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       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

          Tuesday, January 7, 2020, Vol. 21, No. 5

                           Headlines



C R O A T I A

ULJANIK PLOVIDBA: Reaches Deal with Lenders to Sell Pomer Tanker


C Z E C H   R E P U B L I C

PILSEN STEEL: To Lay Off 477 Employees Following Acquisition


G E R M A N Y

KME SE: Moody's Affirms B3 CFR; Alters Outlook to Negative


I T A L Y

ATLANTIA SPA: Moody's Downgrades Sr. Unsec. Rating to Ba2


S P A I N

IM CAJA LABORAL 2: Fitch Upgrades Class C Debt to BB-sf


U N I T E D   K I N G D O M

CHILANGO: Chief Executive Officers Agree to Step Down
DEBENHAMS PLC: Hires Abi Comber as New Chief Marketing Officer
G3 EXPLORATION: February 5 Restructuring Report Deadline Set
LENDY: Investors Express Concerns Over Administration Costs

                           - - - - -


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C R O A T I A
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ULJANIK PLOVIDBA: Reaches Deal with Lenders to Sell Pomer Tanker
----------------------------------------------------------------
SeeNews reports that Croatian maritime shipping company Alpha
Adriatic, former Uljanik Plovidba, said it has reached an agreement
with a syndicate of international lenders to sell its Pomer
tanker.

Alpha Adriatic said in a statement the agreement was reached on
Dec. 31, meaning also the release of all mutual obligations between
the two parties, SeeNews relates.

At the same time, it signed a separate agreement to sell the Pomer
tanker to a Norwegian buyer, Pomer AS, the company said without
providing any financial details, SeeNews notes.

The sale is expected to be completed in the next 15 days, after
which the buyer plans to put Alpha Adriatic Group in charge of the
technical management of the vessel, SeeNews discloses.

In October, a Croatian court opened pre-bankruptcy proceedings
against Uljanik Plovidba at the company's request aimed at
protecting its employees, creditors and shareholders, after a
syndicate of international lenders led by Credit Suisse walked out
of its debt restructuring talks with Uljanik Plovidba by seizing
its Pomer tanker ship as collateral for an outstanding debt owed by
the company, SeeNews recounts.

Uljanik Plovidba said at the time the vessel was seized despite the
existence of a signed indicative term sheet with a new
international lender for refinancing the existing loans from the
syndicate, according to SeeNews.



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C Z E C H   R E P U B L I C
===========================

PILSEN STEEL: To Lay Off 477 Employees Following Acquisition
------------------------------------------------------------
Plzen-based steel maker Pilsen Steel, which halted production in
January last year and is undergoing bankruptcy proceedings, will
lay off 477 employees, retaining 47, company trade unions'
chairwoman Ivanka Smolkova told CTK on Jan. 3, confirming
information brought by the public Czech Television (CT).

Insolvency administrator Jaroslav Broz told CTK in December the
company was to be bought by a strategic partner engaged in the
steel industry.

According to CTK, Ms. Smolkova said Pilsen Steel is being bought by
Germany's Max Aicher group.

The creditor committee and the administrator selected the buyer on
Dec. 4, not disclosing its name or the purchase price, then Plzen's
employment office received the announcement of mass layoffs from
Pilsen Steel at the end of last year, office head Zdenek Novotny
told CTK.

Employees will receive notices after Jan. 20, CTK discloses.



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G E R M A N Y
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KME SE: Moody's Affirms B3 CFR; Alters Outlook to Negative
----------------------------------------------------------
Moody's Investors Service affirmed KME SE's B3 Corporate Family
Rating, B3-PD probability of default rating as well as the B3
rating of the EUR300 million senior secured notes due 2023.
Concurrently, the rating agency changed the outlook to negative
from positive.

"This rating action is driven by continued excessive leverage which
increased to 7.1x Moody's-adjusted debt/EBITDA in the 12 months
ended September 2019 from 6.7x in 2018, " said Goetz Grossmann,
Moody's lead analyst for KME. "Credit metrics have not improved as
expected over the last two years and uncertainty persists regarding
the company's ability to improve operating profitability
materially," Mr. Grossmann added.

RATINGS RATIONALE

The change of the outlook to negative reflects the increased risk
that KME's leverage will continue to remain above 6.0-6.5x
debt/EBITDA for the next 12-18 months. Moody's-adjusted leverage
does not include significant levels of undisclosed non-recourse
factoring which Moody's considers to be effectively part of the
company's debt. The company has also utilized EUR471 million of
borrowing base facility by way of letters of credit which add
further to the stretched nature of the capital structure. In
addition, KME's absolute EBITDA generation has not improved as
expected since 2018 with prospects of more meaningful increases
being based on synergies following the acquisition of MKM.
Furthermore, the significant utilization of the borrowing facility
and factoring programs puts pressure on the company's liquidity
profile. The company will need to strengthen its liquidity in the
next 12-18 months, including through planned improvements in
working capital to remain in the current rating category.

Following the reorganization with the acquisition of MKM and the
sale of Brass, KME remains highly levered, illustrated by its
Moody's adjusted debt/EBITDA of 7.1x for the 12 months ended
September 2019. Nevertheless, Moody's acknowledges that a sizable
portion of the gross adjusted debt results from defined benefit
obligations, mostly without any funding requirements, of
approximately EUR209 million as of September 2019, which should be
reduced gradually over time because the pension plans have been
closed. KME's recent reorganization provides opportunities for some
EBITDA improvements resulting from synergies following the
integration of MKM.

Besides the stable EBITDA generation and the material
reorganization over the last two years, KME has been able to
generate positive or only slightly negative free cash flow (FCF).
For the next 12-18 months Moody's expects slightly positive FCF
generation. Meaningful capex spending, driven by one off projects,
has been mitigated by favorable working capital optimizations,
which Moody's expects to normalize again in 2020. In addition, FCF
generation is supported by lower capex levels compared to the last
two years as a result of reorganizing the company's production
footprint.

LIQUIDITY

Moody's considers KME's liquidity as adequate, based on reported
EUR92 million of cash and cash equivalents as of the end of
September 2019, and the largely utilized EUR375 million borrowing
base revolving credit facility and additional EUR146 million legacy
borrowing base facility at KME Mansfeld. This represents a limited
level of headroom in the context of raw material price volatility
which could drive large working capital outflows, and the company's
largely cyclical end markets. The EUR375 million facility contains
one interest cover maintenance covenant, as well as one springing
covenant that requires KME to maintain a certain ratio of net
financial indebtedness to consolidated tangible net worth. These
liquidity sources, together with cash generated from operations of
approximately EUR65 million and a EUR30 million shareholder working
capital facility, are sufficient to fund liquidity needs with only
a small cushion. Liquidity needs amounting to around EUR150 million
over the next 18 months include working capital swings, assumed
working cash requirements, and capital spending, as well as
short-term debt repayments.

A key governance consideration incorporated in KME's rating is the
company's ownership by Intek Group with a tolerance for high
leverage and its pursuit of aggressive working capital financing
arrangements.

STRUCTURAL CONSIDERATIONS

The group's backed EUR300 million senior secured notes due 2023
rank senior to non-UK Pension liabilities, which Moody's assumes
are unsecured. The senior secured notes are rated B3, which is in
line with the CFR since any other sizable debt ranks pari passu
with the notes. Guarantors of the notes account for at least 80% of
the group's EBITDA and a first ranking security over meaningful
operating assets. The borrowing base facilities of EUR521 million
are also assumed to rank pari passu with the notes, and its
security package consists of the short-term assets that are part of
the company's working capital.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could consider to upgrade KME if (1) operating performance
is materially improved indicated by growing EBITA margins of NAV
[revenue net of pass-through of raw material costs]; (2) liquidity
profile is significantly improved; (3) Moody's-adjusted FCF/debt
increases towards 5% on a sustainable basis, excluding effects from
increases in factoring; (4) Moody's-adjusted leverage reduces below
5.5x (such assessment to take into consideration expected levels
off-balance sheet financing); and (5) Moody's-adjusted interest
coverage exceeds 1.5x EBITA/interest expense on a sustained basis.

Moody's could downgrade KME if (1) the company's liquidity profile
weakens; (2) free cash flow is negative on a sustained basis; (3)
EBITA margins of NAV fail to remain in the high single digit range
in percentage terms; (4) Moody's-adjusted leverage fails to improve
below 6.5x (taking into consideration expected levels of
off-balance sheet financing); and (5) interest coverage fails to
improve to 1.0x EBITA/interest expense as adjusted by Moody's.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

COMPANY PROFILE

Headquartered in Osnabruck, Germany, KME is a leading producer of
copper and copper alloy products, which are largely based on
primary copper and high quality scraps. KME's primary production
and service center assets are based in Europe, China and the US. In
the 12 months ended September 2019, the company generated around
EUR2.4 billion revenue and about EUR539 million NAV revenue from
its business divisions: copper (67% of the total NAV revenue) and
special (33%). The company operates 8 production sites, out of
which six are based in Europe, one in the US and one in China, and
one joint venture (JVs) in China. KME employs around 4,100 people
(not including the Trefimeteaux perimeter). KME is a fully owned
subsidiary of the Italian industrial investment company Intek Group
S.p.A.



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I T A L Y
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ATLANTIA SPA: Moody's Downgrades Sr. Unsec. Rating to Ba2
---------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the senior
unsecured rating and to (P)Ba2 from (P)Ba1 the rating of the euro
medium-term note programme of Italian motorway and airport
infrastructure company Atlantia S.p.A.. Moody's also downgraded to
Ba1 from Baa3 the senior unsecured ratings and to (P)Ba1 from
(P)Baa3 the senior unsecured EMTN programme rating of toll road
operator Autostrade per l'Italia S.p.A.. Concurrently, Moody's has
withdrawn the issuer rating of ASPI and assigned a Ba1 corporate
family rating to Atlantia. Moody's also downgraded to Baa3 from
Baa2 the senior unsecured and senior secured ratings and to (P)Baa3
from (P)Baa2 the senior unsecured EMTN programme rating of airport
operator Aeroporti di Roma S.p.A.. All ratings have been placed
under review for downgrade.

RATINGS RATIONALE

The rating action reflects the increasing political pressure on the
Atlantia's group and growing downside risks following the
publication of the Decree-Law No 162 of December 30, 2019 (so
called Milleproroghe Decree), in which the Italian government
retroactively and unilaterally changed the terms and conditions of
toll road concessions in the country, including that of ASPI. Even
if the effects of this Decree could be only temporary, because it
would cease to be effective if not converted into law by the
Parliament within 60 days of publication, it signals a significant
escalation of the confrontation between the government and
Atlantia.

The rating action for ADR reflects its almost 100% ownership by
Atlantia and the ability of Atlantia to move cash and debt around
the group, notwithstanding that ADR exhibits a stronger stand-alone
credit profile and benefits from some protections included in its
debt structure and concession contract that provides for partial
delinkage from the wider group.

Since the collapse of the Polcevera viaduct, in August 2018,
Atlantia's group has faced (1) heightened regulatory pressures, as
evidenced by ASPI's toll freeze in 2019, which was implemented on a
voluntary basis, and in 2020, which was imposed by the government;
(2) increased scrutiny of ASPI's motorway assets, as shown by the
temporary closure of a few bridges over safety concerns during
November 2019, that could ultimately result in significant
additional maintenance costs; (3) legal investigations on ASPI's
and SPEA's (an engineering subsidiary of Atlantia) employees who
allegedly submitted inaccurate reports on the maintenance of two
bridges, which, if proven, would highlight potential shortfalls in
the group's control functions and undermine its credibility; (4)
increasing political pressure from the government following
Atlantia's unavailability to present a binding offer for the rescue
of troubled airline Alitalia; and (5) persistent uncertainties in
respect of the future of ASPI's concession.

The provisions for motorway concessions included in the
Milleproroghe Decree follows the stagnation of the discussions with
the Ministry of Transport and Infrastructure (MIT) over a potential
renegotiation of ASPI's concession. If the provisions of the Decree
were enforced it will negatively impact the group in case of
revocation of ASPI's concession for material and continued
non-performance.

While the cause(s) of the Genoa incident remain unknown, some
government officials indicate that a decision on the future of the
ASPI concession may be taken during the first month(s) of the year.
ASPI's concession provides for a specific process for early
termination of the contract and stipulates that compensation on
termination would need to be paid in all circumstances. This
compensation is calculated on the basis of the net present value of
the expected cash flows until the end of the term of the
concession, net of costs, liabilities, investments and projected
taxes, less the outstanding net financial debt that the grantor may
wish to assume. This compensation would be reduced by 10% and
additional damages should the cause of termination be a breach of
ASPI's obligation under the concession.

However, with the publication of the Milleproroghe Decree the
Italian government has unilaterally changed the compensation amount
that ASPI would be entitled to receive in case of revocation due to
a breach of its obligations. Under the new terms, the compensation
in such scenario will be calculated as the value of investments
completed plus ancillary charges net of depreciation. This amount
would be substantially lower than the amount originally established
on ASPI's concession.

In addition, the Decree establishes that the concessionaire will
not be able to exercise the right of legal termination of the
concession as a result of this change in contractual terms. This
clause responds to ASPI's announced willingness to exercise its
rights of legal termination of the concession following an
unilateral change of its contractual terms.

The government move exacerbates the confrontational stance towards
Atlantia's group, which suggests that an agreement on the
renegotiation of the concession is far from being reached and a
higher probability that the government will attempt to take
detrimental actions against ASPI. This also increases the
likelihood that both parties will be locked in lengthy litigation
process involving Italian and European courts that could last
years, resulting in potential sizeable legal costs, additional
claims and higher uncertainty on the full extent of the financial
impact of the collapse of the Polcevera viaduct.

In this respect, Moody's notes that in 2006 the European Commission
started an infringement procedure against Italy following the
publication of the Decree-Law No 262 of October 3, 2006 and
established that concession arrangements cannot be modified
unilaterally. In addition, the recent decision of the Regional
Administrative Court for Liguria to refer the provisions of the
Genoa Decree to the Italian Constitutional Court, validates the
legal strength of ASPI's concession contract in the context of the
application of the rule of law.

Moody's cautions that any formal assessment and notification of
non-compliance with the concession obligations and/or the
commencement of the corresponding revocation procedure would be a
significant credit negative for ASPI and, in turn, Atlantia, given
ASPI's significance in the context of the wider group's credit
profile and the linkages between the two entities.

This is a significant risk because the compensation linked to
revocation of the concession contract would be the source to meet
potential bondholders' claims resulting from the voluntary put
option granted under ASPI's bond documentation in such event.
According to the provisions of the concession, ASPI should continue
to manage the motorway assets until payment of the compensation is
received. However, the Milleproroghe Decree states that the
effectiveness of a termination of the concession is not subject to
payment of compensation by the grantor, increasing the risk that
the government decides to take over ASPI's concession without
formalising the corresponding compensation on termination. In
addition, ASPI's bond documentation lacks an explicit reference to
the receipt of a compensation payment for the concession
termination to be effective, which could result in uncertainties in
respect of the timing of such concession termination.

In light of the protracted uncertainties, Moody's will also
continue to monitor the liquidity and financial flexibility
exhibited by the Atlantia group, the continued ability to access
new funding, as well as measures aimed at preserving cash to
mitigate the financial impact of the bridge collapse.

Notwithstanding the persistent downside risks linked to the
collapse of the Polcevera viaduct, the Ba1 consolidated credit
profile of the Atlantia group continues to reflect (1) its large
size and the focus on the toll road and airport sectors; (2) the
strong fundamentals of the group's toll road network, which is
increasingly diversified following the acquisition of Abertis
Infraestructuras S.A. (Abertis) and comprises essential motorway
links mostly located in Spain, France, Chile, Brazil and Italy; (3)
the reasonably established regulatory framework for its toll road
operations, albeit characterised by increasing political pressures
in Italy; (4) a track record of relatively prudent financial
policies; (5) the group's fairly complex structure following the
Abertis acquisition; (6) the relatively shorter average concession
life of the combined Atlantia-Abertis group; and (7) the material
increase in consolidated debt leverage post-transaction.

Atlantia's Ba2 rating is positioned one notch below the group's
corporate family rating, reflecting the structural subordination of
the creditors at the holding company. ASPI's Ba1 rating remain in
line with the corporate family rating of the Atlantia group, while
ADR's Baa3 rating reflects the stronger stand-alone credit profile
of the entity and some delinkage from the wider group's credit
quality.

In order to conclude the ratings review, Moody's will take into
account whether the Parliament has or will likely approve and
convert into law the provisions for toll roads concessions included
in the Milleproroghe Decree.

WHAT COULD CHANGE THE RATING UP/DOWN

In light of the current review for downgrade, upward rating
pressure on Atlantia's, ASPI's and ADR's ratings is highly unlikely
in the near future.

Downward pressure on Atlantia's and ASPI's ratings would
materialise as a result of (1) the Parliament approval and
conversion into law of the provisions for toll roads concessions
included in the Milleproroghe Decree, or (2) the start of the
revocation process of ASPI's concession by the MIT or any
additional detrimental government actions linked to a revocation
scenario, with the magnitude of any downgrade also depending on the
potential size and timing of any compensation payment that ASPI may
receive.

There would also be downward rating pressure if (1) the increased
political pressure appears likely to result in significantly
increased costs, loss of revenues, or a renegotiation of ASPI's
concession terms leading to a considerably weaker financial profile
of the group; (2) there were new evidence of material governance or
other failures by Atlantia or ASPI, which intensifies current
challenges or increase the risk of imposition of adverse measures
impacting the group's risk profile; or (3) there were a
deterioration in the liquidity profile of the group.

With regard to ADR, notwithstanding some delinkage from the wider
group's credit quality deriving from ADR's debt structure and terms
and the protections included in its concession contract, negative
pressures on Atlantia's credit profile would put downward pressure
on the company's rating. In addition, negative pressure on ADR's
rating would also result from (1) a weakening of the company's
financial profile, with FFO/Debt below 15%; or (2) evidence of
political interference, inconsistent implementation of the
tariff-setting framework or material changes in the terms and
conditions of ADR's concession.

The principal methodology used in rating Atlantia S.p.A. and
Autostrade per l'Italia S.p.A. was Privately Managed Toll Roads
published in October 2017. The principal methodology used in rating
Aeroporti di Roma S.p.A. was Privately Managed Airports and Related
Issuers published in September 2017.

LIST OF AFFECTED RATINGS

Placed on Review for Downgrade:

Issuer: Atlantia S.p.A.

Senior Unsecured MTN Program, Downgraded to (P)Ba2 from (P)Ba1

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 from
Ba1

Issuer: Autostrade per l'Italia S.p.A.

Senior Unsecured MTN Program, Downgraded to (P)Ba1 from (P)Baa3

Senior Unsecured Regular Bond/Debenture , Downgraded to Ba1 from
Baa3

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
from Baa3

Issuer: Aeroporti di Roma S.p.A.

Senior Unsecured MTN Program, Downgraded to (P)Baa3 from (P)Baa2

Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from
Baa2

Underlying Senior Secured Regular Bond/Debenture, Downgraded to
Baa3 from Baa2

Withdrawals:

Issuer: Autostrade per l'Italia S.p.A.

LT Issuer Rating , Withdrawn , previously rated Baa3

Assignments:

Issuer: Atlantia S.p.A.

LT Corporate Family Rating, Assigned Ba1; Placed Under Review for
Downgrade

Outlook Actions:

Issuer: Atlantia S.p.A.

Outlook, Changed To Rating Under Review From Negative

Issuer: Autostrade per l'Italia S.p.A.

Outlook, Changed To Rating Under Review From Negative

Issuer: Aeroporti di Roma S.p.A.

Outlook, Changed To Rating Under Review From Negative

Atlantia S.p.A. is the holding company for a group active in the
infrastructure sector. Its main subsidiaries include Autostrade per
l'Italia S.p.A., Abertis Infraestructuras S.A., Aeroporti di Roma
S.p.A. and Azzurra Aeroporti S.p.A. (holding company for Aeroports
de la Côte d'Azur, the latter rated Baa2 negative). The group's
total EBITDA amounted to approximately EUR5.7 billion in the first
nine months of 2019.

Autostrade per l'Italia S.p.A. is the country's largest operator of
tolled motorways, which together with its subsidiaries, manages a
network of 3,020 km of motorways under long-term concession
agreements granted by the Italian government. The company generated
EBITDA of EUR1.9 billion in the first nine months of 2019.

Aeroporti di Roma S.p.A. is the concessionaire for the Rome airport
system, which reported total passenger volumes of 49 million in
2018. ADR reported EBITDA of approximately EUR460 million in the
first nine months of 2019.

Moody's has decided to withdraw the issuer rating of ASPI for its
own business reasons.



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S P A I N
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IM CAJA LABORAL 2: Fitch Upgrades Class C Debt to BB-sf
-------------------------------------------------------
Fitch Ratings upgraded three tranches and affirmed five tranches of
two IM Caja Laboral RMBS transactions. The Outlooks are Stable.

RATING ACTIONS

IM Caja Laboral 2, FTA

Class A ES0347552004; LT AAAsf Affirmed; previously at AAAsf

Class B ES0347552012; LT A+sf Affirmed;  previously at A+sf

Class C ES0347552020; LT BB-sf Upgrade;  previously at B+sf

IM Caja Laboral 1, FTA

Class A ES0347565006;      LT AAAsf Affirmed; previously at AAAsf

Class B ES0347565014;      LT AA+sf Upgrade;  previously at AA-sf

Class C ES0347565022;      LT A+sf Affirmed;  previously at A+sf

Class D ES0347565030;      LT A-sf Upgrade;   previously at BB+sf

Class E (RF) ES0347565048; LT CCCsf Affirmed; previously at CCCsf

TRANSACTION SUMMARY

The transactions comprise Spanish residential mortgages originated
and serviced by Caja Laboral Popular Cooperativa de Credito
(BBB+/Stable/F2).

KEY RATING DRIVERS

Adequate Credit Enhancement (CE): Current and projected levels of
CE of the notes are sufficient to mitigate the credit and cash flow
stresses under their respective rating scenarios, as reflected by
the upgrades and affirmations. While IM Caja Laboral 1 CE ratios
will remain broadly stable as the notes continue to amortise
pro-rata (with the reserve fund at its absolute floor), IM Caja
Laboral 2 CE ratios are projected to continue increasing in the
immediate term due to the prevailing sequential amortisation of the
notes. However, Fitch expects CE for IM Caja Laboral 2 to stabilise
in the medium-term when amortisation of the notes switches to
pro-rata.

Stable Asset Performance Outlook: The rating actions reflect
Fitch's expectation of stable credit trends given the significant
seasoning of the securitised portfolios of more than 13 years, the
prevailing low interest-rate environment and a supportive Spanish
macroeconomic outlook. Three-month plus arrears (excluding
defaults) as a percentage of the current pool balances remain below
1% in both cases as of the latest reporting date, while cumulative
gross defaults relative to portfolio initial balances range between
0.9% and 5.4% for IM Caja Laboral 1 and IM Caja Laboral 2,
respectively.

Portfolio's High-Risk Attributes: The securitised portfolios are
exposed to geographical concentration in the Basque region, Navarra
and Castilla-Leon. In line with Fitch's European RMBS rating
criteria, higher rating multiples are applied to the base
foreclosure frequency (FF) assumption to the portion of the
portfolios that exceeds 2.5x the population share of these regions
relative to the national count. Additionally, over 11% of the
portfolio balances correspond to loans granted to self-employed
borrowers, which are considered higher-risk than borrowers with
third-party-dependent employment contracts, and therefore subject
to a FF increase factor of 170%.

Payment Interruption Risk Mitigated: Fitch views the transactions
as sufficiently protected against payment interruption risk in
servicer disruption, as liquidity sources provide a buffer to
mitigate cash flow stresses, covering at least three months of
senior fees and interest payment obligations on the senior notes,
until an alternative servicing arrangement is implemented.

RATING SENSITIVITIES

A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift of interest rates could
jeopardise the underlying borrowers' affordability. This could have
negative rating implications, especially for junior tranches that
are less protected by structural CE.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
transactions, either due to their nature or to the way in which
they are being managed.



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

CHILANGO: Chief Executive Officers Agree to Step Down
-----------------------------------------------------
Tabby Kinder at The Financial Times reports that the chief
executive officers of Chilango have agreed to step down following
pressure from investors as the distressed Mexican food chain they
founded more than a decade ago battles to continue trading.

Eric Partaker and Dan Houghton, who are co-CEOs, will quit their
roles following a financial restructuring in which the company's
investors -- who piled GBP5.9 million into its controversial
"burrito bond" -- will have their debt converted to shares,
according to an investor and confirmed by the company, the FT
relates.

The restructuring is an attempt to save the business after its
auditor Grant Thornton refused to sign off its accounts in
November, the FT notes.

Investors were offered a stark choice in December when Chilango
filed for a company voluntary arrangement, which proposed a
debt-for-equity swap or a settlement of bondholders' debts at 10p
per pound invested, the FT discloses.

They were that enough shareholders had backed the proposal to
transfer the debt into preferred shares in order for it to go
ahead, the FT states.

Under the plans, shareholders will receive an 8% annual dividend
that will accrue, but will only be paid if Chilango is sold or if
its management approve a payment, the FT says.

Mr. Houghton will step down immediately, the FT notes.  Both are
expected to take on non-executive roles at the company, according
to the FT.

On Jan. 3, Companies House issued a strike-off notice against
Chilango for failing to file its accounts, which threatened to
dissolve the company in two months' time, the FT recounts.

Because of expensive leases and other pressures on the sector,
Chilango reported a GBP1.4 million loss in the year to March 2018
and said a site which opened in Birmingham in July this year had
yet to turn a profit, the FT notes.

According to the FT, a spokesperson for Chilango said its accounts
would be filed once the CVA process was completed and that
Companies House was aware of the process and would "discontinue"
the strike-off notice.


DEBENHAMS PLC: Hires Abi Comber as New Chief Marketing Officer
--------------------------------------------------------------
Molly Fleming at MarketingWeek reports that Debenhams is hiring
former British Airway marketer
Abi Comber as its new chief marketing officer as it looks to
turnaround its struggling business.

According to MarketingWeek, Mr. Comber will begin her role as the
retailer's top marketer today, Jan. 7 as the brand invests in
marketing to help solve its financial woes.  She replaces interim
marketing boss Erin Brookes, who took over in September after
Richard Cristofoli was forced out after eight years in the
retailer's top marketing job, MarketingWeek discloses.

Ms. Brookes will remain at the business as chief restructuring
officer, MarketingWeek states.  She is part of the 'senior
turnaround team' and is on secondment from her role as managing
director and head of retail at turnaround specialist Alvarez &
Marsal, MarketingWeek notes.

In September, Debenhams launched a GBP3 million marketing campaign
that it hoped would help boost long-term consideration and love for
the brand, MarketingWeek recounts.

Debenhams is currently undergoing a widespread restructure that
will, as part of a company voluntary arrangement (CVA), see 50 of
its 165 stores close and 1,200 staff lose their jobs, MarketingWeek
relays.  It began the closures at the beginning of this year with
19 stores in locations including Manchester, Birmingham and London,
according to MarketingWeek.


G3 EXPLORATION: February 5 Restructuring Report Deadline Set
------------------------------------------------------------
Adria Calatayud at Dow Jones reports that G3 Exploration Ltd. said
joint provisional liquidators have until Feb. 5 to prepare a report
to the court on the likelihood of a viable restructuring.

According to Dow Jones, the U.K.-listed gas producer with
operations in China said its joint provisional liquidators, which
were appointed last month, are exploring opportunities which might
exist to restructure or refinance the company and to protect its
assets.

It said that until further court order, G3's existing board and
management shall remain in office and may exercise its powers, with
the oversight of the joint provisional liquidators, Dow Jones
relates.

The company, as cited by Dow Jones, said it has changed its
reporting year-end to March 31 from Dec. 31, and its report for
2019 will cover a 15-month period ending March 31.

LENDY: Investors Express Concerns Over Administration Costs
-----------------------------------------------------------
James Hurley at The Times reports that investors hit by the
collapse of Lendy have expressed concerns about the spiralling
costs of the administration process after insolvency practitioners
warned that they could run up a bill of GBP2.5 million.

Lendy, the peer-to-peer lending service, failed last May owning
nearly GBP152 million to 9,000 investors, some of who now fear that
the costs of managing the insolvency will reduce any money they get
back, The Times relates.

RSM Restructuring recorded time costs worth GBP1.7 million for the
first six months of Lendy's administration, The Times discloses.
It has estimated that total time costs for managing the insolvency
could reach GBP2.5 million, The Times states.  An earlier estimate
had been GBP1.6 million, The Times notes.




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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 2020.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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