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

                          E U R O P E

          Tuesday, January 5, 2021, Vol. 22, No. -2

                           Headlines



C Z E C H   R E P U B L I C

BLAZEK: Files for Insolvency, Owes Almost CZK87 Million
CITY SIGHTSEEING: Lack of Tourists Prompts Insolvency Filing


I R E L A N D

CARA PHARMACY: DunPort Emerges as Dominant Backer of Rescue


N E T H E R L A N D S

WP/AV CH: Moody's Withdraws B2 CFR Following Debt Repayment


U N I T E D   K I N G D O M

CAFFE NERO: Lord Sugar Joins Issa Brothers' Takeover Bid
REDCASTLE LTD: Administrators Tap Agents to Advise on Future

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C Z E C H   R E P U B L I C
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BLAZEK: Files for Insolvency, Owes Almost CZK87 Million
-------------------------------------------------------
Prague Morning reports that Blazek, famous Czech brand for
menswear, has filed for insolvency.

According to Prague Morning, the company registers more than 150
creditors for a total debt of almost CZK87 million.

The company's founder is considering the entry of a new investor,
Prague Morning relays, citing iHNED.cz.

The company became insolvent from the forced closure of stores
during the first and second waves of the epidemic, Prague Morning
discloses.  

Like many retailers, Blazek was already struggling with the shift
to online shopping even before the pandemic struck this spring,
Prague Morning notes.

The company benefited from an extraordinary moratorium, which
partially stabilized its situation, but even then it was unable to
meet its financial obligations, Prague Morning states.

Blazek Prague reported a net turnover of CZK455 million last year
and currently employs 132 people, Prague Morning recounts.
According to the official website, Blazek has 21 stores in the
Czech Republic and 8 in Slovakia.


CITY SIGHTSEEING: Lack of Tourists Prompts Insolvency Filing
------------------------------------------------------------
Prague Morning reports that the lack of tourists in the Czech
capital forced City Sightseeing Prague to file for insolvency.

COVID-19 pandemic is mentioned by the company in the declaration of
insolvency as the main reason for the current situation, Prague
Morning discloses.

According to the proposal, the company has liabilities in the
amount of CZK14 million, Prague Morning relates.  It mentions four
buses, two of which are double-decker, Prague Morning notes.

Unicredit Leasing, City Sightseeing Support (a British company, the
Czech branch operates as a franchise) and the city of Prague are
among the carrier's largest creditors, Prague Morning relays,
citing the proposal.

In 2019, according to official documents, the company had sales of
almost fifty million CZK, but the net profit was CZK425,000, Prague
Morning states.

City Sightseeing is one of the world's leading open-top bus, boat,
and guided walking tour company.  Established in 1999, the global
brand provides hop-on hop-off services.




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I R E L A N D
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CARA PHARMACY: DunPort Emerges as Dominant Backer of Rescue
-----------------------------------------------------------
Brian Carey at The Times reports that DunPort Capital Management
has emerged as the dominant backer of the rescue of Cara Pharmacy,
only a few months after the alternative lender applied to have the
chemists chain placed into examinership.

According to The Times, in a scheme of arrangements to be presented
to the High Court this month, it will be proposed that Renrew, a
new company, will take over Cara from its current owners, Canice
McNicholas and his wife, the former Dragons' Den panellist Ramona
McNicholas.

Renrew is to be funded in the takeover with EUR1.3 million equity
injection from its main shareholder, Lanely, and debt from DunPort,
The Times discloses.





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N E T H E R L A N D S
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WP/AV CH: Moody's Withdraws B2 CFR Following Debt Repayment
-----------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating and the B2-PD probability of default rating of WP/AV CH
Holdings II B.V. (Avaloq), the top entity in Avaloq's restricted
group. Concurrently, Moody's has withdrawn the B2 rating on the CHF
350 million senior secured term loan B and the CHF 60 million
senior secured revolving credit facility, both borrowed by WP/AV CH
Holdings III B.V. At the time of the withdrawal, the ratings were
placed on review for upgrade. The outlooks have also been withdrawn
from ratings under review.

RATINGS RATIONALE

Moody's has withdrawn the ratings following the repayment of all
outstanding debt by Avaloq after closing of the acquisition by NEC
Corporation (unrated).



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

CAFFE NERO: Lord Sugar Joins Issa Brothers' Takeover Bid
--------------------------------------------------------
Joe Harrigan at Lancashire Telegraph reports that apprentice star
and Amstrad founder Lord Sugar has joined with the Issa Brothers'
bid to take control of Caffe Nero.

According to Lancashire Telegraph, the Blackburn-born billionaires
are currently funding an attempt by Caffe Nero's landlords to block
the coffee chain's insolvency arrangements, which would see them
lose outstanding rent payments.

The brothers are funding the challenge in order to leave the chain
with no other option but to sell itself to EG Group, while Lord
Sugar's company is believed to have filed its involvement in the
challenge on Christmas Eve, Lancashire Telegraph discloses.

A Caffe Nero spokesperson, as cited by Lancashire Telegraph, said:
"We intend to defend the challenge vigorously."

EG Group, owned by the Mohsin and Zuber Issa, first expressed an
interest in the popular coffee outlet, which employs around 5,000
people across the UK and has branches in Clitheroe and Preston,
earlier this month only to find their offer rejected by founder
Jerry Ford, who instead opted for insolvency, Lancashire Telegraph
recounts.

Under the current plans, Caffe Nero's rents are set to be slashed
as part of a company voluntary arrangement agreed as part of the
insolvency process, Lancashire Telegraph states.

However, such arrangements are controversial as landlords to the
coffee chain’s outlets are set to lose much of their outstanding
rent if this were to proceed, Lancashire Telegraph notes.

In response the Issa Brothers and their backers, now including Lord
Sugar, hope that by backing landlords' legal challenge to this
process, the entire insolvency process can be derailed allowing the
chain to be taken over by EG Group, Lancashire Telegraph relays.

According to Lancashire Telegraph, a Caffe Nero spokesperson said:
"We still firmly believe the terms of the company voluntary
arrangement, which passed with over 90% support, are in the best
interests of all our creditors and we will openly engage with any
landlord who wishes to discuss it further."


REDCASTLE LTD: Administrators Tap Agents to Advise on Future
------------------------------------------------------------
Sky News has learnt that administrators to Redcastle (214 Oxford
Street) Limited, which owns the central London property next to
Oxford Circus station, have appointed Eastdil and Savills to advise
on the site's future.

According to Sky News, a source close to the situation said on Jan.
1 that Eastdil would oversee the sale strategy for the building,
while Savills would advise on future leasing options.

The giant store, against which the American investor Apollo Global
Management lent Sir Philip's Arcadia Group more than GBP300 million
just over a year ago, became an emblem of the tycoon's commercial
swagger, Sky News notes.

For years, it reflected his status as the king of Britain's high
streets -- culminating in the sale of a 25% stake in Topshop and
Topman for GBP500 million -- but in recent years, the store has
symbolised Sir Philip's increasingly fragile grip on the company,
Sky News states.

The bulk of the proceeds from the sale of Redcastle will be paid to
Apollo, while Arcadia's pension scheme is also likely to be in line
for a payment, depending upon the sale price, Sky News discloses.

In November, Arcadia collapsed into administration, threatening
more than 12,000 jobs, with administrators at Deloitte now engaged
in a search for buyers of its assets, Sky News recounts.

Deloitte has already struck a deal to sell the womenswear brand
Evans to City Chic, an Australian fashion retailer, Sky News
relays.

Topshop is by far the most valuable business within the group, and
is expected to fetch more than GBP200 million from an auction that
could conclude as soon as this month, Sky News notes.

It is far from clear that the brand will continue to occupy the
Oxford Circus site once the group's fate is finalized, Sky News
states.



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2021.  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
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Information contained herein is obtained from sources believed to
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