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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

          Friday, April 29, 2022, Vol. 23, No. 80

                           Headlines



F I N L A N D

FINNAIR OYJ: Egan-Jones Keeps CCC- Senior Unsecured Ratings


F R A N C E

SIRONA HOLDCO: S&P Assigns 'B' LT Ratings on Buyout by SK Capital


G E R M A N Y

K+S AKTIENGESELLSCHAFT: Egan-Jones Hikes Sr. Unsec. Ratings to B


G R E E C E

NAVIOS MARITIME: Egan-Jones Cuts Senior Unsecured Ratings to CCC


I R E L A N D

ENDO INTERNATIONAL: Egan-Jones Keeps B- Senior Unsecured Ratings
HAYFIN EMERALD IX: S&P Assigns B- (sf) Rating to Class F Notes
PERRIGO COMPANY: Egan-Jones Keeps Sr. Unsecured Ratings to BB


R U S S I A

[*] RUSSIA: EMEA CDS Committee Meets to Prepare for CDS Auction


U N I T E D   K I N G D O M

CALEDONIAN MODULAR: Hit By Cyber Attack Days Before Collapse
CITY OF PLYMOUTH CREDIT: Enters Administration, Halts Trading
MORRISONS: S&P Puts Prelim 'BB-' Rating to GBP1.1BB Sr. Sec. Notes
OLDHAM ATHLETIC: Ex-Owner May Call in Debts, Administration Likely
PHILIPS TRUST: In Administration; Nottingham Disappointed

WPP PLC: Egan-Jones Hikes Senior Unsecured Ratings to BB


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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F I N L A N D
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FINNAIR OYJ: Egan-Jones Keeps CCC- Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on April 12, 2022, maintained its 'CCC-'
foreign currency and local currency senior unsecured ratings on
debt issued by Finnair Oyj. EJR also maintained its 'C' rating on
commercial paper issued by the Company.

Headquartered in Vantaa, Finland, Finnair Oyj operates scheduled
passenger traffic, technical and ground handling operation,
catering, travel agencies, and reservation services.




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SIRONA HOLDCO: S&P Assigns 'B' LT Ratings on Buyout by SK Capital
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term ratings to Sirona
Holdco (Seqens) and to the first-lien senior secured debt of EUR830
million issued by Sirona Bidco, with a '3' recovery rating. The
ratings are in line with the preliminary ratings it assigned on
Oct. 6, 2021.

S&P said, "The stable outlook reflects our expectation that Seqens
will generate positive free operating cash flow (FOCF) and maintain
at least adequate liquidity. We also expect the group to maintain
its adjusted debt-to-EBITDA ratio below 6.5x in the next 12 months,
which we view as commensurate with the current rating."

The private equity firm SK Capital has acquired a majority stake in
the French SEQENS group from Eurazeo, with the transaction closing
as of Dec. 16, 2021. The financing for this acquisition comprised a
EUR830 million senior secured term loan B (TLB) due in seven years
and a EUR130 million revolving credit facility (RCF) due in 6.5
years. The capital structure also includes about EUR80 million of
existing debt at SEQENS, which has been rolled over. The
transaction was further supported by equity, a portion of which was
in the form of preference shares provided by the private equity
sponsor. S&P considers that the preference shares put in place in
the capital structure qualify for equity treatment under its
methodology in light of the equity-stapling clause, and given that
they are highly subordinated, and default-free.

The ratings reflect relatively moderate debt at closing of the
transaction, which primarily includes the EUR830 million TLB,
translating into about 5.6x S&P Global Ratings-adjusted debt to
EBITDA as of end-2021. S&P said, "This is based on S&P-adjusted
EBITDA of about EUR180 million at year-end 2021, which was in line
with our previous expectations. Following a very strong year in
2020, the positive market trend has continued into 2021 with high
demand for pharmaceuticals and a gradual recovery of market demand
in some of the chemicals businesses, which were affected by the
pandemic last year. We note that the strong demand and supportive
pricing environment has continued during the first few months of
2022 and expect this to persist in the coming months, supporting
top-line growth and resilient profitability despite the increasing
raw material and energy prices. We view positively that the company
has managed to pass through most of the cost increases to its
end-customers. In our view, this will mitigate the negative impact
on profitability, with EBITDA likely remaining at about 14%-14.5%
in our forecast."

S&P said, "While we continue to anticipate moderate re-leveraging
in 2022, we expect debt to EBITDA will remain well below 6.5x. Our
expectation of an increase in debt to EBITDA to 5.8x-6.0x in 2022
mainly reflects the likely normalization of the paracetamol chain,
leading to somewhat lower profitability. Nevertheless, we expect
that the supportive demand and pricing environment will lead to
higher than previously expected top-line growth and absolute
EBITDA. We continue to anticipate ongoing healthy market demand for
pharmaceuticals, especially for the new API unit (POTENT) and
contract development and manufacturing organization (CDMO)
business. This, together with Seqens' strong competitive position
in the salicylics and paracetamol chain, will contribute to good
growth potential in coming years.

"We view the carve-out and disposal of the MS business, combined
with the addition of Wavelength as credit positive for the business
risk profile. The disposal of the MS business, which generated
about EUR160 million sales and EUR27 million EBITDA in 2020,
completed at the same time as the buyout, resulted in a smaller
size of the group with less product and end-market diversification.
However, this was largely compensated by the addition of Wavelength
with about EUR80 million sales and EUR15 million reported EBITDA in
2020. We understand that the MS business is exposed to more
cyclical end markets and has shown more volatile EBITDA margins and
a higher capital intensity than the rest of the group. As an API
producer with focus on complex and high-value added products and a
strong pipeline of new products to be brought to the market in the
next several years, Wavelength should have a
higher-than-group-average growth rate and margin in the coming
years. Therefore, we view this change in group portfolio as credit
positive for business risk, as it will reduce Seqens' profit
volatility and maintenance capital expenditure (capex) intensity
and reinforce the group's focus on the more resilient
pharmaceuticals market, which has good growth potential and a
healthy margin.

"We expect Seqens to sustain positive FOCF generation despite high
growth capex in coming years. Seqens intends to use onshoring for
APIs and intermediates in Europe and the U.S., which suffered from
shortages and concerns about quality of supplies from Asia,
especially during the pandemic. The company plans to accelerate
investments to capture market opportunities from the global trend
for greater autonomy in critical medicines. Consequently, capex
will be higher than normal in 2022-2023, although we note that the
French government will cover more than 50% of the expense through
subsidies or reimbursable advances that the group will pay back
upon the completion of the projects. FOCF is therefore likely to be
constrained in 2022 and 2023. Nevertheless, in the long term, we
expect the investments will support higher sales and FOCF
generation.

"Our assessment of business risk is supported by the group's
continuous expansion into the more profitable and resilient
pharmaceutical synthesis business through acquisitions and organic
growth projects, which proved to be resilient during the pandemic.
Seqens benefits from diversified end markets, a large share of
which are less cyclical and fairly resilient--particularly pharma,
healthcare, cosmetics, electronics, and food. Supported by organic
growth projects and a series of strategic acquisitions, Seqens has
continuously shifted toward the more resilient and profitable
pharmaceutical synthesis and specialty chemicals businesses, which
together now account for about 90% of group EBITDA (including
Wavelength). Acquisitions over recent years, especially PCAS and
PCI Synthesis and the current addition of Wavelength, are a good
fit for the group's strategy to expand into the fast-growing CDMO
business. As a result, the group's performance has proved quite
resilient during the pandemic."

Seqens benefits from leading positions in its niche markets in
Europe, supported by highly regulated markets and barriers to entry
in the pharmaceutical business. It is the No. 1 producer of aspirin
globally and No. 2 producer of paracetamol in Europe. The company
also has strong market position in various generic APIs within its
API CDMO business unit. The addition of Wavelength is expected to
further strengthen the group's market positioning given
Wavelength's leading market position, particularly in complex and
high-valued added generic APIs. Barriers to entry are high for
these pharma products, given the regulated nature of the market and
the requirements of specific regulatory authorities.

However, Seqens' business risk profile is constrained by the
group's relatively small size, as reflected in revenue of about
EUR1.1 billion and adjusted EBITDA of about EUR180 million in 2021,
which S&P expects will decrease to EUR165 million-EUR175 million in
2022. Sirona's higher concentration in Europe than much larger and
more diversified global competitors is also a constraint. In 2021,
post transaction, the group generated about 18% of total revenue in
France and about 59% in Europe as a whole. In terms of assets, 13
of the group's 24 production facilities are located in France.
SEQENS' chemicals business is somewhat exposed to cyclical end
markets like auto, albeit declining with the disposal of MS. Its
more commodity-like products, such as phenol and acetone, despite
large captive use, are exposed to the high volatility of raw
material prices, especially benzene and propylene. This is
mitigated, to some extent, by the contractual pass-through of
benzene costs to phenol customers.

Overall the highly leveraged financial risk profile also reflects
its private equity ownership. S&P said, "We note the shareholders'
commitment to keep leverage below the opening leverage (excluding
the positive performance from the paracetamol chain). Nevertheless,
we still need to see a track record of a clear deleveraging path of
the group in the future. In addition, we expect Seqens will focus
more on accelerating the integration of Wavelength and implementing
growth projects in the next two years rather than additional
acquisitions."

S&P said, "The stable outlook reflects our expectation that Seqens
will generate positive FOCF and maintain at least adequate
liquidity. We also expect the group to maintain its adjusted
debt-to-EBITDA ratio below 6.5x in the next 12 months, which we
view as commensurate with the current rating.

"We could lower the rating if leverage weakens to above 6.5x
without the prospect of a swift recovery, in combination with FOCF
turning negative without any prospect of return to positive
territory with normalized capex. This could stem from a material
deterioration of market conditions or unexpected operational risks,
such as from the implementation of various growth projects. In
addition, weaker liquidity or a more aggressive financial policy
regarding capex, acquisitions, or dividends could also put downward
pressure on the rating.

"We view an upgrade as remote at this stage. We could raise the
rating if Seqens demonstrated a track record of healthy organic
growth while at least maintaining its current profitability and
generating sustainably solid FOCF. An upgrade would be contingent
on adjusted debt to EBITDA improving to sustainably below 5x and a
strong commitment from the shareholder to keep adjusted leverage at
this level."




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G E R M A N Y
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K+S AKTIENGESELLSCHAFT: Egan-Jones Hikes Sr. Unsec. Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company on April 14, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by K+S Aktiengesellschaft to B from B-.

Headquartered in Kassel, Germany, K+S Aktiengesellschaft
manufactures and markets within the fertilizer division standard
and specialty fertilizers to the agricultural and industrial
industries worldwide. In its salt business, the company produces
de-icing salt, food grade salt, industrial salt and salt for
chemical use.




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G R E E C E
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NAVIOS MARITIME: Egan-Jones Cuts Senior Unsecured Ratings to CCC
----------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Navios Maritime Holdings, Inc. to CCC from CC. EJR
also upgraded the rating on commercial paper issued by the Company
to C from D.

Headquartered in Pireas, Greece, Navios Maritime Holdings, Inc.
offers maritime freight transportation services.




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ENDO INTERNATIONAL: Egan-Jones Keeps B- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Endo International Public Limited Company. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.

Headquartered in Dublin, Ireland, Endo International Public Limited
Company provides specialty healthcare solutions.


HAYFIN EMERALD IX: S&P Assigns B- (sf) Rating to Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Hayfin Emerald
CLO IX DAC's class A, A Loan, B1, B2, C, D, E, and F notes. The A
Loan ranks pari-passu and pays on a pro-rata basis with the class A
notes. At closing, the issuer also issued unrated subordinated
notes.

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

The portfolio's reinvestment period will end on May 15, 2025.

The ratings assigned to the 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.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,787.86
  Default rate dispersion                                515.35
  Weighted-average life (years)                            5.35
  Obligor diversity measure                              109.33
  Industry diversity measure                              24.55
  Regional diversity measure                               1.23

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                             400.0
  Defaulted assets (mil. EUR)                               0.0
  Number of performing obligors                             132
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                           1.8
  'AAA' weighted-average recovery (%)                     35.83
  Covenanted weighted-average spread (%)                   3.87
  Reference weighted-average coupon (%)                    3.50

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio is well-diversified on the
effective date, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we 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 par amount,
the covenanted weighted-average spread of 3.87%, the reference
weighted-average coupon of 3.50%, and the rating-specific recovery
rates for the rated notes. 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.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria at the time of assigning
final ratings.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria."

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B1 to D notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes. Our
cash flow analysis indicates that the available credit enhancement
for the class A, A Loan, E, and F notes is commensurate with the
ratings assigned.

"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 our
publication, "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 certain activities,
including, but not limited to, the following: an obligation of a
company whose revenues are more than 0% derived from the
development, production, maintenance, trade, or stockpiling of
weapons of mass destruction or in the trade of illegal drugs or
illegal narcotics; one whose revenues are more than 20% derived
from products that contain tobacco or are involved in non-certified
palm oil production; one whose revenues are more than 10% derived
from the mining of thermal coal or oil sands extraction; and one
whose revenues are more than 20% derived from trading in endangered
or protected wildlife. 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    RATING     AMOUNT     SUB (%)      INTEREST RATE*
                    (MIL. EUR)

  A        AAA (sf)   169.00       N/A     3M EURIBOR + 107 bps

  A Loan   AAA (sf)    75.00     39.00     3M EURIBOR + 107 bps

  B1       AA (sf)     36.50     29.88     3M EURIBOR + 240 bps

  B2       AA (sf)      7.50     28.00     300 bps

  C        A (sf)      24.00     22.00     3M EURIBOR + 340 bps

  D        BBB (sf)    25.00     15.75     3M EURIBOR + 475 bps

  E        BB- (sf)    22.00     10.25     3M EURIBOR + 719 bps

  F        B- (sf)      8.00      8.25     3M EURIBOR + 925 bps

  Sub.     NR          31.20       N/A     N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

3M--Three month.
EURIBOR--Euro Interbank Offered Rate.
Bps--Basis point.
NR--Not rated.
N/A—-Not applicable.


PERRIGO COMPANY: Egan-Jones Keeps Sr. Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company on April 11, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Perrigo Company PLC.

Headquartered in Dublin, Ireland, Perrigo Company PLC engages in
providing over-the-counter (OTC) self-care and wellness solutions.




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[*] RUSSIA: EMEA CDS Committee Meets to Prepare for CDS Auction
---------------------------------------------------------------
Rodrigo Campos at Reuters reports that the EMEA Credit Derivatives
Determinations Committee said on April 28 it met to prepare for
holding an auction to settle credit default swaps in case Russia
goes into default.

Russia made a payment due on April 4 on two sovereign bonds, but it
was made in Russian roubles rather than the U.S. dollars it was
mandated to under the bond terms, Reuters relates.

Earlier this month the Committee declared a "potential failure to
pay" had occurred, dating it to April 4, Reuters recounts.  A 30
calendar day grace period expires next week, after which Russia
could be declared in default, Reuters notes.

Some investors buy insurance policies known as credit default swaps
to protect for this kind of situation. Investment bank JPMorgan
estimates there are roughly US$6 billion worth of CDS payouts
related to a possible Russian default, Reuters discloses.

The committee agreed to continue its meeting today, April 29, it
said in a statement on its website, Reuters notes.




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U N I T E D   K I N G D O M
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CALEDONIAN MODULAR: Hit By Cyber Attack Days Before Collapse
------------------------------------------------------------
Offsite specialist Caledonian Modular was hit by a catastrophic
cyber attack less than two weeks before it sank into
administration, a report into the firm's collapse has revealed,
Building relates.

The company, which was set up in 1964, fell into administration
last month owing unsecured creditors close to GBP21 million,
Building recounts.

The firm was eventually rescued by JRL Group, whose brands include
residential contracting specialist Midgard and concrete frame firm
J Reddington, for GBP6.25 million, a sum which included buying
Caledonian's factory at Newark, as well as plant and equipment and
more than GBP400,000 to cover the wages of 200 staff while the deal
was being inked, Building notes.

According to a report by administrator Alvarez & Marsal, Caledonian
was sent under by a combination of materials price increases,
delays caused by the pandemic and the cost of fixing defects on
legacy contracts, Building discloses.

But the loss-making firm, which was trying to strike new funding
agreements in the days before administration, was also hit by a
massive cyber attack on Feb. 24, 12 days before the administrator
was formally appointed on March 8, Building states.

The administrator's report said the attack "infected its servers
and encrypted its data. This reduced the company's operating
capability and would have required significant cost to remedy. It
also restricted the information that could be provided to third
parties as part of funding negotiations," Building relays.

The report shows the firm racked up an GBP11.2 million loss on
turnover of GBP64.6 million in the year to March 2021 and in the
year to date had lost a further GBP10.7 million on turnover of
GBP32.7 million, Building notes.

Caledonian was being kept afloat, the report, as cited by Building,
said, by the largesse of US hedge fund MAK which was the majority
shareholder in Caledonian's parent Caledonian Group Holdings.
Alvarez & Marsal said the amount owed to MAK was GBP25 million,
according to Building.

In the run-up to the administration, Caledonian's directors held
talks with its majority shareholder as well as some customers to
help with cashflow but these petered out, Building discloses.

According to Building, the report also revealed that two days
before Alvarez & Marsal was formally appointed, Caledonian was the
subject of a pre-pack offer but this was turned down because "it
was not acceptable, had inherent execution risk and . . . was not
considered to be in the best interests of creditors".

Once it went into administration, the firm was offered to more than
100 rivals and financial firms with 39 given access to a data room
before weighing up whether to bid or not, Building relates.  The
field narrowed to six before JRL won the race at the end of March,
Building notes.

In all, employees are owed more than GBP40,000 in missing wages and
holiday pay and, along with HMRC, which is also owed GBP1.5
million, are listed as preferential creditors, Building states.

Employees have been told to expect some money back but HMRC has
been warned it is not certain it will get any of its missing money
back, according to Building.

And unsecured creditors, which includes GBP12.5 million owed to
trade creditors, have been told they won't be getting any money
back, Building discloses.

CITY OF PLYMOUTH CREDIT: Enters Administration, Halts Trading
-------------------------------------------------------------
William Telford at PlymouthLive reports that savers have been
assured that their money is safe after the City of Plymouth Credit
Union Ltd fell into administration.

The credit union, which was based in Devonport and Frankfort Gate,
has ceased trading and administrators from insolvency practitioner
PKF GM have been appointed by the High Court, PlymouthLive
relates.

According to PlymouthLive, the Financial Services Compensation
Scheme (FSCS) has also declared the credit union in default, which
means savers are entitled to receive their deposits back, up to the
limit of GBP85,000 per individual.

People who have taken out loans still need to make contractual
repayments on those borrowings until they are fully paid off,
PlymouthLive states.  But they should cancel any direct debits or
standing orders and contact the administrators to obtain the new
administration bank details to set up a standing order to resume
contractual loan repayments, PlymouthLive notes.


MORRISONS: S&P Puts Prelim 'BB-' Rating to GBP1.1BB Sr. Sec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned a preliminary long-term issue credit
rating of:

-- 'BB-' to Market Bidco Finco PLC's GBP1.1 billion senior secured
notes; and

-- 'B-' to Market Parent Finco PLC's GBP1.2 billion senior notes.

S&P said, "The recovery expectation on the group's senior secured
notes benefits from a GBP1.2 billion of subordinated debt and
comprehensive asset security package, which underpins our recovery
rating of '2'. This indicates that we expect substantial recovery
in the event of a default (70%-90%; rounded estimate: 80%).

"The senior notes have already been placed with an institutional
investor. Our recovery rating of '6' on these notes indicates that
we see negligible recovery prospects for these facilities (rounded
estimate: 0%).

"Our stable outlook indicates that over the next 12-24 months we
expect Morrisons to focus on restoring organic revenue growth and
improving its profitability margins to about 6% through operating
efficiency measures and synergies, and by reducing exceptional
costs. These improvements support our projection that Market Bidco
will steadily reduce leverage so that S&P Global Ratings-adjusted
leverage is about 8.0x (6.4x excluding preference shares) in the
fiscal year ending January 2023 and 7.5x (6.0x excluding preference
shares) by the end of fiscal 2024.

"On April 11, 2022, we assigned a 'B+' preliminary long-term issuer
credit rating to Market Bidco Ltd.--an intermediary holding company
set up by the funds controlled by financial sponsor Clayton,
Dubilier & Rice LLC (CD&R) and other minority partners to acquire
U.K. grocer Morrisons. The group's final capital structure will
comprise GBP4.4 billion in secured debt, GBP1.2 billion of
unsecured debt (senior notes), GBP1.3 billion in preference share
provided by the minority shareholders, and about GBP2 billion of
ordinary equity.

"We assigned a 'B+' preliminary long-term issuer credit rating to
Market Holdco 3 Ltd., the parent company of Market Bidco.
The group is gradually refinancing the bridge facilities utilized
to fund the acquisition. It placed GBP1.1 billion senior secured
notes due 2027 (issued by Market Bidco Finco PLC). It also issued
GBP1.2 billion senior notes through Market Parent Finco PLC, and
placed these with an institutional investor.

"Excluding the GBP1 billion of undrawn revolving credit facility,
the total financial debt in the group will be about GBP5.6 billion.
We intend to assign issue ratings to the remaining instruments in
due course. Market Bidco Finco PLC, Market Parent Finco PLC, and
Market Holdco 3 Ltd. are among the various intermediary holding
companies set up as part of the leveraged buyout of Morrisons.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. The preliminary ratings should therefore not be
construed as evidence of final ratings. If we do not receive final
documentation within a reasonable time, or if the final
documentation and final terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
revise the ratings. Potential changes include, but are not limited
to, utilization of the proceeds; maturity, size, and conditions of
the facilities; financial and other covenants; security; and
ranking."

OLDHAM ATHLETIC: Ex-Owner May Call in Debts, Administration Likely
------------------------------------------------------------------
Suzanne Geldard at Oldham Times reports that former Oldham Athletic
owner Simon Blitz is understood to be considering calling in his
debts -- a move that could plunge the club into administration.

According to Oldham Times, Mr. Blitz, who co-owns Boundary Park
landlords Brass Bank, is understood to be owed over GBP400,000 in
overdue rent but had opted not to pursue the matter while the club
was fighting for Football League survival.

The America-based businessman was also exercising patience after
current owner Abdallah Lemsagam announced in January that he was
open to offers for the club, Oldham Times discloses.

However, with heels seemingly being dragged in the takeover
process, and Latics now relegated to the National League, Mr. Blitz
is understood to be fed up with the current situation and preparing
to take action to reclaim his cash, Oldham Times states.

It would be the second time in two years that Blitz has taken such
action if he proceeds, Oldham Times notes.  Latics avoided
administration on that occasion by settling up, Oldham Times
relays.

According to Oldham Times, a club statement at the time said: "The
club is pleased to announce that it has reached an agreement with
Brass Bank Limited to settle the debt owed to it and secured by a
debenture.

"The debenture has been removed at Companies House and the court
administration proceedings are now at an end."

But Brass Bank are not Latics' only current creditors, with their
latest accounts showing debts in excess of GBP4 million, despite
posting a GBP108,000 profit on the previous year's figures, Oldham
Times notes.

Of that is a six-figure sum still owed to the English Football
League for the Covid loan which left them operating under a strict
transfer embargo, Oldham Times states.  According to the EFL
website those restrictions remain in place, which means the balance
is still outstanding.

Fans feared that this might have to be paid in full in the event of
relegation, but The Oldham Times understands that there will not be
a change to repayment terms, Oldham Times relates.  In addition, it
is likely the transfer embargo will now be lifted with the club
falling under the jurisdiction of the National League next season,
although this has not been confirmed, according to Oldham Times.

It is also unclear where, in the event of administration, it would
leave court proceedings in the legal action taken by Lemsagam
against Brass Bank, Oldham Times states.

There has been a long-standing dispute over Boundary Park rental
arrangements and usage, Oldham Times relates.


PHILIPS TRUST: In Administration; Nottingham Disappointed
---------------------------------------------------------
Peter Hennessy at NotthinghamshireLive reports that a Nottingham
financial services company has said it is "extremely disappointed"
in the conduct of a trust which has entered administration.

According to NotthinghamshireLive, the Nottingham, which provides
financial planning, mortgages and home insurance among other
services, says it is committed to identifying any of its members
affected with unresolved issues as a result of the decision by the
Philips Trust Corporation [PTC].

PTC, which offered estate planning services to families, has now
gone into administration, NotthinghamshireLive discloses.  The firm
had taken over customers of Estate Planning Group, which comprised
of The Will Writing Company -- a former partner of The Nottingham
Building Society -- and Family Trust Corporation,
NotthinghamshireLive relays, citing the Daily Mail.

The Nottingham [building society] says it took "immediate action"
when its partner The Will Writing Company went into administration
four years ago and says it has been working with those affected
since this occurred. It added it has no direct relationship with
PTC or its administrators and is disappointed in the lack of
resolutions for those who were impacted by its collapse.

According to NotthinghamshireLive, a spokesperson for The
Nottingham said: "Our immediate concern is identifying if any of
our members have unresolved issues in relation to this latest
development and ensure they are being supported by us as best we
can.  The Nottingham not only took immediate action back in 2018
when our partner, The Will Writing Company, went into
administration, but have assisted with various circumstances up to
this point, including covering costs of releasing documents and
supporting members going through the SRA compensation process.

"We are extremely disappointed in the lack of resolutions for those
impacted and for the conduct of The Phillips Trust and recognise
this new development is distressing for those impacted.  As we have
no direct relationship with the Trust or its administrators, we are
limited in direct support options at this stage but will endeavour
to be here for our members who need us."


WPP PLC: Egan-Jones Hikes Senior Unsecured Ratings to BB
--------------------------------------------------------
Egan-Jones Ratings Company, on April 11, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by WPP PLC to BB from BB-.

Headquartered in London, United Kingdom, WPP PLC operates a
communications services group.





===============
X X X X X X X X
===============

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.




                           *********


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

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

Copyright 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
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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.


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