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260814.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, August 14, 2026, Vol. 27, No. 162 Headlines B U L G A R I A TOPLOFIKATSIYA SOFIA: Debt Pushing Gas Supplier Toward Insolvency G E R M A N Y HELIOSPECTRA AB: Gothenburg Dist. Court OKs Bankruptcy Application KARL MAYER: Files for Insolvency, 110 Jobs at Risk SONO MOTORS: Initiates Insolvency Proceedings; Seeks Buyer I R E L A N D BRIDGEPOINT CLO XI: S&P Assigns B- (sf) Rating to Class F Notes DRYDEN 73 2018: S&P Lowers Class E Notes Rating to 'B (sf)' N E T H E R L A N D S ACCELL GROUP: Declared Bankrupt MUD JEANS: Dutch Denim Brand Files for Bankruptcy R U S S I A TRANSAERO AIRLINES: Insolvency Proceedings Extended to Sept. 13 U N I T E D K I N G D O M AVTAR CONSTRUCTION: FRP Advisory Appointed as Joint Administrators BUSINESS MORTGAGE: PwC Appointed as Joint Administrators CITADEL 2024-1: Moody's Ups Rating on GBP14.4MM F Notes to Ba2 FREP 4 (COVENTRY): KR8 Advisory Appointed as Joint Administrators HORGAN HOMES: FRP Advisory Appointed as Joint Administrators JACKSON DISTRIBUTION: FRP Advisory Appointed as Administrators MBJSC PRODUCE: Dow Schofield Appointed as Joint Administrators MEGAMAN (UK): FRP Advisory Appointed as Joint Administrators ORBIT PRIVATE: S&P Places 'B' ICR on CreditWatch Positive PHILADELPHIA STRUCTURES: KBL Advisory Appointed as Administrators PRIVATE DRAMA: Quantuma Advisory Appointed as Administrators UK FREIGHT SERVICES: Exigen Group Appointed as Administrators X X X X X X X X [] BOOK REVIEW: LING The Rise, Fall, & Return of a Texas Titan - - - - - =============== B U L G A R I A =============== TOPLOFIKATSIYA SOFIA: Debt Pushing Gas Supplier Toward Insolvency ----------------------------------------------------------------- Bulgarian News Agency reports that the debt of the Sofia heating utility, Toplofikatsiya, to public gas supplier Bulgargaz and the Bulgarian Energy Holding, which exceeds EUR1.2 billion, is pushing the state-owned gas supplier toward insolvency, Energy Minister Iva Petrova said in an interview with Nova TV. She called on the Sofia Municipality, which owns the district heating company, to propose a solution, as the company's liabilities continue to grow. In addition to the mounting debt, the minister said she is also concerned about the company's ability to provide reliable, high-quality service during the upcoming heating season, relates the report. As a stakeholder in the Toplofikatsiya case, Iva Petrova said that the Energy and Water Regulatory Commission should also be involved. She also called for a long-term strategic solution to the problem, including the company's financial restructuring, notes Bulgarian News. Earlier in the week, the Confederation of Employers and Industrialists in Bulgaria (KRIB) called on the Sofia Municipal Council to initiate promptly a concession procedure for Toplofikatsiya in light of the company's record loss in 2025 and the immediate risks now facing its financial autonomy and liquidity, recalls the report. KRIB argued that Toplofikatsiya Sofia is a systemically important company for Bulgaria's energy sector and that its financial collapse would have a domino effect on the stability of the country's entire energy system, Bulgarian News relays. ============= G E R M A N Y ============= HELIOSPECTRA AB: Gothenburg Dist. Court OKs Bankruptcy Application ------------------------------------------------------------------ The Board of Directors of Heliospectra AB (publ) disclosed that the Gothenburg District Court has approved the Company's bankruptcy application and declared the Company bankrupt. Consequently, the Company's shares will be delisted from Nasdaq First North Growth Market. The appointed bankruptcy trustee is Christian Andersch, Attorney-at-Law at Setterwalls Advokatbyra AB, Gothenburg. According to a Company statement, Heliospectra's Board of Directors resolved to file for bankruptcy and submitted the bankruptcy application to the Gothenburg District Court last July 27, 2026. The statement says the Company has, for an extended period, worked intensively to secure the financing required for the Company's continued operations. These efforts have included discussions with potential investors and the evaluation of various financing and restructuring alternatives. Despite extensive and prolonged efforts, the Company has been unable to complete a financing solution within the time required to meet its financial obligations. Moreover, the Company's principal shareholders had previously communicated that they were not prepared to participate in a further financing round on the basis proposed, and Weland Stal AB had informed the Company that it did not intend to continue financing Heliospectra as the sole investor, states the statement. As no broader financing solution could be secured and no new investor was able to step in within the available timeframe, the Board of Directors concluded that the Company was no longer able to meet its payment obligations. Against this background, the Board of Directors determined that there is no realistic possibility of continuing the Company's operations and has therefore resolved to file for bankruptcy. "This is an extremely difficult decision. The Board of Directors and management have worked intensively for an extended period to identify a long-term, sustainable financing solution and have evaluated several possible alternatives. Despite these efforts, we have been unable to secure the required capital within the time available. The Board of Directors has therefore concluded that filing for bankruptcy is the only remaining option," the statement quotes Andreas Gunnarsson, Chairman of the Board of Heliospectra, as saying. About Heliospectra AB (publ) Heliospectra AB (publ) was founded in 2006 in Sweden by plant scientists and biologists with one vision – to make crop production more intelligent and resource-efficient. Today, with customers across seven continents, Heliospectra is leads in innovative horticulture lighting technology, custom light control systems and specialized services for greenhouse and controlled plant growth environments. Designed by growers for growers, Heliospectra builds customized LED lighting strategies and controls to automate production schedules, forecast yields and monitor crop health and performance with real-time data and response, to deliver the light plants love and the consistent results growers need. KARL MAYER: Files for Insolvency, 110 Jobs at Risk -------------------------------------------------- Container-Board.com reports that a long-standing packaging manufacturer in southwestern Germany is facing potential closure as Karl Mayer Kartonagenfabrik GmbH & Co. KG, based in Haiterbach, has filed for insolvency. Approximately 110 employees are directly affected and now face uncertainty regarding their employment future. The report says the Tubingen District Court initiated preliminary insolvency proceedings on July 29, appointing a provisional insolvency administrator from a Stuttgart-based law firm to oversee the process. The primary objective outlined by the administrator is to stabilize the company, ensure ongoing operations, and secure as many jobs as possible during restructuring. According to statements from the insolvency administration, the company had begun a recovery process following the challenging economic years of 2024 and 2025, the report relays. Despite recent progress toward financial stability, insolvency proceedings became necessary. The administrator has indicated that business operations will continue without restriction for the time being, and employee salaries are currently secured through insolvency payments covering July through September 2026, Container-Board.com reports. Efforts are underway to identify and attract suitable investors to support the company's restructuring and long-term viability. At present, it remains unclear if any parties have formally expressed interest in acquisition or investment, it adds. Stakeholders are closely monitoring the ongoing restructuring process at Karl Mayer Kartonagenfabrik, with hopes that a viable solution will emerge to preserve jobs and maintain industry capacity within the region, says the report. Karl Mayer Kartonagenfabrik GmbH & Co. KG has been in operation since 1958. It specializes in producing customized corrugated cardboard packaging solutions for commercial and industrial clients. Its product portfolio includes classic folding boxes with bottom and lid flaps, supplied to a wide range of sectors. Karl Mayer Kartonagenfabrik operates not only its primary facility in Haiterbach but also maintains a branch in Ottersweier (Rastatt district) and a warehouse in Altensteig-Spielberg (Calw district). SONO MOTORS: Initiates Insolvency Proceedings; Seeks Buyer ---------------------------------------------------------- Sono Motors GmbH is ceasing its operational business effective July 31, 2026, and initiating insolvency proceedings. The company, which gained international recognition starting in 2016 through the development of the Sion solar electric vehicle and focused on the B2B solar business since 2024, was ultimately unable to secure sustainable financing during a restructuring phase despite intensive and promising investor discussions. The restructuring became necessary after the primary investor, Sono Group N.V., announced its immediate withdrawal from the solar division in March 2026. As a result, the Sono Solar brand and the associated B2B business as a supplier of solar technology for vehicle manufacturers and commercial fleets are now up for sale. Managing Directors Denis Azhar and Jan Schiermeister are focusing on the divestment of the core technology portfolio. Available for acquisition are all intellectual property (IP), hardware components, and technical documentation. The offering specifically includes: * The proprietary solar integration system for the Sion vehicle model * Power electronics (including solar charge controllers for electric vehicles) * Solar data services "The fact that we were ultimately unable to secure financing is a bitter disappointment after pushing investor negotiations forward so intensively until the very end," explains Managing Director Denis Azhar. "At the same time, we know the value of the technology our team has built. A decade of solar mobility know-how is truly unique. Our focus now lies on finding buyers who take forward our market-ready products, recognize and acquire the technological potential of Sono Solar or parts of our business, and continue to bring it to industrial application and scale it." With the opening of proceedings, management is also addressing the supporters of past years. Managing Director Jan Schiermeister emphasizes: "This is a tough blow. Our sincere thanks go to the Sono Motors community, our customers, partners and our team. You have carried Sono Motors for many years and made our pioneering work in solar mobility possible in the first place through your trust and financial support. We genuinely hope that this collective work will find a continuation in the market through an acquisition of the technology. We remain convinced that solar will be an integral part of vehicles in the future." Sono Motors GmbH provides solar technology. The Company develops and supplies solar modules, controllers, and retrofit system for vehicles such as buses, trucks, and trailers, enabling reduced fuel consumption and emissions. Sono Motors seves OEMs and fleet operators worldwide. ============= I R E L A N D ============= BRIDGEPOINT CLO XI: S&P Assigns B- (sf) Rating to Class F Notes --------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Bridgepoint CLO XI DAC's class A, B, C, D, E, and F notes. At closing, the issuer also issued EUR29.700 million unrated subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.5 years after closing, while the noncall period will end 1.5 years after closing. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows and excess spread. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,815.92 Default rate dispersion 411.88 Weighted-average life (years) 4.96 Obligor diversity measure 127.49 Industry diversity measure 23.01 Regional diversity measure 1.20 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 142 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 36.96% Actual weighted-average spread net of floors (%) 3.48 Actual weighted-average coupon (%) N/A Rating rationale S&P said, "The portfolio is well diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400.00 million target par amount, the covenanted weighted-average spread of 3.35%, the covenanted weighted-average coupon of 4.00%, and the covenanted weighted-average recovery rate for all rated notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we capped our ratings on these notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class F notes could withstand stresses commensurate with a lower rating. However, we applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- S&P's model-generated portfolio default risk, which is at the 'B-' rating level at 23.93% (for a portfolio with a weighted-average life of 4.96 years) versus 15.87% if it was to consider a long-term sustainable default rate of 3.2% for 4.96 years. -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance of this tranche defaulting. -- If S&P envisions this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Considering our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all rated classes of notes. "In addition to our standard analysis, we also included the sensitivity of the ratings on the class A to E notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Bridgepoint CLO XI DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Bridgepoint Credit Management Ltd. manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.26% B AA (sf) 44.00 27.00 Three/six-month EURIBOR plus 1.75% C A (sf) 24.00 21.00 Three/six-month EURIBOR plus 1.95% D BBB- (sf) 29.00 13.75 Three/six-month EURIBOR plus 2.90% E BB- (sf) 17.00 9.50 Three/six-month EURIBOR plus 4.90% F B- (sf) 13.00 6.25 Three/six-month EURIBOR plus 8.18% Sub. notes NR 29.70 N/A N/A *The ratings assigned to the class A and B notes address timely interest and ultimate principal payments. S&P's ratings address ultimate interest and principal payments on the other rated notes. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. Sub. notes--Subordinated notes. NR--Not rated. N/A--Not applicable. DRYDEN 73 2018: S&P Lowers Class E Notes Rating to 'B (sf)' ----------------------------------------------------------- S&P Global Ratings raised its credit ratings on Dryden 73 Euro CLO 2018 DAC's class B-1 and B-2 notes to 'AAA (sf)' from 'AA (sf)', class C-1 and C-2 notes to 'AA+ (sf)' from 'A (sf)', and class D notes to 'A- (sf)' from 'BBB (sf)'. At the same time, S&P lowered to 'B (sf)' from 'BB- (sf)' its rating on the class E notes and to 'CCC+ (sf)' from 'B- (sf)' its rating on the class F notes. S&P also affirmed its 'AAA (sf)' ratings on the class A-1 and A-2 notes. S&P said, "The rating actions follow the application of our global corporate CLO criteria and our credit and cash flow analysis of the transaction based on the June 2026 trustee report and July 2026 payment date report. "Our ratings on the class A-1, A-2, B-1, and B-2 notes address the payment of timely interest and ultimate principal, and the payment of ultimate interest and principal on the class C-1 to F notes." The transaction closed in December 2019. Based on the most recent information available: -- The weighted-average rating of the portfolio is 'B'. -- The portfolio is diversified with 83 performing obligors. -- The portfolio’s weighted-average life (WAL) is 3.15 years. -- There are 1.02% of defaulted assets. -- The percentage of 'CCC' rated assets is 8.74%. -- The current scenario default rate (SDR) is primarily driven by the lower WAL and slightly diversified portfolio. Portfolio benchmarks Current Closing SPWARF 2,828.71 2,800.93 Default rate dispersion 752.96 512.36 Weighted-average life (years) 3.156 5.68 Obligor diversity measure 67.27 91.43 Industry diversity measure 17.89 19.62 Regional diversity measure 1.39 1.32 SPWARF--S&P Global Ratings' weighted-average rating factor. On the cash flow side: -- The reinvestment period for the transaction ended in July 2024. The class A-1 and A-2 notes have started deleveraging, with approximately EUR143 million of these notes being repaid as of the last trustee report available. -- Since closing, credit enhancement has increased for the class A-1 to D notes but has decreased for classes E and F, which S&P attributes partly to the par loss of approximately EUR16.49 million in the transaction. -- Current cash in the transaction is EUR8.25 million, some of which S&P expects will be used to redeem the senior notes. -- No class of notes is currently deferring interest. -- All coverage tests are passing as of the June 2026 trustee report, except for the class F overcollateralization test. Credit enhancement Current Credit Credit amount enhancement enhancement Class (mil. EUR) (June 2026; %) (at closing; %) A-1 91,94 59.72 40.00 A-2 4.83 59.72 40.00 B-1 24.00 40.58 28.50 B-2 22.00 40.58 28.50 C-1 8.50 28.72 21.38 C-2 20.00 28.72 21.38 D 23.50 18.94 15.50 E 24.00 8.95 9.50 F 11.00 4.37 6.75 Sub 39.37 N/A N/A Credit enhancement = [Performing balance + cash balance + recovery on defaulted obligations (if any) – tranche balance (including tranche balance of all senior tranches)] / [Performing balance + cash balance + recovery on defaulted obligations (if any)]. N/A--Not applicable. Transaction key metrics Current Closing Total collateral amount (mil. EUR)* 240.28 400 Defaulted assets (mil. EUR) 2.44 0 Number of performing obligors 83 125 Portfolio weighted-average rating B B 'CCC' assets (%) 8.74 0.00 'AAA' SDR (%) 57.19 66.68 'AAA' WARR (%) 35.84 34.98 *Performing assets plus cash and expected recoveries on defaulted assets. SDR--scenario default rate. WARR--Weighted-average recovery rate. S&P said, "In our view, the portfolio is diversified across obligors, industries, and asset characteristics. Nevertheless, credit enhancement has decreased for the class E and F notes due to the loss of par in the transaction. While the transaction is out of its reinvestment period, the manager has started to use most of the available principal to redeem the most senior class, and our base case assumes the manager will continue doing this. At the same time, the WAL test is failing. The weighted-average recovery rate has slightly increased since closing. "We affirmed our 'AAA (sf)' ratings on the class A-1 and A-2 notes to reflect their increased credit enhancement as these are repaid. "Our credit and cash flow analysis indicates higher ratings for the class B-1, B-2, C-1, C-2, and D notes. This is largely due to the deleveraging of the senior notes, which has resulted in higher levels of credit enhancement since closing. We therefore raised our ratings on the class B-1 and B-2 notes to 'AAA (sf)' from 'AA (sf)', class C-1 and C-2 notes to 'AA+ (sf)' from 'A (sf)', and class D notes to 'A- (sf)' from 'BBB (sf)'. In our base case cash flow runs, the class D notes could withstand stresses commensurate with higher ratings than that we have assigned. However, considering the level of cushion and current macroeconomic conditions, we capped our rating assigned to this class of notes. "At the same time, we lowered our ratings on the class E and F notes. Although the portfolio's SDRs have improved and the WAL has decreased, this has not been sufficient to offset the decrease in credit enhancement for these classes of notes (by 45 basis points [bps] for the class E notes and 237 bps for the class F notes since closing) or the higher weighted-average cost of debt (due to the deleveraging of the senior notes). "As a result, our analysis indicates the class E notes are no longer commensurate with their current rating level. In particular, our credit and cash flow analysis highlighted a negative cushion between our break-even default rates (BDRs) and SDRs at the current rating level. We therefore lowered to 'B (sf)' from 'BB- (sf)' our rating on the class E notes. The class E notes could withstand stresses commensurate with higher ratings than that we have assigned. However, considering the level of cushion, current macroeconomic conditions, this tranche's relative seniority, and sensitivity to both recovery and spread compression, we capped our rating assigned to this class of notes. "We lowered our rating on the class F notes to reflect the deterioration in our cash flow results, given the decreased credit enhancement and the abovementioned factors. This tranche continues to face shortfalls under our standard cash flow analysis at the 'B' rating level. "Therefore, we applied our 'CCC' criteria to assess if either a rating of 'B-' or a rating in the 'CCC' category would be appropriate. Our 'CCC' rating criteria specify the need to assess whether there is any reliance on favorable business, financial, and economic conditions to meet the payment of interest and principal. "We considered our model-generated BDR at the 'B-' rating level of 9.24%, versus if we were to consider a long-term sustainable default rate of 3.2% for the WAL of 3.15 years, which would result in a target default rate of 10.08%. This would result in a loss to the class F noteholders at this rating level, unless the transaction performs better than under our stressed scenarios. "Therefore, in our view, payment of interest and principal on the class F notes does depend on favorable business, financial, and economic conditions. As we do not expect these notes to face a near-term (within 12 months) credit or payment crisis, we have lowered our rating on the class F notes to 'CCC+ (sf)' from 'B- (sf)'. "Counterparty, operational, and legal risks are adequately mitigated in line with our criteria. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria." Dryden 73 Euro CLO 2018 DAC is a European cash flow CLO transaction that securitizes loans granted to primarily speculative-grade corporate firms. PGIM Ltd. manages the transaction. ===================== N E T H E R L A N D S ===================== ACCELL GROUP: Declared Bankrupt ------------------------------- Cycling Weekly's Adam Becket, citing reports in the Netherlands, says the owner of iconic British bike company Raleigh and French brand Lapierre, the Accell Group, has been declared bankrupt. An Amsterdam court declared the Dutch parts of the company bankrupt this week, the NL Times reported, after insolvency proceedings were begun last week, Cycling Weekly relays. Cycling Weekly relates that this week, the bankruptcy trustees wrote: "In addition, there is a complex situation within the European Accell Group, with group companies in different countries that are operationally and financially dependent on one another in certain areas. The trustees understand that the factory in Hungary has shut down and that local insolvency proceedings are being opened in various countries." Last week, the Accell Group said every "realistic option for the future of the business has been tirelessly explored", states the report. It entered a suspension of payments, a form of insolvency, in the Netherlands. A press release said that there was no "viable solution" for Accell to continue operations in its "current form". Potential Sale to Quanta However, there is hope on the horizon, with Irish-based investment firm, Quanta Capital, publicly expressing an interest in buying the entire group, notes Cycling Weekly. "We have made contact with Accell and its administrators to formalise our interest in purchasing the group. Quanta's bid will be made up of a number of investors and a global financial institution. We can say no more than that at present," the report quotes Mel Sutcliffe, CEO of Quanta Capital, as telling Bike Europe. "Our main objective will be to put the Group onto a more stable footing as it has endured quite a tumultuous period of trading," he continued. Sutcliffe is as former elite cyclist, who previously operated Raleigh Ireland. A bid could come as early as next week, says the report. Raleigh and Lapierre According to Cycling Weekly, there is no news of the immediate future of Nottingham-founded Raleigh, which was once the largest bike company in the world. According to its website, administrators have been appointed. The notice reads: "Oliver Wright, Joanne Hewitt-Schembri and Shamil Malde of FTI Consulting LLP ("FTI") were appointed as Joint Administrators (the "Joint Administrators") of Accell UK & Ireland Ltd ("the Company") on 6 August 2026. The affairs, business and property of the Company are being managed by the Joint Administrators. The Joint Administrators act as agents of the Company and without personal liability." Separately, Lapierre has filed for judicial reorganisation with the Dijon Commercial Court in France, which could give the brand the ability to split off from the group and seek new investment, notes the report. The brand currently supplies bikes to WorldTour team Picnic PostNL. "The observation period will give Cycles Lapierre the necessary time to continue its operations, consolidate its recovery plan, and bring in an investor capable of providing long-term financing for its future," a press release said. "We are determined not to let this flagship of the French cycling industry disappear," the report quotes William Perrier, the director general of Cycles Lapierre, as saying to Le Monde. "We will work to regain our independence and autonomy." Other brands within Accell's stable include Batavus, Sparta, Koga, Haibike, Winora, Ghost, Babboe and XLC, Cycling weekly notes. MUD JEANS: Dutch Denim Brand Files for Bankruptcy ------------------------------------------------- Jangoulun Singsit, writing for Yahoo!Finance, reports that Mud Jeans has filed for bankruptcy after failing to overcome debt burden. Co-owner and CEO Dion Vijgeboom announced the decision on LinkedIn, stating the financial burden of historic debt ultimately proved "too great to overcome". "Today is one of the hardest days in the history of Mud Jeans. With great sadness, we have to share that MUD Jeans has been declared bankrupt, following the bankruptcy filing we submitted ourselves," the report quotes Vijgeboom as saying. According to the report, the bankruptcy filing follows a recent crowdfunding campaign launched by Mud Jeans last month, which aimed to raise EUR300,000 ($343,000) to strengthen working capital and inventory management, as well as to support growth in the Netherlands, Belgium, and the DACH region. In 2024, it completed a community funding round, generating EUR1 million from 800 investors, Yahoo!Finance recalls. The report says the company's website indicates it is currently undergoing maintenance, pausing new purchases temporarily. Orders already placed will still be shipped. MUD Jeans is a Dutch sustainable denim brand. Founded in 2012, Mud Jeans claims to be the first circular denim brand in the world, recognised for its 'Lease A Jeans' model. The company is based in Amsterdam, Noord-Holland, and has 11-50 employees and 40 associated members. The brand produced jeans using recycled cotton and introduced repair and take-back services before such practices became widely adopted in the industry. =========== R U S S I A =========== TRANSAERO AIRLINES: Insolvency Proceedings Extended to Sept. 13 --------------------------------------------------------------- Aviation Direct reports that the Moscow Arbitration Court has extended the deadline for the insolvency proceedings and liquidation of the Russian airline Transaero Airlines until September 13, 2026. According to court documents and reports from the Ria Novosti news agency, external insolvency administrator Alexey Belokopyt is continuing to work on identifying and realizing the remaining assets in order to at least partially cover the company's immense liabilities, the report relays. Russia's once second-largest airline ceased operations in October 2015 after its operating license was revoked by the authorities and was officially declared bankrupt in September 2017, recalls the report. The current legal proceedings illustrate the protracted legal process surrounding major bankruptcies in the Russian aviation sector, which continues to involve lawsuits against former executives, it adds. =========================== U N I T E D K I N G D O M =========================== AVTAR CONSTRUCTION: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------------ Avtar Construction Limited was placed into administration in the High Court of Justice, Court Number CR-2026-LDS-000801. Kelly Burton and Joseph Fox of FRP Advisory Trading Limited were appointed as Joint Administrators on August 3, 2026. The company was a groundworks contractor. Its registered office is at Unit 18 Hobley Drive, Swindon, SN3 4NS, and is to be changed to FRP Advisory, The Manor House, 260 Ecclesall Road South, Sheffield, S11 9PS. Its principal trading address is Unit 18 Hobley Drive, Swindon, SN3 4NS. The Joint Administrators can be contacted at: Kelly Burton Joseph Fox FRP Advisory Trading Limited The Manor House 260 Ecclesall Road South Sheffield S11 9PS Further details contact: The Joint Administrators Tel: 0114 235 6780 Alternative contact: Carl Addy Email: cp.sheffield@frpadvisory.com BUSINESS MORTGAGE: PwC Appointed as Joint Administrators -------------------------------------------------------- Business Mortgage Finance 7 PLC was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), No CR-2026-006266. Mark James Tobias Banfield and Catherine Rachel Atkinson of PricewaterhouseCoopers LLP were appointed as Joint Administrators on August 11, 2026. The company specialized in commercial mortgage finance securitisation vehicles. Its registered office is at 4th Floor, 140 Aldersgate Street, London, United Kingdom, EC1A 4HY. The Joint Administrators can be contacted at: Mark James Tobias Banfield Catherine Rachel Atkinson PricewaterhouseCoopers LLP More London 7 More London Riverside London SE1 2RT Tel: 0113 289 4000 Email: uk_bmf7_creditors@pwc.com CITADEL 2024-1: Moody's Ups Rating on GBP14.4MM F Notes to Ba2 -------------------------------------------------------------- Moody's Ratings has upgraded the ratings of three Notes in Citadel 2024-1 PLC and one Note in Polaris 2024-1 PLC. The Citadel 2024-1 PLC Notes and Polaris 2024-1 PLC Notes are backed by UK non-conforming residential mortgage loans originated by UK Mortgage Lending Ltd, owned by Pepper Money Limited, and serviced by Pepper (UK) Limited, with Citadel 2024-1 PLC Notes backed by second-lien and Polaris 2024-1 PLC Notes backed by first-lien residential mortgage loans. Moody's affirmed the ratings of the Notes that had sufficient credit enhancement to maintain their current ratings. Issuer: Citadel 2024-1 PLC GBP202M Class A Notes, Affirmed Aaa (sf); previously on May 27, 2025 Affirmed Aaa (sf) GBP14.4M Class B Notes, Affirmed Aaa (sf); previously on May 27, 2025 Upgraded to Aaa (sf) GBP14.4M Class C Notes, Affirmed Aa2 (sf); previously on May 27, 2025 Affirmed Aa2 (sf) GBP14.4M Class D Notes, Upgraded to Aa2 (sf); previously on May 27, 2025 Affirmed A1 (sf) GBP13M Class E Notes, Upgraded to A2 (sf); previously on May 27, 2025 Affirmed Baa2 (sf) GBP14.4M Class F Notes, Upgraded to Ba2 (sf); previously on May 27, 2025 Affirmed Ba3 (sf) Issuer: Polaris 2024-1 PLC GBP429.4M Class A Notes, Affirmed Aaa (sf); previously on Mar 7, 2024 Definitive Rating Assigned Aaa (sf) GBP27.6M Class B Notes, Affirmed Aa2 (sf); previously on Mar 7, 2024 Definitive Rating Assigned Aa2 (sf) GBP18.8M Class C Notes, Upgraded to Aa3 (sf); previously on Mar 7, 2024 Definitive Rating Assigned A1 (sf) GBP8.8M Class D Notes, Affirmed Baa1 (sf); previously on Mar 7, 2024 Definitive Rating Assigned Baa1 (sf) GBP7.5M Class E Notes, Affirmed Ba1 (sf); previously on Mar 7, 2024 Definitive Rating Assigned Ba1 (sf) GBP7.5M Class F Notes, Affirmed B3 (sf); previously on Mar 7, 2024 Definitive Rating Assigned B3 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for all the affected tranches, and, for the affected Notes of Citadel 2024-1 PLC, by decreased key collateral assumptions due to better than expected collateral performance. Increase in Available Credit Enhancement Sequential amortization led to the increase in the credit enhancement available in these transactions. For instance, the credit enhancement for Citadel 2024-1 PLC Classes D, E and F, affected by the rating action, increased to 23.86%, 16.71% and 8.77% from 15.02%, 10.51% and 5.52% at closing, respectively. The credit enhancement for Polaris 2024-1 PLC Class C, affected by the rating action, increased to 9.24% from 6.70% at closing. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed Moody's lifetime loss expectation for the portfolios reflecting the collateral performance to date. The performance of Citadel 2024-1 PLC and Polaris 2024-1 PLC has remained stable since last review. 90 days plus arrears for Citadel 2024-1 PLC currently stand at 2.81% of current pool balance, showing an increasing trend over the past year. However, this trend is influenced by the fast deleveraging of the portfolio, which recorded an average constant prepayment rate (CPR) of 20.6%. Cumulative losses and defaults currently stand at 0% of original pool balance. 90 days plus arrears for Polaris 2024-1 PLC currently stand at 5.78% of current pool balance, showing an increasing trend over the past year. Cumulative losses currently stand at 0.01% of original pool balance. Based on the observed performance to date, for Citadel 2024-1 PLC, Moody's decreased the expected loss assumption as a percentage of original pool balance, to 4.74% from 6%. The revised expected loss assumption corresponds to 7.59% as a percentage of current pool balance. For Polaris 2024-1 PLC Moody's maintained expected loss assumption as a percentage of original balance at 2.40%, which corresponds to 3.57% as a percentage of the current balance. Moody's reassessed loan-by-loan information to estimate the loss Moody's expects the portfolio to incur in a severe economic stress scenario. Moody's have maintained the MILAN Stressed Loss assumption at 25.10% for Citadel 2024-1 PLC, while Moody's have increased MILAN Stressed Loss assumption to 10.8% from 9.8% for Polaris 2024-1 PLC. Counterparty Exposure Moody's considered how the liquidity available in the transactions and other mitigants support continuity of note payments, in case of servicer default, using the CR assessment as a reference point for servicers. The ratings of the Class C Notes in Citadel 2024-1 PLC and the Class B Notes in Polaris 2024-1 PLC are constrained by operational risk due to lack of liquidity. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. FREP 4 (COVENTRY): KR8 Advisory Appointed as Joint Administrators ----------------------------------------------------------------- FREP 4 (Coventry) Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-006084. Lauren Wentworth and James Saunders of KR8 Advisory Limited were appointed as Joint Administrators on August 4, 2026. The company specialized in the buying and selling of its own real estate. Its registered office is at C/O KR8 Advisory Limited, 7th Floor, St. Andrew’s House, 20 St Andrew Street, London, EC4A 3AG. The Joint Administrators can be contacted at: Lauren Wentworth James Saunders KR8 Advisory Limited 7th Floor, St Andrew’s House 20 St Andrew Street London EC4A 3AG -- and -- James Saunders KR8 Advisory Limited The Lexicon 10 - 12 Mount Street Manchester M2 5NT Further details contact: The Joint Administrators Email: CaseEnquiries@kr8.co.uk Alternative contact: Arvin Ashtab HORGAN HOMES: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------ Horgan Homes and Developments Limited was placed into administration in the High Court of Justice, Court Number CR-2026-005160. Paul David Allen and David Paul Hudson of FRP Advisory Trading Limited were appointed as Joint Administrators on July 23, 2026. The company specialized in other building completion and finishing. Its registered office is at Suite 2 Ash House, Lydiate Business Park, Halesowen Road, Bromsgrove, West Midlands, B61 0QL, to be changed to c/o FRP Advisory Trading Limited, 3rd Floor, 110 Cannon Street, London, EC4N 6EU. Its principal trading address is Suite 2 Ash House, Lydiate Business Park, Halesowen Road, Bromsgrove, West Midlands, B61 0QL. The Joint Administrators can be contacted at: Paul David Allen David Paul Hudson FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further details contact: The Joint Administrators Tel: 020 3005 4244 Alternative contact: Samuel Braham Email: cp.london@frpadvisory.com JACKSON DISTRIBUTION: FRP Advisory Appointed as Administrators -------------------------------------------------------------- Jackson Distribution Limited was placed into administration in the High Court of Justice, Court Number CR-2026-005588. Alexander Kinninmonth and James Prior of FRP Advisory Trading Limited were appointed as Administrators on July 29, 2026. The company specialized in the wholesale of clothing and footwear. Its registered office is at Main Warehouse, 1 Willis Way, Poole, BH15 3SS, and is to be changed to c/o FRP Advisory Trading Limited, Oxford Point, 19 Oxford Road, Bournemouth, BH8 8GS. Its principal trading address is Main Warehouse, 1 Willis Way, Poole, BH15 3SS. The Administrators can be contacted at: Alexander Kinninmonth James Prior FRP Advisory Trading Limited Oxford Point 19 Oxford Road Bournemouth BH8 8GS Contact for enquiries on proceedings: Susannah Pyne Tel: 02381 448 200 Email: Susannah.Pyne@frpadvisory.com MBJSC PRODUCE: Dow Schofield Appointed as Joint Administrators -------------------------------------------------------------- MBJSC Produce Limited was placed into administration in the High Court of Justice, Business and Property Court in Manchester, Company and Insolvency List CHD, Court Number CR-2026-MAN-001145. Lisa Marie Moxon and Christopher Benjamin Barrett of Dow Schofield Watts Business Recovery LLP were appointed as Joint Administrators on August 3, 2026. The company specialized in the wholesale of fruit and vegetables. Its registered office is at 7400 Daresbury Park, Daresbury, Warrington, Cheshire, WA4 4BS. The former registered office was Tylers Cross Nursery, Broadley Common, Nazeing, Essex, EN9 2DH. Its principal trading address is Tylers Cross Nursery, Broadley Common, Nazeing, Essex, EN9 2DH. The Joint Administrators can be contacted at: Lisa Marie Moxon Christopher Benjamin Barrett Dow Schofield Watts Business Recovery LLP 7400 Daresbury Park Daresbury Warrington Cheshire WA4 4BS Further details contact: The Joint Administrators Tel: 01928 378014 Alternative contact: Ruby Horsman Email: ruby@dswrecovery.com MEGAMAN (UK): FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------ Megaman (UK) Limited was placed into administration in the High Court of Justice, Business & Property Courts in Manchester (ChD), Court Number CR-2026-MAN-001111. Simon Farr and Anthony Collier of FRP Advisory Trading Limited were appointed as Joint Administrators on August 5, 2026. The company specialized in the wholesale of electronic and telecommunications equipment and parts. Its registered office is at Unit 2 Quadrant Park, Mundells, Welwyn Garden City, Hertfordshire, AL7 1FS, and is to be changed to c/o FRP Advisory Trading Limited, 2nd Floor Abbey House, 32 Booth Street, Manchester, M2 4AB. Its principal trading address is Unit 2 Quadrant Park, Mundells, Welwyn Garden City, Hertfordshire, AL7 1FS. The Joint Administrators can be contacted at: Simon Farr Anthony Collier FRP Advisory Trading Limited 4th Floor, Abbey House Booth Street Manchester M2 4AB Further details contact: The Joint Administrators Tel: 0161 833 3344 Alternative contact: Jason Sparrow Email: cp.manchester@frpadvisory.com ORBIT PRIVATE: S&P Places 'B' ICR on CreditWatch Positive --------------------------------------------------------- S&P Global Ratings placed its 'B' rating on Orbit Private Holdings I Ltd on CreditWatch with positive implications. The issue ratings, which are portable and not expected to be repaid as part of the transaction, are also on CreditWatch positive, including its 'B' issue rating on the $1.5 billion senior secured term loans and the $235 million senior secured revolving credit facility (RCF), and its 'CCC+' issue rating on the $350 million senior unsecured notes. S&P said, "We expect to resolve the CreditWatch once the transaction closes, which we anticipate will be in early 2027, and following our assessment of Equiniti's future status within the Bullish group and the group's combined credit quality." On May 5, 2026, global digital asset platform Bullish announced it had agreed to acquire Orbit Private Holdings I Ltd. (Equiniti) for $4.2 billion. S&P expects Equiniti's creditworthiness to benefit from the synergies with Bullish's strong capabilities in the facilitation of institutional trading of digital assets and the provision of related information services, resulting in a more diverse business mix and more conservative financial policy. The positive CreditWatch placement follows Bullish's announcement that it would acquire Equiniti. The acquisition is pending regulatory approval with an expected closing in early 2027. The transaction is valued at $4.2 billion, split across $2.35 billion of Bullish equity and $1.85 billion of assumed Equiniti debt. Siris, the current financial sponsor, has also announced that it is exercising its option to retain three business units of Equiniti: EQ Retirement Solutions, EQ Customer Resolutions, and Lenvi. At this stage, no decision has been made regarding the ultimate use of the proceeds from the proposed sale of these divisions, which could affect the stand-alone credit profile (SACP) at close. S&P will therefore also incorporate the group's capital allocation plans once it has further clarity when the transaction closes. S&P said, "In our view, Equiniti's creditworthiness could benefit from Bullish's strong presence in the digital assets space. Bullish is a leading institutional-grade digital asset platform providing regulated market infrastructure through its proprietary digital assets spot and derivatives exchange, as well as market data and analytics services through its CoinDesk brand. Our view of Bullish's creditworthiness will most likely reflect the strengths and weaknesses of its balance sheet-intensive liquidity provision and bitcoin treasury operations. This most closely aligns with financial institutions criteria, under which our view would balance a nascent but growing exchange and information business, against material equity and liquidity buffers on its balance sheet. "We believe that Bullish's financial flexibility, in particular, is likely to serve as an incremental rating support to Equiniti's credit profile, providing meaningful reserves of contingent liquidity and funding flexibility. That said, a marked change in our view of Bullish' broad risk profile, particularly around its operational sustainability and resilience, could undermine our overall view of the new group's broad creditworthiness prior to the deal's completion, affecting our rating on Equiniti, although this is not our base case. "We expect Equiniti's credit profile could improve from its differentiated market position in digital assets, as well as a more diverse business mix and more conservative financial policy. This is because we believe Bullish intends to use Equiniti's platform to diversify its revenue sources across the crypto value chain by adding in post-trade transfer and custody services. As a result, we believe there is a good chance that the combined group's credit profile will be sufficiently stronger to warrant an upgrade of Equiniti and its debt, which will be carried over to the new structure, given portability clauses in the debt documentation. This would come from a combination of our assessment of the SACP on Bullish, the SACP on Equiniti, and our view of the combined group's profile and financial policy. We expect to further engage with Bullish to analyze how Equiniti will contribute to the group's future strategy, as well as our analysis on the consolidated group credit profile by the time the transaction closes." PHILADELPHIA STRUCTURES: KBL Advisory Appointed as Administrators ----------------------------------------------------------------- Philadelphia Structures Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Newcastle, Insolvency & Companies List (ChD), Court Number CR-2024-NCL-0096. Steven Brown and Stephen Kenny of KBL Advisory Ltd were appointed as Administrators on August 5, 2026. The company specialized in the manufacture of metal structures and parts of structures. Its registered office and principal trading address is 4 Palmer Road, South West Industrial Estate, Peterlee, County Durham, SR8 2HU. The Administrators can be contacted at: Steven Brown Stephen Kenny KBL Advisory Ltd Stamford House Northenden Road Sale, Cheshire M33 2DH Further details contact: Lyla Walker Email: lyla.walker@kbl-advisory.com PRIVATE DRAMA: Quantuma Advisory Appointed as Administrators ------------------------------------------------------------ Private Drama Events Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Court Number CR-2026-006126. Nicholas Simmonds and Chris Newell of Quantuma Advisory Limited were appointed as Administrators on August 6, 2026. The company specialized in other business support service activities not elsewhere classified. Its registered office is at 4 Rylett Crescent, London, W12 9RL, and is in the process of being changed to 1st Floor, 21 Station Road, Watford, Herts, WD17 1AP. Its principal trading address is 4 Rylett Crescent, London, W12 9RL. The Administrators can be contacted at: Nicholas Simmonds Chris Newell Quantuma Advisory Limited 1st Floor 21 Station Road Watford Herts WD17 1AP Further details contact: Silvia Fernandes Tel: 01923 954 179 Email: Silvia.Fernandes@quantuma.com UK FREIGHT SERVICES: Exigen Group Appointed as Administrators ------------------------------------------------------------- UK Freight Services Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-MAN-001078. David Kemp and Richard Hunt of Exigen Group Limited were appointed as Administrators on July 30, 2026. The company specialized in the sale of used cars and light motor vehicles, and freight transport by road. The company was previously known as B D Burton Commercials Ltd. Its registered office is at Warehouse W, 3 Western Gateway, Royal Victoria Docks, London, E16 1BD. Its principal trading address is C/O John Dinham Transport Ltd, Chittening Industrial Estate, Greensplott Road, Avonmouth, Bristol, BS11 0YB. The Administrators can be contacted at: David Kemp Richard Hunt Exigen Group Limited Warehouse W 3 Western Gateway Royal Victoria Docks London E16 1BD Further details contact: David Kemp Tel: 0207 538 2222 =============== X X X X X X X X =============== [] BOOK REVIEW: LING The Rise, Fall, & Return of a Texas Titan -------------------------------------------------------------- Author: Stanley H. Brown Publisher: Beard Books Softcover: 308 pages List Price: $34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1893122301/internetbankrupt Summed up neatly, this is Jim Ling, founder and CEO of Ling-Temco-Vought, once the fourteenth-largest corporation on the Fortune 500 list: That he was able to get control of - and combine - the sixth largest steel company, the eighth largest airline, the eighth largest defense contractor, the third largest meat packer, the largest sporting-goods maker, and a string of other companies in an almost random group of industries may well be the most significant thing to be said about him. Or maybe it is the fact that he performed all this from a base of little education, no connections, no money, no status, no leverage of any kind, but solely on the strength of what he discovered and created. As fascinating as Ling was, this book offers so much more. Stanley H. Brown presents a remarkable knowledge of and intriguing insights into corporate history and institutional behavior. He understands what makes organizations work, whether corporate, religious, or military. Although it has been more than 25 years since Jim Ling was on top of the world, he and his story remain hard to beat. He was a man of integrity. Faced with defeat, he conjured up innovative solutions. He picked up the pieces and tried something else, and even investors once burned went back for more. He believed in himself and his ventures absolutely, so much so that he kept all his won money and his children's money in LTV stock, and was wiped out when it went bust. Ling was born one of six in Hugo, Oklahoma. A devout Catholic in the fundamentalist Bible Belt, his father killed a fellow worker in a rage after years of enduring anti-Catholic torment and, although acquitted, was so racked with guilt he left the family to live in a monastery. Ling's mother died when he was eleven. He never finished high school. After a short stint in the Navy during World War II, during which time he became an electrician, he started Ling Electric in Dallas. Post-war Dallas was good to bright men who worked hard. The company grew exponentially. Ling discovered public investors and began infusing them with his enthusiasm, enthusiasm that made them hand over lots of money to him. And he began to acquire companies at a dizzying pace, bigger and bigger companies: meatpacker Wilson & Co., steelmaker Jones & Laughlin, Braniff Airlines, LTV Aerospace, Wilson Sporting Goods, and many other, smaller companies. He was masterful financier with seemingly endless ideas on making money work. So where did it go wrong? Ling's over-conglomerated conglomerate spun out of control. He was a micromanager extraordinaire and kept too much decision-making power to himself. He was a victim of his own success and overfed ego. He fought long and hard with the Justice Department in an antitrust suit over Jones & Laughlin, but the country's suspicion of conglomerates in the late 1960s got the better of him. In the end, he was ousted by his own people but, true to form, went on to try something new. The author researched this book very thoroughly. He convinced Ling to keep a journal during some critical moments and interviewed all the major players. Read it for the story of Ling, but also to learn about what makes people tick. Stanley H. Brown is a former writer and editor at Business Week, Fortune, and Forbes. His columns have appeared in numerous publications. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *