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260121.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 Wednesday, January 21, 2026, Vol. 27, No. 15 Headlines I R E L A N D CAPITAL FOUR II: Moody's Affirms B3 Rating on EUR8.8MM Cl. F Notes I T A L Y MV24 CAPITAL: S&P Withdraws 'BB+' Rating on Senior Secured Notes L U X E M B O U R G ODYSSEY EUROPE: Moody's Withdraws 'Caa1' CFR on Debt Repayment ZACAPA SARL: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable U N I T E D K I N G D O M ARTHUR MIDCO: S&P Lowers LT ICR to 'B-' on Sustained High Leverage C.F. BOOTH: Interpath Advisory Appointed as Administrators CORROTHERM INT'L: Begbies Traynor Appointed as Administrators CRESSBROOK INVESTMENTS: BDO LLP Appointed as Administrators ELLIS NOBLE: FRP Advisory Appointed as Administrators G.NETWORK COMMUNICATIONS: Alvarez & Marsal Named Administrators MERCURY FUNDING: Teneo Financial Appointed as Receivers X X X X X X X X [] Marc Hecht Joins Willkie's Restructuring Practice in London - - - - - ============= I R E L A N D ============= CAPITAL FOUR II: Moody's Affirms B3 Rating on EUR8.8MM Cl. F Notes ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by Capital Four CLO II DAC: EUR22,300,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aaa (sf); previously on Mar 10, 2025 Upgraded to Aa1 (sf) EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aaa (sf); previously on Mar 10, 2025 Upgraded to Aa1 (sf) EUR23,600,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to Aa3 (sf); previously on Mar 10, 2025 Upgraded to A1 (sf) EUR24,500,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to Baa2 (sf); previously on Mar 10, 2025 Affirmed Baa3 (sf) Moody's have also affirmed the ratings on the following notes: EUR217,000,000 (Current outstanding balance EUR198,758,471) Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Mar 10, 2025 Affirmed Aaa (sf) EUR20,100,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Mar 10, 2025 Affirmed Ba3 (sf) EUR8,800,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Mar 10, 2025 Affirmed B3 (sf) Capital Four CLO II DAC, issued in January 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Capital Four CLO Management K/S ("Capital Four Management"). The transaction's reinvestment period ended in January 2025. RATINGS RATIONALE The rating upgrades on the Class B-1, B-2, C and D notes are primarily a result of the deleveraging of the Class A notes following amortisation of the underlying portfolio since the last rating action in March 2025. The affirmations on the ratings on the Class A, E and F notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A notes have paid down by approximately EUR18.2 million (8.4%) in the last 12 months. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated November 2025[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 144.2%, 130.7%, 119.1% and 111.1% compared to February 2025[2] levels of 141.1%, 128.8%, 118.1% and 110.6%, respectively. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR329.7m Defaulted Securities: EUR3.1m Diversity Score: 50 Weighted Average Rating Factor (WARF): 3053 Weighted Average Life (WAL): 3.86 years Weighted Average Spread (WAS): 3.66% Weighted Average Coupon (WAC): 3.48% Weighted Average Recovery Rate (WARR): 43.55% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as the account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. ========= I T A L Y ========= MV24 CAPITAL: S&P Withdraws 'BB+' Rating on Senior Secured Notes ---------------------------------------------------------------- S&P Global Ratings withdrew its 'BB+' issue-level rating on MV24 Capital B.V.'s (MV24) senior secured notes at the issuer's request. The outlook was negative at the time of the withdrawal. S&P also withdrew its '2' (95%) recovery rating on MV24's senior secured debt. =================== L U X E M B O U R G =================== ODYSSEY EUROPE: Moody's Withdraws 'Caa1' CFR on Debt Repayment -------------------------------------------------------------- Moody's Ratings has withdrawn all the ratings of Odyssey Europe Holdco S.à.r.l.'s (Olympic or the company) including the company's Caa1 long term corporate family rating and the Caa1-PD probability of default rating. Prior to the withdrawal, the outlook was negative. The rating action follows the full repayment of its rated backed senior secured notes on December 18, 2025. RATINGS RATIONALE Moody's have withdrawn the ratings because the company's notes previously rated by us have been fully repaid. COMPANY PROFILE Olympic is a European gaming group with leading positions in the Baltic region, Estonia, Latvia and Lithuania, and operations in Croatia and to a lesser extent in Italy, Spain and France. The company had a total of 130 casinos as of the end of March 2025 (24 in Estonia, 35 in Latvia, 10 in Lithuania and 61 in Croatia). In addition to land-based activities, the group operates an online platform under the brand Olybet. In 2024, Olympic reported EUR230 million of revenue and EUR45 million of company-adjusted EBITDA (non-IFRS 16 basis). Olympic is managed by Treo Capital Advisors since December 2022. ZACAPA SARL: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Zacapa S.a.r.l. and its 'B' issue rating on its term loan and revolving credit facilities (RCFs). The recovery rating is unchanged at '3', reflecting its expectation of about 65% recovery (rounded estimate, revised upward from 60%) in the event of a default. S&P said, "The stable outlook reflects our expectation that Zacapa will maintain good profitability, and demonstrate solid revenue growth over 2026-2027, thanks to expanding infrastructure needs and demand in Latin America, deleveraging to below 6.0x, funds from operations (FFO) to debt above 5%, and EBITDA cash interest coverage comfortably above 2.5x in 2026. The stable outlook also reflects continued negative, albeit improving, free operating cash flow (FOCF) as the company continues to expand. "Following the update of our sector-specific criteria, we now classify Zacapa S.a.r.l., parent of Ufinet, as a digital infrastructure company. The reclassification and our view of Zacapa's business risk assessment is supported by its large fiber network across Latin America and the company's wholesale business model. "In recognition of Zacapa's strengths in the business model, we have loosened our debt to EBITDA and EBITDA cash interest coverage ratings thresholds. "Zacapa's solid profitability, visibility over revenue, and strong track record of budget execution underpin our expectation of improving financial performance while the company continues to grow, and we anticipate no large debt-funded acquisitions in the medium term, leading us to foresee some headroom within the rating thresholds in the coming years. "We view Zacapa's extensive fiber optic network across Latin America and its wholesale focus as business strengths, and have reclassified Zacapa as a digital infrastructure company. Our reclassification for digital infrastructure aligns with our updated corporate issuer sector-specific criteria published on July 7, 2025 and does not impact our current issuer credit or issue ratings on Zacapa. The classification and our view on the business risk is supported by Zacapa's large fiber network across Latin America and the company's wholesale business model whereby it provides internet service providers (ISPs) and operators (global, regional, and local) with both lit fiber (wavelength, ethernet, and IP transit) and dark fiber (including rights of way). In addition to ISPs and operators, Zacapa's customers include enterprises (including OTTs), hyperscalers, and governments. A smaller portion of revenue is generated through the company's data centers, offering cloud and colocation services. Our view of Zacapa as a digital infrastructure company and its business risk is also supported by the mid to long-term nature of contracts leading to good revenue visibility for the company. "The affirmation reflects our expectation of solid operational and financial performance, with continued high revenue growth, driven by expanding infrastructure needs in Zacapa's markets, and stable profitability margins. We estimate revenue increased by about 13%-14% in 2025, stemming from supportive commercial activity as well as contributions from bolt-on acquisitions. We forecast organic growth of about 9% in 2026, underpinned by continued investment in transmission service capacity and structural trends such as rising business and consumer data demand, increasing broadband penetration, and legacy technology upgrades in Latin America. We anticipate growth across most of Zacapa's markets with the largest contributions from Colombia, Brazil, and Chile. Contributions from further bolt-on M&A could accelerate topline growth of up to 11%-12%. We expect solid profitability, with S&P Global Ratings-adjusted EBITDA margins of approximately 53%-54% in 2025-2026. "We estimate S&P Global Ratings-adjusted debt to EBITDA was 6.0x in 2025, leaving some headroom to our revised downside threshold of 6.5x. Persistent high leverage reflects larger-than-expected investments in capacity expansion and bolt-on acquisitions, partly financed through additional debt, including three term loan B add-ons totaling $280 million in 2025. While leverage is expected to remain high in 2026 due to our forecast of negative FOCF continuing to weigh on leverage ratios, we forecast a deleveraging to 5.5x, and further toward 5.0x in 2027, supported by topline growth. We also acknowledge management's strong track record of budget execution, and good visibility over revenue generation. "We expect the company's investment strategy over the coming years will further support revenue and EBITDA growth while continuing to supress FOCF. We expect Zacapa's FOCF to remain negative over the coming years as the company continues to grow and expansion capital expenditure (capex) remains high. While this high capex will limit cash flow conversion in 2026-2027, with continued negative FOCF, it remains compatible with the current rating, provided revenue growth remains healthy, and liquidity does not weaken. We note that the company's maintenance capex needs are relatively low and that about 95% of capex is contract backed. We anticipate FOCF to gradually improve in 2026-2027, as EBITDA growth will absorb more of the company's capex. "The stable outlook on Zacapa reflects our view that the company will maintain good profitability, with EBITDA margins exceeding 50%, and demonstrate solid revenue growth over 2026-2027, thanks to expanding infrastructure needs in Latin America, combined with increasing bandwidth demand from companies and telecommunications carriers. We forecast deleveraging to S&P Global Ratings-adjusted debt to EBITDA of about 5.5x and EBITDA interest coverage comfortably above 2.5x in 2026. The stable outlook also reflects continued negative, albeit improving, FOCF as the company continues to expand." S&P could downgrade Zacapa if: -- Adjusted leverage increases beyond 6.5x, for example, as a result of increased competition and pressure on pricing not offset by volume growth; materially slower revenue and EBITDA growth compared with our base case; or more intensive development capex, acquisitions, or dividend distributions funded by new debt; -- FFO to debt approaches 5%; -- FOCF stays significantly negative, absent healthy revenue growth, and liquidity weakens; or -- EBITDA cash interest coverage weakens to below 2.0x. S&P could raise the rating if adjusted leverage decreases to less than 5.0x and FFO to debt increases above 12%, and it believes the company is committed to maintaining metrics in line with these levels on a sustained basis. =========================== U N I T E D K I N G D O M =========================== ARTHUR MIDCO: S&P Lowers LT ICR to 'B-' on Sustained High Leverage ------------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit and debt ratings on U.K.-headquartered Arthur Midco Ltd. (A-Gas) to 'B-' from 'B'. The recovery rating on the $520 million term loan B (TLB) remains at '3', reflecting its expectation of meaningful (about 60%) recovery prospects in the event of a payment default. S&P said, "The stable outlook reflects our base-case expectation that A-Gas' adjusted debt to EBITDA will recover toward 6.0x in 2026 while FOCF will turn positive. The outlook also factors in our expectation that, given the seasonal nature of the business, the company will successfully manage its liquidity, which we expect to remain adequate in the first half of 2026 and improve in the second half as working capital needs are met. "We anticipate that the persistent surplus of hydrofluorocarbon (HFC) gases in the U.S., which led to weaker-than-expected prices in 2025, will weigh on A-Gas' credit metrics. "Consequently, we estimate that A-Gas' S&P Global Ratings-adjusted debt to EBITDA remained elevated at about 7.0x at year-end 2025, above the 5.0x-6.0x range we consider commensurate with a 'B' rating. We also forecast that A-Gas generated negative free operating cash flow (FOCF), resulting in a lower cash buffer than in 2024. "We estimate that A-Gas' adjusted debt to EBITDA remained elevated at year-end 2025 at about 7.0x. This is higher than the 5.0x-6.0x that we view as commensurate with a 'B' rating. Our estimate reflects lower HFC prices in 2025 due to the persistent surplus in the key U.S. market (accounting for roughly 50% of A-Gas' 2024 revenue) as a result of stockpiling ahead of the 2024 quota stepdown. Demand remains resilient, with the majority of A-Gas' revenue stemming from servicing of installed residential and commercial equipment. However, the stockpiling of HFC gases by virgin HFC producers ahead of the 30% quota stepdown in 2024 led to oversupply conditions and pricing pressure, which persisted in the first half of 2025. Consequently, we forecast that A-Gas will report about 20% lower revenue in the Americas for 2025 as a result of weaker sales volumes and prices. "Partly offsetting this, we expect that demand in the European and Asia-Pacific markets remained robust, with total revenue growing by 5%-10% for the full year 2025. In addition, we anticipate that cost-saving initiatives--including a headcount reduction in late 2024 and control over discretionary spending--will help mitigate the effect of lower revenue. As a result, we expect EBITDA will grow to $75 million-$80 million in 2025 from $60 million in 2024, corresponding to adjusted debt to EBITDA of about 7.0x. We do not deduct cash from debt in our calculation, owing to A-Gas' private-equity ownership, and we adjust debt for items like lease liabilities. "We expect adjusted leverage to moderate to about 6.0x in 2026. We base this ratio on our estimate of adjusted EBITDA improving to $90 million-$95 million in 2026. This is due to the normalization of inventory levels across the value chain as the industry works through excess supply. Specifically, the U.S. environmental protection agency's (EPA) 2024 report showed a material reduction in HFC end-of-year inventory to about 115,000 metric tons (mt) in 2024, from about 142,000 mt in 2023. In our view, this reduction in inventory levels should have supported gradually higher HFC prices from the second half of 2025 onward and underpins our 2026 EBITDA growth assumptions. In addition, state-based legislation in the U.S. (notably in California and New York) is expected to further support demand for reclaimed products, in our view. "We forecast A-Gas will generate moderately positive FOCF in 2026, but liquidity could come under pressure in the first half of the year due to the seasonal nature of the business. According to our base case of negative FOCF of about $30 million in 2025, we estimate that the company ended the year with liquidity of $20 million-$25 million. While we expect cash generation to turn positive in 2026 and consider the existing liquidity levels sufficient vis-à-vis the minimum cash levels required for operational purposes (estimated at about $10 million), we note that the business is seasonal in nature. Specifically, demand and sales peak during the summer period in the Northern hemisphere, while inventory builds up during the first and second quarters. "We therefore estimate that A-Gas will have peak working capital-related cash outflows in the first half of 2026, but maintain its adequate liquidity levels during that period. At the same time, we estimate that lower capital expenditure (capex; at about 5% of sales in 2025 and 2026, compared with 7% in previous years) will support cash preservation as the group's investment cycle in new separation capacity and fleet is completed. "The stable outlook reflects our base-case expectation that A-Gas' adjusted debt to EBITDA will recover toward 6.0x in 2026, while FOCF will turn positive. The outlook also factors in our expectation that, given the seasonal nature of the business, the company will successfully manage its liquidity, which we expect will remain adequate in the first half of 2026 and improve in the second half as working capital needs are met." S&P could lower the ratings if: -- Liquidity eroded, for example due to negative FOCF generation or more pronounced working capital swings; or -- The capital structure became unsustainable, for example if A-Gas and its sponsors adopted a more aggressive strategy on leverage or shareholder returns. S&P could raise its ratings on A-Gas if it sustainably reduced its debt-to-EBITDA ratio below 6.0x while improving EBITDA interest coverage to about 2.0x and maintaining positive FOCF. C.F. BOOTH: Interpath Advisory Appointed as Administrators ---------------------------------------------------------- C.F. Booth Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Court No. CR‑2026‑MAN‑000066, and James Ronald Alexander Lumb and Howard Smith of Interpath Advisory were appointed as joint administrators on January 16, 2026. C.F. Booth Limited specialized in metals recycling. Its registered office is c/o Interpath Advisory, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP. Its principal trading address is Clarence Metal Works, Armer St, Rotherham, S60 1AF. The joint administrators can be reached at: James Ronald Alexander Lumb Howard Smith Interpath Advisory 4th Floor, Tailors Corner Thirsk Row Leeds, LS1 4DP For further details, contact: Becca Sargeant Email: Becca.sargeant@interpath.com CORROTHERM INT'L: Begbies Traynor Appointed as Administrators ------------------------------------------------------------- Corrotherm International Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Court No. CR‑2025‑009119, and Simon Lowes and Julie Anne Palmer of Begbies Traynor (Central) LLP were appointed as joint administrators on January 13, 2026. Corrotherm International Ltd specialized in the wholesale of metals and metal ores. Its registered office is c/o Begbies Traynor (Central) LLP, 2nd Floor Endeavour House, 3 Meridians Cross, Ocean Way, Southampton, SO14 3TJ. The joint administrators can be reached at: Simon Lowes Julie Anne Palmer Begbies Traynor (Central) LLP 2nd Floor, Endeavour House Ocean Way, Southampton, SO14 3TJ For further details contact: Robert May Tel: 023 8021 9820 Email: robert.may@btguk.com CRESSBROOK INVESTMENTS: BDO LLP Appointed as Administrators ----------------------------------------------------------- Cressbrook Investments Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Birmingham, Insolvency and Companies List (ChD), Court No. CR-2026-BHM-000009, and Lee Causer and Benjamin Peterson of BDO LLP were appointed as joint administrators on Jan. 13, 2026 Cressbrook Investments Limited specialized in the letting and operating of own or leased real estate. Its registered office is c/o C.W. Sellors (Gold And Silversmiths) Limited, King Street, Ashbourne, Derbyshire, DE6 1EA (to be changed to C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH). Its principal trading address is C/O C.W. Sellors (Gold And Silversmiths) Limited, King Street, Ashbourne, Derbyshire, DE6 1EA. The joint administrators can be reached at: Lee Causer BDO LLP Two Snowhill Snow Hill Queensway Birmingham, B4 6GA Benjamin Peterson BDO LLP Water Court, Ground Floor, Suite B 116-118 Canal Street, Nottingham, NG1 7HF For further details contact: Tel No: +44 (0)744 2798412 Email: BRCMTNorthandScotland@bdo.co.uk ELLIS NOBLE: FRP Advisory Appointed as Administrators ----------------------------------------------------- Ellis Noble Leisure Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Leeds, Court No. CR-2026-LDS-00037, and Martyn James Pullin and Gary Hargreaves of FRP Advisory Trading Limited were appointed as joint administrators on Jan. 13, 2026. Ellis Noble Leisure Limited specialized in public house/bar operations. Its registered office is Units 8-9 Welbury Way, Aycliffe Business Park, Newton Aycliffe, DL5 6ZE (to be changed to 1st Floor, 34 Falcon Court, Preston Farm Business Park, Stockton On Tees, TS18 3TX). Its principal trading address is 5 Dickson Rd, Blackpool, FY1 2AX. The joint administrators can be reached at: Martyn James Pullin Gary Hargreaves FRP Advisory Trading Limited 1st Floor, 34 Falcon Court Preston Farm Business Park Stockton On Tees, TS18 3TX For further details contact: Robyn Coulter Tel: 01642 917555 Email: Roby.Coulter@frpadvisory.com G.NETWORK COMMUNICATIONS: Alvarez & Marsal Named Administrators --------------------------------------------------------------- G.Network Communications Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Court No. CR‑2026‑000171, and Richard Beard and Robert Croxen of Alvarez & Marsal Europe LLP were appointed as joint administrators on January 12, 2026. G.Network Communications Limited specialized in wired telecommunications activities. Its registered office and principal trading address is First Floor, 69 Wilson Street, London, EC2A 2BB. The joint administrators can be reached at: Richard Beard Robert Croxen Alvarez & Marsal Europe LLP Suite 3, Avery House 69 North Street Brighton, BN41 1DH For further details contact: Danny Wallace Tel: +44 (0) 20 7715 5223 Email: INS_GNETCL@alvarezandmarsal.com MERCURY FUNDING: Teneo Financial Appointed as Receivers ------------------------------------------------------- Mercury Funding Limited was placed into administration proceedings in the High Court of Justice, and Daniel Francis Butters and David Philip Soden of Teneo Financial Advisory Limited were appointed as joint administrative receivers on January 13, 2026. Mercury Funding Limited engaged in financial intermediation. Its registered office is c/o Tmf Group, 13th Floor, One Angel Court, London, EC2R 7HJ. The joint administrators can be reached at: Daniel Francis Butters David Philip Soden Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT For further details, contact the administrators directly via the office of Teneo Financial Advisory Limited. =============== X X X X X X X X =============== [] Marc Hecht Joins Willkie's Restructuring Practice in London -------------------------------------------------------------- Willkie Farr & Gallagher LLP announced that Marc Hecht has joined as a partner in the Restructuring Department, based in the Firm's London office. Willkie Chairman Matthew Feldman commented: "We are delighted to welcome Marc to Willkie. His commercial mindset and deep experience advising on complex restructurings across Europe and internationally make him a terrific addition to our team." Mr. Hecht has more than a decade of experience advising on financial stress, distress, restructuring and insolvency matters for varied stakeholders, including creditor groups, capital and liquidity solution providers, secondary investors, par lenders, sponsors and portfolio companies. He has guided clients through some of the largest and most complex European and cross-border restructurings across numerous industries in recent years. Mr. Hecht joins from Simpson Thacher. "The expansion of our team across Europe represents the next step in the continued growth of Willkie's global restructuring platform, which has been at the forefront of many of Europe's most significant and sophisticated restructuring matters," said Simon Baskerville, a London partner and Co-Chair of the European Restructuring Group. European Restructuring Group Co-Chair and London partner Graham Lane added: "As the Firm continues to expand its capabilities across key markets, our robust team will play an important role in strengthening our offering to clients globally." Mr. Hecht commented: "I'm excited to join Willkie's growing global restructuring platform, and to work with the talented colleagues across the Firm. Willkie's strengths in cross-border and cross-disciplinary restructuring matters align well with my practice, and I look forward to building on the firm's leading reputation in this space." Willkie's Restructuring Department is a global practice comprised with market-leading capabilities in all aspects of business and financial restructurings and insolvency matters. It represents a broad spectrum of clients in the U.S., U.K., France, Germany and other key European jurisdictions. Willkie Farr & Gallagher LLP -- http://www.willkie.com-- provides legal solutions on complex, business critical issues spanning markets and industries. Its approximately 1,300 attorneys across 16 offices worldwide deliver legal services across approximately 45 practice areas. ********* 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. 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