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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, August 26, 2022, Vol. 23, No. 165

                           Headlines



B E L G I U M

ANHEUSER-BUSCH INBEV: Egan-Jones Retains BB+ Sr. Unsecured Ratings


C Y P R U S

RONIN EUROPE: S&P Affirms 'B/B' ICRs, Outlook Stable


F R A N C E

AIR FRANCE-KLM: Egan-Jones Retains CCC Senior Unsecured Ratings


G E R M A N Y

DEUTSCHE LUFTHANSA: Egan-Jones Retains B Senior Unsecured Ratings


M A L T A

SATABANK: Owes Over EUR76 Million to 5,000 Creditors


N O R W A Y

NES FIRCROFT: S&P Gives Preliminary B Issuer Rating, Outlook Stable


U N I T E D   K I N G D O M

ALTERA INFRASTRUCTURE: U.S. Trustee Appoints Creditors' Committee
CROSSFIELD CONSTRUCTION: Seddon Takes Over GBP39-Mil. Contract
INNU-SCIENCE RH: Bought Out of Administration Via Pre-Pack Deal
INTU GROUP: Metrocentre Partnership Buys Federation Brewery Site
MCGILL: Enters Administration for Second Time

PAPERCHASE: Curtis-Led Consortium Strikes Deal to Buy Business
WILLIAM HILL: S&P Withdraws 'B' Issuer Credit Rating


X X X X X X X X

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

                           - - - - -


=============
B E L G I U M
=============

ANHEUSER-BUSCH INBEV: Egan-Jones Retains BB+ Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on August 16, 2022, retained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Anheuser-Busch InBev NV.

Headquartered in Leuven, Belgium‎, Anheuser-Busch InBev NV brews
beer.




===========
C Y P R U S
===========

RONIN EUROPE: S&P Affirms 'B/B' ICRs, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term issuer
credit ratings on Ronin Europe Ltd. (REL). S&P also removed the
ratings from CreditWatch negative, where it placed them on March
11, 2022. The outlook is stable.

S&P said, "REL has navigated a difficult few months, and will
likely continue to do so, in our view. REL is a broker, domiciled
and regulated in Cyprus, whose client base comprises high net worth
individuals. REL is owned by Netherlands-based Ronin Partners B.V.,
but holds itself separate from the rest of the Ronin group; its
financial performance and funding are independent from the group,
and it has no significant operational dependence on other group
entities. We understand that the Cyprus securities regulator,
CySec, has taken a proactive stance, and REL did not move any
capital or liquidity to other group members. The international
location and focus of its clients means that capital controls
disrupted REL's client activity less than for some peers, and it
has only moderate Russian investments. REL remained profitable
during the first half of 2022 and gained new clients, though it did
experience a decline in brokerage commissions due to client assets
blocked by capital controls and clients' lower trading volumes due
to geopolitical uncertainty.

"We expect REL will maintain its capitalization at very strong
levels in 2022-2023. This is based on our assumption that it will
not pay any dividends or move capital to other entities in the
group and will not materially expand its balance sheet. We expect
REL's risk-adjusted capital (RAC) ratio to have weakened due to
negative revaluation of Russian securities on its balance sheet,
but that it will remain above 30% in 2022-2023, compared with 68%
at year-end 2021. Russian government and corporate bonds were
revalued to $3.4 million as of midyear 2022 from $10.7 million
before the conflict and accounted for about 7% of REL's total
securities. In our view, the capital is of high quality, with no
Tier 2 capital."

Compared with other rated global brokers, REL is a small brokerage
firm with a concentrated customer base. With total assets of $52
million, clients' assets of about $2 billion, about 200 active
clients, and $1 million in net income in the first half of 2022,
REL is a niche financial boutique firm. It offers brokerage, asset
management, and depositary services to a limited number of
long-term, loyal clients. Our rating assessment therefore takes
into account comparisons with higher rated, albeit more leveraged,
peers.

S&P said, "The stable outlook reflects our view that, over the next
12 months, REL's franchise will remain resilient to the volatile
and uncertain operating environment stemming from the
Russia-Ukraine conflict, sanctions on Russian businesses, and
capital controls. We also expect that Ronin Partners' actions will
remain supportive of REL's credit quality."

S&P could raise its long-term rating on REL if:

-- S&P sees actions that further distance REL from residual
Russia-related risks, whether in the Ronin group, related to
holdings of Russian securities; and

-- REL demonstrates resilient performance, aided by stability of
the client base and relationships with counterparties, that support
a rebound in revenue and net income closer to pre-conflict levels.

S&P could lower the long-term rating on REL if:

-- Operating conditions materially deteriorate;
REL's profitability comes under more pressure, for example because
it loses key clients;

-- Its risk appetite increases materially, for example through
investments in riskier securities; or

S&P sees negative influence of Ronin Partners on REL's operation,
for example through reputational risk or unexpected outflows of
capital and liquidity to affiliates.




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

AIR FRANCE-KLM: Egan-Jones Retains CCC Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 15, 2022, retained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Air France-KLM. EJR also retained its 'C' rating on
commercial paper issued by the Company.

Headquartered in Tremblay-en-France, France, Air France-KLM offers
air transportation services.





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

DEUTSCHE LUFTHANSA: Egan-Jones Retains B Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 16, 2022, retained its 'B'
foreign currency and 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.




=========
M A L T A
=========

SATABANK: Owes Over EUR76 Million to 5,000 Creditors
----------------------------------------------------
Julian Bonnici at Lovin Malta reports that Satabank owes over EUR76
million to roughly 5,000 creditors, a notice of liquidation for the
company has revealed.

Scandal-hit Satabank went into liquidation in October 2020 roughly
18 months after the MFSA froze roughly 12,000 accounts over
breaching money laundering rules, Lovin Malta recounts.

According to Lovin Malta, more than a billion euros worth of
suspicious transactions were allegedly investigated by financial
authorities with suspected links to fuel smuggling, drug
trafficking, organised crime and black-listed countries.  Small
fines have been issued, but no one linked to the bank has been
charged as yet, Lovin Malta notes.

There are around 5,400 creditors owed a total of EUR76,713,910 who
have been asked to lodge a claim with the appointed controller,
Lovin Malta relays, citing a notice of liquidation published on the
government gazette.

Topping the list of creditors are Advanced Cash Limited and Duovest
Capital Group and its subsidiaries, which are owed just over EUR10
million and EUR9.7 million respectively, Lovin Malta discloses.




===========
N O R W A Y
===========

NES FIRCROFT: S&P Gives Preliminary B Issuer Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary issuer rating of 'B' to
Norway-based NES Fircroft Bondco AS (NES), a holding company of NES
Fircroft. S&P also assigned its preliminary issue rating of 'B' and
preliminary recovery rating of '3' to the proposed $300 million
senior secured bond maturing in 2026.

The stable outlook reflects S&P's expectation NES will maintain
credit measures in the highly leveraged category, albeit with some
expected leverage reduction. It also reflects its expectation of
funds from operations (FFO) cash coverage of more than 2x thanks to
strong organic growth, largely stemming from higher oil and gas
prices.

U.K.-based staffing provider NES Fircroft is refinancing its
existing debt structure.

Norway-based NES Fircroft Bondco AS (NES), a holding company of NES
Fircroft, intends to raise $300 million of senior secured bonds and
a $72 million revolving credit facility (RCF) (which will be
undrawn at transaction closing). NES will use the proceeds from the
issuance to repay the existing debt ($262 million), repay
outstanding balance under the existing RCF ($17 million), pay
associated transaction fees ($10 million), and fund cash on the
balance sheet.

S&P said, "Our ratings reflect S&P Global Ratings-adjusted debt to
EBITDA in the highly leveraged category and strong organic growth
in the coming months. Pro forma for the refinancing, we expect
adjusted debt to EBITDA of about 9.5x (4.5x excluding shareholder
loans) at the end of the fiscal year ending Oct. 31, 2022 (fiscal
2022). We anticipate a significant reduction in leverage in fiscal
2022 compared with fiscal 2021 due to improvements in operating
performance. This is supported by a favorable market environment
with increased hiring activity, a surge in oil and gas activities
and prices, and lower exceptional costs. However, credit measures
are typically volatile because the business is exposed to oil and
gas prices, and we therefore expect NES to maintain adequate
headroom to absorb sensitivity through the cycle.

"We assess NES' financial risk profile as highly leveraged. Our
calculation of forecasted adjusted debt includes senior secured
bond of about $300 million, $460 million of subordinated
shareholder loans, about $150 million drawn under the discounting
facilities, and $13 million of operating lease liabilities.

"We include in our analysis shareholder loans that are held by an
ultimate holding company, above NES Fircroft Bondco. We consider
these shareholder loans as debt-like because they lack certain
equity-like features, but these loans do not require fixed-period
payments. We expect adjusted debt to EBITDA (including shareholder
loans) to remain elevated over the next couple of years as the loan
notes' interest accrues over time. However, the large share of
noncash-paying debt in NES' capital structure supports its cash
interest coverage metrics, which we view as comfortable for the
rating at 2.2x-2.5x over the next 12 months."

NES is exposed to volatility in oil and gas prices, and it
experiences tailwinds from the favorable market environment. The
rating reflects the group's relatively small scale and its
operations in a highly competitive, fragmented market with few
barriers to entry. The group's size, with estimated revenue of
about $2.5 billion and adjusted EBITDA of about $100 million in
fiscal 2022, leaves it in a weak negotiating position with its
customers, which are typically large oil companies. S&P thinks the
group has successfully integrated Fircroft (acquired in 2020) and
completed most of the integration costs in fiscal 2021.

S&P said, "We consider the group's end-market and customer
concentration to be quite high, with the top customers contributing
about 40% of sales, although low churn rates mitigate this risk.
NES benefits from ongoing tailwinds in the oil and gas markets,
although its reliance on oil and gas industry is high, at about 72%
of its net fee income (NFI). NES' business is therefore exposed to
volatility inherent to the cyclical commodity sector. However, we
note that the group continues to diversify into non-oil and gas
sectors such as life sciences, power, and renewables, among
others."

NES benefits from a leading market position in the niche global
engineering staffing industry, supported by its large book of
skilled engineers, long-term relationships with its blue-chip
customers, flexible cost structure, and low capital requirements.
Furthermore, its good geographic diversity, with networks in 100
global locations, gives a competitive advantage over local rivals
with smaller talent pools.

S&P said, "The final ratings will depend on our receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of final ratings. If S&P Global Ratings does not receive
final documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the right
to withdraw or revise our ratings. Potential changes include, but
are not limited to, use of loan proceeds, maturity, size and
conditions of the loans, financial and other covenants, security,
and ranking.

"The stable outlook reflects our expectation NES will maintain
credit measures in the highly leveraged category, albeit with some
expected leverage reduction, and FFO cash coverage of more than 2x.
This is supported by our assumption that NES will achieve strong
organic growth because of higher oil prices, a growing contractor
base, growth from the non-oil and gas markets, and successful
integration of the Fircroft business. We note that free operating
cash flow (FOCF) is likely to remain negative in the short term due
to increased hiring activity.

"We could lower the rating if NES failed to reduce leverage in line
with our expectations and FFO cash coverage fell below 2x on a
sustained basis. We could also lower the rating if FOCF turned
negative on a sustained basis due to weak operating performance, if
covenant headroom dropped below 10%, or if the group undertook
debt-funded acquisitions or shareholder distributions that could
materially increase leverage.

"We are unlikely to raise the ratings in the short term, given NES'
ownership by a financial sponsor and our expectation of adjusted
leverage remaining in the highly leveraged category. However, we
could raise the rating if the owner committed to a less aggressive
financial policy, such that we expected the group's debt to EBITDA
to fall materially and sustainably below 5x, with its FFO-to-debt
ratio rising above 12%."

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

Governance is a moderately negative consideration in our credit
rating analysis on NES. Our assessment of the company's financial
risk profile as highly leveraged reflects corporate decision-making
that prioritizes the interests of the controlling owners, in line
with our view of the majority of rated entities owned by
private-equity sponsors. Our assessment also reflects their
generally finite holding periods and a focus on maximizing
shareholder returns.

-- S&P assigned its preliminary issue rating of 'B' and its
preliminary recovery rating of '3' to the proposed $300 million
bonds due 2026. The recovery rating reflects its expectations of
average recovery (50%-70%; rounded estimate: 50%) in the event of a
payment default.

-- The recovery rating reflects the bonds' subordinated status in
the capital structure to the $72 million senior secured RCF and the
invoice-discounting facility (priority).

-- The ratings are supported by our going concern valuation of the
company but constrained by the existence of prior-ranking
liabilities and the relatively weak security package due to the
asset-light nature of the business.

--S&P's hypothetical default scenario assumes a severe cyclical
slowdown in the oil and gas industry, which would lead to a
significant drop in revenue and shrinking profitability.

-- S&P values the business as a going concern given NES' strong
niche position in engineering staffing, access to a global talent
pool, and good geographical diversification, as well as higher
barriers to entry than for traditional staffing companies.

-- Year of default: 2025

-- Jurisdiction: United Kingdom

-- Emergence EBITDA: $53.4 million

-- Implied enterprise value multiple: 5.5x.

-- Gross enterprise value: $294 million

-- Net enterprise value for waterfall after administrative
expenses (%): $279 million

-- Total priority claims: $117 million*

-- Estimated first-lien debt: $316 million*

-- Total values available for first-lien debt: $162 million

-- Recovery rating: 3 (recovery expectation: 50%-70%; rounded
estimate: 50%)

*Debt amounts include six months of prepetition interest.




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

ALTERA INFRASTRUCTURE: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Altera
Infrastructure, LP and its affiliates.
  
The committee members are:

     1. The Bank of New York Mellon
        Attn: David M. Kerr
        385 Rifle Camp Road
        Woodland Park, NJ 07424
        Tel: 973-247-4143
        Email: david.m.kerr@bnymellon.com

        Counsel: Carter Ledyard & Milburn LLP
        c/o Leonardo Trivigno, Esq.
        28 Liberty Street, 41st Floor
        New York, NY 10005
        Tel: 212-732-3200
        Fax: 212-732-3232
        Email: trivigno@clm.com

     2. American High-Income Trust
        Attn: David Daigle
        333 S. Hope Street, 55th Floor
        Los Angeles, CA 90071
        Tel: 212-641-1748
        Email: david_daigle@capgroup.com

        Counsel: Capital Research and Management Company
        c/o Kristine Nishiyama
        333 S. Hope Street, 55th Floor
        Los Angeles, CA 90071
        Tel: 213-486-9652
        Email: knn@capgroup.com

     3. CI Canadian Short-Term Bond Pool
        Attn: Grant Connor
        15 York Street, 2nd Floor
        Toronto, ON, M5J 0A3
        Tel: 647-402-2633
        Email: gconnor@ci.com

        Counsel: Wachtell, Lipton, Rosen & Katz
        Michael Benn, Esq.
        51 West 52nd Street
        New York, NY 10019
        Tel: 212-403-1158
        Fax: 212-403-2158
        Email: msbenn@wlrk.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                   About Altera Infrastructure

Westhill, United Kingdom-based Altera Infrastructure L.P. (NYSE:
ALIN-A) is a global energy infrastructure services partnership
primarily focused on the ownership and operation of critical
infrastructure assets in the offshore oil regions of the North Sea,

Brazil and the East Coast of Canada.  Altera has consolidated
assets of approximately $3.8 billion comprised of 44 vessels,
including floating production, storage and offloading (FPSO) units,

shuttle tankers, floating storage and offtake (FSO) units,
long-distance towing and offshore installation vessels and a unit
for maintenance and safety (UMS). The majority of Altera's fleet
is employed on medium-term, stable contracts.

After agreeing to a debt-for-equity plan with bank lenders and
owner Brookfield, Altera Infrastructure L.P. and 37 affiliate
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
22-90130) on Aug. 12, 2022.

As of the Petition Date, the Debtors were liable for approximately
$1.6 billion in aggregate principal amount of funded debt.

Kirkland & Ellis LLP and Jackson Walker LLP serve as the Debtors'
counsel.  Stretto is the claims agent.  David Rush, Senior
Managing Director of FTI Consulting, Inc., serves as restructuring

advisor to the Debtors.

The DIP Lenders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP, as counsel to the DIP Lenders, Ducera Partners LLC,
as financial advisor, and Porter & Hedges LLP, as their Texas
counsel.

A Committee of Coordinators was appointed under and as defined in
the appointment letter originally dated May 6, 2022, among Altera
Infrastructure L.P. and each member of the CoCom (as amended,
restated, amended and restated, supplemented, or otherwise
modified from time to time).  The CoCom is represented by Norton
Rose Fulbright US LLP and Norton Rose Fulbright LLP, as counsel,
and PJT Partners (UK) Ltd., as financial advisor.


CROSSFIELD CONSTRUCTION: Seddon Takes Over GBP39-Mil. Contract
--------------------------------------------------------------
Nick Jackson at The Bolton News reports that Salford city council
has switched a GBP39 million contract to build 177 new homes in
Little Hulton to an alternative construction firm after the company
that tendered successfully for the job went into liquidation.

According to The Bolton News, Bolton-based Seddon Construction will
now build the homes at Longshaw Drive on the site of the former
Harrop Fold School, 92 of which will be affordable and a further 85
for the private rented sector.

In July last year, Salford awarded the contract to Crossfield
Construction Ltd, but the company founded in 2012 went into
liquidation in April, The Bolton News recounts.

The city's procurement board approved has approved the new deal
with the build expected to take three years and three months to
complete, The Bolton News relates.

The authority has received a contribution of nearly GBP3 million
from brownfield grant funding and a further contribution has come
from Homes England, The Bolton News discloses.


INNU-SCIENCE RH: Bought Out of Administration Via Pre-Pack Deal
---------------------------------------------------------------
Adam Beech at Insider Media reports that the UK subsidiary of a
global cleaning products manufacturer has been acquired out of
administration in a pre-packaged deal.

Established in 2007, Towcester-based Innu-Science RH (UK) developed
a national presence in the cleaning and hygiene industry with a
turnover reaching GBP3 million by 2019.

However, significant and increasing overheads, coupled with the
loss of a major customer, led to the business appointing Julie
Palmer and Andrew Hook of Begbies Traynor as joint administrators
on July 20, 2022, Insider Media relates.

The company has now been sold to newco InnuScience UK Ltd., Insider
Media discloses.

The new owner has retained four of the existing staff as part of
the sale, while ten employees were made redundant prior to the
company entering into administration, Insider Media notes.



INTU GROUP: Metrocentre Partnership Buys Federation Brewery Site
----------------------------------------------------------------
Coreena Ford at ChronicleLive reports that the former Federation
Brewery site in Gateshead is set to be transformed into a new
leisure attraction after being bought by new owners.

The Metrocentre Partnership has bought the former brewery base in
Gateshead, which sits right next door to its shopping and leisure
complex and has lain empty for the last 12 years, ever since
Heineken ceased operations, to switch production to Yorkshire,
ChronicleLive relates.  Now a new development is poised to take
shape at the 12.9 acre plot, as the Metrocentre owners seek to
create a leisure offering to complement its neighbouring retail
property, ChronicleLive states.

The deal comes three years after former owners Intu revealed it was
looking at possible redevelopment of the old brewery, which was the
new home of Newcastle Brown Ale for five years before the brewing
operation transferred to Tadcaster, ChronicleLive notes.  Intu
became one of the most significant corporate casualties of the
Covid-19 crisis when it collapsed into administration in 2020,
ChronicleLive relays.

Yet the company had spent several years exploring how it could
develop the brewery site and hundreds of acres of other vacant land
in its possession, potentially creating hotels, offices and even
rented housing, ChronicleLive discloses.

According to ChronicleLive, Intu had bought the site in a GBP3
million deal in September 2012, more than a year after it had been
put up for sale by Heineken UK, but was yet to put plans into
action when it fell into administration.

The Metrocentre Partnership, advised by its asset manager Sovereign
Centros, said it had acquired the former brewery site from KPMG,
the administrators acting on behalf of Intu following its collapse,
ChronicleLive recounts.


MCGILL: Enters Administration for Second Time
---------------------------------------------
Joshua Stein at Construction News reports that McGill has entered
administration for the second time in less than four years.

According to Construction news, Companies House filings show the
contractor, based in Dundee, Scotland, appointed an administrator
this week.

Concerns about the firm, which employed around 50 people, had been
swirling for several weeks, since it reportedly asked its workers
not to come in after it lost its working-capital bank facility,
Construction News relates.

McGill, lately registered at Companies House as McGill Facilities
Management Ltd, worked as a main contractor as well as in the
refurbishment and fit-out sectors.

In March 2019, the firm then operating under the name McGill & Co,
went under but was bought out of administration by property tycoon
Graeme Carling, through his company United Capital Investments,
Construction News recounts.

None of the original staff transferred to the new company, with
some 370 people being left without employment, Construction News
notes.


PAPERCHASE: Curtis-Led Consortium Strikes Deal to Buy Business
--------------------------------------------------------------
Mark Kleinman at Sky News reports that an executive who has led
investments in chains such as Tie Rack has swooped to buy
Paperchase, the high street stationer.

Sky News understands that Steve Curtis, an operating partner at
Rcapital, the turnaround investor, is fronting a consortium which
has struck a deal to acquire the business.

According to Sky News, sources said on Aug. 25 that the deal was
expected to be confirmed before the end of the week.

Mr. Curtis, who has also chaired Jigsaw, the fashion chain, is
understood to have seen off competition from rivals including Hilco
to buy Paperchase, Sky News discloses.

Retail Realisation, an industry advisory firm with which Mr. Curtis
and Rcapital are affiliated, is also involved in the deal, Sky News
notes.

Paperchase was put up for auction 18 months after it became one of
the numerous retail casualties of COVID-19, having undergone a
pre-pack administration in January 2021, Sky News recounts.

The selling shareholder is Permira Credit, which has controlled the
chain since then, Sky News states.

Paperchase trades from about 100 stores, and Mr Curtis is said to
back an existing management plan to grow that number to
approximately 150 in the coming years, according to Sky News.

The chain has seen an improvement in its financial and operating
performance, aided by the closure of a number of stores as part of
last year's insolvency process, Sky News relays.

Permira Credit has invested in Paperchase's digital offering as
well as new shop openings and executive recruitment since its brush
with administration, Sky News discloses.

PricewaterhouseCoopers, which handled the pre-pack process, is
overseeing the sale to Mr. Curtis's consortium,  
Sky News notes.

The value of the deal is unclear, Sky News states.

At the time of its brush with insolvency, Paperchase employed
nearly 1,300 people, and traded from more than 125 sites across the
UK, Sky News discloses.

Its outlets included concessions at House of Fraser, Selfridges and
a number of Next stores, Sky News says.


WILLIAM HILL: S&P Withdraws 'B' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings withdrew its 'B' issuer credit rating on William
Hill Ltd. following the completion of 888 Holdings' acquisition of
the company on July 1, 2022. At the same time, S&P withdrew the
issue rating on William Hill's GBP350 million notes due 2023
following redemption on Aug. 8, 2022. The issue rating on William
Hill's GBP350 million notes due 2026 remain unchanged. Given the
change of control event, the holder of these notes may require
William Hill to redeem or purchase its notes by Sept. 22, 2022. S&P
currently expects the proceeds of 888's GBP352 million delayed draw
facility to fully fund the redemption of the 2026 notes.




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

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

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

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

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

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

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

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

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



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

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

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

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

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

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


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