/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/210107.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, January 7, 2021, Vol. 22, No. 0 Headlines G E R M A N Y K+S AG: Egan-Jones Lowers Senior Unsecured Ratings to B- I R E L A N D INSTITUTE OF INTERNATIONAL: Enters Voluntary Liquidation U N I T E D K I N G D O M BURNTISLAND FABRICATIONS: Administrators Take Control of Business HOTHORPE HALL: Cash Flow Difficulties Prompt Administration JAEGER: M&S Finalizes Deal to Acquire Business NO 1 CARPET: Owed More Money Than Previously Thought ORBIT UNDERWRITING: Enters Voluntary Liquidation - - - - - ============= G E R M A N Y ============= K+S AG: Egan-Jones Lowers Senior Unsecured Ratings to B- -------------------------------------------------------- Egan-Jones Ratings Company, on December 30, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by K+S AG to B- from B. EJR also downgraded the rating on commercial paper issued by the Company to C from B. K+S AG is a German chemical company headquartered in Kassel. ============= I R E L A N D ============= INSTITUTE OF INTERNATIONAL: Enters Voluntary Liquidation -------------------------------------------------------- DFNI Frontier reports that The Duty Free World Council (DFWC) has suspended the DFWC Academy after its partner, the Institute of International Retail (IIR), has entered voluntary liquidation. According to DFNI Frontier, DFWC noted that despite "strenuous efforts" by both parties to maintain and promote the Academy's courses in 2020 -- including the provision of a free "Return to Work" course, slashing registration fees for the Certificate course to EUR50, attempts to raise bursaries etc. -- income to the Academy has dried up since the end of July. The DFWC noted it does not foresee the prospects for student enrolments "substantially changing" until the industry's recovery is well underway, DFNI Frontier relates. It is currently in discussion with IIR over potential support for any students yet to complete their courses, along with opportunities to protect the body of work enshrined in the courses, DFNI Frontier discloses. The Institute of International Retail is headquartered in Ireland. =========================== U N I T E D K I N G D O M =========================== BURNTISLAND FABRICATIONS: Administrators Take Control of Business ----------------------------------------------------------------- Martin Williams at Herald Scotland reports that administrators have been formally appointed to take control of the insolvent renewables manufacturer run from Canada seen as a key part of the future of Scotland's wind farm revolution. According to Herald Scotland, Deloitte will now take control of the affairs of Burntisland Fabrications (BiFab) which collapsed after the Scottish Government did a u-turn in backing the firm. The Scottish Government felt that providing key support for the ailing steel fabrications company at the centre of a wind farm jobs row would be seen as illegal state aid under European Union regulations, Herald Scotland notes. Canadian firm JV Driver, through its subsidiary company DF Barnes, took total control of BiFab, which has yards in Methil and Burntisland in Fife and Lewis, for just GBP1 two years ago, Herald Scotland recounts. The ministers' support came by way of a commitment to effectively underwrite a contract to have a part in the the GBP2 billion Neart Na Gaoithe (NnG) offshore wind farm project in the Firth of Forth to the tune of GBP30 million, Herald Scotland notes. Scottish Government sources revealed that a re-evaluation came after BiFab in September failed to win any work on Scotland's largest offshore wind farm, the multi-billion pound Seagreen project, located just a few miles from its yards in Burntisland and Methil in Fife, Herald Scotland relays. The yards had been operating on a skeleton 30 staff -- with zero contracts but at its height employed hundreds, Herald Scotland states. Gavin Park and Clare Boardman, restructuring partners at Deloitte, have been appointed as joint administrators, according to Herald Scotland. They will now assess the prospects of BiFab with a view to finding a suitable buyer for the Scottish manufacturing company, Herald Scotland discloses. No redundancies are planned at this stage. HOTHORPE HALL: Cash Flow Difficulties Prompt Administration ----------------------------------------------------------- Adrian Troughton at LeicestershireLive reports that Hothorpe Hall, a wedding and entertainment venue near Luitterworth, has gone into administration. According to LeicestershireLive, administrators say Hothorpe Hall, near Theddingworth, has suffered sustained cashflow difficulties since the start of the coronavirus pandemic. There is some reassurance for couples who have weddings booked at the venue, with administrators pledging to endeavour to honour existing events bookings, where possibly permitted by Government restrictions, while they try to find a buyer for the business, LeicestershireLive discloses. The 55-bedroom venue currently remains closed because of Covid-19 restrictions and all 30 members of staff remain furloughed, although a small number are expected to be taken off the government's jobs retention scheme and return to work to assist administrators with their duties, LeicestershireLive notes. JAEGER: M&S Finalizes Deal to Acquire Business ---------------------------------------------- Zoe Wood at The Guardian reports that Marks & Spencer is finalizing a deal to buy upmarket fashion brand Jaeger as it seeks to bolster its clothing business with new names. M&S has been linked to Jaeger since it fell into administration in November, as part of entrepreneur Philip Day's stricken Edinburgh Woollen Mill Group, which also owns Peacocks and Austin Reed. Both M&S and Jaeger were founded in the 1880s, The Guardian discloses. M&S is expected to buy Jaeger's brand and stock, but not its scores of shops, The Guardian relays, citing Sky News. NO 1 CARPET: Owed More Money Than Previously Thought ---------------------------------------------------- Darren Slade at Daily Echo reports that a carpet cleaning company whose collapse left the Poole Pirates speedway team in a "vulnerable position" may have owed more money than previously thought. A liquidator was appointed in September 2019 to handle the affairs of No 1 Carpet Cleaning, the Pirates' main sponsor that season, Daily Echo recounts. According to Daily Echo, a statement of affairs prepared for the liquidator by director Richie Barratt estimated that 23 unsecured creditors were owed a total of GBP496,356. They included Poole Speedway, which was owed an estimated GBP21,000, Daily Echo notes. Poole Pirates chief Matt Ford admits the club is in a "vulnerable position" after main sponsor goes into liquidation, Daily Echo states. But a progress report by liquidator Rosalind Hilton, of Adcroft Hilton Limited, said the eight claims she had received so far totalled GBP545,137, according to Daily Echo. HMRC -- which was owed GBP317,575 in Mr Barratt's estimate -- had submitted a claim totalling GBP431,908, Daily Echo relays. The report, as cited by Daily Echo, said it was unlikely there would be a dividend for unsecured or preferential creditors of No 1 Carpet Cleaning Limited, which was based in Saxon Square, Christchurch. ORBIT UNDERWRITING: Enters Voluntary Liquidation ------------------------------------------------ Sian Barton at Insurance Age reports that Orbit Underwriting has entered voluntary liquidation following the conclusion of a delayed administrators report into the business. According to Insurance Age, the report, from administrators, CG & Co, which was originally due to be completed in November 2019, was finalized last month. Last year, the administrators extended the period by 12 months hoping to add to the GBP7.43 million already raised for creditors from the firm, Insurance Age recounts. ********* 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 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. 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