/raid1/www/Hosts/bankrupt/TCREUR_Public/200305.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

          Thursday, March 5, 2020, Vol. 21, No. 47

                           Headlines



A U S T R I A

ANGLO AUSTRIAN: Files for Insolvency in Vienna Commercial Court


G E R M A N Y

PANORAMA FASHION: Files for Insolvency in Charlottenburg Court


I T A L Y

MOBY SPA: Restructuring Proposal Penalizes Other Creditors


L U X E M B O U R G

AIRCRAFT SOLUTIONS: Seeks U.S. Recognition of Luxembourg Bankruptcy
DREAM GLOBAL: Moody's Withdraws B1 Senior Unsecured Rating
SAPHILUX SARL: S&P Affirms 'B-' ICR After Blue River Acquisition


S P A I N

CAIXABANK RMBS 1: DBRS Hikes Class B Notes Rating to BB(High)


U N I T E D   K I N G D O M

EG GROUP: Moody's Affirms B2 CFR & Alters Outlook to Negative
HOMEBASE: Set to Exit CVA Early After Renegotiating Leases
PRIME SEAFOODS: Goes Bust Following Financial Difficulties
SHARON DAVID: Goes Into Liquidation, Halts Operations
[*] Fitch Withdraws Salisbury 2015, II, II-A & Cheltenham Ratings


                           - - - - -


=============
A U S T R I A
=============

ANGLO AUSTRIAN: Files for Insolvency in Vienna Commercial Court
---------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Anglo Austrian AAB
Bank, formerly known as Meinl Bank, filed for insolvency at the
Vienna commercial court, creditor association KSV1870 says in an
e-mailed statement.

The court opened the insolvency procedure, Bloomberg discloses.

According to Bloomberg, eligible liabilities are at least EU245
million, while additional EUR40 million liabilities are contested.

The bank's assets total around EUR148 million.




=============
G E R M A N Y
=============

PANORAMA FASHION: Files for Insolvency in Charlottenburg Court
--------------------------------------------------------------
Weixin Zha at FashionUnited reports that Panorama Fashion Fair
Berlin GmbH, one of two major Berlin-based fashion fairs, has filed
for insolvency following its relocation in January.

Panorama, represented by its managing director Joerg Wichmann,
filed for insolvency proceedings at Berlin's Charlottenburg
District Court on Feb. 28, FashionUnited relays, citing filings in
the German insolvency database.  Lawyer Niklas Luetcke has been
appointed as provisional insolvency administrator, FashionUnited
discloses.

In January, the fair relocated to Flughafen Tempelhof for the first
as it hoped for a fresh start, Fashion United recounts.  It's
unclear how this step has affected the insolvency as Panorama has
not yet commented on the situation to FashionUnited, Fashion United
notes.




=========
I T A L Y
=========

MOBY SPA: Restructuring Proposal Penalizes Other Creditors
----------------------------------------------------------
Antonio Vanuzzo at Bloomberg News reports that Moby SpA said a
restructuring proposal by a group of bondholders penalizes other
creditors, according to an emailed statement on Feb. 29.

According to Bloomberg, the statement said the company sent an
invite to bondholders for a meeting between respective advisers for
a debt solution.

The company is open to giving creditors veto rights over business
plan and set up governance supervisory committees, Bloomberg
discloses.

The company's EBITDA as of Sept. 30 is at EUR118 million, while
debt is at EUR591 million, EUR300 million of which is bond and
EUR160 million financial debt.

As reported by the Troubled Company Reporter-Europe on Feb. 18,
2020, Bloomberg related that Moby reached an agreement with a group
of bondholders to delay a EUR12 million (US$13 million) interest
payment while it negotiates a debt restructuring.  The company said
in an emailed statement the moratorium was valid until the end of
February, Bloomberg disclosed.  Moby also asked for a standstill on
amortization payments due mid February related to EUR260 million of
loans, according to Bloomberg.

Moby SpA is an Italian ferry operator.




===================
L U X E M B O U R G
===================

AIRCRAFT SOLUTIONS: Seeks U.S. Recognition of Luxembourg Bankruptcy
-------------------------------------------------------------------
Aircraft Solutions Lux V-B SARL filed a Chapter 15 petition on Feb.
27, 2020, to seek U.S. recognition of the Luxembourg proceedings.

Incorporated in Luxembourg, Aircraft Solutions' principal objective
is the acquisition, holding and disposal of participation in
Luxembourg and foreign companies, as well as the acquisition,
holding and disposal of ownership interests in aircraft, airplanes
or related assets.

One of its business activities included leasing aircraft to third
parties.  One aircraft suffered an engine failure while leased to a
tenant airline.  The tenant airline successfully sued the Debtor.
The amount of damages to the tenant exceeded the Debtor's ability
to pay.

On May 20, 2019, a petition was filed in the 15th Chamber of the
District of Luxembourg, Case No TAL-2019-04004, Bankruptcy No.
463/2019, requesting the Aircraft Solutions be placed into
bankruptcy because it was unable to pay its creditors.

On May 22, 2019, the Luxembourg Court declared Aircraft Solutions
bankrupt pursuant to the laws of Luxembourg, based on admissions
and evidence presented to the Luxembourg court.

The Bankruptcy Order appointed E2M SARL, represented by Max
Mailliet, as the bankruptcy administrator of the Bankruptcy
Estate.

On Feb. 27, 2020, Aircraft Solutions filed a Chapter 15 petition to
seek U.S. recognition of the Luxembourg proceedings.  Mr. Mailliet,
who signed the petition, said that he intends to investigate the
nature and extent of any activities undertaken in the U.S. that may
have been acquired using funds belonging to the Debtor.

Mr. Mailliet has identified the existence of an account held at
Wells Fargo Bank ending in 5764.  He made efforts to obtain more
information regarding the account but the bank responded by
advising that it would not provide more information absent a court
order.

Arnoldo Lacayo, Esq., at SEQUOR LAW, is the Debtor's U.S. counsel.


DREAM GLOBAL: Moody's Withdraws B1 Senior Unsecured Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Dream Global
Real Estate Investment Trust including its outlook. The withdrawal
follows the acquisition of the company by funds managed by
Blackstone.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

LIST OF AFFECTED RATINGS.

Issuer: Dream Global Funding I S.a r.l.

Withdrawals:

BACKED Senior Unsecured Regular Bond/Debenture, Withdrawn,
previously rated B1 placed on review for downgrade

Outlook Actions:

Outlook, Changed to Rating Withdrawn from Rating Under Review

Issuer: Dream Global Real Estate Investment Trust

Withdrawals:

LT Corporate Family Rating, Withdrawn, previously rated B1 placed
on review for downgrade

Outlook Actions:

Outlook, Changed to Rating Withdrawn from Rating Under Review


SAPHILUX SARL: S&P Affirms 'B-' ICR After Blue River Acquisition
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Luxembourg-based investor services provider Saphilux (IQ-EQ's
holding company) and its 'B-' issue ratings on the group's debt,
reflecting its expectation of continued high leverage and modest
free operating cash flow (FOCF) generation.

Multiples of fast-growing providers in the investor service sector
remain very high, and are therefore likely to limit the
deleveraging of sector consolidators such as Saphilux.  Saphilux's
acquisition of Blue River is consistent with the group's
buy-and-build strategy within the trust and corporate services
sector. Over the past two years, the group has focused on acquiring
fast-growing service providers to fund managers, which led to the
acquisitions of Augentius and Lawson Conner in August 2018 and the
recent purchase of Blue River.

S&P said, "Although we consider each of these as complementary to
the group's existing service offering--with Augentius and Lawson
Conner boosting the group's presence in the U.K. market and Blue
River providing scale in the U.S.--Saphilux acquired both companies
at high multiples. We therefore consider it unlikely that Saphilux
will significantly reduce its debt to EBITDA from current levels if
it continues to pursue a consolidation strategy in which it funds a
significant proportion of its acquisition costs with debt and
debt-like instruments."

Saphilux intends to fund the EUR138 million purchase of Blue River
through a EUR40 million upsizing of its existing EUR344 million
senior secured term loan, EUR8 million of drawings under its
revolving credit facility (RCF), and EUR60 million of new
CPECs--which S&P continues to view as debt-like--from its financial
sponsor owner, Astorg. Saphilux will fund the remainder with
rolled-over equity from existing Blue River management. This
structure is more conservative than the acquisitions of Augentius
and Lawson Conner, which Saphilux largely funded with senior debt.
However, S&P estimates that Blue River's EBITDA was about EUR4
million in 2019. This means the debt multiple will be higher than
it typically sees across the wider business services sector if Blue
River does not achieve the levels of growth that management
expects.

S&P said, "Although performance has been solid and we expect good
levels of growth and margin expansion, we consider the group to be
tolerant of debt to EBITDA above 11x (8x excluding shareholder
instruments), which limits upside potential for the rating.
Saphilux has performed in-line with our expectations in 2019, and
we therefore expect adjusted EBITDA to be about EUR100 million for
the year, at a margin of about 30%. At that level, we would expect
the group's debt to EBITDA to be about 11x (8.0x-8.5x excluding
shareholder instruments) in 2019. Despite regulatory headwinds in
the trust and corporate services sector in the Benelux region, we
expect the group to expand organically. With the addition of Blue
River, we forecast adjusted EBITDA (after exceptional costs) to be
about EUR106 million-EUR109 million in 2020. However, despite our
forecast of improved revenue and EBITDA in 2020, the debt multiple
for the acquisition is high, so we expect debt to EBITDA will
remain in excess of 11x (8x excluding shareholder instruments)
until 2021, absent any further material debt-funded acquisitions."

Post-transaction, S&P expects the group's adjusted debt to be about
EUR1.2 billion, comprising:

-- About EUR656 million of euro- and pound sterling-denominated
first-lien term loans;

-- About EUR26 million of drawings under the group's senior
secured first-lien RCF;

-- About EUR100 million of euro- and pound sterling-denominated
second-lien term loans;

-- About EUR320 million of CPECs; and

-- About EUR80 million of liabilities relating to noncancelable
leases and contingent consideration.

S&P said, "We therefore expect adjusted debt to EBITDA to remain
above 11x (8x excluding shareholder instruments) in 2020, as it has
consistently been since we first assigned our preliminary ratings
to Saphilux in February 2018. We therefore consider that the
group's financial policies are tolerant of leverage at this level,
which is among the most aggressive in the business services sector,
and is a key driver of the current rating.

"Despite very high leverage, we continue to view the current
capital structure as sustainable due to the nondiscretionary nature
of the business and its relatively low fixed cost burden, which
should enable continued positive FOCF.  In our view, Saphilux's
service offering is relatively nondiscretionary in nature,
resulting in a sticky customer base and annuity-like revenue over
the medium term. In addition to that, Saphilux's working capital
and capital expenditure (capex) requirements each account for about
3% of total revenue, and the group benefits from a flexible cost
base. As a result, we expect Saphilux to generate positive FOCF
each year over our forecast horizon. We therefore consider the
capital structure to be sustainable, despite its very high
leverage, which our stable outlook reflects.

"The stable outlook reflects our view that Saphilux will report
stable operating performance, with adjusted EBITDA margins at about
30%, while generating positive FOCF of more than EUR10 million per
year.

"We could take a negative rating action if Saphilux underperformed
our forecasts, resulting in weaker cash flow generation or
heightened liquidity pressure. Specifically, we could consider
lowering the rating if the group's operating performance were to
weaken significantly, for example due to contract losses and
higher-than-expected integration and cost restructuring expenses,
such that it was unable to generate positive FOCF, with no signs of
recovery.

"We could take a positive rating action if Saphilux were to
demonstrate sound operating performance, with adjusted EBITDA
margins of greater than 30%, such that forecasted debt to EBITDA
excluding shareholder instruments fell below 8.0x, with a clear
expectation of material further deleveraging, accompanied by
continued positive FOCF."




=========
S P A I N
=========

CAIXABANK RMBS 1: DBRS Hikes Class B Notes Rating to BB(High)
-------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by two CaixaBank RMBS transactions:

CaixaBank RMBS 1, FT

-- Class A Notes confirmed at A (sf)
-- Class B Notes upgraded to BB (high) (sf) from BB (sf)

CaixaBank RMBS 2, FT

-- Class A Notes confirmed at A (sf)
-- Class B Notes upgraded to BB (high) (sf) from BB (sf)

The ratings on the Class A Notes address the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date of each transaction. The ratings on the
Class B Notes address the ultimate payment of interest and
principal on or before the legal final maturity date of each
transaction.

The rating actions follow an annual review of the transactions and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies and defaults.

-- Updated portfolio default rate (PD), loss given default (LGD),
and expected loss assumptions on the outstanding collateral pools.

-- The credit enhancement (CE) available to the notes to cover the
expected losses at their respective rating levels.

CaixaBank RMBS 1, FT and CaixaBank RMBS 2, FT are securitizations
of first-lien residential mortgage loans and first-lien
multi-credito (drawn credit lines) mortgages on properties in Spain
originated and serviced by CaixaBank, S.A. (CaixaBank), that closed
in February 2016 and March 2017, respectively.

PORTFOLIO PERFORMANCE AND ASSUMPTIONS

The performance of both transactions remains within DBRS
Morningstar's expectations.

CaixaBank RMBS 1, FT: As of the December 2019 payment date, loans
more than 90 days in arrears represented 1.3% of the outstanding
performing portfolio collateral balance (compared with 1.4% in
December 2018). The cumulative default ratio was at 0.8% of the
original portfolio balance (compared with 0.5% in December 2018).
DBRS Morningstar conducted a loan-by-loan analysis on the remaining
receivables and updated its base case PD and LGD assumptions to
5.7% and 25.6%, respectively.

CaixaBank RMBS 2, FT: As of the January 2020 payment date, loans
more than 90 days in arrears represented 1.4% of the outstanding
performing portfolio collateral balance (compared with 1.3% in
January 2019). The cumulative default ratio was at 0.6% of the
original portfolio balance (compared with 0.2% in January 2019).
DBRS Morningstar conducted a loan-by-loan analysis on the remaining
receivables and updated its base case PD and LGD assumptions to
7.3% and 18.7%, respectively.

CREDIT ENHANCEMENT

CaixaBank RMBS 1, FT: As of the December 2019 payment date, CE to
the Class A Notes was 17.5%, up from 16.2% last year. The Class A
Notes benefit from a reserve fund, which provides liquidity support
and credit support to the Class A Notes. After the first two years
from closing, the reserve fund may amortize over the life of the
transaction subject to certain amortization triggers. The reserve
fund is currently at its target level of EUR 568.0 million (the
minimum of 8.0% of the outstanding balance of the rated notes and
4.0% of their initial balance, subject to a floor of 2.0% of that
initial balance).

CaixaBank RMBS 2, FT: As of the January 2020 payment date, credit
enhancement to the Class A Notes was 17.9%, up from 16.6% last
year. The Class A Notes benefit from a reserve fund, which provides
liquidity support and credit support to the Class A Notes. After
the first two years from closing, the reserve fund may amortize
over the life of the transaction subject to certain amortization
triggers. The reserve fund is currently at its target level of EUR
129.2 million (the minimum of 6.0% of the outstanding balance of
the rated notes and 4.75% of their initial balance).

The only available subordination for the Class B Notes is the
reserve fund, which currently covers principal and interest
payments on Class A Notes only. However, upon payment in full of
the Class A Notes, the reserve fund will also become available for
the Class B Notes in each transaction.

CaixaBank acts as the account bank for the transactions. Based on
the account bank reference rating of CaixaBank at A (high), which
is one notch below its DBRS public Long-Term Critical Obligations
Rating (COR) of AA (low), the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the Class A Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

Notes: All figures are in Euros unless otherwise noted.




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

EG GROUP: Moody's Affirms B2 CFR & Alters Outlook to Negative
-------------------------------------------------------------
Moody's Investors Service changed the outlook to negative from
stable for EG Group Limited's. At the same time, Moody's has
affirmed the B2 corporate family rating, B2-PD probability of
default rating of the company and B2 and Caa1 first and second lien
instrument ratings of the debt issued by its subsidiaries EG Finco
Limited, EG Global Finance plc., EG America LLC and EG Group
Australia Pty Ltd.

The rating action was driven by:

  -- Expected weak EBITDA generation in the last quarter of 2019,
resulting in higher leverage compared to expectations and reduced
backup liquidity

  -- Still high acquisition risk, as evidenced by EG's bid for
Caltex Australia Limited's (Baa1 RUR, Caltex) convenience stores

  -- The company's currently limited cushion for underperformance
at the assigned rating level

  -- More positively, Moody's expects the company to continue
achieve planned synergies from recent acquisitions.

A list of affected ratings is provided at the end of this press
release.

RATINGS RATIONALE

Moody's anticipates that the company's leverage, as measured by the
ratio of Moody's adjusted gross debt to adjusted EBITDA, will be
around 7.5x at the end of 2019 pro-forma for i) the annualised
contributions from the acquired businesses and ii) the full year
impact of cost savings initiatives already actioned, compared to
Moody's 5.5x-6.5x guidance for the B2 rating.

The higher leverage reflects weaker EBITDA generation in the last
quarter of 2019, particularly in the US, driven by rising fuel
prices and correspondingly shrinking fuel margins, which Moody's
expects to partly, but not fully, revert in early 2020. Part of the
increased leverage will also reflect the implementation of IFRS 16,
resulting higher debt and lower expected EBIDTA than previously
factored-in. Excluding the effects of IFRS 16, Moody's estimate
leverage of 7.1x at the end of 2019, up from 6.6x as of September
30, 2019.

Moody's expects that the company will remain on track to achieve
synergies from its recent acquisitions. If all planned synergies
were included, i.e. adding to pro-forma EBITDA unactioned as well
as actioned synergies, Moody's estimates pro-forma leverage of 6.8x
at the end of 2019, which would still be above the maximum 6.5x
expected for the rating assigned. These planned but unactioned
synergies still represent an element of execution risk in Moody's
view.

Separately, the company recently made an announcement with regards
to a further potential acquisition in Australia. EG is also
reportedly interested in another transaction in the US. This
highlights the continued aggressive appetite for acquisitions which
would likely slow the deleveraging profile and increase the
execution risk or stretch the management team having only recently
closed acquisitions in the US and Australia.

On February 19, EG announced a non-binding, indicative and
conditional offer to acquire Caltex for a combination of AUD3.9
billion (EUR2.1 billion) in cash for Caltex's convenience retail
business and securities to be issued in (or convertible into
securities in) an entity to be listed on the Australian stock
market which will own the remaining assets of Caltex. EG provided
limited disclosure about the funding of the cash component of the
transaction, if successful. Although EG's recent acquisitions have
been funded with a view of maintaining pro-forma leverage within
the ranges required for the B2 rating, Moody's remains concerned
about the ability of the company to control its rapidly expanding
operations across three continents and different operational
formats.

EG's co-shareholder TDR Capital LLP (TDR) is reportedly considering
buying Marathon Petroleum Corporation's (Baa2 negative) Speedway
gas-station division, for about $22 billion. According to the
reports, TDR's intention would be to merge Speedway with EG and to
list the merged entity. Moody's acknowledges that any such
transaction would likely result in a recapitalisation and
deleveraging of EG, with potentially positive rating implications.
In the context of a potential future Initial Public Offering
process, EG intends to report under US GAAPs starting from Q1 2020
(from currently IFRS). The current rating does not factor-in any
such plans and Moody's does not expect any significant change to
the company's key debt ratios as a result of the new accounting
standards.

LIQUIDITY

Moody's expects the company to have made substantial drawings under
its revolving credit lines in the last quarter of 2019 - the
facilities were undrawn as at September 30, 2019. The company will
have therefore substantially reduced the available liquidity backup
under its existing facilities of GBP250 million, $150 million and
$48 million. The reduced availability under the revolving credit
facility is a significant consideration in the change of the
outlook to negative. More positively, Moody's anticipates that it
will maintain substantial cash balances at the end of the year.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Governance risk remains one of the key constraints to EG's credit
profile. A degree of governance risk, owing to the company's
private financial sponsor ownership, and the company's current
financial policies and practices currently constrain any upward
ratings momentum.

The UK government recently announced a target to ban the sale of
new petrol, diesel and hybrid cars by 2035 that may accelerate the
transition to battery electric vehicles or hydrogen powered cars.
Although ambitious, the new target clearly signals a step change in
transportation policies in the country and would be potentially
credit negative for service stations operators because of the
significant capital needed to transform their networks and adapt
their business models. That said, the impact of such policies, if
limited to the UK, would be limited given that the UK represented
only 13% of EG's EBITDA in 2019.

STRUCTURAL CONSIDERATIONS

The B2 rating of the Senior Secured Credit Facilities, in line with
the CFR, reflects the fact that they form the majority of debt in
the capital structure. The limited second lien debt (EUR200 million
and $245 million) is rated Caa1, reflecting its position behind the
first lien facilities in the event of a default.

OUTLOOK

The negative outlook reflects the increased risk that the company's
performance could remain above 6.5x over the next 6-12 months ,
with only adequate liquidity.

WHAT WOULD CHANGE THE RATING UP / DOWN

The outlook could be stabilised and the ratings could experience
upward pressure if the company achieves i) sustainable earnings
growth; ii) positive free cash flow and good liquidity; and iii)
Moody's-adjusted gross leverage sustainably below 5.5x.

WHAT COULD CHANGE THE RATING - DOWN

Conversely, the rating could be lowered in case of i) a
deterioration in operating performance; or ii) Moody's-adjusted
gross debt to EBITDA including actioned synergies remains above
6.5x on a sustained basis; or iii) the company generates negative
free cash flow for an extended period; or iv) if liquidity does not
improve, including substantially reducing the amounts drawn under
the revolving credit facilities.

LIST OF AFFECTED RATINGS

Issuer: EG America LLC

Affirmations:

Senior Secured Bank Credit Facility, Affirmed B2

BACKED Senior Secured Bank Credit Facility, Affirmed Caa1

Outlook Action:

Outlook, Changed To Negative From Stable

Issuer: EG Finco Limited

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2

BACKED Senior Secured Bank Credit Facility, Affirmed Caa1

Outlook Action:

Outlook, Changed To Negative From Stable

Issuer: EG Global Finance plc.

Affirmation:

BACKED Senior Secured Regular Bond/Debenture, Affirmed B2

Outlook Action:

Outlook, Changed To Negative From Stable

Issuer: EG Group Australia Pty Ltd

Affirmation:

BACKED Senior Secured Bank Credit Facility, Affirmed B2

Outlook Action:

Outlook, Changed To Negative From Stable

Issuer: EG Group Limited

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Outlook Action:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.


HOMEBASE: Set to Exit CVA Early After Renegotiating Leases
----------------------------------------------------------
Jonathan Eley at The Financial Times reports that Homebase plans to
end its company voluntary arrangement 18 months early after the
UK's second-largest home improvement retailer renegotiated most of
its leases and improved profitability.

The group used the controversial insolvency procedure in 2018 to
cut rents and close stores after a brief but disastrous period of
ownership by Australian group Wesfarmers, the FT recounts.

"We're ahead of plan in terms of profit, we've reduced the cost
base and the business is in a stronger place now," the FT quotes
chief executive Damian McGloughlin as saying on Feb. 27.

The number of Homebase stores has fallen from 241 before the CVA to
164, the FT discloses.

Homebase said it had now renegotiated leases at 75 stores and that
lower rents accounted for a big chunk of GBP180 million in
annualized cost savings, the FT relates.  According to the FT, The
group said "almost all" stores were now profitable as a result,
whereas before the CVA 70 per cent of them were losing money.


PRIME SEAFOODS: Goes Bust Following Financial Difficulties
----------------------------------------------------------
Rebekah McVey at The Press and Journal reports that almost 70
workers have been left jobless after Prime Seafoods, a north-east
fish processing firm, went bust.

The positions at the Prime Seafoods factories in Peterhead and
Fraserburgh were axed with immediate effect on Feb. 18, with
employees being told that the company was battling insurmountable
financial difficulties, The Press and Journal relates.

According to The Press and Journal, the last published accounts for
the firm, which detail financial statements up until the end of May
2018, indicate that Prime Seafoods had turnover of GBP28 million
and suffered pre-tax losses of GBP236,000, which came after a
trading shortfall of more than GBP317,000 the year before.

The "principal risks" associated with the business were deemed to
be "fluctuations in fishing quotas and in market demand for fish
products", The Press and Journal discloses.


SHARON DAVID: Goes Into Liquidation, Halts Operations
-----------------------------------------------------
Bethan Thomas at WalesOnline reports that Sharon David, an estate
agent trading in Llanelli for the past 15 years, is confirmed to
have gone into liquidation after the shop has been closed for
nearly a month.

According to WalesOnline, Sharon David estate agents closed its
shop in Murray Street, Llanelli, on Jan. 31, and staff claimed they
were given letters on that day to say that the business would shut
with immediate effect.

The company is confirmed to have gone into liquidation due to
"creditors' voluntary liquidation" which is when the directors of
an insolvent company choose to bring the company to an end,
WalesOnline discloses.

Landlords and tenants have confirmed that a number of the letting
properties have moved over to other local agencies but none have
taken over the entire portfolio, WalesOnline relates.


[*] Fitch Withdraws Salisbury 2015, II, II-A & Cheltenham Ratings
-----------------------------------------------------------------
Fitch Ratings has withdrawn the expected ratings assigned to
Cheltenham Securities 2017 Limited, Salisbury II Securities 2016
Limited, Salisbury II-A Securities 2017 Limited and Salisbury
Securities 2015 Limited as they are no longer expected to convert
to final ratings.

Cheltenham Securities 2017 Limited

  - Class A1; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class A2; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class B1; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class B2; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class B3; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class B4; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class C1; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class C2; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class C3; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class D1; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class D2; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class E1; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class E2; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class E3; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class E4; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class E5; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class F1; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class F2; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class G1; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class H1; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class H2; LT WDsf Withdrawn; previously at AA+(EXP)sf

  - Class H3; LT WDsf Withdrawn; previously at AA(EXP)sf

  - Class H4; LT WDsf Withdrawn; previously at AA(EXP)sf

  - Class H5; LT WDsf Withdrawn; previously at AA-(EXP)sf

  - Class H6; LT WDsf Withdrawn; previously at A+(EXP)sf

  - Class H7; LT WDsf Withdrawn; previously at A+(EXP)sf

  - Class I1; LT WDsf Withdrawn; previously at A+(EXP)sf

  - Class J1; LT WDsf Withdrawn; previously at A+(EXP)sf

  - Class J2; LT WDsf Withdrawn; previously at A+(EXP)sf

  - Class K1; LT WDsf Withdrawn; previously at A(EXP)sf

  - Class K2; LT WDsf Withdrawn; previously at A-(EXP)sf

  - Class K3; LT WDsf Withdrawn; previously at BBB+(EXP)sf

  - Class K4; LT WDsf Withdrawn; previously at BBB+(EXP)sf

  - Class K5; LT WDsf Withdrawn; previously at BBB+(EXP)sf

  - Class K6; LT WDsf Withdrawn; previously at BBB+(EXP)sf

  - Class K7; LT WDsf Withdrawn; previously at BBB+(EXP)sf

  - Class L1; LT WDsf Withdrawn; previously at BBB(EXP)sf

  - Class M1; LT WDsf Withdrawn; previously at BBB-(EXP)sf

  - Class N1; LT WDsf Withdrawn; previously at BBB-(EXP)sf  

Salisbury Securities 2015 Limited

  - Class A - R; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class B - R; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class C - R; LT WDsf Withdrawn; previously at AA+(EXP)sf

  - Class D - R; LT WDsf Withdrawn; previously at AA(EXP)sf

  - Class E - R; LT WDsf Withdrawn; previously at AA-(EXP)sf

  - Class F - R; LT WDsf Withdrawn; previously at A+(EXP)sf

  - Class G - R; LT WDsf Withdrawn; previously at A(EXP)sf

  - Class H - R; LT WDsf Withdrawn; previously at A-(EXP)sf

  - Class I - R; LT WDsf Withdrawn; previously at BBB+(EXP)sf

  - Class J - R; LT WDsf Withdrawn; previously at BBB(EXP)sf

  - Class K - R; LT WDsf Withdrawn; previously at BBB-(EXP)sf

  - Class L - R; LT WDsf Withdrawn; previously at BB+(EXP)sf

  - Class M - R; LT WDsf Withdrawn; previously at BB(EXP)sf

Salisbury II Securities 2016 Limited

  - Class A; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class B; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class C; LT WDsf Withdrawn; previously at AA+(EXP)sf

  - Class D; LT WDsf Withdrawn; previously at AA(EXP)sf

  - Class E; LT WDsf Withdrawn; previously at AA-(EXP)sf

  - Class F; LT WDsf Withdrawn; previously at A+(EXP)sf

  - Class G; LT WDsf Withdrawn; previously at A(EXP)sf

  - Class H; LT WDsf Withdrawn; previously at A-(EXP)sf

  - Class I; LT WDsf Withdrawn; previously at BBB+(EXP)sf

  - Class J; LT WDsf Withdrawn; previously at BBB(EXP)sf

  - Class K; LT WDsf Withdrawn; previously at BBB-(EXP)sf

  - Class L; LT WDsf Withdrawn; previously at BB+(EXP)sf

Salisbury II-A Securities 2017 Limited

  - Class A; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class B; LT WDsf Withdrawn; previously at AAA(EXP)sf

  - Class C; LT WDsf Withdrawn; previously at AA+(EXP)sf

  - Class D; LT WDsf Withdrawn; previously at AA(EXP)sf

  - Class E; LT WDsf Withdrawn; previously at AA-(EXP)sf

  - Class F; LT WDsf Withdrawn; previously at A+(EXP)sf

  - Class G; LT WDsf Withdrawn; previously at A(EXP)sf

  - Class H; LT WDsf Withdrawn; previously at A-(EXP)sf

  - Class I; LT WDsf Withdrawn; previously at BBB+(EXP)sf

  - Class J; LT WDsf Withdrawn; previously at BBB(EXP)sf

  - Class K; LT WDsf Withdrawn; previously at BBB-(EXP)sf

  - Class L; LT WDsf Withdrawn; previously at BB+(EXP)sf

The ratings were withdrawn with the following reason: for
commercial purposes. Lloyds Bank Plc, the originator of the assets
underlying the transactions, has chosen to stop participating in
the rating process.

KEY RATING DRIVERS

Not applicable.

RATING SENSITIVITIES

Not applicable.

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

Not applicable.


                           *********


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-
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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.

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