13.000 6/26/2025 USD 52.410
Leonteq Securitie 20.000 3/21/2025 CHF 32.140
BNP Paribas Issua 19.000 9/18/2026 EUR 5.210
Leonteq Securitie 10.000 2/25/2025 CHF 44.190
UBS AG/London 10.250 3/10/2025 EUR 37.850
HSBC Trinkaus & B 13.300 6/27/2025 EUR 23.360
Landesbank Baden- 16.000 6/27/2025 EUR 12.760
Landesbank Baden- 21.000 6/27/2025 EUR 13.650
Armenian Economy 10.500 5/4/2025 AMD 0.000
Landesbank Baden- 15.000 3/28/2025 EUR 9.800
Societe Generale 21.000 12/26/2025 USD 21.157
UniCredit Bank Gm 10.500 12/22/2025 EUR 32.830
Credit Agricole C 29.699 12/29/2031 EUR 45.603
HSBC Trinkaus & B 15.900 3/28/2025 EUR 19.340
HSBC Trinkaus & B 15.000 3/28/2025 EUR 19.910
HSBC Trinkaus & B 11.300 6/27/2025 EUR 24.900
Basler Kantonalba 10.000 2/3/2025 EUR 43.280
Zurcher Kantonalb 10.500 2/4/2025 EUR 47.320
Corner Banca SA 10.000 2/25/2025 CHF 44.680
UniCredit Bank Gm 10.500 4/7/2026 EUR 27.180
Banque Internatio 10.000 3/19/2025 EUR 43.990
HSBC Trinkaus & B 12.750 6/27/2025 EUR 8.710
HSBC Trinkaus & B 11.750 6/27/2025 EUR 44.720
HSBC Trinkaus & B 15.500 6/27/2025 EUR 48.620
Leonteq Securitie 10.500 5/15/2025 CHF 38.190
DZ Bank AG Deutsc 15.400 3/28/2025 EUR 49.190
DZ Bank AG Deutsc 12.100 3/28/2025 EUR 48.710
DZ Bank AG Deutsc 18.600 3/28/2025 EUR 40.370
Corner Banca SA 20.000 3/5/2025 USD 48.510
Leonteq Securitie 14.000 7/3/2025 CHF 51.340
HSBC Trinkaus & B 22.250 6/27/2025 EUR 10.110
HSBC Trinkaus & B 17.500 6/27/2025 EUR 8.830
HSBC Trinkaus & B 10.250 6/27/2025 EUR 44.010
Leonteq Securitie 10.340 8/31/2026 EUR 47.860
Leonteq Securitie 18.000 2/20/2025 CHF 46.140
Swissquote Bank S 14.080 2/20/2025 CHF 52.160
Swissquote Bank E 20.000 2/20/2025 USD 53.060
UniCredit Bank Gm 11.500 2/28/2025 EUR 49.980
HSBC Trinkaus & B 13.400 3/28/2025 EUR 21.780
Landesbank Baden- 10.000 6/27/2025 EUR 14.390
Landesbank Baden- 14.000 6/27/2025 EUR 13.080
HSBC Trinkaus & B 11.600 3/28/2025 EUR 23.610
Goldman Sachs Int 16.288 3/17/2027 USD 24.220
Citigroup Global 25.530 2/18/2025 EUR 0.010
Bank Julius Baer 12.720 2/17/2025 CHF 16.000
Raiffeisen Switze 10.300 6/11/2025 CHF 46.700
UBS AG/London 25.000 10/20/2026 USD 10.910
ACBA Bank OJSC 11.500 3/1/2026 AMD 0.000
Evocabank CJSC 11.000 9/27/2025 AMD 0.000
Finca Uco Cjsc 13.000 5/30/2025 AMD 0.000
Societe Generale 15.000 9/29/2025 USD 13.000
National Mortgage 12.000 3/30/2026 AMD 0.000
Bank Vontobel AG 10.500 5/12/2025 EUR 40.200
Barclays Bank PLC 14.250 12/18/2025 USD 36.912
UniCredit Bank Gm 11.200 12/28/2026 EUR 48.430
Landesbank Baden- 14.000 6/27/2025 EUR 12.790
Corner Banca SA 13.000 4/2/2025 CHF 47.610
Zurcher Kantonalb 10.000 3/27/2025 EUR 45.140
Armenian Economy 11.000 10/3/2025 AMD 9.233
ACBA Bank OJSC 11.000 12/1/2025 AMD 8.550
Leonteq Securitie 10.000 5/26/2025 CHF 43.500
Lehman Brothers T 10.500 8/9/2010 EUR 0.100
Lehman Brothers T 10.000 3/27/2009 USD 0.100
Tonon Luxembourg 12.500 5/14/2024 USD 2.216
Teksid Aluminum L 12.375 7/15/2011 EUR 0.619
Sidetur Finance B 10.000 4/20/2016 USD 0.784
Bulgaria Steel Fi 12.000 5/4/2013 EUR 0.216
Lehman Brothers T 14.900 9/15/2008 EUR 0.100
Lehman Brothers T 16.800 8/21/2009 USD 0.100
Lehman Brothers T 11.250 12/31/2008 USD 0.100
Lehman Brothers T 18.250 10/2/2008 USD 0.100
Lehman Brothers T 14.900 11/16/2010 EUR 0.100
Lehman Brothers T 16.000 10/8/2008 CHF 0.100
Petromena ASA 10.850 11/19/2018 USD 0.622
Lehman Brothers T 10.000 2/16/2009 CHF 0.100
Lehman Brothers T 13.000 2/16/2009 CHF 0.100
Lehman Brothers T 11.000 2/16/2009 CHF 0.100
Lehman Brothers T 11.000 6/29/2009 EUR 0.100
Lehman Brothers T 11.000 12/19/2011 USD 0.100
Lehman Brothers T 15.000 3/30/2011 EUR 0.100
Lehman Brothers T 13.500 11/28/2008 USD 0.100
Lehman Brothers T 12.400 6/12/2009 USD 0.100
Lehman Brothers T 13.432 1/8/2009 ILS 0.100
Lehman Brothers T 14.100 11/12/2008 USD 0.100
Lehman Brothers T 13.000 12/14/2012 USD 0.100
Lehman Brothers T 11.750 3/1/2010 EUR 0.100
Lehman Brothers T 10.000 10/23/2008 USD 0.100
Lehman Brothers T 16.000 10/28/2008 USD 0.100
Lehman Brothers T 16.000 11/9/2008 USD 0.100
Lehman Brothers T 10.000 5/22/2009 USD 0.100
Lehman Brothers T 15.000 6/4/2009 CHF 0.100
Lehman Brothers T 10.442 11/22/2008 CHF 0.100
Lehman Brothers T 10.000 6/17/2009 USD 0.100
Lehman Brothers T 11.000 7/4/2011 USD 0.100
Lehman Brothers T 11.000 7/4/2011 CHF 0.100
Lehman Brothers T 12.000 7/4/2011 EUR 0.100
Lehman Brothers T 16.000 12/26/2008 USD 0.100
BLT Finance BV 12.000 2/10/2015 USD 10.500
Banco Espirito Sa 10.000 12/6/2021 EUR 0.058
Lehman Brothers T 10.000 6/11/2038 JPY 0.100
Lehman Brothers T 12.000 7/13/2037 JPY 0.100
Lehman Brothers T 10.000 10/22/2008 USD 0.100
Lehman Brothers T 16.200 5/14/2009 USD 0.100
Lehman Brothers T 10.600 4/22/2014 MXN 0.100
Lehman Brothers T 17.000 6/2/2009 USD 0.100
Lehman Brothers T 13.500 6/2/2009 USD 0.100
Lehman Brothers T 13.150 10/30/2008 USD 0.100
Lehman Brothers T 13.000 7/25/2012 EUR 0.100
PA Resources AB 13.500 3/3/2016 SEK 0.124
Vontobel Financia 26.450 1/24/2025 EUR 7.277
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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-
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 2025. All rights reserved. ISSN 1529-2754.
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