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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, June 24, 2022, Vol. 23, No. 120

                           Headlines



B E L G I U M

LSF XI MAGPIE: S&P Assigns Prelim. 'B' LT Issuer Credit Rating


F R A N C E

FLAMINGO II LUX: S&P Affirms 'B' LongTerm ICR, Outlook Stable


G E R M A N Y

OQ CHEMICALS: S&P Raises LongTerm ICR to 'B', Outlook Stable


I R E L A N D

CAPITAL FOUR IV: Moody's Assigns B3 Rating to EUR7.9MM Cl. F Notes


I T A L Y

GOLDEN GOOSE: S&P Upgrades ICR to 'B' on Continued Deleveraging
[*] FTI Launches Corp. Finance & Restructuring Segment in Italy


R U S S I A

RAVNAQ BANK: S&P Lowers ICRs to 'CCC+/C', Outlook Negative


U N I T E D   K I N G D O M

ABACUS PRINT: Sold to 6IX Agency Via Pre-pack Sale
BUILDING SUPPLIES: Enters Administration, Halts Trading
MALLINCKRODT PLC: S&P Hikes ICR to 'B-', Outlook Stable
MISSGUIDED: Administrators Won't Fulfill Orders Before June 16
MOMZ LOVE: Wound Up in High Court Due to Covid Support Abuse

[*] 16 Gloucestershire Companies Collapse as Cost of Living Rises


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People
[^] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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B E L G I U M
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LSF XI MAGPIE: S&P Assigns Prelim. 'B' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit and issue ratings to Belgium-based chemical distributor
Manuchar N.V.'s intermediate parent company LSF XI Magpie Bidco
B.V. and the proposed senior secured notes.

The stable outlook reflects S&P's view that Manuchar will continue
to deliver its business strategy and maintain resilient
profitability, with EBITDA normalizing in 2023 but EBITDA margins
maintained above 5%, which is higher than pre-pandemic levels.

In January 2022, private equity firm Lone Star Funds signed an
agreement to acquire Manuchar for an enterprise value of $809
million. As part of the transaction, Manuchar is issuing five-year
senior secured fixed rate notes of EUR350 million-equivalent. Lone
Star and Manuchar's management will also contribute $495 million of
common equity. The proceeds will be used to fund the buyout and pay
the transaction fees. In addition, there is $31 million of rolled
over debt in the capital structure.

S&P said, "The preliminary ratings reflect our expectation of a
highly leveraged capital structure based on normalized earnings
after transaction close.Although starting adjusted debt to EBITDA
is relatively low at 4.1x-4.3x on a pro-forma basis at year-end
2022 due to top-of-cycle conditions, we expect it will weaken to
5.5x-5.8x in 2023 with normalized EBITDA. After a strong 2021
spurred by accelerated outsourcing of distribution due to COVID-19
and global supply disruptions, growth has continued in all
geographies so far in 2022, reflected in continued price increases
and margin expansion. Notably, Manuchar is benefiting from being a
reliable distributor of goods to customers amid global supply chain
constraints and has built comfortable rating headroom. EBITDA stood
at $180 million in the 12 months to March 31 and we expect $160
million-$170 million in full-year 2022. However, we forecast a
normalization of earnings in 2023, with adjusted EBITDA of $115
million-$125 million, compared to management's calculation of $105
million normalized EBITDA for the 12 months to March 31, 2022. Our
debt adjustments include nonrecourse factoring, transactional
funding lines, and leases.

"As is typical for distributors, we expect continuous solid free
operating cash flows (FOCF) due to strong cash conversion,
supported by modest maintenance capital expenditure (capex)
requirements. We forecast healthy FOCF of about $60 million-$80
million in 2022, with higher EBITDA more than offsetting increased
working capital outflows due to higher prices. We anticipate much
higher FOCF in 2023 despite lower EBITDA, mainly due to an expected
large working capital release as a result of normalizing prices. We
expect FOCF of $40 million-$50 million under normalized EBITDA and
working capital absorption.

"The main constraints on our assessment of Manuchar's business risk
profile include its relatively small size and concentration in
emerging markets. With normalized EBITDA of $105 million as of
March 31, 2022, Manuchar is small in terms of size and earnings
base, which makes its credit metrics more sensitive to
underperformance compared to larger industry peers like Azelis and
Barentz. In addition, it derives the majority of its revenue and
earnings from South and Central America and the Caribbean (63% of
2021 gross profit). We note that most chemical distribution
industry peers show a more balanced distribution between emerging
and developed markets. Chemicals distribution is a highly
fragmented and competitive industry with increasing competition
from larger players, especially in emerging markets where the top
25 players account for only a 16% share."

That said, its good position in emerging markets and some exposure
to defensive end markets also support the business risk profile.
Manuchar benefits from a strong market position in emerging
markets, primarily Brazil and other Latin American countries, with
attractive market growth potential. In addition, the company
supplies to defensive end markets such as home care (about 20% of
gross profit), agriculture (about 14%) and food (about 6%), which
display higher resilience to cycles than industrial chemicals
distribution. Despite its relatively small scale, Manuchar exhibits
good diversification in supplier and customer base with
longstanding relationships with its shipping partners, suppliers,
and key customers.

S&P believes that the sourcing and logistics services (SLS)
business enables Manuchar to optimize shipping costs and ensure
price competitiveness. SLS operates as a channel to source, market,
and ship polymers and steel. This is a low-margin business that
accounts for about 16% of Manuchar's EBITDA and results in gross
and operating margins lagging those of chemical distributor peers.
However, the combination of steel and other chemicals allows
Manuchar to optimize the capacity utilization of vessels rented for
chemical transport. Bulk shipping entails a price benefit over
container shipping and is less exposed to supply and demand
disruptions. This has been evidenced by the good operating
performance during supply chain disruptions in 2021-2022.

S&P said, "We believe financial-sponsor ownership limits the
potential for leverage reduction over the medium term. Although we
do not deduct cash from debt in our calculation owing to Manuchar's
private-equity ownership, we expect that cash could be partly used
to fund bolt-on mergers and acquisitions (M&A) or shareholder
remuneration. In the medium term, the financial sponsor's
commitment to maintaining financial leverage sustainably below 5.0x
would be necessary for rating upside considerations.

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

"The stable outlook reflects our view that Manuchar will continue
to deliver its business strategy and maintain resilient
profitability. We anticipate that EBITDA will normalize in 2023 but
the company will maintain EBITDA margins above 5%, higher than
pre-pandemic levels. We forecast adjusted leverage of about
4.1x-4.3x in 2022 and 5.5x-5.8x in 2023."

S&P could lower the ratings if:

-- Leverage weakens to above 6.5x adjusted debt to EBITDA, for
example, due to weaker-than-anticipated operational performance,
major margin pressure amid increased competition, or failure to
capture growth from its capital investments;

-- FOCF decreases significantly to below $20 million with
deteriorated liquidity; or

-- Manuchar and its sponsor follow a more aggressive financial
policy with regards to capex, acquisitions, or shareholder
returns.

S&P could raise the rating if:

-- Adjusted debt to EBITDA remains sustainably below 5x;

-- FOCF remains consistently above $50 million; and

-- Manuchar's management and financial sponsor show a strong
commitment to maintaining credit metrics at a level commensurate
with a higher rating.

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

S&P said, "Environmental and social factors have an overall neutral
impact on our credit rating analysis of Manuchar. The company is a
commodity chemicals distributor focusing on end markets like home
care, agriculture, and food industries. Manuchar has several
initiatives to reduce its impact along the supply chain including a
target to reduce its environmental footprint by 50% by 2030.
Governance is a moderately negative consideration, like for most
rated entities owned by private-equity sponsors. We believe the
company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects generally finite holding
periods and a focus on maximizing shareholder returns."




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F R A N C E
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FLAMINGO II LUX: S&P Affirms 'B' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on France-based real estate service company Emeria SASU (previously
Foncia Management, sole operating company of Flamingo II Lux), its
'B' issue rating on the company's senior secured first-lien debt,
and its 'CCC+' issue rating on the junior subordinated debt.

S&P said, "The stable outlook reflects our expectation that Emeria
should continue to expand its EBITDA base and FOCF in the next
12-18 months, limiting its recourse to further debt additions and
reducing leverage, as operating performance remains resilient on
the large proportion of recurring revenue and the contribution from
acquisitions.

"Although we expect Emeria's debt to EBITDA to remain elevated, at
above 10x at year-end 2022 following the proposed transaction, we
think EBITDA base growth and recovering operating performance
should allow for deleveraging in the next 24 months. The company
completed a dividend recapitalization transaction in early 2021
(for more information, see "Foncia Management 'B' Rating Affirmed;
Outlook Stable; New Debt Rated Amid Dividend Recapitalization,"
published March 11, 2021, on RatingsDirect), coupled with its
bolt-on acquisition strategy, which we view as aggressive. As a
result, adjusted debt to EBITDA increased materially to 10.8x at
year-end 2021 from 8.1x in 2020, while FOCF to debt went below 5%,
at 3.6%. Nevertheless, we note the continued recovery of its
operating performance as pandemic-related issues have started
fading away, especially toward the end of 2021, and a large
proportion of revenue base is recurring (56% of total revenue as of
year-end 2021) supporting predictable cash flow should contribute
to deleveraging from currently high levels. This, combined with the
proportionate contribution from acquisitions completed throughout
2021 and year-to-date 2022 and the announced acquisition of
Firstport, a leading U.K.-based real estate service provider,
should translate into rapidly growing EBITDA and FOCF. Emeria
completed 69 acquisitions in 2021 for EUR346 million. These should
contribute more than EUR30 million in pro forma EBITDA. Added to
the acquisitions closed year-to-date, including Firstport, total
pro forma EBITDA contribution should be around EUR90 million.
Therefore, we expect leverage to benefit from the contribution from
acquisitions completed throughout 2021 and the beginning of 2022,
with pro forma S&P Global Ratings-adjusted EBITDA reaching around
EUR300 million in 2022 (including acquisition-related costs) from
about EUR222.8 million in 2021."

The Firstport acquisition strengthens Emeria's European market
leadership position in the real estate services market and improves
diversification, although exposure to its main operating market in
France remains high. The proposed EUR560 million first-lien debt
add-on and the EUR114 million equity injection will come primarily
to fund the acquisition of Firstport for around EUR440 million and
repayment of EUR200 million of borrowings under its EUR437.5
million senior secured RCF. Firstport is the U.K. leader in the
property management market, with 314,000 units under management as
of year-end 2021 and annual revenue of GBP97.3 million. The
company's large share of recurring revenue, with 60% of its revenue
base stemming from management fee contracts with in-built
inflationary price increases and 32% resulting from ancillary
services related to the units under management, mitigate the
associated risks with the entrance in a new market for Emeria. S&P
said, "Only 8% of revenue is linked to property transactions, which
we view as more volatile and subject to the real estate cycle.
Similarly, we view positively the high level of visibility of
Firstport revenue and EBITDA based on the already-large number of
secured contracted units under management and on its secured
orderbook of about 98,000 additional units." Emeria is the market
leader in France, Belgium, Germany, and the U.K. pro forma the
transaction, resulting in a European market leader in the real
estate service space. Still, it is still largely exposed to its
main market of France, even if its exposure decreased to 79% of its
revenue base at year-end 2021 pro forma the Firstport acquisition
from 87%, with the U.K. representing 9% of the total revenue base
and the remaining 12% split across Germany, Belgium, Luxembourg,
Switzerland, and the Netherlands.

S&P said, "Our base-case scenario assumes Emeria will limit its
recourse to debt funding, instead financing its mergers and
acquisitions (M&A) strategy on increasing EBITDA and FOCF.We
forecast the company will decrease its adjusted debt to EBITDA
toward 8.0x over the next 12-24 months. Bolt-on acquisitions should
result in deleveraging because the large majority of them are
completed at acquisition multiples of 6.0x-7.0x, which are lower
than Emeria's adjusted debt to EBITDA of about 10.8x at year-end
2021. In addition, we understand that the company will use its cash
flow to fund its bolt-on acquisition growth strategy, which should
limit its recourse to additional debt.

"We expect financial sponsors Partners Group and TA Associates to
prioritize leverage reduction from high levels following the
recapitalization transaction in March 2021, over any dividend
distribution in the medium term. TA Associates became a shareholder
in October 2021 following its purchase of 25% of the company. We
understand both financial sponsors are aligned in their vision and
growth strategic objectives in the medium term. Therefore, our
base-case scenario does not include any further dividend
distributions and we would view negatively any additional
debt-funded acquisitions, given the elevated debt-to-EBITDA ratio
and squeezed FOCF-to-debt ratio from the company's recent
strategy.

"The stable outlook reflects our expectation that Emeria's
operating performance will remain resilient and the company will
continue to deliver substantial positive FOCF over the next 12
months, with revenue increasing thanks to external growth from
acquisitions and growth in core segments and services. The outlook
also reflects our view that Emeria will reduce its leverage on
expanding revenue and EBITDA following completed acquisitions and
lower level of further acquisitions relative to the group. We also
assume funds from operations (FFO) cash interest coverage will
remain comfortably above 2.0x over 2022, and that the company will
maintain sufficient liquidity to cover uses by at least 1.2x."

S&P could take a negative rating action if:

-- The company's operating performance doesn't meet its
expectations due to deteriorating real estate conditions, changes
in the regulatory and legal environment, or increased competition;

-- Additional dividend recapitalizations result in higher leverage
than S&P expect in its base-case scenario;

-- Emeria fails to decrease leverage from elevated levels due to
deteriorating operating performance, with higher-than-expected
exceptional costs, capital expenditure (capex) investment needs,
additional debt-funded acquisitions or increasing churn rates or
leading to FOCF to debt failing to revert above 5%; or

-- FFO cash interest coverage approaches 2x.

S&P could take a positive rating action if:

-- Emeria reduces leverage more quickly than expected, bringing
debt to EBITDA toward 5x sustainably;

-- The company materially reduces dependency on a single country;
and

S&P sees a strong commitment from Partners Group and TA Associates
to considerably reducing leverage, refraining from raising leverage
to increase shareholder remuneration.

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




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G E R M A N Y
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OQ CHEMICALS: S&P Raises LongTerm ICR to 'B', Outlook Stable
------------------------------------------------------------
S&P Global Ratings raised its long-term ratings on oxo chemicals
manufacturer OQ Chemicals to 'B' from 'B-'.

The stable outlook reflects S&P's expectation that favorable market
conditions will continue in 2022, assuming no syngas supply
shortage or other major disruptions in production or supply chain.
Even with normalizing oxo product prices from better than
top-of-cycle conditions, this should help the company maintain
adjusted debt to EBITDA comfortably below 4x and generate healthy
positive free operating cash flow (FOCF) in 2022.

The upgrade is driven by stronger performance of the OQ group,
resulting in an improved group credit profile. At the parent level,
S&P has seen a swift deleveraging of OQ S.A.O.C. (previously Oman
Oil Co.) in 2021 to about 4x adjusted debt to EBITDA from 9.1x in
2020, mainly driven by a significant increase in oil and gas
prices, volume recovery, and much higher refinery margins. S&P
said, "As oil and gas prices continue to increase in 2022 due to
the geopolitical context, we expect about 35% higher EBITDA in 2022
compared to last year. This has led to strengthened cash flow
generation, a very solid cash position, and an improved liquidity
buffer, which will help to cover short-term maturities. Even with a
return to normalizing oil prices from top-of-cycle conditions and
lower EBITDA in 2023, we expect leverage to remain comfortably
below 3x in adjusted debt to EBITDA and FOCF is likely to be
positive in 2022-2023. This view is also supported by lower capital
expenditure (capex), according to the company's current capex plan.
OQ communicated publicly that it is focusing on deleveraging the
balance sheet to a more sustainable capital structure, supported by
the planned disposal of non-core and certain core assets. We
understand that the final decision has not been made and view this
as potential upside for the group credit profile. However, we also
note the very high volatility in OQ's earnings and cash flow
generation, which largely depends on oil and gas prices. We
continue to consider OQ Chemicals a moderately strategic subsidiary
and strategic investment of OQ. The improved credit profile of OQ
has provided us with further comfort as to the sustainability of
the reduction in leverage at OQ Chemicals. The recent Oman
sovereign upgrade to 'BB-' from 'B+' (with a stable outlook) is
neutral for the OQ group credit profile, as we view both OQ's
credit profile and the government rating as being highly correlated
to oil price volatility stemming from the high contribution of
Omani revenue from the oil and gas sector."

S&P said, "OQ Chemicals' stand-alone credit profile remains
unchanged at 'b' with comfortable headroom built up through a
substantial increase in EBITDA and strong deleveraging. Following a
record year in 2021, with our adjusted EBITDA up by 140% to EUR313
million, we expect EBITDA to come down to EUR260 million-EUR280
million in 2022 and further down to EUR230 million-EUR260 million
in 2023. We anticipate this reduction will be mainly due to the
normalization of pricing and variable margins of intermediates in
the next two years, down from the extremely high level in 2021. As
a result, leverage improved substantially to 3x adjusted debt to
EBITDA in 2021 from 7.1x in 2020, which will remain in the
3.5x-4.3x range in 2022-2023. This compares to 4.8x-6.8x leverage
in 2016-2019 and indicates improved headroom for the 'b'
stand-alone credit profile.

"FOCF will be constrained in 2023 due to much higher growth capex,
but will rebound swiftly to a healthy level from 2024. OQ Chemicals
has a good track record in generating solid FOCF, also during
difficult years like 2019-2020 with cash FOCF at EUR35
million-EUR50 million. FOCF strengthened to above EUR90 million in
2021 due to a material increase in EBITDA, which more than offset
the surge in working capital outflow. We expect FOCF to normalize
to about EUR50 million in 2022 with moderately lower EBITDA,
roughly stable capex, and working capital absorption that is lower
than 2021 but still higher than usual. We note that FOCF will be
constrained in 2023, mainly due to high investments in growth
projects in 2023-2024. We understand that the investment will help
expand production capacity for higher-margin products like acids
and contribute to lower volatility of the intermediates business by
improving the utilization rate through the planned LiMA project. We
expect FOCF to rebound swiftly to historical levels in 2024 due to
EBITDA contribution from completed growth project in past years.

"Our base case is subject to event risk, namely potential gas
supply shortages and other major disruptions in the production and
supply chain, which might upset market conditions in the short to
medium term.We note a high degree of uncertainty about the extent,
outcome, and consequences of the Russia-Ukraine conflict. A
potential gas supply cut from Russia could result in disruption in
the syngas supply and thus curtailed production at the company's
German site in Oberhausen. In addition, other unexpected severe
production or supply chain disruptions, higher energy and logistics
costs, and potentially softening demand due to high prices and a
slowdown in economic growth represent risks to the base case.

"Despite improved cost passthrough, we expect the company's
earnings and cash flow will remain volatile due to the industry's
cyclicality. We understand that OQ Chemicals has successfully
adjusted the majority of its contract businesses in the
intermediates segment to include natural gas in the price formulas.
In addition, the shutdown of a butanol unit by a U.S. competitor
has also led to a higher margin and a more favorable supply/demand
balance for intermediates. However, the company is still exposed to
the more commoditized nature of its intermediates business, to the
cyclical end markets including construction and automotive (which
contribute to more than 35% of OQ Chemicals' revenues), as well as
high volatility in raw materials costs (mainly ethylene and
propylene) and selling prices. For us to consider that earnings
volatility has improved, we would look for OQ Chemicals to
establish more of a track record thanks to stronger pricing power
and a better product mix as a result of completed and ongoing
growth projects.

"At this stage, we assume no change in the supportive financial
policy of the parent company OQ. Following the record year of
earnings in 2021, we understand that there will be about $100
million dividends distributed. We do not expect to see much higher
shareholder distribution than this and understand that future
dividend payments will be commensurate with OQ Chemicals' cash
generation and excess cash position. The company's existing
leverage target is 3.0x-3.5x net leverage in the medium term. We
understand that a new target capital structure is currently under
review by OQ and has not yet been decided.

"The stable outlook reflects our expectation that favorable market
conditions will continue in 2022, assuming no syngas supply
shortage or other major disruptions in production or supply chain.
Even with normalizing oxo product prices, this should help the
company maintain adjusted debt to EBITDA comfortably below 4x and
generate healthy positive FOCF in 2022."

S&P could lower the rating if:

-- OQ Chemicals' stand-alone credit quality deteriorates, as
reflected in negative FOCF, or if its EBITDA were to sustainably
decline, such that adjusted debt to EBITDA weakens to above 6.5x,
which S&P views as unlikely; or

-- OQ group's credit profile materially deteriorates due to
unsustainable capital structure or inadequate liquidity at OQ,
which S&P views as highly unlikely for the next 12 months.

An upgrade is dependent on an improvement in not only OQ Chemicals'
stand-alone credit quality, but also in the OQ group's credit
profile. S&P could raise the rating if:

-- S&P raised the rating on Oman, leading us to revise upward the
OQ group credit profile; and

-- At the same time, OQ Chemicals' stand-alone credit quality
improved. This would require evidence of lower volatility in
earnings, as reflected in leverage sustainably below 5x adjusted
debt to EBITDA through the cycle, as well as sustainably healthy
annual FOCF of at least EUR50 million under normalized capex. S&P
would also look for financial policy supportive of a higher rating,
for example if OQ Chemicals does not upstream large cash amounts to
the parent company.

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




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I R E L A N D
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CAPITAL FOUR IV: Moody's Assigns B3 Rating to EUR7.9MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Capital Four CLO IV
Designated Activity Company (the "Issuer"):

EUR213,900,000 Class A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR40,000,000 Class B Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR17,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned A2 (sf)

EUR23,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Baa3 (sf)

EUR19,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Definitive Rating Assigned Ba3 (sf)

EUR7,900,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be around 98% ramped as of the closing
date and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the 4.6 months ramp-up period in compliance with
the portfolio guidelines.

Capital Four CLO Management II K/S ("Capital Four Management") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's approximately 2.1 years reinvestment period.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations or
credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR29,600,000 Subordinated Notes due 2035 which
are not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Target Par Amount: EUR350,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3019

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 6 years




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I T A L Y
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GOLDEN GOOSE: S&P Upgrades ICR to 'B' on Continued Deleveraging
---------------------------------------------------------------
S&P Global Ratings raised to 'B' from 'B-' its ratings on Italian
luxury footwear producer Golden Goose and on the company's EUR480
million senior secured notes. The '3' recovery rating on the debt
remains unchanged, now with 55% recovery prospects.

Golden Goose's sound operating performance in 2021 should continue
this year thanks to its retail and digital expansion plan. Last
year, the company successfully executed its strategy to expand into
the direct-to-customer (DTC) channel. Efforts included the
consolidation of its retail network and the penetration of new
markets (China, Japan, Korea, and Australia) through a digital
presence. The company posted growth of 45% year-on-year in 2021,
with revenue totaling EUR385.6 million, the majority of which
stemmed from the DTC channels (annual growth of 79% in retail and
109% in digital). Also in 2021, the company reported EBITDA of
EUR126.4 million, an increase of 45% year-on-year (which is also
38% higher than 2019) and solid operating cash flow of EUR57.5
million. All geographies and channels contributed to the growth
thanks to loyal local customer bases. The U.S. market was the main
contributor, with 74% sales growth, thanks to sound brand awareness
and solid digital channel fundamentals. Also in 2021, the company
opened 29 new stores worldwide and took over 11 franchise stores in
China. It plans to grow its retail network further by opening an
average of 20 new stores per year. This will further diversify the
company's geographical footprint and strengthen the brand image.
S&P said, "We believe Golden Goose's ongoing expansion and
consolidation of its DTC channel will fuel growth of 15%-18% over
the next 12 months. The company's efforts include continuous
investments in its digital offer, personalization initiatives with
clients, the retail expansion plan, and the consolidation of its
wholesale channel. Moreover, we believe the company is well placed
to benefit from long-term positive industry drivers, including
casualization, premiumization, and sustainability trends."

S&P said, "Golden Goose's long-term relationship with wholesalers
provides revenue visibility and represents an additional driver of
revenue growth, in our view. At end-2021, Golden Goose had
generated about 40% of its sales from wholesalers, compared with
about 55% in 2020. The decline is due to the conversion of some of
the company's key wholesalers into what it calls "wholesession." In
the latter model, Golden Goose has a direct relationship with the
end-customers and control over prices and distribution, giving the
company the benefits of a direct operating model with fewer
operating costs and capital expenditure (capex) requirements. We
understand that the company plans to continue to convert part of
the wholesale network, which will increase the company's control
over distribution, pricing, and brand awareness, in our view. We
believe the "wholesession" model will allow the company to sustain
sound commitments from the partners that can reach a wide range of
customers and a low level of inventories thanks to an efficient
commission mechanism. Our forecasts for 2022-2025 indicate a 20%
increase in retail and 50% in digital sales, stemming from the
conversion effect. We also consider the good visibility that the
company has on its order book from wholesalers, with 75% of the
order backlog already secured for 2022.

"We forecast Golden Goose to maintain a healthy EBITDA margin of
32%-33% over the next 12 months.This will be thanks to the
company's targeted marketing approach and limited exposure to cost
inflation. Despite challenging market conditions over the past two
years, Golden Goose has maintained stable profitability levels,
posting an S&P Global Ratings-adjusted EBITDA margin of 32.8% in
2020 and 32.2% in 2021. The resilience of the EBITDA margin points
to the successful execution of the marketing strategies and good
management of cost inflation and supply chain operations. In 2021,
the company spent about 4.5% of its sales on marketing and
advertising. For 2022-2023, we anticipate a marketing and
advertisement budget of 4.5%-5.5% of sales, in line with the
company's goal to elevate Golden Goose into a global brand. As
such, the company's marketing strategy is based on unique marketing
initiatives tailored to the different customers, including
personalization options for western markets and celebrity
endorsements, mostly in APAC. We understand that some regions
require more marketing to fuel long-term growth and ensure
relationships with younger populations that are newer to the brand.
Moreover, the company can rely on its strong relationship with its
local manufacturing base (mainly in Italy) to soften the impact of
inflation on leather price. Also, the company is not exposed to
high shipping costs for raw materials from other countries. In our
view, Golden Goose's strong brand recognition creates headroom to
increase prices, particularly considering that some of its key
competitors in the luxury sneakers space have done so in recent
years. That said, the company should be able to maintain stable
EBITDA margins in the next 12-18 months.

"Golden Goose should be able to self-fund its expansion strategy
thanks to free operating cash flow (FOCF) of EUR35 million-EUR40
million (before lease payments) in the next 12 months.The company
generated FOCF of EUR25.6 million in 2020 and of EUR57.5 million in
2021. Despite its stock-building strategy and required investments
to support expansion, the company will likely continue to generate
solid FOCF before annual lease payments of EUR35 million-EUR40
million in 2022 and about EUR60 million in 2023. In our base case,
we assume annual lease payment of about EUR30 million-EUR35 million
over the next couple of years. The company's DTC expansion plan
requires annual investments in capex to open new stores and
strengthen its digital capabilities. As such, we anticipate Golden
Goose will invest about EUR30 million in capex over the next 12
months. We also anticipate EUR20 million-EUR25 million of working
capital requirement--higher than historical levels--primarily to
increase inventories to support the expansion of the retail
network, and somewhat swollen due to currently rising inflation.

"We forecast Golden Goose's capital structure to remain highly
leveraged due to the financial-sponsor ownership, with a
debt-to-EBITDA ratio of about 4.5x in 2022.Last year's
better-than-expected performance underpinned an improvement in
Golden Goose's leverage, with adjusted debt to EBITDA improving to
5.1x at end-2021 and funds from operations (FFO) cash interest
coverage around 3.0x. Our main adjustments to the EUR480 million
senior secured notes include EUR125 million-EUR130 million of
operating leases and EUR25 million-EUR30 million for reverse
factoring utilization, in line with our methodology. We forecast
additional deleveraging over 2022-2023, with the leverage ratio
improving to around 4.0x-4.5x, supported by continued profitable
growth. The company is owned by private equity firm Permira. We
assume that this limits Golden Goose's appetite for deleveraging
since private equity sponsors tend to prefer reinvesting cash in
business opportunities or returns to shareholder. Our forecasts
also consider the company's strategy to expand its network of
retail stores, which makes the business more lease intensive.
Lastly, we anticipate FFO cash interest coverage of 3.5x-4.0x,
supported by higher cash flow generation.

"The stable outlook reflects our view that Golden Goose will likely
generate 15%-18% revenue growth and achieve an S&P Global
Ratings-adjusted EBITDA margin of about 32%-33% in 2022 thanks to
good management of cost inflation. We forecast that the group will
improve its adjusted debt-to-EBITDA ratio to about 4.5x and achieve
an FFO cash interest coverage ratio in the 3.5x-4.0x range in the
next 12 months. We anticipate the company will generate annual FOCF
of about EUR35 million-EUR40 million in 2022, which enables it to
self-fund its expansion strategy.

"We could lower the rating if Golden Goose's debt to EBITDA, as
adjusted by S&P Global Ratings, deteriorates to 7.0x or above with
limited prospects of deleveraging, or if the company is unable to
generate sufficient FOCF to self-fund its planned expansion. In
this scenario, the company's FFO cash interest coverage ratio will
likely deteriorate toward 2.0x. This could materialize, for
example, in case of significant setbacks in store openings that
result in greater costs and capex requirements than in our base
case.

"We could consider an upgrade if we see that Golden Goose can
sustain an adjusted debt-to-EBITDA ratio at close to 4.0x,
alongside a clearly stated commitment from the owner to permanently
maintain a debt-leverage ratio at that level. An upgrade also
hinges on the company generating high FOCF on a sustained basis.
This would most likely stem from a seamless execution of the
distribution strategy resulting in uninterrupted profitable revenue
growth."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Golden Goose SpA, as
is the case for most rated entities owned by private-equity
sponsors. We believe the company's highly leveraged financial risk
profile points to corporate decision-making that prioritizes the
interests of the controlling owners. This also reflects the
generally finite holding periods and a focus on maximizing
shareholder returns. Environmental and social factors are an
overall neutral consideration in our credit rating analysis. The
company introduced sustainability targets in its supply chain,
including the objectives to use 40% low-impact materials in its
sneaker collections, ensure the tracing of key raw materials, and
launch its first circular design project by 2025. We believe that
these initiatives could become a differentiating factor in the eyes
of customers."


[*] FTI Launches Corp. Finance & Restructuring Segment in Italy
---------------------------------------------------------------
FTI Consulting, Inc. on June 15 announced the launch of the firm's
Corporate Finance & Restructuring segment in Milan with the
appointment of four business transformation and restructuring
senior hires, continuing its growth across Continental Europe and
providing a permanent presence in Italy.

The new appointments include Francesco Leone, who will lead FTI
Consulting's Italian Corporate Finance & Restructuring business,
Claudia Lotti, Barbara Biassoni and Raffaele Fiorella.

FTI Consulting is a New York Stock Exchange-listed global business
advisory firm, providing clients with multidisciplinary solutions
to complex challenges and opportunities.  The Corporate Finance &
Restructuring segment advises on many of the world's most complex
restructurings, turnarounds, transformations and transactions,
helping companies and their stakeholders address major financial,
operational and transactional challenges.

The launch in Italy follows FTI Consulting's expansion of its
Corporate Finance & Restructuring segment in Europe, the Middle
East and Africa ("EMEA") into the Netherlands with the acquisition
of BOLD in February 2022 and the appointment of four professionals
in March 2022, as well as its expansion into France in May 2022.

"Barbara, Claudia, Francesco and Raffaele have worked on some of
the most complex and high-profile transformation, financing and
restructuring situations in Italy," said Kevin Hewitt, Chairman of
EMEA at FTI Consulting.  "We are very pleased they have joined FTI
Consulting and are excited about the opportunity for our Corporate
Finance & Restructuring business in Italy and its contribution to
our wider EMEA growth strategy."

Diederick van der Plas, a Senior Managing Director and the EMEA
Head of Corporate Finance & Restructuring at FTI Consulting, added,
"I am delighted to welcome our new senior appointments to our
growing Corporate Finance & Restructuring practice in EMEA, at what
is a period of transformational growth for the business as we
continue to expand across Continental Europe.  Barbara, Claudia,
Francesco and Raffaele bring outstanding expertise and networks,
and we look forward to further expanding our business and advising
clients with their most complex challenges."

Ms. Biassoni, a Senior Advisor, has over 25 years of advisory
experience in financial turnaround, with strong expertise in
financial restructuring processes including insolvency.  She has
worked on financial operations projects, including providing M&A,
business valuations, fairness opinions and impairments tests,
business planning, crisis management and liquidity management
services.  She has particular experience in the energy and
utilities, hospitality, telecommunications and media, and
transportation sectors.  Previously, Ms. Biassoni was a partner at
the Erre Quadro consulting firm, prior to which she worked as
counsel at a global business advisory firm.

Ms. Lotti, a Senior Managing Director, has over 20 years of
experience leading operational improvement projects and crisis
recovery plans, as well as optimizing clients' financial
operations.  She has extensive experience in both consulting and
interim management roles and has worked with corporate clients and
private equity firms active in various sectors, including retail
and consumer goods, fashion and luxury, automotive and industrial
goods.  Ms. Lotti's previous roles have included senior positions
at global business advisory firms, most recently as a partner at
The Boston Consulting Group.

Mr. Leone, a Senior Managing Director, has over 25 years of
experience leading business transformation and operational
restructuring projects for corporate and financial clients,
including in interim management roles, and has particular expertise
in retail and consumer products, fashion and luxury, yacht and ship
building, industrial goods and healthcare.  He also has served in
interim executive and managerial roles, including as chief
transformation officer.  Mr. Leone joins FTI Consulting from The
Boston Consulting Group, where he led the Italy, Greece, Turkey and
Israel turnaround and transformation practice.

Mr. Fiorella, a Senior Advisor, has more than 25 years of
experience in advisory and interim management roles, including
chief restructuring officer in a number of consolidation,
restructuring or liquidation processes.  His experience includes
cost rationalization, business plan design and implementation, and
liquidity management in various sectors, including construction,
gaming and leisure, and airlines and aviation. Mr. Fiorella is a
chartered accountant, statutory auditor, and expert witness at the
Court of Milan, working on plan certifications pursuant to the
Bankruptcy Law, and M&A, business valuations and fairness opinions.
Mr. Fiorella previously was a partner at the Erre Quadro
consulting firm and counsel at a global business advisory firm.

                      About FTI Consulting

FTI Consulting, Inc. (NYSE: FCN) -- http://www.fticonsulting.com
-- is a global business advisory firm dedicated to helping
organisations manage change, mitigate risk and resolve disputes:
financial, legal, operational, political & regulatory, reputational
and transactional.  With more than 6,900 employees located in 30
countries, FTI Consulting professionals work closely with clients
to anticipate, illuminate and overcome complex business challenges
and make the most of opportunities. The Company generated $2.78
billion in revenues during fiscal year 2021.  In certain
jurisdictions, FTI Consulting's services are provided through
distinct legal entities that are separately capitalised and
independently managed.




===========
R U S S I A
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RAVNAQ BANK: S&P Lowers ICRs to 'CCC+/C', Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its long- and short-term issuer credit
ratings on Uzbekistan-based Ravnaq Bank to 'CCC+/C' from 'B-/B'.
The outlook is negative.

Highly concentrated business model led to weakened asset quality.
The downgrade reflects Ravnaq's deterioration in asset quality,
indicated by an increase in nonperforming loan (NPL) ratio to 52%
as of June 1, 2022, from 22% as of April 1, 2022, in accordance
with local accounting standards. This sharp increase in NPLs owes
to nonpayment by the three largest borrowers, which are suffering
logistics issues due to the Russia-Ukraine conflict and Ravnaq's
concentrated business model. Ravnaq's top-20 borrowers comprised
more than 70% of Ravnaq's loan book as of May 1, 2022. Nonpayment
of interest income, together with heightened operating expenses,
led the bank to report a UZS6 billion loss since the beginning of
2022. Coupled with this, higher risk-weighted assets resulting from
the higher NPLs led the bank breach the 13% minimum regulatory
capital adequacy ratio (CAR) as of May 1, and June 1, 2022. S&P
expects Ravnaq's asset quality to remain under pressure while there
is turbulence in the market related to the conflict in Ukraine.

Liquidity buffers are currently sufficient to service Ravnaq's
needs, but they are highly vulnerable to prolonged asset quality
deterioration. On June 1, 2022, liquid assets comprised about 19%
of total assets and covered around half of short-term liabilities,
providing a cushion for potential deposit outflows. S&P thinks the
share of current accounts will remain stable at around 25% over
2022. However, if the largest borrowers continue delaying payments,
it will heighten the vulnerability of the bank's liquidity
position. And it could be hampered further in case of deposit
volatility, given the bank's concentrated deposit structure.

Business model sensitivity to macroeconomic turbulence might
further limit Ravnaq's revenue and capital generation capacity. S&P
said, "We anticipate Ravnaq will post losses in 2022-2023 given the
increased vulnerability of the bank's business model to
macroeconomic turbulence, and we anticipate the bank will breach
the minimum CAR requirement unless it is able to materially improve
asset quality indicators.

"The negative outlook reflects our anticipation that Ravnaq's asset
quality, profitability, and capitalization will remain under
pressure because of the less benign operating environment in
Uzbekistan due to the conflict in Ukraine. The bank's concentrated
business model and funding base leaves it more vulnerable to
deteriorating credit conditions domestically and abroad. We expect
the bank will remain loss-making at least until the end of 2023."

Downside scenario

S&P said, "We could take a negative rating action in the next 12
months if Ravnaq continues to breach regulatory capital adequacy
requirements, highlighting the risk its license could be revoked.
If Ravnaq's liquidity deteriorates sharply in the absence of
external support in a timely manner we could also lower the rating.
These scenarios could materialize if Ravnaq's large deposits are
withdrawn owing to changes in depositors' sentiment."

Upside scenario

S&P said, "We may revise the outlook to stable in the next 12
months if the bank manages to reverse the negative trend in its
asset quality, earnings, and capitalization. This would hinge on
the NPL ratio returning to more normal levels, earnings improving,
and the bank improving its CAR above the regulatory minimum on a
sustained basis. In such a scenario, we would also expect to see
Ravnaq's deposit base proving stable, with replenished liquidity
buffers and Ravnaq able to meet regulatory requirements."

ESG credit indicators: E-2, S-2, G-4




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

ABACUS PRINT: Sold to 6IX Agency Via Pre-pack Sale
--------------------------------------------------
Hannah Jordan at Printweek reports that the pandemic fall out
continues to impact the industry as more print businesses hit the
buffers and pre-pack to survive.

One such business is Wembley-based Abacus Print, which, according
to its Statement of administrator's proposal, had taken various
measures to try to offset the severe impact of Covid restrictions
that resulted in its turnover plummeting, Printweek relates.

The six-staff print business, run by husband and wife team Alison
and Jonathan Luck, took a CBILS loan in 2020 and further loans from
the owners during 2021 to try to keep the business afloat,
Printweek discloses.  It also cut costs by moving into a larger,
shared premises with another printer, but its rising debts were
ultimately insurmountable and the business filed a notice of
intention to appoint administrators on March 3, with Richard Rones
of Thornton Rones administrators appointed on March 22, Printweek
recounts.

After an initial evaluation, the business was marketed with a range
of offers from GBP24,000-GBP36,000 received, Printweek states.  The
latter offer, plus 7.5% of turnover generated in the first 12
months, was offered by The 6IX Agency, a business incorporated in
November 2021 by Abacus managing director Jonathan Luck, according
to Printweek.

The business was bought by The 6IX Agency on March 31 in a
connected party pre-pack sale, Printweek discloses.  All jobs were
retained, Printweek notes.

According to the administrator's proposals dated May 22, 2022,
Abacus owed GBP50,000 to HMRC and had received claims totalling
GBP24,338 from two unsecured creditors, while 18 claims to the
value of GBP240,458 were still outstanding, Printweek discloses.

The estimated returns to preferential and unsecured creditors will
be 100p and 2.66p in the pound respectively, Printweek notes.


BUILDING SUPPLIES: Enters Administration, Halts Trading
-------------------------------------------------------
Builders' Merchants News reports that online retailer Building
Supplies Online has ceased trading and has been placed under
administration.

According to BMN, David Shambrook, Partner at FRP Advisory and
Joint Administrator, said:"Retail businesses are battling difficult
economic conditions with inflation and supply chain issues putting
real pressure on their ability to operate.

"Without the prospect of investment, Building Supplies Online was
unable to continue trading and, regrettably, all employees have
been made redundant.  We will now be supporting employees with
claims to the redundancy payments service while seeking to maximise
returns to creditors."

The company was founded in 2010 and began as an online aggregates
business before slowly expanded its product range according to
demand.


MALLINCKRODT PLC: S&P Hikes ICR to 'B-', Outlook Stable
-------------------------------------------------------
S&P Global Ratings upgraded its issuer credit rating to 'B-' from
'D' to Mallinckrodt PLC, a specialty pharmaceutical company, with a
stable outlook. This reflects the company's high product
concentration, its expectation for continued revenue declines in
2022 and 2023 from significant pricing and competitive pressures,
and our expectation that adjusted debt to EBITDA will be at least
7x over the next couple of years.

S&P said, "We assigned ratings to its debt outstanding, including
our 'B' rating to the company's $1.76 billion first-lien term loan
B and $495 million first-lien secured notes. We also assigned our
'CCC' rating to its $698 million second-lien secured notes. The
first-lien debt has a recovery rating of '2', and the second-lien
debt has a recovery rating of '6'. We do not rate the company's
$200 million asset-based loan (ABL) facility.

"Mallinckrodt issued $650 million of first-lien notes instead of
the $900 million term loan we had previously assumed.

"Debt markets have been challenging recently, particularly for
companies with weaker credit profiles such as Mallinckrodt. We
believe these conditions contributed to the company electing to
raise less debt than the $900 million it had initially proposed. We
do not net cash against debt for companies with weak businesses
risk profiles, so our expected adjusted debt-to-EBITDA ratio is
about 0.4x lower than we had assumed at the end of April 2022 when
we assigned preliminary ratings to the proposed new debt. However,
this also results in the company having $250 million of cash on
hand at emergence, rather than about $500 million we previously
expected.

"As a result, Mallinckrodt has less of a liquidity cushion to
manage through what we expect to be a couple of years of cash flow
deficits due in large part to the negotiated litigation settlement
payments. Moreover, the company has about $820 million of notes
coming due in April 2025, which we believe it will look to
refinance. If market conditions or cash flow prospects deteriorate
for the company, refinancing risks could rise and result in an
unsustainable capital structure. Still, with $250 million of cash
on hand and $200 million available under its new ABL facility, we
consider Mallinckrodt's liquidity adequate and commensurate with
our rating on the company.

"Recovery prospects for first-lien secured creditors improve
modestly under the new scenario, because this group of creditors
composes a smaller proportion of the capital structure than if the
company had issued the $900 million it had initially planned. As
result, our recovery estimate for first-lien creditors has
increased to a rounded estimate of 80%, up from 75% in our April 27
research update on Mallinckrodt International Finance S.A. This is
still consistent with our '2' recovery rating (70%-90%).

"Our 'B-' rating on Mallinckrodt follows its emergence from
bankruptcy and reflects our view that the competitive position is
weak and adjusted debt to EBITDA will be at least 7x.

"Our 'B-' issuer credit rating on the company primarily reflects
the company's limited product diversification with about 27%, 20%,
and 12% of 2021 revenues coming from its top three products (Acthar
Gel, INOmax, and Therakos), respectively; lack of patent protection
on most products; and expected increased competition and pricing
pressure over the next few years on its two largest products,
Acthar Gel and INOmax, which would lead to continued revenue
declines. In our view, the company also has a relatively weak
pipeline of new products, and we do not expect this to improve over
the next few years. We base this on our assumption that its
research and development (R&D) investments will decline from about
9% in 2021 to about 6% by 2025. Mallinckrodt traditionally focused
on acquiring products rather than internal development, but we
believe it will have limited capacity for large acquisitions under
its proposed capital structure, at least in the near term. These
characteristics are partially offset by decent scale (about $2.2
billion of revenue in 2021) and profitability (adjusted EBITDA
margins of 30%-35%) over the next few years, reflecting the
company's blend of branded and generic pharmaceutical products.

"Mallinckrodt emerged from bankruptcy with about $3.6 billion of
funded debt, about $1.5 billion of obligations related to
litigation settlements ($1.15 billion based on our present value
calculation), and about $250 million of cash, which we do not net
against debt. Under this capital structure, we forecast adjusted
debt to EBITDA to be in the mid to low 7.0x area through 2023. This
incorporates our assumption for mid- to high-single-digit-percent
annual revenue decline in 2022 and 2023 and
low-single-digit-percent growth thereafter, while adjusted EBITDA
margins remain relatively steady at 32%-34%. We expect Mallinckrodt
will generate adjusted free operating cash flow (FOCF) of $300
million-$350 million in 2022 and $150 million-$200 million annually
in 2023 and 2024. We assume the company will deploy FOCF primarily
to make the negotiated schedule of payments related to its opioid
and Centers for Medicaid & Medicare Services (CMS) litigation
settlements.

"We expect Acthar Gel revenues, which represented about 27% of 2021
revenues, to decline in the low- to mid-single-digit-percent area
in 2022, 2023, and 2024.

"We believe Acthar Gel (at about $40,000 per dose) is likely to
face regulatory and competitive pressures over the next few years
that will drive down the drug's price. Earlier this year, ANI
Pharmaceuticals Inc. launched Purified Cortrophin Gel, which is
approved for all current Acthar indications, except for infantile
spasms (which we estimate represents less than 15% of Acthar's
volumes). Although there is uncertainty, our base case assumes ANI
will price Cortrophin at about a 20% discount to Acthar and will
take about 15% of Acthar's market share by 2024. We recognize that
the significant formulation complexity of Acthar makes it unlikely
that other competing alternatives will enter the market over the
next couple of years. Mallinckrodt plans to launch Acthar Gel in a
new self-injector delivery device in 2023. This could give Acthar
Gel a competitive edge over ANI's Cortrophin Gel and slow the pace
of decline. We estimate annual revenue for Acthar Gel will decline
in the low- to mid-single-digit-percent area over the next few
years.

"We anticipate INOmax, which represented about 20% of 2021
revenues, will face intense competition over the next several
years.

"Revenue of the nitric oxide drug-delivery device declined about
23% in 2021. We expect annual revenues to decline 20% in 2022 and
in the mid-to-high single digit area in 2023 and thereafter, given
several new competitors. Praxair, a global industry gas company,
launched NOxBoxi in 2019; Vero Biotech launched Genosyl DS, the
first tankless device, in early 2020; and we expect Beyond Air to
launch LungFit later this year. In our view, LungFit poses the most
significant competitive threat to INOmax over the long term,
because it's a tankless device that converts ambient air into
nitric oxide using an electrode, thereby significantly reducing its
weight. The slower pace of annual revenue declines beyond 2022
reflects the multiyear contracts for INOmax and the launch of
INOmax Evolve (we assume in the first half of 2023), which will
offer some advantages over its existing device. Specifically,
INOmax Evolve will have a much smaller profile that will make it
easier to transport, broadening the number of patients and settings
that can use it. We also expect more automation to reduce human
error.

Modest tailwinds in the branded segment include Therakos (12% of
2021 revenues) and new product launches.

"We expect Therakos will grow annually in the low- to
mid-single-digit-percent area, stemming primarily from growth
opportunities outside the U.S., investments related to product
development, and new indications, offset in part by increased
competition for treatment of patients with graft versus host
disease.

"Mallinckrodt also has two new branded products (Terlivaz and
StrataGraft) that should contribute modest revenue growth over the
next few years. Terlivaz (which has yet to receive FDA approval) is
a vasopressin analog potentially used to treat hepatorenal syndrome
(HRS) Type 1, a type of renal failure associated in patients with
cirrhosis. We assume the drug will launch in 2023, generate more
than $100 million of annual revenue by 2026, and be accretive to
earnings. StrataGraft regenerative skin tissue is an alternative to
skin autografting, which is currently the common treatment for
severe burns in the U.S. Mallinckrodt released its first commercial
shipment of the product earlier this year, and we expect it to
generate more than $50 million of annual revenue by 2026. The
product will likely generate an operating loss during the first few
years because it will likely require significant sales and
marketing investments to shift burn centers away from skin
grafting."

S&P expects modest revenue and EBITDA growth in the specialty
generics segment (30% of 2021 revenues), driven primarily by new
product launches.

Mallinckrodt manufactures active pharmaceutical ingredients (APIs).
The company is among the largest manufacturers of bulk
acetaminophen (which represented about one-third of segment sales
in 2021) and the only producer of the popular over-the-counter pain
medication in North America and Europe, for which S&P expects
demand to remain relatively stable. The company also operates the
largest active API manufacturing facility in the U.S., which it
believes positions it well for potential initiatives by the U.S.
government to onshore API manufacturing.

S&P said, "Opioid products represented about one-third of this
segment's sales in 2021, and we assume continued downward pressure
on pricing and volumes stemming from declining opioid prescribing
due to increased awareness of the risks of addiction. For the
generic segment overall, we assume low-single-digit-percent annual
revenue growth and relatively flat EBITDA margins, on average for
the next few years. We expect new product launches to slowly
diversify Mallinckrodt away from opioids and offset the natural
trend of price erosion in the generics business."

Settlements on opioid- and Acthar-related litigation represent a
significant liability and use of cash over the next several years.

Mallinckrodt's reorganization includes agreements to resolve
litigation related to opioids and Acthar Gel by paying $1.725
billion and $260 million, respectively, over seven to eight years.
The opioid litigation stemmed from the company's sales of addictive
opioid products that were alleged to have contributed to the U.S.
opioid epidemic. As it relates to the opioid settlement,
Mallinckrodt will pay $450 million at emergence from bankruptcy and
will pay the remaining $1.275 billion over the next eight years.
S&P said, "We calculate the present value of these future payments
at about $972 million, which we treat as debt. Mallinckrodt has the
option to prepay the liability within the next 18 months at a
discount of $200 million-$260 million to our present value of the
liability. If market conditions improve, we believe the company
would likely issue new debt to take advantage of the prepayment
option, which would reduce its liabilities and annual cash
outflows. However, given capital market conditions and uncertainty,
our base case assumes the opioid liability is not prepaid."

The Acthar-related settlement with CMS and the Department of
Justice (DOJ) was to resolve claims that Mallinckrodt underpaid
Medicaid rebates that resulted from price increases for the product
(CMS portion: $234 million) and claims that Questcor (the prior
owner of Acthar) funded third-party charitable foundations to
improperly support Medicare patient copays for Acthar (DOJ portion:
$26 million). As with the opioid liability, S&P added the present
value of future Acthar-related settlement payments (about $176
million at emergence) to debt.

S&P said, "In total, the company's annual settlement payments will
be $170 million-$220 million over the next several years, which we
expect will absorb most of its FOCF generation. With just over $250
million of expected cash on the balance sheet following emergence,
we believe Mallinckrodt can manage with the thin excess cash flow
generation we expect over the next few years, albeit with limited
financial flexibility.

"The stable outlook reflects our expectation that Mallinckrodt will
maintain adjusted debt to EBITDA of 7x-8x and adjusted FOCF to debt
(before scheduled litigation settlement payments) of at least 5%
over the next few years. This assumes EBITDA margins remain
relatively steady and that the company deploys FOCF generation to
reduce debt outstanding and liabilities from recent settlements.

"We could lower our rating on Mallinckrodt within the next 12
months if we consider its capital structure unsustainable over the
long term. This could occur if liquidity deteriorates, and we
expect FOCF generation to be insufficient to cover scheduled debt
amortization and settlement payments. This could occur if
competitive pressures result in weaker-than-expected operating cash
flow generation. We could also lower the rating if we believe
Mallinckrodt cannot address its 2025 debt maturities or if we see
an increased likelihood of a distressed exchange.

"While unlikely within the next 12 months, we could raise our
rating on Mallinckrodt if we expect adjusted debt to EBITDA to
decline and stay below 7x, supported by relatively steady EBITDA
generation. This scenario assumes Mallinckrodt prepays a portion of
its opioid liability, providing itself more financial flexibility.
In this scenario, we would also believe that Mallinckrodt has
adequate liquidity with a manageable debt maturity profile."

ESG credit indicators: E-2, S-4, G-3

S&P said, "Social risk factors have a negative influence on our
credit rating analysis of Mallinckrodt. The company manufactures,
distributes, and markets opioid products, which exposed it to legal
and regulatory action. The company also faced litigation with CMS.
Our credit rating analysis of Mallinckrodt is also negatively
affected by governance factors because the company's strategy has
led to material litigation liabilities. This resulted in more than
$1 billion in expenses and settlements to be paid over the next few
years, which we believe was a key contributor to the company's 2020
bankruptcy filing."


MISSGUIDED: Administrators Won't Fulfill Orders Before June 16
--------------------------------------------------------------
Gabriella Ferlita at Tyla reports that Missguided customers who are
waiting for orders which were placed before June 16 won't be
receiving their parcels, the brand has announced.

According to Tyla, in a statement posted on the Missguided website
on June 21, the fashion brand explained how it 'was acquired by
'Frasers Group plc" on June 1, a world-leading retail group' after
it went into administration last month from accumulating millions
of pounds in debts to creditors.

However, the statement went on to explain how customers who ordered
from the style website before June 16, when Missguided Limited went
into administration, won't have their orders fulfilled as they are
"not the responsibility of Frasers Group", Tyla relates.

It wrote in an FAQ: "Unfortunately, any orders placed before 16th
June 2022 are with 'Missguided Limited', and therefore are not the
responsibility of Frasers Group, as the order was placed prior to
the administration and pre the acquisition of the brand by Frasers.


"The administrators have advised that they are unable to honour
unfulfilled orders or refunds requested from the company, prior to
their appointment," the statement added.

Previously, administrators told Missguided shoppers that they would
not be receiving refunds for item returns, Tyla discloses.

Teneo, which was hired by the fashion retailer to run the
administration process, told shoppers it will not be able to issue
refunds as part of the insolvency process, Tyla recounts.


MOMZ LOVE: Wound Up in High Court Due to Covid Support Abuse
------------------------------------------------------------
The Insolvency Service on June 23 disclosed that Momz Love Limited
and Unique Homes Lettings were wound-up in the High Court in the
public interest and the Official Receiver was appointed the
Liquidator of the companies.

The court heard that Momz Love traded as a retailer, selling
children's clothes online and 3D printers and computing equipment
from a physical shop. Unique Homes Lettings was connected to Momz
Love as the retailer's landlord.

After receiving complaints about the two companies, however, the
Insolvency Service carried out confidential investigators.

Edna Okhiria, Chief Investigator for the Insolvency said:

"Investigators could not find any evidence of legitimate trading by
either Momz Love or Unique Homes Lettings before uncovering
significant abuse of covid loans provided by local authorities to
businesses during the pandemic.

"Momz Love falsely applied for at least six grant applications,
supplying local authorities with bogus tenancy agreements to
suggest the companies operated in the local area, as well as sham
utility bills, banks statements and insurance documents."

Unique Homes Lettings supported the bogus applications by falsely
claiming to be the landlord of premises that Momz Love declared to
councils it occupied.

Momz Love fraudulently secured at least GBP85,000 between June and
August 2020 after 5 applications were successful.

Investigators also uncovered that Unique Homes Lettings
fraudulently claimed to be the landlord of entities and used stolen
cards to make payments to at least 4 local authorities towards
business rates before asking for a refund to be paid into a
different bank account.

The original transactions would fail and the local authority lost
the money paid in the bogus refund. Using this method, those
entities secured at least GBP8,000.

The two companies were formally wound-up on April 26, 2022, before
ICC Judge Jones.  The judge found that Momz Love and Unique Homes
Lettings were involved in fraud before commenting that there had
been a thorough investigation by the Insolvency Service.

The Official Receiver is Liquidator of both companies in
liquidation.  The Official Receiver has a duty to determine what
assets are available to realise on behalf of creditors and this
will include the money secured by Momz Love and Unique Homes
Lettings under false pretences.

Lynda Copson, Chief Investigator for the Insolvency Service, said:

"Through our investigations, it was clear that neither company
conducted any legitimate trading activities and were maliciously
used as vehicles to defraud local authorities across the country
for loans they weren't entitled to.

"Covid loans provided a vital lifeline to support viable businesses
through the pandemic and we will continue to work with our partners
to put a stop to companies who carry out fraudulent conduct."


[*] 16 Gloucestershire Companies Collapse as Cost of Living Rises
-----------------------------------------------------------------
Hannah Baker at GloucestershireLive reports that Gloucestershire
companies are collapsing into insolvency as the rising cost of
energy, petrol and goods continues to put an increasing strain on
businesses.  A total of 16 firms in the county went bust in May,
according to analysis of public records site The Gazette by
GloucestershireLive.

According to GloucestershireLive, the companies included businesses
in the food wholesale trade, plumbing, IT, building projects,
manufacturing and hotels sector.  Among the businesses to collapse
last month was a luxury Cheltenham hotel, which fell into
administration just two months after it announced plans to host
people displaced by the war in Ukraine, GloucestershireLive
discloses.

The news comes as inflation -- the increase in the price of goods
and services -- rose to a 40-year high on June 22, with the rate of
rising consumer goods prices up from 9% in April to 9.1% in May,
GloucestershireLive notes.  The Bank of England has warned
inflation could hit 11% by the autumn when energy bills rise,
GloucestershireLive relays.

Many small businesses across Gloucestershire and the South West are
now urging the Government to provide more support, with many
fearing they could also go bust if nothing is done to help.

Earlier this year, South West chamber of commerce Business West
called on the Government to expand the energy bills rebate scheme
to help small firms, particularly energy intensive businesses.

Gloucestershire firms that appointed administrators or liquidators
in May are the following:

Company                                    Location     
-------                                    --------
NIBBLERS (UK) LTD                          Cheltenham
PHIL BESWICK LIMITED                       Stonehouse
MAGNUM GROUP LTD                           Stroud
MCP MECHANICAL & PLUMBING LTD              Cheltenham
ALL OF US (DEVELOPMENT) LIMITED            Cheltenham
QUARTERSTONE CONSULTING LIMITED            Cheltenham
QUESTKIT LIMITED                           Cheltenham
JACKITCO LIMITED                           Cheltenham
HELFORD LAND LIMITED                       Cheltenham
MANLEY TURNBULL LIMITED                    Cheltenham
KSV ASSOCIATES LIMITED                     Cheltenham
RICHARD READ HOLDINGS LIMITED              Cinderford
LINK HIGHWAY SERVICES LTD                  Gloucester
KEBLELIGHT LIMITED                         Cheltenham
ORANGE AND BLUE CREATIVE SERVICES LIMITED  Stroud
LETHENDY CHELTENHAM LIMITED                Cheltenham




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

[*] 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
ourcurrent 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.


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

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

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

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

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

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

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

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



                           *********


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

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

Copyright 2022.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *