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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 20, 2022, Vol. 23, No. 95

                           Headlines



G E R M A N Y

GOOGLE: Russian Unit Intends to File for Bankruptcy
TUI AG: Unveils Capital Increase to Repay State Bailout


I T A L Y

AUTOSTRADE PER L-ITALIA: Fitch Affirms 'BB+' IDRs, Off Watch Pos.


U N I T E D   K I N G D O M

BUSINESS LOAN: Administrators Paid GBP6MM to Investors So Far
GRANDVIEW HOUSE: NHS Highlands Unlikely to Acquire Business
MILLER HOMES: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
PUMPFIELDS REGENERATION: Buyers Still Owed GBP3.47 Million
[*] UK: Corporate Insolvencies to Return to Pre-Covid Levels



X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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

GOOGLE: Russian Unit Intends to File for Bankruptcy
---------------------------------------------------
Yahoo!News reports that the U.S. tech firm said Wednesday, May 18,
that Russian authorities had seized the unit's bank account.

According to Yahoo!News, Alphabet's Google has been under pressure
in Russia for months as Moscow wanted it to delete content it
viewed as illegal.

It was also criticized in the country for restricting access to
some Russian media on YouTube, Yahoo!News notes.

The Kremlin has so far stopped short of blocking access to its
platforms, Yahoo!News states.

Google said that by seizing its bank account authorities had made
it impossible for its Russian office to function, Yahoo!News
relates.

It also published a notice of the unit's intention to file for
bankruptcy, Yahoo!News discloses.

Google has stopped the majority of its commercial operations in
Russia since February, Yahoo!News recounts.


TUI AG: Unveils Capital Increase to Repay State Bailout
-------------------------------------------------------
Christoph Steitz at Reuters reports that holiday group TUI on May
17 unveiled a capital increase to pay back elements of a German
state bailout that it had received during the peak of the COVID-19
pandemic.

According to Reuters, the company will issue up to 162,291,441 new
shares, which, based on the May 17 closing price of 2.89 euros
apiece, would result in proceeds of up to EUR469 million (US$494
million).

TUI said it planned to use the proceeds as well as existing cash
resources to fully repay the second installment of a so-called
silent participation of the German government in the order of
EUR671 million, Reuters relates.

TUI also said it would reduce outstanding credit lines by state
lender KfW by EUR336 million to EUR2.1 billion, Reuters notes.

Germany-based TUI has taken on loans of over EUR4 billion and been
bailed out multiple times by the German government after COVID-19
stopped holidays for much of 2020 and the beginning of 2021,
Reuters recounts.




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I T A L Y
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AUTOSTRADE PER L-ITALIA: Fitch Affirms 'BB+' IDRs, Off Watch Pos.
-----------------------------------------------------------------
Fitch Ratings has affirmed Autostrade per l'Italia SpA's (ASPI)
Long-Term Issuer Default Ratings (IDR) and senior unsecured notes
at 'BB+' and removed the ratings from Rating Watch Positive (RWP).
The Outlook is Positive.

RATING RATIONALE

The rating actions follow the sale of 88.06% of ASPI previously
held by Atlantia S.p.A. (BB/Negative) to a consortium of investors,
grouped into a newly-established vehicle (Holding Reti
Autostradali; HRA), and consequent change of control. This event
has ultimately removed the risk of revocation of the ASPI
concession agreement, following disputes with the grantor over
allegations of serious breaches of the concession. The revocation
would have likely resulted in a liquidity event for ASPI.

At closing, HRA was fully equity funded, with no impact on ASPI's
capital structure. Fitch views positively ASPI's shareholders'
undertaking to procure and maintain a capital structure compatible
with investment grade metrics, as enshrined in the shareholders
agreement. Nevertheless, Fitch still lacks details as to the
desired evolution of the capital structure at both ASPI and HRA,
which ultimately constrains ASPI's current rating.

The 'BB+' Long-Term IDR reflects ASPI's large, mature and
strategically located network in Italy as well as its regulatory
asset base (RAB)-based price-cap tariff, which provides visibility
of future tariff increases. ASPI's debt structure is substantially
uncovenanted and unsecured where refinancing risk of its
non-amortising debt is mitigated by a well-diversified range of
bullet maturities, demonstrated solid access to bond markets, and
proactive debt management policy.

The Positive Outlook reflects upward rating pressures, the
magnitude of which will depend on shareholders' decisions upon the
company's business plan, capital structure and financial policy.
Fitch understands these have yet to be formally approved by the new
board of directors.

The 'B' Short-Term IDR reflects the 'BB+' Long-Term IDR.

KEY RATING DRIVERS

On May 5, a Cassa Depositi e Prestiti (CDP BBB/Stable) led
consortium, including Macquarie managed funds and Blackstone
Infrastructure Partners (Consortium), grouped into HRA, which has
taken control of ASPI. The acquisition is the final step of an
almost four-year long dispute with the Italian government, and more
importantly, marks the depart of ASPI from the Atlantia group,
which used to guarantee a portion of ASPI's debt.

Despite the amicable solution reached with the government, ASPI
will bear scars from the dispute, namely the EUR3.4 billion
settlement agreement, of which EUR1.4 billion had already been
spent at end-2021. Additionally, ASPI remains subject to
liabilities, albeit minor, stemming from the recently-settled
criminal trial and ongoing civil actions in relation to the
Polcevera viaduct. However, Fitch continues to view ASPI's cash
flow generation as of high quality and potentially commensurate
with a solid 'BBB' category rating.

CDP holds a 51% majority stake, but ASPI's governance is
well-balanced and ensures joint control. ASPI's board is composed
of 14 directors where no shareholder has the absolute majority.
Appointment of key positions at ASPI are equally split and shared,
reserved matters are wide in scope and require broad consensus and
CDP will account ASPI in its books under the equity method.

CDP's investment in ASPI via its private equity division fits
perfectly into its mission of investing in Italy's strategic
infrastructure, such as the already deployed investments into the
gas, electricity and fibre networks. CDP's investment in ASPI is
entirely based on economic and financial considerations, consistent
with its investment policy enshrined in its by-laws.

As a result, Fitch rates ASPI on a standalone basis and its rating
does not factor in any potential support from its shareholder
base.

Large Network, Moderate Volatility - Revenue Risk (Volume):
Midrange

ASPI is the largest Italian toll road operator, managing a network
of around 3,000 km in Italy. The network is critical for the
mobility of the whole country and is exposed to limited
competition. User profile is mainly made up of stable commuter and
medium-to long-distance traffic.

Volumes have shown moderate volatility with a 11% peak-to-trough
change in 2007-2013, mainly due to a collapse of domestic
consumption in response to austerity measures in 2012. Recovery
thereafter remained subdued and below the 2007 peak, reflecting a
lacklustre economic environment in Italy in the period to 2019.
Last year, ongoing relaxation of restrictive measures supported a
material traffic pick up, which has recovered the majority of the
2020 pandemic-induced losses.

RAB-Based Price Cap - Revenue Risk (Price): Midrange

The new concession addendum and five-year economic and financial
plan are fully in force following registration by the Court of
Auditors in March 2022. As part of the settlement agreement, the
tariff framework has been replaced by a new model, which Fitch
views as still supportive.

The new tariff formula, set on the basis of the Italian transport
authority (ART) methodology, is premised on a RAB-based price cap
over five-year regulatory periods and benefiting from a safeguard
mechanism aimed at keeping remuneration on already agreed-upon
investments unchanged versus the previous concession agreement. The
concessionaire bears traffic risk during each of the five-year
plans, and a revenue-sharing mechanism is in place to limit upside
from the second regulatory period. Crucially, the framework
provides long-term visibility on tariff increase, currently set at
1.61% per year until the end of the concession.

Fitch notes that under the new framework, ASPI is fully exposed to
temporary spikes in inflation as the new tariff formula captures
the budgeted inflation assumed under the five-year regulatory plan.
However, Fitch believes this is mitigated by the RAB-based nature
of the tariff mechanism and remains more focused on the weighted
average cost of capital threshold at every tariff re-set.

Large Scale Debt-funded Programme - Infrastructure Development and
Renewal: Midrange

ASPI's capex plan is large scale with limited flexibility and is
remunerated at an adequate rate of return under the economic and
financial plan. Similarly, the maintenance plan is high and with
limited to no flexibility.

Short-and-long-term maintenance needs, timing and capital planning
are well defined and Fitch expects dialogue with the grantor to be
constructive. ASPI has high levels of excess cash flow but access
to external funding is key to delivering on its ambitious plan.

Unsecured with Limited Protection - Debt Structure: Midrange

ASPI's debt is typical of a corporate with unsecured and
predominantly non-amortising debt, at fixed-rates, and lacking
material structural protection. The majority of debt is made up of
capital market instruments, as less than 20% of gross debt is with
CDP and European Investment Bank (AAA/Stable), which have provided
funding to ASPI in the past on favourable terms. Refinancing risk
is mitigated by a well-diversified range of bullet maturities, a
proactive and prudent debt management policy and access to banks
and capital markets.

Following the effectiveness of the bondholders' extraordinary
resolution in November 2021 and sale of ASPI to the consortium, all
of ASPI's debt is now non-recourse and unguaranteed.

ASPI's liquidity position is somewhat limited. Cash and committed
lines cover debt maturities until end-2022 under Fitch's rating
case (FRC), which assumes a EUR3.2 billion capex plan as well as a
100% dividend pay-out in 2022 and 2023.

Financial Summary

ASPI's Fitch-adjusted leverage at December 2021 is 4.5x, but under
the FRC net debt-to-EBITDA is estimated to increase to a range of
5.0x-5.5x in 2022-2024, mostly in relation to a ramp up in capex.

PEER GROUP

Compared with other large toll road network peers in EMEA, ASPI has
slightly higher leverage than Brisa Concessão Rodoviária
(A-/Stable) and a similar business risk profile, but with longer
concession maturity. Brisa Concessão Rodoviaria's (A-/Stable)
rating reflects a creditor-protective debt structure providing
financial flexibility to maintain net debt/EBITDA within 4.5x.

Compared with Abertis Infraestructuras SA (BBB/Negative), ASPI
performed better than the Spanish network managed by Abertis.
However, thanks to its more geographically diversified portfolio of
assets, Abertis showed overall higher resilience during the
economic downturns (6%) than ASPI (at around 10%), which justifies
its 'Stronger' Volume risk assessment. The concession tenor
remaining for Abertis (12 years) is lower than the one of ASPI (17
years).

RATING SENSITIVITIES

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

Downward pressures could materialise in case of material and
adverse developments from the ongoing civil actions leading to
additional uncertainties on future indemnities/issuer liabilities.
The rating could also be pressured in case of material and adverse
political intervention.

Fitch could revise the Outlook to Stable if management's policy on
capital structure is consistent with the current rating.

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

An upgrade would be contingent upon increased visibility of the
company's business plan, capital structure and financial policy of
ASPI and HRA.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

FINANCIAL ANALYSIS

The FRC assumes traffic to recover the 2019 level only next year,
while tariff will increase at 1.61% yoy from 2023; it also includes
EUR0.1 billion of liabilities potentially to be paid in relation to
the Polcevera viaduct. The capex plan is aligned with that agreed
in the economic and financial plan and Fitch's case assumes a 100%
dividend policy.

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.




===========================
U N I T E D   K I N G D O M
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BUSINESS LOAN: Administrators Paid GBP6MM to Investors So Far
-------------------------------------------------------------
Selin Bucak at Peer2Peer Finance News reports that Business Loan
Network's (BLN's) administrators have paid GBP6 million to
investors so far, according to the latest update on covering the
six months to April 14.

According to Peer2Peer Finance News, in the latest update,
administrator Kroll lowered its forecast for expected loan
recoveries once again, to GBP20.2 million, up from GBP22 million in
November 2021.  But the administrators advised that this estimate
is likely to change again, as it does not include the recovery of
accrued interest, Peer2Peer Finance News notes.

When the administrators were appointed in April 2021, there were
163 outstanding loans to 73 borrowers, worth around GBP49.5
million, Peer2Peer Finance News states.

During the period from October 2021 to April 2022 a further 22
loans have been redeemed and the administrators paid lender
withdrawal requests from client assets of GBP4.2 million and from
the client money pool of GBP1.8 million, Peer2Peer Finance News
discloses.  There are now 129 loans left with outstanding balanced
of GBP40.1 million, Peer2Peer Finance News notes.

A total of GBP7.2 million of client assets have been collected and
allocated to lenders' accounts, Peer2Peer Finance News relays.

Based on the revised estimates, the administrators said fees and
costs are likely to be slightly lower than the previously estimated
GBP1.7 million, according to Peer2Peer Finance News.  Over the
period, the administrators collected GBP375,000 of fees and costs,
bringing total realisations to GBP459,000, Peer2Peer Finance News
states.

Although an administration automatically comes to an end after one
year, the administrators have extended it for another 12 months,
Peer2Peer Finance News says.  The next progress report is due in
October, according to Peer2Peer Finance News.

BLN was formerly known as ThinCats, which exited the retail
peer-to-peer lending market in December 2019 to focus on
institutional funding.  It fell into administration in April 2021
following a number of complaints that it could not afford to pay
out, Peer2Peer Finance News recounts.


GRANDVIEW HOUSE: NHS Highlands Unlikely to Acquire Business
-----------------------------------------------------------
Gavin Musgrove at Strathspey & Badenoch Herald reports that NHS
Highlands' top boss has said that nothing is ruled in or out when
it comes to providing care home places in the strath after one of
the leading local operators recently went into administration.

But chief executive Pam Dudek said it was very unlikely that they
would acquire Grandview Nursing Home in Grantown, Strathspey &
Badenoch Herald relates.

It is expected to be closed down altogether this summer as things
stand while a buyer is still being sought for Main's House in
Newtonmore, Strathspey & Badenoch Herald discloses.

There was shock and concern after both care homes run by the Eavis
family were placed into administration at the end of March,
Strathspey & Badenoch Herald recounts.

The administrator has been running the two care homes in the
meantime and NHS Highland is working with them, Strathspey &
Badenoch Herald notes.

Ms. Dudek told Strathspey & Badenoch Herald: "The administrators
are still working through the details and looking for an
alternative provider."

Ms. Dudek, as cited by Strathspey & Badenoch Herald, said some of
the affected residents had gone into various accommodation and this
was being assessed on an individual by individual basis.

According to Strathspey & Badenoch Herald, on buying Grandview, the
health boss said: "Everything is always an option but for me we
need to understand the provision required and how best to deliver
this and what is open to us."

NHS Highland is continuing to explore ways it could help entice
care home operators to take over one or both local care homes,
Strathspey & Badenoch Herald states.

"At the end of the day, these are independent businesses that need
to be able to make them work," Strathspey & Badenoch Herald quotes
Ms. Dudek as saying.  "We are constrained by the national
contracts.

"We need to understand if there are things we can do such as
helping with recruitment and access to housing to ensure they are
not being left to find their own way."

There were 34 residents at the time it was announced that Grandview
House Ltd was being put in administration, Strathspey & Badenoch
Herald discloses.

Health bosses have previously said they are optimistic that the
Newtonmore home being run by Main's House Ltd will attract a buyer,
according to Strathspey & Badenoch Herald.


MILLER HOMES: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B+' long-term issuer credit
rating on U.K.-based homebuilder Miller Homes Group Holdings PLC at
the company's request, following the acquisition of Miller Homes
Group by Apollo Global Partners. At the time of the withdrawal, the
outlook on the long-term rating was stable.


PUMPFIELDS REGENERATION: Buyers Still Owed GBP3.47 Million
----------------------------------------------------------
Abigail Nicholson at Liverpool Echo reports that buyers who
invested money in an apartment scheme on the edge of the city
centre are still owed GBP3,470,843.

The Metalworks scheme, which was first unveiled several years ago,
promised 300 new apartments on the site of the former Lawtons
building off Leeds Street, Liverpool Echo discloses.  The proposed
scheme was not built and the land became one of the city's many
stalled sites, Liverpool Echo states.

The Pumpfields Regeneration Company (PRC), the firm behind the
Metalworks scheme, collapsed into administration last year,
Liverpool Echo relates.  Now a report by administrators Smith and
Williamson LLP has revealed that buyers are still owed millions of
pounds, according to Liverpool Echo.


[*] UK: Corporate Insolvencies to Return to Pre-Covid Levels
------------------------------------------------------------
James Hurley at The Times reports that the UK is due to become the
first big European economy to reach pre-pandemic levels of
corporate insolvencies as crisis support is unwound and rising
inflation threatens companies' survival prospects, according to
research.

According to The Times, business insolvencies will rise by 37% this
year, Allianz Trade, a credit insurer, predicted.  It cited as the
main causes the withdrawal of Covid support schemes, rising
commodity prices, supply chain problems, the fallout from Russia's
invasion of Ukraine and the "lagging effects" of Brexit, The Times
discloses.

Insolvency figures were muted during the pandemic because of
protections implemented by the government and financial support
packages, The Times notes.  The insolvency regime returned to
pre-pandemic rules last month and companies are repaying their
emergency loans, The Times states.




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X X X X X X X X
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[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today. Albert Waldo
Snoke was director of the Grace-New Haven Hospital in New Haven,
Connecticut from 1946 until 1969. In New Haven, Dr. Snoke also
taught hospital administration at Yale University and oversaw the
development of the Yale-New Haven Hospital, serving as its
executive director from 1965-1968. From 1969-1973, Dr. Snoke worked
in Illinois as coordinator of health services in the Office of the
Governor and later as acting executive director of the Illinois
Comprehensive State Health Planning Agency. Dr. Snoke died in April
1988.



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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-
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.


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