/raid1/www/Hosts/bankrupt/TCREUR_Public/200807.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, August 7, 2020, Vol. 21, No. 158

                           Headlines



F I N L A N D

FINNAIR OYJ: Egan-Jones Lowers Senior Unsecured Ratings to CCC+


I R E L A N D

APTIV PLC: Egan-Jones Hikes FC Senior Unsecured Rating to B+
CONTEGO CLO VIII: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
CVC CORDATUS XII: Moody's Confirms Class F Notes Rating at B2


L U X E M B O U R G

INTEL SA: Egan-Jones Withdraws D LC Senior Unsecured Rating


U N I T E D   K I N G D O M

CHARTER MORTGAGE 2018-1: Fitch Cuts Class E Notes Rating to BB+sf
HARRIS HOLIDAYS: Enters Administration Due to COVID-19 Impact
IVC ACQUISITION: Fitch Affirms Sr. Secured Term Loan at B+
PIZZAEXPRESS: Future of Two Jersey Restaurants at Risk
TRAVELEX: Reaches Rescue Deal, 1,300+ Jobs at Risk

VIRGIN ATLANTIC: Creditors to Vote on Rescue Plan on August 25
YO!: Taps Deloitte to Explore Potential CVA


X X X X X X X X

[*] BOOK REVIEW: Mentor X

                           - - - - -


=============
F I N L A N D
=============

FINNAIR OYJ: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 31, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Finnair Oyj to CCC+ from B-. EJR also downgraded the
rating on commercial paper issued by the Company to C from B.

Headquartered in Vantaa, Finland, Finnair Oyj operates scheduled
passenger traffic, technical and ground handling operation,
catering, travel agencies, and reservation services.





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

APTIV PLC: Egan-Jones Hikes FC Senior Unsecured Rating to B+
------------------------------------------------------------
Egan-Jones Ratings Company, on July 29, 2020, upgraded the foreign
currency senior unsecured rating on debt issued by Aptiv PLC to B+
from B-.

Headquartered in Dublin, Ireland, Aptiv PLC manufactures and
distributes vehicle components.


CONTEGO CLO VIII: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Contego CLO VIII DAC's class A, B-1, B-2, C, D, E, and F notes. The
issuer also issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately three years
after closing, and the portfolio's maximum average maturity date is
seven years after closing. Under the transaction documents, the
rated notes pay quarterly interest unless there is a frequency
switch event. Following this, the notes will switch to semiannual
payment.

As of the closing date, the issuer will own close to 100% of the
target effective date portfolio. S&P said, "We consider that the
portfolio on the effective date will be well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow collateralized debt obligations."

  Portfolio Benchmarks
                                                         Current
  S&P Global Ratings weighted-average rating factor     2,884.34
  Default rate dispersion                                 502.59
  Weighted-average life (years)                             5.08
  Obligor diversity measure                               104.17
  Industry diversity measure                               17.68
  Regional diversity measure                                1.33

  Transaction Key Metrics
                                                         Current
  Total par amount (mil. EUR)                                300
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              110
  Portfolio weighted-average rating derived
   from S&P's CDO evaluator                                  'B'
  'CCC' category rated assets (%)                           2.00
  'AAA' weighted-average recovery (%)                      36.80
  Weighted-average spread net of floors (%)                 3.75

S&P said, "In our cash flow analysis, we modeled the EUR300 million
target par amount, a weighted-average spread of 3.60%, the
reference weighted-average coupon of 4.50%, and a weighted-average
recovery rates for the 'AAA' rated note of 36.25%. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category."

Following the application of our structured finance sovereign risk
criteria, S&P considers the transaction's exposure to country risk
to be limited at the assigned preliminary ratings, as the exposure
to individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class B to F notes is
commensurate with typically higher rating levels than those we have
assigned. However, as the CLO will have a reinvestment period,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes."

Elavon Financial Services DAC will be the bank account provider and
custodian. Its documented downgrade remedies are in line with our
counterparty criteria.

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under S&P's current counterparty criteria.

The CLO will be managed by Five Arrows Managers LLP. S&P has two
CLOs managed by Five Arrows under surveillance currently, so can
support a maximum potential rating on the liabilities of 'AAA'
under our "Global Framework For Assessing Operational Risk In
Structured Finance Transactions," published on Oct. 9, 2014.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A, B-1, B-2, C, D, E, and F notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our recent
publication.

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

Contego CLO VIII is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by sub-investment grade borrowers. Five
Arrows Managers LLP will manage the transaction.

  Ratings List

  Class    Prelim.    Prelim.    Sub (%)        Interest rate*  
           rating     amount
                    (mil. EUR)
  A        AAA (sf)   175.50     41.50    Three/six-month EURIBOR
                                            plus 1.45%
  B-1      AA (sf)     17.00     31.50    Three/six-month EURIBOR
                                            plus 2.10%
  B-2      AA (sf)     13.00     31.50    2.45%
  C        A (sf)      21.50     24.33    Three/six-month EURIBOR
                                            plus 2.80%
  D        BBB (sf)    18.00     18.33    Three/six-month EURIBOR
                                            plus 3.80%
  E        BB- (sf)    15.50     13.17    Three/six-month EURIBOR
                                            plus 6.03%
  F        B- (sf)      7.50     10.67    Three/six-month EURIBOR
                                            plus 7.80%
  Sub      NR          29.35      41.50    N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.

CVC CORDATUS XII: Moody's Confirms Class F Notes Rating at B2
-------------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by CVC Cordatus Loan Fund XII Designated
Activity Company:

EUR24,100,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Baa3 (sf); previously on Apr 20, 2020 Baa3
(sf) Placed Under Review for Possible Downgrade

EUR23,700,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Ba2 (sf); previously on Apr 20, 2020 Ba2
(sf) Placed Under Review for Possible Downgrade

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at B2 (sf); previously on Apr 20, 2020 B2 (sf)
Placed Under Review for Possible Downgrade

Moody's has also affirmed the ratings on the following notes:

EUR1,600,000 (Current outstanding balance EUR600,000) Class X
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Dec 17, 2018 Definitive Rating Assigned Aaa (sf)

EUR242,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Dec 17, 2018 Definitive
Rating Assigned Aaa (sf)

EUR6,000,000 Class A-2 Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Dec 17, 2018 Definitive Rating
Assigned Aaa (sf)

EUR17,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aa2 (sf); previously on Dec 17, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Dec 17, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR12,200,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed A2 (sf); previously on Dec 17, 2018
Definitive Rating Assigned A2 (sf)

EUR15,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed A2 (sf); previously on Dec 17, 2018
Assigned A2 (sf)

CVC Cordatus Loan Fund XII Designated Activity Company, issued in
December 2018, is a collateralised loan obligation backed by a
portfolio of predominantly European senior secured loan and senior
secured bonds. The portfolio is managed by CVC Credit Partners
European CLO Management LLP. The transaction's reinvestment period
will end in July 2023.

RATINGS RATIONALE

Its action concludes the rating review on the Class D, E and F
notes announced on April 20, 2020 as a result of the deterioration
of the credit quality and/or the reduction of the par amount of the
portfolio following from the coronavirus outbreak.

Since the coronavirus outbreak widened in March, the decline in
corporate credit has resulted in a significant number of
downgrades, other negative rating actions, or defaults on the
assets collateralising the CLO.

The deterioration in credit quality of the portfolio is reflected
in an increase in Weighted Average Rating Factor and in the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee reports dated July 2020 [1], the
WARF was 3170 compared to a value of 2984 as of January 2020 [2],
which is over the covenant level of 3040. Securities with ratings
of Caa1 or lower currently make up approximately 3.9% of the
underlying portfolio according to Trustee calculations [1], whereas
Moody's calculates that securities with default probability ratings
of Caa1 or lower currently make up approximately 11.1% of the
underlying portfolio. In addition, the over-collateralisation
levels have weakened across the capital structure.

According to the trustee report of July 2020 [1] the Class A/B,
Class C, Class D, Class E and Class F OC ratios are reported at
137.94%, 125.92%, 116.90%, 109.20% and 105.68% compared to January
2020 [2] levels of 140.20%, 127.99%, 118.81%, 110.99% and 107.41%
respectively. Moody's notes that none of the OC tests are currently
in breach and the transaction remains in compliance with the
following collateral quality tests: Diversity Score, Weighted
Average Recovery Rate, Weighted Average Spread and Weighted Average
Life.

Moody's analysed the CLO's latest portfolio and took into account
the recent trading activities as well as the full set of structural
features of the transaction and concluded that the current ratings
on the Class X, A-1, A-2, B-1, B-2, C-1, C-2, D, E and F notes
continue to reflect the expected losses of the notes.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of corporate assets from the collapse
in global economic activity in the second quarter and a gradual
recovery in the second half of the year.

However, that outcome depends on whether governments can reopen
their economies while also safeguarding public health and avoiding
a further surge in infections. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR390.5 million,
a defaulted par of EUR5.9 million, a weighted average default
probability of 26.5% (consistent with a WARF of 3181 over a
weighted average life of 5.96 years), a weighted average recovery
rate upon default of 45.71% for a Aaa liability target rating, a
diversity score of 47 and a weighted average spread of 3.69%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

In consideration of the current high uncertainties around the
global economy and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from its base case.

Some of the additional scenarios that Moody's considered in its
analysis of the transaction include, among others:

  - Additional near-term defaults of companies facing liquidity
pressure, and

  - Some improvement in WARF as the global economy gradually
recovers in the second half of the year and future corporate credit
conditions generally stabilize.

PRINCIPAL METHODOLOGY

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

Counterparty Exposure:

Its rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2020. Moody's concluded the
ratings of the notes are not constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities.

CLO notes' performance may also be impacted either positively or
negatively by:

(i) the manager's investment strategy and behaviour; and

(ii) divergence in the legal interpretation of CDO documentation by
different transactional parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

  - Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

  - Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio.

All information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, can influence the
final rating decision.



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

INTEL SA: Egan-Jones Withdraws D LC Senior Unsecured Rating
-----------------------------------------------------------
Egan-Jones Ratings Company, on July 24, 2020, withdrew its 'D'
local currency senior unsecured ratings on debt issued by Intel SA.


Headquartered in Luxembourg District, Luxembourg, Intelsat SA
operates as a satellite services company that provides diversified
communications services to the media companies, fixed and wireless
telecommunications operators, and data networking service providers
for enterprise and mobile applications, multinational corporations,
and Internet service providers.




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

CHARTER MORTGAGE 2018-1: Fitch Cuts Class E Notes Rating to BB+sf
-----------------------------------------------------------------
Fitch Ratings has affirmed Charter Mortgage Funding 2018-1 PLC and
CMF 2020-1 PLC, except for the class E notes in the former, which
was downgraded. The agency has also resolved the Rating Watch
Negative on all affected classes.

The notes were placed on RWN in April in response to the
coronavirus outbreak.

Charter Mortgage Funding 2018-1 PLC

  - Class A XS1821502405; LT AAAsf; Affirmed

  - Class B XS1821502744; LT AAAsf; Affirmed

  - Class C XS1821503049; LT AA+sf; Affirmed

  - Class D XS1821503478; LT A-sf; Affirmed

  - Class E XS1821503635; LT BB+sf; Downgrade

  - Class X XS1821503718; LT BB+sf; Affirmed

CMF 2020-1 PLC

  - Class A XS2096745216; LT AAAsf; Affirmed

  - Class B XS2096745307; LT AA+sf; Affirmed

  - Class C XS2096745729; LT A+sf; Affirmed

  - Class D XS2096745992; LT BBB+sf; Affirmed

  - Class E XS2096749127; LT BBB-sf; Affirmed

  - Class X XS2096749390; LT BB+sf; Affirmed

TRANSACTION SUMMARY

The transactions are securitisations of owner-occupied mortgages.
The loans were originated by Charter Court Financial Services,
trading as Precise Mortgages in the UK excluding Northern Ireland.

KEY RATING DRIVERS

CMF 18-1 Class E Downgraded

The class E notes of CMF 2018-1 have been downgraded to 'BB+sf'
from 'BBB+sf' and removed from RWN. The rating action follows
Fitch's analysis of the CMF deals under its coronavirus
assumptions, which found this class of notes too vulnerable to
maintain its previous 'BBB+sf' rating. The Stable Outlook assigned
reflects Fitch's expectation of no further deterioration to the new
rating level.

Off RWN, Outlooks Negative

The class C notes of CMF 18-1 were placed on RWN as a high take-up
of payment holidays was increasing the risk of interest deferral
for these notes in a way not commensurate with their current
ratings. Fitch has now analysed the projected cash-flows of the
transactions based on the actual levels of payment holidays
observed in these months, and now believes that the risk of
interest deferral for these notes is remote enough. As a result,
the tranche has been removed from RWN and assigned a Stable
Outlook

The class C, D and E notes of CMF 20-1 were placed on RWN as the
concentration of cumulative loan-to-value in higher-risk classes
under Fitch's UK RMBS Rating Criteria was considered to increase
the refinancing risk for this pool. This risk arose as lenders were
withdrawing mortgage products and reducing their product-switching
and remortgaging options. As lenders are now reversing this trend,
and only a minority of loans in this pool will move to a higher
reversionary rate in the near-term, the refinancing risk is now
considered to be in line with Fitch's expectations, leading to the
removal of the RWN.

The class D notes of CMF 18-1 and class C, D and E notes of CMF
20-1 were also placed on RWN as the concentration of self-employed
borrowers in the pools could cause performance volatility in the
short term. Fitch now believes that such risk has decreased in the
short term due to the income support provided by the UK government
for these borrowers, together with the accessibility to payment
holidays but would remain over the medium-to long-term. For this
reason, the notes have now been assigned a Negative Outlook.
Moreover, these classes are more vulnerable to prolonged payment
holidays or subsequent collateral under-performance given their
junior ranking in the revenue and principal allocation.

The removal from RWN of the class X notes of both transactions
after Fitch's review under the coronavirus assumptions shows the
notes as sufficiently robust to maintain their current ratings. The
class X notes for CMF 20-1 were, however, assigned a Negative
Outlook given their junior ranking in the principal funds'
allocation. The class X notes of CMF 18-1, on the other hand, have
been assigned a Stable Outlook as these notes have now largely
amortised and Fitch expects them to be paid in full within the next
few interest payment dates.

Coronavirus-related Assumptions

Fitch expects a generalised weakening in borrowers' ability to keep
up with mortgage payments due to the economic impact of the
coronavirus pandemic and the related containment measures. As a
result, Fitch has applied coronavirus assumptions to the mortgage
portfolio.

The combined application of revised 'Bsf' representative pool
weighted average foreclosure frequency, revised rating multiples
and arrears adjustment resulted in a multiple to the current FF
assumptions of 1.5x at 'Bsf' and of about 1.1x at 'AAAsf' for each
transaction. The coronavirus assumptions are more modest for higher
rating levels as the corresponding rating assumptions are already
meant to withstand more severe shocks.

Fitch also applied a payment holiday stress for the first six
months of projections, assuming up to 60% of interest collections
will be lost, and related principal receipts will be delayed.

Impact of Payment Holidays

CMF-18 and CMF-20 had 52% and 43% of their respective portfolios on
payment holidays as at end-June. In line with Financial Conduct
Authority guidance, CCFS granted payment holidays based on
borrowers' self-certification. Payment holidays of up to six months
so far have had a temporary positive impact on loan performance.
However, the transactions may face some liquidity constraints if a
large number of borrowers opt for a payment holiday.

Fitch has tested the ability of the liquidity reserves and general
reserves to cover senior fees, net swap payments and rated note
interest, and found that payment interruption risk would be
mitigated.

No Turbo Benefit above 'BB+sf'

On any payment date occurring on or after the optional redemption
date, any excess spread available will be diverted to principal
available funds and used to pay down the notes. However, any
subordinated hedging amounts due payable are senior to these items
in the priority of interest payments. In case of a default of the
swap counterparty and the swap mark-to-market being in favour of
the swap counterparty, excess spread may not be available to pay
principal. For this reason, Fitch has not given credit to the turbo
feature in scenarios above 'BB+sf'.

Help-to-Buy Affects ESG

Nearly 26% and 30% of the pools comprise loans in which the UK
government has lent up to 40% inside London and 20% outside London
of the property purchase price in the form of an equity loan. This
allows borrowers to fund a 5% cash deposit and mortgage the
remaining balance.

Fitch has taken the balances of both the mortgage loan and equity
loan into account when calculating the borrower's FF, in line with
its UK RMBS Rating Criteria.

Given this impact on the FF, accessibility to affordable housing
through the Help-to-Buy Government Scheme is a factor affecting
Fitch's ESG scores.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

The broader global economy remains under stress from the
coronavirus pandemic, with rising unemployment and pressure on
businesses stemming from social-distancing guidelines. Recent
government measures related to the coronavirus pandemic introduced
a suspension on tenant evictions for three months and mortgage
payment holidays, also for up to three months. Fitch acknowledges
the uncertainty of the path of coronavirus-related containment
measures and has therefore considered more severe economic
scenarios.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considers a more severe downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed with a halting recovery from
2Q21. Under this scenario, Fitch assumed a 15% increase in WAFF and
a 15% decrease in WARR. The results indicate downgrades of up to
three notches in CMF 18-1 and up to four notches in CMF 20-1.

The transaction's performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated to increasing levels of delinquencies and
defaults that could reduce credit enhancement available to the
notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes
susceptible to potential negative rating actions depending on the
extent of the decline in recoveries. Fitch conducts sensitivity
analyses by stressing both a transaction's base-case FF and RR
assumptions, and examining the rating implications on all classes
of issued notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF of 15% and an increase in the RR of
15%. The ratings for the subordinated notes could be upgraded by up
to two notches in both CMF 18-1 and CMF 20-1.

In addition, Fitch tested the ratings by removing the assumption
limiting the benefit of the turbo feature to 'BB+sf' scenarios and
below. Under this scenario, the class E notes of CMF 18-1 could be
upgraded by up to four notches.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

CRITERIA VARIATION

CCFS may choose to lend to self-employed individuals with only one
year's income verification completed. Fitch believes that this
practice is less conservative than other prime lenders.

Fitch applied an increase of 30% to the FF for self-employed
borrowers with verified income instead of the 20% increase, as per
its criteria. This variation has no impact on the ratings.

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.

Prior to the transactions' closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transactions' closing, Fitch conducted a review of a
small targeted sample of Precise's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall and together with the assumptions, 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

CMF 18-1 and CMF 20-1 have an ESG Relevance Score of '4' for
Exposure to Social Impacts in relation to accessibility to
affordable housing due to the significant proportion of loans in
the pool that accessed the Help-to-Buy government scheme, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or the way in which they
are being managed by the entity(ies).

HARRIS HOLIDAYS: Enters Administration Due to COVID-19 Impact
-------------------------------------------------------------
Business Sale reports that one of the UK's leading ski tour
operators Harris Holidays Ltd., which trades as Ski Weekends, has
gone into administration.

According to Business Sale, the company has been running for over
30 years, offering tailor-made ski trips for groups and individuals
from 17 UK airports to resorts, chalets and hotels across Europe.

The company was severely impacted by COVID-19, which saw ski
resorts closed in mid-March, and was unable to raise enough funding
to refund all customers for cancelled trips, Business Sale relates.
According to Business Sale, Ski Weekends' Managing Director Dan
Fox also stated that the company had "been failed by all the
government schemes."

Fox said that the business had looked in a good position for a sale
or to get financial support, but that potential backers withdrew
when new Spanish quarantine regulations came into force at the end
of July, Business Sale notes.




IVC ACQUISITION: Fitch Affirms Sr. Secured Term Loan at B+
----------------------------------------------------------
Fitch Ratings has affirmed IVC Acquisition Ltd.'s senior secured
term loan at 'B+'/'RR3' following an announced EUR160 million
increase in the loan size. Concurrently, Fitch has also affirmed
IVC Acquisition Pikco Limited's Long-Term Issuer Default Rating at
'B' with Stable Outlook. The debt proceeds will be used to support
IVC's acquisition strategy.

Upon completion of the additional debt-raising being materially in
line with the terms as presented to Fitch, Fitch expects to lower
the recovery percentage for the senior secured debt to 52% from
57%, reflecting the increased senior secured debt in IVC's capital
structure.

The ratings of IVC are constrained by its high leverage, an only
developing track record of its veterinary care business at
pan-European level, along with moderate, but increasing, execution
risks as the group accelerates the integration of acquired
businesses and targets more bolt-on acquisitions for future growth.
The ratings are supported by leading market position in its core
markets (the UK, Sweden, Netherlands and Finland), improving
operating margins, and by strong sector fundamentals offering
growth and consolidation opportunities

The Stable Outlook reflects its view of gradually improving
profitability and cash generation, supporting the group's
significant growth ambitions. Fitch expects satisfactory free cash
flow generation for 2020-2023, once integration efforts take hold,
while bringing leverage down to levels that are commensurate with
its rating.

KEY RATING DRIVERS

Deleveraging Delayed; Resilient COVID-19 Performance: Fitch expects
IVC's funds from operations adjusted gross leverage to remain high
at 8x (pro-forma for acquisitions) in 2020, delaying planned
deleveraging to below 8x by one year to 2021. During the lockdown
IVC only saw brief disruption to its services, mainly in the UK,
and post-lockdown, it has seen a steady recovery of activity. As a
result, Fitch expects a neutral impact from the pandemic on its
operating performance in 2020. Fitch forecasts IVC's like-for-like
sales growth in 2HFY20 (September year-end) in the low
single-digits, leading to a pro-forma EBITDA margin of above 13% in
FY20 (50bp higher than 2019's pro-forma EBITDA margin), aided by
the use of governmental support schemes during the pandemic.

Accelerating Growth Strategy: The rating is constrained by high
financial indebtedness despite GBP186 million of new equity and PIK
contribution in FY19 to fund an accelerated external growth
strategy in the UK and certain European markets, temporarily slowed
by the pandemic. While Fitch views IVC's FFO adjusted gross
leverage as high for the rating, Fitch assumes a moderate
deleveraging capacity, with leverage forecast to fall to just under
7x by 2023. This reflects its assumptions of a balanced approach to
productivity enhancements alongside its ambitious external growth
strategy.

Improving Profitability and Cash Generation: Fitch views IVC's
EBITDA margin as satisfactory, which Fitch expects to improve
towards 15% by 2023. IVC delivered operating margin improvements in
2019, but high integration and expansion costs resulted in negative
FCF. Fitch sees some of these costs as recurring given IVC's
aggressive expansion strategy but nonetheless expects underlying
cash generation to improve in 2020. This should allow IVC to build
satisfactory FCF over the next four years, towards 5% of sales.
Fitch also projects FFO fixed charge cover trending towards 2.0x in
its rating case, indicating adequate financial flexibility for the
'B' rating.

Diversified Customer-Centric Operations: IVC enjoys leading market
positions in its established core markets and is developing rapidly
into a pan-European veterinary care service business, with a strong
medical and customer focus. It plans to focus on growing economies
of scale, consolidating the fragmented animal healthcare market and
creating regionally leading veterinary chains across western
Europe. These regional operations will be supported by common head
office functions realising scale benefits. Strong market positions
in selected markets (the UK & Nordics) and scalable operations
should, in its view, allow IVC to diversify the business
internationally, improving underlying profitability and optimising
its mix of service offerings.

Increasing but Moderate Execution Risks: Fitch views execution
risks associated with implementing IVC's ambitious growth strategy
as moderate, albeit rising given the group's continued external
growth ambitions and developing track record as a pan-European
business. Fitch views financial discipline as key to successfully
scaling up operations across Europe and expanding IVC's retail
business model in markets with low chain clinic penetration while
optimising costs through centralised head office functions.

Consolidation Potential, M&A-driven Growth: Fitch assumes IVC will
continue its 'buy-and-build' strategy, as an active participant in
consolidating the fragmented European veterinary care market. Its
rating case, based on management guidance, assumes acquisitions in
excess of GBP1 billion up to FY23. This would require additional
funding in 2021 as current liquidity is insufficient to support
aggressive external growth. In its view, a key prerequisite to
successful implementation of the acquisition strategy is a
disciplined approach to asset selection and acquisition. If
executed prudently, the acquired assets could enhance deleveraging
prospects despite being initially debt-funded.

Defensive Business Risk Profile: Compared with human healthcare
services, animal care services are not publicly funded, with pet
owners having to privately fund treatments and/or with insurance
policies. Fitch nevertheless views IVC's business risk profile as
defensive, offering scale benefits from the group's leading market
position and potential to introduce retail offerings to create
customer awareness and loyalty.

DERIVATION SUMMARY

Fitch bases its rating assessment of IVC on its Generic Navigator
framework, taking into consideration underlying animal care and
consumer service characteristics, which drive its business profile.
IVC's strategy of consolidating a fragmented care market and
generating benefits from scale and standardised management
structures is similar to strategies currently implemented by other
Fitch-rated health care operations such as laboratory services and
dental/optical chains. The key difference is that the animal care
market is not regulated compared with human health care, which
allows for greater operational flexibility, but also introduces a
higher discretionary characteristic to an otherwise defensive
spending profile.

Based on its peer analysis IVC's 'B' rating is well-positioned
within the European health care service providers with
adequate-to-strong market positions in each of the group's region
of operations, benefitting from attractive underlying market
fundamentals and consolidation opportunities.

IVC is firmly positioned against other 'B' rated credits, despite a
FFO adjusted gross leverage of just above 9x in 2019 on a pro-forma
basis, underpinned by expected pro-forma EBITDA margin improvement
of around 90bp by 2021 and satisfactory FCF generation. High-yield
peers such as Finnish private health operator Mehilainen Yhtym Oy
(B/Stable), and pan-European Laboratory testing company Synlab
Unsecured Bondco PLC (B/Stable) exhibit a similar financial risk
profile to IVC's. However, IVC shows a less mature business model,
lower operating margins and a limited record of successfully
implementing its rapid consolidation outside its Nordic and UK core
markets.

KEY ASSUMPTIONS

  - Organic revenue CAGR 4.7% for FY20-FY23 and total revenue CAGR
23% including acquisition.

  - EBITDA margin improving towards 15% by FY23

  - Working capital cash outflow at around 1% of sales in FY20
ahead of inventory build-up as a result of Brexit. Outflow to
decline in FY21-FY23.

  - Capex on average at 3% of revenue over the next four years.

  - Cumulative bolt-on acquisitions in excess of GBP1 billion to
FY23, with associated additional debt issuance.

  - No dividends until FY23.

KEY RECOVERY RATING ASSUMPTIONS

Fitch expects IVC to be restructured and to continue operating as a
going concern in the event of default as Fitch believes that this
approach will maximise recoveries over a liquidation of assets.

Fitch uses a distressed EBITDA of GBP140 million, slightly higher
than in its previous analysis (GBP137 million). This analysis
includes the full impact of 2020 acquisitions (adjusted for
12-month contributions of all acquisitions but not fully reflective
of synergies). Fitch applies a 5.5x distressed multiple to derive a
distressed enterprise value of about EUR770 million.

The EBITDA discount is slightly higher than some laboratories such
as Synlab (20%) which reflects a potentially higher underlying
volatility in IVC's aggregated earnings profile than that at labs,
which are exposed to higher regulated tariffs. The distressed
multiple reflects lower scale, but strong geographical
diversification relative to its healthcare portfolio (averaging at
6.0x distressed multiple). The 5.5x multiple reflects the group's
attractive characteristics of a larger group (leader in Europe)
including a presence across countries with the ability to negotiate
their own terms with suppliers. Compared with small independent
vets' valuation of around 7x-8x, and the premium on larger network
vet valuation, Fitch believes that 5.5x is conservative, even in a
distressed scenario.

According to its criteria, Fitch has assumed IVC's revolving credit
facility to be fully drawn and ranking pari passu to the TLB. Fitch
expects the resulting recovery for the senior secured TLB to be
within the 51%-70% range, corresponding to a 'RR3' and translating
into an instrument rating of 'B+' or one-notch higher than the
IDR.

Upon completion of the additional GBP 160million debt-raising,
Fitch expects to lower the recovery percentage for the senior
secured debt to 52% from 57%, reflecting the increased senior
secured debt in IVC's capital structure.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Successful integration of acquired operations; increasing scale
and profitability leading to FFO adjusted gross leverage to below
6.5x, EBITDA margin above 17%; and FCF generation in high
single-digit percentages on a sustained basis.

  - Satisfactory financial flexibility with FFO fixed charge cover
above 2.5x on a sustained basis.

  - Demonstration of a maturing business model, characterised by
enhanced diversification and greater scale with revenue trending
toward GBP2 billion

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Erosion of profitability from failure to integrate and develop
acquired operations, leading to EBITDA-margin falling below 12%.

  - Negative FCF, potentially as a result of an unsuccessful
acquisition strategy driving weaker credit metrics such as FFO
adjusted gross leverage remaining above 8.0x (pro-forma for
acquisitions) by 2021.

  - FFO fixed charge coverage below 1.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Near-term Liquidity: IVC had satisfactory liquidity
with GBP150 million of readily available cash on its balance sheet
at end-June 2020. It will have access to a GBP200 million RCF once
debt add-on completes. Liquidity is further supported by the
non-amortising nature of the planned TLB with no debt maturity
before 2025.

While the RCF is available to fund acquisitions, Fitch expects
additional funding requirements before 2022 to support IVC's
ambitious acquisition strategy, as the group continues to favour
growth over deleveraging.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

PIZZAEXPRESS: Future of Two Jersey Restaurants at Risk
------------------------------------------------------
Jersey Evening Post reports that the future of Jersey's two
PizzaExpress restaurants were thrown into doubt on Aug. 4 after the
company announced that it may close 67 of its 449 outlets.

According to Jersey Evening Post, up to 1,100 jobs are under threat
at the business which in October last year revealed that it had
accrued GBP1.1 billion of debt.

The London-based chain said its problems had been compounded by the
coronavirus pandemic, Jersey Evening Post notes.

Bosses have now said that PizzaExpress will launch a company
voluntary arrangement--allowing it to pay creditors over an agreed
fixed period, enabling it to continue trading, Jersey Evening Post
relates.

No decision has been made as to which restaurants will close but
the chain has now been put up for sale, Jersey Evening Post
states.


TRAVELEX: Reaches Rescue Deal, 1,300+ Jobs at Risk
--------------------------------------------------
BBC News reports that foreign exchange firm Travelex has struck a
deal to stay afloat, but with the loss of more than 1,300 jobs in
the UK.

According to BBC, administrators PwC said a cyber-attack followed
by the Covid-19 crisis had "acutely" hit the firm.

Travelex was held to ransom by hackers in January after the
cyber-attack forced it to turn off its systems, BBC recounts.

PwC said that a so-called "pre-pack" administration deal had been
reached which had saved 1,800 UK Travelex jobs, BBC discloses.

PwC said parts of the firm had been bought by a newly created
company controlled by its lenders, BBC notes.

That includes the parts that deal with supermarkets and large
corporate and banking customers, and some of its airport business,
BBC states.

However, the High Street shops and airport branches that were
closed during lockdown will not reopen, BBC relays.

It said the deal had delivered GBP84 million of new money and
substantially reduced the business's debts, BBC discloses.

According to BBC, Toby Banfield, joint administrator at PwC, said
it had enabled a core part of the business to continue operating
under new ownership.


VIRGIN ATLANTIC: Creditors to Vote on Rescue Plan on August 25
--------------------------------------------------------------
Christopher Jasper and Irene Garcia Perez at Bloomberg Quint report
that Richard Branson's Virgin Atlantic Airways Ltd. faces a crunch
vote in less than three weeks to determine whether a hard-won
GBP1.2 billion-pound (US$1.6 billion) rescue goes ahead or if the
airline is headed for collapse.

According to Bloomberg Quint, meetings of four creditor groups will
be held on Aug. 25 after the company began a legal process in the
U.K. to stop any holdouts from blocking the package.  Virgin told a
London court on Aug. 4 that it will fold next month if the
financing plan fails, Bloomberg Quint discloses.  It filed an
ancillary petition for Chapter 15 bankruptcy protection in the U.S.
to freeze creditors there and ensure the U.K. process is
recognized, Bloomberg Quint relates.

The airline's proposals, which bring in new money from Branson and
U.S. hedge fund Davidson Kempner Capital Management, will require a
restructuring of existing debt, Bloomberg Quint states.

Virgin Atlantic says it has already secured backing from three of
the four creditor groups: aircraft leasing firms, the providers of
$280 million in revolving credit, and so-called related-party
creditors including shareholder Delta Air Lines Inc., Bloomberg
Quint relays.

That leaves a fourth group to persuade, the airline's trade
suppliers. Virgin Atlantic is one of the first companies to use the
new U.K. court process, which allows a judge to force holdouts to
go along with a financial restructuring if enough creditors
approve, Bloomberg Quint notes.

According to Bloomberg Quint, under the new procedure, the judge
has latitude to decide that creditors would do better under the
restructuring than from insolvency proceedings, even if not all
groups vote to support the plan.

Virgin, Bloomberg Quint says, is scheduled to return to the U.K.
court on Sept. 2 for a final decision.


YO!: Taps Deloitte to Explore Potential CVA
-------------------------------------------
According to CoastFM, Sky News has learnt that YO! has engaged the
accountancy firm Deloitte to explore the potential for a company
voluntary arrangement (CVA) that would pave the way for
unsustainable rental costs to be reduced.

A formal decision to proceed with a CVA has not yet been taken, but
sources said that without meaningful bilateral concessions from
landlords, the company would have little choice but to pursue one,
CoastFM relates.

CVAs, which are a court-sanctioned restructuring process, have been
undertaken by a large number of UK restaurant operators since the
COVID-19 outbreak plunged the industry into crisis in March,
CoastFM notes.

It is unclear whether YO! would look to close any of its
approximately 70 restaurants as part of a CVA process, CoastFM
states.

According to CoastFM, some of the sites where the company has not
yet been able to agree concessions with landlords no longer trade
under the YO! brand.

One source, as cited by CoastFM, said that where discussions with
landlords had already been fruitful, the chain had been able to
reopen restaurants with a new contactless format where customers
can order remotely and have food delivered to them on YO!'s sushi
conveyor belts.




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

[*] BOOK REVIEW: Mentor X
-------------------------
The Life-Changing Power of Extraordinary Mentors
Author: Stephanie Wickouski
Publisher: Beard Books
Hard cover: 156 pages
ISBN: 978-1-58798-700-7
List Price: $24.75

Order this Book: https://is.gd/EIPwnq

Long-time bankruptcy lawyer Stephanie Wickouski at Bryan Cave
impressively tackles a soft problem of modern professionals in an
era of hard data and scientific intervention in her third published
book entitled Mentor X. In an age where employee productivity is
measured by artificial intelligence and resumes are prescreened by
computers, Stephanie Wickouski adds spirit and humanity to the
professional journey.

The title is disarmingly deceptive and book browsers could be
excused for assuming this work is just another in a long line of
homogeneous efforts on mentorship. Don't be fooled; Mentor X is
practical, articulate and lively. Most refreshingly, the book
acknowledges the most important element of human development: our
intuition.

Mrs. Wickouski starts by describing what a mentor is and
distinguishes that role from a teacher, coach, role model, buddy or
boss. Younger professionals may be skeptical of the need for a
mentor, but Mrs. Wickouski deftly disabuses that notion by relating
how a mentor may do nothing less than change the course of a
protege's life. Newbies to this genre need little convincing
afterwards.

One of the book's worthiest contributions is a definition of mentor
that will surprise most readers. Mentors are not teachers, the
latter of which impart practical knowledge. Instead, according to
Mrs. Wickouski, her mentors "showed me secrets that I could learn
nowhere else. They showed me how doors are opened. They showed me
how to be an agent of change and advance innovative and
controversial ideas." What ambitious professional doesn't want more
of that in their life?

The practicality of the book continues as Mrs. Wickouski outlines
the qualities to look for in a mentor and classifies the various
types of mentors, including bold mentors, charismatic mentors, cold
and distant mentors, dissolute mentors, personally bonded mentors,
younger mentors, and unexpected mentors. Mentor X includes charts
and workbooks which aid the reader in getting the most out of a
mentor relationship. In a later chapter, Mrs. Wickouski provides an
enormously helpful suggestion about adopting a mentor: keep an open
mind. Often, mentors will come in packages that differ from our
expectations. They may be outside of our profession, younger, less
educated, etc . . . but the world works in mysterious ways and Mrs.
Wickouski encourages readers to think about mentors broadly.  In
this modern era of heightened workplace ethics, Mrs. Wickouski
articulates the dark side of mentors. She warns about "dementors"
and "tormentors" -- false mentors providing dubious and sometimes
self-destructive advice, and those who abuse a mentor relationship
to further self-interested, malign ends, respectively. She
describes other mentor dysfunctions, namely boundary-crossing,
rivalry, corruption, and a few others. When a mentor manifests such
behaviors, Mrs. Wickouski counsels it's time to end the
relationship.

Mrs. Wickouski tells readers how to discern when the mentor
relationship is changing and when it is effectively over. Those
changes can be precipitated by romantic boundaries crossed,
emergence of rivalrous sentiment, or encouragement of unethical
behavior or corruption. Mrs. Wickouski aptly notes that once
insidious energies emerge, the mentorship is effectively over. At
this point, certain readers may say to themselves, "Okay, I've got
it. Now I can move on." Or, "My workplace has a formal mentorship
program. I don't need this book anymore." Or even, "Can't modern
technology handle my mentor needs, a Tinder of mentorship, so to
speak?"

Mrs. Wickouski refutes that notion. She analyzes how many mentoring
programs miss the mark. In one of the best passages in the book,
Mrs. Wickouski writes, "Assigning or brokering mentors negates the
most critical components of a true mentor–protege relationship:
the individual process of self-awareness which leads a person to
recognize another individual who will give the advice singularly
needed. That very process is undermined by having a mentor assigned
or by going to a mentoring party." She does not just criticize; she
offers a solution with three valuable tips for choosing the right
mentor and five qualities to ascertain a true mentor in the
unlimited sea of possibilities.

Next, Mrs. Wickouski distinguishes between good advice and bad
advice. She punctuates that discussion with many relevant and
relatable examples that are easy to read and colorfully enjoyable.
This section includes interviews with proteges who have had
successful mentorships. The punchline: in the best mentorships, the
parties harmoniously share personal beliefs and values. Also
important, the protege draws inspiration and motivation from the
mentor. The book winds down as usefully as it started: Mrs.
Wickouski interviews proteges, asking them what they would have
done differently with their mentors if they could turn back the
clock. A common thread seems to be that the proteges would have
gone deeper with their mentors -- they would have asked more
questions, spent more time, delved into their mentors' thinking in
greater depth.

The book wraps up lightly by sharing useful and practical
suggestions for maintenance of the mentor relationship. She answers
questions such as, "Do I invite my mentor to my wedding?" and "Who
pays for lunch?"

Mentor X is an enjoyable read and a useful book for any
professional in any industry at, frankly, any point in time.
Advanced individuals will learn much from the other side, i.e., how
to be more effective mentors. Mrs. Wickouski does a wonderful job
of encouraging use of that all knowing aspect of human existence
which never fails us: proper use of our intuition.

                         About The Author

Stephanie Wickouski is widely regarded as an innovator and
strategic advisor. A nationally recognized lawyer, she has been
named as one of the 12 Outstanding Restructuring Lawyers in the US
by Turnarounds & Workouts and as one of US News' Best Lawyers in
America. She is the author of two other books: Indenture Trustee
Bankruptcy Powers & Duties, an essential guide to the legal role of
the bond trustee, and Bankruptcy Crimes, an authoritative resource
on bankruptcy fraud. She also writes the Corporate Restructuring
blog.



                           *********


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
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 * * *