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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, June 15, 2022, Vol. 23, No. 113

                           Headlines



F R A N C E

GINKGO PERSONAL 2020-1: DBRS Confirms B Rating on Class F Notes
LAGARDE SA: Egan-Jones Keeps BB- Senior Unsecured Ratings
ORANGE SA: Egan-Jones Retains BB- Sr. Unsecured Debt Ratings
RENAULT: Egan-Jones Retains 'BB-' Senior Unsecured Ratings
VINCI SA: Egan-Jones Keeps BB- Senior Unsecured Ratings



G E R M A N Y

DEUTSCHE LUFTHANSA: Egan-Jones Retains 'B' Sr. Unsecured Ratings
DEUTSCHE TELEKOM: Egan-Jones Keeps BB Senior Unsecured Ratings


I T A L Y

TELECOM ITALIA: Egan-Jones Retains B+ Senior Unsecured Ratings


P O R T U G A L

NOVO BANCO: DBRS Confirms B(high) LongTerm Issuer Rating


S P A I N

RETIRO MORTGAGE: DBRS Confirms BB(low) Rating on Class C Notes


U N I T E D   K I N G D O M

GEORGE BEST: Property Can Be Sold, High Court Judge Rules
GFG ALLIANCE: AIP Takes Control of Belgian Aluminium Mill
HOUSE OF FRASER: PIC Completes GBP600-Mil. Insurance Buyout
LIBERTY STEEL: Reaches Standstill Agreement with Greensill Bank
MISSGUIDED: Nitin Passi Returns as CEO Following Acquisition

TESCO PLC: Egan-Jones Maintains BB+ Senior Unsecured Ratings
WOODFORD EQUITY: Two Law Firms File Cases on Behalf of Investors

                           - - - - -


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F R A N C E
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GINKGO PERSONAL 2020-1: DBRS Confirms B Rating on Class F Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the bonds issued by
Ginkgo Personal Loans 2020-1 as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date. The ratings on the Class B, Class C, Class D, Class
E, and Class F Notes address the timely payment of interest while
the most senior, otherwise the ultimate payment of interest and the
ultimate repayment of principal by the legal final maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the March 2022 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the receivables;

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

-- No revolving termination events have occurred;

The transaction is a securitization collateralized by a portfolio
of consumer loans granted by Crédit Agricole Consumer Finance
(CACF) to individuals in France. The portfolio comprises fixed-rate
amortizing unsecured loans. The transaction is currently in its
revolving period, which is scheduled to end on the payment date in
July 2022. The legal final maturity date in June 2038.

PORTFOLIO PERFORMANCE

Delinquencies have been low since closing as loans two to three
months in arrears and loans more than three months in arrears
represented 0.5% and 0.7% of the outstanding portfolio balance,
respectively, as of the March 2022 payment date, slightly up from
0.4% and 0.5%, respectively, at the last annual review.

As per the transaction definition, defaulted loans are those that
have been declared as such by the servicer before reaching the late
delinquency stage (more than eight months in arrears) or relating
to an overindebted borrower (i.e., the borrower filed a
restructuring petition with an over-indebtedness committee, and the
loan restructuring has been finalized). According to this
definition, as of the March 2022 payment date, cumulative defaulted
receivables were low and represented 0.8% of the total purchased
receivables since closing.

The replenishment criteria were satisfied as of the March 2022
payment date.

Payment holidays granted in the context of the Coronavirus Disease
(COVID-19) pandemic have all ended.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base case PD assumption at 7.9% and
decreased its base case LGD assumption to 55.0% from 57.3% at the
last annual review. The decrease in the LGD assumption is due to
the removal of the coronavirus adjustments to expected performance,
namely the haircut that DBRS Morningstar previously applied to the
base case recovery rate.

CREDIT ENHANCEMENT

Credit enhancement (CE) to the notes consists of the subordination
of the respective junior notes. As of the March 2022 payment date,
the CEs remained unchanged since closing as follows, given that the
transaction is still in its revolving period:

-- CE to the Class A Notes at 35.4%
-- CE to the Class B Notes at 26.6%
-- CE to the Class C Notes at 18.7%
-- CE to the Class D Notes at 12.6%
-- CE to the Class F Notes at 8.6%
-- CE to the Class F Notes at 4.6%

No revolving termination events and no mandatory partial redemption
event have occurred as of the March 2022 payment date.

The transaction benefits from two liquidity reserves funded by the
liquidity reserve provider (CACF) at closing, providing liquidity
support to the Class A and Class B Notes. The Class A Liquidity
Reserve Fund and the Class B Liquidity Reserve Fund were both at
their target level of EUR 6.4 million and EUR 6.1 million,
respectively, as of the March 2022 payment date. All principal
deficiency ledgers were clear as of the March 2022 payment date.

CACF acts as the account bank for the transaction. Based on DBRS
Morningstar's private rating on CACF, the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to the account bank to be
consistent with the ratings assigned to the notes, as described in
DBRS Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

Crédit Agricole Corporate & Investment Bank (CACIB) acts as the
swap counterparty for the transaction. DBRS Morningstar's private
rating on CACIB is above the First Rating Threshold as described in
DBRS Morningstar's "Derivative Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


LAGARDE SA: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on April 26, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Lagardere SA.

Headquartered Paris, France, Lagardere SA operates as a media
company.


ORANGE SA: Egan-Jones Retains BB- Sr. Unsecured Debt Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on April 25, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Orange SA.

Headquartered in Paris, France, Orange SA provides
telecommunications services to residential, professional, and large
business customers.


RENAULT: Egan-Jones Retains 'BB-' Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on April 27, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Renault. EJR also maintained its 'B' rating on
commercial paper issued by the Company.

Headquartered in Boulogne-Billancourt, France, Renault designs,
manufactures, markets, and repairs passenger cars and light
commercial vehicles.


VINCI SA: Egan-Jones Keeps BB- Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on April 27, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by VINCI SA.

Headquartered in Paris, France, VINCI SA is a global player in
concessions and construction with expertise in building, civil,
hydraulic, and electrical engineering.




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

DEUTSCHE LUFTHANSA: Egan-Jones Retains 'B' Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on May 2, 2022, maintained its 'B' local
currency senior unsecured ratings on debt issued by Deutsche
Lufthansa Aktiengesellschaft.

Headquartered in Cologne, Germany, Deutsche Lufthansa
Aktiengesellschaft provides passenger and cargo air transportation
services worldwide.


DEUTSCHE TELEKOM: Egan-Jones Keeps BB Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on April 25, 2022, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Deutsche Telekom AG.

Headquartered in Bonn, Germany, Deutsche Telekom AG offers
telecommunications services.




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I T A L Y
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TELECOM ITALIA: Egan-Jones Retains B+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on April 27, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Telecom Italia S.p.A.

Headquartered in Milano, Italy, Telecom Italia S.p.A., through
subsidiaries, offers fixed-line and mobile telephone and data
transmission services in Italy and abroad.




===============
P O R T U G A L
===============

NOVO BANCO: DBRS Confirms B(high) LongTerm Issuer Rating
--------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings of Novo Banco, S.A.
(novobanco or the Bank), including the Long-Term Issuer Rating of B
(high) and the Short-Term Issuer Rating of R-4. The Trend on all
ratings is now Stable. The Bank's Intrinsic Assessment (IA) is
maintained at B (high) and the Support Assessment at SA3.

The Bank's Deposit ratings were confirmed at BB (low)/R-4, one
notch above the IA, reflecting the legal framework in place in
Portugal which provides full depositor preference in bank
insolvency and resolution proceedings. The BB (high)/R-3 Critical
Obligations Ratings were also confirmed with a Stable trend. This
reflects DBRS Morningstar's expectation that, in the event of a
resolution of the Bank, certain liabilities (such as payment and
collection services, obligations under a covered bond program,
payment and collection services, etc.) have a greater probability
of avoiding being bailed-in and are likely to be included in a
going-concern entity. A full list of rating actions is included at
the end of this press release.

KEY RATING CONSIDERATIONS

The confirmation of the ratings and the change of the Trend to
Stable from Negative takes into account the improvements in the
Bank's profitability and asset quality. Overall, the Bank's
performance in 2021 was better than previously anticipated, and
novobanco continued to execute its restructuring plan by reducing
its stock of Non-Performing Loans (NPLs) and other legacy assets,
as well as streamlining its operating structure. In addition, for
the first time since its inception, the Bank was profitable in
2021. Nonetheless, the ratings continue to reflect the Bank's the
still large stock of non-performing loans (NPLs) and its modest
regulatory capital ratios.

RATING DRIVERS

A rating upgrade would require a sustained improvement in
profitability and a strengthening of the capital position.

A deterioration in the Bank's capital position or a significant
weakening in asset quality would lead to a downgrade of the
ratings.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate/Weak

The Bank maintains a relatively stable franchise as the fourth
largest Corporate bank in Portugal. The restructuring plan approved
by the European Commission (EC) under EU State Aid rules, was set
to end in December 2021 and in line with this plan, the Bank has
made further progress in de-risking its balance sheet in 2021.

In addition, the Bank has continued to streamline its operations
through Corporate simplification and investments in digitalization.
As part of its strategic refocus on the core business in Portugal,
novobanco completed the sale of its Spanish operations in H2 2021.

Earnings Combined Building Block (BB) Assessment: Weak/Very Weak

2021 was a turning point for novobanco's profitability, as for the
first time since its inception, the Bank reported four consecutive
quarters of net profits. For FY 2021, novobanco posted a
consolidated profit of EUR 184.5 million, compared to a net loss of
EUR 1,329 million for FY 2020. The improvement, when compared with
previous years, was mainly driven by higher operating income and a
lower level of impairments and provisions. The Bank's cost of risk
decreased to 60 bps from over 200 bps a year prior, reflecting that
2020 was significantly impacted by credit provisions for COVID-19
as well as various restructuring charges. Operating costs were also
down 5.4% YoY.

Risk Combined Building Block (BB) Assessment: Weak/Very Weak

Since 2017, novobanco has made significant progress in de-risking
its balance sheet, with the provision of capital support through
the Contingent Capital Agreement (CCA) from the Portuguese
Resolution Fund playing a key role in this process. Novobanco's
gross NPL stock decreased by 30% YoY in 2021 to EUR 1.7 billion (FY
2020: EUR 2.5 billion), mainly supported by disposals of legacy
problem loans. At FY 2021 the Bank's reported NPL ratio was 5.7%,
down from 8.9% in 2020. Despite this, novobanco's asset quality
metrics continue to compare unfavorably with domestic and
international peers. According to novobanco's medium term targets,
the Bank's gross NPL ratio is expected to fall below 5%.

Asset quality risks stemming from the pandemic have decreased for
the time being, and DBRS Morningstar notes that, so far, the
withdrawal of the moratoria by September 2021 has not resulted in a
spike of new NPLs. The Bank previously had EUR 6.9 billion of loans
under moratoria (at FY 2020), representing around 27% of the gross
loan book, and DBRS Morningstar notes that on these loans, however,
there has been an increase in the proportion of Stage 2 loans where
credit risk has increased significantly since initial recognition.

Funding and Liquidity Combined Building Block (BB) Assessment:
Moderate

The Bank's current funding structure depends largely on deposits
and ECB funding. Total deposits were EUR 27 billion, representing
61% of total assets at FY 2021, of which the majority is from
retail customers. Novobanco's gross exposure to the ECB increased
to EUR 8 billion at FY 2021. This also led to an improvement in the
Bank's funding and liquidity ratios, with the NSFR and the LCR
reported at 117% and 182%, respectively, at FY 2021. In 2021,
novobanco returned to the wholesale market, with the issuance of
two senior preferred bond issues for a total consideration of EUR
575 million. This allowed the Bank to comply with its MREL
requirements as of January 1, 2022.

Capitalization Combined Building Block (BB) Assessment: Very Weak

At FY 2021, novobanco reported its phased-in CET1 and total capital
ratios at 11.1% and 13.1%, respectively, stable compared to FY
2020. The Bank is currently operating below its 13.5% total capital
requirement under SREP, on the back of the extraordinary measures
granted by the ECB to counter the COVID-19 emergency. However, at
FY 2022 novobanco will need to meet a total capital ratio,
including P2G and excluding relief measures, of 15%. The Bank
expects to meet this through a combination of organic capital
generation and further balance sheet deleveraging.

DBRS Morningstar notes that novobanco's capital ratios at FY 2021
do not include the potential capital payment under the CCA scheme.
For 2021, novobanco made a request of EUR 209 million to the
Resolution Fund to meet a CET1 level of 12%. Up until 2020, the
support from the CCA has been timely and aligned to Novo Banco's
requests. However, the capital paid to novobanco in 2021 was lower
than the amount initially requested. This has caused an arbitration
process with the Resolution Fund, and the outcome of this still
remains unclear. Against this backdrop, similar disputes could
occur in the future, notwithstanding the EUR 485 million of capital
support potentially still available for novobanco.

Notes: All figures are in EUR unless otherwise noted.




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S P A I N
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RETIRO MORTGAGE: DBRS Confirms BB(low) Rating on Class C Notes
--------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings on the notes (the Rated
Notes) issued by Retiro Mortgage Securities DAC (the Issuer) as
follows:

-- Class A1 at A (sf)
-- Class A2 at BBB (sf)
-- Class B at BB (sf)
-- Class C at BB (low) (sf)

All trends are Stable. DBRS Morningstar removed the ratings from
Under Review with Positive Implications, where they were placed on
15 March 2022.

DBRS Morningstar's ratings on the Class A1 and Class A2 notes
(together, the Class A notes) address the timely payment of
interest and the ultimate repayment of principal by the final legal
maturity date. Ratings on the Class B and Class C notes address the
ultimate payment of interest and principal. DBRS Morningstar does
not rate the Class D or Class E notes (together with the Rated
Notes, the Notes) issued in this transaction.

As of November 2020, the current balance of the loans was EUR 678.4
million. Nonperforming loans (NPLs) represented the vast majority
of the portfolio by current balance (91.9%) while more than half of
the portfolio by property valuation was real estate owned (REOs).
The portfolio resulted from the aggregation of four subportfolios
(Wind, Tag, Normandia, and Tambo) acquired over time by OCM
Luxembourg OPPS X S.a r.l., which operates as the sponsor and
retention holder in the transaction. Redwood MS Limited (Redwood)
and VicAsset Holdings LLC (VicAsset) are acting as master servicers
in this transaction.

RATING RATIONALE
The confirmations follow a review of the transaction and are based
on the following analytical considerations:

-- Transaction performance: assessment of portfolio recoveries as
of December 31, 2021, focusing on: (1) a comparison between actual
collections and the special servicers' initial business plan
forecast; (2) the collection performance observed over recent
months, including the period following the outbreak of the
Coronavirus Disease (COVID-19); and (3) a comparison between the
current performance and DBRS Morningstar's expectations.

-- Portfolio characteristics: loan pool composition as of December
2021 and the evolution of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the Notes (i.e., the
Class A2 notes will begin to amortize following the full repayment
of the Class A1 notes unless an enforcement notice has been
delivered; the Class B notes will begin to amortize following the
full repayment of the Class A2 notes; and the same applies to the
Class C notes). Moreover, interest on the Class B notes is fully
subordinated to the repayment of both interest (including Class A
additional note payments) and principal repayment of the Class A
notes, and interest payments on the Class C notes are subordinated
to both interest (including Class B additional note payments) and
principal payments on the Class B notes.

-- Liquidity support: the transaction benefits from an amortizing
liquidity reserve fund available to mitigate temporary collection
shortfalls on the payment of senior costs and interest on the Class
A notes and from separate nonamortizing Class B and Class C reserve
funds providing liquidity support to the respective classes of
Notes. The liquidity reserve fund target amount is equal to 5.0% of
the Class A notes' principal outstanding balance and was fully
funded as of January 2022 payment date.

TRANSACTION AND PERFORMANCE

According to the latest investor report from January 2022, the
outstanding principal amounts of the Class A1, Class A2, Class B,
Class C, Class D, and Class E notes were EUR 191.5 million, EUR
77.0 million, EUR 34.0 million, EUR 15.0 million, EUR 30.0 million,
and EUR 54.0 million, respectively. As of the January 2022 payment
date, the balance of the Class A1 notes had amortized by
approximately 26.3% since issuance and the current aggregated
transaction balance was EUR 401.5 million.

As of December 2021, the transaction was performing below the
special servicers' business plan expectations. The actual
cumulative collections (pre servicing fees and corporate costs)
equaled EUR 84.4 million whereas the special servicers' initial
business plan estimated cumulative collections (before servicing
fees and corporate costs) of EUR 118.0 million for the same period.
Therefore, as of December 2021, the transaction was underperforming
by EUR 33.6 million (-28.5%) compared with the initial business
plan expectations.

At issuance, DBRS Morningstar estimated cumulative collections
(before servicing fees and corporate costs) for the same period of
EUR 49.5 million at the A (sf) stressed scenario, EUR 55.0 million
at the BBB (sf) stressed scenario, EUR 61.7 million at the BB (sf)
stressed scenario, and EUR 63.5 million at the BB (low) (sf)
stressed scenario. Therefore, as of December 2021, the transaction
was overperforming compared with DBRS Morningstar's initial
stressed expectations.

Without including actual collections, the special servicers'
expected collections (before servicing fees and corporate costs)
from January 2022 are EUR 526.4 million. The updated DBRS
Morningstar A (sf), BBB (sf), BB (sf), and BB (low) (sf) rating
stresses assume haircuts of 44.3%, 39.7%, 31.8%, and 30.3% to the
special servicers' executed business plans, respectively,
considering future expected collections (before servicing fees and
corporate costs).

The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. For this transaction, DBRS Morningstar incorporated its
expectation of a moderate medium-term decline in commercial real
estate prices for certain property types.

Notes: All figures are in euros unless otherwise noted.




===========================
U N I T E D   K I N G D O M
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GEORGE BEST: Property Can Be Sold, High Court Judge Rules
---------------------------------------------------------
ITV News reports that investors in bedrooms at the stalled George
Best Hotel in Belfast are set to lose up to GBP4 million after a
High Court judge ruled the property can be sold.

According to ITV News, Madam Justice McBride granted an order for
sale of the building to administrators appointed to the failed city
centre project.

But she also acknowledged the serious financial impact on many of
those individuals who put their lifetime savings into the boutique
hotel scheme, ITV News notes.

In April 2020, the company behind the hotel being built at Donegall
Square went into administration, ITV News recounts.

By that stage, individual bedroom investors had put money into the
project, with the expectation of securing an interest once the
doors were opened, ITV News states.

The court heard that around GBP4 million was received from them and
used to fund the development, ITV News discloses.

But the main lender, Lyell Trading Limited, was ranked as having
first charge over the property, ITV News relays.

The administrators sought legal permission to sell the building in
order to fulfil its duty and make a distribution to secured or
preferential creditors, ITV News recounts.

More than 20 bedroom investors filed evidence in the case, with
adjournments sought to investigate the potential for a third party
investor to complete the development of the hotel and then either
sell the hotel or operate it as a going concern, according to ITV
News.

They stated that an investor firm had expressed substantial
interest in making a commercial proposal that would benefit all
stakeholders, ITV News relates.


GFG ALLIANCE: AIP Takes Control of Belgian Aluminium Mill
---------------------------------------------------------
Robert Smith and Sylvia Pfeifer at The Financial Times report that
Sanjeev Gupta has lost control of a Belgian aluminium mill to
private equity firm American Industrial Partners, effectively
dismantling the metals magnate's continental European aluminium
business.

According to the FT, Mr. Gupta's metals group GFG Alliance, which
is the subject of criminal investigations into alleged fraud and
money laundering in the UK and France, has been battling to
refinance more than US$5 billion of debt after the collapse of its
main lender Greensill Capital last year.  GFG has denied
wrongdoing.

AIP, a US buyout firm that specialises in taking over and operating
industrial businesses, announced on June 14 that it had taken
control of an aluminium rolling mill located in Duffel, Belgium
from Mr. Gupta, the FT relates.

The metals facility is the second that the US group has seized from
GFG in the past year, after it successfully took over Europe's
largest aluminium smelter in Dunkirk, France in October, the FT
notes.

In both instances, AIP bought up debt from the original lenders and
then called a default, the FT discloses.  In the case of Duffel,
the US buyout group acquired a EUR96 million loan from Asian
investment firm Tor Investment, which sat at a UK holding company
that owned the aluminium mill, the FT relays.

AIP, as cited by the FT, said it had taken the action due to the
"failure" of Mr. Gupta "to refinance the company in the 11 months
since the July 2021 defaults" on this loan.  In a progress report
published in February, the administrators of the UK holding company
also said that efforts to repay the debt had "stalled" and it had
not "received satisfactory proposals from Mr. Gupta and his
representatives", the FT discloses.

Mr. Gupta last year lined up financing from commodity trader
Glencore in a bid to repay outstanding debts at Dunkirk and Duffel,
but the deal fell apart after AIP successfully manoeuvred to push
two British holding companies that owned the assets into
administration, the FT recounts.

GFG late last year sued one of AIP's funds in an attempt to reclaim
the Dunkirk smelter, arguing that the buyout group's refusal to
accept a US$180 million transfer to repay a debt was made in "bad
faith" in an effort to "appropriate" the smelter, the FT relates.

AIP has rejected the allegation, arguing that accepting the payment
might have constituted a "benefit from criminal conduct", after it
claimed the French government told it "there were grounds to
believe" the funds had been "misappropriated" from a steel mill in
eastern Europe, according to the FT.


HOUSE OF FRASER: PIC Completes GBP600-Mil. Insurance Buyout
-----------------------------------------------------------
Carolyn Cohn at Reuters reports that Pension Insurance Corporation
has completed a GBP600 million (US$731.40 million) insurance buyout
with Britain's House of Fraser Beatties & Jenners pension scheme,
the specialist pension provider said on June 14.

The pension scheme's main employer, House of Fraser (Stores) went
into administration in August 2018 and the scheme was being
assessed for inclusion in the Pension Protection Fund, a lifeboat
fund which typically leads to lower benefits for policyholders,
Reuters relates.

"The terms negotiated by the trustee will mean members whose
pensions have been reduced as a result of the insolvency are
expected to get an uplift to their pension," Reuters quotes PIC as
saying in a statement.


LIBERTY STEEL: Reaches Standstill Agreement with Greensill Bank
---------------------------------------------------------------
Sylvia Pfeifer and Robert Smith at The Financial Times report that
Sanjeev Gupta's Liberty Steel has agreed a deal with its largest
creditor that will provide much-needed breathing space as it seeks
to refinance its debts.

The company, part of Mr. Gupta's GFG Alliance group, said it had
reached a standstill agreement with Germany's Greensill Bank AG on
debt facilities relating to its European steel operations, the FT
relates.

The Bremen-based bank, now in administration, was a subsidiary of
Greensill Capital.  It held almost half of the US$5 billion of
loans that Gupta's group received from the Greensill group, which
collapsed in March last year, the FT notes.

The deal is valid until the end of October and could be extended
until the end of the year, the FT relays, citing a statement by
Liberty Steel.

"The standstill agreement with Greensill Bank demonstrates we are
getting close to a consensual debt restructuring that is in the
best interests of all our stakeholders," the FT quotes Liberty
Steel as saying.

The company, it added, was "working intensively" towards a
settlement with its major creditors "in a timeframe which would
obviate the need for a legal battle".


MISSGUIDED: Nitin Passi Returns as CEO Following Acquisition
------------------------------------------------------------
Jon Robinson at Manchester Evening News reports that Nitin Passi,
the founder of fast fashion company Missguided which was recently
acquired by Frasers Group after collapsing into administration, has
returned as its chief executive.

Mr. Passi stepped down from the role in April as the Manchester
business announced it was to cut 63 jobs, Manchester Evening News
recounts.  At the same time, Missguided announced it had appointed
Teneo "to explore strategic options for the business", Manchester
Evening News relates.

That move led to the company entering administration and then being
bought by Frasers Group, which also owns the likes of Sports Direct
and House of Fraser, Manchester Evening News notes.  Missguided was
founded by Mr. Passi in 2009 and sold a 50% stake to Alteri
Investors towards the end of 2021.

According to Manchester Evening News, Mr. Passi said: "Frasers
Group has an unrivalled platform and fantastic operational
know-how, giving Missguided a solid foundation on which we can
build a successful future. I am acutely aware of the impact
Missguided's administration has had on our stakeholders and I am
committed to rebuilding their trust."

"Missguided is a fantastic brand which, with the strength and scale
of Frasers' platform and our operational excellence, is
well-positioned for the future. Under Frasers' ownership, and with
Nitin's partnership, Missguided has an exciting future ahead,"
Manchester Evening News quotes Frasers Group chief executive
Michael Murray as saying.


TESCO PLC: Egan-Jones Maintains BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on April 28, 2022, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Tesco PLC.

Headquartered in Welwyn Garden City, United Kingdom, Tesco PLC,
through its subsidiaries, operates as a food retailer.


WOODFORD EQUITY: Two Law Firms File Cases on Behalf of Investors
----------------------------------------------------------------
Joshua Oliver at The Financial Times reports that two law firms
pursuing cases on behalf of investors in Neil Woodford's collapsed
fund will ask a UK court for permission to form a "unified front"
to argue their claims for compensation, which lawyers estimate
could reach several hundred million pounds.

Leigh Day and Harcus Parker, UK law firms, have each filed claims
against Link Fund Solutions, the administrator of Woodford's
flagship Equity Income Fund, arguing investors are due compensation
because Link failed to oversee the fund properly, leading to its
collapse, the FT relates.

According to the FT, the two firms said they will seek an order
from the UK High Court  to be appointed co-lead solicitors for a
joined-up case, meaning the firms can pool resources and will make
a single argument on behalf of their 2,500 clients.

"Hundreds of thousands of ordinary people have lost significant
amounts of their life savings investing in this fund.  We contend
this is a direct result of Link's mismanagement," the FT quotes
Meriel Hodgson-Teall, solicitor at Leigh Day, as saying.
"Collaborating with Harcus Parker is the most effective and
efficient way of securing justice."

Link has denied the claims, the FT notes.  The company has said it
"considers it has acted at all times in accordance with applicable
rules, as well as in the best interests of all investors, and it
will continue to do so", the FT relays.

The news comes just over three years after Link froze the Woodford
fund, then valued at GBP3.7 billion, leaving savers unable to
withdraw their money, the FT states.

The law firms alleged Link breached Financial Conduct Authority
rules by allowing Woodford to invest too heavily into stocks that
were hard to value and difficult to sell quickly when investors
asked for their money back, the FT relates.  Normally, investment
funds keep enough liquidity to make sure that investors can
withdraw their money at any time.

Although the two firms will now seek to work together, they will
maintain separate lists of clients and charge different fees,
according to the FT.

So far, investors have been paid back GBP2.54 billion from the sale
of the trapped assets, the FT discloses.  Link is still holding
GBP141 million worth of assets, largely comprising stakes in
private businesses, that it has been unable to sell at a
satisfactory price, as of the most recent update to shareholders in
March, the FT states.  Link warned it may not be able to sell these
assets until 2023 or beyond, the FT states.

If the remaining trapped assets were sold at their current value,
investors would crystallise a GBP1 billion loss from the fund's
demise, compared with the value of the portfolio on the day it was
frozen, the FT discloses.

The amount of compensation due to investors will be the subject of
complex legal wrangling, the FT states. Lawyers will ask the court
to consider how much money Woodford clients would have made if the
fund had been properly managed and continued to operate today,
according to the FT.

Leigh Day, which has issued claims on behalf of 1,000 clients,
estimated it will seek GBP100 million for these claimants alone,
the FT discloses.  Harcus Parker has signed up 1,500 clients to
date, and both firms will have more time to add claimants, meaning
the total value of the lawsuit will probably grow, the FT notes.

The firms will ask the court to impose a deadline by which
investors need to sign up to be represented in the lawsuit, the FT
states.

Lawyers expect to appear in court in October to make their case for
joining forces, according to the FT.  The full lawsuit is
anticipated to take years, unless the parties agree to a
settlement, the FT says.



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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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Editors.

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