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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

          Monday, February 24, 2025, Vol. 26, No. 39

                           Headlines



A Z E R B A I J A N

AZER-TURK BANK: S&P Affirms 'B+/B' ICRs, Outlook Stable


D E N M A R K

JYSKE BANK: S&P Reinstates 'BB+' Rating on Add'l. Tier 1 Hybrid
LIQTECH INTL: Ben Andrews Holds 9% Equity Stake


F R A N C E

SEQUANS COMMUNICATIONS: Expects Up to $8M Revenue in Q1 2025


G E R M A N Y

LILIUM AEROSPACE: Files for Bankruptcy for the Second Time


I R E L A N D

FIDELITY GRAND 2023-1: S&P Assigns B-(sf) Rating on F-R Notes
PENTA CLO 3: S&P Assigns B-(sf) Rating on Class F-R-R Notes


P O R T U G A L

HAITONG BANK: S&P Puts 'BB' LongTerm ICR on Watch Positive


S W I T Z E R L A N D

COLOSSEUM HOLDCO II: S&P Assigns Prelim. 'B' LT ICR, Outlook Stable


U N I T E D   K I N G D O M

ACACIUM GROUP: S&P Lowers LongTerm ICR to 'B', Outlook Stable
ACHESON CONSTRUCTION: Falls Into Administration, 40 People Laid Off
ASHVILLE AGGREGATES: Leonard Curtis Named as Administrators
ASHVILLE COMMERCIALS: Leonard Curtis Named as Administrators
CROWN PLACE: Poppleton & Appleby Named as New Administrators

ELIZABETH FINANCE 2018: S&P Lowers Class A Notes Rating to 'D(sf)'
GROVE AND MOORSIDE: Insolvency One Named as Administrators
INTERNET FOR BUSINESS: MHA Named as Administrators
JESTERMARK LTD: Opus Restructuring Named as Administrators
MAYA MAGAL: CG&Co Named as Administrators

OTAQ GROUP: Leonard Curtis Named as Administrators
QUIZ: Teneo Financial Named as Administrators for Zandra Retail


X X X X X X X X

[] BOND PRICING: For the Week February 17 to February 21, 2025

                           - - - - -


===================
A Z E R B A I J A N
===================

AZER-TURK BANK: S&P Affirms 'B+/B' ICRs, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'B+/B' long- and short-term issuer
credit ratings on Azer-Turk Bank (ATB). The outlook is stable.

State Oil Co. Of Azerbaijan Republic (SOCAR) is in the process of
acquiring a 51% stake in ATB from the government. S&P expects the
bank to maintain a stable business and financial profile during the
ownership transition.

S&P said, "The affirmation reflects our view that the expected
acquisition of a 51% stake from the government by SOCAR will not
alter ATB’s strategy and risk appetite. Therefore, we have
removed a negative comparable rating analysis (CRA) notch
previously incorporated into the rating. As we understand, the bank
plans to continue its moderate growth strategy with a focus on the
retail segment, offering consumer loans and mortgages under the
government support program, and to actively develop lending and
transaction business to small and midsize enterprises (SMEs) in
2025.

"We expect ATB's stand-alone credit profile (SACP) will remain
stable during and following the change in ownership. In our view,
the bank will moderately expand its loan portfolio and maintain a
return on equity (ROE) of about 20% in 2025. We estimate that ATB's
capitalization, as measured by our risk-adjusted capital (RAC)
ratio, will remain about 6%-7% in 2024-2025 versus 6.6% at year-end
2023. We also expect that stage 3 loans could increase to 3.0%-3.5%
of total loans over the next 12 months from 2.0% at year-end 2024
as loans season. This will still be lower than our forecast for the
system average of about 5.0%-6.0% for stage 3 loans over the next
12 months. We view the bank’s risk management as well structured
for its size. In our view, ATB will maintain a stable funding
profile predominantly comprising retail and corporate deposits.

"We revised down our view of ATB’s likelihood to receive timely
and sufficient support from Azerbaijan’s government to low from
moderate. We still consider ATB a government-related entity.
However, we no longer incorporate one notch of government support
above the SACP assessment into our ratings on the bank. We think
ATB has a limited role for the government as a small commercial
bank without any special social role, serving the same customer
base of corporates and individuals as other Azerbaijani commercial
banks. We believe that ATB’s link with the government has changed
to limited from strong, due to the government’s intention to
reduce its ownership to 24% from 75%.

"Once the acquisition by SOCAR is completed, we will evaluate ATB's
strategic importance to SOCAR and consider the extent to which
SOCAR could provide ATB with ongoing and extraordinary support in
case of stress. Direct ownership by SOCAR should facilitate
procedures to approve future capital injections into the bank to
finance its growth.

"The stable outlook over the next 12 months reflects our
expectations that the bank's business and financial profiles will
remain stable under its new growth strategy and during the
ownership transition.

"We could lower the ratings over the next 12 months if the bank's
new strategy materially pressures its capitalization and asset
quality.

"In our view, a positive rating is unlikely over the next 12
months. Beyond then, we could raise the ratings if the bank
achieves substantial domestic market share, which will require
significant time, while preserving its capital and asset quality
metrics."




=============
D E N M A R K
=============

JYSKE BANK: S&P Reinstates 'BB+' Rating on Add'l. Tier 1 Hybrid
---------------------------------------------------------------
S&P Global Ratings corrected by reinstating its 'BB+' rating on the
EUR300 million var/fixed rate callable resettable perpetual
additional Tier 1 hybrid issued by Jyske Bank A/S. Due to an error,
this rating was inadvertently withdrawn on Feb. 14, 2025.


LIQTECH INTL: Ben Andrews Holds 9% Equity Stake
-----------------------------------------------
Ben Andrews disclosed in a Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of December 31, 2024, he
beneficially owns 852,600 shares of LiqTech International Inc.'s
common stock, representing 9% of the shares outstanding.

Ben Andrews may be reached at:

     1307 NW 52nd Terrace
     Gainesville, FL 32605

A full-text copy of Mr. Andrews' SEC Report is available at:

                  https://tinyurl.com/yc28w7pr


                   About LiqTech International

Ballerup, Denmark-based LiqTech International, Inc. is a clean
technology company that provides state-of-the-art gas and liquid
purification products by manufacturing ceramic silicon carbide
filters and membranes as well as developing industry-leading and
fully automated filtration solutions and systems.

Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated March 21, 2024, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raises substantial doubt about its ability to continue as a
going concern.

As of September 30, 2024, LiqTech International had $28,725,344 in
total assets, $17,303,859 in total liabilities, and $11,421,485 in
total stockholders' equity.



===========
F R A N C E
===========

SEQUANS COMMUNICATIONS: Expects Up to $8M Revenue in Q1 2025
------------------------------------------------------------
Sequans Communications S.A. announced preliminary financial results
for the fourth quarter and full year ended December 31, 2024.

Georges Karam, CEO of Sequans, stated, "2024 was a pivotal year for
Sequans, marked by the successful $200 million Qualcomm deal. This
milestone secures the future of our 4G business, strengthens our
financial position, and enables us to continue innovating and
developing new 4G/5G IoT products. Reinvigorated by this
achievement, we grew our fourth-quarter total revenue by 9%
sequentially while doubling our product revenue, in line with our
guidance."

Mr. Karam continued, "Looking ahead, we are committed to achieving
operating income breakeven by 2026. This goal is supported by the
renewal of strong business momentum and the anticipated growth from
Monarch 2 and Calliope 2 shipments in 2025. Another key component
of our strategy is new product development and innovation,
validated by our recent acquisition of ACP, Advanced Circuit
Pursuit A.G., strengthening our leadership in IoT cellular
technology and accelerating the development of our 5G eRedCap
chip."

Mr. Karam concluded, "We are equally committed to improving revenue
and reducing our cash burn from operating activities. By focusing
on strong execution and financial discipline, we are positioning
Sequans for sustainable, long-term success."

                         Q1 2025 Outlook

The following statement is based on management's current
assumptions and expectations. This statement is forward-looking,
and actual results may differ materially.

Management expects total revenue to be in the range of $7-8
million, with product revenue contributing about 50% reflecting the
seasonal weakness it typically sees in the first quarter. In
addition, licensing revenue related to the Qualcomm deal is
expected to be lower than the amount recognized in Q4 2024.

                Fourth Quarter 2024 Financial Summary:

Revenue: Revenue was $11.0 million, an increase of 8.9% compared to
the third quarter of 2024 and an increase of 130.0% compared to the
fourth quarter of 2023. Product revenue was $4.7 million, an
increase of 101.4% compared to the third quarter of 2024 and an
increase of 19.5% compared to the fourth quarter of 2023. License
and services revenue was $6.2 million compared to $7.7 million in
the third quarter of 2024, in both quarters primarily related to
partial deliveries under the 5G broadband platform license to
Qualcomm.

Gross margin: Gross margin was 68.1% compared to 82.5% in the third
quarter of 2024 and 12.2% in the fourth quarter of 2023.

Operating profit (loss): Operating loss was $5.3 million compared
to operating gain of $87.1 million in the third quarter of 2024 and
operating loss of $12.6 million in the fourth quarter of 2023.
Operating profit in the third quarter of 2024 included the net gain
on sale of the 4G IP assets to Qualcomm for $152.9 million,
partially offset by a $56.6 million loss on the impairment of 5G
broadband platform assets and operating expenses of $17.5 million.

Net profit (loss): Net loss was $2.7 million, or ($0.11) per
diluted ADS, compared to net gain of $72.4 million, or $2.62 per
diluted ADS, in the third quarter of 2024 and net loss of $17.3
million, or ($0.71) per diluted ADS, in the fourth quarter of
2023.

Non-IFRS profit (loss) and diluted profit (loss) per ADS: Excluding
the non-cash stock-based compensation, the non-cash impact of the
fair-value and effective interest adjustments related to the
convertible debt and associated embedded derivatives and other
financings, non-IFRS net loss was $2.1 million, or ($0.08) per
diluted ADS, compared to non-IFRS net gain of $80.5 million, or
$2.91 per diluted ADS in the third quarter of 2024, and net loss of
$13.7 million, or ($0.56) per diluted ADS, in the fourth quarter of
2023.

Cash: Cash and cash equivalents at December 31, 2024 totaled $62.1
million compared to $173.6 million at September 30, 2024. In
October 2024, approximately $85 million in matured debt and accrued
interest was repaid, as well as large payments of past due trade
payables, and payment of costs and fees related to the Qualcomm
transaction that closed on September 30, 2024.

                   About Sequans Communications

Colombes, France-based Sequans Communications S.A. is a fabless
semiconductor company that designs, develops, and markets
integrated circuits and modules for 4G and 5G cellular IoT
devices.

Paris-La Defense, France-based Ernst & Young Audit, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated May 15, 2024, citing that the Company has suffered
recurring losses from operations, has a working capital deficiency,
and has stated that substantial doubt exists about the Company's
ability to continue as a going concern.

Sequans Communications incurred net losses of $9 million and $41
million in 2022 and 2023, respectively. As of December 31, 2023,
the Company had $109.2 million in total assets, $115.2 million in
total liabilities, and $6.1 million in total deficit.



=============
G E R M A N Y
=============

LILIUM AEROSPACE: Files for Bankruptcy for the Second Time
----------------------------------------------------------
Ben Sampson at aerospacetestinginternational.com reports that
German electric aircraft manufacturer Lilium Aerospace has filed
for insolvency again, on Feb. 21, after promised funding options to
secure the company's future failed to materialize.

A statement from the company confirmed that operations were
ceasing.  It said, "While talks about alternative solutions are
still ongoing, the chance for restructuring right now is highly
unlikely.

"Giving the situation, this is deeply regretful for all employees
and Lilium Aerospace thanks them for their resilience and
dedication."

At its peak, Lilium employed more than 1,000 people, according to
the report.  The company was working towards the first flight tests
of a full-scale version of its Jet eVTOL aircraft before it ran out
of funding in October. The company had planned to construct six
test aircraft to progress through to EASA certification with an
entry-into-service during 2026.

In a separate report by flyingmag.com, it is noted that Lilium's
two core subsidiaries ran out of cash in October, forcing it to
file for "self-administration" proceedings with a court in Germany.
In December, the firm achieved what it called a "breakthrough" in
its search for a new investor.  But on Friday, it announced it
filed for insolvency.

flyingmag.com relays that Lilium has said the funds that would have
kept the business alive "have not materialized in time."  In
October, the company sought a 50 million euro loan guarantee that
would have triggered matching funds from the state of Bavaria,
where it is headquartered.  But the German parliament rejected the
deal, forcing Lilium to seek nonstate investors.  During that
period, company staff reportedly worked without pay and resorted to
GoFundMe campaigns to cover their living costs.

In December, a group of European and North American investors
registered as Mobile Uplift Corporation (MUC) agreed to buy the
assets of Lilium's two subsidiaries, flyingmag.com relays.  Lilium
laid off all its employees and said they would be rehired
"immediately" following the transaction, which it expected to close
by the end of January.  But the deal -- which would have injected
Lilium with about 210 million euros to relaunch the company --
never materialized.

flyingmag.com adds that the firm's Lilium Jet concept is designed
to fly up to seven passengers on regional, city-to-city trips.  Its
unique propulsion system comprises 30 electric ducted fans embedded
in the wings, pointing toward the ground during takeoff and landing
but tilting forward during cruise.

According to flyingmag.com, Lilium had about 780 firm orders,
reservations, options, and memoranda of understanding (MOU) for its
flagship model, which it hoped to deliver in 2026 to customers
worldwide.  In the U.S., it planned for operations in South
Florida, California, and Puerto Rico with partner UrbanLink Air
Mobility.  The firm had already begun assembling prototypes and was
the first manufacturer to earn certification bases for an eVTOL
design from both the FAA and European Union Aviation Safety Agency
(EASA).




=============
I R E L A N D
=============

FIDELITY GRAND 2023-1: S&P Assigns B-(sf) Rating on F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Fidelity Grand
Harbour CLO 2023-1 DAC's class A-R to F-R European cash flow CLO
notes and A-R loan. The issuer also had unrated subordinated notes
outstanding from the existing transaction.

This transaction is a reset of an existing transaction. The
existing class A to F notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date and
the ratings on the original notes were withdrawn.

Under the transaction documents, the rated notes and loan will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes and loan will permanently switch to
semiannual payments.

The portfolio's reinvestment period ends approximately 4.5 years
after closing, and its non-call period ends 1.5 years after
closing.

The ratings reflect S&P’s assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated notes and loan 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
our counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,856.42
  Default rate dispersion                                 536.01
  Weighted-average life (years)                             4.54
  Obligor diversity measure                               112.61
  Industry diversity measure                               19.47
  Regional diversity measure                                1.20

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.24
  Target 'AAA' weighted-average recovery (%)              36.51
  Target weighted-average spread (net of floors; %)        4.06
  Target weighted-average coupon (%)                       3.72

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 is 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 (3.95%), the
covenanted weighted-average coupon (3.70%), and the covenanted
weighted-average recovery rates at 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.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to F-R notes benefits from
break-even default rate and scenario default rate cushions that we
would typically consider 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 have capped our ratings assigned to the notes. The
class A-R notes and A-R loan can withstand stresses commensurate
with the assigned ratings.

"Until the end of the reinvestment period on Aug. 15, 2029, 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 notes and loan. 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, as long as the initial ratings
are maintained."

Following the end of the reinvestment period, certain assets can be
substituted as long as they meet the reinvestment criteria.

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

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

The transaction's legal structure and framework is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class A-R to F-R notes and A-R loan.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-R to E-R notes and A-R
loan 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."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds. The transaction is managed by FMR
Investment Management (UK) Ltd.

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 or limit assets from being
related to certain industries. 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."

  Ratings

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

  A-R       AAA (sf)    198.00      3mE +1.23%      38.00

  A-R loan  AAA (sf)     50.00      3mE +1.23%      38.00

  B-1-R     AA (sf)      29.00      3mE +1.75%      27.00

  B-2-R     AA (sf)      15.00      4.60%           27.00

  C-R       A (sf)       24.00      3mE +2.05%      21.00

  D-R       BBB- (sf)    28.00      3mE +2.70%      14.00

  E-R       BB- (sf)     18.00      3mE +4.75%       9.50

  F-R       B- (sf)      12.00      3mE +7.57%       6.50

  Sub       NR          28.427      N/A               N/A

*The ratings assigned to the class A-R loan, A-R, B-1-R, and B-2-R
notes address timely interest and ultimate principal payments. The
ratings assigned to the class C-R to F-R notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month EURIBOR.


PENTA CLO 3: S&P Assigns B-(sf) Rating on Class F-R-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 3 DAC's
class X-R-R, A-1-R-R, A-2-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and
F-R-R reset notes. The issuer has unrated subordinated notes
outstanding from the existing transaction.

This transaction is a reset of the already existing transaction
which closed in November 2017 and was refinanced in March 2022. S&P
did not previously rate this transaction.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end 4.50 years after
closing, while the non-call period will end 1.50 years after
closing.

The ratings reflect S&P's assessment of:

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

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

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

-- The 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     2,870.88
  Default rate dispersion                                  529.83
  Weighted-average life (years)                              4.44
  Weighted-average life including reinvestment (years)       4.50
  Obligor diversity measure                                131.27
  Industry diversity measure                                20.02
  Regional diversity measure                                 1.19

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.30
  Actual 'AAA' weighted-average recovery (%)               36.54
  Actual floating-rate assets (%)                          96.02
  Actual weighted-average coupon (%)                        5.64
  Actual weighted-average spread (net of floors; %)         3.89
  
S&P said, "The portfolio is 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 (3.75%), and the
covenanted weighted-average coupon (4.50%) as indicated by the
collateral manager. We have assumed the targeted weighted-average
recovery rates at 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.

"Our credit and cash flow analysis shows that the class B-R-R to
F-R-R notes benefit from break-even default rate and scenario
default rate cushions that we would typically consider to be in
line 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 have capped our ratings
on the notes. The class X-R-R, A-1-R-R, and A-2-R-R notes can
withstand stresses commensurate with the assigned ratings.

"Until the end of the reinvestment period on Aug. 18, 2029, 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 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, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
X-R-R to F-R-R 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-R to E-R-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-R notes."

Penta CLO 3 DAC securitizes a portfolio of primarily senior secured
leveraged loans and bonds. Partners Group (UK) Management Ltd.
manages the transaction.

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries

"Accordingly, since the exclusion of assets from these industries
and areas 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."

  Ratings list
                       Balance     Credit
  Class    Rating*   (mil. EUR)   enhancement (%)   Interest
rate§

  X-R-R    AAA (sf)      2.00       N/A     Three-month EURIBOR
                                            plus 0.95%

  A-1-R-R  AAA (sf)    244.00     39.00     Three-month EURIBOR
                                            plus 1.25%

  A-2-R-R  AAA (sf)      4.00     38.00     Three-month EURIBOR
                                            plus 1.45%

  B-R-R    AA (sf)      43.00     27.25     Three-month EURIBOR
                                            plus 1.80%

  C-R-R    A (sf)       24.80     21.05     Three-month EURIBOR
                                            plus 2.00%

  D-R-R    BBB- (sf)    28.20     14.00     Three-month EURIBOR
                                            plus 2.95%

  E-R-R    BB- (sf)     18.00      9.50     Three-month EURIBOR
                                            plus 4.85%

  F-R-R    B- (sf)      12.00      6.50     Three-month EURIBOR
                                            plus 7.74%

  Sub.     NR           53.45       N/A     N/A

*The ratings assigned to the class X-R-R, A-1-R-R, A-2-R-R, and
B-R-R notes address timely interest and ultimate principal
payments. The ratings assigned to the class C-R-R, D-R-R, E-R-R,
and F-R-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.
Sub.--Subordinated.




===============
P O R T U G A L
===============

HAITONG BANK: S&P Puts 'BB' LongTerm ICR on Watch Positive
----------------------------------------------------------
S&P Global Ratings placed its 'BB' long-term issuer credit rating
on Portugal-based Haitong Bank S.A. on CreditWatch with positive
implications.

At the same time, S&P affirmed its 'B' short-term issuer credit
rating on the bank.

The merger between Haitong Bank S.A.'s parent, Haitong Securities
Co. Ltd. (HTS), and Guotai Junan Securities Co. Ltd. (GTJA) is now
closer to materializing.

The merger between GTJA and HTS is now closer to materializing.
Most of the required regulatory approvals for the merger between
GTJA and HTS have now been obtained. On Feb. 12, 2025, the Shanghai
Stock Exchange accepted HTS' delisting application. Once the
delisting is approved and executed, HTS' share swap with GTJA will
be done to complete the merger transaction. As the surviving
entity, GTJA will assume all the assets and liabilities of HTS. S&P
anticipates that the unsupported GCP of HTS will be on par with
that of GTJA, and stronger than HTS' previously.

S&P said, "We expect our long-term ratings on Haitong Bank will
benefit from the likelihood of group support from a higher-rated
parent.   We expect Haitong Bank to remain strategically important
to the merged group. Our long-term issuer credit rating on Haitong
Bank is capped at one notch below its parent's unsupported GCP of
currently 'bb+', which translates into two notches of uplift. If
the merger is closed, Haitong Bank may be eligible for a further
notch of uplift, reflecting that its new parent's credit profile is
now stronger than HTS'. That said, we still consider that any
change in Haitong Bank's strategic positioning in the new group may
prompt a change in our view of group support and thus potentially
affect our issuer credit ratings.

"Our ratings continue to reflect Haitong Bank's strong
capitalization, but remain constrained by its limited scale,
riskier business model than retail banks, and significant reliance
on wholesale funding.   Even if we anticipate that Haitong Bank
will continue posting positive results, these will remain modest
over the next 12-18 months, in our view. We project Haitong Bank's
return on equity will be lower than 2% until 2026, and its
cost-to-income ratio slightly above 80%, remaining weaker than that
of peers and international investment banks. Similarly, Haitong
Bank will likely remain exposed to highly indebted corporates and
maintain a relatively high degree of single-name concentration. It
will also continue to rely heavily on wholesale funding, which
accounted for close to 70% of its funding base as of Sept. 30,
2024. Positively, we anticipate that Haitong Bank's capitalization
will remain strong, with its risk-adjusted capital (RAC) ratio
approaching 13.5% by 2026 from 16.9% at year-end 2023; this is pro
forma our sovereign upgrade to 'A-' and revision to our assessment
of economic risks in Portugal in March 2024. An upgrade of Portugal
(unsolicited; A-/Positive/A-2) and a further reduction of economic
risks in the country would support Haitong Bank's capitalization,
but not to an extent that improves its stand-alone
creditworthiness, in our view.

"We intend to resolve the CreditWatch once the merger transaction
between GTJA and HTS is completed. We anticipate that this will
likely occur during the next three months.

"The positive implications of the CreditWatch signals that we could
upgrade Haitong Bank by up to one notch once the merger of its
parent HTS with GTJA is completed. This reflects our view that
Haitong Bank would likely remain strategically important to the
parent group, and that the new parent group would have a stronger
credit profile. If the merger fails to materialize, which we
currently see as a remote possibility, we would reassess Haitong
Bank's prospects and its parent's capacity to support it."




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

COLOSSEUM HOLDCO II: S&P Assigns Prelim. 'B' LT ICR, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings assigned its 'B' preliminary long-term issuer
credit rating to Pan-European dental group parent Colosseum HoldCo
II AG and its 'B' preliminary long-term issue rating and '3'
recovery rating (rounded estimate: 55%) to the proposed TLB to be
issued by Colosseum Dental Finance B.V.

The stable outlook reflects S&P's forecast that Colosseum Dental
will remain well positioned to further improve profitability across
its main markets, thanks to solid recruitment efforts, increasing
retention rates, and operational efficiencies. This should enable
the group to sustain deleveraging momentum and fixed-charge
coverage above 1.5x.

The rating reflects Colosseum Dental's solid scale and leadership
position in highly fragmented end markets and solid profitability
improvement in recent years. Colosseum Dental quadrupled its
overall size since its formation in 2017 under the current owners,
Jacobs Holding AG when it acquired Colosseum Smile, a leading DSO
in Norway, Sweden, and Denmark. The company pursued a buy-and-build
strategy over the years, particularly in 2017-2018 and 2021,
resulting in successive entries in new geographies. The largest of
those acquisitions was of fellow Pan-European dental chain Curaeos
from EQT Partners in 2021, which granted Colosseum Dental entry
into the Netherlands and Belgium. Through acquisitions and clinic
capacity optimization efforts, Colosseum Dental has established
strong leadership positions in most end markets, except the U.K.
and France. The group boasts estimated market shares of about 20%
or well in excess of that among large dental care providers in the
countries where it has leadership positions. That said, all the
markets are highly fragmented, comprised of independent individual
clinics or smaller chains. Colosseum Dental positions itself in a
premium price point and typically operates larger clinics with
about six chairs per clinic. This helps it optimize revenue and
reduce per capita costs. The company is also focused on markets
with sizable private medical insurance penetration and
out-of-pocket payments, which average about 70% of total revenue.
In most markets, except the Netherlands, France, the U.K., and
Germany, pricing is unregulated, which we view positively. In
addition, in the U.K. and Germany, there is more pricing
flexibility for private or privately insured patients. This enabled
the company to implement solid price increases over 2022-2024 to
offset inflationary pressures, which, alongside the successful
integration of Curaeos, resulted in material improvement in S&P
Global Ratings-adjusted EBITDA margins to about 16.0% in 2024 from
11.6% in 2021.

S&P said, "We forecast the company will maintain solid organic
growth in 2025 and 2026, with continued focus on dentist retention
and recruitment that should enable the company to continue the
trajectory of improving profitability and sustain positive FOCF. We
forecast overall revenue growth of 5.0%-5.5% in 2025, of which
about 1.0% contribution from recent acquisitions and the rest
organic. Within the organic growth assumption, we factor in half
coming from price increases in 2024 and the other half from new and
returning patients, as the company continues its effort to reduce
dentist churn rates and recruit new ones to optimize the chair
occupancy ratio. This should help further improve S&P Global
Ratings-adjusted EBITDA toward 16.5%-17.0% (from about 16.0% in
2024). Strong revenue growth and improving profitability measures
should translate into positive FOCF after lease payments of around
EUR20 million-EUR30 million and an improving EBITDAR
(rent-adjusted) fixed-charge coverage ratio toward 1.8x-2.0x (from
less than 1.5x in 2023 and about 1.5x in 2024). The group's FOCF
generation should benefit from stable capital expenditure (capex)
of about 3% of total revenue, a material reduction from the 6%-7%
observed in 2021 and 2022 when the company invested in greenfield
expansion in France (2021 entry) and finished facilities upgrades
that were paused during the COVID-19 pandemic. This will allow the
company to maintain its deleveraging trend with S&P Global
Ratings-adjusted net debt to EBITDA toward 6.5x-6.6x in 2025 (from
about 7.2x estimated in 2024 and 7.8x in 2023). Our debt figures
exclude the shareholder loans provided by the Jacobs Holding AG on
the premise that the documentation that will be revisited as part
of the transaction and would meet our criteria for equity
treatment. We forecast more modest revenue growth in 2026 of 2%-3%,
reflecting the potential headwinds in the Netherlands and Sweden
from recent regulatory developments. That said, we forecast
continued margin expansion toward 17%-18%. Assuming further
possible reduction in financing costs from interest rate decreases,
we forecast strengthening in FOCF generation toward EUR40
million-EUR50 million, translating into adjusted debt to EBTIDA
falling toward 6.2x-6.3x in 2026 with fixed charge coverage
improving toward 2.0x.

"We assess Colosseum Dental's geographic diversity as positive
because the generally varying regulatory frameworks where it
operates help offset associated risks related to changes." The
company relies on experienced local management teams across end
markets with deep expertise in the sector that should help the
group continuously navigate the complex operating environments.
Currently, the regulatory frameworks across most end markets are
benign, except in the Netherlands (about 10% of total revenue in
2024) and Sweden (about 11% of total revenue in 2024). In the
Netherlands, the national regulator, NZa, which determines maximum
tariffs providers can charge, is conducting its review of the cost
tariffs per various treatments, with the final outcome expected
sometime in the third quarter of 2025 and effective from the
beginning of 2026. It is widely expected to result in decreased
tariffs with varying degree depending on treatment complexity. This
type of review is typically conducted every 10 years, with the last
one taking place in 2015. It resulted in average tariff decrease of
5%. That said, the company anticipates potential volume increase of
visits, something that was observed in 2015, to potentially offset
this effect. An additional mitigant could also come from potential
increase in compensation from a uniform annual inflation-indexation
for each tariff that is independent of the cost tariff review
outcome and is solely focused on material and labor cost reviews.
In Sweden, there has been a recent reform that will be effective
from July 2026 affecting the pricing framework for elderly patients
(67+ years of age), whereby there will be a shift from relatively
free pricing to a combination of TLV (national reference price list
set by the Swedish Social Insurance Agency) plus municipality-type
supplement for those living outside metropolitan municipalities.
There will also be a cap on out-of-pocket payments irrespective of
treatment costs (excluding new fixed-tooth and implant-supported
prosthetics) that aims to increase high-cost protection and to
promote dental care equity and capacity in rural areas. In this
case, the company also anticipates potential mitigants notably
coming from potential increase in patient visits as a result of
lower prices and the municipality-type supplements, given that
prices were typically set 25% higher than those of public
providers.

Colosseum Dental is aiming to outperform market growth in end
markets thanks to ongoing dentist recruitment and retention rates,
as well as optimization of clinics' capacity in key markets. This
has helped the company outperform in organic terms end markets'
growth rate (2%-4%). Its reported organic growth rate averaged
5%-6% in 2023-2024 through increased prices and patient visits. The
company aims to continue this trend, with current outlook for end
market growth remaining in the same 2%-4% range, reflecting mainly
inflation-linked price increase expectations with almost no volume
and treatment mix potential. Colosseum Dental aims to continue
healthy organic growth of patient numbers and prices. Management
aims to continue the trend of patient volume growth by further
reducing dentists' churn rates to significantly lower levels. In
certain countries where the company's performance lagged others'
considerably, dentist churn rates have come down from extremely
high numbers, for example in the U.K., where they fell to 17% by
the end of 2024 from 43% at the end of 2022. In Denmark they
reduced to about 17% from 30.5%. And in Germany they fell to 19%
from 32%. At the heart of the initiatives to turn things around
were the deployment of tailor-made in-house development programs
and proactive engagement and incentives for strong performers and
succession planning for potential leavers and retirees. The company
has been also focusing on expanding existing clinic capacities and
operates on average about six chairs per clinic, ensuring a wide
range of experts under one roof (general dentistry and complex
treatments). This creates economies of scale, which helps lower
fixed costs over time, and in S&P's view has helped improve
margins.

S&P said, "Our base case does not incorporate any further
acquisitions, although we don't exclude them, given the highly
fragmented nature of end markets. Even though Colosseum Dental
boasts very strong leadership positions among large dental care
providers in its end markets, except the U.K. and France, these are
still highly fragmented and mainly comprise individual clinics or
smaller chains, typically well in excess of 50% of the total
market. We therefore believe there is ample scope for further
consolidation of end markets. This is particularly true for the
highly profitable German, Norwegian, Swedish, and Swiss markets.
Jacobs Holding has a track record of demonstrating supportiveness
for acquisitions and has made total equity contribution of about
EUR900 million since acquiring Colosseum Dental in 2017, including
most recently for the acquisition of Curaeos. We understand that
Jacobs Holding will likely support the group in the event of
further large transactions, but these appear unlikely at this stage
as the company has no intention to expand into new geographies. In
our view, we believe that Jacobs Holding is unlikely to pursue
other transformative transactions, such as a merger between
Colosseum Dental and North American Dental Group, its other asset
in the dental sector space. In our base-case we currently factor in
cash outflows of about EUR60 million in 2025 and EUR50 million in
2026 linked to minority interest put options and earnouts linked to
previous acquisitions that will be absorbed by current cash
balances and excess cash flow generation after lease payments and
dividends to minorities of about EUR7.5 million in 2025 and
slightly less than EUR7 million in 2026. Overall, we see limited
headroom under the rating for underperformance in relation to a
possible acceleration in mergers and acquisitions (M&A).

"The final rating will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary rating should not be construed as evidence of a final
rating. If we do not receive the final documentation within a
reasonable time or if the final documentation departs from the
materials reviewed, we reserve the right to withdraw or revise our
preliminary rating. Potential changes include but are not limited
to the size of the loan and the utilization of its proceeds,
maturity, size and conditions of the loan and the RCF, financial
and other covenants, security, and ranking.

"The stable outlook reflects our forecast that Colosseum Dental
will be able to maintain good business momentum, supported by
recent price increases and reduced dentist churn rates in key
markets, and be able to offset pressures from recent regulatory
developments in Sweden and the Netherlands. This should translate
into improving S&P Global Ratings-adjusted EBITDA margins,
supporting positive FOCF generation (after lease payments) and
fixed-charge coverage remaining sustainably above 1.5x.

"We could lower the rating on Colosseum Dental over the next 12-18
months if we observe a slowdown in business momentum with likely
decline in revenue, for example as a result of recent regulatory
developments in Sweden and the Netherlands. Alternatively, downside
rating pressure could also occur due to material integration costs
hampering EBITDA and FOCF generation from a possible acceleration
in M&A activity. This will likely translate into pressure on the
FOCF generation, and EBITDAR fixed-charge coverage falling below
1.5x with no prospects for rapid improvement.

"We could consider raising the ratings on Colosseum Dental if the
company materially outperformed our base case, translating into
much stronger margins and free cash flows leading to adjusted debt
to EBITDA falling sustainably below 5x. This could occur if the
company successfully maintains recent business momentum, boosted by
price increases and benefits from ongoing decrease in dentist churn
rates and ongoing integration initiatives. Moreover, it also
entails successful navigation of pressures from recent regulatory
developments in Sweden and the Netherlands. Under such a scenario,
an upgrade is premised on a track record and commitment by
management and owners to maintain such metrics on a sustained
basis."




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

ACACIUM GROUP: S&P Lowers LongTerm ICR to 'B', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.K.-based health care and life sciences staffing provider Acacium
Group Ltd. and its issue rating on the group's senior secured debt
to 'B' from 'B+'. S&P's '3' recovery rating on the senior secured
debt remains unchanged, indicating its expectation of meaningful
recovery of about 60% in a simulated default scenario.

S&P said, "The stable outlook reflects our expectation that Acacium
will maintain credit metrics in the highly leveraged financial risk
profile category, underpinned by gradual deleveraging toward 6x;
moderate but consistently positive FOCF; and FFO cash coverage
trending toward 2x, all this supported by our assumption that
Acacium's operating performance has stabilized, thanks to placement
rates that are not expected to weaken materially further, combined
with robust cost control.

"The downgrade reflects a deterioration in credit metrics, compared
with our previous expectations, following demand-led
underperformance across all regions and divisions. In 2024, Acacium
was hit by a persistent market downturn, although we note a similar
situation in other rated staffing companies. This was particularly
prevalent in the Last-Minute Nursing and Australian Healthcare
Staffing divisions, where post-pandemic demand pressure and bill
rate reduction hindered division trading the most. Coupled with
lower placements in the Diversified Healthcare and Life Sciences
divisions, we now believe Acacium will report full-year 2024
revenue of about £1 billion, down by as much as 30% versus our
previous estimate of £1.2 billion-£1.3 billion. The several cost
reduction programs Acacium implemented to protect profitability
were not sufficient to offset its EBITDA shortfall, which was
primarily driven by challenging market dynamics. We now expect
Acacium will post a S&P Global Ratings-adjusted EBITDA margin of
6.5%-7.5% in 2024, roughly 100-200 basis points lower than our
previous estimate. As such, Acacium's adjusted leverage in 2024
will move into the highly leveraged category, with debt to EBITDA
and FFO to debt at about 7x and below 12%.

"We expect Acacium's operating performance will modestly improve
from 2025, leading to credit metrics that we feel will remain
commensurate with the 'B' rating. In 2025, we anticipate trading
momentum will likely be at a similar pace as in recent quarters,
primarily led by modest growth in the U.K. and Ireland Staffing,
Life Sciences, and Xyla divisions. Although there are early signs
of performance stabilization, we believe business prospects remain
uncertain after persistent market downturn and that recovery could
take longer than expected. We note as positive that Acacium has
been focusing on profitability-maximization measures to timely
right-size the cost base to accommodate the latest revenue profile.
However, without clear visibility on the timing of business
recovery, we expect a modest revenue and EBITDA growth will result
in adjusted debt to EBITDA of 6x-7x and continue to support
positive FOCF generation in 2025 and 2026, with FFO to cash
interest coverage remaining tight at about 1.7x in 2025 before
improving toward 2.0x in 2026.

"The stable outlook reflects our expectation that Acacium will
maintain credit metrics in the highly leveraged financial risk
profile category, underpinned by gradual deleveraging toward 6x,
moderate but consistently positive FOCF, and FFO cash coverage
trending toward 2x. This is supported by our assumption that
Acacium will continue to maintain solid operating performance,
thanks to stabilized placement rates and robust cost control."

S&P could take a negative rating action if:

-- The company underperformed our forecasts, resulting in adjusted
debt to EBITDA maintained above 7x;

-- FOCF turned negative on a sustained basis; or

-- FFO cash interest coverage failed to recover toward 2x.

S&P could consider taking a positive rating action if Acacium
outperformed our forecasts such that adjusted debt to EBITDA fell
below 5x and FFO to debt increased above 12% on a sustained basis.
An upgrade would also require a commitment from shareholders to
demonstrate and sustain a prudent financial policy that supports
maintenance of these credit metrics.


ACHESON CONSTRUCTION: Falls Into Administration, 40 People Laid Off
-------------------------------------------------------------------
dorsetecho.co.uk reports that Acheson Construction, whose head
office is at the Railway Triangle Industrial Estate in Dorchester,
has fallen into administration.

The company, which has been involved in a host of local and
regional building projects, had operated for more than 50 years and
had another premises in Whiteley, near Fareham, Hampshire.

Richard Lewis and Alistair Wardell of Grant Thornton UK LLP were
appointed Joint Administrators of Acheson Construction Limited on
Tuesday, February 18, the report notes.

The joint administrators ceased the company's operations on their
appointment and 40 of its 48 staff have been made redundant as a
result.  According to the joint administrators, the retained staff
are assisting them with winding down the company's affairs.

According to administrators, the firm had been impacted by higher
costs on fixed price contacts but added that the current efforts
are focused on 'supporting employees'.

The company was founded in 1974, with projects ranging in value
from GBP500,000 to more than GBP25 million.  These include projects
in different sectors such as defence, public sector, education,
health, leisure, commercial, industrial and residential.

dorsetecho.co.uk quotes Richard Lewis as saying: "The business has
been impacted by increased costs on fixed priced contracts, delays
in the commencement of new projects and a dispute over amounts due
under a key contract.

"Whilst the directors had considered alternative options, they
sadly concluded it was no longer viable to continue to trade.

"Our efforts are initially focused on supporting employees with
making claims to the Redundancy Payments Service, securing physical
assets and gathering information and evidence to support any claims
the company has under contracts including in relation to
retentions."

A notice has recently been put up on the company's website to alert
people that the business is in administration.

The latest accounts for the firm show a turnover of GBP53 million,
generating a pre-tax profit of GBP46,000 in the year to December
29, 2023, the report relays.  Last year's accounts are not yet
available.

Creditors will receive a formal notification by Monday, February 24
from the joint administrators of their appointment with details of
how to claim amounts owed.

Anyone with queries on this is urged to contact the company by
writing in the first instance to:

Acheson Construction Limited – In Administration
c/o Grant Thornton UK LLP
Landmark, St, Peter's Square
1 Oxford St,
Manchester M1 4PB

     -- or –

cmusupport@uk.gt.com

The affairs, business and property of the company are being managed
by the Joint Administrators who act as agents of the company and
without personal liability. Richard Lewis and Alistair Wardell are
authorised by the Insolvency Practitioners Association to act as
insolvency practitioners.


ASHVILLE AGGREGATES: Leonard Curtis Named as Administrators
-----------------------------------------------------------
Ashville Aggregates and Concrete Limited was placed into
administration proceedings in the High Court of Justice Business
and Property Courts of England and Wales, Court Number:
CR-2025-001014, and Dane O'Hara and Alex Cadwallader of Leonard
Curtis were appointed as administrators on Feb. 14, 2025.  

Ashville Aggregates is involved in the renting and leasing of
trucks and other heavy vehicles.

Its registered office is at 5th Floor, Grove House, 248a Marylebone
Road, London, NW1 6BB

Its principal trading address is at Plot 5 Link Park, Thorney Mill
Road, West Drayton, UB7 7EZ

The joint administrators can be reached at:

         Dane O'Hara
         Alex Cadwallader
         Leonard Curtis
         5th Floor, Grove House
         248a Marylebone Road
         London, NW1 6BB

For further details, contact:

         The Joint Administrators
         Tel: 020 7535 7000
         Email: recovery@leonardcurtis.co.uk

Alternative contact: Toby Cooper


ASHVILLE COMMERCIALS: Leonard Curtis Named as Administrators
------------------------------------------------------------
Ashville Commercials Limited was placed into administration
proceedings in the High Court of Justice Business and Property
Courts of England and Wales, Court Number: CR-2025-001014, and Dane
O'Hara and Alex Cadwallader of Leonard Curtis were appointed as
administrators on Feb. 14, 2025.  

Ashville Commercials is involved in the rental and lease of trucks
and other heavy vehicles.

Its registered office is at 5th Floor, Grove House, 248a Marylebone
Road, London, NW1 6BB

Its principal trading address is at Plot 5 Link Park, Thorney Mill
Road, West Drayton, UB7 7EZ

The joint administrators can be reached at:

         Dane O'Hara
         Alex Cadwallader
         Leonard Curtis
         5th Floor, Grove House
         248a Marylebone Road
         London, NW1 6BB

For further details, contact:

         The Joint Administrators
         Tel: 020 7535 7000
          Email: recovery@leonardcurtis.co.uk

Alternative contact: Toby Cooper


CROWN PLACE: Poppleton & Appleby Named as New Administrators
------------------------------------------------------------
Andrew Turpin and Matthew Douglas Hardy of Poppleton & Appleby has
been named as new administrators for Crown Place LLP.  They were
appointed on Feb. 13, 2025.  

The new administrators replaced Christopher Newell and Nicholas
Simmonds of Quantuma Advisory Limited.

Crown Place LLP was placed into administration proceedings in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency and Companies, Court Number: CR-2024-001682, in
March 2024.  Crown Place is into property rental.  Its registered
office is at 1st Floor 21 Station Road, Watford, WD17 1AP.

The new Administrators can be reached at:

             Andrew Turpin
             Matthew Douglas Hardy
             Poppleton & Appleby
             The Silverworks
             67-71 Northwood Street
             Jewellery Quarter
             Birmingham B3 1TX

For further details, contact:

              Poppleton & Appleby
              Tel No: 0121 200 2962
              Email: info@poppletonandappleby.co.uk


ELIZABETH FINANCE 2018: S&P Lowers Class A Notes Rating to 'D(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its credit rating on Elizabeth Finance
2018 DAC's class A notes to 'D (sf)' from 'CC (sf)'. At the same
time, S&P affirmed its 'D (sf)' ratings on the class B to E notes.
S&P will withdraw its ratings on the notes after 30 days.

S&P's ratings in Elizabeth Finance 2018 address the timely payment
of interest and the repayment of principal no later than the legal
final maturity date in July 2028.

The downgrade reflects the interest shortfall incurred on the
January 2025 interest payment date (IPD). This interest shortfall
on the class A notes will not be repaid at the April 2025 IPD as
the properties have now been sold and any rental income due will
now be paid to the new owners.

Transaction overview

Elizabeth Finance 2018 is a true sale securitization of two loans
that closed in August 2018. In October 2020, the smaller MCR loan,
with a balance of GBP20.5 million, prepaid. The remaining loan, the
Maroon loan, was originally secured by three regional town shopping
centers in the U.K. Two of the properties are in England (The
Rushes shopping center in Loughborough, and the Vancouver shopping
center in Kings Lynn), and one is in Scotland (Kingsgate,
Dunfermline).

The special servicer accelerated the Maroon loan in October 2020,
and receivers and administrators were appointed.

The three properties securing the loan have now been sold for
GBP33.2 million, reduced from GBP35.00 million, due to issues
identified in the Dunfermline property's building survey.

The net sale proceeds after the repayment of fees were GBP27.1
million, which were applied to repay the class A notes on the
January 2025 IPD. Fees include contractual sale fees, special
servicing fees, servicing fees, administration fees, and an
outstanding VAT bill. The net sale proceeds were not used to pay
any interest on the notes or any of the interest shortfalls on the
class B to E notes.

Rating actions

S&P's ratings in this transaction address the timely payment of
interest, payable quarterly, and the payment of principal no later
than the legal final maturity date in July 2028.

The notes suffered a principal loss at the January 2025 IPD, when
the net sale proceeds were applied to the outstanding notes. There
is a small amount that is due to be repaid by the April 2025 IPD,
but this will only partially repay the class A notes' principal. No
additional funds will be used to repay the interest shortfall on
the class A notes.

S&P has lowered itr rating on the class A notes, considering that
they suffered an interest shortfall at the January 2025 IPD and
will experience a principal loss.

Given that the class B to E notes are continuing to experience an
interest shortfall which will not be repaid, and that they are
suffering a principal loss, S&P affirmed its 'D (sf)' ratings on
the notes.

S&P will withdraw its ratings on the notes after 30 days.

Elizabeth Finance 2018 is a true sale CMBS transaction that closed
in August 2018 and is currently backed by one loan originally
secured by three shopping centers in the U.K.


GROVE AND MOORSIDE: Insolvency One Named as Administrators
----------------------------------------------------------
Grove and Moorside Community and Social Club Limited was placed
into administration proceedings in the High Court of Justice,
Business and Property Courts in Leeds, Insolvency and Companies
List, No. CR-2025-LDS-000161 and Zane Collins of Insolvency One
Limited was appointed as administrators on Feb. 12, 2025.  

Grove and Moorside is a community and social club.

Its registered office and principal trading address is at Consett
Road, Consett, County Durham, DH8 9QL.

The joint administrators can be reached at:

          Zane Collins
          Insolvency One Limited
          1 Aire Street
          Leeds LS1 4PR

For further details, contact:

         Zane Collins
         Email: zane.collins@insolvencyone.co.uk


INTERNET FOR BUSINESS: MHA Named as Administrators
--------------------------------------------------
Internet For Business Limited was placed into administration
proceedings in the Court of Session, No P169 of 2025, and Michael
James Meston Reid of MHA was appointed as administrators on Feb.
19, 2025.  

Internet For Business provides information technology services.

Its registered office is at MHA, 12 Carden Place, Aberdeen, AB10
1UR

Its principal trading address is at 54 Hareness Road, Aberdeen,
AB12 3LE

The joint administrators can be reached at:

         Michael James Meston Reid
         MHA
         12 Carden Place
         Aberdeen AB10 1UR

For further details, contact:

          The Liquidator
          Tel: 01224 625554
          Email: insolvencyaberdeen@mha.co.uk

Alternative contact:

          Zaneta Resiak
          Tel No: 01224625554
          Email: zaneta.resiak@mha.co.uk


JESTERMARK LTD: Opus Restructuring Named as Administrators
----------------------------------------------------------
Jestermark Ltd was placed into administration proceedings in the
High Court of Justice, Court Number: CR-2025-000132, and Louise
Williams and Ian McCulloch of Opus Restructuring LLP were appointed
as administrators on Feb. 13, 2025.  

Jestermark Ltd, trading as NG Shopfront Systems, specialized in
building completion and finishing.

Its registered office and principal trading address is at  Unit No
7 Daleside Park Road East, Calverton, Nottingham, NG14 6LL.

The administrators can be reached at:

            Louise Williams
            Opus Restructuring LLP
            Bridgford Business Centre
            29 Bridgford Road
            West Bridgford
            Nottingham, NG2 6AU

            -- and --

            Ian McCulloch
            Opus Restructuring LLP
            Mount Suite, Rational House
            32 Winckley Square, Preston, PR1 3JJ

For further information, contact:
  
            The Joint Administrators
            Tel No: 0115 666 8230

Alternative contact: Charlotte Jones


MAYA MAGAL: CG&Co Named as Administrators
-----------------------------------------
Maya Magal Jewellery Limited was placed into administration
proceedings in the High Court of Justice Business & Property Courts
Manchester, No CR-2025-MAN-000196, and Nick Brierley and Edward M
Avery-Gee of Leonard Curtis were appointed as administrators on
Feb. 13, 2025.  
       
Maya Magal, trading as Maya Magal London, is a manufacturer of
jewellery and related articles & engages in the retail sale of
watches and jewellery in specialised stores.
       
Its registered office and principal trading address is at 193 Upper
Street, London, N1 1RQ.
       
The joint administrators can be reached at:
       
                Nick Brierley
                Edward M Avery-Gee
                CG&Co
                27 Byrom Street
                Manchester, M3 4PF
       
For further details, contact:
       
                Bill Brandon
                Tel No: 0161-358-0210


OTAQ GROUP: Leonard Curtis Named as Administrators
--------------------------------------------------
Otaq Group Limited was placed into administration proceedings in
the High Court of Justice Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number:
CR-2025-MAN-000132, and Andrew Knowles and Andrew Poxon of Leonard
Curtis were appointed as administrators on Feb. 14, 2025.  

Otaq Group is a developer of underwater products for aquaculture,
offshore energy, renewables and oceanographic research.

Its registered office and principal trading address is at 8-3-4
Harpers Mill South Road, White Cross, Lancaster, England, LA1 4XF.

The joint administrators can be reached at:

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

For further details, contact:

          The Joint Administrators
          Tel: 0161 831 9999
          Email: recovery@leonardcurtis.co.uk

Alternative contact: Nicola Carlton


QUIZ: Teneo Financial Named as Administrators for Zandra Retail
---------------------------------------------------------------
Zandra Retail Limited, trading as Quiz, was placed into
administration proceedings in the Court of Session, No P142 of
2025, and Gavin Maher and Daniel James Mark Smith of Teneo
Financial Advisory Limited were appointed as administrators on Feb.
19, 2025.  

Its registered office is at 61 Hydepark Street, Glasgow, G3 8BW.

The joint administrators can be reached at:

         Gavin Maher
         Daniel James Mark Smith
         Teneo Financial Advisory Limited
         The Colmore Building
         20 Colmore Circus Queensway
         Birmingham B4 6AT

For further details, contact:

         The Joint Administrators
         Tel No: +44 113 396 0164
         Email: quizcreditors@teneo.com

Alternative contact: Alia Khan




===============
X X X X X X X X
===============

[] BOND PRICING: For the Week February 17 to February 21, 2025
--------------------------------------------------------------
Issuer               Coupon  Maturity  Currency  Price
------               ------  --------  --------  -----
Altice France Holdin  10.500 5/15/2027    USD   30.065
Bilt Paper BV         10.360              USD    1.816
Turkiye Government B  10.400 10/13/2032   TRY   49.750
IOG Plc               12.021 9/22/2025    EUR    0.391
Cabonline Group Hold  11.937 4/19/2029    SEK   40.000
Ferralum Metals Grou  10.000 12/30/2026   EUR   29.300
Fastator AB           12.500 9/25/2026    SEK   39.536
NCO Invest SA         10.000 12/30/2026   EUR    0.152
NCO Invest SA         10.000 12/30/2026   EUR    0.152
Tinkoff Bank JSC Via  11.002              USD   42.875
Privatbank CJSC Via   10.250 1/23/2018    USD    3.656
Marginalen Bank Bank  11.457              SEK   28.415
Fastator AB           12.500 9/26/2025    SEK   39.125
Sidetur Finance BV    10.000 4/20/2016    USD    0.930
UkrLandFarming PLC    10.875 3/26/2018    USD    1.893
Kvalitena AB publ     10.067 04/02/2024   SEK   45.750
Fastator AB           12.500 9/24/2027    SEK   39.625
Transcapitalbank JSC  10.000              USD    1.450
Plusplus Capital Fin  11.000 7/29/2026    EUR    8.466
Avangardco Investmen  10.000 10/29/2018   USD    0.186
Bilt Paper BV         10.360              USD    1.816
Privatbank CJSC Via   10.875 2/28/2018    USD    4.786
Phosphorus Holdco PL  10.000 04/01/2019   GBP    0.218
R-Logitech Finance S  10.250 9/26/2027    EUR    5.240
Bulgaria Steel Finan  12.000 05/04/2013   EUR    0.216
Altice France Holdin  10.500 5/15/2027    USD   30.398
Oscar Properties Hol  11.270 07/05/2024   SEK    0.077
Societe Generale SA   21.000 12/26/2025   USD   16.600
Societe Generale SA   23.510 6/23/2026    USD    5.090
Privatbank CJSC Via   11.000 02/09/2021   USD    0.500
Leonteq Securities A  16.400 10/15/2025   CHF   45.760
Credit Agricole CIB   29.699 12/29/2031   EUR   46.834
NTRP Via Interpipe L  10.250 08/02/2017   USD    1.002
Phosphorus Holdco PL  10.000 04/01/2019   GBP    0.218
Elli Investments Ltd  12.250 6/15/2020    GBP    0.341
Elli Investments Ltd  12.250 6/15/2020    GBP    0.341
UkrLandFarming PLC    10.875 3/26/2018    USD    1.893
JP Morgan Structured  13.250 11/28/2025   EUR    1.047
Bank Vontobel AG      14.500 8/15/2025    USD   45.300
Raiffeisen Schweiz G  16.000 07/08/2025   CHF   46.790
UBS AG/London         10.000 3/23/2026    USD   30.720
Goldman Sachs Intern  16.288 3/17/2027    USD   25.090
Landesbank Baden-Wue  19.000 2/28/2025    EUR    9.440
ACBA Bank OJSC        11.500 03/01/2026   AMD    0.000
Finca Uco Cjsc        13.000 5/30/2025    AMD    9.542
BNP Paribas Issuance  19.000 9/18/2026    EUR    3.600
UniCredit Bank GmbH   12.250 2/28/2025    EUR   43.080
Barclays Bank PLC     14.250 12/18/2025   USD   36.912
Bulgaria Steel Finan  12.000 05/04/2013   EUR    0.216
Petromena ASA         10.850 11/19/2018   USD    0.622
Lehman Brothers Trea  10.000 10/23/2008   USD    0.100
Lehman Brothers Trea  15.000 06/04/2009   CHF    0.100
Lehman Brothers Trea  23.300 9/16/2008    USD    0.100
BLT Finance BV        12.000 02/10/2015   USD   10.500
Serica Energy Chinoo  12.500 9/27/2019    USD    1.500
JP Morgan Structured  20.250 12/30/2025   EUR    1.083
JP Morgan Structured  16.250 6/27/2025    EUR    1.061
JP Morgan Structured  26.000 12/30/2025   EUR    0.906
JP Morgan Structured  13.750 12/30/2025   EUR    1.051
JP Morgan Structured  15.000 9/26/2025    EUR    1.071
JP Morgan Structured  17.750 12/30/2025   EUR    1.048
JP Morgan Structured  10.000 6/26/2026    EUR    0.878
JP Morgan Structured  16.000 9/26/2025    EUR    1.014
Raiffeisen Schweiz G  18.000 7/15/2025    CHF   43.440
Swissquote Bank Euro  19.340 08/05/2025   USD   35.940
UBS AG/London         15.000 04/07/2025   USD   30.800
Landesbank Baden-Wue  16.500 4/28/2025    EUR   17.170
Leonteq Securities A  17.200 9/24/2025    CHF   46.950
DZ Bank AG Deutsche   17.600 6/27/2025    EUR   27.540
Swissquote Bank SA    14.960 07/01/2025   CHF   32.320
DZ Bank AG Deutsche   18.500 3/28/2025    EUR   31.550
Bank Vontobel AG      20.000 7/31/2025    CHF   44.300
Bank Vontobel AG      15.000 10/14/2025   USD   38.300
BNP Paribas Emission  15.000 9/25/2025    EUR   41.300
Societe Generale SA   11.140 04/02/2026   USD   47.600
Basler Kantonalbank   14.200 9/17/2025    CHF   32.580
UBS AG/London         15.000 8/21/2025    USD   46.900
Bank Julius Baer & C  18.500 07/02/2025   CHF   43.700
Corner Banca SA       16.800 01/12/2026   USD   43.630
Landesbank Baden-Wue  10.500 4/28/2025    EUR   20.440
Landesbank Baden-Wue  19.000 4/28/2025    EUR   16.380
Bank Julius Baer & C  14.000 06/04/2025   CHF   34.200
Bank Vontobel AG      24.000 4/14/2025    CHF   40.500
Corner Banca SA       18.400 7/22/2025    CHF   32.970
Swissquote Bank Euro  17.590 4/22/2025    USD   30.930
Basler Kantonalbank   16.000 10/15/2025   CHF   45.930
Bank Julius Baer & C  18.690 03/07/2025   CHF   25.950
Bank Vontobel AG      14.250 5/30/2025    USD   25.900
Basler Kantonalbank   17.000 09/05/2025   USD   45.840
Swissquote Bank Euro  18.530 03/05/2025   CHF   48.970
Bank Vontobel AG      26.000 03/05/2025   CHF   31.600
Bank Vontobel AG      12.000 03/05/2025   CHF   24.600
Bank Vontobel AG      14.000 03/05/2025   CHF    6.800
Landesbank Baden-Wue  16.000 01/02/2026   EUR   19.760
Landesbank Baden-Wue  13.000 6/27/2025    EUR   17.810
Raiffeisen Schweiz G  15.000 3/18/2025    CHF   32.620
Bank Vontobel AG      14.000 6/23/2025    CHF   40.400
Erste Group Bank AG   10.750 3/31/2026    EUR   43.100
Landesbank Baden-Wue  11.000 01/02/2026   EUR   18.170
Landesbank Baden-Wue  16.000 6/27/2025    EUR   16.520
Landesbank Baden-Wue  11.000 2/27/2026    EUR   17.790
Landesbank Baden-Wue  12.000 2/27/2026    EUR   18.240
Leonteq Securities A  16.000 03/04/2025   CHF   50.020
Raiffeisen Switzerla  16.000 03/04/2025   CHF   97.390
Landesbank Baden-Wue  10.500 4/24/2026    EUR   19.650
Bank Vontobel AG      15.000 4/29/2025    CHF   27.000
Bank Vontobel AG      11.000 4/29/2025    CHF   24.700
Landesbank Baden-Wue  15.000 2/28/2025    EUR   10.850
Societe Generale SA   11.000 7/14/2026    USD   17.000
Bank Julius Baer & C  12.000 5/28/2025    USD   28.250
Leonteq Securities A  18.000 5/27/2025    CHF   37.840
Swissquote Bank SA    24.070 05/06/2025   CHF   36.560
DZ Bank AG Deutsche   13.200 3/28/2025    EUR   29.620
Raiffeisen Schweiz G  16.000 07/04/2025   CHF   31.110
Zurcher Kantonalbank  14.000 6/17/2025    USD   28.880
DZ Bank AG Deutsche   16.000 6/27/2025    EUR   39.590
DZ Bank AG Deutsche   10.100 6/27/2025    EUR   46.410
Bank Vontobel AG      11.000 04/11/2025   CHF   16.700
Leonteq Securities A  14.000 10/15/2025   CHF   35.000
Leonteq Securities A  19.000 7/15/2025    USD   40.890
Bank Vontobel AG      14.500 04/04/2025   CHF   24.300
Landesbank Baden-Wue  11.500 4/24/2026    EUR   20.100
Landesbank Baden-Wue  13.000 4/24/2026    EUR   21.220
Bank Vontobel AG      25.000 4/29/2025    CHF   48.800
Bank Vontobel AG      12.000 04/11/2025   CHF   24.200
Raiffeisen Schweiz G  13.000 3/25/2025    CHF   28.790
Bank Vontobel AG      16.000 6/24/2025    USD   39.100
Landesbank Baden-Wue  19.000 6/27/2025    EUR   13.750
Societe Generale SA   15.000 9/29/2025    USD   13.000
Corner Banca SA       18.800 6/26/2025    CHF   45.250
Leonteq Securities A  15.400 07/01/2025   CHF   43.190
Landesbank Baden-Wue  11.000 3/28/2025    EUR   14.250
Landesbank Baden-Wue  13.000 3/28/2025    EUR   12.630
Landesbank Baden-Wue  15.000 3/28/2025    EUR   11.430
Corner Banca SA       13.000 04/02/2025   CHF   49.410
Raiffeisen Switzerla  10.500 04/02/2025   EUR   48.590
Zurcher Kantonalbank  10.000 3/27/2025    EUR   46.970
HSBC Trinkaus & Burk  15.900 3/28/2025    EUR   17.420
HSBC Trinkaus & Burk  15.000 3/28/2025    EUR   18.060
Inecobank CJSC        10.000 4/28/2025    AMD    0.000
HSBC Trinkaus & Burk  13.300 6/27/2025    EUR   21.700
HSBC Trinkaus & Burk  11.300 6/27/2025    EUR   23.360
Armenian Economy Dev  11.000 10/03/2025   AMD    0.000
Raiffeisen Switzerla  10.300 06/11/2025   CHF   48.420
Corner Banca SA       20.000 03/05/2025   USD   48.540
Leonteq Securities A  10.500 5/15/2025    CHF   35.160
DZ Bank AG Deutsche   18.600 3/28/2025    EUR   37.260
Armenian Economy Dev  10.500 05/04/2025   AMD    0.000
UBS AG/London         21.600 08/02/2027   SEK   11.330
Leonteq Securities A  12.000 08/05/2025   CHF   32.780
Landesbank Baden-Wue  10.500 01/02/2026   EUR   14.380
Zurcher Kantonalbank  23.000 03/05/2025   CHF   50.150
DZ Bank AG Deutsche   11.050 5/23/2025    EUR   48.640
DZ Bank AG Deutsche   18.900 3/28/2025    EUR   38.340
DZ Bank AG Deutsche   23.600 3/28/2025    EUR   31.220
DZ Bank AG Deutsche   18.300 3/28/2025    EUR    7.590
DZ Bank AG Deutsche   23.600 3/28/2025    EUR   47.120
DZ Bank AG Deutsche   15.000 3/28/2025    EUR    8.290
DZ Bank AG Deutsche   10.500 3/28/2025    EUR   49.350
Bank Vontobel AG      12.000 3/19/2026    CHF   38.400
Bank Julius Baer & C  17.100 3/19/2025    CHF   28.900
Vontobel Financial P  16.000 3/28/2025    EUR   12.670
UniCredit Bank GmbH   16.550 8/18/2025    USD   12.900
Swissquote Bank Euro  25.320 2/26/2025    CHF   25.720
Leonteq Securities A  20.000 03/11/2025   CHF   38.480
Raiffeisen Switzerla  13.000 03/11/2025   CHF   29.850
Raiffeisen Switzerla  16.500 03/11/2025   CHF   15.290
Leonteq Securities A  20.000 3/21/2025    CHF   47.900
Landesbank Baden-Wue  10.500 2/28/2025    EUR   45.280
Landesbank Baden-Wue  11.500 2/28/2025    EUR   12.900
Landesbank Baden-Wue  14.000 6/27/2025    EUR   14.290
Landesbank Baden-Wue  16.000 6/27/2025    EUR   13.730
Landesbank Baden-Wue  21.000 6/27/2025    EUR   13.650
HSBC Trinkaus & Burk  15.100 3/28/2025    EUR   18.450
HSBC Trinkaus & Burk  16.300 3/28/2025    EUR    8.460
HSBC Trinkaus & Burk  14.400 3/28/2025    EUR    9.140
ACBA Bank OJSC        11.000 12/01/2025   AMD    0.000
UBS AG/London         10.250 03/10/2025   EUR   38.400
Landesbank Baden-Wue  10.000 10/24/2025   EUR   16.530
Landesbank Baden-Wue  14.000 10/24/2025   EUR   16.140
BNP Paribas Issuance  20.000 9/18/2026    EUR   14.020
Corner Banca SA       10.000 2/25/2025    CHF   45.240
Leonteq Securities A  10.000 2/25/2025    CHF   45.010
UniCredit Bank GmbH   11.200 12/28/2026   EUR   46.630
National Mortgage Co  12.000 3/30/2026    AMD    0.000
Leonteq Securities A  10.340 8/31/2026    EUR   38.640
UniCredit Bank GmbH   11.500 2/28/2025    EUR   #N/A N/A
DZ Bank AG Deutsche   12.100 3/28/2025    EUR   49.390
DZ Bank AG Deutsche   12.100 3/28/2025    EUR   45.850
UniCredit Bank GmbH   10.500 12/22/2025   EUR   30.980
HSBC Trinkaus & Burk  13.400 3/28/2025    EUR   20.010
Landesbank Baden-Wue  10.000 6/27/2025    EUR   17.570
Landesbank Baden-Wue  14.000 6/27/2025    EUR   14.650
Bank Vontobel AG      10.500 05/12/2025   EUR   39.100
Evocabank CJSC        11.000 9/27/2025    AMD    0.000
Banque International  10.000 3/19/2025    EUR   45.790
Leonteq Securities A  10.000 5/26/2025    CHF   45.150
HSBC Trinkaus & Burk  17.500 6/27/2025    EUR   10.430
HSBC Trinkaus & Burk  10.250 6/27/2025    EUR   45.570
HSBC Trinkaus & Burk  15.500 6/27/2025    EUR   47.310
UniCredit Bank GmbH   10.500 04/07/2026   EUR   25.630
HSBC Trinkaus & Burk  22.250 6/27/2025    EUR   10.760
HSBC Trinkaus & Burk  12.750 6/27/2025    EUR   11.270
HSBC Trinkaus & Burk  11.600 3/28/2025    EUR   21.960
HSBC Trinkaus & Burk  16.000 3/28/2025    EUR   17.780
HSBC Trinkaus & Burk  11.000 3/28/2025    EUR   22.510
HSBC Trinkaus & Burk  13.400 6/27/2025    EUR   22.140
HSBC Trinkaus & Burk  11.500 6/27/2025    EUR   23.960
Teksid Aluminum Luxe  12.375 7/15/2011    EUR    0.619
KPNQwest NV           10.000 3/15/2012    EUR    0.558
HSBC Trinkaus & Burk  11.750 6/27/2025    EUR   42.170
Sidetur Finance BV    10.000 4/20/2016    USD    0.930
Lehman Brothers Trea  10.500 08/09/2010   EUR    0.100
Lehman Brothers Trea  12.000 7/13/2037    JPY    0.100
Lehman Brothers Trea  15.000 3/30/2011    EUR    0.100
Lehman Brothers Trea  14.900 9/15/2008    EUR    0.100
Lehman Brothers Trea  13.500 11/28/2008   USD    0.100
Lehman Brothers Trea  13.000 7/25/2012    EUR    0.100
Lehman Brothers Trea  13.000 2/16/2009    CHF    0.100
Lehman Brothers Trea  10.000 10/22/2008   USD    0.100
Lehman Brothers Trea  16.000 10/28/2008   USD    0.100
Lehman Brothers Trea  10.600 4/22/2014    MXN    0.100
Lehman Brothers Trea  10.442 11/22/2008   CHF    0.100
Lehman Brothers Trea  12.400 06/12/2009   USD    0.100
Lehman Brothers Trea  10.000 6/17/2009    USD    0.100
Lehman Brothers Trea  11.000 07/04/2011   CHF    0.100
Lehman Brothers Trea  12.000 07/04/2011   EUR    0.100
Lehman Brothers Trea  16.000 12/26/2008   USD    0.100
Lehman Brothers Trea  13.432 01/08/2009   ILS    0.100
Lehman Brothers Trea  13.150 10/30/2008   USD    0.100
Lehman Brothers Trea  16.800 8/21/2009    USD    0.100
Lehman Brothers Trea  14.100 11/12/2008   USD    0.100
Lehman Brothers Trea  10.000 3/27/2009    USD    0.100
Lehman Brothers Trea  11.000 6/29/2009    EUR    0.100
Lehman Brothers Trea  18.250 10/02/2008   USD    0.100
Lehman Brothers Trea  14.900 11/16/2010   EUR    0.100
Lehman Brothers Trea  16.000 10/08/2008   CHF    0.100
Lehman Brothers Trea  11.000 2/16/2009    CHF    0.100
Lehman Brothers Trea  10.000 2/16/2009    CHF    0.100
Lehman Brothers Trea  11.750 03/01/2010   EUR    0.100
Lehman Brothers Trea  16.200 5/14/2009    USD    0.100
Lehman Brothers Trea  16.000 11/09/2008   USD    0.100
Lehman Brothers Trea  10.000 5/22/2009    USD    0.100
Lehman Brothers Trea  17.000 06/02/2009   USD    0.100
Lehman Brothers Trea  13.500 06/02/2009   USD    0.100
Lehman Brothers Trea  11.000 07/04/2011   USD    0.100
Lehman Brothers Trea  11.000 12/19/2011   USD    0.100
Lehman Brothers Trea  11.250 12/31/2008   USD    0.100
Lehman Brothers Trea  13.000 12/14/2012   USD    0.100
Lehman Brothers Trea  10.000 06/11/2038   JPY    0.100
Banco Espirito Santo  10.000 12/06/2021   EUR    0.058
Privatbank CJSC Via   10.875 2/28/2018    USD    4.786
Tonon Luxembourg SA   12.500 5/14/2024    USD    2.216
Tonon Luxembourg SA   12.500 5/14/2024    USD    2.216
PA Resources AB       13.500 03/03/2016   SEK    0.124



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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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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