260115.mbx

260115.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 Thursday, January 15, 2026, Vol. 27, No. 11 Headlines A R M E N I A ARDSHINBANK OJSC: Moody's Affirms B3 Deposit Rating, Outlook Stable ARDSHINBANK OJSC: Moody's Rates New Senior Unsecured Notes 'Ba3' ARDSHINBANK: S&P Rates New USD Unsec. Loan Participation Notes BB- I R E L A N D ANCHORAGE CAPITAL 13: S&P Assigns B-(sf) Rating on Class F Notes CVC CORDATUS XII: S&P Assigns B-(sf) Rating on Class F-R Notes S P A I N GREEN BIDCO: S&P Lowers Rating to 'CCC-', Then Withdraws Ratings S W E D E N HEIMSTADEN BOSTAD: S&P Rates New Subordinated Hybrid Notes 'BB' U N I T E D K I N G D O M BATT CABLES: Ernst & Young Appointed as Administrators CHARMING DESIGNS: Begbies Traynor Appointed as Administrators CLEARVIEW CARE: Interpath Appointed as Administrators CONTOUR BRICKWORK: MHA Appointed as Administrators HOME LEISURE: BDO LLP Named as Administrators STONES DISTRIBUTION: FRP Advisory Appointed as Administrators X X X X X X X X [] Soline Louvigny Joins Dentons' Debt Capital Markets Team - - - - - ============= A R M E N I A ============= ARDSHINBANK OJSC: Moody's Affirms B3 Deposit Rating, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has affirmed "Ardshinbank" OJSC's (Ardshinbank) Ba3 long-term local and foreign currency bank deposit ratings and maintained a stable outlook on these ratings. Concurrently, Moody's affirmed the bank's ba3 Baseline Credit Assessment (BCA) and Adjusted BCA, Not Prime (NP) short-term local and foreign currency bank deposit ratings, the bank's Ba2/NP long-term and short-term local and foreign currency Counterparty Risk Ratings (CRRs) and the Ba2(cr)/NP(cr) long-term and short-term Counterparty Risk Assessments (CR Assessments). RATINGS RATIONALE The affirmation of Ardshinbank's BCA and Adjusted BCA at ba3 reflects its strong customer franchise, strong profitability, solid capital adequacy and ample liquidity. The BCA also factors in the bank's high level of foreign-currency loans, and its significant reliance on wholesale funding and demand deposits. During the first nine months of 2025, Ardshinbank reported particularly strong profitability, as reflected in a very high annualized return on tangible assets of 5.6%. The bank's robust performance has been supported by a strong pre-provision income and higher foreign exchange gains. Moody's expects the bank's return on tangible assets to gradually decline in the next 12-18 months amid higher credit costs, but remain stronger than its historical average due to robust expected net interest margin (NIM). Ardshinbank's ratio of problem loans (defined as Stage 3 loans and purchased and originated credit-impaired loans) to gross loans decreased to 2.7% as of September 30, 2025 (Q3 2025) from 5.3% at year-end 2023. Meanwhile, the coverage of problem loans by loan loss reserves decreased to 42% from 69% during the same period. Moody's expects the bank's asset quality to remain stable amid ongoing economic growth in Armenia with problem loans to not exceed 3-4% of its gross loans in the next 12-18 months. Ardshinbank's capital buffer has materially strengthened over the recent years amid very strong profitability, with a Tangible Common Equity (TCE) to Risk Weighted Assets (RWA) ratio of 20.4% as of Q3 2025, up from 17.8% at year-end 2023. Moody's expects the bank's capital position to remain broadly stable over the next 12–18 months, supported by strong internal capital generation but balanced by high dividend payouts. The bank's reliance on market funding is moderate at 19% of tangible banking assets as of Q3 2025 amid strong inflow of customer accounts. The bank continues to maintain a healthy liquidity cushion with liquid assets at around 41% of total assets as of Q3 2025. Ardshinbank's long-term deposit ratings of Ba3 are based on the bank's BCA of ba3 and Moody's assessments of a high probability of government support for the bank in the event of need, reflecting its systemic importance as one of the largest banks in Armenia. However, this support does not provide any rating uplift to Ardshinbank's long-term deposit ratings because Armenia's Ba3 long-term issuer ratings are at the same level as the bank's BCA. RATINGS OUTLOOK The outlook on Ardshinbank's long-term deposit ratings is stable, reflecting Moody's views that the bank will maintain its sound fundamentals over the next 12-18 months, and is in line with the stable outlook on Armenia. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings of Ardshinbank have limited upward potential for the next 12-18 months, given that they are constrained by the sovereign ratings. Therefore, the ratings upgrade would require both a strengthening of the bank's standalone fundamentals and an improvement in the sovereign's creditworthiness. Ardshinbank's BCA and deposit ratings could be downgraded or the outlook on the long-term deposit ratings could be changed to negative if the bank's solvency or liquidity were to deteriorate materially or in case of a significant deterioration of the operating environment. A downgrade of Armenia's issuer ratings could constrain Ardshinbank's deposit ratings which is not currently expected. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. 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. ARDSHINBANK OJSC: Moody's Rates New Senior Unsecured Notes 'Ba3' ---------------------------------------------------------------- Moody's Ratings has assigned a Ba3 foreign-currency senior unsecured debt rating to "Ardshinbank" OJSC's (Ardshinbank) planned issuance of USD-denominated notes. The outlook on the Ba3 rating is stable. The maturity, the size and the pricing of the notes are subject to prevailing market conditions during placement. RATINGS RATIONALE The Ba3 rating assigned to the notes is in line with Ardshinbank's Ba3 long-term local-currency bank deposit rating. As per draft documentation, the notes will rank pari passu with the claims of all other unsecured creditors of Ardshinbank and, according to the terms and conditions, the bank must comply with a number of covenants such as negative pledge, limitations on mergers, acquisitions and asset disposals. The proposed notes will constitute senior unsecured and unsubordinated obligations of Ardshinbank and the Ba3 rating assigned to them reflects the bank's ba3 Baseline Credit Assessment (BCA). The rating does not benefit from government support uplift despite Ardshinbank's systemic importance as Armenia's Ba3 long-term issuer ratings are at the same level as the bank's BCA. The bank's ba3 BCA reflects its strong customer franchise, strong profitability, solid capital adequacy and ample liquidity. The BCA also factors in the bank's high level of foreign-currency loans, and its significant reliance on wholesale funding and demand deposits. RATINGS OUTLOOK The outlook on Ardshinbank's senior unsecured debt rating is stable, reflecting Moody's views that the bank will maintain its sound fundamentals over the next 12-18 months, and is in line with the stable outlook on Armenia. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings of Ardshinbank have limited upward potential for the next 12-18 months, given that they are constrained by the sovereign ratings. Therefore, the ratings upgrade would require both a strengthening of the bank's standalone fundamentals and an improvement in the sovereign's creditworthiness. Ardshinbank's BCA and senior unsecured debt rating could be downgraded or the outlook on the senior unsecured debt rating could be changed to negative if the bank's solvency or liquidity were to deteriorate materially or in case of a significant deterioration of the operating environment. A downgrade of Armenia's issuer ratings could constrain the bank's deposit ratings which is not currently expected. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Banks published in November 2025. 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. ARDSHINBANK: S&P Rates New USD Unsec. Loan Participation Notes BB- ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' long-term issue rating to proposed U.S. dollar-denominated senior unsecured loan participation notes (LPNs) to be issued by Armenia-based Ardshinbank via its financial vehicle, Dilijan Finance B.V. S&P rates the LPNs at the same level as our long-term issuer credit rating on Ardshinbank (BB-/Stable/B), because the notes meet certain conditions regarding issuance by special-purpose vehicles (SPVs) set out in our group rating methodology. Specifically, S&P rates LPNs issued by an SPV at the same level as it would rate equivalent-ranking debt of the underlying borrower (the sponsor) and treat the contractual obligations of the SPV as financial obligations of the sponsor if the following conditions are met: -- All of the SPV's debt obligations are backed by equivalent-ranking obligations with equivalent payment terms issued by the sponsor; -- The SPV is a strategic financing entity for the sponsor set up solely to raise debt on behalf of the sponsor's group; and -- S&P believes the sponsor is willing and able to support the SPV to ensure full and timely payment of interest and principal on the debt issued by the SPV when it is due, including payment of any of the SPV's expenses. S&P said, "The purpose of the proposed LPNs is to finance a loan to Ardshinbank. Following our review, we conclude that Ardshinbank U.S. dollar-denominated LPNs meet all the conditions set out above." ============= I R E L A N D ============= ANCHORAGE CAPITAL 13: S&P Assigns B-(sf) Rating on Class F Notes ---------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Anchorage Capital Europe CLO 13 DAC's class A Loan and class A, B, C, D, E, and F notes. At closing, the issuer also issued unrated subordinated notes. The ratings assigned to Anchorage Capital Europe CLO 13's notes and loan 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 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 2,701.88 Default rate dispersion 562.74 Weighted-average life (years) 5.03 Obligor diversity measure 156.91 Industry diversity measure 21.16 Regional diversity measure 1.21 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 37.51 Target weighted-average spread (net of floors, %) 3.63 Target weighted-average coupon (%) 5.83 Rationale 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 switch to semiannual payments. The portfolio's reinvestment period will end 4.5 years after closing. At closing, the portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, S&P has conducted our credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we modeled a target par of EUR400 million. It is based on the prospective effective date portfolio the collateral manager provided. The portfolio contains 56.50% of identified assets that have not yet been acquired, for which we received provisional assumptions to assess credit risk. The collateral manager will use commercially reasonable endeavors to ramp up the remaining 43.50% of the portfolio before the effective date. We also modeled the actual weighted-average spread (3.62%), the covenanted weighted-average coupon (4.00%), and the actual weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes and loan. 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 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 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 counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Anchorage CLO ECM, LLC. manages the CLO, 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 assigned ratings are commensurate with the available credit enhancement for the class A Loan and class A to F notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E 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 ratings on the notes. "For the class F notes, our credit and cash flow analysis indicate 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 notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has 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 25.16% (for a portfolio with a weighted-average life of 5.03 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 5.03 years, which would result in a target default rate of 16.10%." -- 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 notes is commensurate with the assigned 'B- (sf)' rating. "Given our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all the rated classes of notes and loan. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A loan and class A to E notes based on four hypothetical scenarios." 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." Anchorage Capital Europe CLO 13 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 managed by Anchorage CLO ECM, LLC. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) A AAA (sf) 116.00 Three/six-month EURIBOR 38.50 plus 1.33% A Loan AAA (sf) 130.00 Three/six-month EURIBOR 38.50 plus 1.33% B AA (sf) 44.50 Three/six-month EURIBOR 27.38 plus 1.90% C A (sf) 22.00 Three/six-month EURIBOR 21.88 plus 2.20% D BBB- (sf) 29.50 Three/six-month EURIBOR 14.50 plus 3.15% E BB- (sf) 20.00 Three/six-month EURIBOR 9.50 plus 5.60% F B- (sf) 12.00 Three/six-month EURIBOR 6.50 plus 8.34% Class M Sub notes NR 30.10 N/A N/A *The ratings assigned to the class A Loan and class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. CVC CORDATUS XII: S&P Assigns B-(sf) Rating on Class F-R Notes -------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan Fund XII DAC's class A-R-R to F-R notes. At closing, there are outstanding unrated subordinated notes from the existing transaction and additional sub notes were issued. This transaction is a reset of the already existing transaction. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The ratings on the original notes have been withdrawn. The portfolio's reinvestment period will end approximately 3.0 years after closing, while the noncall period will end 1.0 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 2,851.02 Default rate dispersion 547.53 Weighted-average life (years) 4.31 Obligor diversity measure 128.65 Industry diversity measure 20.57 Regional diversity measure 1.32 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 3.39 Target 'AAA' weighted-average recovery (%) 35.89 Target weighted-average coupon (%) 3.81 Target weighted-average spread (net of floors; %) 3.63 This transaction has a EUR1.0 million liquidity facility, provided by The Bank of New York Mellon, with a maximum commitment period of four years and an option to extend for a further 24 months (12-month rolling). The margin on the facility is 2.50% and drawdowns are limited to the amount of accrued but unpaid interest on collateral debt obligations. The liquidity facility is repaid using interest proceeds in a senior position of the waterfall or repaid directly from the interest account on a business day earlier than the payment date. For S&P's cash flow analysis, it assumes that the liquidity facility is fully drawn throughout the six-year period and that the amount is repaid just before the coverage tests breach. Rating 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. S&P said, "The portfolio is well diversified at closing, 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 (3.63%), and the covenanted weighted-average coupon (3.75%) as indicated by the collateral manager. We have assumed the identified weighted-average recovery rates at all rating levels (35.26% at the 'AAA' rating level). 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-R-R to D-R notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO will be in its reinvestment period from closing until Jan. 23, 2029, during which the transaction's credit risk profile could deteriorate, we have capped the assigned ratings. "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 S&P has rated and that haa recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 21.81% (for a portfolio with a weighted-average life of 4.3 years), versus if it was to consider a long-term sustainable default rate of 3.2% for 4.3 years, which would result in a target default rate of 13.76%. -- 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. "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 A-R-R to F-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 A-R-R to E-R notes based on four hypothetical scenarios. These sensitivity runs are also run on reduced target par amount as per the paragraph above. "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 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) enhancement (%) Interest rate§ A-R-R AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.255% B-R-R AA (sf) 43.00 27.25 Three/six-month EURIBOR plus 1.95% C-R-R A (sf) 24.00 21.25 Three/six-month EURIBOR plus 2.25% D-R BBB- (sf) 29.00 14.00 Three/six-month EURIBOR plus 3.35% E-R BB- (sf) 18.00 9.50 Three/six-month EURIBOR plus 5.75% F-R B- (sf) 12.00 6.50 Three/six-month EURIBOR plus 8.46% Sub. NR 36.00 N/A N/A Add Sub NR 25.20 N/A N/A The ratings assigned to the class A-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, 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. ========= S P A I N ========= GREEN BIDCO: S&P Lowers Rating to 'CCC-', Then Withdraws Ratings ---------------------------------------------------------------- S&P Global Ratings lowered our ratings on Spanish-based business-to-business (B2B) energy transition distributor Green Bidco S.A.U. (doing business as Amara) and its EUR265 million senior secured notes to 'CCC-' from 'CCC+' and placed the ratings on CreditWatch with negative implications. S&P continues to see Amara as a going concern and remaining current on its obligations to trade creditors on sufficient liquidity, with continued support from its working capital banks that ensure the facilities' availability during the ongoing negotiations, alongside equivalent standstill arrangements with its majority noteholders. Subsequently, S&P withdrew its ratings on Amara at the issuer's request. On Jan. 5, 2026, Amara announced it agreed on key terms with principal shareholder Cinven, majority noteholders, and working capital banks for a recapitalization that is to lead a significant reduction in leverage through substantially reduced debt and new equity funding. As agreed to with relevant stakeholders, Amara also announced it will not make its scheduled coupon payment to noteholders on Jan. 15, 2026, and intends not to do so before the end of the month, at which point the company expects to have finalized the recapitalization's terms. S&P said, "We view that the recapitalization plan, including new equity and a substantial reduction of debt, would result in noteholders receiving less than originally promised, under our criteria. On Jan. 5, 2026, Amara announced it agreed on key principles with Cinven and working capital banks to implement a recapitalization plan. The majority noteholders (EUR265 million in senior secured notes is outstanding as of Sept. 30, 2025) have also expressed support for the transaction. We expect the recapitalization would significantly reduce Amara's interest burden and S&P Global Ratings-adjusted leverage, which we estimate to be above 40x at year-end 2025. In addition, the company also agreed with its stakeholders not to make its coupon payment to noteholders Jan. 15, 2025, and intends not to do so until the end of the month, at which time Amara expects to have finalized the recapitalization's terms. We understand the company would have sufficient liquidity to pay the interest burden of about EUR13.5 million. Still, any coupon nonpayment within the four-week grace period and any agreement with lenders to further defer the payment beyond that time would be considered a default under our criteria, because of the breach of an imputed promise." While operating performance for 2025 to Sept. 30 remains challenged, third-quarter revenue rebounded strongly, with 18% year-over-year growth. The revenue growth came from almost all segments, including solar, which increased 19% year over year and 3% from the previous quarter. Company-adjusted EBITDA remains below last year's levels with EUR7.7 million compared to EUR8.4 million in third-quarter 2025, implying a 140 basis point margin compression. This is based on the effects from stronger growth from the lower-margin solar business the loss of a Spanish client in the services segment. Company-reported revenue for 2025 through Sept. 30 increased almost 8% year over year, with growth in almost all segments apart from smart grids, which was affected by a temporary shift from solar to more network electrification projects where Amara also operates in and expects to gain business. While management has already realized almost EUR10 million of cost savings for 2025 through Sept. 30, high exceptional costs and the negative impact from discontinued businesses (EUR4.2 million) result in an S&P Global Ratings-adjusted EBITDA (post IFRS-16) of EUR6.6 million, compared with EUR13.2 million a year earlier. Excluding those one-off costs and other negative impacts, company-adjusted EBITDA was EUR25.1 million compared with EUR27.3 million. While capital expenditure was EUR10 million for the period compared with EUR6 million a year earlier, with the increase coming from the new enterprise resource plan's implementation and investment for equipment and to support new contracts in Brazil. Working capital has seen a positive inflow of EUR7.6 million compared with a EUR5.7 million outflow a year earlier, benefiting from inventory reduction. Amara's liquidity profile benefits from its EUR37 million availability under its super senior revolving credit facility (RCF; at Sept. 30, 2025) and ongoing support from local banks that provide bilateral loans and working capital financing. While free operating cash flow is forecast to be about negative EUR30 million in 2025, the company's liquidity profile supports the business remaining a going concern and current on its obligations to trade creditors throughout. At Sept. 30, 2025, Amara retains access to EUR37 million availability under its super senior RCF, close to EUR21 million of cash on balance sheet at Sept. 30, 2025, an EUR80 million nonrecourse factoring facility (of which EUR45 million drawn at Sept. 30) and further availability of bilateral loans and short-term credit lines totaling almost EUR13 million. Its plan to not make its scheduled coupon payment to noteholders on Jan. 15 would reduce cash outflows by about EUR13.5 million, acting as a liquidity enhancing measure. S&P understands that the working capital banks have agreed to ensure full availability of these facilities during the recapitalization negotiation, with the majority noteholder also agreeing to equivalent standstill arrangements. The CreditWatch negative placement before the withdrawal reflects that S&P expected to lower the ratings on Amara to 'SD' (selective default) subject to the completion of the recapitalization transaction or upon deferral or nonpayment of its January 2026 coupon payment within the four-week grace period. =========== S W E D E N =========== HEIMSTADEN BOSTAD: S&P Rates New Subordinated Hybrid Notes 'BB' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to the proposed unsecured subordinated hybrid notes to be issued by Sweden-based residential property company, Heimstaden Bostad AB (Heibos; BBB-/Stable/--). Heibos has launched the issuance of benchmark-sized subordinated unsecured hybrid notes to replace its EUR336.4 million outstanding hybrid notes with a first reset date in April 2026. S&P said, "Depending on the final issuance amount, we understand that the company's total hybrid stock may increase by approximately EUR150 million-EUR200 million, and that Heibos is committed to maintaining the increased hybrid stock as part of its capital structure. "We understand that the hybrid bond issuances would be approximately benchmark size (about EUR500 million) and carry a fixed rate until the first reset date in 5.25 years. The completion and size of the transaction will be subject to market conditions. Heibos plans to use the proceeds to repay the full balance of about EUR336.4 million of the nominal EUR500 million hybrid notes issued in 2020, which have a first reset date in April 2026. The remaining amount (EUR163.6 million) will be used for general corporate purposes. The transaction would likely increase the overall hybrid stock by EUR150 million-EUR200 million and we understand that the company is committed to maintain the higher amount of hybrids as a permanent part of its capital structure. Pro-forma successful issuance, we assume its hybrid capitalization rate will be about 7.6% (7.1% as of Sept. 30, 2025), remaining significantly below our 15% threshold. "Our 'BB' rating on the proposed notes is two notches lower than our issuer credit rating on Heibos. The differential reflects our notching methodology, which calls for the deduction of one notch for subordination, because our long-term rating on Heibos is investment grade ('BBB- or higher'). We deduct an additional notch for payment flexibility, because the option to defer interest stands with the issuer. "We assess the proposed notes as having intermediate equity content until their first reset date. This is because the notes are subordinated to the company's senior debt obligations, cannot be called for at least five years, and are not subject to features that could discourage or materially delay deferral. Overall, we think the proposed notes' terms and conditions are similar to those of the outstanding notes, which meet our criteria for intermediate equity content. In addition, to reflect our view of the intermediate equity content of the proposed notes, we treat 50% of the related payments as interest and 50% as equivalent to a common dividend. The 50% treatment of principal also applies to our adjustment of debt. We no longer regard the outstanding EUR336.4 million hybrid notes as having equity content, in view of the company's intention to redeem them." =========================== U N I T E D K I N G D O M =========================== BATT CABLES: Ernst & Young Appointed as Administrators ------------------------------------------------------ Batt Cables Limited, trading as Batt Cables, 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‑2025‑009056, and Samuel James Woodward and Dan Edkins of Ernst & Young LLP were appointed as joint administrators on Jan. 6, 2026. Batt Cables Limited specialized in the wholesale of other intermediate products. Its registered office is c/o Ernst & Young LLP, 2 St Peter's Square, Manchester, M2 3EY (formerly of 80 Cheapside, London, EC2V 6EE). Its principal trading address is at The Belfry, Fraser Road, Erith, Kent, DA8 1QH. The joint administrators can be reached at: Samuel James Woodward Ernst & Young LLP 2 St Peter's Square Manchester, M2 3EY Dan Edkins Ernst & Young LLP 1 More London Place London, SE1 2 AF For further details, contact: Email: battcables@uk.ey.com Alternative contact: Catriona Lynch CHARMING DESIGNS: Begbies Traynor Appointed as Administrators ------------------------------------------------------------- Charming Designs Ltd was placed into administration proceedings in the Leeds District Registry, No. 001255 of 2025, and Ninos Koumettou and Constantinos Pedhiou of Begbies Traynor (Central) LLP were appointed as joint administrators on Dec. 29, 2025. Charming Designs Ltd specialized in wholesale clothing supply. Its registered office is Suite 501, Unit 2, 94A Wycliffe Road, Northampton, NN1 5JF. The joint administrators can be reached at: Ninos Koumettou Constantinos Pedhiou Begbies Traynor (Central) LLP 1 Kings Avenue London, N21 3NA For further details, contact: Peter Odell Email: Peter.Odell@btguk.com Tel: 020-8370-7250 CLEARVIEW CARE: Interpath Appointed as Administrators ----------------------------------------------------- Clearview Care Limited was placed into administration proceedings in the High Court of Justice, No. 008954 of 2025, and Geoffrey Isaac Jacobs and Alistair McAlinden of Interpath Advisory, Interpath Ltd, were appointed as joint administrators on Dec. 31, 2025. Clearview Care Limited specialized in care services. Its registered office is c/o Interpath Ltd, 10 Fleet Place, London, EC4M 7RB. The joint administrators can be reached at: Geoffrey Isaac Jacobs Alistair McAlinden Interpath Advisory, Interpath Ltd 5th Floor, 130 St Vincent Street Glasgow, G2 5HF For further details, contact: Meadow Lees Tel: 0141-648-4291 CONTOUR BRICKWORK: MHA Appointed as Administrators -------------------------------------------------- Contour Brickwork Services Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Bristol, Insolvency & Companies List (ChD), Court No. CR‑2025‑000132, and Liam Alexander Short of MHA and Christopher Parkman of Corporate Recovery Services Limited trading as Purnells were appointed as joint administrators on Dec. 24, 2025. Contour Brickwork Services Limited specialized in construction of commercial buildings. Its registered office is Unit 3 Ground Floor, Southview House, St Austell Enterprise Park, St Austell, PL25 4EJ. Its principal trading address is Unit 14, Yacht Haven Quay, Breakwater, Plymouth, PL9 7HJ. The joint administrators can be reached at: Liam Alexander Short MHA 6th Floor, 2 London Wall Place London, EC2Y 5AU Christopher Parkman Corporate Recovery Services Limited trading as Purnells Suite 4, Portfolio House Dorchester, Dorset, DT1 1TP For further details, contact: Harry Sanders Email: Harry.Sanders@mha.co.uk Tel: 0204 546 6029 HOME LEISURE: BDO LLP Named as Administrators --------------------------------------------- Home Leisure Direct Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Court No. CR‑2025‑009047, and Simon Girling and Kiri Holland of BDO LLP were appointed as joint administrators on Dec. 31, 2025. Home Leisure Direct Ltd specialized in retail sale of sports goods, fishing gear, camping goods, boats, and bicycles. Its registered office is at 7a/7b Point 4 Distribution Centre Second Way, Avonmouth, Bristol, BS11 8DF (to be changed to C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH). Its principal trading address is Unit 8 Redhill Farm Business Park, Marshacre Lane, Elberton, Bristol, BS35 4AL. The joint administrators can be reached at: Simon Girling BDO LLP Bridgewater House, Finzels Reach, Counterslip, Bristol, BS1 6BX Kiri Holland BDO LLP 55 Baker Street, London, W1U 7EU For further details, contact: Email: BRCMTLondonandSouthEast@bdo.co.uk Tel No: +44-(0)151-237-4472 STONES DISTRIBUTION: FRP Advisory Appointed as Administrators ------------------------------------------------------------- Stones Distribution Ltd, trading as Stones Distribution, was placed into administration proceedings in the High Court of Justice, Court No. CR‑2025‑009127, and Glyn Mummery and Julie Humphrey of FRP Advisory Trading Limited were appointed as joint administrators on Jan. 2, 2026. Stones Distribution Ltd specialized in transportation support activities. The Company's registered office is Unit 1, 527 Green Lane, Ilford, IG3 9RH (to be changed to Jupiter House, Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE). The joint administrators can be reached at: Glyn Mummery Julie Humphrey FRP Advisory Trading Limited Jupiter House, Warley Hill Business Park The Drive, Brentwood, Essex, CM13 3BE For further details, contact: The Joint Administrators Alternative contact: Alia Howland Email: cp.brentwood@frpadvisory.com Tel: 01277-50-33-33 =============== X X X X X X X X =============== [] Soline Louvigny Joins Dentons' Debt Capital Markets Team ----------------------------------------------------------- Dentons announces the arrival of Soline Louvigny as a partner in Debt Capital Markets (DCM) and associate Alicia Ghislain in the Banking & Finance practice in Paris. This appointment strengthens Dentons' capital markets capabilities in France, complementing the firm's well-established DCM teams in Europe, the US, the UK, and the rest of the world, and is part of the firm's ongoing development of its integrated European platform. With more than 15 years of experience in Debt Capital Markets, Soline advises financial institutions, insurers, and corporates on a wide range of debt securities, including vanilla and structured bonds, bonds eligible for regulatory capital (CRR/Solvency II), and ESG issuances (green bonds, social bonds, and sustainability-linked bonds). She regularly works on EMTN programs, standalone issues and private placements, as well as debt repurchase transactions (liability management) and bondholders' consultations (consent solicitations). Soline also has solid experience in regulatory issues related to debt securities (particularly benchmark and ESG regulations). Soline joins a strengthened Banking & Finance practice in Paris. Her arrival is accompanied by the recruitment of Alicia Ghislain as an associate. This momentum follows the recent arrival of partner Vincent Danton and his associate Yann Le Puil, who are in charge of securitization and structured finance, as well as the promotion of Meryll Aloro to partner specializing in fund financing, and that of Philippine de Fouchier to counsel in 2025. All of these developments offer clients a cross-functional and structured Banking & Finance platform in Paris. "Soline's arrival is an important step in the ongoing development of our Capital Markets practice in Paris and Europe," said Pascal Schmitz, Managing Partner of Dentons' Paris office. "Combined with recent strategic moves within our Banking & Finance team, her expertise in regulatory capital, ESG-related issuances, and complex structured issuances will further strengthen our ability to support our clients on sophisticated DCM transactions across our global platform." "Soline brings highly complementary skills to our Banking & Finance team in Paris, particularly in the area of capital markets, and she joins a practice that we have recently significantly strengthened," adds Jean-Marc Allix, Head of Banking & Finance at Dentons Paris. "We have a comprehensive Banking & Finance offer that can meet all of our clients' needs and is fully integrated with our teams in London, New York, and other major financial centers." "I am delighted to be joining Dentons' Banking & Finance team in Paris," said Soline Louvigny. "The firm's international reach and collaborative capital markets platform provide an ideal platform to support clients in their most sophisticated Debt Capital Markets and sustainable finance transactions, both in France and across the Dentons network." Soline Louvigny Email: soline.louvigny@dentons.com Contact: +33-14268-9542 ********* 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 * * *