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

                          E U R O P E

          Wednesday, April 13, 2022, Vol. 23, No. 68

                           Headlines



G E R M A N Y

SYNLAB AG: Fitch Affirms 'BB' LT IDR, Outlook Stable


H U N G A R Y

NITROGENMUVEK: Fitch Maintains 'B-' IDR on Watch Negative


I R E L A N D

BAIN CAPITAL 2022-1: S&P Assigns Prelim B- (sf) Rating to F Notes
ROCKFORD TOWER 2019-1: Fitch Raises Class F Notes Rating to 'B'
TRINITAS EURO II: S&P Assigns Prelim B- (sf) Rating to F-R Notes


R U S S I A

RUSSIAN RAILWAYS: In Default, Says Derivatives Panel


S E R B I A

JUGO-MONT: Serbia Puts RSD49.7 Million in Assets Up for Sale


S P A I N

PROMOTORA DE INFORMACIONES: S&P Downgrades ICR to 'SD'


S W E D E N

UNITI: Files for Insolvency Following Financial Woes


U N I T E D   K I N G D O M

247MONEYBOX: Customers Set to Get Compensation on April 15
CD&R GALAXY UK: Fitch Gives 'B' IDR, Outlook Stable
MARKET HOLDCO 3: Fitch Gives First-Time 'BB-' IDR, Outlook Stable
ORTHIOS: Assets Put Up for Sale Following Administration
REVOLUTION BARS: KPMG Fined GBP875,000 Over Audit Failings

SOFA WORKSHOP: John Pye to Handle Disposal of Showroom Stock
WELCOME TO YORKSHIRE: Silicon Dales Acquires Associated Assets

                           - - - - -


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

SYNLAB AG: Fitch Affirms 'BB' LT IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Synlab AG's Long-Term Issuer Default
Rating (IDR) at 'BB' with a Stable Outlook and senior debt at
'BB'/RR4.

The 'BB' IDR remains supported by Synlab's large, albeit mostly
Europe-focused, defensive and stable operations, subject to
regulatory pressures, with sustained positive free cash flow (FCF).
It also reflects Synlab's commitment to a conservative net
debt/EBITDA leverage target of below 3.0x, which corresponds to
below 4.0x, in terms of Fitch's calculated total adjusted net
debt/EBITDAR.

KEY RATING DRIVERS

Defensive Operations: The 'BB' IDR captures Synlab's defensive,
infrastructure-like business model, protected by high barriers to
entry with scale-driven efficiencies, technological know-how and
service quality, leading to moderate business risk. Positive rating
momentum will be predicated on further improvement of the business
risk profile as the company gains scale and diversification by
product and geography, while remaining committed to its stated
financial policies.

Reducing Covid-19 Tailwinds: As the pandemic operating contribution
contracts from 2022 to an estimated 15%-25% from the of 40% peak in
2021, Fitch projects a normalisation of sales at EUR2.7 billion and
an EBITDA margin of 20%. Net sales will resume growth by 2025 on
the back of low-single digit organic expansion and M&A.

Healthy FCF: Fitch projects high single-digit FCF margins until
2025, aided by strong for the sector EBITDA margins of at least
20%, despite inflationary cost pressures. In addition, optimised
cash debt service after the refinancing and debt prepayment
completed in 2021, combined with contained trade working-capital
and capex requirements, will result in strong annual FCF of EUR350
million in 2022 and permanently in excess of EUR200 million
thereafter.

Improved Leverage Headroom: The current leverage with total
adjusted net debt/EBITDAR projected at around 3.0x until 2025 is
conservative. It offers some headroom under the 'BB' IDR and
against Synlab's net debt/EBITDA leverage target of 3.0x, which
Fitch views as commensurate with the high 'BB' category. However,
Fitch expects this to increase, given the high importance of M&A
for Synlab's business development and equity investors' value
growth expectations, which may lead to larger-scale M&A or
shareholder friendly distributions. In addition, pandemic-induced
business has led to temporarily suppressed leverage, which will
unwind as the related business volumes progressively decline.

M&A Remains Critical: Inorganic growth remains a critical pillar of
Synlab's business strategy, given the low-single-digit growth
prospects embedded in the lab testing market, as well as the value
growth expectations by the equity holders. The rating therefore
incorporates up to EUR200 million of M&A a year, which the company
has consistently applied in the past, and which can be comfortably
accommodated from internal cash flows.

The sector continues to offer attractive consolidation
opportunities and Synlab has the flexibility to afford larger-scale
acquisitions using its sizeable committed and fully undrawn
revolving credit facility (RCF) of EUR500 million. However, this
represents event risk, which is unlikely to pressure the ratings,
given Synlab's leverage headroom of around 1.0x and Fitch's
expectation that management will consistently follow its leverage
target indications. Also, Synlab AG's shares potentially represent
an additional resource of M&A funding, although hardly economically
attractive at current valuation levels.

Regulation Affects Profits: Synlab operates in a regulated
healthcare market, which is subject to pricing and reimbursement
pressures, and in some jurisdictions such as France as Synlab's
largest geography, being framed in a tight price and volume
triennial agreement between the national healthcare authorities,
lab-testing groups and trade unions. The high social relevance of
the lab-testing sector exposes the markets constituents such as
Synlab to increased risks of tightening regulations constraining
their ability to maintain operating profitability and cash flows.
Fitch captures this risk in the ESG Relevance Score of '4' for
Exposure to Social Impact.

DERIVATION SUMMARY

Fitch rates Synlab using Fitch's Ratings Navigator framework for
medical devices, diagnostics and products companies. Synlab is the
largest lab-testing company in Europe. Following its IPO in April
2021, Synlab's 'BB' IDR reflects the group's large scale, with
sales sustained of around EUR3 billion (excluding the peak pandemic
contribution in 2021) and market-leading positions in the European
lab-testing market, alongside a defensive business model given the
infrastructure-like nature of lab-testing services.

Compared with other investment grade (IG) global medical diagnostic
peers such as Eurofins Scientific S.E. (BBB-/Stable) and Quest
Diagnostics Inc (BBB/Stable), Synlab is more geographically
concentrated in Europe (around 95% of sales) and is more exposed to
the routine lab-testing market. In addition, the IG-rated Eurofins
and Quest are 2x-3x larger in total sales and more diversified
across other diagnostic markets such as environmental and food
testing. However, Synlab's profitability is broadly in line with IG
peers', with solid EBITDAR margins of at least 20% in the medium
term (29% in 2021, driven by the pandemic) and strong
high-single-digit FCF margins.

Synlab's 'BB' IDR also factors in a more conservative financial
risk profile, following debt prepayments from asset disposals, the
IPO and best in the corporate history trading performance in 2021,
as the company continues to benefit from the pandemic. The group's
current credit risk profile has some headroom in the 'BB' rating
category with funds from operations (FFO) adjusted gross leverage
projected at 3.0x through 2025. The conservative financial policy
differentiates Synlab from smaller, more aggressively leveraged
Laboratoire Eimer Selas (B/Stable) and Inovie Group (B/Stable) with
FFO-adjusted gross leverage at 8.0x and 7.0x, respectively.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Organic sales growth of 1%; Covid-19 contribution to sales
    declines by half in 2022, and a further two-thirds from 2023
    based on the prior year's level;

-- EBITDA margins normalising at 20% by 2025 as pandemic-related
    volumes decline and due to inflationary cost pressures;

-- EUR200 million of bolt-on acquisitions per year until 2025,
    funded by internal cash flows;

-- Enterprise value (EV)/EBITDA acquisition multiples of 10x;

-- Capex at 4.5% of sales in 2022-2025;

-- Strong FCF generation, with FCF of at least EUR200 million
    until 2025;

-- Common dividends for 2021 based on proposed dividend,
    thereafter based on a 30% payout ratio.

RATING SENSITIVITIES

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

-- Evidence of greater business maturity and scale (excluding
    Covid-19), as reflected in improving product focus and
    geographical diversification, leading to FCF margins
    sustainably in the mid to high single digits;

-- Strict commitment to a conservative financial policy and
    leverage target;

-- Total adjusted net debt/EBITDAR below 3.0x (FFO adjusted net
    leverage below 3.5x), and

-- EBITDAR/gross interest + rents above 5.0x (FFO fixed charge
    cover above 5.0x).

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

-- Weakening business profile and declining profitability with
    mid-single digit FCF margins;

-- Looser financial policy e.g. willingness to breach group
    leverage target due to renewed debt-funded M&A activity or
    unexpectedly high shareholder remunerations;

-- Total adjusted net debt/EBITDAR above 4.5x (FFO adjusted net
    leverage above 4.0x);

-- EBITDAR/gross interest + rents below 4.0x (FFO fixed charge
    cover below 4.0x).

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

Comfortable Liquidity: Synlab's liquidity position is comfortable
with projected Fitch-defined readily available year-end cash (net
of restricted cash of EUR50 million deemed to be required in daily
operations) of EUR500 million-EUR600 million, further reinforced by
EUR500 million available under the committed RCF. Strong operating
performance with moderate working capital and capex should
facilitate high internal cash generation, with FCF estimated on
average at EUR250 million through to 2025, which is sufficient to
accommodate bolt-on M&A of up to EUR200 million a year.

Synlab benefits from diversified sources of funding and a
long-dated debt maturity profile with term loans and RCF due
2026-2027 and lower debt-service cost. Following Synlab's IPO, the
group has gained access to equity markets, which further improves
its funding options.

ISSUER PROFILE

Synlab is one of Europe's largest providers of analytical and
diagnostic testing services, offering routine and specialist tests
in clinical testing, anatomical pathology testing and diagnostic
imaging. It runs operations in around 40 countries, with a
predominant focus on Europe.

ESG CONSIDERATIONS

Synlab AG has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to increased risks of tightening regulation
constraining its ability to maintain operating profitability and
cash flows. This has a negative impact on its credit profile and is
relevant to the rating in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

DEBT                 RATING           RECOVERY    PRIOR
----                 ------           --------    -----
Synlab Bondco PLC

senior unsecured   LT BB Affirmed        RR4       BB

Synlab AG

                   LT IDR BB Affirmed              BB
senior unsecured   LT BB Affirmed        RR4       BB



=============
H U N G A R Y
=============

NITROGENMUVEK: Fitch Maintains 'B-' IDR on Watch Negative
---------------------------------------------------------
Fitch Ratings has maintained Nitrogenmuvek's 'B-' Issuer Default
Rating (IDR) and its senior unsecured rating on Rating Watch
Negative (RWN) due to severe volatility of gas prices, which could
impair its ability to maintain production sustainably.

The RWN reflects the risk that future surges in gas prices as that
seen in March 2022 could lead the company to shut down its plant
again, leading to cash consumption or weaker future earnings.
Better-than-expected performance in 4Q21 and early 2022 have
reinforced Nitrogenmuvek's cash buffer, which enables the company
to withstand short-lived market turbulences. Fitch will closely
monitor its liquidity evolution due to the highly volatile market
environment.

The ratings of Nitrogenmuvek reflect its small scale with a
single-site operation, low geographical and product
diversification, high exposure to gas-price volatility and its
position at the upper end of the global ammonia cost curve as well
as ownership concentration. Rating strengths are its dominant
market share in Hungary as the only manufacturer of nitrogen
fertilisers with a focus on granulated calcium ammonium nitrate
(CAN).

KEY RATING DRIVERS

Volatile Market Environment: Fitch believes that the extreme gas
price volatility in Europe continues to hinder cash-flow
forecasting, particularly as Nitrogenmuvek operates a single plant
in Hungary. The ability to maintain production when regional gas
price surge depends on the affordability of higher fertiliser
prices for European farmers. This explains Nitrogenmuvek's
temporary production curtailment in September 2021 and its plant
shutdown in March 2022, before it restarted production as the
market eventually accepted higher prices. Further volatility cannot
be ruled out given the war in Ukraine.

Financial Impact Mitigated: High fertiliser prices and operating
rates in 4Q21 until February 2022, and the sale of inventories in
March 2022, resulted in high EBITDA generation, mitigating the
impact of plant maintenance and curtailments. Moreover, customer
prepayments supported liquidity throughout the winter. This
provides some buffer heading into the summer season when cash
requirement is higher, and to cover the potential payment of a fine
to the Hungarian Competition Authority in 2Q22. Given that
fertiliser consumption in the region is highest in the first
quarter of the year, expected good performance in 1Q22 will support
2022 EBITDA generation.

Production Restarts, Risks Persist: In Fitch's view, the
sustainability of production remains at risk of further increases
in gas prices, given the ongoing conflict in Ukraine. Fertiliser
demand and gas prices are typically lower during the summer, when
inventories are rebuilt. Therefore, high gas prices during the
summer would challenge the company's ability to maintain high
production rates unless a significant portion of sales are
contracted. Fitch believes that Nitrogenmuvek has sufficient cash
to withstand short-lived gas volatility and would adapt its
production to preserve liquidity should the need arise.

High Risk/Reward: Despite a 26% fall in EBITDA to HUF17 billion
after a good year in 2020, Nitrogenmuvek outperformed Fitch's
forecast for 2021 as it operated at full capacity in 4Q21 and the
market accepted higher prices. Based on high fertiliser prices in
2022, Fitch believes the company can deliver strong results if it
can keep producing during periods of more stable gas prices or if
the cost can be hedged, but this is not always possible, for
example during the summer season.

Fluctuating Leverage: Based on a strong start to the year, Fitch
expects funds from operations (FFO) gross leverage to reduce to
3.5x in 2022 from 5.6x in 2021, but to increase up to 6.6x in 2024
assuming regular maintenance. This highlights the volatility in
metrics caused by the exposure to gas and fertiliser prices, as
well as operating a single plant with regular maintenance.

Single Asset Risk: Production depends on Nitrogenmuvek's sole
ammonia plant, which exposes the company to operational risk.
Although it has been more stable since the completion of the capex
programme that ended in 2018, after a period of recurring unplanned
outages, Fitch sees this single asset structure as a significant
constraint on the stability of cash flows.

Price and Gas Cost Volatility: Nitrogenmuvek lacks the product and
geographical diversification of its international peers, and is at
the upper end of the global ammonia cost curve, which leaves it
more exposed to nitrogen-price volatility than lower-cost
producers. It is also exposed to volatility in natural gas prices,
its main raw material, which it buys through spot or short-term
contracts. Fertiliser price volatility continues to be driven by
gas costs, weather patterns and uncertainties around global supply
and trade patterns. Moreover, plant maintenance must be performed
every three years for a period of 45-60 days, which can reduce
production by 12%-15% and adds volatility to metrics over time.

Weak Corporate Governance: Nitrogenmuvek's rating factors in
ownership concentration. In April 2022, the Office of Economic
Competition imposed a fine of about HUF8.6 billion due to
allegations that Nitrogenmuvek infringed the provision of the Law
of Competition. An appeal process is ongoing.

DERIVATION SUMMARY

Nitrogenmuvek has a significantly smaller scale and weaker
diversification than most Fitch-rated EMEA fertiliser producers.
This is somewhat mitigated by its status as the sole domestic
producer and dominant share in landlocked Hungary, with high
transportation costs for competing importers.

Among its wider peer group, Roehm Holding GmbH (B-/Stable), a
European producer of methyl methacrylate, is a much larger and
diversified company with a strong cost position in Europe but is
also exposed to raw-material volatility and has higher leverage
since its acquisition by a private equity sponsor.

While Root Bidco Sarl (B/Stable) has higher leverage than
Nitrogenmuvek and limited diversification, it operates on a larger
scale and its rating reflects the stability of its business profile
due to a focus on specialty-crop nutrition, crop protection and
bio-control products as well as its positioning in higher-margin
segments with favourable growth prospects.

Lune Holdings S.a.r.l. (B/Stable) has a similar asset concentration
and has yet to establish a record of stable production at a higher
operating rate. However, it has reduced its supplier dependency
with the construction of an ethylene terminal, and has direct
access to the Mediterranean Sea to reach export markets outside of
Europe. It also maintains conservative leverage with FFO gross
leverage consistently below 4x through the cycle despite
significant capex.

KEY ASSUMPTIONS

-- Fertiliser prices to generally follow Fitch's global
    fertiliser and gas price assumptions to 2025;

-- Fertiliser sales volumes of 1.1mt in 2022, 1.2mt in 2023, 1mt
    in 2024 and 1.2mt in 2025;

-- EBITDA margin on average at 16% over 2022-2025;

-- Maintenance capex at 1%-2% of sales to 2025;

-- Annual dividends of HUF3 billion from 2023.

KEY RECOVERY ANALYSIS ASSUMPTIONS

-- The recovery analysis assumes that Nitrogenmuvek would be
    liquidated rather than treated as going-concern (GC), as the
    estimated value derived from the sale of the company's assets
    is higher than its estimated GC enterprise value (EV) post
    restructuring.

-- The liquidation estimate reflects Fitch's view of the value of
    inventory and other assets that can be realised in a
    reorganisation and distributed to creditors.

-- Property, plant and equipment is discounted by 50%; the value
    of accounts receivables by 25% and the value of inventory by
    50%, in line with peers' and industry trends.

-- Its EUR200 million bond ranks pari passu with the company's
    bank debt.

-- After deduction of 10% for administrative claims, our
    waterfall analysis generated a waterfall-generated recovery
    computation (WGRC) in the 'RR3' band, indicating a 'B'
    instrument rating. The WGRC output percentage on current
    metrics and assumptions was 68%.

RATING SENSITIVITIES

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

-- The ratings are on RWN, and Fitch therefore does not expect a
    positive rating action at least in the short term. However, a
    return of market conditions supporting profitable sustained
    production, evidence of sufficient liquidity headroom over the
    next 12 months, FFO gross leverage below 7x and FFO net
    leverage below 6.5x on a sustained basis could lead to a
    removal of RWN and rating affirmation with a Stable Outlook

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

-- Material deterioration in liquidity profile due to, among
    other things, continuously high gas prices and the company's
    inability to sell fertilisers at high prices leading to plant
    shutdown for a protracted period or unprofitable operations

-- Sustained FFO gross leverage above 7.0x and FFO net leverage
    above 6.5x, continuous deterioration in EBITDA margin to below
    10% and sustainably negative FCF

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

Strengthened Buffer, Higher Volatility: Nitrogenmuvek maintained a
comfortable cash buffer throughout the winter due to EBITDA
generation and prepayment of orders. Fitch estimates that about
half of the HUF56.6 billion available cash as of end-2021 consists
of customer prepayments. However, this is sufficient to cover
annual debt service of about HUF9 billion and a potential fine
payment of about HUF8.6 billion.

Nitrogenmuvek's working capital is highly volatile and liquidity is
typically weaker during the summer. Higher gas prices will
accentuate this volatility and could even prompt further production
curtailments or plant shutdowns.

ISSUER PROFILE

Nitrogenmuvek is a privately-owned producer of nitrogen fertiliser
based in Hungary.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- EBITDA and FFO reduced by HUF181 million corresponding to
    depreciation of right-of-use asset and lease-related interest
    expense.

-- Lease liabilities of HUF597 million excluded from financial
    debt.

ESG CONSIDERATIONS

Nitrogenmuvek 's ESG Relevance Score for Governance Structure of
'4' reflects its concentrated ownership and ongoing litigations
over alleged infringement of the provision of the Law of
Competition, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

DEBT                       RATING                  RECOVERY  PRIOR
----                       ------                  --------  -----
Nitrogenmuvek Zrt
                   LT IDR B- Rating Watch Maintained          B-
senior unsecured   LT B Rating Watch Maintained       RR3     B



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I R E L A N D
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BAIN CAPITAL 2022-1: S&P Assigns Prelim B- (sf) Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Bain
Capital Euro CLO 2022-1 DAC's class X, A, B, C, D, E, and F notes.
At closing, the issuer will also issue unrated subordinated notes.

The preliminary ratings assigned to Bain Capital Euro CLO 2022-1's
notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The issuer's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,800.84
  Default rate dispersion                                458.44
  Weighted-average life (years)                           5.164
  Obligor diversity measure                              147.98
  Industry diversity measure                              20.56
  Regional diversity measure                               1.25

  Transaction Key Metrics
                                                        CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                           0.5
  Covenanted 'AAA' weighted-average recovery (%)          35.50
  Floating-rate assets                                    92.90
  Weighted-average spread (net of floors; %)               3.94

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.

The portfolio's reinvestment period will end approximately 4.5
years after closing, and the portfolio's maximum average maturity
date will be 8.5 years after closing.

S&P said, "On the effective date, we expect that the portfolio will
be well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs. As
such, we have not applied any additional scenario and sensitivity
analysis when assigning ratings to any classes of notes in this
transaction.

"In our cash flow analysis, we used the EUR415.00 million target
par, a weighted-average spread (3.85%), the reference
weighted-average coupon (4.00%), and the covenanted
weighted-average recovery rates as indicated by the issuer. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category. Our credit and
cash flow analysis indicates that the available credit enhancement
for the class B to D notes could withstand stresses commensurate
with higher ratings than those we have assigned. However, as the
CLO will be in its reinvestment phase starting from closing, during
which the transaction's credit risk profile could deteriorate, we
have capped our preliminary ratings assigned to the notes.

"Under our structured finance ratings above the sovereign criteria,
we consider that the transaction's exposure to country risk will be
sufficiently mitigated at the assigned rating levels.

"At closing, we expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate the
exposure to counterparty risk under our current counterparty
criteria.

"We expect the issuer's legal structure to be bankruptcy remote, in
line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X to F notes."

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in "How
Credit Distress Due To COVID-19 Could Affect European CLO Ratings,"
published on April 2, 2020."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries
(non-exhaustive list): the manufacturing or marketing of
controversial weapons or thermal coal production. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, we have not made any specific adjustments
in our rating analysis to account for any ESG-related risks or
opportunities."

  Preliminary Ratings

  CLASS    PRELIM.    PRELIM.     CREDIT        INTEREST RATE
           RATING     AMOUNT     ENHANCEMENT
                     (MIL. EUR)     (%)                      

  X        AAA (sf)      1.00       N/A    Three/six-month EURIBOR

                                                plus 0.60%

  A        AAA (sf)    253.15      39.00   Three/six-month EURIBOR

                                                plus 1.24%

  B        AA (sf)      43.58      28.50   Three/six-month EURIBOR

                                                plus 2.40%

  C        A (sf)       24.90      22.50   Three/six-month EURIBOR

                                                plus 3.50%

  D        BBB (sf)     28.80      15.56   Three/six month EURIBOR

                                                plus 4.60%

  E        BB- (sf)     22.30      10.19   Three/six-month EURIBOR

                                                plus 6.99%

  F        B- (sf)       9.29       7.95   Three/six-month EURIBOR

                                                plus 9.51%

  M-1      NR           33.20        N/A          N/A

  M-2      NR            0.50        N/A          N/A

  NR--Not rated.
  N/A--Not applicable.
  EURIBOR--Euro Interbank Offered Rate.


ROCKFORD TOWER 2019-1: Fitch Raises Class F Notes Rating to 'B'
---------------------------------------------------------------
Fitch Ratings has upgraded Rockford Tower Europe CLO 2019-1 DAC's
class D, E, and F notes, affirmed the class B-1 to C notes and
removed the class B-1 to F notes from Rating Watch Positive (RWP).
The Outlooks are Stable. A full list of rating actions is below.

     DEBT               RATING           PRIOR
     ----               ------           -----
Rockford Tower Europe CLO 2019-1 DAC

B-1 XS2064432359   LT AAsf   Affirmed    AAsf
B-2 XS2064432862   LT AAsf   Affirmed    AAsf
C XS2064433837     LT Asf    Affirmed    Asf
D XS2064434488     LT BBBsf  Upgrade     BBB-sf
E XS2064435022     LT BBsf   Upgrade     BB-sf
F XS2064435295     LT Bsf    Upgrade     B-sf

TRANSACTION SUMMARY

Rockford Tower Europe CLO 2019-1 DAC is a cash flow collateralised
loan obligation (CLO) mostly comprising senior secured obligations.
The transaction is actively managed by Rockford Tower Capital
Management, L.L.C. and will exit its reinvestment period in July
2024.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's stressed
portfolio analysis. The analysis considered modelling results for
the current and stressed portfolios based on the 15 February 2022
trustee report. The stressed portfolio analysis is based on Fitch's
collateral quality matrix specified in the transaction
documentation and underpins the model-implied ratings (MIRs) in
this review.

The transaction has six matrices, based on 10%, 5%, and 0%
fixed-rate obligation limits and top 10 obligor concentration
limits of 17% and 24%. Fitch analysed the matrix specifying the 17%
top 10 obligor concentration limit, as the transaction currently
has a 16.80% concentration. When analysing the matrix, Fitch
applied a haircut of 1.5% to the weighted average recovery rate as
the calculation in the transaction documentation is not in line
with the latest CLO criteria.

The weighted average life (WAL) used for the transaction's stressed
portfolio and matrices analysis is reduced to six years after a
0.44-year reduction from the WAL covenant. This is to account for
structural and reinvestment conditions after the reinvestment
period, including the satisfaction of the coverage tests and
Fitch's 'CCC' limit tests, together with a progressively decreasing
WAL covenant. In the agency's opinion, these conditions reduce the
effective risk horizon of the portfolio during stress periods.

Fitch has been informed by the manager that owing to market
conditions there is no longer any plan to reset or refinance the
transaction in the near term. Therefore Fitch has removed the class
B-1 to F notes from RWP. The Stable Outlooks on all notes reflect
Fitch's expectation of sufficient credit protection to withstand
potential deterioration in the credit quality of the portfolio in
stress scenarios that are commensurate with the ratings. The
transaction is still in its reinvestment period, so no deleveraging
is expected.

MIR Deviation: The class B-1, B-2, C, D, E and F notes' ratings are
one notch below the MIR. The deviation reflects the remaining
reinvestment period until July 2024, during which the portfolio
could change significantly, due to reinvestment or negative
portfolio migration.

Stable Asset Performance: The transaction metrics indicate stable
asset performance. The transaction is currently 0.65% above par. It
is passing all collateral quality tests, all portfolio profile
tests and all coverage tests. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is 4.60% according to the
latest trustee report versus a limit of 7.50%.

'B' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors in the 'B' category. The weighted
average rating factor (WARF) as calculated by the trustee was
32.65, which is below the maximum covenant of 34.20. The WARF, as
calculated by Fitch under the updated criteria, was 24.37.

High Recovery Expectations: Senior secured obligations comprise
97.64% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 16.80%, and no obligor represents more than 2.19%
of the portfolio balance.

RATING SENSITIVITIES

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

-- Downgrades may occur if build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed due to
    unexpectedly high levels of defaults and portfolio
    deterioration. Fitch will update the sensitivity scenarios in
    line with the view of its leveraged finance team.

-- A 25% increase of the mean default rate (RDR) across all
    ratings and a 25% decrease of the recovery rate (RRR) across
    all ratings would result in downgrades of up to four notches
    across the structure.

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

-- After the end of the reinvestment period, upgrades may occur
    in the event of better-than-expected portfolio credit quality
    and deal performance, leading to higher credit enhancement and
    excess spread available to cover for losses in the remaining
    portfolio.

-- A 25% reduction of the mean RDR across all ratings and a 25%
    increase in the RRR across all ratings would result in an
    upgrade of no more than four notches across the structure,
    apart from the class A notes, which are already at the highest
    rating on Fitch's scale and cannot be upgraded.

BEST/WORST CASE RATING SCENARIO

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

DATA ADEQUACY

Rockford Tower Europe CLO 2019-1 DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

TRINITAS EURO II: S&P Assigns Prelim B- (sf) Rating to F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Trinitas
Euro CLO II DAC's class X-R to F-R European cash flow CLO notes. At
closing, the issuer will issue unrated subordinated notes.

The transaction is a reset of the existing MacKay Shields Euro CLO
II DAC transaction, which closed in July 2020.

The issuance proceeds of the refinancing notes will be used to
redeem the notes (class A, B, C, D, and E of the original MacKay
Shields Euro CLO II transaction), and pay fees and expenses
incurred in connection with the reset.

The reinvestment period will end in April, 2025. The covenanted
maximum weighted-average life will be 7.5 years from closing.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                     CURRENT
  S&P weighted-average rating factor                2,699.90
  Default rate dispersion                             469.52
  Weighted-average life (years)                         5.28
  Obligor diversity measure                           149.14
  Industry diversity measure                           23.10
  Regional diversity measure                            1.22

  Transaction Key Metrics
                                                     CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                       B
  'CCC' category rated assets (%)                       0.63
  Covenanted 'AAA' weighted-average recovery (%)       36.76
  Covenanted weighted-average spread (%)                3.65
  Covenanted weighted-average coupon (%)                4.00


Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments.

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.65%), the
reference weighted-average coupon (4.00%), and the covenanted 'AAA'
weighted-average recovery rate (36.76%) as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings.

"Until the end of the reinvestment period on April 15, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X-R to E-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for class B-R to D-R notes
could withstand stresses commensurate with the same or higher
rating levels than those we have assigned. However, as the CLO will
be in its reinvestment phase starting from closing, during which
the transaction's credit risk profile could deteriorate, we have
capped our preliminary ratings assigned to the notes.

"For the class F-R notes, our credit and cash flow analysis
indicates a negative cushion at the assigned preliminary rating.
Nevertheless, based on the portfolio's actual characteristics and
additional overlaying factors, including our long-term corporate
default rates and recent economic outlook, we believe this class is
able to sustain a steady-state scenario, in accordance with our
criteria." S&P's analysis reflects several key factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that has recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

S&P said, "We also compared our model generated break-even default
rate at the 'B-' rating level of 21.86% versus if we were to
consider a long-term sustainable default rate of 3.10% for 5.28
years (current weighted-average life of the CLO portfolio), which
would result in a target default rate of 16.37%.

"The actual portfolio is generating higher spreads versus the
covenanted fix/floating threshold that we have modelled in our cash
flow analysis.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X-R to E-R
notes to five of the 10 hypothetical scenarios we looked at in our
publication.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
production or marketing of controversial weapons, tobacco or
tobacco-related products, nuclear weapons, thermal coal production,
payday lending, speculative extraction of oil and gas, pornography
or prostitution, illegal drugs or narcotics, or opioid
manufacturing and distribution. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

  Ratings List

  CLASS    PRELIM.    PRELIM.     INTEREST RATE     CREDIT
           RATING     AMOUNT                      ENHANCEMENT (%)
                     (MIL. EUR)                           
  X-R      AAA (sf)      2.30      3mE + 0.70%        N/A

  A-R      AAA (sf)    248.00      3mE + 1.17%      38.00

  B-R      AA (sf)      34.00      3mE + 2.70%      29.50

  C-R      A (sf)       28.50      3mE + 3.75%      22.38

  D-R      BBB- (sf)    28.00      3mE + 4.63%      15.38

  E-R      BB- (sf)     19.50      3mE + 7.23%      10.50

  F-R      B- (sf)      14.00      3mE + 10.03%      7.00

  Sub      NR           28.85      N/A                N/A

NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.




===========
R U S S I A
===========

RUSSIAN RAILWAYS: In Default, Says Derivatives Panel
----------------------------------------------------
Bloomberg News reports that Russian Railways JSC has been ruled in
default by a derivatives panel after missing a bond interest
payment, the first such decision since Russia was slapped with
extensive sanctions that complicated financial transactions.

A failure-to-pay credit event occurred after a coupon due on March
14 failed to reach investors by the end of a 10-day grace period,
Bloomberg relays, citing the Credit Derivatives Determinations
Committee.

The decision could set a precedent for the Russian government and
local companies which have found themselves in a similar position,
Bloomberg states.  Since the beginning of the war in Ukraine,
Western banks and other financial intermediaries have been blocking
bond payments as they pored over legal implications of the
sanctions, effectively shutting Russian borrowers out of the global
financial system, Bloomberg notes.

State-owned Russian Railways attempted to pay the bond coupon last
month, but it failed to reach holders due to "legal and regulatory
compliance obligations within the correspondent banking network",
Bloomberg recounts.

Contracts insuring the company's debt against default will be
triggered by the committee's decision, and holders will now wait to
see how much will be paid, Bloomberg discloses.  The ruling doesn't
have a direct impact on bond investors, which so far haven't
requested an immediate repayment of their holdings, Bloomberg
states.

Russia's Finance Ministry has accused the U.S. and others of trying
to force it into a default, which would be the first on its
international debt in more than a century, Bloomberg relates.  The
country was forced to pay two dollar bonds with rubles last week to
keep up with its debt obligations, even though the notes didn't
allow for it, Bloomberg notes.

"The situation has reached a stage where a technical default for
Russia is now almost inevitable," said Gary Kirk, emerging markets
portfolio manager at TwentyFour Asset Management LLP.

According to Bloomberg, S&P Global Ratings said on April 9 that the
payment in a different currency is tantamount to a default,
although the government has until early May to remedy it with a
conversion into dollars.

Last week, credit-default swaps -- which are fairly illiquid at
these levels -- showed a 99% probability of default on Russia's
external debt within 12 months, Bloomberg recounts.  The CDS now
signal an 88% chance, Bloomberg states.

A formal default, however, may trigger a legal response by the
Russian government, finance minister Anton Siluanov said in an
interview to Russian newspaper Izvestia, Bloomberg notes.




===========
S E R B I A
===========

JUGO-MONT: Serbia Puts RSD49.7 Million in Assets Up for Sale
------------------------------------------------------------
Branislav Urosevic at SeeNews reports that Serbia's Deposit
Insurance Agency said it is offering for sale assets of bankrupt
construction company Jugo-mont worth an estimated RSD49.7 million
(US$459,187/EUR422,163).

According to SeeNews, the agency said in a statement on April 11
the assets on sale include land zoned for construction projects, as
well as a residential building and an office building.

The starting price in the auction is set at RSD24.85 million,
SeeNews discloses.  The auction will take place on May 18, SeeNews
notes.

The company based in Cenej, northern Serbia went bankrupt in 2019,
SeeNews recounts.  A batch of assets, valued at RSD35.8 million,
was sold for RSD17.9 million in November 2020, SeeNews states.




=========
S P A I N
=========

PROMOTORA DE INFORMACIONES: S&P Downgrades ICR to 'SD'
------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Promotora de
Informaciones S.A. (Prisa) to 'SD' (selective default) from 'CC'.

S&P intends to review its ratings on Prisa over the coming days,
incorporating its forward-looking opinion of the company's
creditworthiness.

The downgrade reflects S&P's view that, in line with its criteria,
the debt restructuring transaction is tantamount to a default,
because, absent this refinancing, the group would have likely faced
a conventional default.

On April 8, 2022, Prisa signed an agreement to restructure its
debt, after receiving consent from all debtholders.

Prisa has refinanced the EUR231 million super senior secured debt
due in 2024 with a EUR160 million term loan and EUR80 million
revolving credit facility (RCF) due in June 30, 2026. S&P
understands the EUR80 million RCF was fully undrawn at closing. In
addition, Prisa has refinanced the EUR751 million senior secured
syndicated loan due 2025 by issuing: (i) EUR569 million senior
secured term loan due Dec. 31, 2026, and (ii) EUR182 million junior
term loan due June 30, 2027. The group has achieved longer maturity
dates and overall lower interest cost on the new debt facilities
while implementing new financial covenants that provide adequate
headroom.

S&P said, "We view this transaction as distressed in line with our
criteria because prior to this Prisa's capital structure was
unsustainable and, absent the proposed refinancing, the group would
have had likely breached its financial covenants at Sept. 30, 2023.
We think the refinancing results in investors receiving less than
initially promised in the original loans contract because the
overall interest on the new debt, including the cash and
payment-in-kind (PIK) components, will be lower. We do not consider
the warrants as part of the calculation of lenders' retribution. We
view the early consent fee of 75 basis points to be minimal. At the
same time, we understand existing senior secured lenders have
participated pro rata in the new senior debt and have been offered
the option to reduce their exposure by electing to receive a
repayment in cash at par (including accrued PIK interest) and not
participate in the proposed junior debt tranche. Overall, the
transaction comprises the following:

-- On the EUR240 million super senior debt, overall interest will
reduce by one percentage point to Euribor plus 5%, although S&P
notes lenders will receive a larger cash component upfront, as well
as a 1% original issue discount. In addition, lenders will also
obtain a higher undrawn commitment fee (50%, up from 40% under the
former agreement). Absent the restructuring, lenders would have
received 3% cash and 3% PIK in 2022, 4% cash and 2% PIK in 2023,
and 5% cash and 1% PIK subsequently.

-- On the EUR575 million senior debt, in 2022, there will be a
marginal 0.75% cash interest uplift, but a reduction of 1.5% PIK.
In subsequent years (from 2023), lenders will obtain only a 0.25%
cash uplift and a reduction of 3% PIK, per year. S&P notes the
proposed early consent fee is 0.75% PIK if adhering to the
refinancing during the period.

-- Prisa will have the ability to repay the junior debt ahead of
the super senior and senior debt subject to certain conditions,
which could distort the debt ranking for lenders. These conditions
include: (i) pro forma net senior leverage at the time of the
repayment and in the following four financial quarters to be equal
or less than 6x; and (ii) where the repayment is made from disposal
proceeds and/or excess cash, the group having available liquidity
of at least EUR150 million at the time of repayment.

-- Revised covenants, including a minimum liquidity test up to
September 2023 that Prisa will meet after the refinancing is
complete. Subsequently, net leverage and debt service coverage
covenants will be tested quarterly. S&P estimates over the next 12
months Prisa will have adequate headroom above 15%;

-- A new mergers and acquisitions basket of up to EUR135 million
pari passu to new senior debt if the acquisition is within a
pre-approved list or any debt for acquisitions outside that list
provided the pro forma net debt-to-EBITDA ratio is below 7.0x; and

-- Disposal proceeds subject to a EUR75 million reinvestment
basket, within 18 months of receipt of proceeds.

S&P intends to review its ratings on Prisa over the coming days. In
doing so, S&P will incorporate its forward-looking opinion of the
company's creditworthiness, including its view on its operational
performance and new capital structure.




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

UNITI: Files for Insolvency Following Financial Woes
----------------------------------------------------
Electrive.com reports that the Swedish electric car start-up Uniti
has filed for insolvency.

The company announced on LinkedIn that it had not been able to
raise enough capital, Electrive.com relates.  The move does not
come as a surprise, Electrive.com notes.

Uniti had already warned of possible insolvency in December 2021.
At the time, it was said that if EUR500,000 could not be raised
within a week, insolvency would have to be declared. This did not
happen in December, but Uniti was not able to solve its financial
problems permanently, Electrive.com relays.  Now, almost four
months later, the company has had to file for insolvency,
Electrive.com discloses.

However, an acute lack of money is not said to be the reason for
the insolvency filing, Electrive.com states.  

"Thanks to our wonderful group of investors and supporters, we are
consistently able to gain enough capital to survive, but only with
an ever-shrinking team and burn rate.  To continue taking in
capital that is only enough to survive, places far too much
external dependency on the company, and therefore far too much risk
on those individuals who keep us going.  For this reason, we have
now filed for bankruptcy, out of necessity," Electrive.com quotes
the company's statement as saying.

Uniti also notes that the world has changed since the project began
in 2015. Electric cars have become mainstream and micro-mobility
has become commonplace.

What happens next for the company and its development work is open
-- Uniti is still looking to accept news and offers during April,
Electrive.com discloses.



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

247MONEYBOX: Customers Set to Get Compensation on April 15
----------------------------------------------------------
James Rodger at BiringhamLive reports that thousands of customers
of collapsed payday loan firm 247Moneybox  are set to get a
compensation payment this week.

247Moneybox went bust in 2019, BiringhamLive recounts. And now
eligible borrowers are braced for refunds -- starting on Friday,
April 15, BiringhamLive notes.  Customers will get 9.35p for each
pound they were owed, says the report.

You will get a payment if you made a claim before Jan. 31 and it
was accepted by the administrators. Customers who don't receive an
expected payment by April 15 should email
247dividend@harrisons.uk.com.

According to BiringhamLive, in a statement at the time of its
collapse, on the 247Moneybox website, it says that it will "conduct
an orderly wind down of the business" and that the company's
customer service team "remains available to assist existing
customers with any queries".

Harrisons Business Recovery & Insolvency was appointed as the
company administrators to help "conduct an orderly wind down of the
business", BiringhamLive discloses.

In the statement, the firms, as cited by BiringhamLive, said: "The
Company remains regulated by the Financial Conduct Authority who
will continue to supervise the Joint Administrators' activities
throughout the administration process."

CD&R GALAXY UK: Fitch Gives 'B' IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has assigned Issuer Default Ratings (IDR) of 'B' to
Galaxy US Opco Inc., CD&R Galaxy Luxembourg Finance S.a.r.l. and
CD&R Galaxy UK Intermediate 3 Limited, collectively Vialto
Partners. Fitch has also assigned senior secured ratings of
'BB-'/'RR2' to the first lien term loan of Galaxy US Opco Inc. and
CD&R Galaxy Luxembourg Finance S.a.r.l. The Rating Outlooks are
Stable.

Vialto Partners will become a newly branded entity upon its
acquisition from Pricewaterhouse Coopers (PwC) by Clayton, Dubilier
& Rice (CD&R) in first-half (1H) 2022.

Fitch's ratings for Vialto reflect the company's strong and stable
market position, solid EBITDA margins, high mix of recurring
revenue, and diverse geographic and customer mix. Offsetting some
of these attributes is financial leverage that will be elevated in
the coming years following its separation from PwC, relatively
small EBITDA scale and FCF that could be negative in the near term
due to separation costs.

KEY RATING DRIVERS

Solid Market Position: Fitch views Vialto's strong and stable
competitive position in tax solutions for mobile workforces as a
credit positive. This is a fairly sticky business that includes
multi-year contracts and should provide earnings visibility over
time. Workforce tax solutions comprises nearly all of Vialto's
revenue and profitability currently although the company is growing
in adjacent areas including immigration services, cross-border
payroll/compensation related issues and other HR compliance related
services. The company has strong market share in its core end
market and competes with the other Big-4 accounting firms, law
firms, relocation management companies and other services
businesses.

Separation from PwC: Fitch views the separation from
Pricewaterhouse Coopers as neutral to the IDR, as the benefits of
being a pure-play brand and entity are somewhat offset by risks
that come with high leverage at separation and risks of no longer
being under the PwC brand. Management envisions potential cost
savings post spin-off of 7% of its projected cost base. Cost
savings will come from various initiatives largely including
offshoring, automation, and elimination of certain processes.
Customer retention was high historically, but Fitch believes there
are risks of increased customer churn post separation without the
PwC brand. The $2.0 billion predominantly debt-financed transaction
is projected to close in 1H 2022.

Elevated Leverage: Vialto's projected financial leverage upon
separation is a key limiting factor with respect to the IDR. Gross
debt/EBITDA is projected to be 5.9x upon separation on a pro forma
basis including projected cost savings, or 7.5x pre-savings. Fitch
believes the largely recurring nature of the company's revenue
provides some support for higher leverage, but this is high
relative to other Fitch-rated business services issuers. Fitch
believes leverage will decline as the company grows EBITDA in the
coming years and allocates some available FCF to reduce its debt.
However, management could also pursue M&A that could impact the
leverage profile over time.

Stable Revenue Base: Fitch views the business as highly recurring
and benefiting from meaningful customer diversification across
regions. Vialto generates a majority of its revenue from
multi-year, cross-border tax services contracts with a client base
of more than 2,000 customers across numerous industries
(technology, energy, manufacturing, and others). Average tenure of
its top 100 clients is 12 years, and Fitch believes there is a
meaningful amount of stickiness inherent in the business due to
taxes being a required annual service. There is also no material
geographic concentration.

Limited Scale & Diversification: Despite Vialto's strong market
presence in its core mobile tax solutions end market, the company
is relatively small. It also has limited business mix
diversification, with the vast majority of its revenue from
workforce tax solutions and immigration-related services (e.g.,
compliance and consulting services for work permits, visas). Fitch
believes these markets should continue to grow over time as
workforces increasingly become more mobile and global in a
post-coronavirus world. However, growth may be limited over time
due to the niche nature of these services and limited cross-sale
opportunities of other services.

Limited FCF in Near Term: Vialto will have meaningful separation
and employee retention costs in 2022-2023 that will absorb much of
the company's cash generation in the near term. Additionally, cash
costs required to achieve projected cost savings and interest
expense will comprise roughly half of EBITDA at least through FY23.
Fitch believes cash flows will improve in FY24 and beyond and this
will provide additional financial flexibility. Fitch believes the
company's liquidity position will be sufficient and supported by
roughly $100 million of balance sheet cash upon separation and an
undrawn $200 million revolving facility that can be used for
liquidity needs.

DERIVATION SUMMARY

Vialto Partners is a leading provider of tax-related global
mobility solutions for corporate employees working across borders.
The company has a strong global market presence and is one of the
leading providers for cross-border corporate tax services. Fitch
reviews the issuer versus other business service companies and
considers a range of qualitative and financial factors in deriving
the rating. Relative to Fitch-rated peers, Vialto is well
positioned in terms of its market presence and stability of its
business. However, it has relatively smaller scale and lower
margins versus certain Fitch-rated business services peers. Also,
Vialto will have high leverage following the 2022 CD&R
acquisition.

The company is meaningfully smaller than certain Fitch-rated
business services peers including S&P Global Inc. (A-/Stable),
Moody's Corporation (BBB+/Stable) and Verisk Analytics, Inc.
(BBB+/Stable). Its scale is comparable with Eisner Advisory Group,
LLC (B/Stable) although Vialto has higher margins. Vialto has
limited diversification of services versus other issuers in the
business services space. Given small EBITDA scale, FCF that could
be pressured following the PwC spin-off, high gross leverage and
limited business diversification, Fitch believes the company is
well positioned at the 'B' IDR category.

KEY ASSUMPTIONS

-- Revenue grows by mid-single digit percentage over the ratings
    horizon;

-- EBITDA margins benefit from incremental flow-through from
    higher revenue and savings realized from various planned cost
    saving initiatives;

-- Gross leverage declines in the next few years due to EBITDA
    expansion and modest debt reduction;

-- FCF is negative through FY23 due to one-time separation costs
    from PwC and costs to achieve various cost saving initiatives;

-- Fitch has not modelled M&A into its forecast but acknowledges
    Vialto could seek inorganic growth over time.

RATING SENSITIVITIES

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

-- Gross leverage, Fitch-defined as total debt with equity credit
    to operating EBITDA, sustained below 5.5x;

-- Vialto increases EBITDA scale and/or further diversifies its
    mix of services;

-- (CFO-capex) to total debt with equity credit sustained above
    3%.

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

-- Gross leverage sustained above 7.5x;

-- Operating EBITDA/interest paid sustained below 2.0x;

-- Fundamentals deteriorate upon separation from PwC, including
    sustained revenue, margin or CF pressures.

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

Ample Liquidity: Vialto will have ample liquidity upon its
separation from PwC, with a projected cash balance of $100 million
and an undrawn $200 million senior secured revolving credit
facility in place. The company should also generate positive cash
flows over time as it has in recent years. However, Fitch believes
FCF will be negative at least through FY23 as the company incurs
separation costs, high interest expense from a sizable debt
offering and invests to drive synergies and future growth
opportunities.

Debt Profile: Vialto's debt structure will include: (i) a $950
million first lien term loan B (seven-year maturity), (ii) a $400
million second lien term loan (eight-year maturity), and (iii) a
$200 million first lien secured revolver (five-year maturity) that
is projected to be undrawn at close. Cash proceeds from the term
loan debt offerings will be used to finance the announced $2.0
billion acquisition of the business by CD&R from PwC.

ISSUER PROFILE

Vialto Partners is a leading provider of tax-related global
mobility solutions for corporate employees working across borders.
Vialto also provides ancillary corporate HR-related services
including immigration compliance for work permits and visas,
cross-border payroll reporting & tracking solutions and various
other services.

The company is currently operating under its parent company, PwC,
but is being spun out via a sale to private equity company, CD&R.
Post separation from PwC, it will operate under the Vialto Partners
brand. It is expected to generate annual revenue of $860 million as
an independent company. The acquisition is projected to close in
late April 2022. The company will be privately held by CD&R and
domiciled in the UK with major U.S. headquarters in New York, NY.

ESG CONSIDERATIONS

CD&R Galaxy UK Intermediate 3 Limited has an ESG Relevance Score of
'4' for Governance Structure due to its current ownership structure
including a private equity owner controlling the company, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

DEBT                 RATING            RECOVERY
----                 ------            --------
Galaxy US Opco Inc.

                  LT IDR B New Rating
senior secured    LT BB- New Rating       RR2

CD&R Galaxy Luxembourg Finance S.a.r.l.

                  LT IDR B New Rating
senior secured    LT BB- New Rating       RR2

CD&R Galaxy UK Intermediate 3 Limited
                  LT IDR B New Rating

MARKET HOLDCO 3: Fitch Gives First-Time 'BB-' IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Market Holdco 3 Limited (Morrisons) a
first-time Long-Term Issuer Default Rating (IDR) of 'BB-' with a
Stable Outlook.

The rating is based on the current capital structure, following
Morrisons' acquisition by funds managed by private equity company
Clayton Dubilier & Rice (CD&R).

The 'BB-' IDR balances a robust business profile benefitting from
an experienced management team, vertical integration, well invested
stores and channel diversification against initial financial
leverage that is incompatible with the rating. The rating also
captures strong cash generation capabilities, and is predicated on
expected reduction in FFO (funds from operations) adjusted gross
leverage to 5.5x over the next four years from 7.1x in fiscal year
to January 2022 (FY22), aided by mandatory and voluntary debt
repayments.

The Stable Outlook reflects the group's solid financial
flexibility, supported by strong FFO fixed charge cover, ownership
of freehold assets and good available liquidity. Given the low
rating headroom, weakening profitability amid an inflationary
environment, lack of debt repayment or a more aggressive financial
policy leading to permanently higher-than-expected leverage
metrics, would be negative for the rating. Material additional
investment in wholesale channel is an event risk.

KEY RATING DRIVERS

Resilient Food Retail Operations: The rating reflects Morrisons'
market position as one of the leading food retailers in the UK with
a good brand and scale. Morrisons, similar to other big four
grocers, has lost market share since discounters started expanding
in the UK. It is overall smaller in aggregate scale and more
food-focused than certain closest peers, which may, however, be
positive in a recessionary environment where consumers cut
discretionary spend on clothing and general merchandise. It
benefits from stronger vertical integration, with around half of
fresh food manufactured or packed in its 19 manufacturing sites,
which supports profitability.

Strong Profitability: Fitch expects an uplift in EBITDAR margin to
nearly 7% by FY24 from around 6% in FY20 as its wholesale and
online segments start to generate profits on reaching critical
scale. Profit margins are solid for the rating. Fitch's projections
incorporate like-for-like (lfl) decline for store and online
revenue as volumes normalise in FY23, as well as petrol volume
recovery post-pandemic. Fitch expects that inflationary pressure
may hit profitability as not all cost increases may be passed on.
Fitch's rating case incorporates some manufacturing efficiencies
and synergies, along with small savings under Morrisons' new
ownership. Fitch's forecast does not incorporate fuel-station
disposals by Morrisons, post-CMA review.

Buyout Adds Leverage: The LBO transaction of Morrisons leads to
high initial FFO adjusted gross leverage at around 7.0x in FY22,
which is not consistent with the rating. It will have GBP5.6
billion gross debt, including refinancing a majority of GBP1.1
billion prior notes. The transaction benefits from over one-third
of equity contribution. Fitch treats preferred equity (GBP1.3
billion) as equity, on the assumption that this instrument would
not lead to any cash leakage from the restricted group (were it to
do so this could lead us to review the equity treatment). Fitch
assumes that loan notes forming part of its GBP2.1 billion equity
contribution are converted into equity shares of Market Topco Ltd
as intended.

Deleveraging Trend: Fitch expects FFO adjusted gross leverage to
trend to below 6.0x, remaining consistent with the mid-point for a
'B' rating, by FY24, before trending to 5.5x by FY25. Fitch's
rating case incorporates its assumption that the company will apply
future excess cash flows and/or major portion of proceeds from
potential material asset disposals to debt prepayments. Shall
leverage not reduce to 6.0x or below by FY24 this would be negative
for the rating.

Strong Cash Flow Permits Deleveraging: Fitch expects strong cash
generation with an FFO margin at 3.5%-3.8% and an average FCF
margin of around 1% over the rating horizon to FY26, which is
healthy for the rating. This allows deleveraging by an average 0.5x
p.a. on an FFO adjusted net leverage basis. Fitch assumes
continuation of supply-chain finance facilities at similar levels
with no working-capital impact on Morrisons.

No Near-Term Distributions: Fitch's forecast incorporates no
dividends until at least FY25. Fitch has assumed a GBP500 million
sales & leaseback (S&L) transaction from distribution assets, with
proceeds applied primarily to debt reduction and reinvestment in
the business. Freehold assets comprise a higher portion of stores
for Morrisons than for peers, and ownership of GBP9.2 billion of
assets, partly unencumbered, provides some financial flexibility.

Growth of Wholesale: Fitch expects wholesale revenue to grow on
average slightly above 5% per year in FY23-FY26. This will come
mainly from McColls' store conversions to Morrisons Daily, with
existing conversions having delivered positive lfl sales and profit
impact from a change in product mix. Morrisons and McColls agreed
to accelerate the announced store conversion programme and McColls
has raised equity to fund capex. Wholesale provides capital-light
access to growth of the convenience segment, albeit at a lower
margin than that generated by retail stores. Material investment
into the wholesale channel may derail the deleveraging path and
could be negative for the rating.

Developing Online Offering: Morrisons' online market share is now
broadly in line with the group's overall market share. Fitch's
rating case incorporates around 5% annual growth in online channel
after post-pandemic normalisation of online revenue amid consumers'
behavioural changes. Morrisons has the opportunity to entice their
store customers who shop online with one of the other big 4,
following improved geographic coverage. Growing scale, streamlining
of store-pick and logistics processes, as well as increasing use of
capacity at Erith customer fulfilment centre should support growth
in its online channel's profitability.

DERIVATION SUMMARY

Fitch rates Morrisons using its global Food Retail Navigator
framework. Its rating is affected by the group's smaller scale
against Tesco plc (BBB-/Stable) and Bellis Finco plc (ASDA,
BB-/Stable), lower diversification into non-food and a still
developing online channel. Fitch views Morrisons' and ASDA's
business profiles as robust and comparable. Both Morrisons' and
ASDA's operations are restricted to the UK.

Morrisons compares favourably against ASDA, due to its stronger
vertical integration that supports profitability, better-invested
store format with a higher portion of freehold assets and already
established access to the convenience market via its wholesale
segment, which ASDA is still developing.

Morrisons' profitability is strong with an EBITDAR margin trending
toward 7% versus ASDA's 6%, and FFO margin of 3.5%-3.8% versus
around 3% for ASDA. Although Morrisons' financing package is
simpler than ASDA's, given no plans for material S&L (as per LBO
announcement) or business disposals, Morrisons' starting leverage
is higher, at around 7.0x, versus ASDA's 5.8x (post additional debt
amid cancellation of forecourt-disposal transaction). Morrisons'
leverage is, however, balanced against stronger financial
flexibility with a larger revolving credit facility (RCF), similar
FFO fixed charge cover and expected mandatory debt repayments from
excess FCF.

Both businesses generate good levels of cash enabling deleveraging,
which will depend on capital- allocation decisions by their
financial sponsors. Morrisons benefits from mandatory prepayments
from excess FCF, and Fitch expects its leverage to decline more
slowly to levels commensurate with its rating in comparison to
ASDA.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Moderate overall revenue CAGR of 0.6% for FY22-FY26;

-- Store segment flat revenue CAGR;

-- Online revenue to normalise in FY23 leading to -0.3% CAGR in
    FY22-FY26;

-- Wholesale revenue CAGR of around 5% to FY26, mostly driven by
    McColl's conversions to Morrisons Daily;

-- FY23 EBITDAR to reach around GBP1.1 billion, driven by unwound
    Covid-19 costs, recovered profits from re-opened cafes, some
    efficiencies and profitability improvements in the wholesale
    and online segment upon reaching critical scale, and somewhat
    offset by inflationary cost pressures that Morrisons is trying
    to mitigate by passing on inflation and various cost-saving
    initiatives;

-- Pre-IFRS16 EBITDA margin to gradually increase to slightly
    above 6% by FY26 as Covid-19 direct and indirect costs wane,
    pro-forma initiatives (including increased manufacturing
    automation) and synergies expected from potential cooperation
    with CD&R portfolio companies materialise and expected growth
    of online and wholesale segments enhances profitability;

-- Normalisation of working capital in FY22 following Covid-19
    impact in FY21;

-- Capex at around GBP520 million in FY23 and totalling GBP470
    million across FY24-FY26;

-- Overall term loan amortisation of around GBP650 million during
    FY24-FY26, corresponding to 65% of excess cash flow;

-- Dividend payments starting from FY25 and no M&A to FY26.

RATING SENSITIVITIES

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

-- Delivery of strategy with increasing cash profits in
    combination with conservative accumulated cash allocation
    towards debt prepayment, and evidence of no more aggressive
    financial policy than currently planned and incorporated in
    Fitch's rating case;

-- FFO adjusted gross leverage trending below 4.0x or total
    adjusted debt / EBITDAR trending below 3.5x, both on a
    sustained basis;

-- FFO fixed charge cover or EBITDAR-based fixed charge cover
    above 3.0x.

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

-- Lfl decline in sales exceeding other Big Four competitors',
    especially if combined with lower profitability leading to
    neutral FCF and reduced deleveraging capabilities;

-- Evidence of more aggressive financial policy, for example due
    to material investments in the wholesale channel, increased
    shareholder remuneration and/or lack of debt repayments, or
    material under-performance relative to Fitch's forecasts;

-- FFO-adjusted gross leverage not trending towards 5.5x or
    EBITDAR-adjusted gross leverage not trending towards 5.0x;

-- FFO fixed charge cover or EBITDAR-based fixed charge cover
    below 2.0x.

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

Adequate Liquidity: Fitch expects Morrisons to have adequate
available liquidity comprising around GBP200 million cash
(excluding cash relating to working capital of GBP200 million as
restricted by Fitch) at FYE23 and a GBP1 billion committed RCF,
which Fitch does not expect to be drawn at financial year-end over
the forecast horizon.

Our forecast assumes continuation of supply-chain facilities at
similar levels (GBP1.1 billion).

Debt Structure: The Long-Term IDR assumes that bridge facilities
remain a permanent feature in the capital structure, unless
refinanced in the loan and bond markets. Fitch expects Morrisons
will be looking to refinance its bridge facilities. In addition, it
has no material financial debt maturing before 2027-2028. Remaining
rolled-over existing Morrison's notes amounting to GBP82 million
mature in 2026 and 2029.

Our rating case assumes debt repayments of around GBP650 million by
FYE26 from excess FCF.

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(ies), either due to their nature or to the way in which they
are being managed by the entity(ies). For more information on
Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.

ISSUER PROFILE

Morrisons is the fourth-largest UK supermarket chain operating
nearly 500 mid-sized supermarkets.

DEBT                             RATING
----                             ------
Market Holdco 3 Limited    LT IDR BB- New Rating

ORTHIOS: Assets Put Up for Sale Following Administration
--------------------------------------------------------
Barbora Vaclavova at letsrecycle.com reports that the assets of
Orthios, the company behind a planned plastics to oil plant in
Wales, have been put up for sale after the company entered
administration on April 7.

Orthios had originally planned to have the plant, on the site of a
former aluminium smelting works in Anglesey, online this year,
letsrecycle.com notes.

The plastic to oil facility, which included a materials recycling
facility (MRF), was also the beneficiary of a GBP1.2 million grant
from the government's coronavirus business interruption loan scheme
in 2021, letsrecycle.com states.

However, the company went into administration last week,
letsrecycle.com recounts.

According to letsrecycle.com, in a statement from the
administrators Begbies Traynor on April 11, it was confirmed that
the assets for sale include a "near complete plastics
depolymerisation unit (PDU)."

The statement added that the plant still requires completion and
commissioning, with an "estimated development spend to date in the
region of GBP21.6 million".  A MRF designed to provide feedstock
for the plastic to oil plant and 230-acre former aluminium works
housing the operations will be included, the administrators
informed, letsrecycle.com relays.

"This is a rare chance to acquire a valuable and near-complete
green technology asset," letsrecycle.com quotes Asher Miller, a
joint administrator to the company from Begbies Traynor, as
saying.

He added that although further investment is required to complete
the facility, "it presents potential buyers an attractive
opportunity to enter this fast growing and exciting sector."


REVOLUTION BARS: KPMG Fined GBP875,000 Over Audit Failings
----------------------------------------------------------
Michael O'Dwyer at The Financial Times reports that KPMG has been
fined GBP875,000 and hit with a severe reprimand by the UK
accounting regulator for failing to spot problems with the accounts
of cocktail and dining group Revolution Bars.

The Big Four accountant's work fell short in its audits of the
accounts for the 2015 and 2016 financial years, which contained
misstatements and had to be corrected, the Financial Reporting
Council found, the FT relates.

The FRC, which had not previously disclosed its investigation into
the audits of Revolution Bars, said KPMG's "poor disciplinary
record" was an aggravating factor in the case, the FT notes.

KPMG's failings at Revolution Bars "persisted for two years and
across multiple areas", said Jamie Symington, deputy executive
counsel to the FRC, the FT relates.

The problems identified by the FRC related to supplier rebates and
listing fees, share-based payments and deferred taxation, the FT
discloses.  The regulator had previously warned auditors that
supplier rebates were a risky area and that it would focus on them
in its inspections, the FT notes.

"The audit client was a newly listed and relatively small company,
but the breaches were nevertheless serious, including lack of
professional scepticism," the FT quotes Mr. Symington as saying.

The breaches of audit standards were not intentional, dishonest,
deliberate or reckless, the FRC added.

The fine for KPMG was reduced from GBP1.25 million to reflect the
fact it admitted to the problems and co-operated with the
investigation, the FT discloses.  It must also pay GBP69,000 in
costs, the FT states.

It was ordered to analyse the cause of its breaches of auditing
standards, take steps to avoid a repeat and keep the FRC updated on
its progress, the FT relays.

As reported by the Troubled Company Reporter-Europe on November 16,
2020, creditors at bar chain Revolution had given it the green
light for a major restructuring plan which would see it axe 130
jobs and shut six bars permanently.  It said 88% of creditors,
including landlords, backed its Company Voluntary Arrangement (CVA)
plan, which would also reduce rent at seven of its other bars,
Shropshire Star noted.  According to Shropshire Star, the company
said its subsidiary, Revolution Bars Limited, launched the CVA in a
bid to reduce costs after being hit heavily by the pandemic.


SOFA WORKSHOP: John Pye to Handle Disposal of Showroom Stock
------------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that Nottingham-based
John Pye Auctions has been appointed by the joint administrators of
Sofa Workshop to handle the disposal of ex-display showroom stock
after it went into administration last month.

According to TheBusinessDesk.com, the auction house is set to offer
a range of furniture and homewares, including 800 sofas.  Bidding
is live now at John Pye's Marchington site, TheBusinessDesk.com
discloses.  Its Port Talbot base will begin on Friday, April 15,
TheBusinessDesk.com states.

Bidding is available online, with stock coming from Sofa Workshops'
five London stores, and eleven regional locations, including Bath,
Bristol, Chichester, Guildford, Harrogate, Manchester, Newbury,
Nottingham, St Albans, Thurrock and Tunbridge Wells,
TheBusinessDesk.com notes.

"Recognised brand names such as Sofa Workshop always attract huge
interest from bidders, and there's no doubt customers that
regularly keep track of our web pages will be quick to bid for this
stock.  We advise moving early to secure these special items at
discounted prices," TheBusinessDesk.com quotes Trevor Palethorpe,
joint head of business & property at John Pye Auctions, as saying.

As well as being appointed to sell its ex-display items, John Pye
will also be handling the sale of Sofa Workshop's trading name,
website and further intellectual property, TheBusinessDesk.com
discloses.


WELCOME TO YORKSHIRE: Silicon Dales Acquires Associated Assets
--------------------------------------------------------------
Ben Ormsby at TheBusinessDesk.com reports that Silicon Dales has
purchased Yorkshire.com and associated assets from Welcome to
Yorkshire, following a successful bid last week.

According to TheBusinessDesk.com, Robin Scott, the founder of
Silicon Dales, explained that the agency "come in very late to this
deal" after the domain and other assets had been listed for
auction, but moved very quickly when the team realized there was
still an opportunity to get the websites and content.

He added that he wanted to "try to save the memory of the fantastic
2014 Grand Depart, as well attempting to preserve the legacy Tour
de Yorkshire event".

Although Mr. Scott said the specific plans for the remaining parts
of the business are not yet confirmed, he noted the Silicon Dales
team will be reaching out to former members who listed with the old
Welcome to Yorkshire to ask them how they'd like to shape the
future project, TheBusinessDesk.com relates

It's expected that the future of Yorkshire.com will be to continue
to market the county as a tourist destination to visitors from
overseas, TheBusinessDesk.com notes

"There was significant interest generated from the announcement
that Welcome to Yorkshire had been placed into Administration.
Given the nature of the offers received, whilst we had received one
offer that was much higher than all the others, the Joint
Administrators requested that best and final offers be put
forward," TheBusinessDesk.com quotes Rob Adamson of the
administrators Armstrong Watson LLP, as saying.

"We proceeded with the offer that represented the best return to
the creditors.  The remaining employees will continue to assist the
Administrators in winding down the company's affairs.  All monies
held separately in respect of advanced membership subscriptions
will be returned and that process is now ongoing."



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *