/raid1/www/Hosts/bankrupt/TCREUR_Public/220323.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

          Wednesday, March 23, 2022, Vol. 23, No. 53

                           Headlines



C Y P R U S

RCB BANK: S&P Suspends 'B+/B' Issuer Credit Ratings


F I N L A N D

STOCKMANN: Sells Head Office Building to Repay Debts
TEOLLISUUDEN VOIMA: S&P Raises Long-Term ICR to 'BB+', Outlook Pos.


F R A N C E

BANIJAY GROUP: Fitch Affirms 'B' LT IDR, Alters Outlook to Stable
CASINO GUICHARD-PERRACHON: S&P Affirms 'B' LT ICR, Outlook Now Neg.


G E R M A N Y

LSF11 FOLIO: S&P Assigns 'B' Long-Term Issuer Credit Rating
REVOCAR 2018: Moody's Upgrades Rating on EUR8.9MM D Notes from Ba1
WEPA HYGIENEPRODUKTE: Moody's Downgrades CFR to B1, Outlook Stable


I R E L A N D

TORO EUROPEAN 4: Moody's Affirms B3 Rating on EUR10.5MM F-R Notes


P O R T U G A L

GUINCHO FINANCE: Moody's Ups Rating on EUR14MM Cl. B Notes to Ba3


S W E D E N

RECIPHARM AB: S&P Alters Outlook to Stable, Affirms 'B' ICR


U N I T E D   K I N G D O M

GAZPROM ENERGY: UK Gov't. May Rescue UK Supply Arm if Sale Fails
MILLBURN ASIA: Director Disqualified Following Liquidation
ROADBRIDGE: Ex-Employees Seek Advice Over Compensation Claims
SOMERSET ALES: Saved from Administration
STUDIO RETAIL: Mike Ashley Bought Business for Just GBP1

WELCOME TO YORKSHIRE: Assets Put Up for Sale After Administration

                           - - - - -


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C Y P R U S
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RCB BANK: S&P Suspends 'B+/B' Issuer Credit Ratings
---------------------------------------------------
S&P Global Ratings suspended its 'B+/B' long- and short-term issuer
credit ratings on RCB Bank Ltd.

The ratings remained on CreditWatch negative, where they were
placed on March 8, 2022, at the time of the suspension.

The U.S. Department of the Treasury's Office Of Foreign Assets
Control (OFAC) introduced sanctions against VTB Bank JSC and its
subsidiaries on Feb. 24. 2022.

On Feb. 24, 2022, VTB Bank also sold its 46.3% stake in
Cyprus-based RCB Bank Ltd. to the bank's Cypriot shareholders,
controlled by members of RCB's management. This was part of
management's plan to protect RCB Bank from escalating geopolitical
tensions.

The ratings suspension reflects our view that, given the
circumstances and timing of the transaction in the context of
sanctions against VTB Bank, we are unable to assess: the full
impact on RCB Bank of the transfer of a 46.3% stake in RCB by VTB
Bank (previously a significant shareholder of the bank) to the
management of RCB Bank; and the links between RCB Bank and VTB
Bank. In addition, the ownership transfer is still subject to
regulatory approval from the European Single Supervisory
Mechanism."

S&P will consider the suspension status of its ratings on the bank
in the coming months and might reinstate them as a result of its
assessment.

  Ratings List

  NOT RATED ACTION  
                             TO           FROM
  RCB BANK LTD.

  Issuer Credit Rating      NR/NR    B+/Watch Neg/B




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F I N L A N D
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STOCKMANN: Sells Head Office Building to Repay Debts
----------------------------------------------------
Anne Kauranen at Reuters reports that struggling Finnish retailer
Stockmann said on March 21 it had sold its main department store
and head office building in the heart of Helsinki to Finnish
pension provider Keva for EUR400 million (US$442 million) to pay
off debts.

The 159-year-old retailer initiated a restructuring programme last
year to avoid bankruptcy, after struggling for years with debt
accumulated from earlier expansions and a consumer shift to online
shopping, Reuters relates.

"Stockmann will continue its department store operations in the
entire building under a long lease-back agreement to be made with
the new owner," Reuters quotes the group as saying in a statement.

Stockmann said the sale was subject to customary closing
conditions, expecting it to be completed by the end of April 2022
at the latest, Reuters notes.


TEOLLISUUDEN VOIMA: S&P Raises Long-Term ICR to 'BB+', Outlook Pos.
-------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on
Teollisuuden Voima Oj (TVO) to 'BB+' from 'BB' and affirmed its 'B'
short-term rating on TVO.

The positive outlook reflects S&P's expectation continuation of
progress for OL3, such as plant completion and full operations by
July 2022, and start its lengthy deleverage path in 2023.

TVO successfully starting up and connecting its OL3 nuclear power
plant to the national grid is in its view a very important
milestone because it implies a significant lower risk of additional
delays and uncertainty of timely completing the plant, which has
historically suffered from many delays.

As regular electricity production is expected to begin in July
2022, S&P assumes TVO will be able to fully cover its operational
costs by charging the incurrent costs from its shareholders. This
allows debt deleveraging on the TVO level to begin from 2023.

The risk of overrun costs have decreased following OL3's start-up,
and we assume TVO should start deleverage in 2023. S&P said, "After
more than 12 years of delays, the project has, in our view,
progressed significantly and reached several important milestones.
The reactor was started up Dec. 21, 2021, and was connected to the
grid on March 12, 2022. OL3 has entered a four-month testing period
and will gradually increase capacity, delivering 3-4 terawatt-hours
(TWh) into the electricity grid during this phase. We therefore see
less risk of additional delays that could lead to increased costs,
either for the construction consortium (Areva-Siemens Consortium
[ASC]) or for TVO and its shareholders. The next step is now
commercial electricity production of the OL3 reactor, which is
planned for the end of July, also leading to TVO making a
provisional takeover of the plant. After that, we expect the
utility will start a lengthy deleverage path, which is equal to
depreciation of its assets adjusted for capex, in 2023. TVO charges
its shareholders fixed costs one month in advance based on
proportion of shareholding; variable costs are invoiced monthly
based on electricity consumed by each shareholder, as stated in the
group's articles of association. This implies that the company will
reduce leverage by about EUR100 million-EUR150 million in the first
years of production, which should result in debt to EBITDA below
20x. We view this as highly leveraged."

TVO is insulated from market price, which support the business risk
profile, because all costs related to the nuclear plants are passed
through to the owners. Based on the utility's articles of
association, the owners must cover all annual costs regardless of
the market price of electricity, because they are charged incurred
costs in proportion with their ownership and receive electricity as
compensation. Nevertheless, annual costs are allocated into two
categories: variable and fixed.

Variable costs include those incurred directly related to the
production, such as storage, acquisition of fuel, handling of fuel,
and taxes related to production.

Fixed costs include operating costs such as maintenance and
insurance, installments, and related financing costs such as
interest, depreciation, and nuclear waste management.

Fixed costs are charged one month in advance. In other words, after
OL3 is in commercial operation, it will charge its owners its
annual fixed costs related to OL3 in advance, regardless of
electricity output. In our view, this is very supportive for the
utility, because it limits risk of lower cash flows due to
potential operational disruptions. But OL3 is not commissioned yet,
so TVO does not receive fixed costs from the owners, as it does for
both OL1 and OL2. The utility will initiate its fixed costs
charging to its owners when OL3 commercial operation begins, and
that's when it can start its lengthy deleveraging path.

S&P said, "We believe TVO has sufficient liquidity for its final
construction payments and milestone payments related to OL3.
According to the utility, total capital expenditure (capex) costs
in 2022 could reach EUR600 million. This includes maintenance capex
and spare parts of EUR130 million-EUR140 million for its three
plants, general construction costs for finalizing OL3 of about
EUR180 million, and milestone payments of EUR290 million to be paid
at OL3's completion. We believe that TVO has sufficient liquidity
to meet the expected outflows. The utility has a revolving credit
facility (RCF) of EUR1 billion that it could use to cover the
costs. Also, the Global Settlement Agreement (GSA) between ASC and
TVO stipulates that TVO will receive penalties of about EUR230
million from ASC because of the delays. This penalty transaction is
triggered by completion of OL3, simultaneously with the EUR290
million milestone payment. TVO had about EUR170 million of cash by
end of 2021 and a shareholder facility of EUR400 million that it
could draw upon until December 2022 and, if used, has no fixed
repayment terms. We treat shareholder loans as equity, so these
would not affect the utility debt metrics."

Production costs for TVO's nuclear power plants are well below
market prices, which benefits shareholders. The utility average
nuclear production costs will be about EUR30 per megawatt-hour
(/MWh), including OL3 operational costs, increasing from
approximately EUR20/MWh currently. The increase reflects the
depreciation when OL3's capitalized costs and interest commences.
Current power prices in Finland have on average been above
EUR100/MWh in 2022 and was on average close to EUR70/MWh in 2021.
S&P said, "That is well above recent levels, but we expect that
electricity prices will remain to be elevated because of the
geopolitical situation and energy transition. TVO's shareholders
will benefit greatly as market prices are well above the cost of
production for the nuclear power plants. Also, we believe that less
dependence on electricity imports is even more important owing to
geopolitical factors." And as Finland imports 20%-25% of its
electricity demand, the commissioning of OL3 would reduce imports
significantly. OL3 has installed capacity of 1,600 megawatts (MW)
and is expected to produce about 12 TWh annually when commissioned.
This represents about 14% of Finland's electricity consumption.

The companies in the ASC have joint and several liability for the
contractual obligations until the end of the OL3 guarantee period,
which limits risks. The ASC comprises AREVA GmbH (not rated), AREVA
NP SAS (not rated), and Siemens AG (A+/Negative/A-1+). Under the
2018 GSA, the ASC is committed to ensuring that funding is reserved
to finalize OL3, as well as the guarantee period, which lasts for
two years after the provisional takeover, while some items have
guarantee periods extending beyond two years. According to TVO's
management, the trust mechanism has sufficient liquidity to cover
remaining construction costs for OL3 within the current schedule.
S&P said, "As a result, we see less risk that Areva would not have
sufficient liquidity to timely honor the trust mechanism liquidity
agreement. Of importance, the plant contract stipulates the ASC
companies have joint and several liability for the contractual
obligations. We believe that the joint liability clause gives TVO
solid protection, which should limit downside risk, as Areva and
Siemens are each responsible for finalizing the OL3 project."

The positive outlook indicates that S&P could raise the ratings in
the next year, when OL3 is in commercial operation and started to
deleverage, meaning that OL3 is fully operational.

S&P could raise the ratings if:

-- OL3 is completed and TVO has entered commercial operation
without any substantial technical or operational with an
operational track record of an average load factor at around 80%.

-- The utility demonstrates that it has initiated its deleveraging
path.

-- S&P could take a negative rating action or revise the outlook
to stable if the test phase of OL3 results in technical,
operational, or regulatory issues that could lead to completion
delays and cause uncompensated cost overruns not fully covered by
the shareholders. This would lead to more external debt than
assumed in the previous schedule, which has a total estimated cost
of EUR5.7 billion, and external debt of about EUR4.7 billion.

ESG credit indicators: E-3, S-2, G-4




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F R A N C E
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BANIJAY GROUP: Fitch Affirms 'B' LT IDR, Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised Banijay Group SAS's (Banijay) Outlook to
Stable from Negative. Its Long-Term Issuer Default Rating (IDR) has
been affirmed at 'B'.

The Outlook revision reflects Banijay's robust recovery in 2021,
with revenue and EBITDA above 2019 levels, pro-forma for the
Endemol Shine Group (ESG) acquisition that closed in July 2020.
Fitch expects Banijay's well- entrenched position in content
production and resilient content demand will allow for future
growth, albeit with lower EBITDA margins due to a strategic focus
on increasing exposure to lower-margin scripted content and
favourable seasonality effect in 2021.

Fitch estimates the group will be able to consistently generate
free cash flow (FCF). This, combined with a financial policy geared
towards deleveraging and which envisages limited recurring dividend
payments, is supportive of the rating and may create upward rating
pressure in the next 18-24 months. However, visibility on the speed
and timing of deleveraging will depend on how cash is used for debt
repayment or opportunistic M&A.

Fitch forecasts total net debt with equity credit/operating EBITDA
and funds from operations (FFO) net leverage to sit broadly in the
middle of Fitch's 'B' rating thresholds by end-2022, at 5.1x and
6.0x, respectively.

KEY RATING DRIVERS

Production and Distribution Activities Recover: The easing of
pandemic-related restrictions and established safety protocols
allowed production activities to recover strongly in 2021 across
most geographies. Production revenue accounting for 82% of the
group's total revenue in 2021 grew 21%. Further growth in
distribution and commercial activities meant the group achieved
higher revenue than in 2019 on a pro-forma basis. Fitch believes
Banijay's strong catalogue of long-running non-scripted formats,
strategy to increase scripted revenue towards 25% of production
revenue and a fairly weak 1H21 will allow the group to grow revenue
by 4.7% in 2022.

Resilient Content Demand: Fitch anticipates the recovery of
traditional TV broadcasters' advertisement revenue from 2021
onwards and strong demand growth for content from streaming
platforms will create resilient demand for content. Fitch believes
Banijay's established relations with broadcasters and streaming
platforms, geographical diversification and operational record will
allow the group to benefit from the resilient demand. Its large
content library should continue to help the group meet demand from
customers.

Streaming Revenue Share to Rise: Streaming platforms' content
investment is estimated to have increased by around 50% in 2021,
with further strong growth anticipated in the foreseeable future,
for both non-scripted and scripted formats. Aided by regulatory
requirements, the trend to commission locally developed content may
be positive for Banijay. Management estimates that production
revenue from streaming platforms will represent 13% of total
revenue in 2022 (10% in 2021). Fitch understands from management
that the margin profile of revenue from streaming platforms is in
line with historical margins.

ESG Integration Positive: Management have achieved full integration
of ESG ahead of schedule by end-2021. Pro-forma cost synergies of
EUR67 million (10% beyond initial expectations) in 2022 will
support EBITDA margins, although the overall margin profile may be
diluted by an increasing share of lower-margin scripted production
revenue and favourable seasonality impact in 2021. Also, Fitch
views positively the long-term incentive plans to retain key
employees from ESG. With the integration of the sizeable ESG
acquisition now complete, Fitch believes this will allow management
to increase their focus on the operational side of the business.

Improving FCF; Strong Liquidity: Fitch forecasts that continued
growth in EBITDA, combined with lower exceptional cash outflows
relating to integration, will improve FCF margins toward the
mid-single digits in 2022-2024. Although part of the FCF generation
will be allocated to earnout/put option payments, overall cash and
equivalents is forecast to rise to EUR685 million by end-2024 from
EUR344 million at end-2021

Deleveraging Expected; Unclear Path: Balancing a company-defined
target leverage below 4.0x debt/pro-forma EBITDA within two years
(4.85x at end-2021) and minimum dividend payments with
opportunistic bolt-on acquisitions will be an important rating
consideration. While the company may favour debt repayment over
selected bolt-on acquisitions, uncertainty surrounding the latter
may affect the speed and timing of deleveraging, although this is
partially mitigated by Banijay's acquisition funding strategy that
usually involves a combination of low multiples paid upfront
together with earn out structures. Conversely, using the bulk of
available cash to reduce debt would signal a stronger commitment to
deleveraging over inorganic growth and be positive for the rating.

DERIVATION SUMMARY

The combined Banijay group is the largest independent TV production
firm globally. Its primary competitors are ITV Studios, Fremantle
Media and All3Media. It has a greater proportion of non-scripted
content than its peers, although it intends to increase its
exposure to scripted content up to 25% of total revenue following
the acquisition of ESG.

Fitch covers several UK and US peers in the diversified media
industry such as Twenty-first Century Fox, Inc. (A-/Stable; owned
by Disney) and NBC Universal Media LLC (A-/Stable; owned by
Comcast). These are much larger and more diversified, occupy
stronger competitive positions in the value chain and are less
leveraged than Banijay. Compared with these investment-grade names,
Banijay's profile is more consistent with a 'B' rating.

KEY ASSUMPTIONS

-- Revenue growth of 4.7% in 2022, and normalising to around 2%
    in 2023-2024;

-- Fitch-defined EBITDA margin of 13.5% in 2022 (14.1% in 2021),
    and remaining broadly stable in 2023-2024;

-- Working-capital outflows below 1% of revenue in 2022-2024;

-- Capex at 1.8% revenue, which is broadly in line with the EUR56
    million capex in 2021 in absolute terms;

-- Common dividends of EUR5 million p.a.;

-- Due to lack of visibility no M&A is assumed.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Banijay would be deemed a
    going-concern (GC) in bankruptcy and that it would be
    reorganised rather than liquidated.

-- A 10% administrative claim.

-- Post-restructuring GC EBITDA of EUR300 million, reflecting a
    business profile weakened by lower appeal of higher-margin
    non-scripted formats and increasing pricing pressure from both
    broadcasters and streaming platforms.

-- Fitch uses an enterprise value (EV) multiple of 5.5x to
    calculate a post-restructuring valuation.

-- Recovery prospects are 67% for the senior secured debt at
    Banijay Entertainment, comprising EUR928 million-equivalent
    senior secured notes and an EUR853 million-equivalent term
    loan B (TLB). In Fitch's debt claim waterfall, Fitch assumed
    EUR12 million of local facilities issued by Banijay's non-
    guarantor subsidiaries and EUR106 million of factoring to rank
    prior to the senior secured debt. Ranking pari passu to the
    senior secured notes and TLB, Fitch assumes a fully drawn
    revolving credit facility (RCF) of EUR170 million and EUR96
    million of local facilities at guarantor subsidiaries. Banijay
    Group SAS's EUR400 million senior unsecured notes have 0%
    Recovery prospects.

RATING SENSITIVITIES

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

-- Total net debt with equity credit/operating EBITDA sustainably
    below 4.8x and/or FFO net leverage sustainably below 5.5x. A
    clearer financial policy, or visibility regarding the use of
    high cash balances in close association with net leverage
    metrics, will be a key consideration for an upgrade;

-- Continued growth of EBITDA and FCF, with continued demand for
    non-scripted and scripted content without significant increase
    in competitive pressure.

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

-- Total net debt with equity credit/operating EBITDA sustainably
    above 5.8x and/or FFO net leverage sustainably above 6.5x;

-- FFO interest coverage sustained below 2.5x;

-- Deterioration of EBITDA because of failure to renew leading
    shows, increase in competition or inability to control costs.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Banijay had a cash balance of EUR344 million at
end-2021. Current liquidity also includes a fully undrawn committed
RCF of EUR170 million. Fitch believes liquidity, combined with
forecast positive and growing FCF in the coming four years, will be
sufficient to comfortably cover cash payments for earn-outs/put
options and 1% amortising repayment per year on its US dollar TLB.

ISSUER PROFILE

Banijay creates, develops, sells, produces and distributes
non-scripted and scripted television formats and programmes, and
digital content. With more than 120 production entities across 22
countries, the group is the largest independent content producer
globally. Banijay's owns the rights to more than 120k hours of
television content.

ESG CONSIDERATIONS

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.

CASINO GUICHARD-PERRACHON: S&P Affirms 'B' LT ICR, Outlook Now Neg.
-------------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B' long-term issuer credit rating on Casino
Guichard-Perrachon S.A. (Casino).

The negative outlook primarily reflects Casino's weak cash flow in
relation to its high debt levels in France, leaving limited
headroom for further underperformance amid a competitive retail
market, inflationary pressures, and volatile market conditions that
could make disposals more difficult.

The group underperformed S&P's expectations in terms of operating
performance and asset disposals.

Its 2021 results show an overall topline decline of 0.8% and a
sales decline in France of 5.4%, translating to an absolute EBITDA
of EUR2.53 billion under Casino's reported terms, down EUR89
million against the previous year, excluding the EUR111 million
reduction in tax credits. In particular, the French business
underperformed in fourth-quarter 2021, with a sales decline of 2.4%
for the French Retail business and 7.9% for C-Discount. EBITDA pro
forma Green Yellow's contribution and pre-International Financial
Report Standard 16 reached EUR842 million, about EUR100 million
down from the previous year and our initial forecast (mainly due to
lesser real estate development and the Vindemia disposal). This
weak topline performance had equally adverse effects on working
capital due to high inventory levels by year end explained by
lower-than-anticipated fourth-quarter sales and stock replenishment
strategy. Together with still large one-off costs (EUR342 million
related to Leader Price and another EUR348 million related to
restructuring costs and other items), this led to nearly EUR800
million of cash flow burn in France last year, which was not
compensated by asset disposals, largely due to the difficult
pandemic context. Even accounting for the disposal of consumer
financing bank Floa and stakes in real estate subsidiary Mercialys,
which were signed in 2021 but cashed in 2022, the cash flow burn
would have been material. Casino's underperformance, together with
some one-off items in the Latin American (Latam) business, meant
leverage spiked again in 2021 under all definitions and
particularly in France. Even S&P Global Ratings-adjusted leverage,
incorporating 100% of the Latam business, is above 5x despite more
contained leverage in Latam. Also, headroom under the EBITDA to net
finance costs maintenance covenant included in the company's
revolving credit facility (RCF) documentation was limited, although
this was largely related to exceptional term loan B (TLB)
refinancing costs in first-quarter 2021, which should not be
repeated.

Casino's underperformance heightens pressure in an uncertain
economic environment that may weigh on operating performance and
capacity to execute the disposal plan, although the group stated it
is confident in its ability to complete the disposal plan by
end-2023. Casino's already high price levels in some key formats
may force it to partially absorb inflationary pressures that arose
since second-half 2021 and are set to increase in 2022, weighing on
its profit margin. Nevertheless, part of Casino's customer base
should be somewhat more price elastic than the average French
customer and it has shown signs of market share improvement since
the start of the year. In addition, Casino should benefit from the
purchasing alliance with Intermarché. In S&P's view, Casino's high
financial leverage is also constraining its investment
capabilities, either in prices, working capital, or capital
expenditure (capex), which could weaken its competitive position in
some formats. Uncertainties arising from high inflation and the
geopolitical context may make achieving the disposal plan
difficult, putting the group's deleveraging path in 2022 and 2023,
in anticipation of large maturities in 2024 and 2025, at risk.
Moreover, Casino has failed to materially and durably reduce
leverage despite a disposal cycle that started in late 2015.

S&P said, "We note a weakening in the group's debt levels and cash
flow in France, and consider the Latam business an equity
participation. We are increasingly monitoring the French business,
since it represents 80% of the group's net financial debt and about
50% of revenue but is currently not generating any cash. Under S&P
Global Ratings-adjusted terms, financial leverage for the French
perimeter exceeded 7.5x in 2021. The Latam business, despite
slightly higher leverage than anticipated in 2021, has structurally
lower leverage and more robust cash flow. However, Latam operation
do not meaningfully contribute to debt repayment for the French
operations. Nevertheless, we acknowledge the meaningful value of
the Latam business, which could be sold to reduce debt. Assuming
Casino executes the remainder of its EUR4.5 billion disposal plan
(EUR1.3 billion remaining), S&P Global Ratings-adjusted leverage
for the French operations should only marginally decrease to about
6.0x in 2023, depending on operating performance recovery.
Moreover, cash flow will remain thin and volatile due to a high
interest burden, working capital swings and large one-offs. Under
our current base case, we still expect negative FOCF after leases
of EUR150 million-EUR200 million after leases and interest payments
in 2022, although we acknowledge the possibility of stronger
working capital performance and fewer one-offs than our base case,
which might mitigate this. Therefore, the group will have to
undertake larger disposals to reduce debt, restore investment
capacity, and durably improve FOCF."

Casino still has time to execute its disposal plan after securing
repayment of the 2022 and 2023 maturities. Casino has proactively
managed its debt repayment profile, with no material amounts due in
the next two years and those to be redeemed secured by outstanding
funds in segregated accounts. This allows the company some headroom
to execute its disposal plan until later maturities loom in 2024.
Also, Casino has managed the maturity wall it faced in 2024 by
raising additional amounts under the TLB to secure repayment.
Although the EUR425 million TLB add-on due August 2025 means there
is significant (EUR1.4 billion) debt due on that date, S&P expects
the group to continue to smoothen its debt maturity profile and
believe that loan financing offers more flexibility in terms of
maturity management.

The two-year deferment of the parent company's payments under the
safeguard plan also alleviates shorter-term rating pressure on
Casino. On Oct. 26, 2021, the Paris Commercial Court approved a
two-year deferral of Rallye's debt amortization schedule
established under the original safeguard plan approved in March
2020. Under the original plan, the first material repayment from
Rallye, of EUR1.7 billion of primarily secured debt, was due in
February 2023. Under the revised plan, the first material
repayment, of nearly EUR1.9 billion of predominantly secured debt,
is now due in February 2025. Although uncertainty remains as to how
the total debt of about EUR3.3 billion at the holding companies
(Rallye and above) will ultimately be repaid, Rallye's debt
amortization rescheduling alleviates short-term pressure on both
Rallye and Casino.

Nevertheless, S&P's perception of Casino's credit quality is still
highly influenced by Rallye's poor credit standing. Casino benefits
from protective features against a potential contagion of Rallye's
credit standing, notably:

-- Casino's bond and bank debt issued since 2019 (2026 RCF, 2025
TLB, 2024, 2026 and 2027 bonds) preclude any material dividend
payment, subject to a 3.5x gross debt-to-EBITDA ratio calculated
only at the restricted group level (composed of the French
perimeter and the e-commerce business) until 2027, when the group's
latest issued unsecured bond will mature.

-- S&P considers it unlikely that Rallye's safeguard proceedings
could be extended to Casino at this stage, given the conditions for
extension are very restrictive under French law and the general
rule for groups of companies is that the possibility of safeguard
proceedings must be assessed on the basis of the stand-alone
creditworthiness of each entity.

-- Casino and Rallye are separately listed legal entities and
there are some protections for Casino's minority shareholders under
the French regulatory and corporate governance framework.

However, risks related to the influence of parent Rallye's debt on
Casino remain, because:

-- Casino's leverage in France remains high and is not expected to
decrease materially in 2022 against the 6.3x reported last year (on
the restricted group perimeter but including Green Yellow, which
differs from the calculation of the RCF covenant which excludes
Green Yellow), due to delays in asset disposals and a volatile
operating landscape. This is a function of, among others, Casino's
high dividend payments to Rallye over the years to service Rallye's
debt even if no dividend payments occurred since 2019.

-- As indicated in Rallye's press release and the original
safeguard plan, the court established that Rallye's ability to
redeem its debt predominantly depends on Casino's dividend
distribution capacity. A debt amortization schedule was therefore
granted after Casino's asset disposal plan was delayed by the
pandemic, making it unlikely that Rallye could address its capital
structure under the original timeline through dividend payments or
any propped-up enterprise valuation.

-- In S&P's view, the current situation highlights continuing
deficiencies in governance standards compared with that of other
large listed retailers. In particular, Jean-Charles Naouri is a
shareholder of Rallye and Casino, while being chairman of Rallye
and CEO of Casino, and Rallye's shares in Casino are pledged to its
lenders.

-- Therefore, regardless of these legal and documentational
features, Rallye's dependence on Casino to address its debt
amortization schedule creates high uncertainty regarding Casino's
future perimeter and normal financial leverage.

Casino benefits from strong formats in France, but operating
performance has been somewhat contrasted in the past two years,
while Latam is reorganizing its operations that should benefit
overall performance. The group continues to benefit from a
well-diversified store footprint in France, with a predominance of
high-margin convenience and proximity formats, premium positioning
of some of its main brands (Monoprix and Naturalia), and multiple
online partnerships (namely with Gorillas, Ocado, and Amazon),
enabling it to capture growth in online demand. The group also
benefits from leading positions in some of France's wealthiest
zones, in particular in Paris. S&P expects these formats to grow as
per Euromonitor data, while the group has reduced its exposure to
hypermarkets a format whose growth prospects are more limited.
Despite that well diversified store footprint, the group's
performance somewhat contrasts with other large European food
retailers that have seen robust growth during the pandemic. For
instance, while Carrefour recorded a 1.8% like-for-like growth in
2021 after a robust year in 2020 due to the COVID-19, Casino
recorded a negative like-for-like performance, which in our view is
not only explainable by its exposure to touristic flows. We also
believe that on some key banners, in particular Monoprix, Casino
has cut costs to improve margins while leaving prices unchanged,
taking the risk of a less attractive value proposition for
customers, which now translates in meager growth for that banner.
Nevertheless, we understand the group is pursuing efforts to regain
market shares. In Latam, Assai continues posting strong organic
growth and robust profitability (7.5% under the company's reported
terms), a trend we expect to accelerate with the conversation of
GPA hypermarkets into Assai stores." While GPA has shown a
weaker-than-expected performance, this largely related to the
performance of hypermarkets, which following the transaction with
Assai will be less material in the group's earnings whilst the
transaction itself will allow some deleveraging of GPA. Also,
Exito, GPA's operating subsidiary in Colombia, performed well with
a double digit same-stores sales number.

The negative outlook primarily reflects Casino's weak cash flow in
relation to its high debt levels, particularly in France, leaving
limited headroom for further underperformance. This incorporates
our view that the competitive food retail markets in France and
inflationary pressures could curtail any significant improvement in
earnings and cash flows, while asset disposals could take longer
than originally envisioned due to volatile market conditions.

S&P said, "We could lower our rating on Casino in the next 12
months if the group fails to reduce S&P Global Ratings-adjusted
leverage for the French perimeter, as well as on a proportional
basis, toward 6.0x, primarily through asset disposals, or if it
cannot restore operating performance, particularly in France, and
stem its negative FOCF after leases in France. We could also lower
the rating if we thought Rallye could undertake actions potentially
harmful to Casino's credit quality."

S&P could raise the rating if:

-- Casino's S&P Global Ratings-adjusted leverage in France
improves sustainably to well below 5.0x, thanks to faster and
broader execution of the disposal plan than it anticipates, and
much improved cash flow against our base case.

-- The uncertainty associated with Rallye's credit standing
diminishes significantly in the next few months due to Rallye
addressing its unsustainable capital structure without leveraging
Casino's present or future cash flows.

ESG credit indicators: E-2, S-2, G-5




=============
G E R M A N Y
=============

LSF11 FOLIO: S&P Assigns 'B' Long-Term Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings assigned a 'B' long-term issuer credit rating
and issue rating to Germany-based LSF11 Folio Bidco GmbH (XSYS), a
leading player in the flexographic market globally, and its
first-lien term loan B, and a 'CCC+' issue rating to XSYS'
second-lien term loan.

The stable outlook reflects S&P's view that XSYS will maintain
adjusted debt to EBITDA of below 7.0x and funds from operations
(FFO) cash interest higher than 2.5x in 2022, alongside a steady
operating and financial performance with profitability above 35%
and positive free operating cash flow (FOCF).

XSYS), a leading player in the flexographic market globally, has
been acquired by private equity firm Lone Star Funds for an
undisclosed enterprise value.

S&P expects that XSYS generated about EUR216 million sales and S&P
Global Ratings-adjusted EUR78 million EBITDA in 2021, with adjusted
debt to EBITDA at about 7.3x in 2021 on pro forma basis before
gradual deleveraging to less than 7.0x in 2022.

XSYS was acquired by Lone Star Funds as a part of a carve-out deal
from Flint Group GmbH.

The transaction was completed in February 2022 and its financing
comprised:

-- EUR435 million first-lien senior secured term loan B;

-- EUR80 million second-lien secured term loan; and

-- EUR80 million-equivalent revolving credit facility (RCF;
undrawn at closing).

S&P said, "We estimate that on the day after the transaction
closed, XSYS had EUR30 million of cash on its balance sheet. All
the remaining debt was refinanced by the new capital structure. The
ratings reflect the highly leveraged financial risk profile at
transaction close. We forecast S&P Global Ratings-adjusted debt to
EBITDA will be about 6.9x and 6.4x in 2022 and 2023, respectively.
We expect FFO cash interest cover to be comfortable, at about 2.7x
and 2.8x, over the same period.

"The ratings are in line with the preliminary ratings we assigned
on Oct. 20, 2021. The final loan documentation does not depart
materially from what we reviewed in October, however, it included
the DPECs and SHLs, which replace part of the equity. The DPECs and
SHLs sit further up the group corporate structure and outside the
restricted group. We consider both of these instruments to be
equity like, given that they are structurally and contractually
subordinated to the issued debt and otherwise meet our criteria for
financial sponsor non-common equity financing. As such, we do not
include them as debt in our calculation of XSYS' credit metrics.
The issue amount among the different instruments is unchanged, and
the achieved interest rate was slightly higher than we expected,
albeit in line with our assessment for the rating."

XSYS holds good market positions in a niche industry that has
modest growth prospects. In particular, the company has a
well-established position in the flexographic printing materials
market as No. 2 after DuPont. XSYS operates in a small niche
segment representing approximately 10% of the total printing market
(including publication and commercial printing). S&P said, "We
expect this market to demonstrate modest expansion over the coming
years, with about 3% growth per year from 2021 to 2024, supported
by growth in package printing and transition from gravure to
flexographic printing technology. In our view, XSYS has a strong
product offering across the flexographic printing value chain,
including plate, sleeves, and pre-press equipment." This provides
it with a competitive advantage as a one-stop sales point to its
customers. The company has a good track record of innovation, and
the ability to adjust to changing technological trends. This has
been demonstrated by its timely launch of thermal-printing
technology solutions, allowing XSYS to protect and expand its
market share.

XSYS' small scale and limited business diversity are constraints,
but it has the potential to diversify and expand through
acquisitions. The business risk profile is constrained by the small
size and scale of the group with projected sales of about EUR224
million and adjusted EBITDA of EUR83 million in 2022. In terms of
regional coverage, XSYS is mostly exposed to Europe, with more than
50% of sales stemming from this market. S&P said, "XSYS' intention
is to continue expanding its business geographically, toward the
U.S. and Asia, and we do not exclude the possibility that the
company will expand its operations through acquisitions. In the
Asia-Pacific region, we expect XSYS to gain market share due to its
logistical advantage over North American competitors, and to show
good growth due to the increasing penetration of flexographic
solutions." XSYS has some customer concentration, with the top 20
customers accounting for about 40% of revenue in 2020.

S&P said, "We expect the company to maintain above-average
assertive margins for the next two years.The main strength of XSYS
in terms of the group's credit profile is its ability to generate
high operating margins, which we view as significantly above
average compared with typical capital goods players. In our
analysis, we assume that XSYS is able to generate an adjusted
EBITDA margin of 37%-38% throughout our forecast horizon. Our
analysis encompasses carve-out costs in line with the company's
management's assumptions of EUR7.1 million in 2022 and EUR7.2
million in 2023. We expect separation costs overall to remain
modest, since the business is already operating largely on a
stand-alone basis, only sharing certain IT, operational, and
administrative functions with Flint Group."

The pandemic has demonstrated the relative stability of XSYS'
earnings, which is further supported by the company's business
model. XSYS has historically shown high earnings stability, even
amid the COVID-19 pandemic. This is because about 95% of its
products are consumables and represent a minor portion (below 5%)
of overall customer costs, while playing a critical role in the
production process. Although technological barriers to entry are
solid and protected by patents and product knowhow, in S&P's view,
the market for flexographic plates and sleeves is concentrated, and
market participants have shown good pricing discipline in the
past.

S&P said, "Looking ahead, we expect the company to generate cash,
but we cannot exclude acquisitions.We recognize XSYS' low capital
intensity and working capital requirements, leading to a high cash
conversion. Capital expenditure (capex) is expected to be about
EUR7.5 million and EUR5.9 million in 2022 and 2023, being in the
range of 2.5%-3% of sales. Therefore, we expect the company to
generate positive FOCF in 2022 and 2023 of EUR35 million and EUR40
million, respectively. We do not expect any shareholder-friendly
actions in the next two years. However, we cannot exclude the
possibility of the company taking advantage of external
opportunities to enlarge its business scope.

"Environmental, social, and governance (ESG) credit factors should
not have an impact on XSYS' performance at this point. We
acknowledge that the packaging industry is evolving under the
influence of certain environmental and social considerations. For
instance, plastics usage is undergoing a lot of scrutiny because of
recyclability issues. We understand from the company that its
management is committed to maintaining a good ESG footprint and
actively monitors these trends. In addition, we do not expect the
shift toward more environmentally friendly materials and packaging
to have a material impact on XSYS, because its technology enables
end-customers to print on any material. Therefore, we do not
currently see any ESG factors that may threaten the future earnings
trajectory. We view XSYS' management and governance as fair,
reflecting the company's new ownership by a private-equity
sponsor.

"The stable outlook reflects our view that XSYS will maintain
adjusted debt to EBITDA below 7.0x and FFO cash interest higher
than 2.5x in 2022. We also expect that the company will maintain a
steady operating and financial performance, with profitability
above 35% and positive FOCF."

S&P could lower the rating if XSYS:

-- Were to underperform S&P's base case, translating into debt to
EBITDA rising above 7.5x and FFO cash interest coverage falling
below 2.5x.

-- Failed to generate positive FOCF or we observed a more
aggressive financial policy increasing leverage; or

-- Incurred higher-than-anticipated carveout and restructuring
costs, leading to lower profitability or higher leverage.

Any large debt-financed acquisition could also trigger a
downgrade.

S&P could raise the rating if the group further reduced leverage,
namely to below 5.0x, and FFO cash interest increased beyond 3.0x.
Currently we see only limited ratings upside, reflecting the
financial sponsor ownership.

ESG credit indicators: E-2, S-2, G-3


REVOCAR 2018: Moody's Upgrades Rating on EUR8.9MM D Notes from Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of one note in
Asset-Backed European Securitisation Transaction Fifteen S.r.l
("ABEST 15") and two notes in RevoCar 2018 UG (haftungsbeschraenkt)
("RevoCar 2018 UG"). The rating actions reflect the increased
levels of credit enhancement for the affected Notes and better than
expected collateral performance.

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain the current ratings.

Issuer: Asset-Backed European Securitisation Transaction Fifteen
S.r.l

EUR911M Class A Notes, Affirmed Aa3 (sf); previously on May 25,
2021 Affirmed Aa3 (sf)

EUR5M Class B Notes, Affirmed A1 (sf); previously on May 25, 2021
Affirmed A1 (sf)

EUR43M Class C Notes, Affirmed A1 (sf); previously on May 25, 2021
Affirmed A1 (sf)

EUR15M Class D Notes, Affirmed A1 (sf); previously on May 25, 2021
Upgraded to A1 (sf)

EUR10M Class E Notes, Upgraded to A1 (sf); previously on May 25,
2021 Upgraded to A3 (sf)

Commingling Reserve Facility Notes, Affirmed Baa3 (sf); previously
on May 25, 2021 Affirmed Baa3 (sf)

Issuer: RevoCar 2018 UG (haftungsbeschraenkt)

EUR364M Class A Notes, Affirmed Aaa (sf); previously on Oct 7,
2020 Affirmed Aaa (sf)

EUR20.3M Class B Notes, Affirmed Aa1 (sf); previously on Oct 7,
2020 Upgraded to Aa1 (sf)

EUR2.9M Class C Notes, Upgraded to Aa1 (sf); previously on Oct 7,
2020 Upgraded to Aa2 (sf)

EUR8.9M Class D Notes, Upgraded to A2 (sf); previously on Oct 7,
2020 Upgraded to Ba1 (sf)

ABEST 15 is a currently static cash securitisation of auto loan
receivables extended and serviced by FCA Bank S.p.A. ("FCAB")
(Baa1/P-2 Bank Deposits; Baa2(cr)/P-2(cr)) to obligors located in
Italy. The portfolio consists of loans extended to private (non
VAT) and small businesses/commercial (VAT) obligors in Italy.

RevoCar 2018 UG is a static cash securitisation of auto loan
receivables extended by Bank11 fur Privatkunden und Handel GmbH
(unrated) ("Bank11") to mainly private obligors residing in
Germany.

Maximum achievable rating for structured finance transactions in
Italy is Aa3 (sf), driven by the local currency country ceiling
(Aa3) of the country.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
available for the affected Notes and better than expected
collateral performance.

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain the current ratings.

Increase in Available Credit Enhancement

Sequential amortisation led to the increase in the credit
enhancement available in these transactions.

In ABEST 15, the credit enhancement for the Class E Notes upgraded
in today's rating action increased to 22.5% from 9.7% since the
latest rating action in May 2021.

In RevoCar 2018 UG, the credit enhancement for the Class C and D
Notes upgraded in today's rating action increased to 21.7% and 6.6%
from 8.6% and 2.6%, respectively, since the latest rating action in
October 2020. The pace of deleveraging in this transaction has
increased substantially over the past three months, driven by a
steep increase in prepayments. As of the latest payment date the
three-months rolling average CPR was 34.5%, compared to 19.7% three
months ago.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the two portfolios
reflecting the collateral performance to date.

In RevoCar 2018 UG, the performance has been stable since closing.
60 days plus arrears are currently standing at 0.15% of current
pool balance, and cumulative defaults currently stand at 0.77% of
original pool balance.

Moody's default assumption for the current portfolio remains
unchanged at 2.3% of the current balance, translating into a lower
default assumption of 1.10% of the original balance. Moody's
maintained the assumption for the portfolio credit enhancement of
10%, and the fixed recovery rate assumption of 35%.

The delinquency rates in ABEST 15 have edged higher but remain at
relatively low levels, with 90 days plus arrears standing at 0.30%
of the current portfolio balance. Cumulative defaults currently
stand at 0.59% of original pool balance plus replenishments.

For ABEST 15, Moody's default assumption for the current portfolio
remains unchanged at 2.7% of the current balance, translating into
a lower default assumption of 0.81% of the original balance plus
replenishments. Moody's maintained the assumption for the portfolio
credit enhancement of 10%, and the fixed recovery rate assumption
of 15%.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of Note payments, in case of
servicer default. As a result, in Revocar 2018 UG the ratings of
the Class B and C Notes are constrained at Aa1 (sf) by financial
disruption risk.

In ABEST 15 the cash proceeds may be invested in eligible
investments rated at least Baa1 or P-2 if a long-term rating is not
available. This exposure limits the rating of the Classes B, C, D
and E Notes to A1 (sf), as contemplated in "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
May 2021.

Counterparty Instrument Rating ("CIR") of the Commingling Reserve
Facility in ABEST 15

In ABEST 15, the CIR on the Commingling Reserve Facility is
strongly linked to FCAB's long-term CR assessment. If FCAB were to
become insolvent, then the commingling reserve could be drawn to
cover collections not transferred to the Issuer and in that case
the Commingling Reserve Facility would not be repaid in full. Given
FCAB's unchanged CR assessment of Baa2(cr), the Commingling Reserve
Facility CIR is affirmed at Baa3 (sf).

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS' published in
September 2021.

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 (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.

WEPA HYGIENEPRODUKTE: Moody's Downgrades CFR to B1, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of the German tissue producer WEPA Hygieneprodukte GmbH to
B1 from Ba3 and the probability of default rating has been
downgraded to B1-PD from Ba3-PD. Concurrently, Moody's has
downgraded the instrument ratings on the guaranteed senior secured
bonds maturing in 2026 and 2027 to B2 from B1. The rating outlook
remains stable.

RATINGS RATIONALE

Moody's expects that the recent surge in energy prices will prevent
WEPA from deleveraging in the next few quarters so that WEPA's
gross leverage as adjusted by Moody's will remain high in the range
of 5.5x -6.5x in 2022. This level is not commensurate with the
previous Ba3 rating and is also weak for the B1 rating level.
However, the rating agency believes that the demand for WEPA's
tissue products is non-cyclical and stable, allowing the company to
recover its increased cost base over time.

Moreover, Moody's thinks that WEPA as one of the largest private
label producers in Europe is in a more favorable position compared
to its peers in a potential economic downturn scenario. Therefore,
Moody's expects to see a significantly lower level of financial
leverage from 2023 onwards. However, today's rating action also
takes into consideration the increased volatility of raw materials
and energy prices, which leads to a higher uncertainty in terms of
WEPA's price adaptations and earnings recovery.

The rating action further considers WEPA's tightened liquidity and
lower flexibility as strategic investments approved in 2020 will
continue for a slightly prolonged cycle. Moody's expects WEPA's net
leverage to have already exceeded the springing covenant level of
5.75x at the year-end 2021, so that only 40% of its EUR150 million
revolving facility due in June 2023 is available for drawdowns.
Furthermore, net leverage will likely remain above this level
throughout 2022, requiring the company to rely more on its cash on
balance sheet (Moody's expects EUR25 million at YE2021) and
availability under the ABS programme at YE 2021 (Moody's expects
EUR15 million availability at YE2021). The latter is structured
dynamically so that it can increase in size if revenues grow.
Moody's expects that WEPA's cash generation will be limited over
the coming quarters given the earnings pressure and also taking
into account targeted measures to reduce capex and operating
costs.

The rating is mainly supported by (1) the group's leading market
position in the production of private-label consumer tissue
products, which benefit from fairly stable demand; (2) long
relationships and strong ties with customers, including joint
product development; (3) strategically located good-quality assets,
which are close to customers and limit transportation costs; (4)
focus on continuous efficiency improvements, including risk
management for raw material fluctuations; and (5) financial policy
that targets reported net debt/EBITDA of 2.5x – 3.5x (5x in the
last 12 months that ended September 2021).

The rating is primarily constrained by (1) WEPA's susceptibility to
increasingly volatile input costs, which has resulted in accelarted
volatility in its credit metrics because of the usual delay in
passing the increased costs to customers; (2) the company's
moderate size, with sales of about EUR1.2 billion for the 12 months
that ended September 2021, and a relatively narrow product
portfolio compared with larger peers, such as Essity Aktiebolag
(Essity, Baa1 stable); (3) its limited geographical
diversification, with operations mainly in mature Western European
markets; and (4) some customer concentration, with a few large
customers having significant pricing power.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that WEPA's
profitability will start to demonstrate a visible recovery during
2022 because of increased pace of sales price adaptations on the
back of long-term oriented customer relationships. This would allow
its gross leverage to decline below 5.5x in 2023 at latest.
Furthermore, the stable outlook is conditional upon maintaining an
at least adequate liquidity profile.

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

Positive rating pressure could arise if:

Moody's-adjusted gross debt/ EBITDA, including securitisation,
below 4.5x on a sustained basis;

Moody's-adjusted EBITDA margin above 10% on a sustained basis;

Positive free cash flow generation, though expansion capex may
over time lead to limited periods of negative free cash flow.

Conversely, negative rating pressure could arise if:

Moody's-adjusted gross debt/ EBITDA, including securitisation,
above 5.5x on a sustained basis;

Moody's-adjusted EBITDA margin below 7% on a sustained basis

Negative free cash flow leading to a deterioration in liquidity
profile.

LIQUIDITY

WEPA's liquidity is adequate. Cash sources consist of EUR19 million
in cash on balance as of September 30, 2021 and EUR150 million
undrawn revolving credit facility (RCF) maturing in 2023. The
company has reset its springing covenant on the RCF by 0.25x to
5.75x, though Moody's expects WEPA to exceed this level already by
the year-end 2021 so that only 40% of the RCF is actually
available. WEPA's EUR180 million ABS facility, EUR108 million of
which was used as of the end of September 2021, is an additional
source of funds, although Moody's consider it less reliable than
cash or the RCF. Furthermore, Moody's expect the company to consume
cash in 2021-22 because of strategic investments in Poland and the
UK, which are largely funded with increased ABS-line utilisation,
which availability was increased by debt refinancing in 2019/20.

STRUCTURAL CONSIDERATION

The B2 rating on the EUR600 million guaranteed senior secured notes
is one notch below the group's CFR. The rating on this instrument
reflects its junior ranking behind the EUR150 million super senior
RCF and Moody's assumption of preferred treatment for trade
payables in a going-concern scenario.

The RCF and the guaranteed senior secured notes share the same
collateral package, consisting of materially all of the group's
assets, as well as upstream guarantees from most of the group's
operating subsidiaries, representing a substantial share of assets
and EBITDA. However, RCF lenders benefit from priority treatment in
a default scenario because their claims have a priority right of
payment before any remaining proceeds are distributed to the
holders of the guaranteed senior secured notes.

ESG CONSIDERATIONS

Moody's considers environmental and social risks to be moderately
negative for Paper and Forest Products industry. WEPA has
identified sustainability as one of its strategic priorities and
aims to increase the use of recycled fiber sources in tissue
production. It also aims to reduce emissions, transportation and
energy consumption while using more sustainable packaging. WEPA is
a private family-owned company, targeting a moderate level of
financial leverage defined as 2.5x – 3.5x net leverage.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.

COMPANY PROFILE

Headquartered in Arnsberg, Germany, WEPA Hygieneprodukte GmbH
(WEPA) is among the leading producers and suppliers of tissue paper
products in Europe. The company focuses on private-label consumer
tissue products, which generate around 85% of its group sales, with
the remainder generated primarily from tissue solutions for
away-from-home applications. The company operates 21 paper machines
and around 80 converting lines at 13 production sites across Europe
and has around 4,000 employees. WEPA generated around EUR1.2
billion of sales in the 12 months that ended September 2021. The
company operates in Europe, with an established footprint in
Germany, Italy, Benelux, France, Poland and the UK.



=============
I R E L A N D
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TORO EUROPEAN 4: Moody's Affirms B3 Rating on EUR10.5MM F-R Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Toro European CLO 4 Designated Activity Company:

EUR25,000,000 Class C-R Secured Deferrable Floating Rate Notes due
2030, Upgraded to A1 (sf); previously on Sep 23, 2021 Affirmed A2
(sf)

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

EUR240,000,000 (current outstanding balance 232,280,000) Class A-R
Secured Floating Rate Notes due 2030, Affirmed Aaa (sf); previously
on Sep 23, 2021 Affirmed Aaa (sf)

EUR19,500,000 Class B-1-R Secured Floating Rate Notes due 2030,
Affirmed Aa1 (sf); previously on Sep 23, 2021 Upgraded to Aa1 (sf)

EUR13,000,000 Class B-2-R Secured Fixed Rate Notes due 2030,
Affirmed Aa1 (sf); previously on Sep 23, 2021 Upgraded to Aa1 (sf)

EUR15,000,000 Class B-3-R Secured Floating Rate Notes due 2030,
Affirmed Aa1 (sf); previously on Sep 23, 2021 Upgraded to Aa1 (sf)

EUR20,750,000 Class D-R Secured Deferrable Floating Rate Notes due
2030, Affirmed Baa2 (sf); previously on Sep 23, 2021 Affirmed Baa2
(sf)

EUR26,500,000 Class E-R Secured Deferrable Floating Rate Notes due
2030, Affirmed Ba2 (sf); previously on Sep 23, 2021 Affirmed Ba2
(sf)

EUR10,500,000 Class F-R Secured Deferrable Floating Rate Notes due
2030, Affirmed B3 (sf); previously on Sep 23, 2021 Downgraded to B3
(sf)

Toro European CLO 4 Designated Activity Company, issued in
September 2014 and refinanced in July 2017, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
Chenavari Credit Partners LLP. The transaction's reinvestment
period ended in July 2021.

RATINGS RATIONALE

The rating upgrade on the Class C-R notes is primarily a result of
the benefit of the transaction having reached the end of the
reinvestment period in July 2021.

The Class A-R notes have paid down by approximately EUR7.72 million
(3.2%) since the last rating action in September 2021. As a result
of the deleveraging, over-collateralisation (OC) has increased.
According to the trustee report dated February 15, 2022 the Class
A/B, Class C, Class D and Class E OC ratios are reported at
138.27%, 126.93%, 118.84% and 109.89% compared to August 2021
levels of 136.99%, 126.03%, 118.19% and 109.48% respectively.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in September 2021.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR386.85m

Defaulted Securities: EUR0m

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2974

Weighted Average Life (WAL): 3.53 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.63%

Weighted Average Coupon (WAC): 3.58%

Weighted Average Recovery Rate (WARR): 43.87%

Par haircut in OC tests and interest diversion test: 0%

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

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 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by 1) the manager's investment strategy and behaviour
and 2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.



===============
P O R T U G A L
===============

GUINCHO FINANCE: Moody's Ups Rating on EUR14MM Cl. B Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two notes in
GUINCHO FINANCE. The rating action reflects better than expected
collateral performance which translates into an increased credit
enhancement for the affected notes with a significant reduction in
the advance rate in the last period.

EUR84M Class A Notes, Upgraded to Baa1 (sf); previously on Dec 3,
2018 Definitive Rating Assigned Baa3 (sf)

EUR14M Class B Notes, Upgraded to Ba3 (sf); previously on Dec 3,
2018 Definitive Rating Assigned Caa3 (sf)

Maximum achievable rating is Aa2 (sf) for structured finance
transactions in Portugal, driven by the corresponding local
currency country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by better than expected collateral
performance which translates into an increased credit enhancement
for the affected notes.

Better than expected collateral performance

The GUINCHO transaction is overperforming its original business
plan (by around 4% on gross collections and 21.5% net of legal and
procedural costs and deal expenses but gross of servicers' fees) as
well as Moody's expectations at closing which were lower than the
original business plan.

The addition of collections to date and servicers' updated
projections in October 2021 business plans are higher than their
original projections. 2021 collections were higher than 2020,
mainly driven by an EUR9.8 million loan sales in HG PT Unipessoal,
Lda ("Hipoges") portfolio. Gross collections up to October 2021 as
a percentage of the original Gross Book Value ("GBV") stood at
around 16% and NPV Cumulative Profitability Ratio (which compares
the sum of the net present values of gross collections net of
Receivables Recovery Expenses received for Exhausted Debt
Relationships compared to the expected in the original business
plan) remains at healthy levels of 158%.

In terms of underlying portfolio, the reported GBV stood at
EUR411.33 million as of October 2021 down from EUR480.75 million at
closing. Portfolio is serviced by Whitestar Asset Solutions, S.A.
(which initially serviced secured loans to individuals and took
over servicing of unsecured loans from Proteus Asset Management,
Unipessoal Lda. ("Altamira") on May 2021) and Hipoges.

Moody's notes that class B deferral trigger has not been hit up to
date.

NPL transactions' cash flows depend on the timing and amount of
collections. Due to the current economic environment, Moody's has
considered additional stresses in its analysis, including a 6
-month delay in the recovery timing.

Increase in Available Credit Enhancement

The advance rate on Class A Notes, the ratio between Class A Notes'
balance and the outstanding GBV for positions still being worked on
by the servicer, decreased to 5.44% as of November 2021 from 17.47%
at closing. Similarly advance rate for Class B Notes (the ratio
between the Class A and B Notes' balance and the outstanding GBV)
stood at 8.84% as of the same date down from 20.38% at closing.
Most of the reduction of the advance rates took place in the last
two periods and in particular in the last period - advance rates
stood at 11.48% and 14.79% as of November 2020 and at 9.31% and
12.59% as of May 2021 for Class A notes and Class B notes
respectively. A lower advance rate translates into higher
protection against credit losses for the Notes. Indeed when Moody's
compare servicer's expected collections net of costs and fees from
November 2021 onwards to the balance of the Notes, the ratio is
over 2x for class A notes. Net collections are applied according to
the transaction's priority of payments with costs and interests
ranking senior to class A notes, but this is a strong coverage.

Class A balance is now at 26.63% of the balance when Moody's rated
the transaction.

Class B notes do not benefit from the cash reserve in the
transaction. Moody's notes that the unpaid interests on B notes are
deferrable with accruing interest on interest. The rating of the
notes takes into consideration potential future liquidity
constraints.

Counterparty Exposure

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as servicer, or account banks.

Moody's considered how the liquidity available in the transaction
and other mitigants support continuity of Note payments in case of
servicer default. The ratings of the class A Notes are constrained
by operational risk. The transaction does not include a back-up
servicer nor a back-up servicer facilitator. Moody's considers that
the liquidity support provided to the rated Notes via the cash
reserve may be used in case of underperformance of the special
servicer, given the nature of the assets. This, in conjunction with
the lack of a back-up servicer, means that continuity of Note
payments could be affected in case of servicer disruption.

The principal methodology used in these ratings was "Non-Performing
and Re-Performing Loan Securitizations Methodology" published in
April 2020.

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) the recovery process of the non-performing
loans producing significantly higher cash-flows in a shorter time
frame than expected; (ii) improvements in the credit quality of the
transaction counterparties; and (iii) a decrease in sovereign
risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) significantly lower or slower cash-flows
generated from the recovery process on the non-performing loans;
(ii) deterioration in the credit quality of the transaction
counterparties; and (iii) increase in sovereign risk.



===========
S W E D E N
===========

RECIPHARM AB: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook to stable from positive. S&P
also affirmed its 'B' long-term rating on Recipharm AB (Roar BidCo)
and its 'B' issue credit rating on the senior secured debt, which
has a recovery rating of '3' (indicating recovery prospects of
about 60%).

The stable outlook indicates that S&P expects Recipharm to post
solid growth and maintain a strong product pipeline. Its adjusted
debt to EBITDA should therefore improve to around 6.0x-6.5x,
ensuring that FOCF generation will be robust.

Profitability is likely to be more volatile in 2022 because of
uncertain demand for some of Recipharm's products. Demand for
products such as antibiotics will depend on future developments
related to the pandemic. The group has some ability to pass-through
some price increases, mainly in Advanced Delivery Systems (ADS) and
SFF, to cover its higher costs and protect its margin. S&P said,
"Nevertheless, we estimate the adjusted EBITDA margin at 11%-12% in
2021, based on nonrecurring costs stemming from its leveraged
buyout and the new company structure, as well as restructuring
costs and some increased operational costs. As the nonrecurring
costs decrease in 2022, margins should recover, supported by some
upside from recent acquisitions (GenIbet, Arranta Bio, and
Vibalogics). We project that the adjusted EBITDA margin will be
16%-17% in 2022, although it will come under pressure as rising
inflation affects the cost of raw materials such as active
pharmaceutical ingredients, as well as labor, energy, packaging,
and transportation costs in the contract development and
manufacturing organization space."

Recipharm has launched multiple projects in 2022, causing its capex
to rise to about SEK1 billion-SEK1.1 billion and exposing it to
some execution risks. The company had previously budgeted capex of
only around SEK600 million. The group continues to invest new
capacity and projects, for example, opening its facility to produce
sterile items in France, expanding its capacity in ADS, and adding
to its expertise in manufacturing biologics. Specific projects
include a new site in Monts (France), which would specialize in the
aseptic filling of pharmaceutical products, including biologics,
vials, and cartridges. Production is expected to start in the third
quarter of 2022. These projects could diminish its EBITDA growth
over the next 12-24 months, but imply upside potential to our base
case for 2023. The possibility of volume ramp-up should reassure
existing customers and attract others.

S&P said, "If Recipharm makes no debt-financed acquisitions, we
project that its adjusted leverage will remain above 6x for the
next 12-18 months. Given that its operating performance is
constrained and it faces some nonrecurring costs, we estimate that
adjusted debt to EBITDA would be above 11x in 2021 and that FOCF
was negative because of Recipharm's investments in expansion
projects, such as the greenfield project to increase
fill-and-finish capacity in Uttarakhand (India) in Nichepharm.

"Despite Recipharm's extensive investments, we expect its debt
leverage to improve to 7.0x-7.5x in 2022, and its FOCF to be
positive at around SEK80 million-SEK100 million. Capex would be
around the same level as 2021. In 2023, Recipharm's investments
during 2021-2022 should yield revenue growth and better operational
performance. This, combined with lower capex should mean further
improvement in FOCF. Adjusted leverage is forecast to reach
6.0x-6.5x in 2023 and FOCF around SEK600 million.

"Recipharm has undertaken multiple small-to-midsize acquisitions in
the biologics and biosimilar space, which could limit its rating
headroom. Since we first rated it, Recipharm has made a string of
small acquisitions as part of its strategy to expand in the
biologics and biosimilars market. In January and February 2022,
Recipharm announced acquisitions of Vibalogics and Arranta Bio,
which we understand will be fully funded by equity. These are
expected to close by April 2022. Its acquisition of GenIbet is
included in our base case. The group drew on its revolving credit
facility (RCF) for a short period to fund the acquisition; this
funding is due to be replaced by equity by April 2022. Although its
strategy should help the company to diversify its business and
rapidly enter the biologics market, its ability to reduce leverage
to comfortably below 6.5x would be hampered if it were to undertake
any debt-financed acquisitions. The group's ability to generate
FOCF has already been impeded--FOCF was negative in 2021 and only
slightly positive in 2022. We expect it to strongly improve in
2023, but a challenge to this could increase volatility in our base
case.

"We expect the high-margin SFF segment to drive revenue growth for
the next 12 months. In 2021, we estimate that Recipharm achieved
net sales of SEK11.0 billion–SEK11.2 billion. The group was able
to produce the Moderna vaccine in France and benefitted from the
high demand for COVID-19 vaccines. It secured additional volumes
throughout the year and onboarded three sites from which to supply
vaccines, including two which produced COVID-19 vaccines. The
company strengthened its exposure to the SFF segment and positioned
itself as a preferred partner for these projects. However, the
group faced some decrease in volumes in its ADS segment, mostly
related to drug/device combos for inhalation and injectables. The
impact was partially offset by price increases and operational
savings. Recipharm's Oral Solid Dosages (OSD) segment also suffered
from lower customer demand for antibiotics and mucolytics, and
production disturbances at some manufacturing sites.

"For 2022, we expect Recipharm's revenue to grow by 3%-4%
organically. Mainly, this is because of a higher contribution from
its SFF business, with new manufacturing site opening in Monts
(France). The ADS segment should also see growth because of
increased capacity and the ramp-up of facilities, and OSD should
recover gradually as masks and social distancing measures are
lifted in the regions where it operates and demand for antibiotics
increases post-pandemic. External growth is forecast to add an
additional 1%-2%, based on the acquisition of GenIbet, Vibalogics,
and Arranta Bio. All three acquisitions are related to the group's
strategy of expanding in the biologics and biosimilars space. That
said, we see some execution risks as the group will have to
integrate these acquisitions with its existing operations and
ramp-up its pipeline while continuing to invest in its existing
projects. We remain cautious about growth prospects in SFF, given
the exposure to COVID-19 vaccines, and the uncertainty surrounding
the renewal of production for the next 12 months.

"The stable outlook indicates that we expect Recipharm to pursue
positive operating performance in 2022, with a solid products
pipeline. We expect adjusted debt to EBITDA of around 7.0x-7.5x,
from an estimated 11x in 2021, with slightly positive FOCF as the
company pursues investments related to increasing its manufacturing
capabilities and ramping up its new facilities over the next two
years.

"From 2023, we anticipate positive annual FOCF of SEK550
million–SEK600 million, mainly thanks to better operating
leverage and lower working capital requirements. Under our base
case, we expect Recipharm to maintain FFO cash interest coverage
above 3x and to achieve adjusted debt to EBITDA of 6.0x-6.5x.

"We could downgrade Recipharm if its operating performance deviates
materially from our base case, such that the group fails to improve
its profitability as we had assumed and adjusted debt to EBITDA
does not improve to below 6.5x, or if it cannot maintain funds from
operations (FFO) cash interest coverage of at least 2.5x." This
could stem, for example, from:

-- Loss of key customers;

-- More-aggressive financial policy causing adjusted leverage to
be higher that S&P anticipates in its base case;

-- Nonrenewal of contracts; or

- A significant increase in production and distribution costs,
with an inability to pass-through costs to customers.

S&P could downgrade Recipharm if it is unable to generate healthy
and recurring FOCF, resulting in a material deterioration in its
credit metrics that would hamper expected deleveraging.

S&P said, "We could upgrade Recipharm if it demonstrates a strong
deleveraging trend, with adjusted debt to EBITDA comfortably below
5.0x, and a long-term commitment to a conservative financial
policy. For an upgrade, we would also expect the group to report a
good track record of positive FOCF above our current base case. For
example, this could occur after significant gains in market share
through larger contract gains; robust growth from product
developments such as dosage forms and categories; enhanced
operating efficiency; and a conservative approach to external
expansion."

ESG credit indicators: E-2, S-2, G-2

Overall, ESG factors are an neutral consideration in our credit
rating analysis of Sweden-based diversified pharmaceutical
manufacturer Recipharm. The company succeeded in reducing its
greenhouse gas emissions significantly in 2020, compared with 2019,
and further improved its supplier assessment and monitoring (88%
International Organization for Standardization certified in 2020,
versus 85% in 2019). Recipharm's board of directors has a strong
lineup, including three independent board members that have
extensive experience in the pharmaceutical industry.




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

GAZPROM ENERGY: UK Gov't. May Rescue UK Supply Arm if Sale Fails
----------------------------------------------------------------
Gill Plimmer and Jim Pickard at The Financial Times report that the
UK government is on standby to rescue Gazprom's UK energy supply
arm within weeks if the company fails to find a buyer, according to
government and industry figures.

According to the FT, Gazprom Marketing & Trading Retail, which
trades as Gazprom Energy and supplies gas to about a fifth of UK
companies, is coming under pressure as companies withdraw from
contracts following Russia's invasion of Ukraine.

One person close to the business, a subsidiary of the Russian state
group's London-based global energy trading division, said rivals
had been approached in an effort to secure a quick sale, the FT
relates.

However, he acknowledged it "would be difficult" to reach a deal,
and said any sale would have to address the issue of hedged
supplies -- gas bought in advance from Gazprom Energy at prices
likely to be much cheaper than the rates that would be paid now,
the FT notes.

UK staff desertions may also be making it hard for Gazprom Energy
to continue operating, the FT relays, citing two people close to
the business.

The government is monitoring the situation closely and is on
standby to rescue the company if it fails, according to a
government official, the FT states.

In that scenario the state could either find another supplier to
take over its 30,000 business customers or rescue the company as it
did last year with energy supplier Bulb through the "special
administration" process, according to the FT.

A special administration would be a de facto nationalisation where
taxpayers would provide financial support to keep the company
running as a going concern -- enabling continuity of supply for
customers.

Gazprom Energy does not sell gas from its Russian parent but buys
it on the wholesale market, where the fuel comes from several
sources including the North Sea.

It supplies 100,000 sites across the UK, Ireland, France and the
Netherlands, and provides almost twice as much gas by volume as
Bulb.  It has offices in London and Manchester, employs about 350
people and has more than 60,000 commercial customers, including
parts of the NHS.

According to the FT, any collapse could raise the prospect of steep
price rises for customers that would not be protected by regulator
Ofgem's price cap, which only applies to households.

The person close to Gazprom Energy said the company was in constant
contact with the regulator and was not aware any decision had yet
been made to appoint a supplier of last resort or a special
administrator, the FT relates.


MILLBURN ASIA: Director Disqualified Following Liquidation
----------------------------------------------------------
The Department for the Economy on March 21 disclosed that Kwok Lun
Fung (55) of Millburn Road, Coleraine was disqualified for five
years on February 24, 2022, in the High Court, Belfast in respect
of his conduct as a director of Millburn Asia Food Ltd - In
liquidation ("the Company").

The Company operated licensed restaurants and went into liquidation
on April 21, 2018, with an estimated deficiency as regards
creditors of GBP237,721.  There was a total of GBP10 owing as Share
Capital, resulting in an estimated deficiency as regards members of
GBP237,731.

The matters of unfit conduct alleged by the Department in relation
to Kwok Lun Fung in respect of his conduct as a director of the
Company and accepted by the Court were:

Causing and permitting the Company to submit inaccurate PAYE / NIC
and VAT returns resulting in a loss of monies properly due to the
Crown and / or operating a policy of discrimination against the
Crown from 2015/16.  The Respondent caused and permitted the
Company to retain a total of GBP227,986.85 due to the Crown as at
the date of liquidation.  This represented 96% of the Company’s
overall estimated deficiency in respect of PAYE / NIC and VAT
properly payable to the Crown.  Furthermore, the Respondent
operated a policy of discrimination in that significant payments
were made to trade creditors at a time when the HMRC debt continued
to increase.

The Department has accepted twenty-eight Disqualification
Undertakings and the Court has made twelve Disqualification Orders
in the financial year commencing April 1, 2021.


ROADBRIDGE: Ex-Employees Seek Advice Over Compensation Claims
-------------------------------------------------------------
Tim Clark at Construction News reports that employees from
collapsed civils contractor Roadbridge have sought legal advice
over compensation claims.

Linder Myers solicitors told CN that ex-employees from Roadbridge
UK may be able to claim significant compensation if it is proved
that they had not been adequately consulted prior to the issuance
of the redundancy notice.

On March 16 administrators Grant Thornton announced in a statement
that both Roadbridge's UK subsidiary and the Irish parent company
had ceased trading, with more than 200 UK employees expected to be
laid off, CN relates.

It is alleged that Roadbridge UK may have failed to comply with
statutory obligations to collectively consult employee
representatives over an appropriate timescale prior to making all
of the employees redundant, CN discloses.

Companies are expected to give at least 30 days' prior notice of
redundancy if more than 20 employees are set to be made redundant.
The notice period rises to 45 days if more than 100 staff are
expected to lose their jobs.

According to Linder Myers, if any legal action is successful,
ex-Roadbridge employees may be entitled to up to 90 days' pay, with
eight weeks' pay guaranteed by the government if claims are brought
to an employment tribunal, CN notes.

Roadbridge had been undertaking extensive civils and earthworks
packages on the HS2 project for the Align joint venture, which
consists of Bouygues, Sir Robert McAlpine and VolkerFitzpatrick.

The contractor's Limerick-based parent company, Roadbridge Ltd, has
also been placed into receivership, with Grant Thornton handling
the affairs of both companies, CN relates.

According to CN, commenting on the decision to place the company in
receivership, Grant Thornton UK director Rob Parker said: "Due to
the financial position of the business, unfortunately the UK
business has ceased to trade, with the vast majority of the 215
employees being made redundant on March 16, 2022.

"The joint administrators and their team will now concentrate their
efforts on supporting employees through the Redundancy Payments
Service claims process during this difficult time, as well as
seeking to maximise realisations from the company's assets for the
benefit of the creditors of the company."


SOMERSET ALES: Saved from Administration
----------------------------------------
Alec Mattinson at The Grocer reports that Somerset Ales, a
microbrewery trading under the Quantock Brewery brand, has been
saved from administration.

On February 10, Mark Phillips and Scott Bastick, Directors of SKSi
were appointed joint administrators of Somerset Ales Limited,
trading as Quantock, The Grocer relates.

The Somerset-based brewer was placed into administration after
Covid hit over the counter sales, despite trading successfully
through lockdowns by offering a home delivery service, The Grocer
recounts.

According to The Grocer, Mark Phillips commented: "The business is
at a point where it needs significant investment to increase their
brewing capacity to meet demand and, as a result of the impact to
finances of the Covid pandemic, the existing shareholders were not
prepared to invest further which led to the administration."

He said that contracts have been exchanged for the sale of the
business and assets, some of which have already been transferred,
including the operation of the tap room and shop, and online sales
to the general public, The Grocer notes.

The new owners of the brewery is newly formed Quantock Ales Ltd,
which will operate the brewing and distribution to trade customers
alongside the administrators while the new company license
applications relating to the brewing are being processed, The
Grocer discloses.

The new owners have already invested in the acquisition of
additional brewing capacity to meet existing demand and have
provided working capital in order that the company can continue to
trade in administration, The Grocer states.

Somerset Ales bought Quantock Brewery, founded in 2007, out of
administration itself by related shareholders in 2017 after a CVA
was rejected by creditors, The Grocer recounts.


STUDIO RETAIL: Mike Ashley Bought Business for Just GBP1
--------------------------------------------------------
Catherine Furze at ChronicleLive reports that ex-Newcastle United
owner Mike Ashley bought his latest acquisition, Studio Retail
Group, for just GBP1, it has been revealed.

The online giant went into administration with an GBP80 million
black hole last month, after failing to secure a GBP25 million
loan, ChronicleLive recounts.  And documents submitted to Companies
House by administrators Teneo show how it fell into financial
trouble in the months before entering administration on Feb. 15,
ChronicleLive notes.

Around 1,500 jobs were saved when the website was acquired by
Ashley 's Frasers Group -- whose brands include House of Fraser,
Sports Direct and Jack Wills, ChronicleLive states.  Frasers Group
already owned a third of Studio when he bought it for GBP1, as well
as taking on GBP53.1 million of secured liabilities and acquiring
Studio Retail Group's secured lenders' claims against it for
GBP26.8 million, according to ChronicleLive.

Teneo revealed that Studio owed GBP50 million for a revolving
credit facility plus GBP3.1 million when it entered administration,
as well as owing GBP1,100 to employees for holiday pay and pension
contributions and a further GBP4.7 million to HMRC, ChronicleLive
discloses.

Studio Retail Limited, formerly Express Gifts Ltd, is the the
largest company within Studio Retail Group, and sells greeting
cards, gifts, home and garden items through its Studio and Ace
catalogues and websites, offering its customers easy-payment
terms.

According to ChronicleLive, the document filed with Companies House
by Teneo said: "Studio Retail Limited (SRL) experienced
considerable supply chain disruption during the six months to
December 2021, which delayed the receipt of stock into the UK
resulting in an inability to meet customer demand and the loss of
sales throughout the group's peak, pre-Christmas trading period.

"Whilst stock was primarily sourced from Asia and committed on long
lead times, SRL was unable to cancel late arriving stock which
resulted in a sizable stock 'overhand."

The Teneo document said that the group did not have sufficient
funds to pay the outstanding amounts due to suppliers or meet wage
costs beyond the end of February when it collapsed, ChronicleLive
relays.


WELCOME TO YORKSHIRE: Assets Put Up for Sale After Administration
-----------------------------------------------------------------
Miran Rahman at TheBusinessDesk.com reports that the business and
assets of Leeds-based tourism body, Welcome to Yorkshire, are being
offered for sale, three weeks after it was confirmed the troubled
organisation was being placed into administration.

According to TheBusinessDesk.com, the administrators, Armstrong
Watson LLP, are currently seeking offers for the business as a
going concern and from buyers interested in rare domain names
including www.yorkshire.com

The business's assets include the www.letour.yorkshire.com, the
White Rose tourism awards, 'Y' Magazine and over 150 domain names,
trademarks and patents, TheBusinessDesk.com discloses.

The deadline for best and final offers is 4:00 p.m. March 28, 2022,
TheBusinessDesk.com states.  Parties interested in the business or
assets should contact welcometoyorkshire@armstrongwatson.co.uk

Should a buyer not be found, acting agents BPI Asset Advisory RICS,
will be auctioning all assets individually -- including the 150
domain names -- via online auction at www.bpiauctions.com,
TheBusinessDesk.com states.

At the beginning of this month, the chairman of Welcome to
Yorkshire confirmed the regional tourism agency had run out of
options following an "incredibly difficult" three years,
TheBusinessDesk.com relates.

He said the impact of the pandemic and the task of securing
sufficient funding from public and private sectors to place the
organisation on a sound financial footing, had made the situation
increasingly difficult, TheBusinessDesk.com notes.



                           *********


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-
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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 2022.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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