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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, September 4, 2020, Vol. 21, No. 178

                           Headlines



F R A N C E

CASINO GUICHARD-PERRACHON: Egan-Jones Cuts Sr. Unsec Ratings to CCC
VALLOUREC SA: S&P Downgrades Ratings to CCC-, Outlook Negative


G E R M A N Y

ADLER PELZER: Moody's Confirms B3 CFR, Outlook Stable
CONTINENTAL AG: Egan-Jones Lowers Senior Unsecured Ratings to BB


I R E L A N D

APTIV PLC: Egan-Jones Lowers Senior Unsecured Ratings to B
ENDO INTERNATIONAL: Egan-Jones Hikes Senior Unsec. Ratings to CCC+


S W I T Z E R L A N D

GARRETT MOTION: Moody's Cuts CFR to B2, On Review for Downgrade


T U R K E Y

TURKEY WEALTH: Fitch Affirms BB- LT IDR, Alters Outlook to Negative


U K R A I N E

FERREXPO PLC: Fitch Affirms LT IDR at BB-, Outlook Stable


U N I T E D   K I N G D O M

CARLUCCIO'S: Leeds Restaurant Reopens Following Rescue Deal
EAST COAST: Bought Out of Administration in Pre-Pack Sale
NMC HEALTH: Bankruptcy Advisory Fees May Total US$140 Million
PINNACLE BIDCO: S&P Withdraws 'CCC+' Issuer Credit Rating
RANGERS FOOTBALL: Former Administrators in Line for Payouts

WARRENS BAKERY: To Further Cut Jobs; May Breach Banking Covenants
YO! SUSHI: Creditors Back Company Voluntary Arrangement Proposal


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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F R A N C E
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CASINO GUICHARD-PERRACHON: Egan-Jones Cuts Sr. Unsec Ratings to CCC
-------------------------------------------------------------------
Egan-Jones Ratings Company, on August 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Casino Guichard-Perrachon SA to CCC from B-. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

Headquartered in Saint-Etienne, France, Casino Guichard-Perrachon
SA operates a wide range of hypermarkets, supermarkets, and
convenience stores.


VALLOUREC SA: S&P Downgrades Ratings to CCC-, Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on Vallourec S.A. to 'CCC-'
from 'CCC+', reflecting the increasing likelihood of a distressed
exchange offer in the coming months.

S&P said, "The downgrade reflects our view that a distressed
exchange or default payment is highly likely in the next six
months.   We continue to view Vallourec's capital structure as
unsustainable amid adverse industry conditions, primarily triggered
by drastic cuts in oil and gas producers' capital expenditure
budgets and overall weaker industrial production related to the
outbreak of COVID-19. Such conditions hampered the company's
planned EUR 800 million equity increase and associated refinancing
of bank lines. This is putting increasing pressure on the company's
liquidity, with close to EUR 1.7 billion of bank debt coming due in
February 2021 that we forecast to not be fully covered by
Vallourec's cash position of about EUR 1.4 billion as of June 30,
2020. We therefore view the company's liquidity position as weak,
with broader debt restructuring or a payment default appearing
almost inevitable in the next six months."

In that regard, Vallourec notably announced on Sept. 1, 2020, that
it was seeking the consent of its bondholders and bank creditors to
consider wider negotiations on a new capital structure. S&P could
likely consider any future agreement between the parties resulting
in a haircut to the current debt level and extending the maturity
profile of the debt without suitable compensation as a distressed
exchange offer.

The negative outlook indicates that S&P could lower its ratings on
Vallourec should the company announce a distressed exchange offer
or decided to miss an interest payment in the interim period.

It also reflects the possibility that the company will fail to
repay the EUR 1.7 billion revolving credit facilities (RCFs) that
are coming due in February 2021.

Downside scenario

S&P sid, "We could lower the ratings to 'CC' if a distressed
exchange offer is announced in the coming weeks or months. If a
debt payment is not paid as originally scheduled or the
restructuring is fully completed, we could lower the issuer credit
rating to 'SD' (selective default) or 'D' (default)."

Upside scenario

S&P could raise the ratings if a restructuring is concluded to
recognize any capital structure benefits garnered by the
restructuring.




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G E R M A N Y
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ADLER PELZER: Moody's Confirms B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service confirmed the B3 corporate family rating
and senior secured instrument ratings of Adler Pelzer Holding GmbH
(Adler Pelzer, or the group). Concurrently, Moody's has confirmed
the probability of default rating of B3-PD. The outlook on the
ratings has been changed to stable from ratings under review.

This rating action concludes the review for downgrade process,
which was initiated on July 23, 2020.

"The rating confirmation reflects the company's publication of 2019
audited financial statements and the current operating performance,
which have been in line with expectations for the B3." said
Matthias Heck, a Moody's Vice President--Senior Credit Officer and
Lead Analyst for Adler Pelzer. "The stable outlook reflects the
expectation that the company will maintain adequate liquidity and
be able to sustain leverage and margin metrics required for the B3,
despite the ongoing challenging sector environment in the
automotive industry." added Mr. Heck.

RATINGS RATIONALE

On August 14, 2020, Adler Pelzer published its 2019 audited
financial statements with an unqualified audit statement. The
previous review process was driven by the delayed publication, well
beyond the 120 days' timeline set by the covenants of the company's
notes due 2024. On a Moody's adjusted basis, Adler Pelzer's EBITA
margins declined to 4.2% in 2019, from 5.6% in 2018. Concurrently,
its debt/EBITDA increased to 5.0x in 2019, from 3.8x in 2018.

The company has also internally approved a revised forecast
2020-2024, which takes into consideration the clouded sector
environment which Adler Pelzer expects to balance with certain cost
efficiency measures, increasing the flexibility in its workforce
and reductions of capital expenditures. The company also evaluates
options to further secure cash levels. On this basis, the Sole
Director of the Company believes that the group has sufficient cash
for the next twelve months.

Moody's expects that the company will suffer materially from the
global coronavirus outbreak, with revenues declining by around 20%
in 2020, before recovering by around 10-15% in 2021. Despite the
recovery, Adler Pelzer's revenues will remain below levels of
EUR1.4 billion to EUR1.5 billion seen in the last three years.
Moody's expects a drop in the company's margins (Moody's adjusted
EBITA) to below 4% in 2020, before recovering to around 4% in 2021.
The lower revenues and profitability will also weigh on the group's
leverage, which Moody's expects to increase to around 6x in 2020,
from 5.0x at December 2019. With a recovery on 2021, Adler Pelzer's
leverage should improve but stay at still elevated levels of around
5x-6x in 2021. Both, leverage and margins are commensurate with a
B3 rating.

The B3 corporate family rating (CFR) reflects as positives the
company's: (a) well established position as a leading automotive
supplier of products for noise, vibration and harmonics (NVH)
applications in light passenger vehicles; (b) long-term and
well-established relationships with a diverse mix of original
equipment manufacturers (OEMs); (c) history of revenue growth in
excess of global light vehicle production; (d) positive exposure to
the trend towards electrified vehicles; (e) a general commitment of
the main shareholder to support the company if needed.

Nevertheless, the rating also reflects as negatives the company's:
(a) relatively small size -- revenue in 2019 amounted to around
EUR1.4 billion; (b) exposure to a changes in commodity prices; (c)
exposure to the cyclicality of the automotive industry which
currently faces a number of headwinds; (d) negative free cash flow
generation, driven by growth investments, and (e) elevated
financial leverage, with Moody's adjusted debt/EBITDA of 5.0x as of
December 2019, which is expected to increase further.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects the expectation that the group will be
able to sustain leverage and margin metrics required for the B3,
despite the adverse impact that the global coronavirus outbreak
will have on Adler Pelzer's operating performance and credit
metrics at least into 2021. More specifically, Moody's expects
EBITA margins (Moody's adjusted) of 3%-4% in 2020 and 2021, and
leverage of 5x-6x debt/EBITDA (Moody's adjusted). In 2020, Moody's
expects metrics to be at the weak end of the ranges, and the
expected recovery in 2021 should improve both metrics to the strong
end. The stable outlook also reflects the expectation that the
company will successfully refinance its short-term debt maturities,
and at least maintain its current level of liquidity.

LIQUIDITY

Moody's assesses Adler Pelzer's liquidity profile as merely
adequate. The group's primary liquidity sources are internal and
include (i) the cash balance of EUR146 million as of December 2019,
which eroded to EUR113.7 million at the end of June 2020 (on a
preliminary basis) and which Moody's understands is unrestricted,
and (ii) annual funds from operations (FFO) of around EUR40-50
million in Moody's stress case.

Adler Pelzer's main liquidity uses include high short-term bank
borrowings of EUR91 million at the end of 2019, and estimated
capital expenditure of around EUR25 million per year. Moody's
understands that the company is not planning to pay any dividends
to its shareholders. Moody's assumes around EUR40 million of
working cash (3% of revenues), which is tied up to run the
business.

Overall, the company is exposed to the cyclicality of the
automotive industry and the current disruption in production due to
the global coronavirus outbreak. This could further weigh on Adler
Pelzer's ability to generate positive free cash flows and weaken
its liquidity accordingly. At the same time, a successful
refinancing of short-term debt maturities would improve the
company's liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the current market situation Moody's does not anticipate any
short-term positive rating pressure for Adler Pelzer. A
stabilization of the market situation leading to a recovery in
metrics to pre-outbreak levels could lead to positive rating
pressure. More specifically adjusted Debt/EBITDA would have to drop
back sustainably below 5x with an EBITA margin sustainably above
4%.

Further negative pressure would build if Adler Pelzer fails to
return to meaningful operating profit generation of the second half
of 2020 allowing it to stabilize its liquidity situation. A
prolonged and deeper slump in demand than currently anticipated
leading to more balance sheet deterioration and a longer path to
restoring credit metrics in line with a B3 credit rating (EBITA
margin at least 3%, debt/EBITDA 6x) could also lead to further
negative pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

COMPANY PROFILE

Adler Pelzer Holding GmbH (Adler Pelzer) is a global automotive
supplier headquartered in Hagen, Germany. Adler Pelzer is a global
leader in the design, engineering and manufacturing of acoustic and
thermal components and systems for light passenger vehicles. Its
largest product family is for passenger compartments, which
includes floor trim, door shields, seals and felt and foam
insulation parts. Adler Pelzer also produces panels and trims for
the engine compartment and the trunk. In 2019, the group generated
revenue of EUR1.4 billion and EBITDA of around EUR129 million (as
defined and reported by the company, including IFRS16). Adler
Pelzer is a wholly owned subsidiary of Adler Group S.p.A. which is
controlled by Adler Plastic S.p.A., which owns 71.93% of the
Company, and FSI SGR SpA, which bought a share of 28.07% in May
2018.

CONTINENTAL AG: Egan-Jones Lowers Senior Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Continental AG to BB from BB+.

Headquartered in Hanover, Germany, Continental AG manufactures
tires, automotive parts, and industrial products.




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I R E L A N D
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APTIV PLC: Egan-Jones Lowers Senior Unsecured Ratings to B
----------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Aptiv PLC to B from B+. EJR also downgraded the
rating on commercial paper issued by the Company to B from A3.

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


ENDO INTERNATIONAL: Egan-Jones Hikes Senior Unsec. Ratings to CCC+
------------------------------------------------------------------
Egan-Jones Ratings Company, on August 24, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Endo International PLC to CCC+ from CCC.

Headquartered in Dublin, Ireland, Endo International PLC provides
specialty healthcare solutions.




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S W I T Z E R L A N D
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GARRETT MOTION: Moody's Cuts CFR to B2, On Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service downgraded the long term corporate family
rating of Garrett Motion Inc. (Garrett or the company) to B2 from
B1 and the probability of default rating (PDR) to B2-PD from B1-PD.
Concurrently, Moody's has downgraded to B2 from B1 the senior
secured bank credit facilities ratings of the company's
subsidiaries Garrett LX III SARL, and Garrett Motion Sarl. Moody's
has also downgraded the senior unsecured rating of Garrett LX I
SARL to Caa1 from B3. All ratings are placed on review for
downgrade. The outlook on all entities has been changed to ratings
under review from negative.

"The downgrades reflect Garrett's announcement to explore
alternatives for balance sheet restructuring which in its view
signals a more aggressive stance to managing its liabilities which
may be at the detriment of noteholders." said Matthias Heck, a
Moody's Vice President -- Senior Credit Officer and Lead Analyst
for Garrett. "The review is focused on the outcome of the company's
exploration, which could result in a further downgrade." added Mr.
Heck.

Moody's considers the group's more aggressive financial policy as a
part of its governance assessment and a key driver of the rating
action.

RATINGS RATIONALE

On August 26, 2020, Garrett announced that it is exploring
alternatives to address its balance sheet concerns. The company
considers its leveraged capital structure as a significant
challenge to its strategic and financial flexibility and to its
position in the highly competitive automotive parts supply market.
In addition to its high leverage, Garrett also mentions the
significant claims related to the subordinated asbestos indemnity
and the tax matters agreement, which are generally deferred until
the second quarter of 2023 but will impede Garrett's access to
capital and its ability to execute its strategy. The company
considers its liquidity as ample, given $482 million of cash and
undrawn revolver as of June 30, 2020, and mentioned the strength of
its core business. The company has not determined whether to pursue
any balance sheet restructuring alternatives but mentioned the
issuance of equity and a conversion of liabilities into equity as
some of the potential alternatives.

Whilst the company's announcement does not include any material new
information in terms of current trading and liquidity, it puts a
spotlight on the group's medium-term challenges, especially after
the covenant relief period from the third quarter of 2023, when
indemnity payments are expected to restart again. Moody's considers
the company's ambition to de-lever its balance sheet as generally
positive. The wide range of alternatives, however, create material
uncertainties. Considering the material drop of approximately 60%
in Garrett's share price following the announcement (to $2.755 as
of August 31 from $6.84 as of August 25), leading to a current
market capitalization of approximately $200 million (as of August
31, 2020) will, however, constrain the company's options with
regards to a credit-positive cash injection via a rights issuance.
The company has not further specified the options it is
considering.

The rating downgrade reflects the increased uncertainty raised by
the announcement vis-a-vis the company's stakeholders, and Moody's
considers the CFR to be better positioned at B2. The review for
downgrade will focus on the option to be determined by the company
and its impact on Garrett's credit quality. Moody's continues to
consider Garrett's liquidity as adequate. However, as the
possibility of a debt-equity swap would likely represent a
distressed exchange under Moody's criteria, a further downgrade is
highly likely if such option would be selected.

LIQUIDITY

Moody's considers Garrett's liquidity profile as adequate, although
it will materially weaken over the next couple of quarters, given
the significant expected decline in revenue and EBITDA, leading to
downside pressure on cash flow. Nevertheless, cash on balance sheet
amounted to $139 million end of June 2020, supported by a $347
million availability under its EUR430 million revolving credit
facility. With the relief until 2Q 2022, Moody's expects Garrett to
have sufficient headroom to the new covenant levels. The company
does not have short-term debt maturities, so the total liquidity
available of $482 million as of June 2020 should be sufficient to
mitigate short-term negative free cash flows in 2020, before
returning to positive free cash flows from 2021 on.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Further negative pressure would build if Garrett Motion Inc.
pursued a balance sheet restructuring option, which would lead to a
loss for creditors. A rating downgrade could also emerge if the
company fails to return to meaningful operating profit generation
of the second half of 2020, thus sustaining adjusted debt/EBITDA
above 5.5x and an adjusted EBITA margin trending below 4%.
Furthermore, a deterioration in Garrett's liquidity profile would
also excerpt negative ratings pressure.

Given the current market situation and the uncertainty about the
measures to restructure the balance sheet, Moody's does not
anticipate any short-term positive rating pressure for Garrett. A
successful de-leveraging without losses for creditors, and a
stabilization of the market situation leading to a recovery towards
metrics to pre-outbreak levels could lead to positive rating
pressure. More specifically adjusted Debt/EBITDA would have to drop
back sustainably below 4.5x with an EBITA margin sustainably above
7%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.



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T U R K E Y
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TURKEY WEALTH: Fitch Affirms BB- LT IDR, Alters Outlook to Negative
-------------------------------------------------------------------
Fitch Ratings has revised Turkey Wealth Fund's Rating Outlooks to
Negative from Stable, while affirming the Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB-'.

The rating actions follow the revision of the Outlook on Turkey's
Long-Term IDRs to Negative from Stable.

Fitch classifies TWF under its Government-Related Criteria as a
government-related entity (GRE) and applied a top-down approach due
to TWF's strong linkages with Republic of Turkey (BB-/Negative) and
the latter's incentive to provide extraordinary support to TWF in
case of need.

KEY RATING DRIVERS

Fitch assesses TWF as a credit-linked entity to its sovereign by
applying a top-down approach, which results in its ratings being
sensitive to a rating action on the sovereign. TWF acts as the
strategic long-term investment arm and equity-solutions provider of
Turkey and therefore its strategic objectives are aligned closely
with the national economic objectives.

Financial Profile assessed as 'Weaker'

Fitch rating case expects TWF's net debt/EBITDA to increase up to
8x by 2025, due to equity investments predominantly in energy,
petrochemicals and mining. Fitch, however, expects TWF's revenue
stream to remain resilient with sufficient liquidity, including
risk cushion, for debt servicing.

DERIVATION SUMMARY

Fitch applied a top-down approach under its GRE Criteria due to
TWF's strong linkages with Republic of Turkey and the latter's
incentive to provide extraordinary support to TWF in case of need,
which yields an overall support factor of 50 points, warranting an
equalisation of TWF's IDR with that of Turkey, irrespective of
TWF's 'b(cat)' Standalone Credit Profile.

RATING SENSITIVITIES

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

An upgrade of the sovereign will lead to a similar rating action
for TWF, provided that overall support factors remain unchanged.

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

A downgrade of the sovereign will lead to a similar rating action
for TWF. A weaker assessment/ dilution of the overall support
factors could result in TWF's ratings being notched down once from
the sovereign's ratings.

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, either due to their nature or
to the way in which they are being managed by the entity.

RATING ACTIONS

Turkey Wealth Fund

LT IDR; BB- Affirmed; previously at BB-

ST IDR; B Affirmed; previously at B

LC LT IDR; BB- Affirmed; previously at BB-

LC ST IDR; B Affirmed; previously at B

Natl LT; AAA(tur) Affirmed; previously at AAA(tur)



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U K R A I N E
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FERREXPO PLC: Fitch Affirms LT IDR at BB-, Outlook Stable
---------------------------------------------------------
Fitch Ratings affirmed Ukraine-based Ferrexpo plc's Long-Term
Issuer Default Rating at 'BB-'. The Outlook is Stable.

The affirmation and Stable Outlook reflect Ferrexpo's robust
business profile as a supplier of high-grade pellets, good
operational performance without business interruptions from the
coronavirus pandemic, and strong cash flow generation linked to
high iron ore prices that are supported by steady demand from
China. The rating action also considers the conservative financial
profile with forecast funds from operations (FFO) gross leverage
moving below 0.5x. Ferrexpo has the flexibility for the business to
reduce capital expenditure and/or dividends under less supportive
market conditions, as shown in 2015-2017.

However, the company's credit quality incorporates the operating
environment in Ukraine and limitations in the company-specific
corporate governance practices.

KEY RATING DRIVERS

Buoyant Market: Iron ore prices have rallied in 2020, reaching a
high of USD126 a tonne at the end of August. Demand has been
supported by steady steel production in China throughout the
pandemic, while supply was disrupted in Brazil, Australia and
elsewhere. Inventory levels in China remain low across the
logistics chain. Although supply will be stronger in 2H20, port
congestion in China is delaying re-stocking due to heavy rainfall
in July, coronavirus testing of ship crews and additional days
required for the issuance of import licences for Australian goods.

Strong Balance Sheet: FFO gross leverage was 0.8x at end-2019,
based on gross debt of USD407 million. Fitch expects the company to
reduce gross and net debt incrementally while macro-economic
conditions remain challenging. In the long term the company intends
to maintain a conservative financial position with net debt around
USD200 million-250 million in order to manage liquidity and
refinancing risks through the cycle.

Strong Cash Flow Generation: After the tailings dam failure at
Brumadinho, the seaborne iron ore market moved into deficit in
2019, with supply tightness remaining in 2020 and possibly also
2021 and 2022. Even though pellet premiums have reduced due to
fewer sintering restrictions in China, Ferrexpo will report another
strong year of earnings in 2020. Fitch forecasts EBITDA of USD553
million, anticipating lower prices towards the end of the year.
Half-year results already delivered around USD310 million
(excluding operating foreign exchange gains).

Rating Above Country Ceiling: Ferrexpo is rated two notches above
Ukraine's Country Ceiling of 'B'. The company has one main,
external source of funding: a USD400 million pre-export-finance
(PXF) facility, which amortises evenly through 12 quarterly
instalments over 2020-2022. The smooth maturity profile and low
debt level allows Ferrexpo to maintain hard-currency external debt
service cover at or above 1.5x without the need to access new
funding.

All Ferrexpo's earnings are in US dollars, with most of its cash
held offshore, enabling the entity to service its hard-currency
debt with recurring hard-currency cash flows and cash balances.

Stable Customer Base: Ferrexpo has a number of long-term contracts
with steel producers in Europe and Asia (with index-based pricing).
It also has a captive customer base that can be served with
Ferrexpo's own fleet of vessels along the Rhine and Danube
waterways. Those customers represent more than two thirds of sales
volumes in most years, limiting spot sales to changing
counterparties.

ESG - Group Structure and Governance: The independent review into
Blooming Land concluded that no Ferrexpo employees have had any
involvement in a possible misappropriation of funds by the charity.
In the 2019 annual report Ferrexpo disclosed related party
transactions for which enquiries by the board have not been able to
establish whether the associated sponsorship money has been applied
in full for designated purposes.

The beneficiary was the local football club in Poltava, which
entered into transactions for the construction and refurbishment of
its sports facilities, with all entities involved being controlled
by Ferrexpo's majority shareholder. As a result, Fitch retains the
ESG Relevance Score for Group Structure and Governance Structure at
'4', which, in combination with other factors, is incorporated into
the rating. Its remedy would be necessary, among other factors, for
any potential future positive rating action.

ESG - Financial Transparency: The new auditor MHA MacIntyre Hudson
has considered the findings of the independent review into Blooming
Land, scrutinised related party transactions (including assessing
the topic of independence of the charity) and provided an
unqualified audit opinion within the usual time frame for
reporting. The ESG score has reverted to a '3' from a '4'.

DERIVATION SUMMARY

Ferrexpo is one of the top five pellet exporters globally. The
business is expected to maintain a second quartile to mid-ranking
position on the business cost curve for pellets over the medium
term, according to CRU group, and offers a premium iron ore product
that is in demand.

Major global peer Vale S.A. (BBB/Stable) equally sells high-grade
fines (around 88% of output) and pellets (around 12% of output),
but is much larger. Vale produces currently around 300 million
tonnes a year compared to 12 million tonnes for Ferrexpo. Both
companies have very conservative financial profiles, with forecast
FFO net leverage close to 0x.

Ferrexpo is rated two notches above the Country Ceiling of Ukraine.
Vale's ratings are not constrained by Brazil's 'BB' Country Ceiling
as the EBITDA generated by its North Atlantic division covers the
company's hard currency interest expense by more than 1.0x. If this
external coverage ratio is not maintained in the future due to a
sustained decline in the EBITDA from the company's Canadian
operations or an increase in Vale's hard currency debt service, the
rating would become subject to constraints imposed by the 'BB'
Country Ceiling of Brazil.

An integrated steel producer that also sells pellets in the market,
but that has margins comparable to that of Ferrexpo, is AO Holding
Company METALLOINVEST (BB+/Stable) from Russia. The company is one
of the lowest-cost steel producers for long products, is bigger,
and benefits from diversification across the mining and steel value
chain. Its FFO net leverage is forecast close to 2.0x.

Ferrexpo's ratings take into consideration the higher-than-average
systemic risks associated with the business and jurisdictional
environment in Ukraine and company-specific corporate governance
issues.

KEY ASSUMPTIONS

  - Average realised pellet price of USD104 a tonne in 2020,
falling to USD93 a tonne in 2021 and USD91 a tonne in 2022 (quoted
on a free on-board basis, given that China is not the natural
market for Ferrexpo).

  - Pellet production of 11.7 million tonnes in 2020 and 12 million
tonnes in subsequent years.

  - Capital expenditure of USD235 million-USD240 million in 2020,
USD150 million in 2021 and USD100 million in subsequent years.

  - Dividends of around USD193 million in 2020, falling to, on
average, USD60 million a year thereafter (based on lower earnings
linked to Fitch price assumptions), effectively paying out all
residual cash flow that is not required either to preserve
satisfactory liquidity for day-to-day operations or for debt
amortisation.

RATING SENSITIVITIES

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

  - Upgrade of Ukraine's Country Ceiling coupled with a neutral
assessment of corporate governance and maintaining FFO gross
leverage below 1.0x on a sustained basis.

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

  - Treasury policies or refinancing activity leading to
hard-currency external debt-service cover falling below 1.5x on an
18-month rolling basis.

  - FFO gross leverage above 2.0x on a sustained basis.

  - Downgrade of Ukraine's Country Ceiling.

  - More aggressive financial policies that allow for debt-funded
shareholder distributions.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: At end-June 2020, Ferrexpo had available
cash balances of USD169.2 million (or pro forma USD72.2 million
after dividends already declared and payable in July and August).
The main, external funding source for Ferrexpo is a USD400 million
PXF facility that amortises in 12 equal, quarterly instalments over
2020, 2021 and 2022. The outstanding balance as of end-June 2020
was USD333 million.

Fitch expects Ferrexpo to maintain positive FCF over the next four
years. Its rating forecast assumes full amortisation of the PXF
facility, but there will probably be a refinancing once the
macro-economic environment improves, at which point Fitch expects
the company to have USD200 million-USD250 million net debt over the
medium term, reflecting a very conservative financial position.

ESG CONSIDERATIONS

An ESG Relevance score of '4' is maintained for Group Structure and
Governance Structure in the context of investigations into Blooming
Land. The background is detailed in the Key Rating Drivers.

Fitch has changed the ESG Relevance Score for Financial
Transparency back to '3' from '4'. The background is also detailed
in the Key Rating Drivers.

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 to the way in which they
are being managed by the entity(ies).



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

CARLUCCIO'S: Leeds Restaurant Reopens Following Rescue Deal
-----------------------------------------------------------
Rebecca Marano at Yorkshire Evening Post reports that Carluccio's
restaurants plunged into administration in March after the impact
of coronavirus exacerbated the firm's long-standing financial
difficulties.

In May, administrators confirmed that the company was sold to
Boparan Restaurant Group (BRG) in a move which saved over 800 jobs,
Yorkshire Evening Post recounts.

The Leeds restaurant, inside the Trinity Leeds shopping centre,
reopened on Aug. 27, Yorkshire Evening Post discloses.

Leeds is one of just three Carluccio restaurants in Yorkshire which
has been saved in the deal, Yorkshire Evening Post states.

The Beverley restaurant and Sheffield restaurant will also remain
open, Yorkshire Evening Post notes.

Both York sites, in St. Helen's Square and in the Coppergate
Shopping Centre, have closed, Yorkshire Evening Post relays.

Carluccio's is one of many restaurants hit by the coronavirus
crisis, Yorkshire Evening Post says.


EAST COAST: Bought Out of Administration in Pre-Pack Sale
---------------------------------------------------------
Business Sale reports that Manchester-based bar and restaurant
group East Coast Concepts has been acquired in a pre-pack sale by
an investment group headed by Cairn Group director Naveen Handa.

East Coast Concepts employs around 250 staff and has five sites in
Hale, Alderley Edge, Leeds, Liverpool and Oxford, which operate
under its Victors and Neighbourhood brands, Business Sale
discloses.  The acquisition will see all sites continue trading,
Business Sale states.

Over recent months, the group had been working with advisory firm
FRP as it looked to survive the impact of the COVID-19 lockdown and
safeguard its long-term future, Business Sale relates.  

FRP's Ben Woolrych and Anthony Collier were appointed as joint
administrators on Sept. 1, before completing the pre-pack sale of
East Coast Concepts and its assets to Mr. Handa's investment group,
Business Sale recounts.

According to Business Sale, in its most recent accounts, to the
year ended June 23 2019, the company's fixed assets were valued at
close to GBP3.5 million, down from GBP4.6 million in 2018, while
current assets stood at GBP3.4 million, with total assets less
liabilities amounting to GBP4.59 million.


NMC HEALTH: Bankruptcy Advisory Fees May Total US$140 Million
-------------------------------------------------------------
Nicolas Parasie at Bloomberg News reports that the restructuring of
NMC Health Plc through an Abu Dhabi court could cost as much as
US$140 million in consultancy and legal fees, almost half of what
the hospital operator's administrators are raising in new funding
from creditors.

"It's not cheap and we have the best advisers and the best minds in
the world working on the preservation of this business," Bloomberg
quotes acting Chief Executive Officer Michael Davis as saying in a
recent interview.  "If you look at the amount of money that has
gone to other parties or that the company has lost, this is money
well spent."

NMC's court-appointed overseers are applying for bankruptcy
proceedings through Abu Dhabi Global Markets, the financial center
of the United Arab Emirates capital, Bloomberg discloses.  They're
doing so as the company's complex legal structure across different
geographies makes it more efficient to oversee the process in one
jurisdiction, where the bulk of its operations are based, Bloomberg
notes.

Founded by Indian entrepreneur Bavaguthu Raghuram Shetty, NMC had a
peak market value of US$10 billion on the London Stock Exchange
before the uncovering of billions of dollars of undisclosed debt
pushed it into administration, Bloomberg recounts.

Caretakers Alvarez & Marsal Inc. are now working on a turnaround
plan that will see NMC focus on its UAE and Oman domestic markets,
while selling non-core international assets, Bloomberg states.

NMC, Bloomberg says, will raise as much as US$300 million from
creditors to fund the business during its administration.

Advisory fees to drive the bankruptcy process, which could take at
least two years, will probably amount to between US$100 million and
US$140 million, Bloomberg relays, citing a recording of a
conference call, and available on the company's website.


PINNACLE BIDCO: S&P Withdraws 'CCC+' Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' issuer credit ratings on
Pinnacle Bidco Limited at the company's request. The outlook was
developing at the time of the withdrawal. At the same time, S&P
withdrew the 'B' and 'CCC+' ratings on the company's GBP95 million
revolving credit facility and GBP430 million bond, respectively.


RANGERS FOOTBALL: Former Administrators in Line for Payouts
-----------------------------------------------------------
Greig Cameron at The Times reports that the former administrators
of Rangers are in line for multimillion-pound payouts after
prosecutors admitted breaching human rights legislation and
conducting a "malicious" investigation.

According to The Times, David Whitehouse and Paul Clark were
awarded GBP600,000 in costs on Aug. 25 after a judge said their
arrests had been unjust.  The insolvency specialists, who work for
the global consulting firm Duff & Phelps, are both suing the lord
advocate and chief constable of Police Scotland for damage to their
reputations, The Times discloses.

Mr. Whitehouse, of Cheshire, is thought to be seeking GBP9 million
in compensation, while Mr. Clark, of Surrey, is suing for GBP5
million, The Times states.

Gerry Moynihan, QC, representing the lord advocate, admitted every
stage of the prosecution of the pair following their first
appearance in court had been unlawful, The Times relates.



WARRENS BAKERY: To Further Cut Jobs; May Breach Banking Covenants
-----------------------------------------------------------------
William Telford at PlymouthLive reports that troubled pasty
purveyor Warrens Bakery is making another round of redundancies
just 10 months after it shut 20 stores--this time because
coronavirus damaged its lucrative Derriford Hospital trade.

According to PlymouthLive, the 160-year-old firm and its parent
company are now in danger of breaching banking covenants with
potentially disastrous results and are relying on another
subsidiary, the profitable Cornish Sea Salt Ltd, to get them out of
trouble.

Warrens Bakery slashed up to 80 jobs from its workforce of 500 in
November 2019 and shut 18 outlets blaming Brexit uncertainty and
fickle consumers who were attracted to rivals or simply vanishing
from the high street, PlymouthLive recounts.

It said at the time it would move away from its loss-making high
street bakeries and concentrate on more lucrative cafes and outlets
inside large hospitals, PlymouthLive relays.

But with the COVID-19 crisis causing hospitals to become deserted
by patients and visitors, this appears to have had a negative
effect on the company, PlymouthLive notes.

It has now started a redundancy procedure for staff in Plymouth,
but has not revealed the number of workers affected, PlymouthLive
states.

This comes after years of mounting losses for the
Helston-headquartered firm, PlymouthLive says.  Documents filed at
Companies House in August 2020 show the business made a GBP821,801
operating loss for the year to the end of June 2019, PlymouthLive
discloses.  This follows a GBP974,712 loss in 2018 and a GBP31,000
loss the year before, PlymouthLive notes.

In late 2019, the firm entered a creditor voluntary arrangement
(CVA), an insolvency process whereby it negotiates on payments to
creditors, and closed 18 loss-making stores, including five in
Plymouth, PlymouthLive relates.

According to PlymouthLive, the report said there is a proposal to
revise the CVA so it can slash creditor payments from GBP24,000 a
month to just GBP5,000.


YO! SUSHI: Creditors Back Company Voluntary Arrangement Proposal
----------------------------------------------------------------
Jennie Milsom at The Caterer reports that Japanese restaurant group
Yo! Sushi has announced that their Company Voluntary Arrangement
(CVA) proposal has been approved in a move that will see 19 of its
69 sites permanently close.

According to The Caterer, the CVA, which was proposed on Aug. 14,
will enable Yo! to make "essential changes" to its restaurant
portfolio and adapt to the challenges brought about by the Covid-19
pandemic.

Richard Hodgson, chief executive of Yo! said he was pleased that
the group's creditors had supported them in the Sept. 1 vote in
what were "exceptionally challenging times" for the sector, The
Caterer relates.

Clare Boardman and Daniel Butters, both restructuring services
partners at Deloitte LLP, are joint supervisors to the CVA, The
Caterer discloses.

Last month, it was reported that Yo! had earmarked 19
"unsustainable" or "loss making" sites for closure after launching
a CVA to reduce overheads in the UK, The Caterer recounts.




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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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 * * *