260116.mbx

260116.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 Friday, January 16, 2026, Vol. 27, No. 12 Headlines I T A L Y SAMMONTANA ITALIA: Moody's Assigns 'B2' CFR, Outlook Stable N E T H E R L A N D S Q-PARK HOLDING: Moody's Affirms 'Ba3' CFR, Outlook Remain Stable P O L A N D BANK MILLENNIUM: Moody's Rates New AT1 Securities 'Ba3(hyb)' S P A I N TELEFONICA EMISIONES: Moody's Rates New EUR1.75BB Sub. Notes 'Ba2' S W I T Z E R L A N D TRANSOCEAN LTD: Secures $168MM in New Rig Contracts, Extensions T U R K E Y SISECAM: Moody's Affirms 'B2' CFR, Outlook Remains Negative U N I T E D K I N G D O M AZULE ENERGY: Moody's Rates New Senior Unsecured Notes 'B2' GREAT CLOTHES: CB Business Recovery Named as Administrator GREENWICH BIDCO: EUR50MM Loan Add-on No Impact on Moody's 'B2' CFR JHOOTS CHEMIST: FRP Advisory Appointed as Administrators JHOOTS PHARMACY: FRP Advisory Appointed as Administrators LP SD EIGHTEEN: FRP Advisory Appointed as Administrators LP SD NINETEEN: FRP Advisory Appointed as Administrators LP SD SEVENTEEN: FRP Advisory Appointed as Administrators LP SD SIXTEEN: FRP Advisory Appointed as Administrators LP SD TWENTY: FRP Advisory Appointed as Administrators VERSARIEN PLC: Leonard Curtis Named as Administrators X X X X X X X X [] BOOK REVIEW: Bendix-Martin Marietta Takeover War - - - - - ========= I T A L Y ========= SAMMONTANA ITALIA: Moody's Assigns 'B2' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings has assigned a B2 long-term corporate family rating and a B2-PD probability of default rating to Sammontana Italia S.p.A. Società Benefit (Sammontana or the company) and has withdrawn the B2 CFR and B2-PD PDR previously assigned to Sammontana Italia S.p.A. Previously, the outlook on Sammontana Italia S.p.A. was stable. Moody's also affirmed the B2 rating on the EUR925 million senior secured floating rate notes due 2031, which were previously issued under Sammontana Italia S.p.A., but have been transferred to Sammontana upon the closing of the transaction. The outlook on Sammontana is stable. RATINGS RATIONALE This rating action follows the merger between Sammontana Italia S.p.A. (the previous parent company, rated entity and issuer of the notes) and two other subsidiaries into Sammontana S.p.A. Società Benefit. The latter has become the new parent company of the group and changed its name into Sammontana Italia S.p.A. Società Benefit. The new parent, as the surviving entity of the merger, has become the new issuer of the existing EUR925 million senior secured floating rate notes due 2031. The merger was effective on December 31, 2025. The B2 rating reflects Moody's expectations that Sammontana's leverage will reduce below 5.5x in the next 12-18 months, which will more comfortably position the company in its current rating category. Moody's expects leverage to peak above 6.0x in 2025, because of the debt-funded acquisition of La Rocca Creative Cakes (La Rocca). Moody's expects continued positive sales momentum and cost synergies to support operating performance in the next 12-18 months, resulting in a leverage reduction. The rating reflects Sammontana's strong market position in frozen pastry and branded ice cream in Italy, supported by its widespread distribution network across Italy. These distribution capabilities provide a significant competitive advantage against new entrants and provide access to both the modern trade distribution channel, as well as the highly fragmented HoReCa channel, where Sammontana benefits from high pricing power. The rating also factors in the company's high revenue concentration in Italy and in two product categories, which represent a constraint to its business profile assessment. Also, Sammontana is exposed to consumer sentiment and challenging economic environment, because consumers may switch to private label or reduce their out-of-home consumptions. This could pressure volume sales, as well as pricing agreements with wholesalers, resulting in margin pressure. The rating and stable outlook assume that the company will maintain its current financial policy and leverage tolerance. While Sammontana's expansion in international markets may be supported by M&A activity, Moody's expects that acquisitions will be mainly bolt-on, with limited impact on the company's leverage. LIQUIDITY Moody's views Sammontana's liquidity as good, supported by a cash balance of about EUR70 million as of September 2025; its fully available EUR170 million super senior revolving credit facility (RCF) maturing in 2031; and no material debt amortization until 2031. The company's maintenance capex is under 3% of sales, but it will spend incremental EUR30– EUR35 million per year through 2026 on integration and capacity expansion. The company usually experiences intra-year working capital fluctuations of up to EUR80 million- EUR90 million because of the seasonality of its ice cream business. Moody's expects annual operating cash flow exceeding EUR100 million to cover these needs. STRUCTURAL CONSIDERATIONS Sammontana's probability of default rating of B2-PD incorporates the use of a 50% family recovery rate assumption. The B2 rating on the senior secured floating rate notes due in 2031 is in line with the long-term CFR. The super senior RCF ranks senior to the bond, but its size is not substantial enough to warrant a notching down of the bonds. Both the senior secured floating rate notes and the super senior RCF are secured against share pledges of the main companies of the group. Moody's typically view debt with this type of security package to be similar to unsecured debt. Guarantor subsidiaries account for at least 80% of consolidated adjusted EBITDA. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's views that the company will continue to steadily grow its top line, while expanding its profitability margins, with Moody's-adjusted gross leverage returning within the guidance for the current B2 rating. The stable outlook also incorporates Moody's assumptions of a smooth integration between Sammontana and Forno d'Asolo S.p.A. (FdA) and that any M&A activity will be bolt-on in nature, without any significant increase in leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could develop if Sammontana successfully executes the integration and its international expansion plan, delivering organic revenue and EBITDA growth; reduces its Moody's-adjusted leverage below 4.5x on a sustained basis; and increases consistently its EBITA/interest expenses above 2.25x. A rating upgrade will also require maintaining at least adequate liquidity profile, including solid free cash flow generation. Downward rating pressure could develop if the company's operating performance weakens, with a substantial decline in its EBITDA; it fails to reduce its Moody's-adjusted leverage below 6.0x; and its EBITA/interest expenses falls to consistently below 1.5x. In addition, Moody's could downgrade the rating if the company's financial policy becomes more aggressive and its liquidity deteriorates, including sustained negative free cash flow. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. 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 Sammontana Italia S.p.A. Società Benefit (Sammontana) is the holding company of the group resulted from the combination of Sammontana Italia S.p.A. and FdA. The combined group produces and distributes branded ice cream and frozen pastry mainly for the Italian market and to a lesser extent for France, the DACH countries and the US, with a focus on the HoReCa segment, although with some exposure to modern trade too. In 2024, Sammontana generated EUR903 million of sales and EUR148 million of Moody's-adjusted EBITDA, pro forma for the disposal of Lizzi. ===================== N E T H E R L A N D S ===================== Q-PARK HOLDING: Moody's Affirms 'Ba3' CFR, Outlook Remain Stable ---------------------------------------------------------------- Moody's Ratings has affirmed the long-term corporate family rating of Q-Park Holding B.V. (Q-Park) at Ba3 and the probability of default rating at Ba3-PD. Concurrently, Moody's have assigned Ba3 ratings to the new proposed total of EUR630 million backed senior secured notes issued by Q-Park's direct subsidiary Q-Park Holding I B.V., and affirmed the Ba3 ratings on the other backed senior secured notes issued by Q-Park Holding I B.V. The outlooks on Q-Park and Q-Park Holding I B.V. remain stable. The rating action follows the announcement by the company that it plans to issue EUR630 million of backed senior secured notes, which will be split into fixed rate notes and floating rate notes with a 5-year maturity. The proceeds will be used to prepay the EUR630 million backed senior secured notes due March 2027 via a tender offer and cover transaction fees and expenses. RATINGS RATIONALE The rating affirmation reflects Moody's expectations that Q-Park will continue to deliver strong operating performance and maintain leverage metrics in line with the Ba3 ratio guidance over the next 12–18 months. The Ba3 rating of the new notes is aligned with the Ba3 rating of the existing Q-Park senior secured notes, recognizing that the notes issued will be senior secured obligations and will rank equally with all other secured and unsubordinated present and future obligations of the issuer. In the first nine months of 2025, Q-Park demonstrated strong results, outperforming its budget. The Company's revenue grew by 14% and underlying EBITDA increased by 18%, driven by both organic growth and M&A activity. At the end of 2024 and in the first half of 2025, Q-Park acquired three key assets: SAGS in France as well as Bavaria Parkgaragen GmbH and Park One in Germany. The combined pro-forma EBITDA contribution of these assets is estimated at around EUR31 million in 2025. However, success in realizing potential EBITDA growth from these M&A deals will depend on the company's ability to effectively finalize the integration of the acquired assets and achieve expected synergies. For the full year 2025, Moody's expects the company to deliver double-digit growth, with revenue reaching close to EUR1.1 billion and underlying EBITDA exceeding EUR300 million. At the same time, Moody's anticipates Moody's-adjusted debt to rise by more than EUR350 million in 2025, limiting Q-Park's improvement in leverage. This increase in debt is mainly attributed to capital expenditure requirements, as well as acquisition and dividend payments. In 2026, Moody's expects the company's growth to continue, driven primarily by pricing initiatives and contribution from recent acquisitions, allowing underlying EBITDA to reach approximately EUR330 million. As a result, Moody's expects Q-Park's Moody's-adjusted FFO/debt to increase to around 8.8% in 2025 and improve to above 9% in 2026. More generally, the Ba3 ratings continue to reflect: (1) a strong asset-ownership model with operations based on legally owned assets or long-term ground leases accounting for around 43% of Q-Park's gross margin, and an average remaining contract life, including concessions and other contracts, of around 45 years, which provides good cash flow visibility, (2) flexibility over pricing for a large part of its operations in particular in parking facilities legally-owned or held under long term leases, (3) Q-Park's focus on off-street and multi-functional parking facilities protecting its competitive position in the context of changing demand patterns and municipal policies increasingly directed towards reducing on-street parking places, (4) the high degree of geographic diversification with a presence in around 703 cities with more than 1 million parking spaces across 7 well-developed countries including the Netherlands, France and Germany, and (5) a positive operating track-record with an annual 4% increase in parking revenue over the last 10 years (despite the pandemic) on a like-for like-basis, mainly supported by Q-Park's ability to increase tariffs. At the same time, the ratings are constrained by (1) Q-Park's high leverage, (2) execution risk on Q-Park's growth strategy which relies for a large part on its ability to further increase its pricing and yield by enhancing value to its customers, and (3) risks to successful integration of newly-acquired assets and the level of realized synergies. LIQUIDITY Q-Park's liquidity is good. As of September 30, 2025, the company had EUR105 million in available cash and EUR370 million of undrawn RCFs, of which EUR130 million was drawn to distribute dividends in December 2025. In November 2025, the EUR210 million committed RCF facility was increased to EUR250 million and its maturity was extended to August 2030. The remaining liquidity facilities of EUR60 million, EUR75 million and EUR25 million will mature in August 2026, December 2029 and August 2030, respectively. In addition, Q-Park's RCF contains a springing leverage-based financial covenant (net senior secured leverage ratio below 10.8x), which becomes applicable once drawing under the RCF reaches 40%, and is tested quarterly. Following the refinancing, the next significant maturity will be in March 2029 when the company's EUR430 million notes become due. Overall, Moody's expects Q-Park's cash position and cash flow generation to allow the company to cover its expenditures, debt service obligations and dividend payments over the next 12-18 months. STRUCTURAL CONSIDERATIONS The Ba3 ratings on Q-Park's senior secured notes are aligned with the Ba3 CFR, reflecting modest structural security subordination because of the small size of the RCF relative to other debt liabilities. The RCF is ranked first in the priority of claims, followed by the notes. OUTLOOK The stable outlook reflects Moody's expectations that Q-Park will be able to maintain a financial profile commensurate with the Ba3 rating, namely an FFO/debt ratio of at least 8% and a Moody's-adjusted Debt to EBITDA ratio of no more than 7.75x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to maintain, on a sustained basis, a Moody's-adjusted Debt to EBITDA ratio below 6.75x and an FFO to Debt ratio above 10%, and sound liquidity. Conversely, Q-Park's ratings could be downgraded if the company's Moody's-adjusted debt/EBITDA would likely remain above 7.75x and its FFO/debt below 8% over the medium term. A significant deterioration in Q-Park's liquidity and/or failure to address possible refinancing needs on a timely basis could exert negative pressure on the ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Privately Managed Toll Roads published in December 2022. Q-Park's Ba3 rating is two notches below the scorecard indicated outcome of Ba1 reflecting that car park businesses contain more variable business risks than seen for a pure toll road operator. COMPANY PROFILE Q-Park Holding B.V. is one of the largest private car park operators in Western Europe by revenue. The company operates more than 1 million parking spaces within more than 5,500 parking facilities located in seven Western European countries, mainly in the Netherlands and France. Q-Park is owned by a consortium of investment funds led by Kohlberg Kravis Roberts & Co. LP. In 2024, the company reported revenue of EUR943 million and underlying EBITDA of EUR257 million. =========== P O L A N D =========== BANK MILLENNIUM: Moody's Rates New AT1 Securities 'Ba3(hyb)' ------------------------------------------------------------ Moody's Ratings has assigned a Ba3 (hyb) local-currency rating to Bank Millennium S.A.'s (BM, long-term deposits: Baa1 stable, Baseline Credit Assessment (BCA): ba1) perpetual non-cumulative Additional Tier 1 (AT1) capital securities with non-viability loss absorption features. The capital securities feature a call option and the principal will be written down if at any time BM's standalone or consolidated Common Equity Tier 1 (CET1) ratio falls below 5.125%. Interest payments may be cancelled on a non-cumulative basis at the issuer's discretion, or mandatorily in the case of insufficient distributable items or if such a payment would cause the maximum distributable amount for the bank or its group to be exceeded. RATINGS RATIONALE The Ba3 (hyb) rating assigned to the AT1 capital securities reflects BM's ba1 BCA, Moody's assumptions of a moderate likelihood of support from its Portuguese parent Banco Comercial Portugues, S.A. (BCP, long-term deposits: A2 stable, senior unsecured debt: Baa1 stable, BCA: baa2) resulting in a baa3 Adjusted BCA; the high loss-given-failure under Moody's Advanced Loss Given Failure (LGF) analysis, resulting in a one-notch downward adjustment from the Adjusted BCA; and two additional negative notches to capture instrument-specific features, namely the risk of non-cumulative cancellation of interest and principal write-down. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating of the capital securities may be upgraded if BM's BCA and Adjusted BCA are upgraded. BM's BCA could be upgraded if Moody's views of the bank's solvency improves, mainly as a result of sustained improvement in its profitability while continuing to reduce risks stemming from its Swiss-franc mortgage book. The rating of the capital securities could be downgraded if the bank's BCA and Adjusted BCA are downgraded. BM's BCA and Adjusted BCA could be downgraded following a significant deterioration in its funding and liquidity. 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. ========= S P A I N ========= TELEFONICA EMISIONES: Moody's Rates New EUR1.75BB Sub. Notes 'Ba2' ------------------------------------------------------------------ Moody's Ratings has assigned a Ba2 rating to Telefonica Emisiones S.A.U.'s proposed EUR1.75 billion Junior Subordinated issuance of undated, deeply subordinated, backed fixed rate reset securities (the new notes), which are fully and unconditionally guaranteed by Telefonica S.A. (Telefonica or the company) on a subordinated basis. The outlook is stable. "The Ba2 rating assigned to the new notes is two notches below Telefonica's senior unsecured rating of Baa3 primarily because the instrument is deeply subordinated to other debt in the company's capital structure," said Carlos Winzer, a Moody's Ratings Senior Vice President and lead analyst for Telefonica. Telefonica plans to use the net proceeds from the offering to refinance in part or in full Telefonica Europe B.V.'s EUR1 billion backed Junior Subordinated Fixed Rate Reset Securities with a first call date on June 22, 2026, the EUR0.5 billion backed Junior Subordinated Fixed Rate Reset Securities with a first call date on February 05, 2027 and/or the EUR0.75 billion backed Junior Subordinated Fixed Rate Reset Securities with a first call date on August 23, 2028. RATINGS RATIONALE The Ba2 rating assigned to the hybrid debt is two notches below the Telefonica's senior unsecured rating of Baa3. The two-notch rating differential reflects the deeply subordinated nature of the hybrid debt. The instrument: (1) is perpetual (2) senior only to common equity; (3) provides Telefonica with the option to defer coupons on a cumulative basis; (4) steps up the coupon by 25 basis points (bps) at least 10 years after the issuance date and a further 75 bps occurring 20 years after the first reset date; and (5) the issuer has the discretion to come current on any deferred interest if there are any payments on parity or junior instruments. The issuer does not have any preferred shares outstanding that would rank junior to the hybrid debt, and the issuer's articles of association do not allow the issuance of such shares by the issuer. Moody's views, the notes have equity-like features that allow them to receive basket "M" treatment, i.e., 50% equity and 50% debt for financial leverage purposes (please refer to Moody's Hybrid Equity Credit methodology published in February 2024). Telefonica's Baa3 rating reflects (1) the company's large scale; (2) the diversification benefits associated with its strong position in its key markets; (3) good growth prospects of its subsidiary in Brazil; (4) the ample fibre roll-out of its high-quality network in Spain; and (5) the company's good liquidity risk management in conjunction with the recently reinforced financial strategy. Additionally, Telefonica has reduced its exposure to Latin American foreign currency risk by divesting its operations in Argentina, Colombia, Peru, Ecuador and Uruguay. However, Telefonica's rating also reflects (1) fierce competition in the low-end residential mobile market in Spain; (2) uncertainty surrounding possible M&A under the company´s recently announced strategic review following the appointment of the new Chairman and CEO; and (3) the negative impact of the loss of the wholesale contract with 1&1 in Germany. RATIONALE FOR STABLE OUTLOOK The stable rating outlook reflects Telefonica's strong position in its four core countries of operation — Spain, Brazil, Germany and the UK — which will mitigate the pressure on the company's cash flow arising from the weak revenue growth in Spain and Germany. The stable outlook reflects Moody's views that the company is adequately positioned in the rating category, with expected Moody's-adjusted net leverage of 3.2x by year-end 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS As the hybrid debt rating is positioned relative to another rating of Telefonica, either (1) a change in Telefonica's senior unsecured debt rating; or (2) a re-evaluation of its relative notching could affect the hybrid debt rating. A rating downgrade would result if the company were to deviate from its financial strengthening plan as a result of weaker cash flow, or its operating performance in Spain and other key markets were to deteriorate, with no likelihood of an improvement in the underlying trends, on a sustained basis. Credit metrics that could result in a downgrade include Moody's-adjusted retained cash flow/net Moody's-adjusted debt below 15% or Moody's-adjusted net leverage of 3.75x or above, with no expectation of an improvement. Conversely, Moody's would consider an upgrade of Telefonica's rating to Baa2 if the company's leverage ratios, such that its Moody's-adjusted retained cash flow/net debt remains above 22% and Moody's-adjusted net debt/EBITDA stays comfortably below 3.0x, both on a sustained basis. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. COMPANY PROFILE Telefonica S.A. (Telefonica), domiciled in Madrid, Spain, is a leading global integrated telecommunications provider, with significant presence in Spain, Germany, the UK and Brazil. In 2024, Telefonica reported revenue of EUR41.3 billion and EBITDA of EUR13.3 billion. ===================== S W I T Z E R L A N D ===================== TRANSOCEAN LTD: Secures $168MM in New Rig Contracts, Extensions --------------------------------------------------------------- Transocean Ltd. announced a contract award and an extension, respectively, for two of its drilling rigs. Together, the fixtures represent approximately $168 million of firm backlog. In Brazil, the Deepwater Mykonos was awarded a contract with bp. The estimated 302-day campaign is expected to begin in the third quarter of 2026 and contribute approximately $120 million in backlog, excluding additional services and compensation for mobilization and demobilization. In Norway, three one-well options have been exercised for the Transocean Enabler. The incremental 105 days of work, which is in direct continuation of the rig's current activity, is expected to contribute approximately $48 million in backlog and commits the Enabler through September 2027. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of September 30, 2025, the Company had $16.17 billion in total assets, $2.24 billion in total current liabilities, $5.86 billion in total long-term liabilities, and $8.08 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In October 2025, S&P Global Ratings revised its outlook on offshore drilling contractor Transocean Ltd. to stable from negative and affirmed all its ratings on the company, including the 'CCC+' Company credit rating. =========== T U R K E Y =========== SISECAM: Moody's Affirms 'B2' CFR, Outlook Remains Negative ----------------------------------------------------------- Moody's Ratings has affirmed Turkiye Sise ve Cam Fabrikalari A.S.'s (Sisecam) B2 long term corporate family rating, B2-PD probability of default rating, B2 backed senior unsecured notes issued by Turkiye Sise ve Cam Fabrikalari A.S. and B2 backed senior unsecured notes issued by Sisecam UK Plc. Concurrently, Moody's have assigned a B2 instrument rating to the proposed $500 million backed senior unsecured notes with a seven-year tenor to be issued by Sisecam UK Plc. The outlook on all entities remains negative. The rating is subject to the receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents that Moody's have reviewed. RATINGS RATIONALE Sisecam's ratings affirmation and negative outlook reflect Moody's expectations that the company will successfully complete the $500 million notes issuance to refinance the $700 million (outstanding $372 million) backed senior unsecured notes due in March 2026 and refinance short term debt. The B2 rating assigned to the proposed backed senior unsecured notes is at the same level as the existing $675 million and $825 million backed senior unsecured notes due in 2029 and 2032 respectively. The new notes will have broadly the same terms and conditions as the existing notes. Moody's views the proposed $500 million notes issuance as well as the $550 million credit facility agreed with the International Finance Corporation (IFC) raised in November 2025 as credit positive. Sisecam's liquidity will improve by extending debt maturities, reducing reliance on short-term debt and supporting financing capital expenditure projects. However, Sisecam's credit metrics remain weak, including leverage at 6.8x (measured as Moody's adjusted gross debt to EBITDA) and interest coverage (measured as Moody's adjusted EBITA to interest expense) at 0.6x for the last 12 months to September 2025. Sisecam continues to face a difficult operating environment, with weak demand since 2024, pricing pressure from low-cost imports and persistent inflation in Turkiye. These factors have constrained Sisecam's operating and financial performance during the past 18 to 24 months, although subsector trends are mixed. During the first nine months of 2025, profitability has improved in the architectural glass, industrial glass and glass packaging businesses with a mix of volume and price effect. Moody's expects market conditions to gradually improve from 2026, supported by easing inflation, more favorable energy prices and a better supply-demand balance across key segments. Internally, Sisecam has focused on cost optimization during 2025, reducing operating unit costs despite inflationary pressures. Cost control measures have helped stabilize Moody's adjusted EBITDA margins after a sharp decline in 2024 to 11.3% from c.25% a year before. Moody's expects EBITDA margins to improve toward 15% in 2026 supported by a moderation in energy costs and flexible capacity management, including temporary plant shutdowns for early cold repairs as well as introduction of new capacities with value added product focus. These actions demonstrate the company's ability to mitigate some of the pressures from a challenging external environment. Despite these improvements, Sisecam's credit metrics will remain weak, with Moody's adjusted leverage trending towards 5x and interest coverage below 1.5x through 2026, alongside negative free cash flow (FCF) until at least 2027. However, improved liquidity from recent financing initiatives and operational efficiencies partly offset these risks. Moody's expects the combination of cost controls, capacity flexibility and gradually improving market conditions to provide some support to credit quality over the medium term, even as structural challenges persist. Similar to other Turkish corporates, analyzing the financial metrics of Sisecam in the context of the hyperinflation environment in Turkiye presents significant challenges. The volatility in prices and input costs and the rapid devaluation of currency complicate the comparability of financial periods, making it difficult to draw strong conclusions from historical data. Moody's analysis focuses on key factors such as market dynamics, the company's cash flow generation capabilities, pricing power, sales volumes, product offerings and cash management. These elements are important, in Moody's views, in assessing the company's ability to navigate the current economic environment and maintain a healthy balance sheet. ESG CONSIDERATIONS Governance considerations were a key driver for this rating action. Sisecam's financial policy reflects a strong commitment to capital expenditure deployed for capacity expansion and to a lower degree shareholder distributions, which has resulted in negative FCF. Consequently Moody's have revised down the Financial Strategy and Risk Management risk factor to 4 from 3, the Governance Issuer Profile Score (IPS) to 4 from 3, and the Credit Impact Score (CIS) to 4 from 3. LIQUIDITY PROFILE Sisecam's liquidity is adequate although continues to rely on short term debt refinancing. The company's liquidity is supported by cash of TRY42.4 billion ($1.0 billion) and to a lesser extent by a Eurobond investment portfolio, time deposits and other financial assets with an aggregate book value of TRY2.7 billion ($64 million) as of September 30, 2025. Furthermore the company benefits from headroom under the EUR550 million facility with IFC, of which EUR296 million has been drawn. The new $500 million (c. TRY21.5 billion) backed senior unsecured bond issuance will strengthen Sisecam's liquidity profile and reduce refinancing risks. The company's cash balance, credit facilities and notes issuance help offset short term debt repayment needs of approximately TRY70 billion ($1.7 billion) during the next 12 months since September 2025. This represents 41% of Sisecam's total debt (calculated on a Moody's adjusted basis). Moody's expects Sisecam to generate operating cash flows of TRY17 billion and TRY21 billion in 2026 and 2027 respectively. This, along with its cash holdings and notes issuance, will help cover (1) short-term debt repayments of TRY15 billion and the current maturities of long term debt of TRY55 billion as of September 30, 2025; (2) estimated capital spending of TRY20 billion to TRY25 billion per annum, which Moody's believes has some flexibility to be reduced; and (3) dividend payments. STRUCTURAL CONSIDERATIONS Sisecam does not have any secured debt in its capital structure with the group utilising long-term bond and loans in combination with short-term debt. The senior unsecured notes due in 2029 and 2032 are rated in line with the company's CFR because Moody's rank the company's senior unsecured notes pari-passu with the other senior unsecured obligations. The proposed $500 million notes to be issued by Sisecam UK Plc. are senior unsecured obligations and will rank pari-passu with all other existing and future unsecured and unsubordinated debt obligations of the company. The terms and conditions of the $500 million notes are in line with the existing notes maturing in 2029 and 2032. The notes benefit from downstream guarantees from the parent company which represents more than 80% of the group's EBITDA. The guarantor package has the risk of reducing below 80% of the group's EBITDA once the US operations gradually ramp up by the end of 2028 at the earliest. OUTLOOK The negative outlook reflects Moody's expectations of a slow recovery of Sisecam's internal and external demand coupled with excess market capacity that will continue to add pressure on credit metrics. Additionally, the outlook takes into consideration Moody's expectations of negative free cash flow generation in 2026 and 2027 and weak credit metrics during the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade is unlikely given the negative outlook. Nevertheless, positive pressure on the ratings could arise if the company stabilizes its operating and financial performance and its liquidity profile significantly improves. Moody's would also expect (1) debt to EBITDA to remain below 3x, (2) EBITA interest coverage comfortably above 2.5x, and (3) positive free cash flow generation. Sisecam's ratings could be downgraded if its operating environment and financial performance deteriorate such that its liquidity profile weakens or debt to EBITDA exceeds 5x on a sustained basis. Additionally, the rating could be downgraded if EBITA interest coverage fails to improve above 1x. The principal methodology used in these ratings was Manufacturing published in September 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. CORPORATE PROFILE Founded in 1935, Turkiye Sise ve Cam Fabrikalari A.S. is a Turkish industrial manufacturer of glass products including flat glass (architectural glass and auto glass), glassware and packaging, as well as soda ash and chromium-based chemicals. The company operates in Eastern Europe, Western Europe, CIS, ME and the United States. Sisecam is 52% owned by Turkiye Is Bankasi A.S. (Isbank, Ba3 stable), 2% of shares are held by Sisecam itself and 46% listed on Borsa Istanbul. Sisecam reported consolidated revenues of TRY186 billion ($5.7 billion) and a company reported EBITDA of TRY13.9 billion ($0.4 billion) in 2024. =========================== U N I T E D K I N G D O M =========================== AZULE ENERGY: Moody's Rates New Senior Unsecured Notes 'B2' ----------------------------------------------------------- Moody's Ratings has assigned a B2 instrument rating to Azule Energy Holdings Limited (Azule Energy) proposed benchmark-sized backed senior unsecured notes to be issued by Azule Energy Finance Plc, a fully owned subsidiary of Azule Energy Holdings Limited. Azule Energy's existing ratings, including its B2 long term corporate family rating, B2-PD probability of default rating and the B2 instrument rating on its $1.2 billion backed senior unsecured notes due 2030 issued by Azule Energy Finance Plc remain unaffected. The outlook on both entities is stable. The rating is subject to the receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft documents that Moody's have reviewed. RATINGS RATIONALE The B2 rating assigned to the proposed backed senior unsecured notes is at the same level as the existing $1.2 billion backed senior unsecured notes issued by Azule Energy Finance Plc. The proposed notes will benefit from guarantees by Azule Energy Holdings Limited and certain of its subsidiaries. The proceeds will be used for general corporate purposes including being used for some of the repayments under the Pre-Export Finance (PXF) facility. The new notes will have broadly the same terms and conditions as the existing backed senior unsecured notes that are due in 2030. The proposed issuance size is expected to be around $1 billion. Azule Energy has demonstrated a strong operating performance in 2025, albeit trailing Moody's base case forecast from January 2025. The company's average net daily production has reduced to 203 kboepd in the first nine months of 2025 compared to 211 kboepd a year before. The realized oil price during the same period has also dropped to $69/boe from $81/boe. However, Moody's expects Azule Energy's average daily net production to increase above 225 kboepd (our base case assumption) in the next 12-18 months as it benefits from the successful production from the Agogo FPSO and ramp up in the New Gas Consortium (NGC). The proposed issuance will enhance Azule Energy's liquidity position but will weigh on its credit metrics temporarily as the company repays its PXF facility. Moody's expects Azule Energy's leverage (measured as Moody's adjusted debt to EBITDA and including lease liabilities) in 2026 to increase to 2.3x pro forma for the notes issuance from Moody's previous forecast of 2.0x. Additionally, interest coverage (measured as Moody's adjusted EBITDA to interest expense) will weaken to 5.4x from 6.3x. Nevertheless, Azule Energy's credit metrics are strongly positioned within the B2 rating category and compare positively to other similarly rated independent E&P peers. Azule Energy's B2 CFR is one notch above both Angola's B3 government bond rating and B3 foreign currency ceiling. Although the company's cash flow generating assets are in Angola, the company and its main operating subsidiaries are domiciled outside of Angola, with cash flows generated offshore in US dollars, held in offshore accounts and with limited foreign currency transfer and convertibility risk at this stage. Further, the rating reflects the credit positive consideration of Azule Energy's shareholders and long term offtake agreements with wholly owned subsidiaries of BP p.l.c. (A1 Stable) and Eni S.p.A. (A3 Stable). These considerations along with Azule Energy's Brent-like price realizations, good liquidity, relatively low operating costs and high profitability levels, and supportive oil and gas industry regulations in Angola support the rating differentiation between Azule Energy and the sovereign. Azule Energy's strong cash flow generation, robust credit metrics and sizeable daily production suggests a fundamentally stronger credit profile than what the B2 CFR suggests. However, the rating is constrained by significant credit linkages to Angola, as the company's cash flow generating assets are located there, exposing it to the domestic political, legal, fiscal, and regulatory environment. The company is also exposed to the oil and gas price volatility, non-operatorship in approximately two-thirds of its producing assets which reduces control over certain operations (although in turn this is mitigated by the presence of highly experienced and reputable international oil and gas operators), a relatively low proven and developed (1PD) reserves life of three to four years based on 2024 production volumes, despite an adequate 1P reserves life of almost eight years, and large shareholder distributions since the creation of the combined business in 2022. STRUCTURAL CONSIDERATIONS Azule Energy's capital structure consists of a $2.3 billion senior secured PXF facility (as of September 2025), a $600 million revolving credit facility, the existing $1.2 billion backed senior unsecured notes and the proposed benchmark-sized backed senior unsecured notes. The PXF facility, with mandatory payments that started in September 2025 and due in 2029 is secured against a proportion of the PXF designated oil producing blocks 15/06, 17 and 31. The B2 rating on the existing notes and the proposed new notes is in line with the CFR. This reflects the relatively low proportion of oil production secured towards the PXF facility which has a collateral package comprising of production export contracts. Under a 200 kboepd oil production assumption, Moody's estimates that at least 70% of Azule Energy's total quarterly production (depending on year and production level) would be available for debt servicing borrowings other than the PXF facility. Nevertheless, the secured nature of the PXF facility leads to higher recovery rates compared to the existing and proposed senior unsecured notes. OUTLOOK The stable outlook is aligned with Angola's outlook and accounts for a continued successful reserve replacement in the existing operated and non-operated blocks. The stable outlook also reflects Moody's expectations that Azule Energy will conservatively manage its balance sheet to sustain solid credit metrics and liquidity that help withstand the expected dividend distributions and high investment requirements over the next 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING In the absence of an upgrade of the Government of Angola's rating, an upgrade of Azule Energy's ratings is unlikely given its significant exposure to the country. Subject to an upgrade of the sovereign rating, an upgrade would require Azule Energy to generate consistent positive free cash flow (FCF), maintain its retained cash flow (RCF)/debt ratio above 30%, and sustain a good liquidity position. A downgrade of the Government of Angola's rating would lead to a downgrade of Azule Energy's ratings. Similarly, a tightening in the existing foreign currency regulation for the oil and gas industry such that Azule Energy's dollar operating model is affected would result in downward rating pressure. Negative pressure on the ratings would also develop if the company's RCF/debt ratio falls below 20%, liquidity deteriorates or the company's average daily production levels and reserve life reduces materially from current levels. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Independent Exploration and Production published in December 2022. CORPORATE PROFILE Azule Energy is a UK-based independent oil and gas exploration and production company with operating assets in Angola. It produced on average 212 kboepd during 2024, and 206 kboepd as of LTM September 2025, generating revenue of $4.7 billion and $3.9 billion respectively. The company, including Angola LNG Marketing LTD (ALNG), holds net 1P and 2P reserves of 600.5 million barrels of oil equivalent (MMboe) and 841.9 MMboe respectively as of December 2024. Azule Energy was created in August 2022 as a 50% - 50% combination of BP and Eni's existing oil and gas businesses in Angola. The company currently operates three offshore producing blocks and has producing interests in five other offshore blocks as well as 27.2% stake in ALNG. GREAT CLOTHES: CB Business Recovery Named as Administrator ---------------------------------------------------------- Great Clothes Limited, trading as Big Boys, was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Leeds, Court No. CR-2026-LDS-000032, and Christopher Brooksbank of CB Business Recovery Ltd was appointed as administrator on Jan. 12, 2026. Great Clothes Limited is a clothing retailer. The Company's registered office and principal trading address is at 82 York Road, Leeds, England, LS9 9AA. The administrator can be reached at: Christopher Brooksbank CB Business Recovery Ltd Ground Floor Offices, Riverside Mills Saddleworth Road, Elland, West Yorkshire, HX5 0RY For further details, contact: Mark Barlow Email: mark@cb-br.co.uk Tel: 01422 485690 GREENWICH BIDCO: EUR50MM Loan Add-on No Impact on Moody's 'B2' CFR ------------------------------------------------------------------ Moody's Ratings said that the proposed EUR50 million add-on to the senior secured term loan B (TLB) due March 2032, issued by Greenwich BidCo Limited (Kantar Media, Greenwich BidCo, or the company) does not affect the existing ratings. These include Greenwich BidCo's B2 long-term corporate family rating, and probability of default at B2-PD, as well as the B2 rating of the senior secured revolving credit facility (RCF). The stable outlook is unaffected. Proceeds will be used to increase cash on the balance sheet, for general corporate purposes and for possible M&A activity. RATINGS RATIONALE Kantar Media's B2 CFR reflects the company's (1) leading position as a global audience measurement provider; (2) generally resilient performance through the cycle because of the importance of independent and reliable data to the advertising, broadcasting and publishing industries; (3) solid reputation for building and maintaining consumer panels that are its primary source of data collection and provide certain barriers to entry; and (4) a degree of geographical diversification. Less positively, the CFR is constrained by the company's (1) modest scale (2) exposure to the secularly challenged linear TV sector; (3) degree of customer concentration risk; and (4) moderately high leverage projected at 5.2x on a Moody's adjusted basis for LTM Q3 2025 pro forma for the EUR50 million TLB add-on. The company has indicated that its performance has been slightly better than expected in the H1 2025. Therefore, it has revised its forecast company-reported EBITDA (pre-exceptionals) for 2025 to $143 million, $5 million higher than the company previously expected. The positive momentum reflects the company's forecast growth in revenue of more than 7% for the full year 2025 (in constant currency terms) and slightly lower than previously expected remediation costs (for which Moody's do not adjust), year to date. Moody's have therefore revised Moody's forecasts Moody's adjusted debt/EBITDA to 5.4x for 2025 from Moody's previous expectation of 5.8x when the initial ratings were first assigned in March 2025. However, Moody's expects some of the exceptional costs (separation and remediation costs) that have not yet been expensed in 2025 will occur in 2026. Additionally, any acquisitions executed this year may slow the rapid deleveraging Moody's had initially forecasted for 2026. Nonetheless Moody's expects the company to maintain credit metrics in line with its B2 rating position. LIQUIDITY The company's near term liquidity position will be bolstered with the proposed EUR50 million add-on. However Moody's expects the company may use the additional funds to make acquisitions or increase its investment in technology. The company's liquidity position remains adequate. It reported cash balances of $60 million at close of the sale in August 2025, by way of overfunding and access to a fully undrawn EUR119 million RCF. Moody's expects the company to achieve moderate positive Moody's adjusted free cash flow (FCF) in 2026. STRUCTURAL CONSIDERATIONS The rating of the increased EUR610 million TLB due 2032 and the EUR119 million RCF is in line with the B2 CFR because all financial instruments that form the company's capital structure rank pari passu. RATING OUTLOOK The stable outlook reflects Moody's expectations that Kantar Media's solid operating performance will continue over the next 12-18 months, driven by continued demand for its services and renewal of key customer contracts. Moody's also assumes that the separation from Kantar Global Holdings S.a r.l. will not result in unexpected costs or disruption. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade is unlikely over the next 12-18 months. However, the rating could be upgraded over time if Kantar Media demonstrates steady revenue and EBITDA growth; its gross leverage (Moody's adjusted debt/EBITDA) decreases sustainably and remains below 4.5x, and the company's Moody's-adjusted FCF/debt improves towards 10%. Downward pressure on the ratings could result if Kantar Media's revenue and EBITDA fail to grow; its gross leverage (Moody's-adjusted gross debt/EBITDA) increases towards 6.0x on a sustained basis; or its FCF remains materially negative in 2026. There would also be downward rating pressure if the company's liquidity were to significantly deteriorate. COMPANY PROFILE Kantar Media is a global leader in media measurement, analytics, data, and insights. It provides comprehensive solutions for audience measurement, advertising effectiveness, and media planning and validation, with cross-media coverage with a focus on video across various platforms, including linear, streaming and connected TV. With a presence in over 60 markets, of which 26 hold primary currency status, Kantar Media helps brands, agencies, and media owners understand and optimize their media strategies. Kantar Media is wholly owned by H.I.G. Capital. JHOOTS CHEMIST: FRP Advisory Appointed as Administrators -------------------------------------------------------- Jhoots Chemist Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-009100, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. Jhoots Chemist Limited specialized in dispensing chemist in specialised stores. Its registered office is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE. The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU For further details, contact: The Joint Administrators Alternative contact: Alex Williams Tel: 020 3005 4000 Email: cp.london@frpadvisory.com JHOOTS PHARMACY: FRP Advisory Appointed as Administrators --------------------------------------------------------- Jhoots Pharmacy Limited was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-009110, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. Jhoots Pharmacy Limited specialized in dispensing chemist in specialised stores. Its registered office is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE. The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU For further details, contact: The Joint Administrators Alternative contact: Alex Williams Tel: 020 3005 4000 Email: cp.london@frpadvisory.com LP SD EIGHTEEN: FRP Advisory Appointed as Administrators -------------------------------------------------------- LP SD Eighteen Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-009106, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. LP SD Eighteen Limited is a dispensing chemist in specialised stores. The Company's registered office and principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, at Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU For further details, contact: The Joint Administrators Alternative contact: Alex Williams Email: cp.london@frpadvisory.com Tel: 020 3005 4000 LP SD NINETEEN: FRP Advisory Appointed as Administrators -------------------------------------------------------- LP SD Nineteen Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-009102, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. LP SD Nineteen Limited is a dispensing chemist in specialised stores. The Company's registered office and principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, at Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU For further details, contact: The Joint Administrators Alternative contact: Alex Williams Email: cp.london@frpadvisory.com Tel: 020 3005 4000 LP SD SEVENTEEN: FRP Advisory Appointed as Administrators --------------------------------------------------------- LP SD Seventeen Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-009107, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. LP SD Seventeen Limited is a dispensing chemist in specialised stores. The Company's registered office and principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, at Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU For further details, contact: The Joint Administrators Alternative contact: Alex Williams Email: cp.london@frpadvisory.com Tel: 020 3005 4000 LP SD SIXTEEN: FRP Advisory Appointed as Administrators ------------------------------------------------------- LP SD Sixteen Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-009108, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. LP SD Sixteen Limited is a dispensing chemist in specialised stores. The Company's registered office and principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, at Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU For further details, contact: The Joint Administrators Alternative contact: Alex Williams Email: cp.london@frpadvisory.com Tel: 020 3005 4000 LP SD TWENTY: FRP Advisory Appointed as Administrators ------------------------------------------------------ LP SD Twenty Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-009101, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. Lp SD Twenty Limited is a dispensing chemist in specialised stores. IThe Company's registered office and principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, at Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU For further details, contact: The Joint Administrators Alternative contact: Alex Williams Email: cp.london@frpadvisory.com Tel: 020 3005 4000 VERSARIEN PLC: Leonard Curtis Named as Administrators ----------------------------------------------------- Versarien plc was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Court No. CR‑2025‑008622, and Andrew Knowles and Andrew Poxon of Leonard Curtis were appointed as joint administrators on Jan. 6, 2026. Versarien plc specialized in manufacturing and engineering design activities for industrial process and production. Its registered office is c/o Total Carbide Ltd, Hangar 3 Westcott Venture Park, Westcott, Aylesbury, Buckinghamshire, HP18 0XB. The joint administrators can be reached at: Andrew Knowles Andrew Poxon Leonard Curtis Riverside House Irwell Street Manchester, M3 5EN For further details, contact: Alternative contact: Joe Thompson Email: recovery@leonardcurtis.co.uk Tel: 0161 831 9999 =============== X X X X X X X X =============== [] BOOK REVIEW: Bendix-Martin Marietta Takeover War --------------------------------------------------- MERGER: The Exclusive Inside Story of the Bendix-Martin Marietta Takeover War Author: Peter F. Hartz Publisher: Beard Books Soft cover: 418 pages List Price: $34.95 Review by Gail Owens Hoelscher http://www.beardbooks.com/beardbooks/merger.html William Agee, the youngest man ever to head one of the top 100 American corporations, seemed unstoppable. In 1977, at the age of 39, he took over Bendix Corporation, an aerospace, automotive, and industrial firm, determined to diversify the company out of the automotive industry. In his words, "Automobile brakes are in the winter of their life and so is the entire automobile industry." He sold off a few Bendix units, got some cash together, and began to look for acquisitions. Then Agee's relationship with Mary Cunningham burst into the news. Agee had promoted Cunningham from his executive assistant to vice president, to the outrage of other Bendix employees. Their affair, replete with power, brains, youth, good looks, charm, denial, and deceit, fascinated the American public. Cunningham was forced to leave Bendix to work for Seagrams, with the entire country wondering just how well she would do. The two divorced their respective spouses and married soon thereafter. To the chagrin of many, Cunningham continued to play a pivotal role in Bendix affairs. Eager to regain his standing, Agee turned to acquisition as soon as the gossip died down. A failed attempt to acquire RCA left him more determined than ever. He then set his sights on Martin-Marietta, an undervalued gem in the 1982 stock market slump. Thus began an all-out war of tenders and countertenders, egoism and conceit, half-truths and dissimulation, and sudden alliances and last-minute court decisions. This is a very exciting account of the war's scuffles, skirmishes, and battles. The author, son of a long-time Bendix director, was able to interview some of the major participants who most likely would have refused the requests of other authors. Some gave him access to personal notes from the various proceedings. The author thoroughly researched the documents involved in the takeover war, as well as news reports and press releases. He explains the complicated legal maneuverings very clearly, all the while keeping the reader entertained with the personal lives and thoughts of the players. People love this book. The New York Times Book Review said "Aggression and treachery, hairbreadth escapes and last-minute reversals, "white knights" and "shark repellants" -- all of these and more can be found in the true-life adventure of the Bendix-Martin Marietta merger war." The Wall Street Journal said "Merger brims with tension, authentic-sounding dialogue and insider detail." Peter F. Hartz was born in Toronto, Canada, in 1953, and moved to the U.S. as a child. He holds degrees from Colgate University and Brown University. He lives in Toluca Lake, California. ********* 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. 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