/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/211001.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, October 1, 2021, Vol. 22, No. 191 Headlines C R O A T I A DJURO DJAKOVIC: Files Proposal to Launch Bankruptcy Proceedings I R E L A N D PENTA CLO 2021-2: Fitch Rates Final 'B-(EXP)' to F-RR Debt RRE 8 LOAN: Moody's Assigns Ba3 Rating to EUR20MM Class D Notes N O R W A Y HURTIGRUTEN GROUP: Moody's Affirms 'Caa1' CFR, Outlook Negative R U S S I A CREDIT BANK: Fitch Gives 'B-(EXP)' to Upcoming Perpetual AT1 Notes S W I T Z E R L A N D SIG COMBIBLOC: Moody's Upgrades CFR to Ba1, Outlook Remains Stable U N I T E D K I N G D O M GREENSILL: Shilpa Strong to Take Up Tokio Marine Chief Exec Role GREENSILL: West Va Gov. Proposes to Pay Credit Suisse US$300M HOUSE CROWD: Administration to Take 2 Yrs, Cost GBP869,500 NEWGATE FUNDING 2006-1: Moody's Ups GBP2.6MM E Notes Rating to Ba2 ROLAND MOURET: Rescue Talks Underway as Administration Looms ROYAL BRITISH LEGION: Winton and Moordown Branch Shuttered X X X X X X X X [^] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace - - - - - ============= C R O A T I A ============= DJURO DJAKOVIC: Files Proposal to Launch Bankruptcy Proceedings --------------------------------------------------------------- Annie Tsoneva at SeeNews reports that Croatian holding company Djuro Djakovic Grupa said its unit Djuro Djakovic Industrijska Rjesenja d.d. has filed for bankruptcy. "Following an announcement from July 13, 2021 that business accounts of Djuro Djakovic Industrijska Rjesenja were blocked, we inform the investment community that the management of the unit has submitted a proposal to the court to launch bankruptcy proceedings," SeeNews quotes the holding company as saying on Sept. 29 in a filing to the Zagreb bourse. The basic activity of Djuro Djakovic Industrijska Rjesenja is the development, design, engineering and manufacturing of industrial machines, parts of industrial machines and steel structures. At the beginning of this year, the company reached a pre-bankruptcy settlement agreement with its creditors but has failed to cover its liabilities since then, SeeNews relates. In mid-July, the holding company said that Djuro Djakovic Industrijska Rjesenja had less than 17 employees and contributed less than 5% to the consolidated operating revenue of the group in 2020, SeeNews discloses. ============= I R E L A N D ============= PENTA CLO 2021-2: Fitch Rates Final 'B-(EXP)' to F-RR Debt ---------------------------------------------------------- Fitch Ratings has assigned Penta CLO 2021-2 Designated Activity Company expected ratings. The assignment of final ratings is contingent on the final documents conforming to information already received. DEBT RATING ---- ------ Penta CLO 2021-2 Designated Activity Company A-RR LT AAA(EXP)sf Expected Rating B-1-RR LT AA(EXP)sf Expected Rating B-2-RR LT AA(EXP)sf Expected Rating C-RR LT A(EXP)sf Expected Rating D-RR LT BBB-(EXP)sf Expected Rating E-RR LT BB-(EXP)sf Expected Rating F-RR LT B-(EXP)sf Expected Rating Subordinated Notes-RR LT NR(EXP)sf Expected Rating TRANSACTION SUMMARY Penta CLO 2021-2 DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans, first-lien, last-out loans and high-yield bonds. Net proceeds from the issuance of the notes will be used to fund a portfolio with a target par of EUR350 million. The portfolio is actively managed by Partners Group. The transaction has a 4.5-year reinvestment period and an 8.5-year weighted average life (WAL). KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors to be in the 'B'/'B-' category. The Fitch weighted average rating factor (WARF) of the identified portfolio is 26.25. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 63.15%. Diversified Portfolio (Positive): The indicative maximum exposure of the 10 largest obligors for assigning the expected ratings is 20% of the portfolio balance and maximum fixed rated obligations are limited at 5% of the portfolio. The transaction also includes various concentration limits, including the maximum exposure to the three largest (Fitch-defined) industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Positive): The transaction has a 4.5-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Neutral): The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant, to account for structural and reinvestment conditions post-reinvestment period, including the OC tests and Fitch 'CCC' limitation passing post reinvestment, among others. This ultimately reduces the maximum possible risk horizon of the portfolio when combined with loan pre-payment expectations. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- An increase of the default rate (RDR) at all rating levels by 25% of the mean RDR and a decrease of the recovery rate (RRR) by 25% at all rating levels will result in downgrades of no more than four notches, depending on the notes. -- Downgrades may occur if the build-up of credit enhancement following amortisation does not compensate for a larger loss expectation than initially assumed due to unexpectedly high levels of defaults and portfolio deterioration. Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A reduction of the RDR at all rating levels by 25% of the mean RDR and an increase in the RRR by 25% at all rating levels would result in an upgrade of up to five notches depending on the notes, except for the class A notes, which are already at the highest rating on Fitch's scale and cannot be upgraded. -- At closing, Fitch used a standardised stressed portfolio (Fitch's stressed portfolio) that is customised to the portfolio limits as specified in the transaction documents. Even if the actual portfolio shows lower defaults and smaller losses (at all rating levels) than the Fitch's stressed portfolio assumed at closing, an upgrade of the notes during the reinvestment period is unlikely, given the portfolio credit quality may still deteriorate, not only by natural credit migration, but also by reinvestments, and also because the manager has the possibility to update the Fitch collateral quality tests. -- After the end of the reinvestment period, upgrades may occur on better-than-initially expected portfolio credit quality and deal performance, leading to higher credit enhancement and excess spread available to cover for losses in the remaining portfolio. 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. 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 pool and the transaction. 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. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Overall, and together with any assumptions referred to above, 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. RRE 8 LOAN: Moody's Assigns Ba3 Rating to EUR20MM Class D Notes --------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to notes issued by RRE 8 Loan Management DAC (the "Issuer"): EUR302,500,000 Class A-1 Senior Secured Floating Rate Notes due 2036, Definitive Rating Assigned Aaa (sf) EUR42,500,000 Class A-2 Senior Secured Floating Rate Notes due 2036, Definitive Rating Assigned Aa2 (sf) EUR20,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2036, Definitive Rating Assigned Ba3 (sf) RATINGS RATIONALE The rationale for the ratings is based on a consideration of the risks associated with the CLO's portfolio and structure as described in Moody's methodology. The Issuer is a managed cash flow CLO. At least 92.5% of the portfolio must consist of secured senior loans or senior secured bonds and up to 7.5% of the portfolio may consist of unsecured senior loans, second-lien loans, high yield bonds and mezzanine loans. The portfolio is expected to be 80% ramped as of the closing date and to comprise of predominantly corporate loans to obligors domiciled in Western Europe. The remainder of the portfolio will be acquired during the 4 months ramp-up period in compliance with the portfolio guidelines. Redding Ridge Asset Management (UK) LLP ("Redding Ridge") will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's 4.6 year reinvestment period. Thereafter, subject to certain restrictions, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk obligations or credit improved obligations. In addition to the three classes of notes rated by Moody's, the Issuer will issue two classes of notes due 2036 and subordinated notes due 2121, which are not rated. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Methodology underlying the rating action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in December 2020. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in December 2020. Moody's used the following base-case modeling assumptions: Par Amount: EUR500,000,000 Diversity Score(1): 44 Weighted Average Rating Factor (WARF): 3340 Weighted Average Spread (WAS): 3.60% Weighted Average Coupon (WAC): 5.00% Weighted Average Recovery Rate (WARR): 46.0% Weighted Average Life (WAL): 9 years =========== N O R W A Y =========== HURTIGRUTEN GROUP: Moody's Affirms 'Caa1' CFR, Outlook Negative --------------------------------------------------------------- Moody's Investors Service affirmed the long term corporate family rating of Hurtigruten Group AS at Caa1 and its probability of default rating at Caa1-PD. Concurrently, the rating agency affirmed at Caa1 the ratings assigned to the company's existing senior secured bank facilities, consisting of a EUR655 million guaranteed term loan B due 2025 and an EUR85 million guaranteed revolving credit facility (RCF) due 2024, as well as the Caa1 rating of the EUR300 million guaranteed senior secured note due 2025 issued by Explorer II AS, an indirect subsidiary of Hurtigruten Group AS, the owner of Norwegian cruise operator Hurtigruten AS. The rating outlook on all ratings remains negative. The affirmation follows Hurtigruten's announcement that it has secured a new fully committed EUR75 million subordinated shareholder loan facility from its shareholders. The loan will be fully subordinated to the senior secured debt and will be utilized for general corporate purposes, working capital needs and investments for growth. RATINGS RATIONALE The rating action reflects Hurtigruten's improved liquidity as a result of the new shareholder loan as well as improved operations in recent months counterbalanced by continuing uncertainty regarding the evolution of recovery and potential for setbacks due to new coronavirus variants, as well as sustained very high leverage. The company reported growing sailings and robust booking trends underpinned by strong pent up demand as travel restrictions are relaxed and eliminated in some of its key markets such as Norway, Germany and the UK. Still, there is significant uncertainty with respect to the recovery path and the company carries very material leverage which Moody's expects to be approximately 10x in 2022. Furthermore, Hurtigruten is not expected to generate positive free cash flow in the next 12-18 months. In July 2021, Hurtigruten was able to resume the sailings of all seven of its ships in the Norway segment. The company deployed one Expedition vessel in August and anticipates adding one more in September with three more coming on line before the end of the year. Also positively, Hurtigruten reported high levels of pre-bookings for the second half of 2021 and 2022, as well as a strong start to 2023. In the second half of 2021, the company expects 45% occupancy which is above 30% cash break-even. Current bookings for 2022 are 31% above historical trend with the main booking window expected in September through November. These bookings are primarily driven by Hurtigruten Expeditions which is more profitable than the Hurtigruten Norway business segment and will be augmented in 2022 with an option of a cruise to the Galapagos. The company reported neutral cash from operations in the second quarter of 2021; however, Moody's expects full-year EBITDA still to be negative before reversing the trend in 2022. Still, Moody's believes the evolution of the recovery remains highly uncertain and poses a significant risk to Hurtigruten's credit profile. Although some of Hurtigruten's key source markets have relaxed or eliminated travel restrictions, reversals are possible should a new coronavirus variant appear. Broadly, Moody's does not expect travel volumes (measured in terms of air passenger traffic) to return to pre-pandemic levels until 2024. Hurtigruten's corporate family rating (CFR) of Caa1 continues to reflect Moody's expectations of extremely high leverage in 2021 and 2022 which may lead to an unsustainable capital structure if not materially improved thereafter. The CFR further incorporates the company's (1) moderate scale; (2) high operational leverage, with a high fixed-cost structure and sizeable exposure to bunker fuel price volatility; (3) leveraged capital structure, reflecting substantial debt-financed capital spending; and (4) high risk appetite. More positively, the rating incorporates Hurtigruten's well-established competitive positioning and differentiated offer in the niche Norwegian and expedition cruise markets, as well as strong pent up demand for its services. LIQUIDITY Hurtigruten's liquidity will improve materially as a result of the proposed transaction with the addition of EUR75 million of cash proceeds. At June 30, 2021, Hurtigruten had EUR83 million of cash on balance sheet and expected to receive EUR21 million in government grants during the third quarter of 2021. Positively, the EUR75 million new shareholder loan will be provided by the sponsor, TDR Capital, via a hybrid instrument which Moody's expects to be classified as equity. Moody's also notes that Hurtigruten anticipates making material capital investments in particular into MGO/Hybrid engine conversions of certain of its ships in order to reduce CO2 emissions. The agency anticipates these investments to utilize the majority of the additional liquidity. STRUCTURAL CONSIDERATIONS Hurtigruten's capital structure primarily consists of a EUR655 million senior secured TLB maturing in 2025 and an EUR85 million senior secured RCF due in 2024, as well as TLC of EUR105 million and TLD of EUR46.5 million term loans due 2023. All instruments rank pari passu and the RCF and TLB are rated Caa1, in line with the CFR. All instruments are secured by substantially all assets of the group, including ship mortgages over ten vessels. The EUR300 million bond issued by Explorer II AS, an indirect subsidiary of Hurtigruten Group AS, will mature in 2025 and is rated Caa1. It is secured on the two newbuild vessels received by Hurtigruten in 2019. Because this debt instrument is secured by specific vessels, Moody's views it as ranking pari passu with the RCF and the term loans. RATING OUTLOOK The negative outlook reflects the view that the operating environment will remain challenging despite recent improvements and that leverage will continue to be elevated. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although considered unlikely in the near term, positive pressure on the rating could occur once greater clarity with respect to cruising demand is available and the expected leverage of the company reduces sustainably to well below 10.0x debt/EBITDA. Conversely, Moody's could downgrade the ratings if Hurtigruten's liquidity profile is not strengthened, or if the company fails to evidence recovery in bookings and convert those bookings to sailings, leading to a potentially unsustainable capital structure. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. COMPANY PROFILE Headquartered in Oslo, Norway, Hurtigruten Group is a cruise ship operator that offers cruises along the Norwegian coast under the Hurtigruten Norway business unit, expedition cruises to over 200 destinations in 40 countries including the Arctic, Norway, Alaska, Galapagos, Caribbean, and Antarctica, as well as land-based Arctic experience tourism on the archipelago of Svalbard. In 2020, Hurtigruten reported revenues of EUR269 million (2019: EUR609 million) and company-adjusted EBITDA of negative EUR2.7 million (2019: EUR145 million). =========== R U S S I A =========== CREDIT BANK: Fitch Gives 'B-(EXP)' to Upcoming Perpetual AT1 Notes ------------------------------------------------------------------- Fitch Ratings has assigned Credit Bank of Moscow's (CBM) upcoming issue of US dollar-denominated perpetual additional Tier 1 (AT1) notes an expected 'B-(EXP)' rating. The final rating is contingent upon the receipt of final documents conforming to information already received. The bonds will be issued by CBM's special purpose vehicle, CBOM Finance PLC (Ireland). The proceeds from the issue will be used solely for financing a perpetual subordinated loan to CBM, which will count as regulatory Tier 1 capital at the bank. The amount of the issue is not yet defined. The notes will have no established redemption date. However, CBM will have an option to repay the notes every five years starting from 2027 subject to the Central Bank of Russia's (CBR) approval. KEY RATING DRIVERS The notes will be rated four notches below CBM's 'bb' Viability Rating (VR). According to Fitch's Bank Rating Criteria, this is the highest possible rating that can be assigned to deeply subordinated notes with fully discretionary coupon omission issued by banks with a VR anchor of 'bb'. The notching reflects the notes' higher loss severity in light of their deep subordination and additional non-performance risk relative to the VR given a high write-down trigger and fully discretionary coupons. The upcoming notes should qualify as AT1 capital in CBM's regulatory accounts due to a full coupon omission option at the bank's discretion, and full or partial write-down if either (i) the bank's core Tier 1 capital ratio falls below 5.125% (versus a 4.5% regulatory minimum) for six or more operational days in aggregate during any consecutive 30 operational days; or (ii) the CBR approves a plan for the participation of the CBR in bankruptcy-prevention measures in respect of the bank, or the Banking Supervision Committee of the CBR approves a plan for the participation of the Deposit Insurance Agency in bankruptcy-prevention measures in respect of the bank. Fitch expects any coupon omission to occur before the bank breaches the notes' 5.125% core Tier 1 trigger. There is no specific trigger that would oblige CBM to omit coupons before hitting the 5.125% trigger. However, if the bank's capital ratios fell below minimum levels including buffers (i.e. 8% for core Tier 1) then the bank would be required to submit a capital-recovery plan to the CBR. Fitch sees at least a moderate risk that any such plan would include the omission of coupons on the AT1 securities. The risk of coupon omission is reasonably mitigated by CBM's stable financial profile, adequate internal capital generation, and moderate headroom over capital minimums, including buffers (the bank's regulatory core Tier 1 ratio was 9.7% at end-2Q21). ESG CONSIDERATIONS CBM has an ESG Relevance Scores of '4' for Governance Structure and Group Structure due to significant level of relationship-based operations, a lack of transparency with respect to ownership structure and significant double leverage at the level of the bank's holdco. These considerations have a moderately negative impact on the credit profile, and are relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance 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 the way in which they are being managed by the entity. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: -- The issue rating could be downgraded if CBM's VR is downgraded, particularly by two notches or more. If the VR was downgraded by one notch to 'bb-', the notes' rating could be affirmed, as the minimum notching for these instruments reduces to three notches for VRs of 'bb-' and below, compared with four notches at 'bb'. -- The issue ratings could also be downgraded if Fitch takes a view that non-performance risk has increased and widens the notching between CBM's VR and the issue's ratings. For example, this could arise if the bank fails to maintain reasonable headroom over the minimum capital adequacy ratios (including buffers) or if the instrument becomes non performing, i.e. if the bank cancels any coupon payment or at least partially writes off the principal. In this case, the issue rating will be downgraded based on Fitch's expectations about the form and duration of non-performance. Factor that could, individually or collectively, lead to positive rating action/upgrade: -- The issue rating could be upgraded if CBM's VR is upgraded. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Financial Institutions and Covered Bond 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. ===================== S W I T Z E R L A N D ===================== SIG COMBIBLOC: Moody's Upgrades CFR to Ba1, Outlook Remains Stable ------------------------------------------------------------------ Moody's Investors Service upgraded the corporate family rating of SIG Combibloc Group AG to Ba1 from Ba2 and the probability of default rating to Ba1-PD from Ba2-PD. Concurrently, Moody's upgraded to Ba1 from Ba2 the senior unsecured ratings of its EUR550 million Term Loan borrowed at subsidiaries SIG Combibloc PurchaseCo S.a r.l. and SIG Combibloc US Acquisition II Inc., and the EUR300 million senior unsecured revolving bank credit facility borrowed at SIG Combibloc PurchaseCo S.a r.l. and SIG Euro Holding GmbH. Further, Moody's upgraded to Ba1 from Ba2 backed senior unsecured ratings of SIG Combibloc PurchaseCo S.a r.l.'s EUR450 million notes due 2023 and EUR550 million notes due 2025. The outlook on all ratings remains stable. RATINGS RATIONALE The rating action reflects SIG's solid market position as the number two player in the aseptic carton packaging market with long-term client relationships and stable contract base with high renewal rate, as well as the company's strong and consistent performance since the IPO, including through the pandemic, with a track record of growth, stable credit metrics and ample liquidity. Also positively, SIG has consistently generated positive free cash flow while investing in growth and maintaining a dividend. SIG has demonstrated the resilience of its model during the pandemic. While its "on-the-go" consumption business was negatively impacted by the restrictions of mobility as a result of coronavirus, particularly in Asia Pacific, "at home" consumption, especially in Europe, increased as a result of the same trends and offset some of the lost volumes. In the first half of 2021 SIG reported healthy like-for-like core revenue growth of 8.8% at constant currency and an adjusted EBITDA margin of 27.3%, slightly above historical levels. Revenue growth was primarily driven by the Americas (28.4% at constant currency) where "at home" consumption was high in Brazil and Mexico during the pandemic and APAC (up 10.9% like-for-like) where restocking and strong demand for white milk bolstered performance. Still, Europe, SIG's most mature market also posted 1% like-for-like growth aided by "at home" consumption. SIG's acquisition of its Middle East joint venture offers the company a greater foothold in this market which posted 2.1% like-for-like growth in the first four months of 2021 and has the potential to extend SIG's reach to a number of new countries. Moody's expects that SIG will continue deleveraging and gradually bring its Moody's-adjusted debt/EBITDA below 3.5x by 2022 (4.1x as of the trailing twelve months ended June 30, 2021) in line with the company's declared focus to deleverage towards 2.0x (based on the company's definition of net leverage) over the medium term. Moody's notes that SIG's gross leverage metric incorporates the company's significant year-end cash balances which reflect the timing of its customer rebates and exceed running cash needs of the business. The agency notes that SIG's net leverage is approximately 0.5x lower than gross debt/EBITDA and has been declining in recent years. Moody's also expects steady free cash flow generation after net capex, dividends and interest payments. SIG's corporate family rating (CFR) continues to reflect the company's good competitive position as the second largest operator globally in aseptic carton packaging and its business model underpinned by long-term contracts. The CFR also incorporates (i) a large installed base of 1,266 filling machines at end 2020; (ii) focus on less-discretionary and less cyclical food and beverage end markets; and (iii) a global footprint. However, these positives are counterbalanced by (i) the concentration of revenue within one activity, aseptic carton packaging systems; (ii) the risks from potential price volatility in certain raw materials and the general pressure from cost inflation and FX; (iii) a more challenging growth environment in its core and more mature European market, (iv) moderate leverage. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Environmental and social considerations reflected in the rating include the trend towards more sustainable packaging solutions amongst customers, regulators and consumers that may influence the demand for the company's products and that provide SIG with an opportunity to market higher value environmentally-friendly offerings. Governance considerations include the growing track record of the company as a Swiss-listed business and related governance requirements following the 2018 IPO and the exit of major shareholder, Onex, in 2020. Positively, the company has also recently accomplished a CEO and CFO transition in a transparent and orderly manner. The company has a well-defined dividend policy and aims to reducing net leverage towards 2x although without a clearly stated timeframe. LIQUIDITY SIG benefits from ample liquidity which the company carefully maintains. At the end of the first half of 2021, SIG had EUR152 million of cash and an undrawn EUR300 million senior unsecured revolving credit facility. Its only near-term maturities are EUR50 million in September and December of 2021 with the next debt repayment not due until EUR450 million of backed senior unsecured notes mature in June 2023. The company is expected to continue generating positive free cash flow. SIG paid a EUR128 million dividend in April 2021 and expects to continue paying dividends in line with its target of 50%-60% of adjusted net income. SIG is subject to a net leverage covenant which the company is expected to meet comfortably and expects that its net capex will continue to comprise 8%-10% of sales. STRUCTURAL CONSIDERATIONS SIG's capital structure is unsecured and consists of a EUR300 million senior unsecured revolving credit facility, a EUR550 million senior unsecured term loan due June 2025, EUR450 million backed senior unsecured notes due 2023 and EUR550 million backed senior unsecured notes due 2025. All instruments rank pari passu. Therefore, Moody's assigned all instrument ratings at Ba1 in line with the CFR. OUTLOOK The rating is on stable outlook because Moody's expect gradual deleveraging in 2022 stemming from positive free cash flows and growth in EBITDA. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Further positive rating movement would place SIG in the investment grade category which would require a stronger balance sheet. Specifically, Moody's would expect SIG to achieve a leverage of 3.25x (measured as debt/EBITDA) and FCF/debt sustainably improving above 15%. All metrics reflect Moody's standard adjustments. Although the company benefits from technological know-how and strong market position, greater product diversification would benefit its credit profile. Negative rating pressure could result from SIG's failure to maintain Moody's-adjusted debt/EBITDA sustainably above 4.0x, a weakening of the company's free cash flow such that its FCF/debt is below 5%. More aggressive financial policies, evidenced for example by debt-funded acquisitions, rising Moody's adjusted debt or more shareholder-friendly actions, could also pressure the rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers Methodology published in September 2020. Headquartered in Switzerland, SIG Combibloc Group AG is the second largest manufacturer of aseptic carton packaging systems, supplying mostly the liquid dairy (e.g. milk, cream and soy milk products) and non-carbonated soft drinks (e.g. juice, nectar and ice tea) end markets. The company's aseptic cartons can also be used for liquid food products, such as soups and broths, sauces, desserts and baby food. The company is listed on the Swiss Stock Exchange since September 2018 and reported revenues of EUR1.8 billion in 2020. =========================== U N I T E D K I N G D O M =========================== GREENSILL: Shilpa Strong to Take Up Tokio Marine Chief Exec Role ---------------------------------------------------------------- Ian Smith at The Financial Times reports that Japanese insurer Tokio Marine is parachuting in a top executive from the US to run the unit that was at the heart of its fraught relationship with Greensill Capital, the supply-chain finance group whose collapse unleashed a political and financial scandal. According to the FT, the group said Shilpa Strong, chief innovation officer at the insurer's Houston-based operation Tokio Marine HCC, will take up the chief executive role at Tokio Marine Management Australasia early next month, replacing Toby Guy. TMMA includes the Sydney-based Bond & Credit Co subsidiary responsible for providing billions of dollars of insurance cover that underpinned Greensill, a start-up whose promise to revolutionise the staid world of supply chain finance attracted backing from Japan's SoftBank and US private equity firm General Atlantic. Its founder, Lex Greensill, told MPs in London this year that Tokio Marine's decision not to renew his firm's insurance cover "ensured" its collapse, the FT recounts. Tokio Marine replied that it was under no obligation to extend coverage, and that in the summer of 2020 it had developed "particular concerns" about the lender, the FT relates. Tokio Marine served notice on that insurance last year after firing an underwriter at BCC for allegedly exceeding his risk limits with relation to Greensill, the FT recounts. According to the FT, in the fallout from Greensill's demise, it emerged that BCC had once received a personal visit from David Cameron, the former UK prime minister serving in his role as a paid adviser to the supply chain finance group. Mr. Cameron later described this to MPs as a "getting to know" exercise, the FT recounts. Tokio Marine has defended its controls and disclosure in the wake of the scandal, but senior management have been engaged in efforts to improve governance, after analysts and investors raised concerns about transparency and oversight, the FT discloses. The insurer has repeatedly said that it does not expect a material impact from Greensill claims, the FT notes. GREENSILL: West Va Gov. Proposes to Pay Credit Suisse US$300M ------------------------------------------------------------- Owen Walker at The Financial Times reports that West Virginia governor Jim Justice has proposed paying Credit Suisse US$300 million and offering half the proceeds from the sale of his mining business to settle debts owed to the bank's Greensill Capital-linked supply-chain finance funds. Bluestone Resources, the coal mining empire run by Justice, borrowed heavily from Greensill, the finance firm whose collapse in March sparked a lobbying scandal in the UK and damaged the reputation of Credit Suisse, the FT notes. Greensill had lent US$690 million to Bluestone from money raised through the Credit Suisse funds, the FT discloses. Bluestone last week wrote to Credit Suisse with the proposal to settle the debts, which was first reported by the Wall Street Journal, the FT recounts. In the letter, Bluestone, as cited by the FT, said it was negotiating a US$300 million refinancing deal from an unnamed party and would pay the money to the Credit Suisse funds, according to people with knowledge of the letter. The offer also included half the proceeds, net of any debt, of a future sale of Bluestone, though the letter did not contain details about whether such a transaction was imminent, the FT states. According to the FT, a person familiar with Credit Suisse executives' thinking on the proposal said they would consider opening talks over a deal, but there was scepticism whether the refinancing could be achieved and what value would be left in the business. Credit Suisse announced on Sept. 27 that a further US$400 million would be repaid to the 1,000 wealthy clients trapped in the supply-chain funds, bringing the total returned to US$6.3 billion out of the US$10 billion held in the funds when they were suspended in March, the FT relates. Bluestone was one of three creditors to the funds -- including Sanjeev Gupta's GFG Alliance and collapsed US construction company Katerra -- that Credit Suisse identified as being problematic, the FT notes. The trio collectively owe the Credit Suisse funds US$2.3 billion, the FT discloses. "Credit Suisse Asset Management is doing everything we can to maximise recovery for our fund investors," the FT quotes the bank as saying. "If outstanding debtors put proposals to us, we will of course look at them." Bluestone and its related companies had become one of Greensill's biggest clients before its spectacular collapse, with the finance firm arranging corporate funding linked to invoices from the coal miner, the FT notes. Greensill had a partnership with Credit Suisse, which repackaged the debt and sold them to investors in several supply chain finance funds, the FT discloses. The 1,000 fund investors have threatened litigation as they stand to lose billions, despite the Swiss bank marketing the funds as fully insured and low-risk, the FT recounts. HOUSE CROWD: Administration to Take 2 Yrs, Cost GBP869,500 ---------------------------------------------------------- Michael Lloyd at Peer2Peer Finance News reports that the House Crowd (THC) administration process is expected to take between 18 months to two years, at a cost of GBP869,527. According to the joint administrators' latest progress report, they have incurred GBP421,995 from 1,366 hours of work since the platform collapsed in February 2021, Peer2Peer Finance News discloses. A further GBP447,532 of time costs is estimated to be charged in continuing the administration process and finalizing the outstanding matters, Peer2Peer Finance News states. The joint administrators said they will seek an extension to the maximum 12-month period of administration from unsecured creditors, Peer2Peer Finance News notes. The joint administrators intend to apply to court for directions on the fairest distribution mechanisms to return funds to auto-invest and self-select retail lenders, because it is currently unclear as to how net bridging and development loan realizations should be properly and accurately distributed to retail lenders due to inaccurate record keeping, according to Peer2Peer Finance News. The joint administrators said they have successfully reconciled the sums held with third-party payment providers Mango Pay and Woodside Corporate and have asked that all of the concerned retail lenders provide their bank account details so that their funds can be returned to them, Peer2Peer Finance News relays. To date they have returned GBP84,000 out of GBP103,000 to retail lenders and are awaiting bank details from some investors to pay out the remaining GBP19,000, Peer2Peer Finance News discloses. The joint administrators have identified non-invested funds held by THC in its pre-administration bank accounts and have contacted the relevant retail lenders for their bank account details to get this paid, Peer2Peer Finance News states. The joint administrators have recovered around GBP85,000 from THC's former solicitors Jane Hartley Associates, which possessed some undeployed monies from the platform's retail lenders, according to Peer2Peer Finance News. These funds have been ring-fenced in separate bank accounts before being repatriated back to retail lenders. They said the directors' statement of affairs estimated House Crowd Property's special purpose vehicle loans have a book value of GBP76,018, but the realization of this is uncertain, Peer2Peer Finance News relays. After advice from CASS and discussions with the City regulator, the joint administrators said they plan to create a process that will make sure funds that come into their possession and are considered client money will be put into segregated ring-fenced bank accounts for retail lenders to be paid to them, Peer2Peer Finance News notes. The peer-to-peer property lending platform went into administration on February 26, 2021, and Frank Ofonagoro, Jeremy Woodside and Frank Wessely at business advisory firm Quantuma were appointed as joint administrators with consent from the Financial Conduct Authority, Peer2Peer Finance News relates. NEWGATE FUNDING 2006-1: Moody's Ups GBP2.6MM E Notes Rating to Ba2 ------------------------------------------------------------------ Moody's Investors Service has upgraded the ratings of 21 notes in six Newgate deals. The rating action reflects better than expected collateral performance and the increased levels of credit enhancement for the affected notes. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain the current rating on the affected notes. The transactions are static cash securitizations of legacy non-conforming mortgage loans secured on residential properties located in the UK. RATINGS RATIONALE The rating action is prompted by: -- decreased key collateral assumptions, namely the portfolio Expected Loss (EL) and MILAN CE assumptions due to better than expected collateral performance -- an increase in credit enhancement for the affected tranches Revision of Key Collateral Assumptions: As part of the rating actions, Moody's reassessed its lifetime loss expectations and recovery rates for the portfolios reflecting their collateral performance to date. Despite relatively high delinquencies, the cumulative losses have remained stable since last year. 90+ delinquencies are currently standing at: (i) for Newgate Funding PLC: Series 2006-1, 16.3%, and cumulative losses at 2.17% up from 2.16% last year. (ii) for Newgate Funding PLC: Series 2006-2, 14.2%, and cumulative losses at 2.71% unchanged since last year. (iii) for Newgate Funding PLC: Series 2006-3, 13.9%, and cumulative losses at 4.08% up from 4.06% last year. (iv) for Newgate Funding PLC: Series 2007-1, 14.2%, and cumulative losses at 4.7% up from 4.68% last year. (v) for Newgate Funding PLC: Series 2007-2, 13.45%, and cumulative losses at 4.64% unchanged since last year. (vi) for Newgate Funding PLC: Series 2007-3, 9.72%, and cumulative losses at 3.29% unchanged since last year. Moody's assumed the expected loss as a percentage of current pool balance as follows: (i) for Newgate Funding PLC: Series 2006-1, 5.50%. (ii) for Newgate Funding PLC: Series 2006-2, 5.50%. (iii) for Newgate Funding PLC: Series 2006-3, 5.00%. (iv) for Newgate Funding PLC: Series 2007-1, 5.00%. (v) for Newgate Funding PLC: Series 2007-2, 5.00%. (vi) for Newgate Funding PLC: Series 2007-3, 4.00%. This corresponds to expected loss assumptions as a percentage of original pool balance of: (i) for Newgate Funding PLC: Series 2006-1, 2.78% changed from 3.12% (ii) for Newgate Funding PLC: Series 2006-2, 3.70% changed from 4.50% (iii) for Newgate Funding PLC: Series 2006-3, 5.24% changed from 6.37% (iv) for Newgate Funding PLC: Series 2007-1, 6.09% changed from 7.56% (v) for Newgate Funding PLC: Series 2007-2, 6.23% changed from 7.91% (vi) for Newgate Funding PLC: Series 2007-3, 4.70% changed from 6.31% Moody's has also assessed loan-by-loan information as a part of its detailed transaction review to determine the credit support consistent with target ratings levels and the volatility of future losses. As a result, Moody's has decreased the MILAN CE assumption of each transaction as follows: (i) for Newgate Funding PLC: Series 2006-1, to 21% from 25%. (ii) for Newgate Funding PLC: Series 2006-2, to 21% from 25%. (iii) for Newgate Funding PLC: Series 2006-3, to 21% from 26%. (iv) for Newgate Funding PLC: Series 2007-1, to 21% from 26%. (v) for Newgate Funding PLC: Series 2007-2, to 21% from 26%. (vi) for Newgate Funding PLC: Series 2007-3, to 21% from 26%. The MILAN CE in these transactions is mainly driven by the Minimum Expected Loss Multiple, a floor defined in Moody's methodology for rating EMEA RMBS transactions. Increase in Available Credit Enhancement Non-amortizing reserve funds led to the increase in the credit enhancement available in these transactions. For instance, the credit enhancement for the tranches affected by the rating action increased: (i) for tranche D of Newgate Funding PLC: Series 2006-1, to 11.42% from 10.09% at last rating action, and for tranche E, to 9.25% from 7.91% . (ii) for tranches Ba and Bb of Newgate Funding PLC: Series 2006-2, to 30.35% from 29.60% at last rating action, for tranches Da and Db, to 8.99% from 8.25%, and for tranche E, to 7.51% from 6.77%. (iii) for tranche Cb of Newgate Funding PLC: Series 2006-3, to 14.39% from 11.38% at last rating action, for tranches Da and Db to 8.15% from 5.28%, and for tranche E, to 5.79% from 3.21%. (iv) for tranche Cb of Newgate Funding PLC: Series 2007-1, to 10.54% from 9.09% at last rating action, for tranche Db, to 5.16% from 3.82%, for tranche E, to 4.06% from 2.74%, and for tranche F, to 2.98% from 1.68% (iv) for tranche Cb of Newgate Funding PLC: Series 2007-2, to 8.22% from 7.25% at last rating action, for tranche Db, to 4.15% from 3.17%, and for tranche E, to 3.20% from 2.22%. (iv) for tranche Cb of Newgate Funding PLC: Series 2007-3, to 11.2% from 9.16% at last rating action, for tranche D, to 8.89% from 6.85%, and for tranche E, to 6.81% from 4.77%. All transactions are currently paying pro-rata, but could switch to sequential payment if there is a trigger breach, for example if 90+ days arrears reach a certain threshold, if there is any outstanding unpaid PDL or if there is any drawings on the reserve fund or liquidity facility. Moody's also considered how the liquidity available in the transactions supports the ratings of the notes. In particular: (i) for Newgate Funding PLC: Series 2006-1, a reserve fund of GBP5.7M and a liquidity facility of GBP5.1M. (ii) for Newgate Funding PLC: Series 2006-2, a reserve fund of GBP6.5M and a liquidity facility of GBP6.9M. (iii) for Newgate Funding PLC: Series 2006-3, a reserve fund of GBP8.5M and a liquidity facility of GBP11.5M. (iv) for Newgate Funding PLC: Series 2007-1, a reserve fund of GBP4.6M and a liquidity facility of GBP21.7M. (v) for Newgate Funding PLC: Series 2007-2, a reserve fund of GBP3.2M and a liquidity facility of GBP19.0M. (vi) for Newgate Funding PLC: Series 2007-3, a reserve fund of GBP23.8M and a liquidity facility of GBP45.0M. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in December 2020. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include: (i) performance of the underlying collateral that is better than Moody's expected; (ii) an increase in available credit enhancement; (iii) improvements in the credit quality of the transaction counterparties; and (iv) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include: (i) an increase in sovereign risk; (ii) performance of the underlying collateral that is worse than Moody's expected; (iii) deterioration in the notes' available credit enhancement; and (iv) deterioration in the credit quality of the transaction counterparties. LIST OF AFFECTED RATINGS: Issuer: Newgate Funding PLC: Series 2006-1 GBP135M Class A4 Notes, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa (sf) GBP7.5M Class Ma Notes, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa (sf) EUR10M Class Mb Notes, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa (sf) GBP20M Class Ba Notes, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa (sf) EUR20M Class Bb Notes, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa (sf) GBP10M Class Ca Notes, Affirmed Aa3 (sf); previously on Jul 27, 2020 Affirmed Aa3 (sf) EUR10.05M Class Cb Notes, Affirmed Aa3 (sf); previously on Jul 27, 2020 Affirmed Aa3 (sf) EUR23.45M Class D Notes, Upgraded to Baa2 (sf); previously on Jul 27, 2020 Confirmed at Ba2 (sf) GBP2.6M Class E Notes, Upgraded to Ba2 (sf); previously on Jul 27, 2020 Confirmed at Caa1 (sf) Issuer: Newgate Funding PLC: Series 2006-2 GBP190.55M Class A3a Notes, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa (sf) EUR34M Class A3b Notes, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa (sf) GBP12.55M Class M Notes, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa (sf) GBP22M Class Ba Notes, Upgraded to Aaa (sf); previously on Jul 27, 2020 Affirmed Aa1 (sf) EUR12M Class Bb Notes, Upgraded to Aaa (sf); previously on Jul 27, 2020 Affirmed Aa1 (sf) GBP9M Class Ca Notes, Affirmed A2 (sf); previously on Jul 27, 2020 Confirmed at A2 (sf) EUR14.5M Class Cb Notes, Affirmed A2 (sf); previously on Jul 27, 2020 Confirmed at A2 (sf) GBP5M Class Da Notes, Upgraded to Baa3 (sf); previously on Jul 27, 2020 Confirmed at B1 (sf) EUR13.4M Class Db Notes, Upgraded to Baa3 (sf); previously on Jul 27, 2020 Confirmed at B1 (sf) GBP2.3M Class E Notes, Upgraded to Ba3 (sf); previously on Jul 27, 2020 Confirmed at Caa1 (sf) Issuer: Newgate Funding PLC: Series 2006-3 GBP108.8M Class A3a Notes, Affirmed Aaa (sf); previously on Apr 23, 2015 Upgraded to Aaa (sf) EUR80M Class A3b Notes, Affirmed Aaa (sf); previously on Apr 23, 2015 Upgraded to Aaa (sf) EUR24.3M Class Mb Notes, Affirmed Aaa (sf); previously on Oct 14, 2015 Upgraded to Aaa (sf) GBP10M Class Ba Notes, Affirmed Aa2 (sf); previously on Apr 23, 2015 Upgraded to Aa2 (sf) EUR44M Class Bb Notes, Affirmed Aa2 (sf); previously on Apr 23, 2015 Upgraded to Aa2 (sf) EUR36.8M Class Cb Notes, Upgraded to Baa1 (sf); previously on Oct 14, 2015 Upgraded to Baa2 (sf) GBP5M Class Da Notes, Upgraded to Ba2 (sf); previously on Apr 23, 2015 Upgraded to Caa1 (sf) EUR15.8M Class Db Notes, Upgraded to Ba2 (sf); previously on Apr 23, 2015 Upgraded to Caa1 (sf) GBP5.9M Class E Notes, Upgraded to B3 (sf); previously on Oct 14, 2015 Upgraded to Caa3 (sf) Issuer: Newgate Funding PLC: Series 2007-1 GBP130.1M Class A3 Notes, Affirmed Aaa (sf); previously on Apr 23, 2015 Upgraded to Aaa (sf) GBP11M Class Ma Notes, Affirmed Aaa (sf); previously on Oct 14, 2015 Upgraded to Aaa (sf) EUR5M Class Mb Notes, Affirmed Aaa (sf); previously on Oct 14, 2015 Upgraded to Aaa (sf) GBP20M Class Ba Notes, Affirmed A2 (sf); previously on Oct 14, 2015 Upgraded to A2 (sf) EUR24.5M Class Bb Notes, Affirmed A2 (sf); previously on Oct 14, 2015 Upgraded to A2 (sf) EUR32.1M Class Cb Notes, Upgraded to Ba1 (sf); previously on Apr 23, 2015 Upgraded to B2 (sf) EUR21.2M Class Db Notes, Upgraded to B3 (sf); previously on Oct 14, 2015 Upgraded to Caa3 (sf) GBP2.95M Class E Notes, Upgraded to Caa2 (sf); previously on Oct 14, 2015 Upgraded to Ca (sf) GBP2.9M Class F Notes, Upgraded to Caa3 (sf); previously on Oct 14, 2015 Upgraded to Ca (sf) Issuer: Newgate Funding PLC: Series 2007-2 GBP11.2M Class M Notes, Affirmed Aa1 (sf); previously on Oct 14, 2015 Upgraded to Aa1 (sf) EUR37.7M Class Bb Notes, Affirmed A3 (sf); previously on Oct 14, 2015 Upgraded to A3 (sf) EUR25.25M Class Cb Notes, Upgraded to Ba3 (sf); previously on Apr 23, 2015 Upgraded to B2 (sf) EUR14.6M Class Db Notes, Upgraded to B3 (sf); previously on Oct 14, 2015 Upgraded to Caa3 (sf) Issuer: Newgate Funding PLC: Series 2007-3 EUR399M Class A2b Notes, Affirmed Aaa (sf); previously on Dec 20, 2007 Definitive Rating Assigned Aaa (sf) GBP148.1M Class A3 Notes, Affirmed Aaa (sf); previously on Oct 14, 2015 Upgraded to Aaa (sf) GBP31.2M Class Ba Notes, Affirmed A2 (sf); previously on Oct 14, 2015 Upgraded to A2 (sf) EUR42M Class Bb Notes, Affirmed A2 (sf); previously on Oct 14, 2015 Upgraded to A2 (sf) EUR44M Class Cb Notes, Upgraded to Baa2 (sf); previously on Oct 14, 2015 Upgraded to Ba2 (sf) GBP12.75M Class D Notes, Upgraded to Baa3 (sf); previously on Oct 14, 2015 Upgraded to Caa1 (sf) GBP11.5M Class E Notes, Upgraded to Ba1 (sf); previously on Oct 14, 2015 Upgraded to Caa3 (sf) ROLAND MOURET: Rescue Talks Underway as Administration Looms ------------------------------------------------------------ Mark Kleinman at Sky News reports that fashion designer Roland Mouret is in urgent talks about its future amid fears that it is about to collapse into administration. Sky News has learned that stakeholders in 19RM, which counts the entertainment mogul Simon Fuller among its backers, are discussing the option of calling in insolvency experts within days. Further details of the prospective appointment of administrators were unclear as of Sept. 30, and one source close to the discussions said there remained a possibility that administration could be averted, Sky News relates. According to Sky News, sources said The Grosvenor Estate and XIX Entertainment, the media and artist management group founded by Fuller, had been discussing an alternative funding proposal to keep Roland Mouret out of administration, although details of that proposal were unclear. "The shareholders have been and continue to work with the management at Roland Mouret to agree a way forward for the business," Sky News quotes a joint statement issued by the company's investors as saying on Sept. 30. Roland Mouret -- https://www.rolandmouret.com/ -- sells women's designer clothing. ROYAL BRITISH LEGION: Winton and Moordown Branch Shuttered ---------------------------------------------------------- Marie-Claire Alfonso at Daily Echo reports that a Royal British Legion (RBL) branch has had to close after it went into administration and failed to find enough volunteers to keep it going. The Winton and Moordown branch of the RBL was taken into county administration in 2019, and at an annual general meeting in October of that year, was fortunate to be able to recruit just enough committee members to save the branch, Daily Echo recounts. However, those committee members are said to have either now left the county or moved onto other ventures, and without a viable committee the decision has been taken to close the branch, Daily Echo relates. According to Daily Echo, the remaining branch members will be transferred to Ferndown Royal British Legion or a branch of their choosing, and will be contacted in due course. At a meeting held on Sept. 16, the Winton & Moordown Club in Bournemouth was informed of this decision and of its options and will now make a decision as to how to proceed the running of the property on Wimborne Road, Daily Echo notes. The Royal British Legion is a charity providing financial, social and emotional support to members and veterans of the British Armed Forces, their families and dependents. =============== 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 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. 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 * * *