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

                          E U R O P E

          Wednesday, May 11, 2022, Vol. 23, No. 88

                           Headlines



F R A N C E

CMA CGM: S&P Upgrades Long-Term ICR to 'BB+' on Strong Cash Flows


I R E L A N D

GERMAN PROPERTY: Liquidators Mull Legal Action v. Former Advisers


I T A L Y

ITA AIRWAYS: May 23 Deadline Set for Binding Offers


S E R B I A

KVARK: Serbia Puts Assets Up for Sale for RSD170.6 Million


S P A I N

PEPPER IBERIA 2022: S&P Assigns BB+ (sf) Rating to Class E Notes


S W I T Z E R L A N D

CEVA LOGISTICS: S&P Upgrades Ratings to 'BB+', Outlook Stable


U N I T E D   K I N G D O M

DERBY COUNTY FOOTBALL: Kirchner's Exclusivity Period Extended
DONCASTER PHARMACEUTICALS: Goes Into Administration
GFG ALLIANCE: Insolvency Hearings Commence in UK Court

                           - - - - -


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F R A N C E
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CMA CGM: S&P Upgrades Long-Term ICR to 'BB+' on Strong Cash Flows
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
France-based CMA CGM S.A. to 'BB+' from 'BB', and its issue rating
on the group's senior unsecured debt to 'BB+' from 'BB-', while
revising the recovery rating on the debt to '3' from '5'.

S&P said, "The stable outlook reflects our expectation that CMA CGM
will maintain S&P Global Ratings-adjusted funds from operations
(FFO) to debt at more than 35%, our threshold for a 'BB+' rating,
underpinned by the group's adjusted EBITDA ultimately stabilizing
at above the strong 2020 level of $6.2 billion. It also reflects
our view that CMA CGM will adhere to prudent financial policy with
excess cash flows largely matching future expansionary spending."

CMA CGM's $23 billion EBITDA for 2021 exceeded 2020 levels by more
than 3.5x and S&P's July 2021 forecast by close to 1.5x, fueled by
higher-than-expected container shipping freight rates.

S&P said, "Container freight rates are edging up across most trade
lanes, with no signs of sustained moderation, contrary to our
previous expectations. Uninterrupted strong demand for tangible
goods, accompanied by significant and widespread congestion in
major maritime ports and disruption of logistical supply chains,
are tying up containership capacity and boosting shipping rates.
According to Clarkson Research, the Shanghai Containerized Freight
Index (SCFI) reached 4,700 on average year-to-date, which is above
the elevated average of 3,750 points in 2020 and 5.8x the
pre-pandemic 2019-year average of 810 points. The movement of
essential goods, strong pickup in e-commerce, and a shift in
consumer spending to tangible goods from services have supported
global container volume recovery since June 2020, with volumes
recording strong growth of about 6% in 2021, outpacing global GDP
growth. Flourishing transpacific trade has been a key factor
fueling this growth, following a 1%-2% year-on-year contraction in
2020. In 2022, we expect the global seaborne container trade will
decelerate as the pandemic's effects on consumer spending eases and
the global economy weakens, while supply chain bottlenecks
persist.

"Port congestion remains severe. Since September 2021, an average
of 37% of global containership fleet capacity was in ports
(significantly more than the 2019 average of 31%), according to the
Containership Port Congestion Index published by Clarkson Research,
with China and the U.S. west and east coasts remaining congestion
hotspots. We note that widespread lockdowns in China, as well as
the Russia-Ukraine conflict's knock-on effects on global supply
chains, have aggravated the already strained situation. This has
stimulated a surge in containership ordering (lifting the
containership order book to 26% of the global fleet as of April
2022, from an all-time low of 8% in October 2020, according to
Clarkson Research) and will likely trigger a flood of ship
deliveries in 2023 and 2024. That said, containership supply growth
is unlikely to surpass demand growth in the coming quarters,
propping up freight rates.

"We now forecast that freight rates could start moderating (from
current all-time highs) from late 2022 at the earliest. Thereafter,
as overall industry capacity increases and vessels on order are
delivered from 2023, rates could face a further correction and
ultimately stabilize at profitable levels that will likely be above
the 2020 base, according to our base-case scenario. That said, our
forecast is prone to uncertainties. We think the pandemic presents
a serious challenge to mainland China's and Hong Kong's local
authorities, given their zero-COVID-19 stance. Mobility
restrictions, port closures, and lockdowns of cities in the region
could protract or even exacerbate the already severely strained
situation along global supply chains. Meanwhile, we understand that
supply chain bottlenecks have led many container liners' customers
to increasingly opt for longer-term contracted freight rates, which
should mitigate the impact on liners' earnings if spot rates
eventually start to sustainably decline, at least temporarily.

"We expect average freight rates will plunge during 2023, and
subsequently stabilize at profitable levels well above the 2019
base. The expected easing of supply chain challenges and
accelerated new containership deliveries from 2023 will exert
downward pressure on the current record-high freight rates. That
said, delays in newbuild deliveries are possible, considering the
widespread lockdowns in China. We also think the industry will
adhere to a similarly tight capacity discipline, as it demonstrated
shortly after the pandemic's outbreak in 2020, when blank sailings
(skipping certain ports in the route or canceling the route
altogether) and other capacity containing measures timely
counterbalanced the significant and abrupt decline in trade
volumes. We consider this reactive supply management as normal in a
sector that has been through several rounds of consolidation in
recent years. The five largest container shipping companies now
have a combined market share of about 65%, up from 30% about 15
years ago. Furthermore, we think the IMO 2023 regulation will
likely encourage more slow steaming from next year, tying up
effective ship capacity and supporting freight rates.

"CMA CGM's 2022 EBITDA will outperform our previous forecast.CMA
CGM's $23 billion 2021 EBITDA exceeded 2020's level by more than
3.5x and our July 2021 forecast by close to 1.5x, thanks to the
higher-than-expected container shipping freight rates. This
strength more than compensated for the increasing bunker fuel
prices and non-bunker-related transport costs. In 2022, we forecast
that continued strong shipping rates will allow CMA CGM to beat the
historical record-high EBITDA of the previous year, assuming
freight rates start moderating from late 2022. Furthermore, we
factor in that adjusted EBITDA from CEVA Logistics, including the
most recently acquired logistics companies, will increase to up to
$1.2 billion in 2022 from $891 million in 2021, more than double
pre-pandemic EBITDA, and gradually expand thereafter.

"We do not view CMA CGM's extraordinarily high EBITDA in 2021 and
expected in 2022 as sustainable. We still think the group will be
able to turn its present EBITDA strength into a sustainable EBITDA
value of above EUR6.2 billion achieved in 2020, assuming the
industry's players in general maintain their stringent capacity
management, and CMA CGM retains its grip on cost control. We
continue to view the container liner industry as tied to cyclical
supply-and-demand conditions, which will likely translate into
fluctuations in CMA CGM's EBITDA performance under normalized
industry conditions. At the same time, we think the swings in
freight rates will be flatter and their peak-to-trough periods
shorter than historically because of industry consolidation and
container liners' more rational capacity deployment strategies and
increased focus on profitability. We also think the expanding
logistics operations will add certain stability to CMA CGM's
earnings over time."

The extraordinarily strong 2021 excess cash flows allowed CMA CGM
to reduce its financial debt by $4 billion to $5.3 billion, but its
lease liabilities have grown by a similar amount. That said, CMA
CGM's strong cash accumulation has helped to more than halve its
adjusted debt to $8 billion at year-end 2021 from $17.3 billion a
year earlier. S&P said, "We expect elevated freight rates to endure
at least until late 2022, buoying CMA CGM's EBITDA and resulting in
adjusted debt close to zero, even if accounting for large cash
outflow for acquisitions in logistics, ramp up in capital
expenditure (capex), and dividend distribution. According to our
base case, CMA CGM's credit metrics will be commensurate with our
minimal financial risk profile category in 2022-2023, providing
ample headroom under the rating for the expected moderation in
freight rates, rising fleet investment needs, and likely continued
expansionary spending."

S&P said, "CMA CGM lacks a track record of operating with the lower
financial leverage we forecast in our base case.We apply a negative
financial policy modifier to our 'bbb-' anchor for CMA CGM,
resulting in an overall rating of 'BB+', because we note that the
strongly improved credit ratios are a new achievement for the
company. This means that there is no track record of CMA CGM
operating at such a minimal leverage level; nor is there currently
a commitment to maintain this degree of financial risk, which
weighs on the rating. We also capture a relatively low degree of
credit ratio predictability, beyond what can be reasonably built
into our forecasts, and the risk that adjusted leverage could
ultimately be higher than our base case.

"The stable outlook reflects our expectation that CMA CGM will
maintain adjusted FFO to debt at more than 35%, our threshold for a
'BB+' rating, underpinned by the group's adjusted EBITDA ultimately
stabilizing at above the strong 2020 level of $6.2 billion. It also
reflects our view that CMA CGM will adhere to prudent financial
policy with excess cash flows largely matching future expansionary
spending.

"We view a downgrade in the short term as unlikely, considering
ample headroom under the credit metrics. In the medium term, we
could lower the rating if CMA CGM's EBITDA plunged and remained
below $5 billion due to industry players' unexpected aggressive
capacity management depressing freight rates, for example.
Alternatively, we could lower the ratings if CMA CGM was unable to
offset fuel-cost inflation because of unsuccessful pass-through
efforts or failure to realize cost efficiencies. This would imply
adjusted FFO to debt deteriorating to less than 35%, with limited
prospects for improvement."

A downgrade could also follow if the company adopted a
more-aggressive financial policy, resulting in a material buildup
of adjusted debt from the current levels.

S&P said, "We could raise the rating if CMA CGM sustained its
adjusted FFO-to-debt ratio above 50% once freight rates normalized.
In our view, this would depend on CMA CGM's ability and willingness
to keep adjusted debt at around the current lower level, as well as
a clear commitment to a higher rating. This would mean shareholder
remuneration would remain prudent and the group would not
unexpectedly embark on any significant debt-financed fleet
expansion or mergers and acquisitions without an offsetting
increase in earnings."

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




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I R E L A N D
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GERMAN PROPERTY: Liquidators Mull Legal Action v. Former Advisers
-----------------------------------------------------------------
Joe Brennan at The Irish Times reports that the liquidators of a
second Kildare company linked to a German property group that
collapsed in 2020, resulting in losses of up to EUR107 million for
Irish investors, are planning legal action against the failed
firms' former advisers in Germany.

Hanover-based German Property Group (GPG), formerly known as
Dolphin Trust, collapsed after taking EUR1.5 billion from investors
in the Republic, the UK, Asia and elsewhere after it was set up by
businessman Charles Smethurst in 2008, The Irish Times relates.

Irish investments, by way of loans, were channelled to the German
group through two special-purpose vehicles (SPVs) -- MUT 103 and
Dolphin MUT 116 -- set up in Naas, Co Kildare, in 2011-2012 by
Wealth Options Trustees Ltd (WOTL), of the same address.  Both SPVs
were put into liquidation last year, The Irish Times recounts.

It emerged that the liquidator of MUT 103 had filed cases in Dublin
against WOTL, a linked company called Wealth Options, and the
directors of WOTL, Éanna McCloskey and Brian Flynn, The Irish
Times discloses.  It is also suing the estate of a deceased WOTL
director, The Irish Times states.

The liquidator, Myles Kirby, is also suing RE Administration, a
company in liquidation that was also linked to Dolphin, and its
directors, Cormac Smith and Marc Reilly, and also Lisa Marie Keane,
who worked there, The Irish Times relays.

Meanwhile, pension investors that channelled money into GPG
projects through Dolphin MUT 116 have been told in recent days by
the liquidators of that company that they are also preparing
potential lawsuits, according to The Irish Times.

The liquidators, Shane McCarthy and Ian Barrett of KPMG, had
planned on taking a legal case late last year against unnamed
German advisers to MUT 116 ahead of a claim becoming
statute-barred, The Irish Times disclsoes.  However, the advisers
signed a waiver for six months, allowing the liquidators to
continue to consider their position, The Irish Times notes.

"We believe we have grounds to proceed with legal action against
the former advisers," The Irish Times quotes the liquidators as
saying in a creditor update.  They have given the former advisers
until May 31st to sign another six-month waiver.  If this is not
granted, the liquidators may take action before the end of the
month.

The liquidators added that there "may be grounds to take legal
proceedings against other related parties of the company in
Ireland".

"We are currently exploring this matter with McCann FitzGerald. In
order for us not to prejudice the position of any potential legal
proceedings we are not in a position to disclose the parties who we
may take legal proceedings against," they said.

Meanwhile, the liquidators said they may be forced to take legal
action against the insolvency administrator (IA) of GPG to enforce
security MUT 116 holds over certain property assets that have been
put on the market by the IA, The Irish Times relays.  That's if
both sides do not agree to a settlement on the distribution of
proceeds from the asset sales, according to The Irish Times.




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I T A L Y
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ITA AIRWAYS: May 23 Deadline Set for Binding Offers
---------------------------------------------------
Giuseppe Fonte at Reuters reports that Italy's government aims to
sell state-owned ITA Airways, the successor to Alitalia, by the end
of June after setting a deadline for binding offers of May 23,
Economy Minister Daniele Franco said on May 10.

Three prospective bidders for ITA Airways have had access to its
finance data room, Mr. Franco said addressing parliament over the
issue, Reuters relates.

Mr. Franco added they are shipping group MSC alongside Germany's
Lufthansa, the U.S. Certares fund in cooperation with Delta and Air
France, and investor Indigo Partners, Reuters notes.

Under a government decree, Rome plans to privatise ITA through a
direct sale while retaining a minority, non-controlling stake in a
first stage, Reuters states.

MSC in January requested an exclusivity period of 90 days to iron
out details of an acquisition, but Rome opted for a market-based
procedure aimed at keeping the door open to other potential
suitors, Reuters recounts.

Lufthansa, Reuters says, is interested in taking a minority stake
in ITA, leaving the majority to MSC, the airline said in remarks
during its shareholders meeting on May 10.

It added, however, that the review of ITA's financial data would be
important to confirm this preliminary intention.

According to Reuters, the carrier said if the deal does go through,
Lufthansa aims to build a close commercial cooperation with ITA and
expects synergies to make the investment profitable in the long
term.

Under an agreement with the European Union, Rome can inject up to
EUR1.35 billion (US$1.42 billion) into the ITA by 2023, Reuters
discloses.  A privatisation deal would potentially reduce the
financial support granted by the state, limiting the costs for
Italian taxpayers, Reuters states.

Last year, the Treasury paid a first tranche of EUR700 million and
it is due to inject an additional EUR400 million this year, with
another EUR250 million scheduled for next year, Reuters relays.




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S E R B I A
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KVARK: Serbia Puts Assets Up for Sale for RSD170.6 Million
----------------------------------------------------------
Branislav Urosevic at SeeNews reports that Serbia's Deposit
Insurance Agency said it is offering for sale assets of bankrupt
grain producer Kvark worth an estimated RSD170.6 million (US$1.53
million/EUR1.45 million).

According to SeeNews, the agency said in a call for bids on May 9,
the assets are being sold in three separate packages worth RSD91.1
million, RSD63.7 million, and RSD15.8 million, respectively.

The first two packages include mostly agricultural land, land zoned
for construction, and storage buildings, while the third package
comprises farming machinery and office equipment and supplies,
SeeNews discloses.

The call for bids in the public auction will close on June 8 and
the offers will be opened on the same day, SeeNews states.

Founded in 2004 with a founding capital of RSD8.8 million, Kvark
went bankrupt in 2020, SeeNews recounts.




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S P A I N
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PEPPER IBERIA 2022: S&P Assigns BB+ (sf) Rating to Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Pepper Iberia
Unsecured 2022 DAC's asset-backed floating-rate class A, B-Dfrd,
C-Dfrd, D-Dfrd, and E-Dfrd notes. At closing, Pepper Iberia also
issued unrated class J notes. The class J notes are partially
backed by assets (approximately 3.5% of the closing pool) and the
proceeds of this class funds (i) part of the purchase of the
initial portfolio; (ii) the reserve; (iii) the upfront premium due
under the cap agreement; and (iv) issuer costs and expenses.

This is Pepper Iberia's second ABS transaction in Spain. S&P rated
its first transaction issued in 2019, Pepper Iberia Unsecured 2019
DAC.

The underlying collateral comprises consumer loan receivables that
are either point-of-sale (POS) or personal loans (PIL) granted to
obligors in Spain. All the loans reference a fixed interest rate.

The transaction has a 24-month revolving period, subject to early
amortization upon the occurrence of certain events, including
performance-based tests. The transaction also features a
pre-funding reserve ledger, which the issuer fund using a portion
of the notes' proceeds. The issuer will use these funds to purchase
additional assets during the revolving period once all principal
funds have been used.

A combination of excess spread, subordination, and the cash reserve
fund provides credit enhancement.

The notes pay one-month Euro Interbank Offered Rate (EURIBOR) plus
a margin subject to a floor of zero.

The transaction benefits from an interest rate cap on one-month
EURIBOR, with a strike rate of 3.0% based on a predefined schedule.
This predefined schedule incorporates a 20% constant payment rate
assumption that may not perfectly hedge the transaction in a low
prepayment scenario.

The transaction also features a clean-up call option, whereby on
any interest payment date when the outstanding principal balance of
the rated notes is less than 20% of the initial rated notes'
balance, the seller may repurchase all receivables, provided the
issuer has sufficient funds to meet all the outstanding
obligations.

S&P's ratings address the timely payment of interest and ultimate
payment of principal on the class A notes and the ultimate payment
of interest and principal on the class B-Dfrd, C-Dfrd, D-Dfrd, and
E-Dfrd notes. Once the notes become the most senior outstanding,
interest payments are due immediately.

S&P's ratings in this transaction are not constrained by its
structured finance sovereign risk criteria or its counterparty
criteria.

  Ratings

  CLASS     RATING     AMOUNT (MIL. EUR)

   A        AAA (sf)   169.4

   B-Dfrd   AA (sf)     15.4

   C-Dfrd   A- (sf)     13.2

   D-Dfrd   BBB (sf)     9.9

   E-Dfrd   BB+ (sf)     4.4

   J        NR          15.1

  Dfrd--Deferrable.
  NR--Not rated.




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S W I T Z E R L A N D
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CEVA LOGISTICS: S&P Upgrades Ratings to 'BB+', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its ratings on CEVA Logistics (CEVA) to
'BB+' from 'BB'.

S&P said, "The stable outlook is aligned with that on CMA CGM and
reflects our expectation that the parent will maintain S&P Global
Ratings-adjusted funds from operations (FFO) to debt at more than
35%, our threshold for a 'BB+' rating. It also reflects our view
that CMA CGM will adhere to prudent financial policy, largely
matching future expansionary spending with excess cash flows.

"We view CEVA Logistics (CEVA) as a core entity of its 100% owner,
French container shipping company CMA CGM S.A., and we therefore
equalize our rating on CEVA with that on its parent.

"On May 9, 2022, we upgraded CMA CGM to 'BB+' because of its strong
EBITDA performance and our expectations that the elevated freight
rates will endure at least until late 2022, buoying CMA CGM's
earnings and strongly improved credit measures, while offsetting
the impact of large cash-funded acquisitions.

"CEVA's EBITDA is outperforming our previous forecast. CEVA's
adjusted EBITDA increased to $891 million in 2021 from $629 million
in 2020 and outperformed our July 2021 forecast of $750 million,
fueled by the exceptionally strong performance in the freight
management segment and the inflated air and ocean freight yields.
According to our base case, we expect CEVA's EBITDA to further
increase to up to $1.2 billion in 2022, which is more than double
pre-pandemic EBITDA. This will largely stem from the persistent
strong freight yields, which we expect to moderate from 2022-end
only, and the contribution from the acquired logistics companies.
In 2023, we forecast that EBITDA will remain close to 2022 levels.
We think CEVA's contract logistics business, further efficiency
gains from the mid-term transformation program launched in 2020,
and full-year contribution of the acquisitions closed in 2022
(including potential synergies) will likely offset the anticipated
lower freight yields.

The acquisition of three logistics companies will enhance CEVA's
scale, diversity, and service offering.These are Ingram Micro's
Commerce and Lifecycle Services (CLS), specializing in eCommerce
contract logistics and omni-channel fulfillment; the French last
mile provider Colis Prive; and the European leading automotive
logistics provider GEFCO. The acquired logistics companies will be
consolidated at CEVA's level and funded with cash contribution from
the parent, CMA CGM. According to our base case, the acquired
companies will contribute $6 billion-$7 billion of annualized
revenue and $300 million-$400 million of post-International
Financial Reporting Standard 16 EBITDA to CEVA.

S&P said, "CEVA's stand-alone credit profile has improved to 'bb'
from 'bb-' thanks to a larger EBITDA base and stronger credit
metrics. We expect EBITDA contribution from the acquired companies
will offset the corresponding increase in adjusted debt. According
to our base case, adjusted FFO to debt will reach 25%-30% over
2022-2023 (compared with 24% in 2021), which is consistent with the
higher end of our significant financial risk profile category. As
of Dec. 31, 2021, CEVA's financial debt mainly comprised the
drawings under its global securitization program due in December
2024 and shareholder loans with various maturities, including June
2024, December 2024, June 2025, and December 2025. Under our
noncommon equity criteria, we exclude these shareholder loans from
our adjusted debt for ratio calculation purposes, which have their
effective maturity beyond that of CEVA's other debt (mainly
drawings under the securitization program). We follow this approach
because we consider CMA CGM to be CEVA's strategic owner and the
shareholder loans' terms and conditions to be favorable for
third-party creditors.

"The stable outlook is aligned with that on the parent and reflects
our view that CMA CGM will maintain adjusted FFO to debt at more
than 35%, our threshold for a 'BB+' rating, underpinned by the
group's adjusted EBITDA ultimately stabilizing at above the strong
2020 level of $6.2 billion. It also reflects our view that the
parent will adhere to prudent financial policy, largely matching
future expansionary spending with excess cash flows.

"We view a downgrade in the short term as unlikely, considering
ample headroom under the parent's credit metrics. In the medium
term, we could lower the rating if CMA CGM's EBITDA plunged and
remained below $5 billion due to industry players' unexpected
aggressive capacity management depressing freight rates, for
example. Alternatively, we could lower the ratings if CMA CGM was
unable to offset fuel-cost inflation because of unsuccessful
pass-through efforts or failure to realize cost efficiencies, for
example. This would imply adjusted FFO to debt deteriorating to
less than 35%, with limited prospects for improvement."

A downgrade could also follow if the group adopted a more
aggressive financial policy, resulting in a material buildup of
adjusted debt from the current levels.

S&P said, "We would raise our rating on CEVA following the same
rating action on CMA CGM, provided the latter sustained its
adjusted FFO-to-debt ratio above 50% once freight rates normalize.
In our view, this would depend on CMA CGM's ability and willingness
to keep adjusted debt close to the current lower level, along with
a clear commitment to a higher rating. This would mean shareholder
remuneration would remain prudent and the group would not
unexpectedly embark on any significant debt-financed fleet
expansion or mergers and acquisitions without an offsetting
increase in earnings."

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




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

DERBY COUNTY FOOTBALL: Kirchner's Exclusivity Period Extended
-------------------------------------------------------------
BBC Sport reports that Derby County Football Club's administrators
Quantuma have extended would-be owner Chris Kirchner's period of
exclusivity until midnight on Saturday, May 14.

According to BBC Sport, Mr. Kirchner, whose initial period of
exclusivity expired at the weekend, is still keen to buy the club,
which has been in administration since September.

American businessman Kirchner remains Quantuma's preferred bidder,
BBC Sport notes.

But they are "conscious of heightening anxiety and levels of
interest" following reports of other bidders, BBC Sport states.

The fact that Derby's Pride Park is still owned by former owner Mel
Morris has been a sticking point, with Derby City Council also
working on a deal to buy the ground to help bring the Rams out of
administration, BBC Sport discloses.

Quantuma, as cited by BBC Sport, said most of the outstanding
issues delaying the takeover had now been worked through with Mr.
Kirchner and that they believed than an agreement over the stadium
was close.

"We consider that matters can be resolved in a short period of time
and are grateful for the assistance of all stakeholders relating to
the stadium," BBC Sport quotes a statement from Quantuma as saying.
"It should be noted that the company that owns the stadium is not
in administration and therefore out of our control. We have
therefore extended the period of exclusivity to midnight on
Saturday, May 14."

The statement added: "For the avoidance of doubt, Mr. Morris has
been fully co-operative throughout the administration and has not
changed his stance on the disposal of the stadium.

"He shares everyone's desire that the successful acquirer will take
the club forward and understands that the acquirer will want the
stadium matter resolved as soon as possible."

Derby were docked 21 points over the course of the season for going
into administration and breaches of EFL financial rules, which
contributed to the club being relegated from the Championship and
into the third tier for the first time since 1986, BBC Sport
recounts.

That, coupled with the protracted nature of the takeover, has
contributed to ill feeling towards former owner Morris, who has
been the recipient of threatening messages, according to BBC
Sport.

                About Derby County Football Club

Founded in 1884, Derby County Football Club is a professional
association football club based in Derby, Derbyshire, England.  The
club competes in the English Football League Championship (EFL, the
'Championship'), the second tier of English football.  The team
gets its nickname, The Rams, to show tribute to its links with the
First Regiment of Derby Militia, which took a ram as its mascot.
Mel Morris is the owner while Wayne Rooney is the manager of the
club.

On Sept. 22, 2021, the club went into administration.  The EFL
sanctioned a 12-point deduction on the club, putting the team at
the bottom of the Championship.  Andrew Hosking, Carl Jackson and
Andrew Andronikou, managing directors at business advisory firm
Quantuma, had been appointed joint administrators to the club.


DONCASTER PHARMACEUTICALS: Goes Into Administration
---------------------------------------------------
John Campbell at BBC News reports that the Northern Ireland
Department of Health said it was not anticipating any significant
disruption to supplies after a pharmaceutical wholesaler went into
administration.

Doncaster Pharmaceuticals Group operates from 14 sites across the
UK.

In Northern Ireland it trades as Crosspharma from a depot in
Newtownabbey.

According to BBC, the administrator said it would be working to
"mitigate the impact on the pharmaceutical supply chain".

Philip Dakin, administrator at insolvency firm Kroll, said
pharmaceutical distributors and wholesalers formed an "important
link between drug manufacturers and independent pharmacies and
their end customers", BBC relates.

"It is a complex chain which means we will be working closely with
the relevant regulators, the management team and the Group's
lenders to mitigate the impact on the pharmaceutical supply chain,"
BBC quotes Mr. Dakin as saying.

"On appointment our immediate objective will be to conduct an
orderly wind down of the trading operations.

"The possibility of some small trade sales of parts of the
business, has not been ruled out as we aim to maximise the return
for creditors."


GFG ALLIANCE: Insolvency Hearings Commence in UK Court
------------------------------------------------------
Owen Walker, Sylvia Pfeifer and Kaye Wiggins at The Financial Times
report that Credit Suisse has pulled out of settlement negotiations
with Sanjeev Gupta's GFG Alliance, forcing the start of insolvency
hearings in a UK court on May 10, according to people with
knowledge of the process.

According to the FT, Mr. Gupta has spent more than a year trying to
head off legal action intended to force parts of his metals empire
out of business over unpaid debts after the collapse of specialist
finance firm Greensill Capital last March.

But following police raids conducted at his company's offices in
recent weeks -- as well as a breakdown in negotiations with his
main creditor, Credit Suisse -- the fate of swaths of Gupta's UK
business now rests in the hands of a British judge, the FT notes.

Credit Suisse investors are owed more than US$1 billion by GFG,
which borrowed money from a group of supply chain finance funds
linked to Greensill, the FT discloses.  In total, Gupta borrowed
US$5 billion from Greensill to finance the growth of a sprawling
metals empire that employs thousands of workers around the world,
the FT states.

US investment bank Citigroup -- which is acting on behalf of Credit
Suisse -- filed a flurry of applications in London's insolvency
court against some of Gupta's commodities and industrial businesses
last March, the FT relays.

The preliminary hearings on May 10 were to establish whether GFG's
troubles were the result of Covid or problems inherent with the
group, as part of measures introduced last year, the FT says.
Should the judge rule that GFG's difficulties were broader than the
pandemic, the group could be wound up, putting thousands of steel
jobs at risk, according to the FT.

Its UK steel businesses, which operate under the Liberty Steel
banner, employ up to 3,000 people.  The majority of those are at
plants in Rotherham and Stocksbridge in Yorkshire.

Citi is the trustee of bond-like products sold by Greensill, which
collapsed in March 2021.  The supply chain financing group packaged
up debts from Mr. Gupta's businesses into the products, which were
then sold to investors, the FT relays.

Credit Suisse, the beleaguered Swiss bank that put US$10 billion of
its clients' money into Greensill's investment products, was one of
the main investors in these notes, the FT recounts.

In attempting to reach a settlement with Gupta, Credit Suisse has
granted the industrialist more time on several occasions over the
past year by postponing the winding-up hearings, according to the
FT.  But the bank's negotiating team has grown frustrated at the
lack of progress, according to people familiar with their thinking,
the FT notes.

Under a deal struck between Gupta and the Swiss bank in October,
GFG paid back a third of the US$274 million owed by its Australian
business and agreed to pay the rest on a monthly basis with
interest by mid-2023, the FT relates.

But much of the roughly US$1 billion remaining is owed by its
struggling UK operations, which Credit Suisse negotiators have
discounted as being close to worthless, the FT states.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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