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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

          Thursday, September 1, 2022, Vol. 23, No. 169

                           Headlines



C R O A T I A

3. MAJ BRODOGRADILISTE: Fails to Attract Buyers for 88.27% Stake


R U S S I A

RUSSIA: Deepens Europe's Energy Squeeze With New Gas Halt


U K R A I N E

NAFTOGAZ: Bondholders Approve Only Partial Restructuring


U N I T E D   K I N G D O M

ABERDEEN RETAIL: Cash Flow Problems Prompt Administration
HEALTH MADE: Two Brands Sold Following Administration
ICONIC LABS: Reaches Deal to Resolve Litigation Proceedings
REVOLUTION BEAUTY: Shares Suspended, Delays Filing of Accounts
ROWANMOOR PERSONAL: Goes Into Administration


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C R O A T I A
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3. MAJ BRODOGRADILISTE: Fails to Attract Buyers for 88.27% Stake
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Annie Tsonev at SeeNews reports that Croatian shipbuilding company
3. Maj Brodogradiliste said on Aug. 31 that a public call for
expressions of interest for the purchase of an 88.27% stake in it
held by shipbuilder Uljanik, which is undergoing a bankruptcy
procedure, failed to attract any potential buyers.

No letters of intent were submitted with regard to the public call,
3. Maj said in a filing to the Zagreb bourse, SeeNews relates.

The deadline for submission of interest expired earlier on Aug. 31,
SeeNews discloses.

Uljanik's stake in 3. Maj consists of 1,249,568 regular series A
shares, which are listed on the Zagreb bourse, and 350,000 regular
series B shares, which are not listed, SeeNews notes.

The equity capital of 3. Maj is HRK181.2 million (US$25
million/EUR24 million), according to SeeNews.

The Rijeka-based 3. Maj reported a net loss of HRK114.1 million for
2021, SeeNews states.




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R U S S I A
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RUSSIA: Deepens Europe's Energy Squeeze With New Gas Halt
---------------------------------------------------------
Christoph Steitz and Nina Chestney, writing for Reuters, report
that Russia halted gas supplies via Europe's key supply route on
Aug. 31, intensifying an economic battle between Moscow and
Brussels and raising the prospects of recession and energy
rationing in some of the region's richest countries.

The report says European governments fear Moscow could extend the
outage in retaliation for Western sanctions imposed after it
invaded Ukraine and have accused Russia of using energy supplies as
a "weapon of war". Moscow denies doing this and has cited technical
reasons for supply cuts.

Russian state energy giant Gazprom said Nord Stream 1, the biggest
pipeline carrying gas to its top customer Germany, will be out for
maintenance from 0100 GMT on Aug. 31 to 0100 GMT on Sept. 3,
Reuters relates.

The report relays that the president of the German network
regulator said that Germany would be able to cope with the
three-day outage as long as flows resumed on Saturday.

"I assume that we will be able to cope with it," Klaus Mueller told
Reuters TV in an interview, notes the report. "I trust that Russia
will return to at least 20% from Saturday, but no one can really
say."

Reuters notes that further restrictions to European gas supplies
would deepen an energy crunch that has already triggered a 400%
surge in wholesale gas prices since last August, squeezing
consumers and businesses and forcing governments to spend billions
to ease the burden.

In Germany, inflation soared to its highest in almost 50 years in
August and consumer sentiment soured as households brace for a
spike in energy bills, Reuters adds.

According to the report, unlike last month's 10-day maintenance for
Nord Stream 1, the latest work was announced less than two weeks in
advance and is being carried out by Gazprom rather than its
operator.

Moscow, which slashed supply via the pipeline to 40% of capacity in
June and to 20% in July, blames maintenance issues and sanctions it
says prevent the return and installation of equipment, notes
Reuters.

Kremlin spokesman Dmitry Peskov said on Aug. 31 that Russia
remained committed to its gas supply obligations, but was unable to
fulfill them due to the sanctions, according to the Interfax news
agency, says the report.

According to Reuters, Gazprom said the latest shutdown was needed
to perform maintenance on the pipeline's only remaining compressor
at the Portovaya station in Russia, saying the work would be
carried out jointly with Siemens specialists.

Gazprom said on Aug. 30 it would also suspend gas deliveries to its
French contractor because of a payments dispute, which France's
energy minister called an excuse, but added that the country had
anticipated the loss of supply, adds the report.

Reuters says the reduced flows via Nord Stream have complicated
efforts across Europe to save enough gas to make it through the
winter months, when governments fear Russia may halt flows
altogether.

Russia has also stopped supplying Bulgaria, Denmark, Finland, the
Netherlands and Poland, and reduced flows via other pipelines since
launching what Moscow calls its "special military operation" in
Ukraine, notes the report.



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U K R A I N E
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NAFTOGAZ: Bondholders Approve Only Partial Restructuring
--------------------------------------------------------
Marc Jones and Akriti Sharma, writing for Reuters, report that
Ukraine's state-owned gas company Naftogaz remained stuck in
default after a proposal to push back debt payments for two years
due to the war with Russia only secured the backing of holders of
one of the bonds in question on Aug. 31.

Reuters reports that Naftogaz said holders of its bonds maturing in
2024 had agreed for it to push back payments but those of its 2026
paper had not. Holders of its other main bond which should have
been fully repaid this year had already rejected a proposal earlier
this month.

Naftogaz, which accounted for almost 17% of Ukraine's total state
budget revenue last year, has been in default since it missed
nearly $1 billion worth of debt payments last month, notes
Reuters.

According to the report, results of the vote showed that 77% of the
2024 bondholders who submitted votes backed the plan, but only 43%
of participating 2026 bondholders did so, well short of the 75%
required.

"For this issue of Eurobonds maturing in 2024 the restructuring was
successful, whereas for other issues, we still need to find a
solution," Naftogaz CEO Yuriy Vitrenko told Reuters. "Yields are
too high, market values are too low compared to the nominal value,
so that's why it's not an easy sell."

Both the 600 million euro 2024 note and the $500 million 2026
traded at 21 cents on Aug. 31, according to Refinitiv data, notes
the report.

Vitrenko added that the support of the European Bank for
Reconstruction and Development, a major holder of the 2024 bonds,
had been critical in ensuring that positive outcome, Reuters says.

Naftogaz's management said in a statement alongside the regulatory
filing of the vote outcome that it is "considering next steps in
respect of the 2022 Notes and the 2026 Notes, together with the
Cabinet of Ministers of Ukraine as sole shareholder and the
Ministry of Finance," the report notes.

According to Reuters, Naftogaz remains under an order that
prohibits the company making any debt-related payments without the
approval of the cabinet. The company said it has asked the
government to approve transactions related to the approved request
to holders of the 2024 bonds.

"In the near future, Naftogaz will reach out to the Cabinet of
Ministers of Ukraine with a proposal to develop a joint position on
further actions to restructure the company's Eurobonds," it said in
a statement on its Telegram channel, says the report.



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U N I T E D   K I N G D O M
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ABERDEEN RETAIL: Cash Flow Problems Prompt Administration
---------------------------------------------------------
BBC News reports that the owners of Aberdeen's Bon Accord shopping
centre have gone into administration.

According to BBC, Guernsey-based Aberdeen Retail 1 Ltd and Aberdeen
Retail 2 Ltd are said to have suffered "unsustainable" cash flow
problems due to the Covid pandemic, rising costs and "intense"
competition.

A buyer is now being sought, BBC discloses.

Administrators Azets said the city centre shopping venue would
continue to operate as normal in the meantime until any sale, BBC
relates.

Azets restructuring partner James Fennessey said the sale offered a
"very strong brand name and awareness", BBC notes.

"We are keen to try and find a buyer promptly," BBC quotes Mr.
Fennessey as saying.

At Aberdeen and Grampian Chamber of Commerce, policy director Ryan
Crighton described it as "clearly a concerning development".

"However, there is precedent with other centres in the UK trading
through administration for extended periods, which offers hope," he
said, notes the report. "The Bon Accord Centre has been at the
heart of Aberdeen's retail offering for over 30 years -- and that
must continue.  However, if people want a vibrant city centre, this
should serve as a clear 'use it or lose it' warning."


HEALTH MADE: Two Brands Sold Following Administration
-----------------------------------------------------
Edward Devlin at The Grocer reports that two health and wellness
brands owned by Tree of Life owner Health Made Easy have been sold
following the collapse of the group last week, with the parent
company also now placed into administration.

Interpath Advisory -- which is handling the administration of Tree
of Life and sister company The Health Store -- was appointed as
administrator of Health Made Easy Ltd on August 26, 2022, The
Grocer relates.

Immediately following the appointment, Interpath sold the shares
and associated brands of two group subsidiaries, Higher Nature and
Freshly Cut, which traded as Peppersmith, to private investment
firm CGK Consulting for an undisclosed amount, The Grocer states.

A total of 33 employees, 31 from Higher Nature and two from Freshly
Cut, form part of the transaction, The Grocer notes.

According to The Grocer, a statement from Interpath did not provide
an update on the future of the two wholesale businesses -- Tree of
Life and The Health Store -- that were placed in administration
last week with the loss of 143 jobs.

However, The Grocer understands talks concerning a sale of assets
and intellectual property of the two health food distributors are
ongoing.

Tree of Life and The Health Store collapsed after failing to secure
the financing needed to keep the group going in the face of a
number of challenges in recent months, including the loss of a
large customer on top of unprecedented market conditions, The
Grocer discloses.

The group, which had grown sales from GBP34 million to more than
GBP100 million over the past 10 years, had also struggled in the
aftermath of Brexit, which caused problems with exporting its
products to the EU, with a significant minority of revenues coming
from the Irish market, The Grocer states.

A process to find new investors run by corporate finance firm
FinnCap Cavendish ended without success earlier this year, as
revealed by The Grocer last month, with the group blaming Brexit
for the failure to find a buyer.


ICONIC LABS: Reaches Deal to Resolve Litigation Proceedings
-----------------------------------------------------------
Jaime Llinares Taboada at Dow Jones Newswires reports that Iconic
Labs PLC said on Aug. 30 that it has reached a settlement with
Greencastle Media, Arch Capital Partners LLP, Mr. D. Sefton and the
European High Growth Opportunities Securitization Fund.

According to Dow Jones, media and technology company Iconic Labs
said that it expects all litigation proceedings to be dismissed and
claims to be waived upon the company's voluntary arrangement being
approved.

Iconic Labs said that, upon approval of the arrangement, it would
seek to lift the suspension of its shares, Dow Jones relates.



REVOLUTION BEAUTY: Shares Suspended, Delays Filing of Accounts
--------------------------------------------------------------
Jonathan Eley at The Financial Times reports that Revolution Beauty
said its shares would be suspended after the UK online retailer
confirmed it would not file audited accounts by the end of the
month, capping a calamitous first year as a public company.

The group, whose shares have collapsed almost 90% since it floated
in July 2021 on London's Aim, said it aimed to complete the audit
and publish its annual report "within a matter of weeks", the FT
relates.

The initial public offering was one of the biggest on AIM last year
as the group, which sells beauty products online as well as through
collaborations with chains such as Superdrug and Boots in the UK
and Ulta in the US, attracted investors with a promise of
capitalising on consumers' shift to online shopping.

Online fashion retailer Boohoo recently increased its stake in
Revolution Beauty from below 3% to about 12%, making it the
third-largest shareholder behind co-founders Adam Minto and Tom
Allsworth.

According to the FT, Revolution Beauty said on August 2 that there
were no major financial concerns behind the delay in filing, but
nine days later disclosed that its auditor, BDO, had raised
"certain accounting issues" that could have a "material impact" on
the results.

It cautioned on Aug. 11 that "group profitability for 2022 could be
materially reduced" because of potential adjustments, including
stock, bad debts and revenue recognition, the FT discloses.

Revolution Beauty's shares will be suspended from September, the FT
states.  The company, as cited by the FT, said it expected its
shares to begin trading again when it does file audited results for
the 12 months to the end of February.

Revolution had previously warned that destocking by key retail
partners, rising freight and raw material costs, and the cessation
of sales in Russia and Ukraine would hurt sales and profits this
year, the FT recounts.

Revolution Beauty is one of several UK ecommerce groups whose
shares have plunged since going public in London last year.


ROWANMOOR PERSONAL: Goes Into Administration
--------------------------------------------
Ruby Hinchliffe at FTAdviser reports that Rowanmoor Personal
Pensions Limited (RPPL), the self-invested personal pension
operator which was found to have failed in its due diligence by the
Financial Ombudsman Service, has entered administration.

The provider operates approximately 4,800 pensions, with assets
under administration of GBP1.4 billion, FTAdviser discloses.

According to FTAdviser, the upheld Fos complaint from January found
Rowanmoor had failed to verify the integrity of an introducer firm
it worked with on hundreds of high-risk Sipp investments.

This ruling, which was treated as a sample case, has now led to the
firm's insolvency, FTAdviser notes.

In January, the Fos was handling 886 complaints against Rowanmoor
that involved due diligence, FTAdviser discloses.  This figure has
now risen to 1,000, FTAdviser states.

Two directors at Evelyn Partners LLP, Adam Stephens and Chris
Allen, have been appointed as joint administrators, FTAdviser
relates.

The Financial Services Compensation Scheme opened up to claims
directly against Rowanmoor, and is yet to receive any directly,
FTAdviser relays.

However, a spokesperson told FTAdviser they were expecting
complaints currently with the Fos to come over to the FSCS, now
that RPPL is in administration.

The FSCS said it has had claims against failed IFAs for their
advice to transfer to or open Rowanmoor pensions, FTAdviser
notes.

According to FTAdviser, the City watchdog has assured customers
that their pension scheme assets
-- including cash -- are held in trust by Rowanmoor Trustees
Limited and have not entered administration.



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

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

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