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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, May 6, 2022, Vol. 23, No. 85

                           Headlines



A Z E R B A I J A N

EXPRESSBANK OJSC: Fitch Affirms 'B' LongTerm IDRs
INTERNATIONAL BANK: Fitch Alters Outlook on 'B' IDR to Stable


C Z E C H   R E P U B L I C

DRASLOVKA HOLDING: S&P Assigns 'B' ICR on Chemours Acquisition


F R A N C E

CONSTELLIUM SE: S&P Raises ICR to 'B+' on Increased Profitability


I T A L Y

ITA AIRWAYS: Lufthansa, MSC Look at Financial Data
LEONARDO SPA: S&P Affirms 'BB+/B' Ratings, Alters Outlook to Pos.


U N I T E D   K I N G D O M

AYA DESIGN: Put Into Voluntary Liquidation, Owes GBP3.6 Million
BLEIKER'S SMOKE: Administrators Seek Buyer for Business
BOWER & CHILD: Enters Liquidation, Halts Operations
HAIKO CYCLING: Liabilities Prompt Liquidation, Ceases Trading
MCCOLL'S: At Risk of Going Into Administration



X X X X X X X X

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

                           - - - - -


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A Z E R B A I J A N
===================

EXPRESSBANK OJSC: Fitch Affirms 'B' LongTerm IDRs
-------------------------------------------------
Fitch Ratings has affirmed Azerbaijan-based Expressbank Open Joint
Stock Company's (EB) Long-Term Issuer Default Rating (IDR) at 'B'
with a Stable Outlook.

Fitch has withdrawn the Support Rating of '5' and the Support
Rating Floor of 'No Floor' on EB as they are no longer relevant to
the agency's coverage following the publication of Fitch's updated
Bank Rating Criteria on 12 November 2021. In line with the updated
criteria, Fitch has assigned a Government Support Rating (GSR) of
'no support' (ns) to EB.

KEY RATING DRIVERS

IDRS and Viability Rating (VR)

The ratings of EB reflect its limited franchise (with a market
share of 1.6% by gross loans) in the cyclical and oil-dependent
Azerbaijani operating environment, recent expansion into a fairly
new segment of consumer lending after lumpy related-party loans
were repaid in 2019, a steady shrinkage of the interest spread due
to intensified competition in the Azerbaijani banking industry and
earnings volatility over recent years. However, these risks are
mitigated by the bank's solid capital and liquidity buffers,
providing EB with a reasonable safety margin.

According to preliminary IFRS accounts, impaired loans (Stage 3
loans under IFRS 9) decreased to 5.6% of total loans at end-2021
from 14.7% at end-2020. The proportion of Stage 2 loans also
improved to 1.1% from 4% during the same period. Impaired loans
were covered 71% by specific and 84% by total loans loss allowances
(LLAs), which may still require additional provisioning (2016-2018:
approximately 240%). According to management, the amount of loans
restructured in 2021 in consumer lending and corporate/SME lending
were 2.6% and 12%, respectively. EB is planning to reduce its micro
loans business (2.6% of gross loans at end-2021) due to its risk
and also because the bank plans to focus more on corporate and
retail lending.

EB's profitability improved in 2021 with operating profit of 3.6%
of regulatory risk-weighted assets (RWAs) from 0.8% in 2020.
However, earnings have been volatile in recent years, driven by
high loan impairment charges, with reported losses in 2020 and
2018. Performance is supported by a strong net interest margin
(12.7% in 2021), underpinned by the bank's expansion in consumer
lending in recent years. Operating efficiency slightly deteriorated
as the bank saw a 13% increase in non-interest expenses. Fitch
views the reported cost-to-income ratio of 75% at end-2021 as still
high, even after a notable reduction in 2020 from more than 90% in
2019-2017.

EB's capitalisation is a rating strength. At end-2021, Fitch Core
Capital (FCC) was a high 38% of regulatory RWAs (2020: 49%). The
regulatory Tier 1 and total capital ratios were 35% and 39% at
end-2021 (2020: 47% and 50%), respectively, comparing favourably
with the regulatory minimums of 5% and 10%. The reduction in
capital ratios was largely driven by an increase in RWAs due to a
tightening in the rules of capital adequacy from the Central Bank
of Azerbaijan (CBA), where operational and market risks were
included in the RWA calculation methodology.

EB is funded mainly by customer accounts (69% of liabilities at
end-2021) with the majority of funds raised from individuals. Other
funding sources include funding from the state agencies (17%;
mainly Azerbaijani Mortgage Fund), repo (3%) and funds from the CBA
(2%). Liquidity risks are partly mitigated by a moderate buffer of
highly liquid assets (cash and equivalents, short-term interbank
placements and placements with the CBA, investments in securities)
covering about 45% of customer deposits at end-2021 (2020: 73%).
The reduction in liquid assets/customer deposits coverage was
driven by a 30% increase in customer deposits in 2021.

GSR

The GSR of 'ns' reflects no reasonable assumption of forthcoming
support due to the authorities' patchy record of support to the
banking sector as well as the bank's limited scale of operations
and market share (0.9% by total assets). This view is supported by
the government allowing the large state-owned Open Joint Stock
Company International Bank of Azerbaijan to default in 2017.
Potential support from the bank's private shareholders is not
factored into its ratings.

RATING SENSITIVITIES

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

EB's ratings could be downgraded if the bank's capital position
deteriorates significantly as a result of increased loan impairment
charges or strong growth.

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

An upgrade of the ratings would require a strengthening of the
bank's performance with a consistent record (two to three years) of
operating profit sustainably above 2% of RWAs, while maintaining
solid capital and liquidity buffers, and further strengthening of
the franchise.

GSR

An upward revision of the GSR would be contingent on a positive
change in Azerbaijan's propensity to support domestic banks.
However, this is unlikely, in Fitch's view.

VR ADJUSTMENTS

The capitalisation & leverage score of 'b+' is below the 'bb'
implied score due to the following adjustment reason: size of
capital base (negative)

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

   DEBT               RATING                              PRIOR
   ----               ------                              -----
Expressbank Open    LT IDR          B       Affirmed      B
Joint Stock Company
                    ST IDR          B       Affirmed      B
                    Viability       b       Affirmed      b
                    Support         WD      Withdrawn     5
                    Support Floor   WD      Withdrawn     NF
                    Government Support ns    New Rating


INTERNATIONAL BANK: Fitch Alters Outlook on 'B' IDR to Stable
-------------------------------------------------------------
Fitch Ratings has revised Open Joint-Stock Company International
Bank of Azerbaijan's (IBA) Outlook to Stable from Positive while
affirming its Long-Term Issuer Default Rating (IDR) at 'B'.

Fitch has withdrawn IBA's Support Rating and Support Rating Floor
as they are no longer relevant to the agency's coverage following
the publication of Fitch's updated Bank Rating Criteria on 12
November 2021. In line with the updated criteria, Fitch has
assigned IBA a Government Support Rating (GSR) of 'ns'.

KEY RATING DRIVERS

IBA's ratings are based on the bank's intrinsic credit strength, as
measured by its Viability Rating (VR) of 'b'. The ratings continue
to capture risks stemming from a volatile and cyclical operating
environment in Azerbaijan and IBA's high risk appetite reflected in
a sizable direct exposure to currency risks.

The ratings also capture IBA's solid financial metrics, including
large capital buffers, reasonable asset quality underpinned by a
high 59% share of low-risk assets (relative to bank's VR), decent
profitability in the past three years and adequate liquidity. The
VR of 'b' is one notch below the 'b+' implied VR, due to its risk
profile.

IBA 's open-currency position (OCP) amounted to 59% of regulatory
capital (USD471 million) at end-1Q22 - a moderate improvement from
77% (USD521 million) a year before. IBA had consistently reduced
OCP in the previous four years to 38% of the capital at end-2021,
before the bank widened the position both in absolute and relative
terms as a result of several large transactions in early 2022.
Although IBA has since end-2M22 returned to its trajectory of
reducing OCP, this has been delayed by the decision to temporarily
reverse OCP, which Fitch views an indication of higher risk
appetite and a more aggressive stance towards currency risk. This
drives the revision of the Outlook on the IDR to Stable from
Positive.

Nevertheless, Fitch believes that IBA's capital buffer is currently
sufficient to withstand a significant currency shock, given the
comfortable cushion of IBA's regulatory Tier 1 capital ratio over
the statutory minimum.

IBA's large capital buffer helps to mitigate currency risks.
End-2021 Basel I Tier 1 and total capital ratios equalled to a high
37% and 39%, respectively but represented 17% and 20% as per
statutory standards. Fitch estimates that this capital buffer
should still be sufficient to withstand a significant currency
shock of an exchange rate depreciation to 2.3 AZN/USD (from 1.7
AZN/USD currently) before breaching statutory minimums of 6% for
Tier 1and 12% for total capital ratios.

IBA's asset quality is supported by a low-risk asset structure.
Liquid assets (cash, interbank placements and government bonds)
were equal to a high 64% of total assets at end-2021 and were
mostly of quasi-sovereign credit quality. The net loan book, which
Fitch views as the key source of impairment risks, amounted to a
low 25% of total assets at end-2021. Impaired loans (Stage 3 loans
under IFRS) were lower than peers' at 4.2% of end-2021 gross loans
(end-2020: 8%), and were comfortably 1.1x covered by total loan
loss allowances. Stage 2 loans were a modest 2% of gross loans at
end-2021.

IBA is funded mainly by customer accounts (89% of liabilities at
end-2021) with an emphasis on state deposits (66% of liabilities).
A high share of customer funds is interest-free, translating into
low funding costs (2.2% in 2021). The bank's wholesale debt is
limited to an USD425 million (AZN0.7 billion) Eurobond maturing in
2024. IBA's liquid assets cover an ample 86% of total customer
accounts.

ESG - Governance Impact

IBA has an ESG Relevance Score of '4' for governance structure
stemming from a recent deviation from its OCP management approach.
This delays normalisation of OCP and increases the bank's exposure
to a potential devaluation of manat that could result in sizable
negative revaluations. This has a moderately negative influence on
Fitch's assessment of its capital position as well as
profitability.

GSR

The Government Support Rating of 'ns' reflects no reasonable
assumption of forthcoming support, mainly due to the bank's default
in 2017.

RATING SENSITIVITIES

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

IBA's VR and Long-Term IDR could be downgraded if a combination of
large currency losses, increased loan impairment and asset
inflation result in considerable erosion of the bank's capital
position.

The senior debt rating is sensitive to negative changes in the
bank's Long-Term IDR.

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

The ratings could be upgraded if the bank moderates its appetite to
the market risk, primarily by reducing its OCP to below 30% of
regulatory capital. An upgrade of IBA would additionally require
the bank to maintain stable loan-quality metrics as well as a
comfortable capital and liquidity buffers.

A revision of the GSR to the 'b' category would be contingent on a
positive change in Azerbaijan's propensity to support domestic
banks backed by a record of consistent support.

The senior debt rating is sensitive to positive changes in the
bank's Long-Term IDR.

VR ADJUSTMENTS

The asset quality score of 'bb-' is above the 'b' category implied
score because of the following adjustment reason: non-loan exposure
(positive).

The profitability score of 'b' is below the 'bb' category implied
score because of the following adjustment reason: historical and
future metrics (negative).

The capitalisation and leverage score of 'b' is below the 'bb'
category implied score because of the following adjustment reason:
risk profile and business model (negative).

The funding and liquidity score of 'b+' is below the 'bb' category
implied score because of the following adjustment reason: deposit
structure (negative).

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

IBA has an ESG Relevance Score of '4' for governance structure due
to inconsistencies in strategy to decrease OCP and sizable
related-party exposures on both sides of the balance sheet, which
has a negative impact on the 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.




===========================
C Z E C H   R E P U B L I C
===========================

DRASLOVKA HOLDING: S&P Assigns 'B' ICR on Chemours Acquisition
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit and
issue ratings to Czech Republic-based Draslovka Holding AS and its
senior secured loans.

S&P said, "The negative outlook reflects the risk that we could
lower the rating if the market conditions in Europe would become
more challenging and decline in Draslovka's EBITDA and FOCF this
year were more severe than our base case. This could lead to
liquidity deteriorating to less than adequate or leverage weakening
to above 9x adjusted debt to EBITDA including PECs or above 6x
excluding PECs without near-term recovery prospects."

Draslovka has completed the acquisition of Chemours Mining
Solutions (CMS) from Chemours Co. (BB-/Stable/--). The final
financing comprises a $348 million senior secured term loan B (TLB)
and a $30 million senior secured revolving credit facility (RCF),
both due in five years. The transaction is further supported by
equity from Draslovka's shareholder, the multi-family office bpd
partners a.s. In addition, bpd sold $150 million of preference
shares to financial investor Oaktree in first-quarter 2022. The
preferred equity was arranged above Draslovka, the main rated
entity. S&P views third-party-held PECs as debt.

The ratings reflect highly leveraged capital structure at
transaction close. S&P views the initial capital structure, which
includes the $348 million TLB and the $150 million PECs, as highly
leveraged. This translates into pro forma adjusted debt to EBITDA
of about 6.7x at year-end 2021 including PECs, or about 4.7x
excluding PECs, based on adjusted EBITDA of about $75 million last
year after CMS' stand-alone costs.

S&P said, "We expect leverage to temporarily deteriorate in 2022
followed by a swift recovery next year. We forecast the leverage to
go up to about 7.5x-8x adjusted debt to EBITDA including PECs or
5.0x-5.5x excluding PECs this year, followed by a swift improvement
toward 6.5x including PECs and below 4.5x excluding PECs in 2023.
This compares with our previous forecast of leverage below 4.5x in
2022 and below 4.0x in 2023 without PECs, indicating reduced and
limited rating headroom.

"The leverage evolution reflects our estimate of adjusted EBITDA
declining by $5 million-$10 million to $65 million-$70 million in
2022, then rebounding to $75 million-$80 million next year. The
EBITDA decline stems from very high natural gas price in Europe
fueled by the conflict in Ukraine, leading to production
curtailment of key product sodium cyanide (NaCN) and earnings loss
at Draslovka's site in Kolin, Czech Republic. Mitigating factors
include a stronger performance at the acquired CMS site in the U.S.
(which accounts for about 77% of group EBITDA in 2021), where it
benefits from higher selling prices and less impact of higher gas
prices. Moreover, Draslovka has the technical flexibility to shift
the product mix at the Kolin site to more production of potassium
cyanide (KCN), which is used in synthesis and electro-plating and
reflects a higher margin than that of NaCN. The byproduct ammonia
can also be used to produce a mix of ammonium sulfate and urea,
which is generating very good margins. Looking at market
fundamentals, the production curtailment at Draslovka, a technology
and cost leader in Europe, due to high raw material costs signals
an increasing tightness of supply in that region. Given the current
supportive gold prices of around $1,900 per ounce, we expect demand
for NaCN to remain strong. This supports an improving pass-through
of input cost increases to customers and a gradual margin recovery
in the Kolin site, resulting in a swift recovery of credit metrics
from 2023. In addition, a smooth integration of CMS with synergies
from 2023 through upgrading production processes also adds to the
deleveraging potential.

"However, our base-case scenario is subject to heightened risks of
higher-than-expected increase of input costs and potential gas
supply shortages in Europe, which might lead to severe
underperformance. We note a high degree of uncertainty about the
extent, outcome, and consequences of the Russia-Ukraine conflict. A
further surge in natural gas price in Europe and potential gas
supply cut from Russia would result in higher curtailment or
temporary shutdown of production at the Kolin site. This, combined
with the company's relatively small earnings base, could lead to
much weaker credit metrics than our base-case scenario.

"Our assessment of Draslovka's financial risk also reflects its
constrained FOCF, especially in 2022 due to lower EBITDA and in
2023 due to higher-than-normal capital expenditure (capex). Healthy
margins and modest annual working capital outflows should help the
group sustain fair FOCF of above $10 million per year under
historically normal capex of about $30 million. In 2021, we
estimate FOCF have reached above $20 million with high capex of $55
million, but about $22 million lower interest costs than in the
post-transaction capital structure. However, capex will be higher
than normal, about $45 million in 2022 factoring in a cut of about
$10 million growth capex for the Kolin site given challenging
market conditions in Europe, which will be caught up to 2023
leading to about $50 million total capex next year. These
higher-than-normal capex relate to the catch-up in maintenance
capex, debottlenecking projects, and investments needed to modify
production processes and generate synergies at CMS' plants, all
contributing to business growth. As a result, we anticipate FOCF
will turn negative in 2022 and 2023, followed by a swift turnaround
from 2024. The company has the flexibility to postpone the majority
of the growth capex, if necessary, but we expect it to prioritize
growth initiates.

"The main constraints on our assessment of Draslovka's business
risk profile include its relatively small size, high exposure to
NaCN used by the gold mining industry, reliance on production at
two sites, and relatively high customer concentration. With pro
forma sales of about $360 million and EBITDA of $75 million for
2021, the company is relatively small compared to other rated
commodity chemical players, making it more vulnerable to external
shocks than larger companies. Although Draslovka is one of a few
cyanide producers with diversification into other nonmining
products, the combination with CMS leads to about 86% of group
EBITDA generated from NaCN--used for leaching in gold and silver
mining. Gold mining industry production levels depend on gold
prices. Low gold prices can lead to shutdowns at customers sites
and lower demand for NaCN, as seen in 2016 when prices plummeted.
Other end markets include electroplating (4%), tire and rubber
manufacturing (4%), agriculture (4%), and others (2%).

"Given the large exposure to gold mining, the company's main
customers are large gold mines in the Americas, and the top 10
accounted for almost 50% of group revenue in 2020.Loss of key
customers or shutdowns at customers' mining sites will have a
material negative impact on the group's performance. In 2020, the
nonrenewal of four contracts (some of which are decided by
management to protect margin) and mine shutdowns due to COVID-19
led to more than a 14% reduction in NaCN production at CMS. This
has been partially offset by new contracts.

"Moreover, we view asset concentration risks as high given that the
combined group only has two production sites, one in Europe and the
other in the U.S. Any extended turnarounds or unexpected outages
will hit output levels. In addition, production to some extent
depends on one key customer for hydrogen cyanide (HCN). About 40%
of HCN produced at CMS' Memphis site is sold directly to Mitsubishi
Chemicals onsite via a pipeline (with the remainder used to produce
NaCN), which generated 12.6% of group revenue in 2020. Maintenance
turnarounds at Mitsubishi and CMS are not synchronized (to be
improved in about two years), so shutdowns at Mitsubishi can also
affect CMS's output. For example, NaCN production decreased 10% in
2019, driven by a Mitsubishi turnaround and unplanned outages at
CMS.

"The Laguna project has resulted in high sunk costs, including
investments borne by the seller, and management expects an exit.
The project--involving investment in a 50 kiloton (kt) greenfield
site for NaCN production in the center of the Mexican mining
cluster--has been halted due to pending legal cases from the local
community relating to environmental and human rights concerns. This
resulted in an about $37 million restructuring provision in 2020
related to a dispute with a subcontractor, which was settled in
2021 with about $26 million of cash payments. Although the outcome
is uncertain, we assume Laguna will be wound down in our base-case
scenario, in line with management's expectations. Invested
machinery and equipment would be sold to the Sasol site (also
acquired by Draslovka, but outside of the financing perimeter) at
arm's length, which is the most cost-effective solution. Despite
upside potential from disposal and the reuse of assets as expected
by management, we think there is some uncertainty on the amount and
timing of cash inflows and outflows in the planned exit process."

The business risk profile is supported by Draslovka's global
leading position in the niche market of cyanide-based chemicals for
the gold mining industry, which is seeing demand growth and has
only a few key competitors. The company has relatively high margins
with an advantageous cost position and potential improvements from
synergy realization. It also has good technological capabilities
with licensing income as an additional earnings stream, strong
customer relationships with contracted sales, and quarterly cost
pass-through.

Combined with CMS, Draslovka will become the largest pure player
for cyanide-based chemicals in terms of sales and EBITDA. It will
be the No. 2 NaCN producer worldwide (behind U.S.-based Cyanco) in
terms of sales volume with about 104 kt estimated for 2021. This
translates into about 8% global market share for Draslovka, given
about 1.3 metric tons per year global merchant NaCN supply in 2021,
which is a small niche market. Given that liquid/solution NaCN is
very difficult to transport and normally sold directly to customers
onsite, most NaCN manufacturers have a regional footprint. Only a
few players, including Draslovka and Germany-headquartered CyPlus,
operate manufacturing sites across the globe. Among the few
competitors for Draslovka, Cyanco focuses more on liquid NaCN
(about 60% in volume) sold in Nevada. There are only two
competitors in the Americas outside the U.S. (CyPlus/Rohm in Mexico
and Proquigel in Brazil), and these are relatively small and can
only supply selected regional customers.

Draslovka benefits from solid market demand due to increasing
mining volumes amid elevated gold prices in recent years, and more
complex ores and declining ore grades that require additional NaCN
to mine. At the same time, capacity additions are limited globally
for the next several years. According to management, NaCN capacity
is forecast to increase gradually by about 2.0% per year while
demand is expected to expand more than 4% per year until 2025.

Draslovka also benefits from long-term relationships with blue-chip
mining customers, supported by NaCN's critical role for gold
production while only representing about 4% of a mine's cash costs.
CMS generates about 80% of sales from contracted customers with
minimum off-take volumes and selling price adjustments every
quarter to reflect feedstock price fluctuations. S&P considers the
group able to pass on raw material price changes to customers, but
with a time lag of three-to-six months.

More than 60% of CMS's costs are variable, of which about
two-thirds are raw materials including caustic soda, ammonia, and
natural gas; and it has access to low-cost feedstock in the U.S.
This, together with strong customer relationships, has resulted in
healthy profitability with a comfortably above 20% EBITDA margin,
compared with the 9%-17% average for the commodity chemical
industry. In addition, the transaction offers margin upside due to
synergies through replicating Draslovka's HCN production process at
the Memphis site, with byproduct manufacturing and ammonia use.
This should bring about $15 million of EBITDA per year in about 18
months and has relatively low realization risks.

The group benefits from effective production technology. Draslovka
possesses a proprietary reactor design and a competitive production
process, which allows for more than 10% lower raw material use. CMS
owns technology for HCN, NaCN, and ACN plants, which generated
license income of $8 million-$20 million in recent years,
supporting more resilient EBITDA. For example, in 2020, licensing
income compensated for volume-driven EBITDA declining due to
COVID-19. This resulted in stable EBITDA despite an about 20%
revenue decline. S&P expects licensing income of about $16 million
in 2021 (included in adjusted EBITDA), before declining to $5
million-$8 million per year from 2022.

The negative outlook reflects the risk that S&P could lower the
rating if the market conditions in Europe become more challenging
and the decline in Draslovka's EBITDA and FOCF this year were more
severe than S&P's base-case scenario assumes.

S&P could lower the rating if:

-- Liquidity deteriorates to less than adequate due to
much-lower-than-expected EBITDA, high growth capex, and large
working capital swings.

-- Leverage weakens to above 9x adjusted debt to EBITDA including
PECs or above 6x excluding PECs without near-term recovery
prospects.

-- FOCF remains negative for a prolonged period without prospects
of a swift recovery. This could occur if there is a significant
drop in operating performance due to major unexpected disruptions
at one of the two production facilities, loss of key customers, or
a sustained drop in gold prices leading to much lower activity at
customers' gold mining operations. It could also happen if there is
material disruption in sourcing key raw materials from its major
suppliers.

S&P could revise the outlook to stable if:

-- Leverage remains below 8x adjusted debt to EBITDA including
PECs and below 5.5x excluding PECs in 2022, with a swift
deleveraging in 2023 to below 7x adjusted debt to EBITDA including
PECs and below 4.5x excluding PECs.

-- The company maintains at least adequate liquidity and can
generate positive FOCF with a normalized capex level.

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




===========
F R A N C E
===========

CONSTELLIUM SE: S&P Raises ICR to 'B+' on Increased Profitability
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Constellium SE to 'B+' from 'B' as well as the issue rating on its
financial instruments.

The stable outlook reflects the favorable demand for Constellium's
goods and limited downside from higher inflation pressure, which
give good visibility on the company's operations in the coming
12-18 months.

S&P said, "The upgrade is underpinned by our expectation of strong
demand for Constellium's products in the coming 24 months, leading
to record results and the downward revision of our adjusted
leverage to 4x-5x, on average, despite volatility. Very robust
demand across all the company's markets (packaging, automotive, and
aerospace) translated into record high results in 2021 and in the
first quarter of 2022. For example, the packaging division (about
45% of the company's revenues) is experiencing very strong demand
in the U.S. and in Europe and is expected to expand by close to 5%
a year in each of the coming years. As a result, we have updated
our base-case scenario and now project EBITDA of at least EUR650
million in 2022. In our view, higher input costs will have a
limited impact in 2022, either because of passthrough contracts or
hedges. The improved adjusted debt to EBITDA to about 4x has led us
to reassess the company's financial risk profile to aggressive from
highly leveraged."

Constellium's financial policies support the 'B+' rating. In April
2022, the company confirmed its financial policy, aiming to reduce
its reported net debt to EBITDA to at least 2.5x (corresponding to
S&P Global Ratings-adjusted debt to EBITDA of 3.75x) and over the
long term to maintain it between 1.5x and 2.5x. S&P said, "We view
this plan as credible, taking into account Constellium's past track
record (at the end of 2021, it reduced debt to EBITDA to 3.4x from
4.3x a year before), and the expected profitability in the coming
years. At the same time, we do not expect the company's absolute
debt to come down materially, but with lower net debt levels we
expect Constellium to slightly reduce its factoring facilities. The
company is very likely to use some of its free cash flow to make
additional investments in its businessrather than allocating it all
to debt reduction. Management says shareholders should not expect
returns at least until its targeted leverage level has been met."

The global shift toward a more sustainable, "greener" world will
continue to support demand for Constellium's products. The
penetration of aluminum products into additional applications will
also continue in the coming years. S&P said, "In our view, the
company's portfolio--focusing on aluminum products, such as
beverage cans and structures for planes and automotives--and its
geographic footprint put it in an excellent position to harvest the
trend for global sustainable transition and will yield long-term
growth prospects. This is reinforced by the company's use of
secondary aluminum, which requires less energy and has lower carbon
dioxide emissions than primary aluminum. In our view, the main
growth market will remain the automotive industry, at around 4%-6%
growth per year in the next few years, while the packaging business
will continue to expand more slowly while providing a very solid
base line demand." Several opportunities could propel the company's
growth including the need for safety, electric vehicles, or
lightweighting.

The stable outlook on Constellium reflects the good visibility on
the company's operations in the coming 12-18 months, explained by
favorable demand and limited downside from higher inflation
pressure.

S&P said, "Under our revised base-case scenario, we expect
Constellium to report S&P Global Ratings-adjusted EBITDA of EUR650
million-EUR675 million in 2022, translating into adjusted debt to
EBITDA of about 4X, at the bottom of the range (4x-5x) that we view
as commensurate with the current rating. In addition, we project
positive free operating cash flow (FOCF) of at least EUR150
million."

Rating downside in the coming 12 months is limited. However,
unforeseen changes in the demand or a spike in inflation costs
could pressure the rating. In this respect, S&P could consider
downgrading Constellium if adjusted leverage increased to more than
5x.

S&P does not expect to raise the rating on Constellium in the
coming 12 months. Any upgrade would depend on the following:

-- A track record of adjusted debt to EBITDA of 3x-4x. This would
be in line with the company's financial objective of net leverage
below 2.5x (equivalent to 3.75x under our definitions).

-- Good visibility on the company's future capital allocation,
including growth capital expenditure (capex), acquisitions, and
dividends.

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




=========
I T A L Y
=========

ITA AIRWAYS: Lufthansa, MSC Look at Financial Data
--------------------------------------------------
Zuzanna Szymanska and Francesca Landini at Reuters report that
Lufthansa and its partner MSC have been looking at financial data
opened up by state-owned ITA Airways to see if the Italian airline
would make a good strategic acquisition, the German carrier's chief
executive said on May 5.

According to Reuters, prospective bidders for ITA Airways have had
access to its finance data room for about 72 hours, Chief Executive
Carsten Spohr told a news conference.

The Italian government wants to clinch an ITA privatisation deal by
mid-June, sources told Reuters in March.

"When it comes to investments, we are only interested in
restructured airlines, and we believe ITA is one of them.  We are
now checking the information available in the data room to confirm
that this is the case," Reuters quotes the Lufthansa CEO as
saying.

ITA started flying in October, after replacing Italy's 75-year-old
carrier Alitalia which was finally grounded after years of losses
and failed rescue attempts, Reuters recounts.

In January, shipping group MSC expressed interest in buying a
majority stake in ITA with Lufthansa, Reuters relates.  The
partners asked for exclusive talks but Rome chose an open
procedure, Reuters states.

Other bidders which can also access the data room are the U.S.
Certares fund in cooperation with Delta and Air France, alongside
Wizz Air investor Indigo Partners, sources have said, Reuters
notes.


LEONARDO SPA: S&P Affirms 'BB+/B' Ratings, Alters Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook to positive while
affirmed its 'BB+/B' long- and short-term ratings on Italy-based
Leonardo SpA, and its 'BB+' rating on Leonardo's senior unsecured
notes with the recovery rating of '3' indicating 65% recovery
prospects (up from 60% before).

S&P said, "The positive outlook reflects the possibility of an
upgrade if our adjusted EBITDA margin for Leonardo increases beyond
12% by year-end 2023 and stays at 13% or higher thereafter,
while--on a sustainable basis--adjusted FFO to debt and adjusted
FOCF to debt exceed 35% and 15%, respectively, and Leonardo's
balance sheet remains robust, with ample liquidity buffers under
all market circumstances, and a positive operational track record
with no material governance controversies.

"We anticipate Leonardo's credit metrics and FOCF will improve over
2022-2023 to levels commensurate with an investment-grade profile.
After a challenging 2020, when the pandemic weighed on Leonardo's
profitability and credit metrics, Leonardo's credit metrics started
to recover slowly, sustained by its defense and governmental
business. In 2021, adjusted FFO to debt rose to 26.7% (after taking
into account EUR101 million of non-recurring expenses in our
adjusted EBITDA figure) from 18.7% the previous year due to
significant free cash flow generation, restoring its rating leeway.
For 2022-2023, under our revised base case, we expect further
strengthening of Leonardo's credit metrics due to S&P Global
Ratings-adjusted FOCF and higher earnings due to increasing revenue
and margins at its Defense Electronics & Security division (DES).
We now forecast Leonardo's FOCF at more than EUR450 million per
year, owing to lower annual working capital outlays of EUR250
million-EUR350 million, down materially from EUR643 million in
2021. We believe the working capital improvement is mainly fueled
by large orders moving to a more advance phase and by the majority
of growth stemming from DES, which is typically less
working-capital intensive. This will result in our FFO projection
potentially improving sustainably beyond 35% over the coming 18-24
months.

"Leonardo's aerostructure business will continue to weigh on
profitability, so we now estimate the group's adjusted EBITDA at
10.0%-10.5% in 2022 before gradually improving in 2023-2025.
According to the company's expectations, the aerostructure business
will reach breakeven in 2025, implying that it will continue to
drain cash for the next two to three years. Consequently, we now
anticipate that over 2022-2023 this business will depress margins
by 150 basis points (bps) to 200 bps. Although the group can rely
on increased volumes due to faster recovery of demand from ATR
(Aerei da Trasporto Regionale) and Airbus (narrow body aircraft
A321 and A220), we still anticipate a difficult operating
environment and subdued demand for Boeing's 787 Dreamliner. We also
expect the defense programs--Eurofighter and JSF--will contribute
positively to margins and cash generation.

"Some tailwinds from governments' enlarged defense budgets could
incrementally help Leonardo's aerostructures and defense business
in the medium term. For time being, we anticipate that Leonardo's
top line will strengthen in 2022 by 4%-6% to EUR14.5 billion-EUR15
billion from EUR14.1 billion in 2021. Leonardo continues to benefit
from its resilient defense and governmental business, which as of
the end of 2021 represented about 88% of its revenue. Although we
do not anticipate meaningful sales improvements over 2022-2023 as
defense budgets increase, we would expect a moderate rise in new
orders over the next few years. In 2021, Leonardo's order intake
reached EUR14.3 billion up by 4% against the same period the
previous year. We note that about 50% of the orders represent
Leonardo's DES division, which we expect will fuel the group's
growth over the coming two to three years. Leonardo's order backlog
remains strong at EUR35.5 billion, unchanged from the same period a
year ago.

"Financial policies could support deleveraging in light of an
expected material increase in FOCF. We understand that Leonardo's
management is strongly committed to improving the quality of its
cash generation, while limiting the use of off-balance-sheet
working capital arrangements, aiming to strengthen its capital
structure. Although Leonardo's leverage isn't tied to any specific
key metric, its management is fully committed to achieving and
maintaining an investment-grade credit profile. We also note that
the company has no declared dividend policy. In 2021, the group
didn't distribute dividends, as a result of lower earnings due to
the effects of the COVID-19 pandemic. However, over 2017-2020
shareholder remuneration reached EUR81 million per year. In our
view, this amount does not represent a generous dividend pay-out
compared with Leonardo's earnings. Nevertheless, it was material
compared with the company's S&P Global Ratings-adjusted FOCF, which
averaged about EUR115 million annually over those years. In our
base case, we expect Leonardo to retain dividends of EUR80
million-EUR90 million per year over 2022-2024 in line with
historical levels, which is well below anticipated FOCF
improvements.

"Governance factors will be important for an investment-grade
standing. We believe Leonardo's governance structure and oversight
are in line with local Italian governance standards. The board
comprises 12 members (75% independent), with a separate CEO and
chair. The Italian Ministry for the Economy and Finance, via its
30.2% stake in Leonardo, has right to present a list of candidates
that usually receives the most votes and, therefore, de facto
appoints a CEO every three years. The company's code of conduct
comprises several policies to hedge the comparatively high risks of
fraud, corruption, and whistleblowing, which the aerospace,
defense, and security sector typically faces. These policies apply
to all directors, employees, suppliers, and agents. However, in the
past years, Leonardo has faced several allegations related to
bribery and corruption. At the same time, we recognize that the
company has been discharged from the most prominent cases, for
example, the one in India. The CEO is currently on trial connected
to his previous role at Monte Dei Paschi di Siena for alleged false
accounting and market manipulation. We understand Leonardo
continues to act in line with best market practices and did not
have major cash outflows related to bribery, fraud, or litigation
cases in the recent past. Continuing this track record,
demonstrating strong risk management practices, and continued
transparent reporting in line with investment-grade peers in the
sector will also be important considerations for the rating."

Outlook

The positive outlook reflects the possibility of an upgrade over
the next 18-24 months.

Upside scenario

S&P will raise the ratings if Leonardo's:

-- S&P Global Ratings-adjusted EBITDA margins improve beyond 12%
by the end of 2023 and approach 13% thereafter;

-- Adjusted FFO to debt is sustainably above 35%; and

-- Adjusted FOCF to debt is sustainably above 15%.

An upgrade would also hinge on management's commitment and ability
to maintain a very strong balance sheet, sound liquidity buffers
under any market circumstances, and a positive track record of
running the business with no material governance controversies.
This would result, for example, from continued tight and
transparent working capital management, and sound treasury
management, with a significant amount of cash and committed credit
lines.

Downside scenario

S&P said, "We would revise the outlook to stable if FFO to debt
were to stabilize at about 30% or if FOCF to debt fails to increase
sustainably above 15%. This could materialize if the company's
margins or working capital requirements improve less than we
currently forecast in our base case. Profit margins stabilizing at
12% or lower in the long term, due to contract dilution or
unexpected one-off costs, could also lead us to revise the outlook
to stable."

Environmental, Social, And Governance

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Leonardo, primarily due to the
pandemic's impact on Leonardo's aeronautics business, which will
continue to affect its profitability for the coming two to three
years, albeit moderately improving. We regard the pandemic as a
social factor that has affected Leonardo's operating performance
and credit metrics. The pandemic caused a significant decline in
air travel and lower demand for passenger airplanes, and we do not
expect these to recover to pre-pandemic levels until at least 2023.
We regard governance and environmental risks as neutral
considerations in our credit rating analysis of Leonardo."




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

AYA DESIGN: Put Into Voluntary Liquidation, Owes GBP3.6 Million
---------------------------------------------------------------
Andrew Young at MailOnline reports that the company behind gender
fluid clothing brand Les Girls Les Boys is going bust with
estimated debts of GBP3.6 million.

Founded by former Agent Provocateur lingerie boss Serena Rees, the
trendy brand's controlling company Aya Design Group Ltd has been
put into voluntary liquidation by sole director Rees, MailOnline
relays, citing Companies House records.

By far the biggest creditor is 54-year-old Rees -- the former
daughter-in-law of fashion doyen Vivienne Westwood -- who ploughed
GBP3.1 million into setting up and propping up the brand,
MailOnline discloses.

Les Girls Les Boys sells ranges of "underwear meets streetwear"
clothing, often interchangeable to suit people with a 'cross
cultural mindset' and "fluid sexual identities".

According to MailOnline, an insider who once worked on a contract
for the firm told FEMAIL: "They did very well during lockdown when
people were stuck at home as their main products are sweats and
pyjamas.

"From this success, Serena wanted to turn them into a larger brand
and started to add new lines until they became too diverse with far
too much stock, such as swimsuits when nobody could go on
holiday."

Clothing is no longer available for sale on the website
lesgirlslesboys.com which now just features a front page screengrab
image of models wearing the brand's designs.

Ms. Rees appointed liquidators to take over her firm Aya Design
Group on May 3, MailOnline says, citing documents filed at
Companies House.

A statement of affairs filed the same day listed creditors and what
they were owed, and revealed the firm was GBP3,625,574 in the red,
MailOnline discloses.

The document giving the company's financial position on April 13
states that it only has assets of GBP75,913 following payments owed
to preferential creditors, MailOnline notes.

But it still owes GBP3,701,487 to non-preferential creditors
including GBP3,165,254 owed to Ms. Rees herself, GBP3,208 owed to
banks and GBP11,709 owed to HMRC, according to MailOnline.


BLEIKER'S SMOKE: Administrators Seek Buyer for Business
-------------------------------------------------------
Business Sale reports that a buyer is being sought for salmon
processor Bleiker's Smoke House, which fell into administration
shortly after losing a major contract with a UK supermarket.

The Yorkshire-based company had been the supplier for Aldi's
"Specially Selected" smoked salmon range until it was abruptly
dropped at the start of April, Business Sale notes.

Following the loss of the contract, which was thought to account
for between 50–70% of Bleiker's turnover, the company appointed
FRP Advisory in an attempt to find a buyer for its brand and plant
or to restructure the business, Business Sale relates.  A small
number of employees were kept on to help the company supply its
remaining contracts, Business Sale states.

According to Business Sale, when a buyer could not be found by
April 28, the company entered administration with staff made
redundant and the business ceasing trading.  Despite this, joint
administrators Martyn Pullin and Phil Pearce of FRP Advisory
continue to seek a buyer for the company and its assets, Business
Sale relays.

Prior to the loss of its contract with Aldi, in its financial
reports for the year ending April 30 2021, Bleiker's reported a
post-tax profit of GBP296,138 on turnover of GBP14.09 million,
Business Sale discloses.  The company's fixed assets were valued at
GBP1.47 million and current assets at GBP3.8 million, with net
assets amounting to GBP2.4 million, Business Sale discloses.

In a statement, joint administrator Martyn Pullin, as cited by
Business Sale, said: "Bleiker's was a family operation with a track
record of supporting both major and independent retailers. The loss
of a significant contract left the business in a difficult
financial position. Regrettably, the insolvency has meant that the
business is no longer able to continue trading and redundancies
have been made."

Mr. Pullin added: "We are now focused on exploring options to sell
the business and its assets and encourage any interested parties to
come forward."


BOWER & CHILD: Enters Liquidation, Halts Operations
---------------------------------------------------
Miran Rahman at TheBusinessDesk.com reports that Huddersfield-based
Bower & Child, which installed and maintained cooking ranges and
multi-fuel heating appliances, has ceased trading.

According to TheBusinessDesk.com, the pandemic had a significant
impact on the company's business, as lockdowns in the UK and
worldwide impacted suppliers' delivery schedules due in part to
supply-chain and logistical issues.

It became increasingly difficult to manage this situation and the
company's cash flow and turnover were "severely reduced",
TheBusinessDesk.com states.  A total of eight jobs have been lost,
TheBusinessDesk.com discloses.

The directors have instructed Charles Brook, a partner at Poppleton
& Appleby, Licensed Insolvency Practitioners of Huddersfield to
assist in a liquidation process, TheBusinessDesk.com relates.

Mr. Brook, as cited by TheBusinessDesk.com, said: "Bower & Child
has a long, proud history in Huddersfield and districts and will be
sorely missed by its many loyal customers who will have been on
first-name terms with the long-serving fitters and engineers.

"Many small businesses in the UK are probably only two to three
months of weak trading away from potential insolvency and, for
businesses operating in specialised retail sectors as this company
did, it is particularly true following the pandemic.

"Weakened demand and supply chain complications can rapidly lead to
cashflow problems and potentially unsustainable trading losses."

At a time still to be confirmed, there will be an online auction of
the company's residual stock of cooking ranges, stoves, and
fittings, managed on behalf of the proposed liquidators by Walker
Singleton (asset Management) Ltd., according to
TheBusinessDesk.com.


HAIKO CYCLING: Liabilities Prompt Liquidation, Ceases Trading
-------------------------------------------------------------
Hannah Baker at BusinessLive reports that Haiko Cycling Limited, a
bike servicing and repair company in Portishead in North Somerset,
has gone into liquidation and ceased trading.

The company, which previously traded as Mike's Bikes (Portishead),
operated from a unit on Harbour Road and was run by Benjamin
Jonathan Sachs.

According to BusinessLive, the business has appointed Lisa Alford
and Chris Parkman, of Cornwall-based insolvency practitioners
Purnells, as liquidators.

An announcement on public records site The Gazette said at a
meeting earlier this month the company confirmed it could not, by
reason of its liabilities, continue its business and it was
"advisable" to wind up the firm voluntarily, BusinessLive relates.




MCCOLL'S: At Risk of Going Into Administration
----------------------------------------------
Aby Jose Koilparambil at Reuters reports that struggling British
convenience shop chain McColl's said on May 5 it was increasingly
likely that the group would be placed into administration, a move
that could put thousands of jobs at peril.

The company statement was released after a Sky News reporter
tweeted that McColl's, which has an extensive partnership with
supermarket major Morrisons, could crash into administration as
soon as today, Reuters discloses.

McColl's reiterated that it remained in talks on potential
financing solutions to resolve short-term funding issues and create
a stable platform for the business, Reuters relates.

"McColl's confirms that unless an alternative solution can be
agreed in the short term, it is increasingly likely that the Group
would be placed into administration with the objective of achieving
a sale of the Group to a third-party purchaser and securing the
interests of creditors and employees," Reuters quotes the company
as saying.

The 1,100-store group, which runs McColl's and Morrisons Daily
branded convenience stores as well as Martin's newsagents, employs
about 16,000.

Earlier this week, McColl's said it was likely to request the
listing of its shares be suspended on June 1 as it would not meet a
deadline to publish its annual results by the end of May, Reuters
recounts.




===============
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
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 * * *