---

       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, July 19, 2019, Vol. 20, No. 144

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

ALUMINIJ: Has Six Months to Prepare Rescue Plan


I R E L A N D

GOLDENTREE LOAN 3: Moody's Rates EUR10.6MM Class F Notes (P)B3(sf)
ST. PAUL XI: Moody's Assigns B3 Rating to EUR9.8MM Class F Notes


K A Z A K H S T A N

BANK RBK: Moody's Assigns B2 Deposit Ratings, Outlook Stable


N E T H E R L A N D S

KETER GROUP: Moody's Downgrades CFR to Caa1, Outlook Negative


U N I T E D   K I N G D O M

BIRD: Files Notice of Intention to Appoint Administrators
BURY FC: Steve Dale's Takeover Without Full EFL Approval
COLT GROUP: Moody's Assigns Ba2 CFR, Outlook Stable
DEBENHAMS PLC: Seeks Add'l. GBP50MM Funding From Lenders
HOME FUNDRAISING: Expected to Pay Only GBP225,000 to Creditors

HOMEBASE: More Store Closures Expected in Coming Months
JPI MEDIA: In Early Stage of Asset Sale Discussions with Reach
THOMAS COOK: Moody's Downgrades CFR to Ca, Outlook Negative
WATERLOGIC GROUP: Moody's Downgrades CFR to B3, Outlook Stable


X X X X X X X X

[*] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW

                           - - - - -


===========================================
B O S N I A   A N D   H E R Z E G O V I N A
===========================================

ALUMINIJ: Has Six Months to Prepare Rescue Plan
-----------------------------------------------
Iskra Pavlova at SeeNews reports that Bosnia's Federation
government has decided that ailing aluminium plant Aluminij should
continue to operate in the next six months, as during this period
it should come up with a rescue plan.

The problem with Aluminij's power supplies, however, remains
unresolved, SeeNews notes.  

Mostar-based Aluminij shut down its operations on July 10 after its
power supply was cut off due to swelling unpaid bills, SeeNews
recounts.

"The company will be able to exist in the next six months and
nobody will be able to block its accounts or launch bankruptcy
proceedings," the head of Aluminij's supervisory board, Zdenko
Klepic, was quoted by news wire eKapija as saying after a meeting
between the leader of the Croatian Democratic Union of Bosnia and
Herzegovina (HDZ BiH) party, Dragan Covic, the Federation's finance
minister Jelka Milicevic, Aluminij's management, supervisory board
and trade unions, SeeNews relates.

Following the meeting, an emergency committee of government
officials and representatives of the company's management and
workers, which is   headed by Klepic, has been set up to prepare
and implement rescue measures, SeeNews discloses.

Aluminij has been one of the largest electricity consumers in
Bosnia, accounting for a quarter of the electricity consumption in
the Federation when operating at full capacity, SeeNews states.

The company has been in persistent trouble over high prices of
electricity and raw materials, SeeNews notes.  Its outstanding debt
to power utility Elektroprivreda HZHB reached BAM280 million
(US$161 million/EUR143 million), SeeNews relays.




=============
I R E L A N D
=============

GOLDENTREE LOAN 3: Moody's Rates EUR10.6MM Class F Notes (P)B3(sf)
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by GoldenTree
Loan Management EUR CLO 3 Designated Activity Company:

EUR2,300,000 Class X Senior Secured Floating Rate Notes due 2032,
Assigned (P)Aaa (sf)

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2032,
Assigned (P)Aaa (sf)

EUR25,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Assigned (P)Aa2 (sf)

EUR8,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Assigned (P)Aa2 (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned (P)A2 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned (P)Baa3 (sf)

EUR26,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned (P)Ba3 (sf)

EUR10,600,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Assigned (P)B3 (sf)

Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavour to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90-95% ramped as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the 6-month ramp-up period in compliance with the
portfolio guidelines.

GoldenTree Loan Management, LP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.4-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by 12.5% or EUR 287,500 over the first 8
payment dates starting on the 2nd payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR29.16 million of Subordinated Notes which will
not be rated. The Subordinated Notes receive payments in an amount
equivalent to a certain proportion of the senior, subordinated and
incentive management fees and its notes' payment is ranking junior
to any payments on the rated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 400,000,000

Diversity Score: 42*

Weighted Average Rating Factor (WARF): 2,900

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.30%

Weighted Average Recovery Rate (WARR): 43.1%

Weighted Average Life (WAL): 8.5 years

* The covenanted base case diversity score is 43, however Moody's
has assumed a diversity score of 42 as the deal documentation
allows for the diversity score to be rounded up to the nearest
whole number whereas usual convention is to round down to the
nearest whole number.

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

ST. PAUL XI: Moody's Assigns B3 Rating to EUR9.8MM Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the notes issued by St. Paul's CLO
XI DAC:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR14,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR10,000,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR18,000,000 Class C-2 Senior Secured Deferrable Fixed Rate Notes
due 2032, Definitive Rating Assigned A2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Baa3 (sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Ba3 (sf)

EUR9,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is 70-80% ramped up as of the closing date and comprises
of predominantly corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during the
6 month ramp-up period in compliance with the portfolio
guidelines.

Intermediate Capital Managers Limited will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR375,000 over the 4 payment dates
starting on the 2nd payment date.

In addition to the nine classes of notes rated by Moody's, the
Issuer has issued EUR40,900,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.76%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.



===================
K A Z A K H S T A N
===================

BANK RBK: Moody's Assigns B2 Deposit Ratings, Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned the following ratings to
Kazakhstan-based Bank RBK JSC: long-term local and foreign currency
deposit ratings of B2, Baseline Credit Assessment of b3 and
Adjusted BCA of b3, long-term Counterparty Risk Assessment of
B1(cr), long-term Counterparty Risk Ratings of B1, short-term
deposit ratings and CRRs of Not Prime and short-term CR Assessment
of Not Prime(cr). The outlook assigned to the long-term deposit
ratings and overall entity outlook is stable.

Moody's has also assigned a national scale long-term deposit rating
of Ba2.kz and national scale long-term CRR of Baa3.kz to Bank RBK.

Bank RBK's deposit ratings incorporate moderate probability of
government support.

Bank RBK is a medium-sized institution ranked 11-th out of 28 banks
by total assets at end-May 2019. The bank's strategy is to develop
as universal bank focusing on servicing corporate and retail
clients.

In 2017-2018, Bank RBK received a significant cash equity injection
from its new shareholder , Mr. Vladimir Kim as well as a
subordinated loan from the National Bank of Kazakhstan. This loan
was provided to Bank RBK under the financial rehabilitation
programme of the Kazakhstan Government (Baa3 stable) to restore
financial stability of five large Kazakhstan banks. On top of that
a significant portion of its loan portfolio was transferred to
Special Finance Corporation DSFK (DSFK) simultaneously with
deposits of state-owned companies and the National Bank of
Kazakhstan.

RATINGS RATIONALE

Bank RBK's BCA of b3 is primarily constrained by its weak (albeit
improving) loan portfolio quality burdened by large legacy
portfolio and modest revenue generation capacity. At the same time,
the bank's BCA reflects adequate loss absorption capacity and sound
liquidity metrics.

Despite partial cleanup of the bank's loan portfolio during
financial rehabilitation, the bank's asset quality remains weak:
problem loans (defined as Stage 3 loans and POCI under IFRS 9)
accounted for 22% of total loans at end-Q1 2019, albeit down
significantly compared to previous years. Loan-loss reserve
coverage remained at 61% of problem loans as of the end of 2018
which is not adequate at Moody's view. The continuing problem loan
workout process and new better quality issuances that dilute the
legacy problem loans will result a decline in the share of problem
loans but they will still remain high at over 18% of the loan
portfolio in the next 12-18 months.

As a result of modest revenue stream and high loan loss charges,
performance has been weak albeit improved considerably during the
last two years. Excluding one-off revenues, the bank's return on
average assets was negative in 2018 and below 1% in Q1 2019.
Moody's expects that profitability will improve (but remain modest)
in the next 12-18 months due to growth of its interest income from
larger loan portfolio, stronger fee and commission income generated
by growing franchise and continuing cost optimization measures.

Following prolific shareholder and government support, the bank's
capitalization restored to the level adequate to absorb losses -
its Tangible Common Equity to Risk Weighted Assets ratio was 12% as
of the end of Q1 2019.

Bank RBK's liquidity has been strong with liquid assets exceeding
35% of tangible assets at end-Q1 2019. Moody's expects the bank's
liquidity cushion to remain high despite its partial utilization in
the growing loan portfolio. Reliance on market funding is
moderate.

GOVERNMENT SUPPORT

Bank RBK's deposit ratings of B2 incorporate one notch of uplift
from the bank's b3 BCA, which reflects its assessment of a moderate
probability of support from the Kazakh government in case of need.
This assessment is based on (1) the inclusion of Bank RBK in
National Bank of Kazakhstan's financial rehabilitation programme
along with other systemically important banks and (2) additional
support orchestrated by the government whereby the bank offloaded
majority of problem loans to DSFK.

STABLE OUTLOOK

Bank RBK's long-term ratings carry a stable outlook which reflects
Moody's expectations that despite expected improvement in asset
quality and profitability its fundamental credit strength will
remain largely unchanged in the next 12-18 months.

COUNTERPARTY RISK ASSESSMENT

Bank RBK's global scale CR Assessment is positioned at
B1(cr)/NP(cr). Such assessments are opinions of how counterparty
obligations are likely to be treated if a bank fails and relates to
a bank's contractual performance obligations (servicing),
derivatives (e.g., swaps), letters of credit, guarantees and
liquidity facilities. Senior obligations represented by the CR
Assessments are more likely to be preserved to limit contagion,
minimize losses and avoid disruption of critical functions.

COUNTERPARTY RISK RATINGS

Bank RBK's global CRRs are positioned at B1, two notches above the
bank's Adjusted BCA. CRRs are opinions of the ability of entities
to honor the uncollateralized portion of non-debt counterparty
financial liabilities (CRR liabilities) and also reflect the
expected financial losses in the event such liabilities are not
honored. CRR liabilities typically relate to transactions with
unrelated parties. Examples of CRR liabilities include the
uncollateralized portion of payables arising from derivatives
transactions and the uncollateralized portion of liabilities under
sale and repurchase agreements. CRRs are not applicable to funding
commitments or other obligations associated with covered bonds,
letters of credit, guarantees, servicer and trustee obligations,
and other similar obligations that arise from a bank performing its
essential operating functions.

WHAT COULD MOVE THE RATINGS UP/DOWN

Bank RBK's ratings could be upgraded if it 1) considerably improves
profitability, 2) grows and diversifies its franchise base and
substantially increases its market shares and 3) improves asset
quality. The ratings could be downgraded in case of materialization
of asset quality problem beyond Moody's expectations and inability
to maintain profitable business model. Its reassessment of
government support to lower levels may lead to downward pressure on
the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.



=====================
N E T H E R L A N D S
=====================

KETER GROUP: Moody's Downgrades CFR to Caa1, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
the Israel based manufacturer of resin-based consumer durables
Keter Group B.V. to Caa1 from B3 and the probability of default
rating to Caa1-PD from B3-PD. Concurrently, Moody's has downgraded
the rating of the Keter's senior secured term loans B and its
revolving credit facility to Caa1 from B3. The rating outlook
remains negative.

The rating action reflects the following factors:

  - Following the review of 2018 audited financials Keter's
leverage ratio, as measured by Moody's adjusted gross debt/ EBITDA,
at 13.2x as at December 2018 pro-forma Adams/ United acquisitions,
was higher than expected and will likely remain elevated over the
next 12-18 months

  - Ongoing negative free cash flow generation due to a weak
operating performance and a high level of one-off costs that
Moody's expect to remain material in 2019

  - While recent liquidity measures (SL&B, factoring) supported
Keter's liquidity profile in the short term, Moody's still believes
that it is fragile with reliance on short term local banking
facilities and uncommitted lines

RATINGS RATIONALE

The group's earnings dropped sharply in 2018, negatively affected
by an increase in raw material prices, higher labor and logistic
costs as well as the capacity ramp up costs in new facilities.
Moody's adjusted EBITDA on a pro-forma basis declined to around EUR
100 million from around EUR 170 million in 2017, which in addition
to the company's reported EBITDA reduction was affected by the
higher amount of restructuring expenses and other "non-recurring"
items Moody's however does not adjust for. The earnings were
especially weak during the last quarter of 2018 with a negative
reported EBITDA before non-recurring items in October and December.
At the same time, gross debt increased following the acquisitions
of Adams and United as well as due to higher leases. As a result,
Moody's adjusted gross leverage ratio deteriorated to 13.2x from
7.1x in 2017, both on pro-forma basis.

The company's reported EBITDA before non-recurring continued to
trend down through May this year - 16% down year-to-date compared
to the same period last year, though still being around EUR 6
million above budget. Keter's budget foresees a 15% increase in
reported EBITDA due to the easier comparables in the second half of
2019, supported by lower raw material prices, recent price
increases and the contribution of the cost savings program "Keter
2.0" (reduction in indirect costs, procurement savings, footprint
rationalization, SG&A reduction). However, "non-recurring" items
related to "Keter 2.0" initiatives are expected to remain material,
even though the company expects them to be below the previous year.
Hence, a recovery in Moody's adjusted EBITDA will be less
substantial and will unlikely result in the improvement in credit
metrics to the extent required for a 'single B' rating. Moreover,
Moody's expects the company's cash generation will remain negative
also in 2019 on the back of sizeable exceptional items.

Though Moody's continues to view Keter's liquidity profile as weak,
it positively noted the implementation of a number of measures that
improved the group's liquidity such as sale & leaseback of a site
in Canada for EUR 28 million in March 2019 as well as a signing of
a non-recourse factoring line for a pool of invoices that allows
for up to EUR 50 million drawing.

The company believes that this line (or similar lines) can be
extended to a total amount of up to EUR 100 million in the coming
quarters, providing the company additional liquidity in case
needed. However, it should be noted that the described measures
while having a positive impact for Keter's liquidity also increase
Moody's adjusted debt and hence curb the deleveraging process
required for a rating upgrade. Also, the company's liquidity
profile becomes more dependent on uncommitted credit lines such as
factoring while the availability under the committed RCF is reduced
from Q1 2019 to Q1 2020.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's concerns that Keter will be
able to achieve a meaningful earnings growth in the next 12-18
months, reduce the amount of non-recurring exceptional items and
benefit from the lower raw material prices. The negative outlook
also reflects Keter's fragile liquidity position dependent on the
roll-over of uncommitted short-term local banking lines.

WHAT COULD MOVE THE RATINGS - UP

Positive rating pressure could arise if:

  -- Moody's adjusted leverage (gross debt/EBITDA) declining
towards 7x; and

  -- Free cash flow generation (after non-recurring items) becomes
positive; and

  -- Its liquidity profile continues to improve.

WHAT COULD MOVE THE RATINGS -- DOWN

Conversely, negative rating could arise if:

  -- Failure to reduce leverage (Moody's adjusted gross
debt/EBITDA) from the currently elevated level; or

  -- Negative free cash flow generation continues for a sustained
period of time; or

  -- Deteriorating liquidity profile

STRUCTURAL CONSIDERATION

The secured credit facilities form the vast majority of Keter's
gross indebtedness and so the rating of both the Term Loan B and
RCF is Caa1, in-line with the CFR. While Moody's notes the presence
of a PIK instrument outside of the restricted group (the immediate
parent of the highest level company in the restricted group
capitalises its ownership of Keter via common equity), Moody's
treats this instrument as equity for the purposes of its debt and
leverage calculations.

LIQUIDITY

Moody's considers Keter's liquidity profile to be weak, in light of
a continued negative free cash flow generation. The group had
around EUR 25 million cash at the end of May 2019 and around EUR 53
million availability under the revolving credit facility (RCF)
maturing in October 2022. The maximum draw on RCF was reduced to
EUR 88 million from EUR 110 million for a period from Q1 19 to Q1
20, during which the covenant amendment was agreed providing the
company with additional headroom. At the same time the springing
test was reduced to 20% from 35%. Additionally, the company had EUR
6 million available under its EUR 31 million credit facility
secured by trade receivables and inventory, maturing in December
2021 and EUR 30 million available under the newly agreed
uncommitted 3-year non-recourse factoring line.

Keter's working capital (WC) is highly seasonal, typically
characterized by an inventory build-up during December -- April
followed by a release of WC in May-November. Hence the group's
liquidity situation is at the weakest spot during the year
currently and should improve in the coming months. Nevertheless,
Keter has also a sizeable amount of uncommitted short-term loans
with local banks (around EUR 65 million in May 2019) that burdens
its liquidity profile.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

COMPANY PROFILE

Keter Group B.V. (Keter) is a holding company, based in the
Netherlands, for a group of entities involved in the manufacturing
and distribution of a variety of resin-based consumer goods.
Keter's key products include garden furniture and home storage
solutions. Keter is majority owned by funds advised by Private
Equity firm -- BC Partners -- while minority shareholders include
funds advised by Private Equity firm PSP and the original founders,
the Sagol family. In 2018 Keter Group reported EUR 1.2 billion of
revenues.



===========================
U N I T E D   K I N G D O M
===========================

BIRD: Files Notice of Intention to Appoint Administrators
---------------------------------------------------------
Joanna Bourke at Evening Standard reports that Hipster
fried-chicken chain Bird on July 16 claimed bank lending for
restaurants has dried up, as it weighed up restructuring plans in a
bid to avoid administration.

Bird, which has five branches including Shoreditch and Holloway
Road, has filed a notice of intention to appoint administrators,
Evening Standard relates.

According to Evening Standard, the move gives the company, which is
working with shareholders and restructuring experts BM Advisory, up
to four weeks to come up with a plan to better stabilize the
business following cashflow problems.

Paul Hemings, who co-founded Bird with his wife in 2014, said
options included securing new investment, a company voluntary
arrangement with creditor approval, or a pre-pack sale, Evening
Standard discloses.

He said one of these agreements is "imminent" and he expects a
successful conclusion to the process, Evening Standard notes.

BURY FC: Steve Dale's Takeover Without Full EFL Approval
--------------------------------------------------------
BBC Radio Manchester reports that Bury owner Steve Dale took
control of the club without full approval from the English Football
League.

Mr. Dale became owner of the Shakers in December, replacing Stewart
Day, BBC Radio Manchester recounts.

Despite winning promotion from League Two, Bury have ongoing
financial problems and have proposed a rescue plan to clear some of
their debts, BBC Radio Manchester relates.

According to BBC Radio Manchester, in a statement, the EFL said
they were waiting to receive "outstanding information" regarding
the takeover.

Bury experienced significant off-field problems over the last year
and Mr. Dale said their troubles "turned out to be far in excess of
what we could have comprehended" after he took over, BBC Radio
Manchester discloses.

The Shakers are already facing a 12-point deduction next season
after Dale put forward a company voluntary arrangement (CVA) to
help clear some of the club's debts, BBC Radio Manchester states.

Football creditors would be paid in full but unsecured creditors,
including HM Revenue & Customs (HMRC) -- who are owed GBP1 million
and have taken over a winding-up petition brought against the club
by former head coach Chris Brass -- would only receive 25% of what
they are owed, according to BBC Radio Manchester.


COLT GROUP: Moody's Assigns Ba2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investor Service assigned a Ba2 corporate family rating and
a Ba2-PD probability of default rating to Colt Group Holdings
Limited. Concurrently, Moody's has withdrawn the Ba2 CFR and Ba2-PD
PDR at Colt Group S.A. The outlook of Colt is stable.

Colt Group Holdings Limited is a newly created entity which sits at
the top of the restricted group following completion of a holding
company restructuring. This entity is 100% owned by Lightning
Investors Limited, which is primarily owned by SHM Lightning
Investors LLC and also by FIL Limited (FIL rated Baa1, Stable). SHM
is directly or indirectly owned by senior employees of FMR LLC (FMR
rated A1, stable), members of their families, including the Johnson
Family, and trusts established for their benefit.

RATINGS RATIONALE

The credit quality of Colt reflects: (1) the fragmented and very
competitive business telecoms market in Europe; (2) the company's
flat to moderate average organic revenue over 2015-18 (3) expected
improvement in the company's revenue and EBITDA growth over the
medium term supported by the company's strategic initiatives, which
entail a degree of execution risk; and (3) Moody's expectation of
continued materially negative free cash flow (FCF) generation until
2021 as the company pursues its growth investment initiatives.

However, Colt's credit quality also factors in: (1) the company's
fully owned and managed pan-European fibre network, which gives it
a competitive advantage over non-facilities-based alternative
carriers; (2) the positive progress in profitability in 2018
following the company's exit from unprofitable and non-core
businesses; (3) the company's increasing yet moderate
Moody's-adjusted gross leverage of 1.5x-2.0x expected in the next
12-18 months (compared to 1.1x in 2018), with moderate level of
financial debt in its capital structure; and (4) a supportive
ownership strategy from the company's controlling shareholders, SHM
and FIL.

The company has an adequate near-term liquidity with cash and cash
equivalents of EUR128.8 million as of December 31, 2018, and EUR40
million drawn under unrated EUR265 million revolving credit
facility lent by FMR Capital Holdings LLC, a sister company of FMR
which currently holds meaningful liquid assets. In order to fund
its expansion capex over the next few years, Colt will likely need
to arrange for additional debt funding beyond the current available
facility. In this regard, Moody's currently assumes continued
support from FMR Capital Holdings as a lender.

RATING OUTLOOK

The stable outlook reflects its expectation that Colt's revenue and
earnings growth trends will improve gradually as the company
pursues more intensive investments over the next few years. The
outlook also reflects Moody's expectation that Colt's strategy and
funding will continue to be supported by SHM, FIL and FMR Capital
Holdings LLC.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Colt's rating could move upward if the company: (1) achieves and
maintains positive overall organic revenue growth and generates
meaningful growth in EBITDA and free cash flow, such that its free
cash flow/gross debt (Moody's-adjusted) remains consistently in the
low double digits in percentage terms; and (2) maintains its gross
debt/EBITDA (Moody's-adjusted) consistently below 1.5x.

Colt's rating could move downward if: (1) the company's revenue
growth, EBITDA growth and free cash flow generation turn materially
negative on a sustained basis; or (2) the company's gross
debt/EBITDA (Moody's-adjusted) increases sustainably above 2.5x.
Clear signs of a more aggressive financial policy or significantly
reduced support from by SHM, FIL and/or FMR Capital Holdings LLC
could also be credit negative.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.

DEBENHAMS PLC: Seeks Add'l. GBP50MM Funding From Lenders
--------------------------------------------------------
Mark Kleinman at Sky News reports that Debenhams is poised to seek
more financial help to see it through to the crucial Christmas
trading period just three months after investors were wiped out
when the chain crashed into administration.

Sky News has learnt that the department store group has told its
lending syndicate that it expects to require access to additional
borrowing facilities of about GBP50 million as soon as this
autumn.

The disclosure will raise renewed questions about Debenhams'
trading performance since an insolvency process in April led to it
being taken over by its creditors, Sky News notes.

The company has announced plans to close 50 of its 166 UK stores,
with the first tranche of 22 closures planned for next year, Sky
News discloses.

In total, the plan will lead to more than 4000 jobs being lost, the
latest in a grim toll of high street casualties, Sky News states.

According to Sky News, sources said that Debenhams' lenders
remained "supportive" of the company and its transformation plan.

The GBP50 million of expected new borrowing is in addition to a
GBP200 million facility secured in March, not all of which has been
drawn down, Sky News states.

The money, Sky News says, is expected to provide a war chest for
deep price cuts during a Christmas trading period in which
bargain-hunters are likely to be well-rewarded as retailers fight
an intense battle for market share.

The fact that Debenhams is having to strengthen its financial
position so soon after outlining such a comprehensive restructuring
plan underlines both the uncertainty over the company's long-term
future as well as the dismal high street environment in which it is
operating, according to Sky News.

Debenhams is in the process of recruiting a new chief executive to
replace Sergio Bucher, the former Amazon executive who left in the
wake of the restructuring, Sky News discloses.


HOME FUNDRAISING: Expected to Pay Only GBP225,000 to Creditors
--------------------------------------------------------------
Rebecca Cooney at Third Sector reports that Home Fundraising owed
GBP1.8 million when it went into administration and is expected to
pay back only about GBP225,000, documents filed with Companies
House reveal.

The door-to-door fundraising agency announced it was going into
administration in March, Third Sector recounts.

It had entered into a company voluntary arrangement--a deal that
allows companies to pay creditors over an extended period of time
while still trading--in May last year, Third Sector discloses.

But the new document, which details the debts in relation to the
CVA, reveals that the company was unable to meet the repayments
agreed on the CVA, prompting it to appoint administrators from HW
Fisher & Company, Third Sector notes.

The new documents show that Home owed more than GBP1.8 million to
various creditors, including GBP1.5 million to HM Revenue &
Customs, as well as amounts ranging from GBP859 to GBP11,880 to
various local councils, which Third Sector understands is money
owed for business rates on the firm's regional offices.

But the document reveals that the administrators expect the company
will be able to pay off only GBP225,000, or 12.4% of the money it
owes to each creditor, meaning HMRC will receive just GBP182,990,
Third Sector states.

More than 1,100 employees have been made redundant as a result of
the administration process, although not all of them were "actively
employed" by the company at the time, according to Third Sector.


HOMEBASE: More Store Closures Expected in Coming Months
-------------------------------------------------------
Fiona Garcia at DIY Week reports that as Homebase struggles to
agree new rent terms with landlords and continues to review its
estate under the terms of its CVA, more stores are set to close in
coming months.

It has been revealed that the Homebase store on Newbury Retail Park
will cease trading on Sept. 5, with suggestions that Aldi may be
lined up to take on the retail unit, DIY Week discloses.

According to DIY Week, the Homebase in Brecon will also close its
doors in coming months, although an official date is yet to be
confirmed, while another store on Hylton Road in Worcester has to
be vacated by Aug. 30 ready for The Range to move into the site.

Following Hilco's acquisition of Homebase from Bunnings' parent
Wesfarmers, creditors voted in favor of a company voluntary
arrangement (CVA) last August, when the business announced it would
be closing around 42 of its stores towards the end of last year and
early 2019, DIY Week recounts.  

However, with a number of other branches set to cease trading, or
which have already closed their doors, the final figure is expected
to be much higher, DIY Week notes.  Under the agreement landlords
were able to terminate leases from July 1, DIY Week states.

With regards the latest round of closures, which includes Abingdon,
Brecon, Cheltenham, Grantham, Hemel Hempstead, Kingston, Loughton,
Market Drayton, Newbury, Rochdale, Sandbach, and Worcester (Hylton
Road), Homebase, as cited by DIY Week, said: "we have been unable
to come to an agreement that works for both parties and as such,
landlords for these stores have exercised their right to end the
lease . . . Our priority is to support our affected team members
who have shown us loyalty and energy throughout what has been an
unsettling time."

Speaking to staff at several of these stores, Homebase is yet to
confirm a final closing date and they will remain trading until
such a time, according to DIY Week.

A number of other stores that were not announced as part of the
initial round of closures have also ceased trading in recent
months, including the following: Bedford, Bingley, Chepstow,
Colchester, Dover, among others, DIY Week discloses.


JPI MEDIA: In Early Stage of Asset Sale Discussions with Reach
--------------------------------------------------------------
Samantha Machado at Reuters reports that British media company
Reach Plc said on July 18 it was in the early stages of discussions
to buy certain assets of JPI Media, which publishes the Yorkshire
Post and the Scotsman.

Johnston Press, later renamed JPI Media, was bought by its
bondholders last year after it filed for bankruptcy protection,
Reuters relates.

Sky News reported earlier in the month that the owners of JPI Media
were in talks to sell the 'i' newspaper and regional titles,
Reuters recounts.


THOMAS COOK: Moody's Downgrades CFR to Ca, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
the British tourism group Thomas Cook Group plc to Ca from Caa2 and
its probability of default rating to Ca-PD from Caa2-PD. Moody's
has also downgraded to Ca from Caa2 the rating on Thomas Cook's EUR
750 million senior unsecured notes due 2022 and downgraded to Ca
from Caa2 its EUR 400 million senior unsecured notes due 2023
issued under Thomas Cook Finance 2 plc. The outlook remains
negative.

The rating action reflects the announcement that the company is in
advanced discussions with Fosun Tourism Group and its affiliates
(part of Fosun International
Limited -- Ba2, stable) and Thomas Cook's core lending banks to
respectively inject new funding of GBP750 million and exchange a
significant amount of the company's existing debt into equity. The
proposed transaction would constitute a default as a distressed
exchange under Moody's definitions of default.

RATINGS RATIONALE

The Ca CFR reflects the company's: 1) weak liquidity position with
large seasonal working capital outflows during each winter period;
2) weak trading in the fiscal year 2018, ended September 30, 2018,
and in fiscal 2019 year to date with bookings and margin pressures
expected in summer 2019; 4) continued free cash outflows expected
in 2019; and 5) expectations of substantial impairments to the
company's existing debt.

It also reflects the company's 1) large scale as Europe's
second-largest tourism business; 2) diversification in terms of
product offering and regional presence; and 3) the favourable
long-term growth prospects for the travel market.

The proposed restructuring and injection of new funds is required
as a result of liquidity constraints and a failure to achieve the
sale of the airline division to support liquidity. Moody's expects
the restructure to include the separation of the airline and tour
operator divisions to allow EU investors to retain majority
ownership of the airline, a regulatory requirement.

Moody's expects a substantial impairment for existing debtholders
given the requirement for new money and the possibility that
existing debt could be subordinated in part to new financing.

STRUCTURAL CONSIDERATIONS

The Ca rating for the two senior unsecured notes reflects their
pari passu ranking with the majority of Thomas Cook's debt.

OUTLOOK

The negative outlook reflects the expectation that a restructuring
of the company's balance sheet is highly likely and that
significant impairments will arise. It also assumes that trading
performance will continue to deteriorate in fiscal 2019, adding
pressure to recoveries.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could be upgraded if Moody's expects only limited
impairment to the existing debt as a result of the pending
restructuring, or if an alternative transaction is implemented
leading to limited impairment.

The ratings could be downgraded if Moody's expects recoveries on
the existing debt to be minimal as a result of the pending
restructuring.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

PROFILE

Thomas Cook Group plc, based in London, UK, is Europe's
second-largest tourism business after the market leader TUI AG (Ba2
negative). The company holds leading positions in the important
outbound markets of Germany, the UK and Northern European
countries. The company provides its 11 million customers an access
to a broad variety of hotels with 186 own-brand hotels building the
core of this portfolio. Furthermore, the group's Airline business
with 100 aircraft servicing 20 million customers is Europe's third
largest airline to sun & beach destinations. In 2018 the group
generated revenues of GBP9.6 billion. The company is listed on the
London Stock Exchange.

WATERLOGIC GROUP: Moody's Downgrades CFR to B3, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating to
B3 from B2 and probability of default rating to B3-PD from B2-PD of
Waterlogic Group Holdings Limited, a leading manufacturer and
global distributor of point-of-use water coolers.

Concurrently, Moody's has also downgraded the ratings of the
company's senior secured credit facilities split between a EUR277
million term loan B1 due 2025 (including the new USD120 million
equivalent EUR term loan B1 add-on), a GBP87.5 million term loan B2
due 2025, a AUD87.6 million term loan B3 due 2025 (split between a
B3A tranche of AUD6 million and a B3B tranche of AUD81.6 million),
and a USD45 million equivalent revolving credit facility (RCF) due
2024 to B3 from B2. The term loan B1, the term loan B2, the term
loan B3A and the RCF were borrowed by Waterlogic Finance Limited
whereas the term loan B3B was borrowed by Waterlogic Australia
Holdings Pty.

The outlook on all entities is stable.

The proceeds from the USD120 million equivalent add-on will be used
to refinance partially drawn RCF, pay transaction fees and expenses
and cash on balance sheet to provide additional funding for
potential future bolt-on and selected strategic acquisitions.

RATINGS RATIONALE

The action is mainly driven by the company's debt-financed
acquisition strategy which is likely to keep the company's Moody's
adjusted leverage above 6.0x, at the level incompatible with B2
rating, during the next 12-18 months despite the company's strong
organic growth supported by favourable industry dynamics. As of
December 31, 2018 Moody's adjusted leverage PF for the proposed
increase in debt is 7.2x, an increase from 6.4x before the proposed
transaction. Moody's expect the company to reduce its leverage
towards 5.5x over the next 18-24 months driven by contribution from
the acquisitions expected to be funded by the debt increase as well
as organic growth, however the rating agency also expects further
debt-financed acquisitions which will keep leverage elevated above
6.0x.

Moody's believes, in the absence of further acquisitions, the
company's cash flow generation will gradually improve over the next
12-18 months due to growth in EBITDA, efficiencies and reduced ERP
spend however the rating agency expects free cash flow to remain
negative during the next 12-18 months due to high growth capex and
continued ERP costs. Operating costs and capex related to the
implementation of the new ERP are expected to peak to USD16 million
in 2019 from USD10 million in 2018, before significantly decreasing
afterwards (total expected spending of USD15 million in 2020-2022).
The roll-out of a new ERP was initiated at the end of 2016 and is
expected to be completed in 2022.

Waterlogic's ratings continue to reflect more broadly: (1) the
company's modest scale and limited product diversity; (2) the
highly fragmented and competitive water cooler market; and (3) the
expectation of further acquisitions slowing deleveraging.

More positively, the rating is supported by (1) the company's
well-established market position as a leading provider of
point-of-use water coolers, (2) the good revenue visibility as the
majority of revenue is derived from the recurring rental business;
(3) the low customer concentration and churn rates; and (4) the
continuing shift from bottled water coolers to point-of-use
solutions.

Waterlogic's liquidity is adequate, despite the negative free cash
flow expected in 2019, supported by cash balances of approximately
USD20million as of end of May 2019 pro forma for the transaction
and access to USD45 million equivalent RCF due 2024, which is
expected to be undrawn pro forma the transaction. Moody's also
expects the company to maintain ample covenant headroom under its
single net leverage financial maintenance covenant to be tested
quarterly from December 2018 (net leverage target of 7.5x in the
next 12-18 months compared to a reported net leverage of
approximately 5.0x).

STRUCTURAL CONSIDERATIONS

The senior secured credit facilities are rated B3 in line with the
CFR as they are the only class of debt in the capital structure.
The credit facilities are secured, among other things, by material
assets of the US, UK and Australian operations and guaranteed by
operating companies representing at least 80% of total EBITDA.

OUTLOOK

The stable outlook reflects Moody's expectation that the company
will maintain the current good operating momentum as well as credit
metrics consistent with its current rating.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Upward pressure on the rating would require Moody's adjusted
debt/EBITDA to decline sustainably below 6.0x, free cash flow
turning positive while maintaining a Moody's-adjusted EBITA margin
in the high teens.

Negative pressure could arise due to an erosion in profitability or
margins, the Moody's-adjusted debt/EBITDA increasing materially
above 7.0x, or weakening liquidity.

RATING METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

COMPANY PROFILE

Headquartered in the United Kingdom, Waterlogic is a leading
manufacturer and global distributor of mains attached point-of-use
drinking water purification and dispensing systems designed for
environments such as offices, factories, hospitals, hotels,
schools, restaurants and other workplaces. The company generated
revenue of USD317 million in 2018. The company is majority owned by
Castic Capital.



===============
X X X X X X X X
===============

[*] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW
-----------------------------------------------
Author: John E. Tracy
Publisher: Beard Books
Soft cover: 470 pages
List Price: $34.95

Order a copy today at https://is.gd/fSX7YQ

Originally published in 1947, The Successful Practice of Law still
ably serves as a point of reference for today's independent lawyer.
Its contents are based on a series of non-credit lectures given at
the University of Michigan Law School, where the author began
teaching after 26 years of law practice. His wisdom and experience
are manifest on every page, and will undoubtedly provide guidance
for today's hard-pressed attorney.

The Successful Practice of Law provides timeless fundamental
guidelines for a successful practice. It is intended neither as a
comprehensive reference work, nor as a digest of law. Rather, it is
a down-to-earth guide designed to help lawyers solve everyday
problems -- a ready-to-tap source of tested proven methods of
building and maintaining a sound practice.

Mr. Tracy talks at length about developing a client base. He
contends that a firemen's ball can prove just as useful as an
exclusive party at the country club in making contacts with future
clients. He suggests seeking work from established firms as a way
to get started before seeking collections work out of desperation.

In his chapter on keeping clients, Mr. Tracy gives valuable lessons
in people skills: "(I)f a client tells you he cannot sleep nights
because of worry about his case, you will ease his mind very much
by saying, 'Now go home and sleep. I am the one to do the worrying
from now on.'" Rather than point out to a client that his legal
predicament is partly his fault, "concentrate on trying to work out
a program that will overcome his mistakes." He cautions against
speculating aloud to clients on what they could have done
differently to avoid current legal problems, lest they change their
stories and suddenly claim, falsely, that they indeed had done that
very thing. He also advises against deciding too quickly that a
client has no case: "After you have been in practice for a few
years you will be surprised to find how many seemingly desperate
cases can be won."

Mr. Tracy advises studying as the best use of downtime. He quotes
Mr. Chauncey M. Depew: "The valedictorian of the college, the
brilliant victors of the moot courts who failed to fulfill the
promise of their youth have neglected to continue to study and have
lost the enthusiasm to which they owed their triumphs on mimic
battle fields." Mr. Tracy advises against playing golf with one's
client every time he asks: "My advice would be to accept his
invitation the first time, but not the second, possibly the third
time but not the fourth."

Other topics discussed by Mr. Tracy, with the same practical, sound
advice, include fixing fees, drafting legal instruments, examining
an abstract of title, keeping an office running smoothly, preparing
a case for trial, and trying a jury case. But some of best counsel
he offers is the following: You cannot afford to overlook the fact
that you are in the practice of law for your lifetime; you owe a
duty to your client to look after his interests as if they were
your own and your professional future depends on your rendering
honest, substantial services to your clients. Every sound lawyer
will tell you that straightforward conduct is, in the end, the best
policy. That kind of advice never ages.

John E. Tracy was Professor Emeritus and Member of University of
Michigan Law School Faculty from 1930 to 1969. Professor Tracy
practiced law for more than a quarter century in Michigan, New York
City, and Chicago before joining the Law School faculty in 1930. He
retired in 1950. He was born in 1880. He died in December 1969.



                           *********


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 2019.  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 * * *