260112.mbx

260112.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, January 12, 2026, Vol. 27, No. 8 Headlines A U S T R I A BENTELER INT'L: Fitch Publishes 'BB-' LongTerm IDR, Outlook Stable F R A N C E BETCLIC EVEREST: S&P Assigns 'B+' Rating to Proposed Term Loan B I R E L A N D AVOCA CLO XXI: S&P Assigns Prelim B- (sf) Rating to Cl. F-R Notes CIFC EUROPEAN V: Fitch Affirms 'B-sf' Rating on Class F Debt I T A L Y FEDRIGONI SPA: Fitch Affirms & Then Withdraws 'B' LongTerm IDR K A Z A K H S T A N QAZAQGAZ: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable N E T H E R L A N D S VDK GROEP: Moody's Affirms 'B1' CFR, Outlook Remains Stable R O M A N I A ROMANIA: DBRS Confirms BB(high) Issuer Rating, Trend Stable U N I T E D K I N G D O M APACHE SIX: FRP Advisory Appointed as Joint Administrators BOILER CENTRAL: Leonard Curtis Appointed as Joint Administrators CHESHIRE 2020-1: Deadline to File Proofs of Claim Set for Jan. 21 CLOUDSIDE ASSOCIATES: BDO LLP Appointed as Joint Administrators ENABLELINK LTD: FRP Advisory Appointed as Joint Administrators FARMHOUSE CUISINE: Armstrong Watson Appointed as Administrators PARACAS INDEPENDENT: Moorfields Appointed as Joint Administrators PW GREENHALGH: Cowgills Limited Appointed as Joint Administrators REFLEX VEHICLE: Grant Thornton Appointed as Joint Administrators SIXES GROWTH: Opus Restructuring Appointed as Administrators WAAGNER BIRO STEEL: RSM UK Appointed as Administrators - - - - - ============= A U S T R I A ============= BENTELER INT'L: Fitch Publishes 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has published Benteler International Austria GmbH's Long-Term Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook. Fitch has also published Benteler's senior secured notes rating of 'BB+' with a Recovery Rating of 'RR2'. The rating reflects Benteler's solid business profile, supported by its global scale, strong market positions as a core component supplier to most global original equipment manufacturers (OEMs) and a differentiated product portfolio consistent with the 'BB' rating category. Exposure to inherently cyclical automotive and oil and gas end-markets is partly offset by a fairly conservative financial policy. Fitch views the shareholder consolidation at Benteler's parent, CAB Holding GmbH (CAB), as neutral to the ratings. The Stable Outlook is supported by Fitch's rating case with credit metrics within the rating sensitivities. Key Rating Drivers Limited Value Leakage to Parent: Fitch considers the change within Benteler's shareholder structure neutral to Benteler's rating. From 2026 onwards, Fitch's rating case incorporates shareholder dividends of EUR70 million a year, which will be supported by stronger revenue and profitability forecasts reflecting 3Q25 performance. Covenants Provide Ring-Fencing: Fitch said, "We assess Benteler's credit profile on a standalone basis under Fitch's Parent-Subsidiary Linkage (PSL) Rating Criteria. Fitch assesses access and control as 'Porous' and legal ring-fencing as 'Insulated', with long-dated documentation effectively limiting value extraction from Benteler." Specifically, Benteler's senior facilities agreement and the terms of its senior secured notes restrict its distributions (dividends) to 50% of consolidated net income as long as net leverage does not exceed 2.5x. However, the company targets net leverage of 1.5x through the cycle. Fitch said, "We view the target as achievable and the range between the target and the covenant broadly corresponds to Fitch's EBITDA leverage rating sensitivities of 3x (positive) and 4x (negative), thus supporting the current ratings." Cyclical Automotive Divisions: Fitch said, "Trade and geopolitical tensions continue to create uncertainty for Benteler's automotive divisions. Fitch expects global automotive production in 2026 to be constrained by weak macroeconomic prospects and ongoing supply-chain disruptions. We forecast broadly flat revenue in 2025-2026 and EBITDA margins at about 7% in both years, reflecting inherent volatility that weighs on fixed-cost absorption." Tariff Impact Manageable: Fitch expects the direct impact of tariffs on Benteler to be limited. In the automotive divisions, Mexican production represents about 5% of divisional sales, with about 45% of Mexican sales delivered to local facilities of automakers. In Benteler's steel/tube division (BST), US-bound sales from Europe account for less than 10% of divisional totals; any lost volume or margin pressure should be partly offset by demand supported by infrastructure and defence spending, particularly in Germany. In North America, BST has benefited from trade duties, with local sourcing now favoured and new orders carrying improved pricing. Positive FCF, WC Fluctuations: Fitch forecasts positive free cash flow (FCF) margins to 2028, supported by 2%-3% revenue growth and stable EBITDA margin of about 7%, despite marginally higher capex in 2025-2026 (average capex of 3.5% versus 3.3% previously). However, historical working-capital (WC) movements have been volatile, and forecasting is complicated by Benteler's extended use of supply-chain finance programmes. A larger-than-expected WC outflow could turn FCF deeply negative. Sound Business Profile: Benteler is well-positioned in the automotive value chain as a core component manufacturer with longstanding relationships with most global OEMs. It retains top three positions across much of its product offering in both automotive and steel/tube. The portfolio's focus on chassis and structures is fairly traditional, but it is also defensive as these safety-critical components are required in every vehicle, regardless of powertrain. This mitigates risks from the electrification transition and compares favourably with certain higher-rated, more diversified peers, such as FORVIA S.E. and Schaeffler AG. Peer Analysis Benteler's business profile is broadly in line with 'bb' medians in Fitch's criteria for the industry and comparable to peers such as Gestamp, CIE Automotive, Tenneco LLC (B/Positive) and TK Elevator Holdco GmbH (B/Stable). The product portfolio is more traditional than that of higher-rated, more diversified companies, including Continental AG (BBB/Positive), Schaeffler AG (BB+/Stable) and FORVIA S.E. (BB+/Negative). Exposure to the steel/tube business adds diversification away from automotive cycles, but Benteler lacks replacement/recurring revenue streams typical of rated tyre manufacturers such as Pirelli & C. S.p.A. (BBB/Stable) and Continental, constraining the business profile to below investment-grade medians. Nevertheless, Benteler's core components are integral to vehicle manufacturing and fairly insulated from rapid electrification, which mitigates some structural risks. Benteler's EBITDA margin of about 7% and marginally positive FCF margins are at the low end compared with those of auto suppliers in the same rating category. The group's BST business can deliver mid- to high-double-digit EBITDA margins in mid-cycle, which is supportive for the group; however, the division's profitability may be volatile given correlation with broader GDP growth. Fitch's Key Rating-Case Assumptions - Low single digit revenue growth to 2028 - Broadly stable EBITDA margin of 7% beyond 2025 - Negative-to-neutral WC following sales uptick - Capex at 3.5% of revenue for 2025-2028 - Dividend payments at EUR70 million a year between 2026 and 2028 - No debt prepayment other than the mandatory TLA amortisation of EUR100 million a year RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA margin below 5% - Negative FCF generation - EBITDA leverage above 4x and EBITDA net leverage above 3.5x, both on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA margin above 8% - FCF margin above 1% - EBITDA leverage below 3x and EBITDA net leverage below 2.5x, both on a sustained basis Liquidity and Debt Structure As at end-September 2025, Benteler held EUR623 million in cash and had access to an undrawn revolving credit facility (RCF) of EUR400 million (increased from EUR250 million in June 2025). It also uses factoring facilities totalling EUR483 million at end-September 2025. WC needs are volatile year on year, but Fitch considers liquidity to be adequate, due to expected positive FCF and debt (notes and loans) maturing mostly in 2030-2031. Issuer Profile Benteler manufactures highly engineered automotive components (chassis, axles, exhausts, powertrain assemblies) and tube solutions (oil and gas pipes, high-pressure fuel lines) for the automotive, energy and industrial end-markets. =========== F R A N C E =========== BETCLIC EVEREST: S&P Assigns 'B+' Rating to Proposed Term Loan B ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating and '3' recovery rating to Betclic Everest Group S.A.S.'s (B+/Stable/--) proposed minimum EUR1.5 billion euro-denominated and minimum $500 million U.S. dollar-denominated tranches of the additional facilities under its term loan B (TLB) due December 2031. These senior secured debt instruments will be issued by Betclic and Banijay Gaming US Holding LLC (a U.S. subsidiary) and rank pari passu with the existing EUR600 million tranche due 2031. The '3' recovery rating reflects its expectation of meaningful recovery prospects (50%-70%; rounded estimate: 65%) in a default scenario. Betclic also plans to issue about EUR1 billion in senior secured debt in relation to this transaction. S&P said, "We view the proposed transaction as neutral to our leverage calculation because the group intends to use the EUR3 billion in total transaction proceeds to refinance the EUR3 billion fully secured debt package recently issued as part of the financing package of the acquisition of Tipico to be finalized by mid-2026. We also expect the group to contribute EUR60 million of cash on the balance sheet and will roll over EUR1.8 billion equity to fund the approximately EUR4.8 billion purchase price, including EUR1.9 billion of Tipico's debt, the deferred payment relating to the acquisition of Admiral Group, and about EUR100 million of transaction costs. We expect S&P Global Ratings-adjusted leverage to stand at 4.6x at end-2026, assuming 12 months' contribution from Tipico, before decreasing to 4.2x in 2027. Both Betclic's stand-alone credit profile and long term issuer credit rating are unchanged, at 'bb-' and 'B+' respectively." ============= I R E L A N D ============= AVOCA CLO XXI: S&P Assigns Prelim B- (sf) Rating to Cl. F-R Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Avoca CLO XXI DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer will also issue unrated subordinated notes. The preliminary ratings assigned to Avoca CLO XXI'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 Global Ratings' weighted-average rating factor 2,896.44 Default rate dispersion 477.09 Weighted-average life (years) 4.23 Obligor diversity measure 182.59 Industry diversity measure 22.43 Regional diversity measure 1.26 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.48 'AAA' weighted-average recovery (%) 36.21 Actual weighted-average spread (%) 3.65 Actual weighted-average coupon (%) 4.77 Country concentration in sovereigns rated below 'AA-' (%) 25.98 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 4.50 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 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 modeled a target par of EUR400 million. We also modeled the covenanted weighted-average spread (3.60%), the covenanted weighted-average coupon (4.50%), and the identified 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 July 15, 2030, 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 A-R to F-R notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to D-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. "For the class F-R notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F-R notes reflects several key factors, including: -- The class F-R notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 24.81% (for a portfolio with a weighted-average life of 4.50 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.50 years, which would result in a target default rate of 14.40%." -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F-R notes is commensurate with the assigned 'B- (sf)' rating. "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 XXI 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 Prelim. Prelim. amount Credit Class rating* (mil. EUR) Interest rate§ enhancement (%) X-R AAA (sf) 4.00 Three/six-month EURIBOR 38.00 plus 1.00% A-R AAA (sf) 248.00 Three/six-month EURIBOR 38.00 plus 1.30% B-R AA (sf) 40.25 Three/six-month EURIBOR 27.94 plus 1.90% C-R A (sf) 24.00 Three/six-month EURIBOR 21.94 plus 2.10% D-R BBB- (sf) 29.75 Three/six-month EURIBOR 14.50 plus 3.05% E-R BB- (sf) 20.00 Three/six-month EURIBOR 9.50 plus 5.35% F-R B- (sf) 12.00 Three/six-month EURIBOR 6.50 plus 8.56% Sub notes NR 38.70 N/A N/A *The preliminary ratings assigned to the class X-R, A-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. CIFC EUROPEAN V: Fitch Affirms 'B-sf' Rating on Class F Debt ------------------------------------------------------------ Fitch Ratings has upgraded CIFC European Funding CLO V DAC's class C notes to 'A+sf' from 'Asf' and the class D notes to 'BBBsf' from 'BBB-sf', and affirmed the rest. RATING ACTIONS CIFC European Funding CLO V DAC Class A XS2390489198 LT AAAsf Affirmed AAAsf Class B-1 XS2390489784 LT AAsf Affirmed AAsf Class B-2 XS2390489602 LT AAsf Affirmed AAsf Class C XS2390490105 LT A+sf Upgrade Asf Class D XS2390490360 LT BBBsf Upgrade BBB-sf Class E XS2390490527 LT BBsf Affirmed BBsf Class F XS2390490790 LT B-sf Affirmed B-sf Transaction Summary CIFC European Funding CLO V DAC is a cash flow CLO comprising mostly senior secured obligations. The transaction will exit its reinvestment period in August 2026 and the portfolio is actively managed by CIFC Asset Management Europe Ltd. KEY RATING DRIVERS Stable Performance, Shorter Risk Horizon: The portfolio's credit quality has remained stable over the last 12 months. Exposure to assets with a Fitch-derived rating of 'CCC+' and below remains low at 3.6%, according to the latest trustee report dated November 2025, versus a limit of 7.5%. The transaction is about 0.7% below par (calculated as the current par difference over the original target par) with one defaulted asset in the portfolio. The transaction is also passing all its collateral quality, portfolio profile and coverage tests. The stable performance combined with a shortened weighted average life (WAL) test covenant since the last review in February 2025, resulted in the upgrade and affirmations. Low Refinancing Risk: The transaction has low near- and medium-term refinancing risk, with no portfolio assets maturing in 2026 and 3.2% maturing in 2027. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. The weighted average rating factor of the current portfolio is 24.8 as calculated by Fitch under its latest criteria. About 16.5% of the portfolio is currently on Negative Outlook. High Recovery Expectations: Senior secured obligations comprise 97.4% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio is 60.3%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration, as calculated by Fitch, is 9.7%, and no obligor represents more than 1.2% of the portfolio balance. Exposure to the three largest Fitch-defined industries is 38.3% as calculated by Fitch. Fixed-rate assets as reported by the trustee are at 6.3%, complying with the limit of 10%. Cash Flow Analysis: Fitch used a customised proprietary cash flow model to replicate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par-value and interest-coverage tests. Deviation from Model-Implied Ratings: The ratings for the class B-1 and B-2 notes are one notch below their model-implied ratings, reflecting their thin default-rate cushions at higher ratings. A deterioration in portfolio credit quality would further erode these cushions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade 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. ========= I T A L Y ========= FEDRIGONI SPA: Fitch Affirms & Then Withdraws 'B' LongTerm IDR -------------------------------------------------------------- Fitch Ratings has affirmed Fedrigoni S.p.A.'s Long-Term Issuer Default Ratings (IDR) at 'B' with a Negative Outlook. Fitch has also affirmed Fedrigoni's senior secured debt rating at 'B' with a Recovery Rating of 'RR4'. The ratings have simultaneously been withdrawn. The affirmation reflects that there have been no material changes to Fedrigoni's credit profile since Fitch's last review on December 15, 2025. Fitch has withdrawn the ratings for commercial reasons. Accordingly, Fitch will no longer provide ratings or analytical coverage for Fedrigoni. Issuer Profile Fedrigoni is an Italian leading producer of specialty paper and self-adhesive labels operating in over 130 countries. =================== K A Z A K H S T A N =================== QAZAQGAZ: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed JSC National Company QazaqGaz's (QG) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+' with Stable Outlooks. Fitch has also affirmed the Long-Term Foreign-Currency IDRs of QG's fully owned subsidiaries, Intergas Central Asia JSC (ICA) and QAZAQGAZ AIMAQ JSC (QGA), at 'BB+' with Stable Outlooks. Fitch has simultaneously withdrawn QGA's ratings. QG is rated two notches below the rating of Kazakhstan (BBB/Stable), in line with Fitch's Government-Related Entities (GRE) Rating Criteria. QG's support score is 32.5 points, which underlines 'Very Likely' support from the state, while its Standalone Credit Profile (SCP) is 'b'. QG's SCP is supported by the company's monopolistic position in natural gas transit, transportation and distribution in Kazakhstan, but constrained by weak profitability of domestic gas sales and reliance on dividends from joint ventures (JVs). ICA and QGA have strong linkage with QG, hence warranting the equalisation of their ratings at 'BB+'. Fitch is withdrawing the ratings of QGA as the subsidiary has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings of QGA. Accordingly, Fitch will no longer provide ratings or analytical coverage for QGA. Key Rating Drivers Insufficient Tariff Increases: Fitch forecasts EBITDA losses for QG (excluding dividends from affiliates and JVs) over 2025-2028, with EBITDA margins remaining negative at 2%-3% in 2025-2026. The tariff hikes forecasted do not fully cover rising costs, particularly as the share of imported gas grows to meet expanding domestic demand. Profitability is further pressured by declining gas exports. Export transportation tariffs and gas sales prices for ICA are unregulated and negotiated with customers, enabling profitable export operations. However, these earnings do not fully offset loss-making domestic activities. Reliant on JV Distributions: Asia Gas Pipeline LLP (AGP), QG's largest JV with a subsidiary of China National Petroleum Corporation (A/Stable), operates Kazakhstan's largest segment of the Central Asia-China pipeline. In 2024, QG received KZT541 billion in dividends after AGP cleared its financial debt. Fitch expects QG to receive KZT325 billion in dividends from AGP in 2025 and at least KZT250 billion annually, thereafter, which will support QG's cash flow. Dividend distributions require annual approval by both JV partners, and any delay in receipt would materially affect QG's free cash flow. Dividends to Reduce Leverage: Dividends from AGP are the primary factor contributing to a forecast reduction in QG's EBITDA gross leverage, to an average 3.5x for 2025-2028, from 13.3x in 2023. However, QG's dependence on dividends from AGP partly constrains the quality and diversity of the group's cash flow. Investments Continue: QG's main investment projects include a series of upstream and downstream initiatives aimed at expanding its resource base and enhancing Kazakhstan's gas infrastructure. Key projects are the construction of new gas processing plants at the Kashagan field, with phases projected to complete between 2026 and 2030. It is also involved in the development of a carbamide plant and a liquefied natural gas processing facility. Also, QG is investing in major gas transportation projects, such as the Beineu-Bozoi-Shymkent gas pipeline expansion and regional gasification. Responsibility to Support: Fitch said, "We assess decision-making and oversight as 'Very Strong', given QG's full control by the government and its role in implementing the government's energy policies. We believe that the government will maintain strong links with the group, even though the state is contemplating selling a minority share of QG through an IPO. However, we do not give any scores for precedents of support as state support has been irregular." Incentives to Support: Fitch said, "We assess preservation of government policy role as 'Strong', given QG's important role in the government's energy strategy and its status as the main domestic supplier of natural gas. We view contagion risk as 'Strong' as QG is present in the Eurobond market and its default could affect the ability of Kazakhstan and other GREs to borrow on international markets." 'High' Legal Incentive for Support: Fitch said, "We view the legal incentives to support QG subsidiaries under our Parent and Subsidiary Linkage (PSL) Rating Criteria as 'High' since QG guarantees most of QGA's external debt and ICA's debt is subject to a cross-default provision under QG's Eurobond. Strategic incentives are 'High' for ICA and 'Medium' for QGA." 'High' Operating Incentive for Support: ICA is the operator of trunk gas pipelines in Kazakhstan for transporting gas domestically and internationally, and accounts for most of QG's EBITDA before dividends. QGA is a domestic operator of gas distribution networks. Operating incentives are 'High' for both subsidiaries, due to a fully integrated management strategy, as well as common planning and budgeting. Peer Analysis QG's closest peers are JSC National Company KazMunayGas (KMG, BBB/Stable, SCP: bb) and Kazakhstan Electricity Grid Operating Company (KEGOC, BBB/Stable, SCP: bbb-). KMG's IDR is equalised with the sovereign's, based on its SCP and overall strong linkage with the sovereign. KMG's 'bb' SCP reflects its sizeable hydrocarbon production (though a large part of it is coming from JVs), integration into midstream and downstream activities, and moderate financial leverage. KMG's scale is much larger than that of QG. KEGOC's IDR is derived from its SCP plus a one-notch uplift for strong links with the state. KEGOC's 'bbb-' SCP reflects a stronger financial profile and improvements in the regulatory framework following market reform introduced in June 2023. The SCP benefits from KEGOC's monopoly position, long-term tariffs that add visibility to cash flow generation and its large size compared with local peers'. QG is also comparable to European transmission system operators (TSO) Enagas S.A. (BBB+/Stable) and Redes Energeticas Nacionais, SGPS, S.A. (REN, BBB/Stable). Enagas is the sole TSO and major owner of regasification and storage plants in Spain and REN is the sole gas and electricity TSO and the second-largest gas distributor in Portugal. Both Enagas and REN benefit from more predictable earnings compared with QG given their regulated asset base tariffs. Fitch's Key Rating-Case Assumptions - Brent crude price at USD69/bbl in 2025, USD63/bbl in 2026 and 2027 and USD60/bbl in 2028 - Gas exports to China at about 5 billion cubic meters (bcm) in 2025 and average 3.5bcm a year over 2026-2028 - Increasing gas transit from Russia to Uzbekistan partly offsets practically discontinued gas transit from central Asia to Russia - Increasing domestic gas tariffs insufficient to cover all input costs, including of purchased and imported gas - Capex at about KZT235 billion a year in 2025 and KZT110 billion a year on average in 2026-2028 - Dividends from JVs at KZT325 billion in 2025 and KZT250 billion a year over 2026-2028 RATING SENSITIVITIES QG Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- A sovereign downgrade -- Weaker ties with Kazakhstan -- Further material deterioration of QG's SCP, for example, driven by lower-than-expected dividends from its JVs or materially deteriorating standalone liquidity Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- A sovereign upgrade ICA Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Negative rating action on QG -- Weaker ties with QG Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Positive rating action on QG QGA Not applicable as the ratings have been withdrawn Liquidity and Debt Structure QG's consolidated cash and cash equivalents amounted to about KZT505 billion at end-June 2025, versus about KZT35 billion of total maturities in 2025 and 2026. Its largest maturity is a USD706 million Eurobond maturing in 2027. QG and its subsidiaries have a record of good access to Kazakh banks. ICA's standalone cash and cash equivalents were about KZT43 billion at end-June 2025, compared with short-term maturities of KZT21 billion. Liquidity is supported by a well-distributed maturity profile. Fitch expects QG to provide support if liquidity is required. Like QG, ICA also has strong access to local funding. Issuer Profile QG is a natural monopoly in natural gas transit, transportation and distribution in Kazakhstan. It manages centralised infrastructure for transporting commercial gas, provides international transit, sells gas on domestic and foreign markets, and finances, builds and operates pipelines and gas storage facilities. ===================== N E T H E R L A N D S ===================== VDK GROEP: Moody's Affirms 'B1' CFR, Outlook Remains Stable ----------------------------------------------------------- Moody's Ratings has affirmed the B1 long-term corporate family rating and B1-PD probability of default rating of VDK Groep B.V. (VDK or the company). Concurrently, Moody's have affirmed the B1 instrument ratings of the upsized EUR1,085 million senior secured term loan B (TLB) due 2032, including drawn amounts under its senior secured delayed draw term loan facility (DDTL), which has been funded into the TLB, and the upsized EUR225 million senior secured multi-currency revolving credit facility (RCF) issued by VDK Groep B.V. The outlook remains stable. Proceeds from the EUR450 million TLB add-on along with a EUR113 million equity contribution from EMK Capital will be used to finance the acquisition of Builtech and to cover related transaction costs. "The affirmation of the rating and the stable outlook balance the increase in leverage pro-forma for the transaction and execution risk stemming from integrating a transaction of this size, which is significantly larger than the company's typical bolt-on acquisitions. At the same time, it acknowledges the expected improvement in the business profile of the combined entity", says Pilar Anduiza, a Moody's Ratings AVP-Analyst and lead analyst for VDK. RATINGS RATIONALE The acquisition of Builtech enhances VDK's business profile through increased absolute scale and broader geographic diversification. Following the transaction, the company will generate approximately 27% of its revenue outside of the Netherlands and will rank among the leading technical installation companies in Europe by profitability. The company now operates in a substantially larger addressable market beyond the Netherlands across Germany, Austria, Switzerland and Sweden, all of which share similar mid-single-digit growth prospects driven by comparable secular trends. Moody's do not anticipate integration to be very complex given the limited overlap, while potential synergies will be modest, likely stemming from procurement savings. However, Builtech's historical growth, both organic and inorganic, has been more modest compared with VDK, and its profitability is lower. In addition, Builtech has experienced some volatility in revenue and EBITDA performance over time, driven by market softness and one-off challenges, particularly related to a key customer in the Nordics. Moody's expects the acquisition to result in an increase in Moody's-adjusted leverage to around 4.5x in 2026. However, Moody's forecasts leverage to decline below 4.5x by 2027, supported by EBITDA growth. Moody's views the releveraging transaction as aggressive despite the balanced funding mix of debt and equity used to finance it. Further debt-funded M&A activity could also lead to deviations from the anticipated deleveraging trajectory. Moody's forecasts VDK's revenue to grow at a low-to-mid single-digit rate over the next two years, further supported by bolt-on acquisitions as the company continues to pursue its buy-and-build strategy. Moody's expects the EBITDA margin to decline slightly following the acquisition and remain around 12.5% over the medium term, reflecting the integration of Builtech which exhibits lower profitability. Moody's forecasts VDK to maintain a strong EBITA/interest coverage ratio above 3.0x and generate positive Moody's adjusted free cash flow (FCF) pro forma for the acquisition. VDK's B1 CFR continues to reflect (1) its leading market position in the Dutch technical installation market; (2) improved scale and geographic diversification following the acquisition of Builtech; (3) positive industry dynamics with mid-single digit organic growth potential driven by secular trends; (4) asset-light business model which supports positive free cash flow generation; and (5) successful management track record in executing its strategy so far. Conversely, the rating is constrained by (1) VDK's competitive and fragmented markets with some revenue concentration in the Netherlands; (2) exposure to the cyclical construction market; (3) execution risks associated with the acquisition of Builtech and limited track record of operating as a larger group with operations in several countries; (4) risks associated to its buy and build strategy, including potential for increased leverage over time. LIQUIDITY Moody's considers VDK's liquidity as good. Pro forma for the closing of the transaction, the cash balance is forecast to be around EUR27 million, and liquidity will also be supported by access to a fully undrawn upsized EUR225 million RCF due 2031 and expected positive FCF generation at least EUR60 million per year. STRUCTURAL CONSIDERATIONS Pro forma for the transaction, the capital structure includes a EUR1,085 million senior secured term loan B, including the drawn portion under the DDTL, and a EUR225 million senior secured RCF. The security package is limited to share pledges, bank accounts and intercompany receivables which is considered to be weak. The B1 ratings of the senior secured TLB and RCF are in line with the CFR, reflecting their pari passu ranking. All instruments benefit from upstream guarantees from operating companies accounting for at least 80% of consolidated EBITDA. The B1-PD probability of default rating is at the same level as the CFR, reflecting the assumption of a 50% family recovery rate as is customary for capital structures with first-lien bank loans and a covenant-lite documentation. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectations that VDK will successfully integrate Builtech, sustain low- to mid-single-digit organic revenue growth, and gradually improve EBITDA margins while generating positive free cash flow of at least high-single-digit percentages. Moody's also assumes that the company will refrain from undertaking any sizeable debt-funded acquisitions or shareholder distributions in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS While unlikely at this time, the ratings could be upgraded if (1) the company establishes a track record of operating at a larger scale in several markets while maintaining stable EBITDA margins and successfully integrating acquisitions; (2) its Moody's-adjusted EBITA/interest expense stays above 3x; (3) it maintains Moody's-adjusted FCF/debt above 10% while maintaining adequate liquidity; and (4) keeps a prudent financial policy. Negative pressure could arise if (1) its operating performance deteriorates with revenue or EBITDA decline; (2) its Moody's-adjusted debt/EBITDA remains well above 4.5x on a sustained basis; (3) its Moody's-adjusted EBITA/interest expense declines below 2.5x on a sustained basis; (4) its FCF generation capacity deteriorates below mid-single digits in percentage terms or (5) its liquidity profile weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Zwolle, the Netherlands, VDK is a leading provider of technical installation services. Following the Builtech acquisition VDK operates across Europe in the Netherlands, Germany, Sweden, Switzerland and Austria. The company operates across various domains such as electrical engineering, climate technology, cooling, fire & safety, security, and building intelligence and IT. Moody's estimates the company generated pro forma revenue and recurring EBITDA of EUR2.1 billion and EUR256 million, respectively, in 2025. ============= R O M A N I A ============= ROMANIA: DBRS Confirms BB(high) Issuer Rating, Trend Stable ----------------------------------------------------------- DBRS Ratings GmbH confirmed Romania's Long-Term Foreign and Local Currency - Issuer Ratings at BB (high). At the same time, Morningstar DBRS confirmed Romania's Short-Term Foreign and Local Currency - Issuer Ratings at R-3. The trend on all ratings is Stable. KEY CREDIT RATING CONSIDERATIONS The Stable trend reflects Morningstar DBRS' view that risks to Romania's credit ratings are balanced. The twin deficits in fiscal and external accounts are expected to narrow in 2026 but are likely to remain high over the medium-term. The fiscal consolidation measures adopted by the new government in summer 2025 are projected to lower budgetary pressures and dampen import demand. The IMF forecasts the general government budget deficit and the current account deficit to decline from 8.2% of GDP in 2025 to 5.8% in 2026 and from 8.0% to 6.6%, respectively. In the absence of additional policy measures, however, fiscal and external pressures are projected to remain large with the average fiscal and current account deficits between 2027 and 2029 forecast at 5.6% and 5.8%, respectively. As a result, public debt is expected to continue to increase, albeit at a slower pace than in previous years, with general government debt forecast to increase from 61.2% of GDP in 2025 to 67.8% in 2029. The large size of the projected deficits - in tandem with a strong reliance on unstable funding sources - is likely to keep public and external financing risks elevated in coming years. Borrowing from international capital markets has been a major funding source in recent years. Between 2024Q3 and 2025Q2, net foreign purchases of Romanian government debt securities amounted to 2.9% of GDP. Looking ahead, government financing is likely to continue to require large external borrowing from international capital markets as the capacity of the domestic banking sector to increase lending is constrained by the sector's comparatively small size and an already very large exposure towards the Romanian government. This strong reliance on external borrowing from international capital markets renders external and fiscal accounts vulnerable to a potential shift in international investor sentiment. At the same time, a larger-than-expected narrowing in external and fiscal deficits, if sustained, constitutes an upside risk to the credit rating. Romania's credit ratings are underpinned by its membership of the European Union (EU) and its still moderate, albeit rising, government debt-to-GDP ratio. The credit ratings also reflect the sound financial condition of the domestic banking sector. However, significant structural challenges weigh on the credit profile such as a low level of labor productivity, governance deficiencies, and the economy's small and open nature, which renders it vulnerable to external shocks. While the recent election of a new president and the formation of a new government coalition have reduced political uncertainty, Morningstar DBRS expects domestic political polarization to remain elevated. CREDIT RATING DRIVERS The credit ratings could be upgraded if one or a combination of the following occur: (1) a durable and marked narrowing of the current account and fiscal deficits; (2) a convergence of income and productivity levels to the EU average; or (3) a lasting improvement of institutional quality. The credit ratings could be downgraded if one or a combination of the following occur: (1) current account and fiscal deficits start widening again in a lasting manner; (2) financing conditions become more challenging; or (3) there is a deterioration in institutional quality. CREDIT RATING RATIONALE Fiscal Deficit is Projected to Narrow in 2026 but to Remain High in the Medium-Term Fiscal accounts deteriorated markedly in the run-up to the parliamentary and presidential elections in late 2024. The general government budget deficit widened to 8.7% of GDP in 2024 from 5.6% in 2023, driven by large increases in pensions as well as in public-sector wages. The new coalition government which was formed in June 2025 has adopted fiscal consolidation measures for narrowing the fiscal deficit. This includes tax increases in August 2025 (standard and reduced VAT rates) and January 2026 (dividend tax, property tax). On the expenditure side, the freeze in public sector wages and pensions was extended from 2025 to 2026. Taking into account these measures, the IMF forecasts the general government budget deficit to narrow to 8.2% of GDP in 2025 and 5.8% in 2026. On a current policy basis, fiscal deficits are likely to remain high over the medium-term with the IMF forecasting the general government budget deficit to average 5.6% of GDP between 2027 and 2029. The government plans to reduce the general government budget deficit to 3.0% of GDP by 2030. This would require the adoption of additional large fiscal consolidation measures which is complicated by the heterogenous nature of the new four-party government coalition and the polarized domestic political environment. Financing the government's high projected deficits in the coming years is likely to require continued large issuances of Eurobonds to international investors as the ability of the domestic banking sector to increase lending is constrained by the sector's comparatively small size and an already very high exposure towards the government. The issuance of Eurobonds has been an important funding source for the government in recent years with the share of Eurobonds at total government debt rising from 31.8% in December 2023 to 36.8% in July 2025. The reliance of the government on foreign capital markets for funding large public deficits renders Romania vulnerable to a potential shift in international investor sentiment. Public Debt is Still Moderate but Remains on an Upward Trend Public debt levels have risen considerably in recent years, driven by large fiscal deficits. General government debt amounted to a still moderate 57.3% of GDP in Q2 2025 up from just 35.2% in 2019. Looking ahead, the projected narrowing of fiscal deficits is likely to attenuate - though not arrest - the upward trend in the debt-to-GDP ratio with the IMF forecasting an increase to 62.5% by end 2026 and 66.0% by end 2028. The government's interest burden increased to 2.4% of GDP in 2024 from 1.5% in 2022, driven by rising debt levels and higher borrowing costs particularly for local currency debt. The EC forecasts the interest burden to increase further to 3.1% of GDP in 2025 and to 3.3% in 2026 as domestic interest rates remain high and higher interest rates for foreign currency debt are projected to be increasingly passed through in the coming years. The government's foreign currency debt has a slower interest rate pass-through than local currency debt because of a comparatively long tenor. In June 2025, the average remaining maturity for Eurobonds stood at 8.8 years, compared with 4.0 years for local bonds. In terms of its debt stock, the government is exposed to foreign currency risk because of a rather large stock of foreign-denominated debt (primarily euro). In June 2025, foreign currency debt accounted for 46.1% of total government debt. While the RON-EUR exchange rate has been relatively stable in recent years, Morningstar DBRS notes that exchange rate volatility increased substantially between the two rounds of presidential elections in May 2025. External Risks Remain Elevated Because of a High Reliance on Portfolio Investment Inflows Similar to the fiscal deficit, the economy's current account deficit is projected to narrow in 2026 but to remain high over the medium-term. The adoption of fiscal consolidation measures since summer 2025 is likely to weigh on import demand. As a result, the IMF forecasts the current account deficit to narrow to 6.6% of GDP in 2026 from 8.0% in 2025 and 8.2% in 2024. Between 2027 and 2029, the current account deficit is forecast to average 5.8% of GDP. Financing large projected future current account deficits would most likely necessitate continued large inflows of rather unstable funding sources such as portfolio investment. Inflows of portfolio investment, a very large part of which relates to foreign purchases of government debt securities, were the most important external financing source in recent years. Net foreign purchases of Romanian government debt securities amounted to 2.9% of GDP between 2024Q3 and 2025Q2. Instead, the financing shares of more stable external financing sources are markedly lower. Net inflows of foreign direct investment (FDI) stood at 1.8% of GDP over the same period and primarily comprised a reinvestment of earnings. Inflows in the capital account, primarily EU capital grants, amounted to 2.1% of GDP between 2024Q3 and 2025Q2. In view of the large projected current account deficits, Morningstar DBRS regards a potential sudden stop or a reversal of portfolio investment flows as an important external risk for the Romanian economy. Furthermore, the external position is weakened by the economy's negative net international investment position which amounted to 43.6% of GDP in September 2025. The latter can primarily be ascribed to negative net asset positions in direct investment (32.8% of GDP) and portfolio investment (21.9%), whereas reserve assets amounted to 20.4% of GDP. In October 2025, the central bank's international reserves covered 160% of outstanding short-term external debt. Private Consumption is Weighed Down by Fiscal Consolidation Measures but Investment is Supported by Inflow of EU funds Economic growth has weakened in recent months. After expanding by 1.0% on a qoq-basis in Q2 2025, real GDP contracted by 0.2% in Q3 2025 as tightening of fiscal policy weakened private consumption. In particular, the increase in VAT rates from August 2025 onwards has weighed on private consumption with retail sales volumes in August 2025 dropping by 4.0% on a month-on-month basis. Furthermore, the freezing of wages and pensions in 2025 - in tandem with still elevated inflation rates - reduced household's purchasing power. At the same time, growth was supported by a recovery in goods exports and a pick-up in investment. While the monetary policy stance remains relatively tight, investment activity has been supported by the disbursement of the third tranche of NextGeneration-EU funds in June 2025. On an annual basis, the IMF estimates real GDP to have grown by 1.0% in 2025. Looking ahead, the IMF forecasts real GDP growth to accelerate to 1.4% as a higher absorption of EU funds is projected to bolster domestic investment activity markedly. Instead, private consumption is likely to remain weak given the implementation of additional fiscal consolidation measures from January 2026 onwards. The economic outlook is exposed to downside risks such as an escalation of geopolitical or global trade tensions. In general, Romania's credit profile is constrained by a comparatively low level of labor productivity and the economy's small size which renders it vulnerable to global trade shocks. While the economic importance of skill-intensive service industries such as the information and communication technology industry and professional services has increased over the past decade, a significant portion of the domestic labor force remains employed in sectors with comparatively low levels of labor productivity. For example, the agricultural sector accounted for 20% of domestic employment but only 3% of gross valued added in 2024. Furthermore, demographic pressures and a comparatively low labor participation rate weigh on the economy's growth potential. Financial Condition of Banking Sector Is Sound but Concentration Risk Towards Domestic Government Is Large The overall financial condition of the domestic banking sector is sound. The banking sector benefits from good capital buffers with the average CET1 ratio of Romanian banks standing at 20.7% in June 2025. Furthermore, banks' profitability is good, supported by still high interest rates. The banking sector's funding position is solid and highly reliant on domestic deposits from households and non-financial corporates whereas foreign liabilities are relatively low. Asset quality is sound. The stock of nonperforming loans stood at 2.8% of gross loans in June 2025. Looking ahead, pockets of vulnerability might result from still high domestic interest rates, which might strain the repayment capacity of some borrowers. In addition, a significant share of corporate loans is denominated in foreign currency, which could pose a risk in case of a potential currency depreciation. At the same time, the repayment capacity of households is supported by a very low level of household debt (2024: 12.5% of GDP). That said, the domestic banking sector has a large concentration risk towards the domestic government. According to the European Central Bank (ECB), total credit to the domestic government accounted for 27.7% of the banking sector's total assets in October 2025, the highest share across EU countries. The size of the domestic banking sector is comparatively small. Total assets of domestic banks amounted to 51% of GDP in September 2025. Credit Profile Reflects Governance Deficiencies but Benefits from EU Membership Romania's institutional quality suffers from relatively weak governance in the judicial system and weak control of corruption. The World Bank Group's governance indicators for Romania are weaker than those of most EU peers. At the same time, Morningstar DBRS views Romania's membership in the EU as an anchor for institutional quality. Domestic political polarization is elevated, which can partly be ascribed to large regional disparities. Domestic political tensions increased markedly during the re-run of the presidential elections in spring 2025 but the formation of the four-party government coalition in June 2025 has lowered short-term political uncertainty. At the same time, Morningstar DBRS expects domestic political polarization to remain elevated which, in turn, makes addressing economic policy challenges more difficult. As a result, Morningstar DBRS applied a negative qualitative adjustment to the `Political Environment' Building Block Assessment. Notes: All figures are in Romanian new leu (RON) unless otherwise noted. =========================== U N I T E D K I N G D O M =========================== APACHE SIX: FRP Advisory Appointed as Joint Administrators ---------------------------------------------------------- Apache Six Ltd (trading as Amare Students) was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Court No. CR-2025-008993, and Rajnesh Mittal and Arvindar Jit Singh of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 19, 2025. Apache Six specialized in the letting and operating of own or leased real estate. Its registered office is at Beechenhurst House, 10 Serpentine Road, Birmingham, West Midlands, B29 7HU (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 120 Colmore Row, Birmingham, B3 3BD). Its principal trading address is Beechenhurst House, 10 Serpentine Road, Birmingham, West Midlands, B29 7HU. The joint administrators can be reached at: Rajnesh Mittal Arvindar Jit Singh FRP Advisory Trading Limited 2nd Floor, 120 Colmore Row Birmingham, B3 3BD Further details contact: The Joint Administrators Tel: 0121 710 1680 Alternative contact: Ethan Yates Email: cp.birmingham@frpadvisory.com BOILER CENTRAL: Leonard Curtis Appointed as Joint Administrators ---------------------------------------------------------------- Boiler Central Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Leeds, Insolvency & Companies List (ChD) Court No. CR-2025-001231, and Stephen Beverley and Richard Pinder of Leonard Curtis were appointed as joint administrators on Dec. 19, 2025. Boiler Central Ltd trades as Boiler Central & Green Central. Its registered office will be changed to Leonard Curtis, 4th Floor, Fountain Precinct, Leopold Street, Sheffield, S1 2JA, having previously been at Admiral House, 100 Thornes Lane, Wakefield, WF2 7QX. Its principal trading address is at Admiral House, 100 Thornes Lane, Wakefield, WF2 7QX. The joint administrators can be reached at: Stephen Beverley Leonard Curtis 4th Floor, Fountain Precinct Leopold Street Sheffield, S1 2JA Richard Pinder Leonard Curtis 21 Gander Lane Barlborough, Chesterfield, S43 4PZ Further details contact: The Joint Administrators Tel: 0114 285 9500 Alternative contact: Elaine Holland Email: elaine.holland@leonardcurtis.co.uk CHESHIRE 2020-1: Deadline to File Proofs of Claim Set for Jan. 21 ----------------------------------------------------------------- Gary Thompson and David Meany of Quantuma Advisory Limited, the Joint Liquidators of CHESHIRE 2020-1 PLC, notifies creditors of the company that they are required, on or before January 21, 2026, to prove their debts by sending written statements of the amounts they claim to be due to them from the company to: Gary Thompson Quantuma Advisory Limited 18a Capricorn Centre Cranes Farm Road Basildon, Essex, SS14 3JJ and, if so requested, to provide such further details or produce such documentary evidence as may appear to the joint liquidator to be necessary. Please note that this is a solvent liquidation and therefore the Joint Liquidator is entitled to make the distribution without regard to the claim of any person in respect of a debt not proved. CHESHIRE 2020-1 PLC is being voluntarily wound up. Its registered office is at 5 Churchill Place, 10th Floor, London, E14 5HU. Its principal trading address is 5 Churchill Place, 10th Floor, London, E14 5HU. The Joint Liquidators were appointed on December 22, 2025, by a resolution of the members. Further details contact: Darren Tapsfield Tel: 01708 300 177 Email: Darren.Tapsfield@quantuma.com CLOUDSIDE ASSOCIATES: BDO LLP Appointed as Joint Administrators --------------------------------------------------------------- Cloudside Associates Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Leeds, Insolvency and Companies List (ChD), Court No. CR-2025-LDS-001207, and Chris Skey and Kerry Bailey of BDO LLP were appointed as joint administrators on Dec. 22, 2025. Cloudside Associates specialized in other professional, scientific and technical activities not elsewhere classified. Its registered office is at Kingsland House, 39 Abbey Foregate, Shrewsbury, SY2 6BL to be changed to C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH. Its principal trading address is Kingsland House, 39 Abbey Foregate, Shrewsbury, SY2 6BL. The joint administrators can be reached at: Chris Skey Kerry Bailey BDO LLP Eden Building Irwell Street Salford, M3 5EN Further details contact: Alex Convery Email: BRCMTNorthandScotland@bdo.co.uk Tel: +44 (0)744 2798412 ENABLELINK LTD: FRP Advisory Appointed as Joint Administrators -------------------------------------------------------------- Enablelink Ltd was placed into administration proceedings in the Business and Property Courts in Leeds, Court No. CR-2025-001206, and Rajnesh Mittal and Benjamin Jones of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 22, 2025. Enablelink specialized in remediation activities and other waste management services. Its registered office is at George Henry Road, Great Bridge, Tipton, DY4 7BZ (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 120 Colmore Row, Birmingham, B3 3BD). Its principal trading address is George Henry Road, Great Bridge, Tipton, DY4 7BZ. The joint administrators can be reached at: Rajnesh Mittal Benjamin Jones FRP Advisory Trading Limited 2nd Floor, 120 Colmore Row Birmingham, B3 3BD Further details contact: The Joint Administrators Tel: 0121 710 1680 Email: cp.birmingham@frpadvisory.com Alternative contact: Abbie Lenihan FARMHOUSE CUISINE: Armstrong Watson Appointed as Administrators --------------------------------------------------------------- Farmhouse Cuisine Ltd was placed into administration proceedings in the Business and Property Courts in Leeds, Insolvency and Companies List, No. 001186 of 2025, and Daryl Warwick and Ed Connell of Armstrong Watson LLP were appointed as joint administrators on Dec. 18, 2025. Farmhouse Cuisine specialized in the production of meat and poultry meat products. Its registered office and principal trading address is Harbour View, Glasson Industrial Estate, Cumbria, Maryport, CA15 8NT. The joint administrators can be reached at: Daryl Warwick Ed Connell Armstrong Watson LLP James Watson House Montgomery Way Rosehill, Carlisle, Cumbria, CA1 2UU Further details contact: Holly Wood Email: holly.wood@armstrongwatson.co.uk Tel: 01228 690200 PARACAS INDEPENDENT: Moorfields Appointed as Joint Administrators ----------------------------------------------------------------- Paracas Independent Films Ltd was placed into administration proceedings in the High Court of Justice, No. 009030 of 2025, and Andrew Pear and Michael Solomons of Moorfields were appointed as joint administrators on Dec. 19, 2025. Paracas Independent Films specialized in film production activities. Its registered office and principal trading address is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF. The joint administrators can be reached at: Andrew Pear Michael Solomons Moorfields 82 St John Street London, EC1M 4JN Tel: 020 7186 1144 For further information, contact: Matthew Donohoe Moorfields 82 St John Street, London, EC1M 4JN Email: matthew.donohoe@moorfieldscr.com Tel: 020 7186 1144 PW GREENHALGH: Cowgills Limited Appointed as Joint Administrators ----------------------------------------------------------------- PW Greenhalgh Finishing Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency and Companies List (ChD), Court No. 001728 of 2025, and Jason Mark Elliott and Craig Johns of Cowgills Limited were appointed as joint administrators on Dec. 19, 2025. Its registered office is at 1 Paddock Road, West Pimbo, Skelmersdale, WN8 9PL. Its principal trading address is Ogden Mill, Ogden Lane, Newhey, Rochdale, OL16 3TQ. The joint administrators can be reached at: Jason Mark Elliott Craig Johns Cowgills Limited Fourth Floor, Unit 5B The Parklands, Bolton, BL6 4SD Further details contact: Janette Elliott Cowgills Limited Email: Janette.Elliott@cowgills.co.uk Tel: 0161 827 1200 REFLEX VEHICLE: Grant Thornton Appointed as Joint Administrators ---------------------------------------------------------------- Reflex Vehicle Hire Ltd was placed into administration proceedings in the High Court of Justice, Business & Property Courts, Insolvency & Companies List (ChD), Court No. 008774 of 2025, and Christopher J Petts and Jon L Roden of Grant Thornton UK Advisory & Tax LLP were appointed as joint administrators on Dec. 23, 2025. Reflex Vehicle Hire specialized in the renting and leasing of cars and light motor vehicles. Its registered office is at c/o Grant Thornton UK Advisory & Tax LLP, Landmark St Peter's Square, 1 Oxford St, Manchester, M1 4PB. Its principal trading address is 22 Belton Road West, Loughborough, LE11 5TR. The joint administrators can be reached at: Christopher J Petts Grant Thornton UK Advisory & Tax LLP Grant Thornton - 1103a, 11th Floor Pilgrim Street Newcastle-Upon-Tyne, NE1 6SQ Jon L Roden Grant Thornton UK Advisory & Tax LLP 17th Floor, 103 Colmore Row Birmingham, B3 3AG Tel: 0121 212 4000 Further information contact: CMU Support Grant Thornton UK Advisory & Tax LLP Grant Thornton - 1103a, 11th Floor, Pilgrim Street, Newcastle-Upon-Tyne, NE1 6SQ Email: cmusupport@uk.gt.com Tel: 0161 953 6906 SIXES GROWTH: Opus Restructuring Appointed as Administrators ------------------------------------------------------------ Sixes Growth 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 No. CR-2025-009015, and Mark Nicholas Ranson and Paul Dounis of Opus Restructuring LLP were appointed as administrators on Dec. 19, 2025. Trading as Sixes Cricket Headingley, Sixes Growth Ltd specialized in bar and social club activities. Its registered office is at Century House, Wargrave Road, Henley-On-Thames, RG9 2LT. Its principal trading address is 19 Ash Road, Headingley, Leeds LS6 3JJ. The administrators can be reached at: Mark Nicholas Ranson Opus Restructuring LLP Fourth Floor, One Park Row Leeds, West Yorkshire LS1 5HN Paul Dounis Opus Restructuring LLP 8 Walker Street Edinburgh, EH3 7LA Further details contact: Mark Percival Tel: 020 3326 6454 Email: mark.percival@opusllp.com WAAGNER BIRO STEEL: RSM UK Appointed as Administrators ------------------------------------------------------ Waagner Biro Steel and Glass Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts, Court No. CR-2025-008916, and Tyrone Courtman and Matthew Haw of RSM UK Restructuring Advisory LLP were appointed as administrators on Dec. 16, 2025. Waagner Biro Steel and Glass Limited offered specialized construction activities. Its registered office and principal trading address is 22 Fish Street Hill, London, EC3R 6DB. The administrators can be reached at: Tyrone Courtman RSM UK Restructuring Advisory LLP Rivermead House, 7 Lewis Court Grove Park, Leicester, LE19 1SD Matthew Haw RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB Correspondence address & contact details of case manager: Helen Robinson RSM UK Restructuring Advisory LLP Rivermead House, 7 Lewis Court, Grove Park, Leicester, LE19 1SD Tel: 0116 282 0550 Further details contact: Tyrone Courtman Tel: 0116 282 0550 Matthew Haw Tel: 0203 201 8178 ********* 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 2026. 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 written permission of the publishers. 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. * * * End of Transmission * * *