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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 22, 2025, Vol. 26, No. 16

                           Headlines



F R A N C E

BANIJAY ENTERTAINMENT: S&P Rates New Senior Secured Loans 'B+'


I R E L A N D

AVOCA CLO XIX: Fitch Assigns 'B-(EXP)sf' Rating on Class F-R Notes
AVOCA CLO XIX: S&P Assigns Prelim. B-(sf) Rating on Cl. E Notes
NORDIC AVIATION: S&P Puts 'B' ICR on CreditWatch Positive
PEMBROKE PROPERTY 3: S&P Assigns Prelim. B(sf) Rating on F Notes
PURE FITOUT: Construction Firm Enters Administration

SCULPTOR EUROPEAN XII: S&P Assigns B- Rating on Class F Notes


L U X E M B O U R G

INEOS GROUP: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative


N E T H E R L A N D S

ENSTALL: S&P Affirms 'B-' ICR & Alters Outlook to Negative
YOUR.WORLD BV: S&P Assigns 'B' LongTerm ICR, Outlook Stable


S W I T Z E R L A N D

ARK HOLDING: Moody's Affirms 'B2' CFR, Outlook Remains Stable


U N I T E D   K I N G D O M

CAVITY DENTAL: RSM Restructuring Named as Administrators
COMMUNIKATE LIMITED: Oury Clark Named as Administrators
COOKS TRANSPORT: Quantuma Advisory Named as Administrators
DECHRA TOPCO: Fitch Assigns 'B+' Final LongTerm IDR, Outlook Stable
FONTWELL SECURITIES 2016: Fitch Hikes Rating on 2 Tranches to BB+sf

HEYLAND RECRUITMENT: Leonard Curtis Named as Administrators
HOLBROOK MORTGAGE 2023-1: Moody's Affirms B2 Rating on Cl. F Notes
TITANIC SPA: Evelyn Partners Named as Administrators
WSL-CYAN LIMITED: Quantuma Advisory Named as Administrators

                           - - - - -


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F R A N C E
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BANIJAY ENTERTAINMENT: S&P Rates New Senior Secured Loans 'B+'
--------------------------------------------------------------
S&P Global Ratings said that the proposed EUR400 million term loan
B (TLB) issuance, combined with the full repayment of the senior
unsecured notes, and the repricing of its outstanding euro- and
U.S. dollar-denominated TLBs is incrementally positive for Banijay
S.A.S.' credit metrics. This is because it reduces the company's
gross debt by about EUR63 million, and its cash interest payments
by EUR10 million-EUR15 million. It also addresses the refinancing
of the senior unsecured notes that were due on March 1, 2026.

S&P said: "We assigned our 'B+' issue rating on the proposed EUR400
million senior secured loan, due 2032, and the proposed senior
secured loans that will replace the outstanding euro- and U.S.
dollar-denominated TLBs upon closing of the repricing exercise.
These loans are borrowed by Banijay Entertainment SAS, a financing
subsidiary of France-based independent content production group
Banijay S.A.S. The '3' recovery rating indicates our expectations
of meaningful recovery prospects (50%-70%; rounded estimate: 60%)
for debtholders in the event of a payment default. This is in line
with the existing senior secured instruments."

Banijay plans to use the EUR400 million proceeds from the new
issuance, together with a EUR63 million capital injection it
received from its parent Banijay Group N.V., to:

-- Fully redeem the senior unsecured notes maturing in 2026;

-- Repay EUR63 million of its U.S. dollar-denominated senior
secured loan, maturing in 2028; and

-- Repay the outstanding EUR108 million under the shareholder loan
received from the parent in December 2024, used to repay part of
the senior unsecured debt.

Banijay also intends to reprice its outstanding euro- and U.S.
dollar-denominated senior secured TLB.

Banijay slightly underperformed S&P'S base case in 2024, resulting
in an S&P Global Ratings-adjusted leverage of 5.3x, although still
within our rating parameters. S&P said, "We estimate that Banijay's
revenue contracted by about 4% in 2024 to EUR3.4 billion, from
EUR3.5 billion in 2023, pro forma for the 12-months of contribution
of assets acquired during the year. This results from a couple of
large scripted programs being postponed to 2025 and volatile live
event activities hampered by the muted macroeconomic environment
and geopolitical tensions. We also estimate Banijay's S&P Global
Ratings-adjusted EBITDA was slightly weaker than previously
forecast at EUR491 million (compared with EUR503 million in our
July 2024 publication) due to higher restructuring and other
exceptional costs as Banijay focuses on streamlining its core
business, which we expect will bring value for the group in the
short term."

S&P thinks that Banijay's revenue will increase to EUR3.6 billion
in 2025, and its S&P Global Ratings-adjusted EBITDA will increase
to EUR515 million. This is supported by Banijay's strategic focus
on unscripted content (characterized by higher margin and
less-capital intensiveness than scripted content), a strong
pipeline in TV production and the live event business, a strong IP
catalogue, and reducing restructuring and other exceptional costs.
This, combined with the contemplated transaction, should support a
reduction of the S&P Global Ratings-adjusted leverage to slightly
less than 5.0x.

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P rates the proposed EUR400 million senior secured loan as
well as the proposed senior secured loans, which will replace the
outstanding euro- and U.S. dollar-denominated TLBs upon closing of
the repricing exercise, 'B+' with a '3' recovery rating, in line
with the existing senior secured instruments.

-- S&P said, "The '3' recovery rating reflects our expectation of
meaningful recovery (50%-70%; rounded estimate: 60%) in the event
of default. The recovery rating is constrained by the presence of
priority local credit lines and the large amount of equal-ranking
senior secured debt. However, we think Banijay is well positioned
to achieve consistent organic growth--despite operating in a
competitive and volatile market--given its track record of
producing long-lasting and replicable content, its strong IP
portfolio, and its diversification in adjacent segments (such as
animation, sports, and live events), which support the recovery
rating."

-- In its hypothetical default scenario, S&P assumes several
underperforming TV shows and production cost overruns, combined
with severe working capital pressure that materially erodes cash
flow.

-- S&P values Banijay as a going concern, given its market
position as the largest independent TV content producer in the
world, broad geographical diversity, and strong and long-lasting
relationships with major broadcast networks and
over-the-top/subscription players.

Simulated default assumptions

-- Year of default: 2029

-- Jurisdiction: France

-- EBITDA at emergence: About EUR275 million (minimum capital
expenditure assumption: 1% of annual revenue, cyclicality
adjustment of 5%--standard for media and entertainment
industry--and 30% operational adjustment)

-- EBITDA multiple: 6.5x, in line with the standard for the media
industry

Simplified waterfall

-- Gross enterprise value at default: About EUR1.79 billion

-- Net enterprise value after administrative costs (5%): About
EUR1.70 billion

-- Priority local debt: About EUR175 million

-- Estimated senior secured debt: EUR2.4 billion

-- Total value available to senior secured creditors: EUR1.52
billion

    --Recovery prospects for senior secured debt: 50%-70% (rounded
estimate: 60%)

The senior secured revolving credit facility is assumed 85% drawn
at the time of default. All debt amounts include six months of
prepetition interest.




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I R E L A N D
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AVOCA CLO XIX: Fitch Assigns 'B-(EXP)sf' Rating on Class F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XIX DAC expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt          Rating           
   -----------          ------           
Avoca CLO XIX DAC

   X-R              LT AAA(EXP)sf  Expected Rating
   A-1-R            LT AAA(EXP)sf  Expected Rating
   A-2-R            LT AAA(EXP)sf  Expected Rating
   B-R              LT AA(EXP)sf   Expected Rating
   C-R              LT A(EXP)sf    Expected Rating
   D-R              LT BBB-(EXP)sf Expected Rating
   E-R              LT BB-(EXP)sf  Expected Rating
   F-R              LT B-(EXP)sf   Expected Rating

Transaction Summary

Avoca XIX DAC DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to redeem the existing notes except the subordinated
notes and to fund the portfolio with a target par of EUR400
million.

The portfolio is actively managed by KKR Credit Advisors (Ireland)
Unlimited Company. The collateralised loan obligation (CLO) will
have a 4.5-year reinvestment period and an 8.5 year weighted
average life test (WAL) at closing.

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 25.1.

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 62.4%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various concentration limits, including a
maximum exposure to the three largest Fitch-defined industries in
the portfolio of 40%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a roughly
4.5-year reinvestment period and 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 after the reinvestment period.
These include passing both the coverage tests and the Fitch 'CCC'
limit post reinvestment 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

An increase of the default rate (RDR) by 25% of the mean RDR and a
decrease of the recovery rate (RRR) by 25% at all rating levels in
the identified portfolio would have no impact on the class X-R to
A-2-R notes, lead to downgrades of one notch each for the class B-R
to D-R notes, of two notches for the class E-R notes, and to below
'B-sf' for the class F-R notes. Downgrades may occur if the
build-up of the notes' credit enhancement following amortisation
does not compensate for a larger loss expectation than initially
assumed, due to unexpectedly high levels of defaults 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,
E-R and F-R notes display a rating cushion of two notches, and the
class C-R notes have a cushion of one notch.

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-2-R to D-RR notes, three notches for the class A-1-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 ratings in the identified portfolio would
result in upgrades of up to four notches for all notes, except for
the 'AAAsf' rated notes.

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

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 Avoca CLO 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 in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.


AVOCA CLO XIX: S&P Assigns Prelim. B-(sf) Rating on Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to Avoca CLO XIX
DAC's class X-R, A-1-R, A-2-R, B-R, C-R, D-R, E-R, and F-R notes.
The issuer has unrated subordinated notes outstanding from the
existing transaction.

This transaction is a reset of the already existing transaction,
which S&P Global Ratings did not rate. At closing, the existing
classes of notes will be fully redeemed with the proceeds from the
issuance of the replacement notes on the reset date.

The preliminary ratings assigned to Avoca CLO XIX's reset notes
reflect our assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  S&P weighted-average rating factor                    2,835.38
  Default rate dispersion                                 474.69
  Weighted-average life (years)                             3.95
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.50
  Obligor diversity measure                               176.86
  Industry diversity measure                               21.34
  Regional diversity measure                                1.28

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.30
  Target 'AAA' weighted-average recovery (%)               37.58
  Target weighted-average spread (net of floors; %)         3.83
  Target weighted-average coupon (%)                        4.14

Rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

S&P said, "At closing, we expect the portfolio to be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
covenanted weighted-average coupon (4.00%), and the target
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Until the end of the reinvestment period on Sept. 13, 2029, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

"Under our structured finance sovereign risk criteria, we consider
the transaction's exposure to country risk sufficiently mitigated
at the assigned preliminary ratings.

"At closing, we expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate its
exposure to counterparty risk under our counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"The CLO will be managed by KKR Credit Advisors (Ireland) Unlimited
Co., and the maximum potential rating on the liabilities is 'AAA'
under our operational risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the preliminary ratings
are commensurate with the available credit enhancement for the
class X-R to F-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-R to E-R
notes could withstand stresses commensurate with higher ratings
than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing--during which the
transaction's credit risk profile could deteriorate--we have capped
our preliminary ratings on the notes.

"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for all the
rated classes of notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class X-R to E-R notes based on
four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."

Environmental, social, and governance

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. For this transaction, the documents prohibit or limit
certain assets from being related to certain activities.
Accordingly, since the exclusion of assets from these activities
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

Avoca CLO XIX DAC is a European cash flow CLO securitization of a
revolving pool, comprising mainly euro-denominated leveraged loans
and bonds. The transaction is a broadly syndicated CLO that will be
managed by KKR Credit Advisors (Ireland) Unlimited Co.

  Ratings list

         Prelim.  Prelim. Amount                      Credit
  Class  rating*  (mil. EUR)    Interest rate§    enhancement (%)

  X-R    AAA (sf)     5.00    Three/six-month EURIBOR     N/A
                              plus 0.98%

  A-1-R  AAA (sf)   243.20    Three/six-month EURIBOR     39.20
                              plus 1.28%

  A-2-R  AAA (sf)     8.80    Three/six-month EURIBOR     37.00
                              plus 1.65%

  B-R    AA (sf)     40.00    Three/six-month EURIBOR     27.00
                              plus 1.95%

  C-R    A (sf)      24.00    Three/six-month EURIBOR     21.00
                              plus 2.25%

  D-R    BBB- (sf)   28.00    Three/six-month EURIBOR     14.00
                              plus 3.20%

  E-R    BB- (sf)    18.00    Three/six-month EURIBOR      9.50
                              plus 5.90%

  F-R    B- (sf)     12.00    Three/six-month EURIBOR      6.50
                              plus 8.42%

  Sub notes   NR     35.50    N/A                          N/A

*The preliminary ratings assigned to the class X-R, A-1-R, A-2-R,
and B-R notes address timely interest and ultimate principal
payments. The preliminary ratings assigned to the class C-R, D-R,
E-R, and F-R notes address ultimate interest and principal
payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


NORDIC AVIATION: S&P Puts 'B' ICR on CreditWatch Positive
---------------------------------------------------------
S&P Global Ratings placed its 'B' ratings on Nordic Aviation
Capital DAC (NAC) and its core subsidiary NAC 29, including its
debt, on CreditWatch with positive implications.

S&P plans to resolve the CreditWatch placement after the
transaction closes, and it has reviewed the combined entity's
capital structure and financial policy.

The CreditWatch placement is triggered by DAE's announcement that
it has agreed to acquire 100% of NAC.   The company did not
disclose any details about the deal. The transaction, which DAE
expects to close in the first half of 2025, is subject to required
regulatory approvals and NAC's shareholders' approval.

S&P said, "The CreditWatch placement with positive implications is
based on our preliminary view of DAE's credit quality and NAC's
potential group status.  DAE is a mid-tier aircraft lessor. As of
Sept. 30, 2024, its fleet totaled 500 aircraft with 313 owned
(valued about $11.1 billion when accounted for aircraft
held-for-sale, finance lease, and loan receivables), 111 managed,
and 76 committed. The weighted average age (weighted by aircraft
book value) of the company's owned fleet for passenger aircraft was
7.6 years and freighter aircraft was 10.2 years, with the
corresponding remaining lease terms of 6.3 years and 7.5 years,
which is comparable with the fleets of other aircraft lessors.
Based on the market value, DAE's owned and managed fleet consisted
of narrow-body aircraft (71%), wide-body passenger aircraft (10%),
wide-body freighters (3%), and regional aircraft (16%), divided
among Boeing (37%), Airbus (47%), and ATR (16%). It has a larger
exposure to Middle East-based airlines (29%) than other aircraft
lessors, followed by America (21%), Asia Pacific (19%), South Asia
(10%), Europe (11%), Africa (6%), and China (4%). Its top customer
is Emirates (9.8% of current market value); this percentage is
higher than the average for aircraft lessors, with the top
customers generally averaging 7%. DAE is 100% owned by Dubai's
sovereign wealth fund, Investment Corp. of Dubai. Based on publicly
available information, we view DAE's credit quality as much
stronger than that of NAC. We also note that S&P Global Ratings'
previous rating on DAE, at the time of withdrawal on March 11,
2021, was 'BB+' (underpinned by the satisfactory business risk
profile and significant financial risk profile assessments) with a
stable outlook. In addition, we understand that DAE does not expect
NAC's acquisition to materially affect its leverage and funding
metrics.

"We think that NAC will likely have a higher than nonstrategic
group status after the acquisition. This, combined with DAE's
potentially several notches stronger credit profile, would likely
translate to an at least one notch-uplift, potentially multiple
notches of uplift, for our rating on NAC.

"The placement of all ratings on CreditWatch with positive
implications reflects the likelihood that we will likely raise the
ratings on NAC and NAC 29 when the transaction closes."


PEMBROKE PROPERTY 3: S&P Assigns Prelim. B(sf) Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings has assigned its preliminary credit ratings to
Pembroke Property Finance 3 DAC's class A, B, C, D, E, and F notes.
At closing, Pembroke Property Finance 3 will also issue unrated
class Z notes.

In this true sale transaction, the issuer will use the issuance
amount to purchase a portfolio of 110 commercial mortgage loans and
to fund a committed reserve account.

The portfolio comprises 110 small commercial real estate loans
originated by Finance Ireland Credit Solutions DAC and Finance
Ireland Property Finance DAC (FICS and FIPF; the sellers) and
secured on commercial properties located throughout Ireland.

This is the third Pembroke transaction following Pembroke Property
Finance DAC in 2019 and Pembroke Property Finance 2 DAC in 2022.
About 14.9% of the pool in Pembroke Property Finance 2 currently
forms part of the collateral for Pembroke Property Finance 3 and is
also included in this new securitization.

S&P's preliminary ratings address Pembroke Property Finance 3's
ability to meet timely interest payments and principal repayment no
later than the legal final maturity on the class A notes -- in June
2043 -- and the ultimate payment of interest and principal no later
than the legal final maturity on the other rated notes, in June
2043. The issuer will pay interest according to the priority of
payments. Under the transaction documents, interest payments on all
classes of notes (excluding the class A notes) can be deferred even
when a class of notes becomes the most senior outstanding without
constituting an event of default. Any deferred interest will also
accrue interest at the applicable rate due under that class of
notes.

S&P's preliminary ratings on the notes reflect the credit support
provided by the subordinate classes of notes, the issuer reserve,
the underlying loans' credit, cash flow, legal characteristics, and
an analysis of the transaction's counterparty and operational
risks, namely the ability of the servicer, FICS, to perform its
roles in this transaction.

  Preliminary ratings

  Class   Preliminary rating*    Preliminary amount (mil. EUR)

  A       AAA (sf)               210.0§
  B       AA (sf)                 34.5
  C       AA- (sf)                20.0
  D       A (sf)                  22.6
  E       BBB- (sf)               23.0
  F       B (sf)                  20.6
  Z       NR                      18.9

*S&P's ratings address timely payment of interest and payment of
principal not later than the legal final maturity.
§Includes amounts to fund the issuer liquidity reserve.
NR--Not rated.


PURE FITOUT: Construction Firm Enters Administration
----------------------------------------------------
Newtownabbey, Northern Ireland-based Pure Fitout Associated
Limited, a company specializing in building completion and
specialized construction activities, has entered administration
before the High Court of Justice in Northern Ireland.

The firm, registered at Unit 1 Building 1, Central Park Mallusk,
Newtownabbey, BT36 4FS, was placed into administration on January
9, 2025, under the Insolvency (Northern Ireland) Order 1989.  Peter
Allen -- peallen@deloitte.ie -- an insolvency practitioner from
Deloitte (NI) Limited, based at The Ewart, 3 Bedford Square,
Belfast, has been appointed as the administrator.

This move into administration comes amidst challenges in the
construction sector, aiming to restructure or find a way forward
for the company.

The Administrator will now take control of the company's affairs,
business, and property to formulate a strategy that could include a
business rescue plan or an orderly winding down, depending on the
financial health and prospects of Pure Fitout.


SCULPTOR EUROPEAN XII: S&P Assigns B- Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Sculptor European
CLO XII DAC's class A-loan and class A, B-1, B-2, C, D, E, and F
notes. The issuer had also issued EUR36.10 million of subordinated
notes.

Under the transaction documents, the rated loan and notes will pay
quarterly interest unless a frequency switch event occurs, upon
which the loan and notes pay semiannually.

This transaction has a two-year non-call period, and the
portfolio's reinvestment period will end approximately five years
after closing.

The ratings assigned to the loan and notes reflect S&P'S assessment
of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated loan and notes through collateral
selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,846.89
  Default rate dispersion                                 498.50
  Weighted-average life (years)                             4.95
  Weighted-average life (years) allowing
  for the reinvestment period                               5.00
  Obligor diversity measure                               101.27
  Industry diversity measure                               20.09
  Regional diversity measure                                1.15

  Transaction key metrics

  Total par amount (mil. EUR)                             400.00
  Number of performing obligors                              124
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                          0.00%
  'AAA' actual portfolio weighted-average recovery (%)    37.78%
  Actual weighted-average spread (%)                       4.00%
  Actual weighted-average coupon (%)                       5.08%

Rating rationale
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio primarily comprises broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds on the effective date. Therefore, we conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR400 million par amount,
the actual weighted-average spread (4.00%), the actual
weighted-average coupon (5.08%), and the actual portfolio
weighted-average recovery rates for all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, the transaction's exposure to country risk is limited at
the assigned ratings, as the exposure to individual sovereigns does
not exceed the diversification thresholds outlined in our
criteria.

"Until the end of the reinvestment period on Jan. 15, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the loan and notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and it
compares that with the current portfolio's default potential plus
par losses to date. As a result, until the end of the reinvestment
period, the collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"The operational risk associated with key transaction parties (such
as the collateral manager) that provide an essential service to the
issuer is in line with our operational risk criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1 to F notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO is still in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
capped our assigned ratings on the notes. The class A-loan and
class A notes can withstand stresses commensurate with the assigned
ratings.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A-loan and class A to E
notes based on four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to weapons of
mass destruction, the production or trade of illegal drugs or
narcotics etc. Accordingly, since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

Sculptor European CLO XII is a European cash flow CLO
securitization of a revolving pool, comprising mainly
euro-denominated senior secured loans and bonds issued by
speculative-grade borrowers. Sculptor Europe Loan Management Ltd.
manages the transaction.

  Ratings list

                     Amount    Credit
  Class   Rating*  (mil. EUR)  enhancement (%)   Interest rate§

  A       AAA (sf)    151.70    38.00    Three/six-month EURIBOR
                                          plus 1.30%

  A-loan  AAA (sf)     96.30    38.00    Three/six-month EURIBOR
                                          plus 1.30%

  B-1     AA (sf)      34.00    27.00%    Three/six-month EURIBOR
                                          plus 2.00%

  B-2     AA (sf)      10.00    27.00%    5.00%

  C       A (sf)       24.00    21.00%    Three/six-month EURIBOR
                                          plus 2.40%

  D       BBB- (sf)    28.00    14.00%    Three/six-month EURIBOR
                                          plus 3.50%

  E       BB- (sf)     18.00     9.50%    Three/six-month EURIBOR
                                          plus 6.00%

  F       B-           12.00     6.50%    Three/six-month EURIBOR
                                          plus 8.51%

  Sub. Notes  NR      36.10       N/A     N/A

*The ratings assigned to the class A-loan, A, B-1, and B-2 notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




===================
L U X E M B O U R G
===================

INEOS GROUP: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative
----------------------------------------------------------------
Moody's Ratings affirmed the Ba3 long term corporate family rating
and Ba3-PD (Probability of Default Rating) of Ineos Group Holdings
S.A. (INEOS or INEOS Group), a leading global manufacturer of
petrochemicals. Moody's also affirmed i) the Ba3 instrument ratings
on the backed senior secured facilities, ii) the Ba3 backed senior
secured bonds issued by Ineos Finance plc, iii) the Ba3 instrument
ratings of the backed senior secured term facilities issued by
Ineos US Finance LLC, both wholly owned subsidiaries of INEOS. The
outlook on all entities remains negative.

RATINGS RATIONALE      

The rating action reflects the sequential improvements in INEOS'
operating performance, in particular its improving EBITDA
generation, over the past four quarters to September 30, 2024.
INEOS generated a Moody's-adjusted EBITDA of EUR2.6 billion, up
from EUR2.1 billion in the 12 months to December 31, 2023, a 26%
increase. The improvement reflects a broad based EBITDA recovery
across all of the company's business segments, namely a 10%
increase in O&P North America, a 34% increase in O&P Europe and a
45% improvement in Intermediates.

INEOS' leverage, measured in terms of Moody's-adjusted gross debt
to EBITDA, has reduced to 5.2x as at September 2024, from 5.6x in
December 2023. The interest cover, as measured in terms of EBITDA
to Interest expense stood at 2.9x. However, in terms of (EBITDA –
Capex) to Interest expense, INEOS' interest coverage remains weak
at just 1x, although improving from 0.7x in 2023. Free cash flow
(as defined by Moody's i.e. after dividend payments) remains
negative at around 7% of Moody's adjusted gross debt, the same
level of 2023. That said, Moody's note that these ratios are
negatively affected by ongoing growth investments (Moody's adjusted
gross debt includes the SECCO Term Loan and Project One Facilities)
and bolt-on acquisitions totaling almost EUR1 billion of additional
debt in the last year.

Project One is a new EUR4 billion environmentally sustainable
ethane steam cracker in Antwerp, Belgium. The project is one of the
largest investment in the European chemicals industry for the past
20 years, and is being funded mostly through a dedicated debt
facility, and is expected to be completed in 2026. Although INEOS
ultimately won its appeal, the sudden revocation of the
construction permit in 2023 highlights the execution risks related
to this investment.

More generally, INEOS' Ba3 long term corporate family rating
reflects the company's (1) robust business profile including its
leading market position as one of the world's largest chemical
groups across a number of key commodity chemicals; (2) vertically
integrated business model, which helps the group capture margins
across the whole value chain and economies of scale advantages, (3)
well-invested production facilities, most of them ranking in the
first or second quartile of their respective regional industry cost
curve; and (4) experienced management team. These positives are
offset by (1) the cyclical nature of the commodity chemical
industry currently facing weak end-market demand; (2) expected
prolonged weakness in INEOS' credit profile as a result of market
softness and planned large expected capital outlays; and (3)
history of large shareholder distributions.

ESG CONSIDERATIONS

Moody's view INEOS Group's financial strategy as aggressive as
evidenced by its track record of debt-financed acquisitions. This
includes the acquisition of the oxide business from LyondellBasell
Industries N.V. in 2024, at the time when the industry performance
and the company's credit metrics are pressured.

LIQUIDITY

INEOS' liquidity is good with approximately EUR2.25 billion of
unrestricted cash at September 31, 2004 and significant additional
working capital facilities including particular an EUR800 million
Receivables Securitisation Facility due December 2026 with minimal
outstandings. Moody's expect cumulative free cash flow to December
2026 to be negative by over EUR1.35 billion, driven by growth capex
and working capital requirements. This will be more than offset by
cumulative drawings under the EUR3.5 billion Project ONE Facility,
with EUR1.56 billion outstanding at September 2024, of nearly EUR2
billion over the same period. The company has outstanding EUR367
million and EUR480 million of debt maturities in 2025 and 2026
respectively.

STRUCTURAL CONSIDERATIONS

All of INEOS' rated debt is secured and consists of senior secured
term loans and senior secured notes. All of the rated instruments
are pari passu and secured on the same collateral pool; therefore,
all of the debt instruments are rated Ba3, in line with the CFR.

OUTLOOK

The negative outlook reflects the risk that the company's debt
metrics the metrics will not return to those required for the Ba3,
driven by downside risks related to the sustainability of the
ongoing market recovery and execution risks related to the
completion and future profitability of Project One.  

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

While unlikely in the near term, positive pressure on the rating
may arise if (i) retained cash flow to debt is consistently above
20%; (ii) Moody's-adjusted total debt to EBITDA is sustained below
4x; and (iii) INEOS maintains good liquidity including meaningful
positive free cash flows. Furthermore, a moderate approach to
shareholder distributions would be important for an upgrade.

Conversely, the ratings could come under further downward pressure
if (i) Moody's-adjusted total debt to EBITDA is over 5x and
retained cash flow to debt is below 15% for a prolonged period of
time or its net leverage increases to above 4.0x for over 12
months; (ii) the group's liquidity profile weakens or its free cash
flows fail to improve; or (iii) INEOS chooses to make material
dividend distributions such that its leverage levels become
elevated.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 2023.

COMPANY PROFILE

Ineos Group Holdings S.A. is a leading global manufacturer of
petrochemicals. Its main products by nameplate capacity are olefins
(ethylene, propylene), polymers (polyethylene or PE, polypropylene
or PP), ethylene oxide, phenol, acetone, acrylonitrile, and linear
alpha olefins. As of December 2023, it operated 34 manufacturing
sites, with capacity located 53% in Europe, 43% in North America,
and 4% in Asia. The company reports through three businesses:
Olefins & Polymers Europe, Olefins & Polymers North America, and
Chemical Intermediates, the latter business consisting of the
Oligomers, Oxides, Nitriles, and Phenol segments. For the last
12-month period ended September 2024, the company generated
revenues of EUR16.0 billion and a company-defined underlying EBITDA
of EUR2.15 billion.

INEOS Group's ultimate parent company is INEOS Holdings AG whose
controlling shareholders are James Ratcliffe, Andrew Currie, and
John Reece.




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

ENSTALL: S&P Affirms 'B-' ICR & Alters Outlook to Negative
----------------------------------------------------------
S&P Global Ratings revised the outlook on Enstall to negative from
stable and affirmed its 'B-' issuer credit rating on Enstall, its
'B-' issue rating on its $375 million term loan B (TLB), and the
'B-' rating on its EUR100 million equivalent revolving credit
facility (RCF), for which the recovery rating remains '3',
indicating its expectation of about 50% recovery in the event of a
payment default.

S&P said, "The negative outlook reflects our view that Enstall's
leverage will remain elevated in our forecast, and that we could
lower the rating over the next 12 months if volumes and margins
were to deteriorate further, leading to persistently negative FOCF
generation and reduced liquidity.

"We believe that market conditions will remain challenging in 2025,
with recovery unfolding only late in the year.   Enstall continued
to report significantly lower-than-expected results in 2024,
reflecting prolonged destocking and low customer demand, especially
in the European residential end market, driven by lower electricity
prices, delayed rate cuts, fast-changing regulation related to
government incentives, and political uncertainty following the
recent U.S. presidential elections. We now project Enstall will
report an organic sales decline of about 45% in 2024, which
compares with our previous base case of revenue declining 25%-30%.
According to our current base case, the solar panels market will
start to gradually recover from the second half of 2025, mostly
thanks to lower interest rates and the destocking trend bottoming
out. This should lead to higher volumes for solar installations and
slightly higher margins and result in top-line increases of 10%-15%
in 2025 and 2026. We believe Enstall will report EBITDA margin of
12.5%-13.5% in 2024, down from about 26% in 2023, owing to lower
top lines and unfavorable operating leverage. From 2025, we project
that higher volumes, continued cost optimization, and ramping up
synergies from acquisitions will positively contribute to
profitability, with S&P Global Ratings-adjusted EBITDA margin at
16.5%-17.5% in 2025 and 18%-20% in 2026.

"We project that leverage will remain elevated over the next two
years, with S&P Global Ratings-adjusted debt to EBITDA at
12.5x-13.0x in 2024 and 8.5x-9.0x in 2025.   Enstall closed the
acquisition of Germany-based solar mounting systems provider
Schletter on Dec. 31, 2024. The acquisition was financed through a
combination of common equity and a delayed-draw term loan (DDTL) of
EUR187 million (EUR50 million of which was used to repay
outstanding RCF drawings). Pro forma the acquisition, our adjusted
debt to EBITDA (excluding synergies) stood at 12.5x-13.0x as of
year-end 2024, reflecting the new capital structure and pro forma
S&P Global Ratings-adjusted EBITDA of about EUR80 million-EUR90
million for the combined entities. Market recovery and cost
synergies from the acquisition ramping up should support the
deleveraging trend, with our adjusted debt to EBITDA declining to
8.5x-9.0x in 2025 and 6.5x-7.0x in 2026. Although we maintain a
favorable view of long-term demand for solar-generated energy, we
believe that Enstall's operating performance remains subject to an
unusually high degree of short-term volatility relative to other
issuers in the building materials sector, which could significantly
challenge operating performance and credit metrics.

"FOCF generation will remain under pressure in 2025, due to slow
market recovery and higher interest rates.   We project that
Enstall will report neutral FOCF cash flow generation for 2024,
mostly supported by management's focus on cost-cutting initiatives
and working capital inflow of about EUR40 million driven by the
release of existing inventory, partially offsetting lower sales and
EBITDA. For 2025, we project that normalized working capital
outflow and slow market recovery will lead to negative FOCF
generation of about EUR10 million-EUR15 million before turning
positive in 2026 driven by higher EBITDA. We note that a further
delay in the market's recovery could reduce cash flow generation,
particularly given higher interest costs incurred following the
transaction's close.

"We still consider Enstall's liquidity as less than adequate due to
received covenant waivers, resulting in an improved liquidity
buffer, although a qualitative factor supports a lower liquidity
assessment.   Since the Schletter acquisition's close, Enstall has
received approval from its lenders to waive the RFC covenant
(stipulating a maximum leverage of 5.5x when the drawings exceed
EUR51 million) until the fourth quarter of 2025, followed by a
covenant reset stipulating maximum leverage of 7.0x in the first
quarter of 2026 with 0.5x quarterly step down until maturity. As
such, Enstall currently has access to EUR100 million equivalents
under it RCF, which, combined with about EUR42 million of cash and
cash equivalents at year-end, will exceed its liquidity needs over
the next 12 months and provide some comfort to support higher
working capital needs thanks to market recovery in late 2025.
Overall, given the company's smaller RCF and higher volatility of
its business model compared to peers, we have concluded that
Enstall does not currently meet all the necessary qualitative
factors requirements for liquidity to be considered adequate.

"The negative outlook reflects our anticipation that adverse and
volatile market conditions will continue for most of 2025, leading
to S&P Global Ratings-adjusted leverage remaining elevated at about
8.5x-9.0x. If the market recovery does not materialize in line with
our current assumptions, leverage would remain well above our base
case. This would result in material negative FOCF generation and
liquidity pressure."

S&P could lower its rating on Enstall over the next 12 months if
the company's capital structure becomes unstainable or if liquidity
tightens materially." This could happen if:

-- Market recovery continues to lag, leading to continued volumes
and margin declines and translating into weak EBITDA and FOCF, no
material deleveraging, and unsustainable interest expenses; or

-- The company faces significantly higher restructuring costs than
anticipated following the integration of Schletter or fails to
deliver projected cost synergies, which would negatively impact
EBITDA and cash flow generation.

S&P could revise the outlook to stable if the market recovers in
2025 and 2026, leading to better operating performance with higher
margins, reducing leverage, positive FOCF generation, and a
sustained ample liquidity buffer.


YOUR.WORLD BV: S&P Assigns 'B' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
on Your.World B.V. S&P also assigned a 'B' issue rating on the EUR1
billion first-lien term loan issued by Total Webhosting Solutions
B.V. and Total Specific Hosting B.V., two financing subsidiaries of
Your.World.

The stable outlook reflects S&P's view that the company's adjusted
EBITDA will increase much faster than the debt, supported by the
integration of recent acquisitions, recurring price increases, and
upselling opportunities. This will lead to stronger credit ratios.

The ratings are in line with the preliminary ratings on Your.World
that S&P assigned on Oct. 24, 2024. Strikwerda

Investments, the shareholder of Your.World, is expecting to
complete its dividend recapitalization funded via EUR800 million
preferred equity in the coming months. There were no material
changes to our base case or the financial documentation compared
with S&P's original review.

S&P said, "The stable outlook reflects our view that the company's
adjusted EBITDA will increase faster than the debt supported by the
integration of recent acquisitions, recurring price increases, and
upselling opportunities. This will lead to adjusted leverage to
decrease to about 8.0x (3.7x excluding preference shares) and FOCF
to debt of about 6% (13% excluding preference shares) in 2025.

"We could lower the rating if the company experiences significant
customer losses or fails to stimulate EBITDA growth through
implementation of its pricing strategy, leading to revenue and
EBITDA stagnation, and consequently adjusted leverage above 10.0x
(7.5x excluding preference shares) and FOCF to debt sustainably
below 5%.

"We view rating upside as remote at this stage considering the
company's highly leveraged capital structure including the
preference shares. We could raise the rating if the company
deleverages to below 6.0x and FOCF to total adjusted debt reaches
about 10% supported by the executed acquisitions and implemented
pricing and packaging initiatives while maintaining a relatively
stable churn rate."




=====================
S W I T Z E R L A N D
=====================

ARK HOLDING: Moody's Affirms 'B2' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Ratings has affirmed the B2 long term corporate family
rating and B2-PD probability of default rating of Ark Holding
S.a.r.l. (AutoForm or the company). Concurrently, Moody's have
affirmed the B2 instrument rating of the EUR472 million senior
secured term loan B and the EUR55 million senior secured
multicurrency revolving credit facility (RCF), due in 2029 and
2028, respectively, issued by the company. The outlook remains
stable.

RATINGS RATIONALE      

The affirmation of AutoForm's ratings reflects the company's strong
operating performance over the past couple of years, leading to a
reduction in Moody's-adjusted leverage to below 6x and improved
free cash flow levels. Since the company's LBO transaction closed
in February 2022, AutoForm's credit metrics have strengthened due
to a steady growth in revenues and EBITDA, and Moody's expect them
to remain well positioned with the B2 rating category over the next
12-18 months.

The company reported a revenue CAGR in excess of 10% over the past
three years, driven by an increase in the customer base and in the
penetration across existing customers. Moody's anticipate
AutoForm's top line growth to be sustained in the low double digit
percentages in 2025-26, supported by the automotive industry's
continued need to drive costs savings. Moody's expect AutoForm's
EBITDA growth to be broadly in line with revenue growth over the
next 12-18 months, resulting in a largely stable EBITDA margin of
65% on a Moody's-adjusted basis. As a result, AutoForm's leverage
is likely to decline below 5x by the end of 2025. These forecasts
assume the repayment of the EUR53 million currently drawn under the
RCF.

The company's free cash flow generation has also been strong, in a
range of EUR35-45 million on an annual basis, because of its
asset-light business model and prudent interest rate hedging
policy. Moody's expect it to further increase towards EUR50-55
million over the next 12-18 months through EBITDA growth and aided
by the absence of major working capital requirements.

AutoForm's B2 CFR continues to reflect the company's leading
position in the niche market of engineering software solutions to
the automotive industry, underpinned by good product offering and
limited competition; low churn rates with attrition close to nil
for key original equipment manufacturer (OEM) clients; very strong
margins; and good liquidity profile underpinned by an high cash
balance and strong FCF generation.

Nevertheless, the credit quality of the company is constrained by
AutoForm's small scale and exposure to a niche market; high
customer concentration and limited product offering, mainly
concentrated on the forming solution, despite a strong traction on
the assembly segment; commercial strategy based on short term
license contracts, although allowing the company to renegotiate
prices each year; and overhang from a payment-in-kind (PIK)
instrument debt sitting outside of the restricted group.

ESG CONSIDERATIONS

AutoForm's CIS-4 indicates that the rating is lower than it would
have been if ESG risk exposures did not exist. The score reflects
governance risks stemming from the company's concentrated ownership
under private equity firm Carlyle and the expectation for
moderately aggressive financial policies, as evidenced by the high
starting leverage and the PIK debt outside of the restricted
group.

RATING OUTLOOK

The stable outlook reflects Moody's view that AutoForm's revenue
and EBITDA will continue to grow over the next 12-18 months such
that its key credit metrics will remain well in line with the B2
rating. The stable outlook also incorporates Moody's expectation
that there will be no transformational acquisition nor dividend
distributions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The company's modest size and limited product diversification
constrain the upside potential on the rating. However, positive
rating pressure could build up over time if:

-- AutoForm continues to demonstrate a consistent and sustained
improvement in the underlying operating performance while
strengthening its business profile through a wider exposure to the
assembly segment; and

-- Moody's-adjusted debt/EBITDA reduces towards 4x on a
sustainable basis; and

-- Moody's-adjusted FCF/debt moves sustainably above 10%; and

-- the company demonstrates a commitment to conservative financial
policies.

Negative rating pressure could arise if revenue and EBITDA growth
is weaker than expected such that:

-- Moody's-adjusted leverage increases above 6x; or

-- Moody's-adjusted FCF/debt fails to remain in the mid-single
digit percentages; or

-- the company adopts more aggressive financial policies; or

-- liquidity weakens.

LIQUIDITY

AutoForm's liquidity is good. At the end of September 2024, the
group had a high cash balance of EUR172 million although only EUR2
million available under its EUR55 million committed RCF due in
2028. Moody's forecast of FCF in a range of EUR50-55 million on an
annual basis over the next 12-18 months provides further support to
the overall liquidity profile of the business.

The RCF contains a springing net leverage covenant tested if
drawings reach or exceed 40% of facility commitments. Moody's
expect that AutoForm will retain ample headroom against a test
level of 11.45x (September 2024: 3.6x).

AutoForm has no debt maturities in the near term, with the EUR472
million first-lien term loan maturing in 2029.

STRUCTURAL CONSIDERATIONS

The B2-PD probability of default rating reflects Moody's typical
assumption of a 50% family recovery rate, and takes account of the
covenant-lite structure of the term loan. The B2 ratings on the
first lien term loan and the RCF are in line with the CFR,
reflecting the pari passu capital structure of the company.

The credit facilities are guaranteed by material subsidiaries
representing at least 80% of consolidated EBITDA. The security
package includes shares, intercompany receivables and bank accounts
but the absence of meaningful asset pledges means Moody's consider
the package to be weak.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
published in June 2022.

COMPANY PROFILE

Headquartered in Switzerland, AutoForm is a global provider of
engineering software to the automotive industry. Focusing primarily
on original equipment manufacturers (OEMs) and original equipment
suppliers (OESs) as well as well as aluminum and steel producers,
the company's product offering includes modular software solutions
for the planning and validation of sheet metal forming (SMF) and
Body-in-White (BiW) assembly processes in the automotive sector. In
the 12 months that ended September 2024, the company generated
revenue and company-adjusted EBITDA of EUR149 million and EUR99
million, respectively.




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

CAVITY DENTAL: RSM Restructuring Named as Administrators
--------------------------------------------------------
Cavity Dental Staff Agency Ltd was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts in Birmingham, Insolvency and Companies List,
Court Number: CR-2024-702, and Christopher Lewis and Graham Bushby
of RSM UK Restructuring Advisory LLP were appointed as
administrators on Dec. 17, 2024.  

Cavity Dental is an employment agency specialising in the dental
sector.

Its registered office is at 614 Reading Road, Winnersh, Wokingham,
RG41 5HE.  Its principal trading address is at 614 Reading Road,
Winnershm, Wokingham, RG41 5HE

The joint administrators can be reached at:

              Christopher Lewis
              RSM UK Restructuring Advisory LLP
              10th Floor, 103 Colmore Row,
              Birmingham B3 3AG

                 -- and --

              Gordon Thomson
              Graham Bushby
              RSM Restructuring Advisory LLP
              25 Farringdon Street
              London EC4A 4AB

Correspondence address & contact details of case manager:

               Richard Voice
               RSM Restructuring Advisory LLP
               10th Floor, 103 Colmore Row
               Birmingham, B3 3AG
               Tel: 0121 214 3100

Further details, contact:

                Christopher Lewis
                Tel No: 0121 214 3100
                
                  -- and --

                Gordon Thomson
                Graham Bushby
                Tel No: 020 3201 8000


COMMUNIKATE LIMITED: Oury Clark Named as Administrators
-------------------------------------------------------
Communikate Limited was placed into administration proceedings In
the High Court of Justice, Court Number: CR-2024-007611, and Nick
Parsk of Oury Clark Chartered Accountants were appointed as
administrators on Dec. 12, 2024.  

Communikate Limited is a supplier of British sign language
communication support assistants and deaf blind communicator
guides.

Its registered office is at c/o Oury Clark Chartered Accountants,
Herschel House, 58 Herschel Street, Slough, Berkshire, SL1 1PH.
Its principal trading address is at Unit 4, Castle End Business
Park, Ruscombe, Berkshire, RG10 9XQ

The joint administrators can be reached at:

               Nick Parsk
               Oury Clark Chartered Accountants
               Herschel House
               58 Herschel Street
               Slough, Berkshire, SL1 1PH

Further details, contact:

               Nick Parsk
               Email: IR@ouryclark.com

Alternative contact: Ben Briscoe


COOKS TRANSPORT: Quantuma Advisory Named as Administrators
----------------------------------------------------------
Cooks Transport Engineers Limited was placed into administration
proceedings in In the High Court of Justice Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Court Number: CR-2024-00751896, and Nicholas Simmonds and Chris
Newell of Quantuma Advisory Limited were appointed as
administrators on Dec. 16, 2024.  

Cooks Transport, trading as Cooks Transport Engineers, engages in
the maintenance and repair of motor vehicles.

Its registered office is at 43 Bridge Road, Grays, Essex, RM17 6BU
(in the process of being changed to 1st Floor, 21 Station Road,
Watford, Herts, WD17 1AP).  Its principal trading address is at
Globe Industrial Estate, Rectory Rd, Grays, RM17 6ST

The joint administrators can be reached at:

            Nicholas Simmonds
            Chris Newell
            Quantuma Advisory Limited
            1st Floor, 21 Station Road
            Watford, Herts, WD17 1AP

For further information, contact:
           
            Glenn Adams
            Tel No: 01923 954172
            Email: Glenn.Adams@quantuma.com


DECHRA TOPCO: Fitch Assigns 'B+' Final LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Dechra Topco Limited (Dechra) a final
Long-Term Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook. Fitch has also assigned Dechra Finance US LLC's and Dechra
Pharmaceuticals Holdings Limited's separate senior secured debt
issuance a final 'BB-' rating with a Recovery Rating of 'RR3'.

The 'B+' IDR is constrained by Dechra's modest size versus global
pharmaceuticals', its niche position, and high initial leverage.
Rating strengths are a robust business profile, featuring a
diversified portfolio in a high-growth market of specialty
therapeutic pharmaceuticals for companion animals. This is
supported by its manufacturing scale, global footprint, and
development capabilities. Sustained positive free cash flow (FCF)
generation is driven by high single-digit organic sales growth and
strong profit margins, in combination with contained working
capital and capex intensity.

The Stable Outlook reflects its expectation of Dechra deleveraging
to below 5.5x from FY26 (year-end to June), which would be in line
with a 'B+' IDR.

Key Rating Drivers

Robust Business Model: Dechra's robust business model is
underpinned by its well-diversified product portfolio across
therapeutic areas and species, a balanced geographic footprint in
the US and Europe, strong brand loyalty and vet relationships, as
well as entrenched market positions in the niche areas of companion
animal healthcare. This is reflected in Dechra's ability to deliver
healthy organic sales growth and solid operating margins through
the cycle.

Constrained by Scale: Globally Dechra ranks among niche scale
pharmaceutical companies with revenue expected to remain below GBP1
billion before FY28, which constrains the rating to the 'B'
category.

Deleveraging Capacity: Following the EQT takeover in January 2024
and refinancing, Fitch forecasts EBITDA gross leverage at 6.4x in
FY25. Fitch expects the ratio will fall to 5.6x in FY26 and to
below 5.0x thereafter, supported by EBITDA growth in the existing
companion animal small molecule drug portfolio, alongside a
pipeline that will deliver extra EBITDA in the next two years.
Fitch views the related execution risk as moderate. The
deleveraging pace will also depend on M&A activity and an inability
to deleverage or absence of deleveraging prospects will put
Dechra's ratings under pressure.

Invetx and Akston Contribution Excluded: Its rating case does not
factor in potential contributions from Dechra's next-generation
innovation platform, such as the recently equity-funded
acquisitions of Invetx and the IP related to the long-acting
insulin co-developments with Akston, as Fitch assumes them to
materialise beyond its rating horizon. Fitch believes the platform,
if successful, could be transformational for Dechra's business
profile, potentially positioning the group as an innovative
medium-sized global animal pharmaceutical manufacturer.

Solid FCF Generation: Fitch expects sustained positive and growing
FCF margins at mid to high-single digits from FY26, aided by strong
sales growth and enhanced cost efficiency. Following the Invetx
acquisition, Fitch expects modest capex over the rating horizon at
2.5%-3% of revenue. Fitch also factors in an annual bolt-on M&As of
GBP50 million from FY26, as Fitch believes Dechra is likely to
reinvest its cash in the business rather than accumulate it on its
balance sheet. Strong FCF margins and growing FCF scale are key to
the 'B+' IDR; failure to do so will signal operational challenges
and likely lead to a downgrade.

Supportive Market Fundamentals: Dechra benefits from long-term
demand for animal health products and market consolidation. The
market has seen mid-to-high single-digit growth, due to rising
consumer spending on companion animals, greater animal health
awareness shifting its focus from cure to prevention, and advanced
farming methods requiring innovative therapies. Companion animal
pharma companies are also better protected from competition, with
generic pharma peers likely to experience smaller market share loss
and slower price erosion on patent expiry than in the human pharma
market.

Derivation Summary

Fitch rates Dechra under its Global Ratings Navigator for
Pharmaceutical Companies.

Compared with global pharma peers with large diversified
franchises, Dechra's operations are backed by a diversified and
resilient product base but are constrained by its niche business
scale. Dechra is able to generate consistently positive cash flow,
similar to larger peers, but it has higher initial EBITDA leverage
above 6.0x in FY25.

Dechra is rated in line with its closest peer Financière Top
Mendel SAS (Ceva Sante; B+/Stable). Although Dechra has a smaller
scale and higher initial leverage than Ceva Sante, it focuses on
the companion animal segment of animal health, which has
structurally higher growth than the farm animal market where Ceva
Sante primarily operates. Dechra is rated lower than Elanco Animal
Health Incorporated (BB-/Positive), which reflects its much smaller
scale, lower diversification, and higher leverage.

Pharmaceutical companies in the 'B' rating category in its
portfolio are normally small, generic business with concentrated
product portfolios and leveraged balance sheets. Compared with
asset-light business like CHEPLAPHARM Arzneimittel GmbH (B/Stable)
and Pharmanovia Bidco Limited (B+/Stable), Dechra's lower margins
and higher leverage are balanced by a greater geographic reach,
slower price erosion on patent expiry, and higher growth prospects
supporting deleveraging.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Organic sales growth of 6.9% in FY25, followed by 8%-9% in
FY26-FY28

- Organic EBITDA margins at 24.2% in FY25, gradually improving to
26% by FY28

- Capex at 3.8% of sales in FY25, gradually reducing to 2.5% in
FY28

- M&As of GBP50 million a year in FY26-FY28

- No dividend payouts in FY25-FY28

Recovery Analysis

The recovery analysis assumes that Dechra would be restructured as
a going concern (GC) rather than liquidated in a default, given its
brand, quality of product portfolio and established global market
position.

Fitch estimates Dechra would have post-reorganisation GC EBITDA of
around GBP175 million, with financial distress most likely
resulting from product contamination or similar compliance issues,
or disruptions at wholesalers due to distributor concentration.

A distressed enterprise value (EV)/EBITDA multiple of 6.5x has been
applied to calculate a GC EV. This multiple reflects the group's
strong organic growth potential, high underlying profitability, and
protected niche market positions with some in-house innovation
capabilities.

After deducting 10% for administrative claims, its principal
waterfall analysis generated a ranked recovery in the 'RR3' band
for the senior secured capital structure, comprising its term loan
B (TLB) of GBP1.325 billion and a GBP215 million senior revolving
credit facility (RCF), which Fitch assumes will be fully drawn
prior to distress, in accordance with its methodology.

Its waterfall analysis generates ranked recovery for the senior
secured debt in the 'RR3' band, indicating a 'BB-' instrument
rating for the secured debt, one notch above the IDR. This results
in a waterfall-generated recovery computation output percentage of
66%.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage consistently above 5.5x

- EBITDA margin consistently below 24%

- FCF margins trending toward neutral

- EBITDA interest coverage consistently below 2.5x

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An upgrade is not envisaged unless the group's business matures
and its innovation strategy is successfully implemented, leading to
better diversification and larger scale with EBITDA above GBP500
million

- EBITDA leverage consistently below 4.5x

- FCF margins consistently at mid-to-high single digits

- EBITDA margin consistently above 26%

- EBITDA interest coverage consistently above 3.5x

Liquidity and Debt Structure

At FYE24, Dechra had GBP132 million of available cash (after
excluding GBP10 million for daily operations and intra-year working
capital requirements), along with full availability under its
recently upsized GBP215 million RCF. Following the refinancing, the
group will not have major debt maturities until end-2031, which
together with limited working capital requirements and low
maintenance capex, support a comfortable liquidity position.

Issuer Profile

Dechra is a UK-based manufacturer and distributor of animal
healthcare pharmaceutical products, mostly in Europe and North
America.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Dechra has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy & Data Security, due to regulatory
interventions and end-consumer preferences away from the use of
antibiotics for animals, which has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating          Recovery   Prior
   -----------              ------          --------   -----
Dechra Finance
US LLC

   senior secured     LT     BB- New Rating   RR3      BB-(EXP)

Dechra Topco
Limited               LT IDR B+  New Rating            B+(EXP)

Dechra
Pharmaceuticals
Holdings Limited

   senior secured     LT     BB- New Rating   RR3      BB-(EXP)


FONTWELL SECURITIES 2016: Fitch Hikes Rating on 2 Tranches to BB+sf
-------------------------------------------------------------------
Fitch Ratings has upgraded Fontwell Securities 2016 Limited class R
and S notes, while affirming its class Q notes.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Fontwell Securities
2016 Limited

   Q                  LT BB+sf  Affirmed   BB+sf
   R                  LT BB+sf  Upgrade    BB-sf
   S                  LT BB+sf  Upgrade    B-sf

Transaction Summary

The transaction is a granular synthetic securitisation of partially
funded credit default swaps (CDS) referencing a static portfolio of
secured loans granted to UK borrowers in the farming and
agriculture sector. The loans were originated by AMC plc, a fully
owned subsidiary of Lloyds Bank plc (AA-/Stable/F1+).

The ratings address the likelihood of a claim being made by the
protection buyer under the CDS following the end of the protection
period in December 2024, in accordance with the documentation.

KEY RATING DRIVERS

Low Loan-To-Value (LTV) Ratio: Since the last review in January
2024, the class A to P notes have been fully repaid. However, the
class Q to S notes are still outstanding pending for the final
determination of losses of a portfolio of non-performing loans
(NPLs). The class T notes balance reflects an adjustment of the
initial loss for outstanding credit events to 35%, and the balance
can be written up or down, depending on the ultimate verified
loss.

The NPL portfolio has a low weighted average LTV of 22%. As a
result, even with a severe market value decline, losses are
unlikely to be incurred at the class Q to S notes, in view of the
absence of final losses to the credit events that have completed
their workout so far. This supports the affirmation and the
upgrades of the notes.

Sub-investment Grade Rating Cap: Fitch has capped the rating of
each rated note at their sub-investment grade ratings, due to the
idiosyncratic risk associated with a small portfolio of NPLs
secured by the UK farmland. Notes repayment is dependent on the
recoveries of the NPLs, which can either be through the sale of
farmland or based on an estimated valuation of the farmland carried
out by an independent valuer if the workout is not completed by
December 2026. This exposes the notes to significant market value
risk.

Concentrated Portfolio: The portfolio has 136 NPLs outstanding. The
largest and top 10 loans represent 5% and 32%, respectively, of the
notional NPLs,. All the borrowers in the reference portfolio are
exposed to the UK farming and agriculture sector. However, the NPLs
are reasonably distributed across regions and the farmland
business, with the largest in Wales at 27% (notional) and 22% in
the dairy business (notional).

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Downgrades could result from unexpected low recoveries, which is
not its expectation.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Upgrade is not possible due to the rating cap at sub-investment
grade, since repayment is reliant on the recovery of a portfolio of
NPLs, which is subject to significant market value risk.

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.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for this transaction.

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


HEYLAND RECRUITMENT: Leonard Curtis Named as Administrators
-----------------------------------------------------------
Heyland Recruitment Ltd was placed into administration proceedings
in The High Court of Justice Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD), Court Number:
CR-2024-0001569, and Mark Colman and Megan Singleton of Leonard
Curtis were appointed as administrators on Dec. 13, 2024.  

Heyland Recruitment is a recruitment agency.  Its registered office
and principal trading address is at Holly House Village Road,
Christleton, Chester, Cheshire, CH3 7AS.

The joint administrators can be reached at:

              Mark Colman
              Megan Singleton
              Leonard Curtis
              20 Roundhouse Court
              South Rings Business Park
              Bamber Bridge
              Preston, PR5 6DA

Further details, contact:

              Joint Administrators
              Tel No: 01772 646180
              Email: recovery@leonardcurtis.co.uk

Alternative contact: Azimunnisa Raj


HOLBROOK MORTGAGE 2023-1: Moody's Affirms B2 Rating on Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of three notes in Holbrook
Mortgage Transaction 2023-1 plc. The rating action reflects the
increased levels of credit enhancement for the affected notes.

GBP596.3M Class A Notes, Affirmed Aaa (sf); previously on Jul 28,
2023 Affirmed Aaa (sf)

GBP40.7M Class B Notes, Upgraded to Aaa (sf); previously on Jul
28, 2023 Affirmed Aa2 (sf)

GBP16.9M Class C Notes, Upgraded to Aa3 (sf); previously on Jul
28, 2023 Affirmed A2 (sf)

GBP10.2M Class D Notes, Upgraded to Baa1 (sf); previously on Jul
28, 2023 Upgraded to Baa2 (sf)

GBP6.8M Class E Notes, Affirmed Ba1 (sf); previously on Jul 28,
2023 Upgraded to Ba1 (sf)

GBP6.8M Class F Notes, Affirmed B2 (sf); previously on Jul 28,
2023 Upgraded to B2 (sf)

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, the credit enhancement for the most senior tranche
affected by the rating action increased to 11.81% from 7.25% since
closing.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.

The performance of the transaction has continued to be stable since
closing. Total delinquencies have slightly increased in the past
year, with 90 days plus arrears currently standing at 2.55% of
current pool balance. Cumulative losses currently stand at 0% of
original pool balance.

Moody's decreased the expected loss assumption to 1.47% from 2.06%
as a percentage of original pool balance due to the improving
performance. The revised expected loss assumption corresponds to
2.54% as a percentage of current pool balance.

Moody's have also assessed loan-by-loan information as a part of
Moody's detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's have maintained the MILAN Stressed
Loss assumption at 8.70%

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see Residential Mortgage-Backed Securitizations
methodology for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


TITANIC SPA: Evelyn Partners Named as Administrators
----------------------------------------------------
Titanic Spa 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-2024-001218, and Gregory Andrew Palfrey and Kevin Parish of
Evelyn Partners LLP were appointed as administrators on Dec. 13,
2024.  

Titanic Spa operates a destination spa.

Its registered office is at 28 Kirkgate, Silsden, Keighley, BD20
0AL.  Its principal trading address is at 28 Kirkgate, Silsden,
Keighley, BD20 0AL.

The joint administrators can be reached at:

               Gregory Andrew Palfrey
               Kevin Parish
               Evelyn Partners LLP
               4th Floor, Cumberland House
               15-17 Cumberland Place
               Southampton SO15 2BG

Contact information for Administrators: 023 8082 7600

Alternative contact: Danny Hackling


WSL-CYAN LIMITED: Quantuma Advisory Named as Administrators
-----------------------------------------------------------
Wsl-Cyan 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-2024-007553, and Andrew Andronikou, Chris Newell and Michael
Kiely of Quantuma Advisory Limited were appointed as administrators
on Dec. 11, 2024.  

WSL-Cyan Limited fka Lidney Limited is a dormant company.

Its registered office is at C/O Wilton Uk (Group) Ltd, 17 Hanover
Square, Hanover Square, London, W1S 1BN and it is in the process of
being changed to c/o Quantuma Advisory Limited 7th Floor, 20 St
Andrew Street, London, EC4A 3AG

The joint administrators can be reached at:

               Andrew Andronikou
               Chris Newell
               Michael Kiely
               Quantuma Advisory Limited
               7th Floor, 20 St. Andrew Street
               London, EC4A 3AG
  
                 -- and --

              Andreas Arakapiotis
              Kallis & Company
              Mountview Court
              1148 High Road,
              Whetstone, London, N20 0RA

For further details, please contact:

             Darren McEvoy
             Tel No: 02038 728 345
             Email: darren.mcevoy@quantuma.com



                           *********


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,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *