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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, November 9, 2022, Vol. 23, No. 218

                           Headlines



A Z E R B A I J A N

ENTREPRENEURSHIP DEVELOPMENT FUND: S&P Assigns 'BB-/B' ICRs


F R A N C E

CERELIA PARTICIPATION: EUR458M Bank Debt Trades at 21% Discount
NOCIBE FRANCE: EUR51M Bank Debt Trades at 17% Discount


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: S&P Hikes LT ICR to 'B+', Outlook Stable
COLOUROZ INVESTMENT 1: EUR609M Bank Debt Trades at 22% Discount
OEP TRAFO BIDCO: EUR360M Bank Debt Trades at 23% Discount


I R E L A N D

CARLYLE GLOBAL 2014-1: Moody's Affirms B2 Rating on Cl. F-R Notes
NEUBERGER BERMAN 5: S&P Assigns Prelim. B-(sf) Rating on F Notes


I T A L Y

COMDATA SPA: EUR355M Bank Debt Trades at 22% Discount


L U X E M B O U R G

COVIS FINCO SARL: EUR400M Bank Debt Trades at 32% Discount
COVIS FINCO SARL: US$595M Bank Debt Trades at 23% Discount
NORTHPOLE NEWCO: $395M Bank Debt Trades at 91% Discount
NORTHPOLE NEWCO: EUR101M Bank Debt Trades at 57% Discount
SAPHILUX SARL: Moody's Affirms 'B3' CFR & Alters Outlook to Stable



M A C E D O N I A

BETON SKOPJE: Skopje Court Opens Pre-Bankruptcy Proceedings


N E T H E R L A N D S

COLUMBUS FINANCE: EUR350M Bank Debt Trades at 24% Discount
GROSVENOR PLACE 2015-1: Moody's Ups Rating on Cl. D-R Notes to Ba1
NOBEL BIDCO BV: EUR1.05B Bank Debt Trades at 31% Discount
NOBIAN FINANCE BV: EUR1.09B Bank Debt Trades at 16% Discount


S P A I N

CAIXABANK CONSUMO 2: Moody's Ups EUR130MM B Notes Rating From Ba3
DURO FELGUERA SA: EUR85M Bank Debt Trades at 34% Discount


U N I T E D   K I N G D O M

BRIGHTON MARATHON: Mounting Debts Prompt Administration
CANBURY CONSTRUCTION: Goes Into Administration
CIEP EPOCH: GBP200M Bank Debt Trades at 42% Discount
COMET BIDCO: GBP315M Bank Debt Trades at 39% Discount
CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 27% Discount

CONSTELLATION AUTOMOTIVE: GBP325M Debt Trades at 42% Discount
CONSTELLATION AUTOMOTIVE: GBP400M Debt Trades at 26% Discount
EAGLE 4 LTD: $100M Bank Debt Trades at 18% Discount
KAZITULA LIMITED: Director Gets 8-Year Disqualification Order
MADE.COM: Founder's Last-Ditch Rescue Bid Fails

NOMAD FOODS: Moody's Rates New $825MM Sr. Secured Term Loan 'B1'
SECRET GARDEN: Goes Into Voluntary Liquidation
[*] UK: Restaurants, Food Outlets Entering Liquidation Up 46%

                           - - - - -


===================
A Z E R B A I J A N
===================

ENTREPRENEURSHIP DEVELOPMENT FUND: S&P Assigns 'BB-/B' ICRs
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB-/B' long-and short-term issuer
credit ratings to Entrepreneurship Development Fund of the Republic
Of Azerbaijan (EDF). The outlook is stable.

The starting point for our long-term rating on EDF is the anchor of
'b-' for finance companies (fincos) in Azerbaijan. It is two
notches below the 'b+' anchor for banks, based on economic and
industry risk scores of '9' for Azerbaijan under our Banking
Industry Country Risk Assessment (on a scale from 1 [lowest risk]
to 10 [highest risk]). S&P believes fincos in Azerbaijan face
incrementally higher industry risk than banks because they are more
dependent on market-sensitive funding, owing to their lack of
access to central bank funding, and they operate under weaker
regulatory oversight and a weaker institutional framework, with
higher competitive risk and typically less stable revenue through
economic cycles.

EDF has a unique role of providing loans to financial institutions
in Azerbaijan to further lend to entrepreneurs. With assets of
about Azerbaijani new manat (AZN) 828 million ($487 million) as of
mid-2022, EDF is significantly smaller than Azerbaijan's top-three
commercial banks (International Bank of Azerbaijan, PASHA Bank, and
Kapital Bank), which have assets of over AZN6.8 billion each. EDF
provides loans in Azerbaijan manat, with a 1% interest rate to
about 40 domestic operating commercial banks and credit unions to
further lend to entrepreneurs at 5%, which is significantly below
the market rates and enables entrepreneurs to borrow at affordable
rates. S&P said, "We note that EDF's regulatory oversight is
stronger than that of other fincos in Azerbaijan, with mid-level
officials of the central bank and the government being on EDF's
supervisory board. In October 2021, there was a presidential decree
establishing the Azerbaijan Business Development Fund, which was
set up through reorganizing and merging EDF with Azerbaijan
Investment Co. (AIC). The main economic purpose of AIC is capital
investments into Azerbaijan's non-oil sector. However,
operationally the merger has not started yet. We do not expect any
material integration and operational risks from the merger of these
two government-related entities."

S&P said, "We consider EDF's capital and earnings will remain a
rating strength. We expect EDF's capitalization to remain very
strong over the next 24 months. The risk-adjusted capital (RAC)
ratio at year-end 2021 was 51.5%, and we forecast that it will
remain over 30% in 2022-2024 following the merger with AIC and
supported by a 2%-3% annual decrease in net loans through
repayments, recoveries, the write-off of problem loans, and a small
net profit." EDF does not have any regulatory capital requirements
like commercial banks. In the previous five years, EDF posted
losses or a small net income. Its main income source is 1% interest
income on loans to financial institutions, which should cover its
operating expenses. An additional source of income are short-term
investments in local government bonds and interest income on cash
accounts in other banks.

EDF's moderate risk position balances its lending concentration on
financial institutions in Azerbaijan, high level of legacy problem
loans, and uncertainty regarding risks at and integration with AIC
with full provisioning of nonperforming loans (NPLs) and recent
strengthening of its risk-management framework. EDF is exposed to
the credit risk of financial institutions and not of the ultimate
borrowers, entrepreneurs. Financial intuitions have no legal
recourse to EDF. Loans to the top-three banks accounted for about
40% of EDF's total loan portfolio, all other banks and credit
institutions accounted for 5% or less of total lending. Ultimately
lending to entrepreneurs is concentrated on agricultural production
and processing (about two-thirds of total loans outstanding at
mid-2022) and manufacturing and processing (about 20%). EDF's asset
quality (Stage 3 loans stood at 24% of total as of mid-2022) is
materially weaker than our estimate for the Azerbaijani banking
system (about 8%-10%), reflecting about AZN217 million problem
loans to 14 domestic commercial banks under liquidation. Provisions
were 27.5% of total loans at mid-2022 and covered Stage 3 loans by
113%, indicating that legacy Stage 3 loans from banks under
liquidation are fully provisioned.

EDF funds itself through capital and has no outstanding debt.The
stable funding ratio was historically above 100%. New loans are
funded through principal and interest repayments on maturing loans
and the fund's own capital. In a few years, the fund plans to raise
some funding from international financial institutions, such as
Asian Development Bank and European Bank For Reconstruction And
Development, but S&P does not expect it will account for a sizable
share of funding. S&P views liquidity as adequate; cash and
government securities accounted for about 9% of total assets at
mid-2022.

EDF's stand-alone credit profile (SACP) includes a positive
one-notch adjustment because of the relative strength of its
overall creditworthiness compared with other fincos with similar
creditworthiness. This reflects EDF's robust capitalization (well
in excess of our 15% RAC threshold for a very strong assessment)
and no outstanding debt.

S&P said, "We consider EDF a government-related entity and believe
there is a moderately high likelihood that EDF will receive timely
and sufficient support from the Azerbaijan government in case of
need. Therefore, we add one notch of government support to EDF's
SACP. We think that EDF has a strong link with the government of
Azerbaijan." EDF was re-established as a public legal entity in
2018 by presidential decree. The state owns 100% of EDF through the
Ministry of Economy. EDF's board of directors includes mid-level
officials from a number of government institutions. The government
closely oversees the activities of EDF. EDF carries an important
public policy role in the sustainable development of
entrepreneurship in the countryside (not the capital of Baku) by
carrying out funding mechanisms and awareness-raising activities.
It provides loans at lower rates than from commercial banks to
farmers and other individual entrepreneurs.

The stable outlook on EDF over the next 12 months mirrors that on
Azerbaijan and reflects its expectation that the merger with AIC
will not materially strengthen or weaken EDF's SACP.

S&P could lower the ratings if EDF's SACP weakens due to:

-- Accumulation of sizable debt leading to aggressive lending
growth;

-- Its risk profile weakens following its merger with AIC; or

-- Material deterioration of its credit quality.

S&P said, "Also, we could take a negative rating action on EDF if
we saw signs of weakening government support to the fund over the
next 12 months or if sovereign creditworthiness deteriorates.

"We do not envision a positive rating over the next 12 months. Over
the longer term, we could raise the ratings if EDF cleans up its
legacy NPL portfolio to levels comparable to large commercial banks
and continues to strengthen its risk-management framework."

ESG credit indicators: E-2, S-1, G-4

S&P said, "Social factors are a positive consideration in our
credit rating analysis of EDF. The fund plays an important social
role of providing long-term sustainable financing to entrepreneurs
and creating jobs in rural areas. Governance factors are a negative
consideration in our credit rating analysis of EDF. This is because
we consider governance and transparency in the Azerbaijani
financial services system, although improving, still weak in a
global comparison. This is reflected in its low ranking in the
World Bank's Indicators for rule of law and control of corruption,
which is exacerbated by a significant shadow economy. We assess
governance risks at EDF as broadly in line with that of large Azeri
banks with some gaps such as weaker regulatory oversight (versus
banks) and an evolving risk-management framework. Environmental
factors do not have a material influence on our credit rating
analysis of EDF at this time."




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F R A N C E
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CERELIA PARTICIPATION: EUR458M Bank Debt Trades at 21% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Cerelia
Participation Holding SASU is a borrower were trading in the
secondary market around 79 cents-on-the-dollar during the week
ended Fri., November 4, 2022, according to Bloomberg's Evaluated
Pricing service data.

The EUR458 million facility is a term loan.  The loan is scheduled
to mature on March 31, 2027. The amount is fully drawn and
outstanding
  
Cerelia Participation Holding SAS is the holding company for
Cerelia Group, a producer of frozen and refrigerated dough. The
Company's country of domicile is France.



NOCIBE FRANCE: EUR51M Bank Debt Trades at 17% Discount
------------------------------------------------------
Participations in a syndicated loan under which Nocibe France SAS
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR51 million facility is a term loan.  The loan is scheduled
to mature on April 8, 2026. The loan is fully drawn and
outstanding.

Nocibe France is an online retailer of beauty products, offering
multi-brand perfumes, cosmetics, nail products, hair-care products,
among others. The Company's country of domicile is France.



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

CHEPLAPHARM ARZNEIMITTEL: S&P Hikes LT ICR to 'B+', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised to 'B+' from 'B' its long-term issuer
credit ratings on Cheplapharm Arzneimittel GmbH, as well as its
ratings on its outstanding senior notes and on its term loan B
(TLB), reflecting its expectation of 60% recovery prospects. S&P
removed the ratings from CreditWatch, where it placed them with
positive implications on Jan. 17, 2022.

S&P said, "The stable outlook indicates that we anticipate the
company's disciplined approach will enable it to successfully
integrate recent and potential future acquisitions, supporting S&P
Global Ratings-adjusted debt to EBITDA of 4.0x-5.0x and high free
operating cash flows (FOCF) in the next 12-18 months.

"We think Cheplapharm will maintain a financial policy consistent
with S&P Global Ratings-adjusted debt to EBITDA of 4.0x-5.0x in
2022 and 2023, in line with the 4.2x achieved in 2021 and including
the new convertible instrument, which we view as debt under our
methodology. This is because, although the instrument is outside of
the restricted group, the ultimate lenders Atlantic Park and GIC do
not have a controlling interest in Cheplapharm. That said, the
convertible instrument is subordinated to all other debt and
Cheplapharm can decide to pay interest in kind. We assume
Cheplapharm will allocate the proceeds of the new convertible
instrument, alongside its FOCF, to acquire new medicines. This is
because its product portfolio primarily comprises niche and legacy
products that have lost patent protection and are exposed to price
erosion and generic competition. As such, we forecast a natural
decline in sales by 3%-5% per year and we note that Cheplapharm's
business model focuses on sourcing assets from outside to offset
this. We anticipate that the company will continue to apply its
disciplined policy of paying low acquisition multiples of 3x annual
sales or less on average, which will enable a return on investments
within a maximum of six years on average. We do not anticipate any
dividend payment in the next 12-18 months, in line with
Cheplapharm's dividend policy.

"Cheplapharm is integrating its recent acquisitions well, and we
forecast its disciplined buying strategy will continue to support
revenue growth in the next 12-18 months, despite some execution
risks. In the first half of 2022, Cheplapharm acquired
cytomegalovirus treatment Valcyte from Roche; three
chemotherapeutical medicines from Bristol Myers Squibb; 10
established medicines from Sanofi; and oncology product Xeloda. The
integration of new assets carries execution risks associated with
the required timely transfer of marketing authorizations (MA), the
seamless integration of products into Cheplapharm's network of
contract manufacturing organization, and the realization of
targeted gross margins from new products. The company has increased
its staff to 492 as of June 2022, from 461 a year before, which
should help it manage the transfer of MAs for the new products in
each country. It has also achieved a high gross margin of 75%, as
reported by the company, which suggests a successful integration so
far. We note Cheplapharm's successful track record of transferring
MAs and integrating acquired products into its network of
manufacturing partners within the timeframe agreed with the seller.
Moreover, Cheplapharm has historically been disciplined regarding
the price it pays for new products. It has also been careful to
acquire branded products that do not require marketing efforts to
realize the expected gross profit. We expect Cheplapharm to
continue applying its disciplined acquisition policy and therefore
manage execution risks. This should support our forecast of revenue
growth of 11%-13% in 2022 and 13%-15% in 2023, including potential
new acquisitions in the second half of 2022 and in 2023.

"We anticipate that Cheplapharm will continue to generate high
annual FOCF of  EUR380 million- EUR420 million in 2022, and  EUR450
million- EUR500 million in 2023 thanks to its strong profitability
and limited capital expenditure (capex) requirements. Cheplapharm
operates with an asset-light business model focused on a
buy-and-build strategy. The company primarily focuses on acquiring
the right target and subsequently outsources manufacturing,
distribution, and marketing activities when required. Additionally,
it does not have in-house research and development costs. This
results in strong profitability; we anticipate an S&P Global
Ratings-adjusted EBITDA margin of about 53%-55% in 2022 and 2023,
which is lower than the 57.7% in 2021 because of higher costs of
energy and materials. Given the asset-light business model we
include in our base-case a maximum of  EUR10 million annual capex.
We forecast about  EUR60 million- EUR80 million of annual working
capital requirements, reflecting the need for growing inventories
to absorb recent acquisitions and support revenue growth."

Cheplapharm's business model, which relies solely on the
acquisition of new medicines to deliver future growth, limits
rating upside. This approach could lead to the company overspending
on acquisitions and increasing leverage to close to 5.0x. The
integration of acquisitions could also increase volatility in FOCF
generation due to the need to rollout sales and marketing forces
and integrate inventories, which could mean volatile working
capital requirements.

S&P said, "The stable outlook reflects our forecast that
Cheplapharm's operating performance will remain resilient and that
it will achieve an S&P Global Ratings-adjusted EBITDA margin of
53%-55% and debt to leverage of 4.0x-5.0x in 2022 and 2023,
reflecting its disciplined acquisition policy and the seamless
integration of recent acquisitions. Our forecast considers the risk
that the debt leverage ratio could temporarily deviate from this
level, depending on the timing of acquisitions. We also forecast
Cheplapharm to generate high annual FOCF, such that FOCF to debt
will remain 10%-15% over the next 12-18 months.

"We could lower the rating if Cheplapharm's debt to leverage
deteriorates beyond our base case without prospects of deleveraging
within the 12-18 months after the latest debt-financed acquisition,
or if its ability to generate high FOCF deteriorates. This would
most likely occur if Cheplapharm acquired a portfolio of medicines
at high EBITDA multiples, or faced unexpected setbacks in
integrating new assets, leading to greater costs and working
capital requirements than planned. Under this scenario, we would
also likely see Cheplapharm's ability to cover cash-interest
payments deteriorate."

S&P's downside scenario comprises the following triggers:

-- Adjusted debt to EBITDA of 5.0x or above.

-- FOCF to debt declining to below 10%.

-- FFO cash interest coverage declining to below 4.0x.

S&P could consider an upgrade if Cheplapharm's debt to leverage
improves sustainably and it continues to generate high FOCF. To
consider raising the rating, it would need to see Cheplapharm
applying a financial policy consistent with lower leverage. This
would most likely happen if, for example, the company continued to
apply a disciplined acquisition strategy while remaining free of
integration setbacks and if it relied only on self-generated cash
flows, rather than new debt, to fund product acquisitions.

S&P's upside scenario comprises the following triggers:

-- Adjusted debt-to-EBITDA ratio sustainably at or below 4.0x,
combined with a financial policy that includes sufficient capital
headroom to fund the necessary acquisitions; and

-- FOCF to debt ratio comfortably in the 15%-25% range.

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


COLOUROZ INVESTMENT 1: EUR609M Bank Debt Trades at 22% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
1 GmbH is a borrower were trading in the secondary market around
77.563 cents-on-the-dollar during the week ended Fri., November 4,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR609 million facility is a term loan.  The loan is scheduled
to mature on September 7, 2023. The amount is fully drawn and
outstanding

ColourOz Investment 1 GmbH manufactures paint products.The
Company's country of domicile is Germany.


OEP TRAFO BIDCO: EUR360M Bank Debt Trades at 23% Discount
---------------------------------------------------------
Participations in a syndicated loan under which OEP Trafo BidCo is
a borrower were trading in the secondary market around 76.6
cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR360 million facility is a term loan.  The loan is scheduled
to mature on July 18, 2024.  The loan is fully drawn and
outstanding.

The Company's country of domicile is Germany.




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I R E L A N D
=============

CARLYLE GLOBAL 2014-1: Moody's Affirms B2 Rating on Cl. F-R Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Carlyle Global Market Strategies Euro CLO 2014-1
Designated Activity Company:

EUR16,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jul 9, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR23,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jul 9, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR6,000,000 Class B-3-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jul 9, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR17,200,000 Class C-1-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jul 9, 2018
Definitive Rating Assigned A2 (sf)

EUR15,800,000 Class C-2-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jul 9, 2018
Definitive Rating Assigned A2 (sf)

EUR 24,500,000 Class D-R Senior Secured Deferrable Floating Rate
Note due 2031, Upgraded to Baa1 (sf); previously on Jul 9, 2018
Definitive Rating Assigned Baa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR300,000,000 Class A-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 9, 2018 Definitive
Rating Assigned Aaa (sf)

EUR33,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jul 9, 2018
Definitive Rating Assigned Ba2 (sf)

EUR14,500,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jul 9, 2018
Definitive Rating Assigned B2 (sf)

Carlyle Global Market Strategies Euro CLO 2014-1 Designated
Activity Company, issued in March 2014 and refinanced in January
2017 and July 2018, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by CELF Advisors LLP. The
transaction's reinvestment period ended in October 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R, B-2-R, B-3-R, C-1-R, C-2-R
and D-R Notes are primarily a result of the benefit of the
transaction having reached the end of the reinvestment period in
October 2022.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR473.8m

Defaulted Securities: EUR8.5m

Diversity Score: 59

Weighted Average Rating Factor (WARF): 3034

Weighted Average Life (WAL): 3.75 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.72%

Weighted Average Recovery Rate (WARR): 44.9%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


NEUBERGER BERMAN 5: S&P Assigns Prelim. B-(sf) Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Neuberger Berman Loan Advisers Euro CLO 5 DAC's class A, B, C, D,
E, and F notes. The issuer will also issue unrated subordinated
notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately one year after
closing, and the portfolio's maximum average maturity date is six
years after closing. Under the transaction documents, the rated
notes pay quarterly interest unless there is a frequency switch
event. Following this, the notes will switch to semiannual
payment.

S&P considers that the portfolio on the effective date will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, S&P has conducted its credit and cash flow
analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

  Portfolio Benchmarks

                                                          CURRENT
  S&P Global Ratings weighted-average rating factor      2,743.79
  Default rate dispersion                                  410.77
  Weighted-average life (years)                             5.015
  Obligor diversity measure                                110.48
  Industry diversity measure                                16.18
  Regional diversity measure                                 1.39

  Transaction Key Metrics

                                                          CURRENT
  Total par amount (mil.  EUR)                                300
  Defaulted assets (mil.  EUR)                                  0
  Number of performing obligors                               137
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                            0.00
  Covenanted 'AAA' weighted-average recovery (%)            35.82
  Weighted-average spread net of floors (%)                  3.90

S&P said, "In our cash flow analysis, we modeled the  EUR300
million target par amount, the covenanted weighted-average spread
of 3.80%, the covenanted weighted-average coupon of 4.60%, and the
covenanted weighted-average recovery rates for all rated notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A, B, C, D, E, and F notes. Our credit and cash flow
analysis indicates that the available credit enhancement for the
class B and C notes is commensurate with higher ratings than those
we have assigned. However, as the CLO will have a reinvestment
period, during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on these notes.

"The class F notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook,
we believe this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P's analysis reflects several
factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs S&P has rated and that have recently
been issued in Europe.

-- S&P's BDR at the 'B-' rating level is 24.33% versus a portfolio
default rate of 15.55% if we were to consider a long-term
sustainable default rate of 3.1% for a portfolio with a
weighted-average life of 5.015 years.

-- Whether the tranche is vulnerable to non-payment soon.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with a
preliminary 'B- (sf)' rating.

S&P said, "In addition to our standard analysis, to indicate how
rising pressures among speculative-grade corporates could affect
our ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A to E notes in four
hypothetical scenarios. The results are shown in the chart below.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as broadly in line with our benchmark for the sector.
Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit the manger from investing in activities that are United
Nations Global Compact violations or that are related to the
manufacture, trade, storage or marketing of weapons; trade in
endangered or protected wildlife; hazardous chemicals, pesticides,
waste or ozone-depleting substances; production of or trade in
illegal drugs or narcotics; payday lending; trade of products,
services or activities involving forced labour or child labour;
tobacco production; opioids; thermal coal or coal extraction, oil
sands extraction, utilities with expansion plans that would
increase their negative environmental impact, services to physical
casinos and/or online gambling platforms, non-sustainable palm oil
production, speculative transactions of soft commodities,
pornography or prostitution, and operation, management, or
provision of services to private prisons. Since the exclusion of
assets related to these activities does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

Environmental, social, and governance (ESG) corporate credit
indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."

  Corporate ESG Credit Indicators
                                 ENVIRONMENTAL  SOCIAL  GOVERNANCE

  Weighted-average credit indicator*     2.10    2.09    2.87

  E-1/S-1/G-1 distribution (%)           1.16    1.49    0.00

  E-2/S-2/G-2 distribution (%)          67.29   71.07   14.77

  E-3/S-3/G-3 distribution (%)           8.63    1.44   59.41

  E-4/S-4/G-4 distribution (%)           0.00    2.07    1.33

  E-5/S-5/G-5 distribution (%)           0.00    1.00    1.58

  Unmatched obligor (%)                  9.37    9.37    9.37

  Unidentified asset (%)                13.55   13.55   13.55

  *Only includes matched obligor

  Preliminary Ratings List

  CLASS    PRELIM.     PRELIM.     SUB (%)     INTEREST RATE*
           RATING      AMOUNT  
                     (MIL.  EUR)

  A        AAA (sf)     173.00     42.33   Three/six-month EURIBOR

                                           plus 2.09%

  B        AA (sf)       38.50     29.50   Three/six-month EURIBOR

                                           plus 4.06%

  C        A (sf)        16.10     24.13   Three/six-month EURIBOR

                                           plus 4.63%

  D        BBB- (sf)     20.30     17.37   Three/six-month EURIBOR

                                           plus 6.16%

  E        BB- (sf)      12.10     13.33   Three/six-month EURIBOR

                                           plus 8.54%

  F        B- (sf)       10.10      9.97   Three/six-month EURIBOR

                                           plus 9.57%

  Sub      NR            25.00       N/A   N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




=========
I T A L Y
=========

COMDATA SPA: EUR355M Bank Debt Trades at 22% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Comdata SpA/Via
Caboto is a borrower were trading in the secondary market around
77.8761 cents-on-the-dollar during the week ended Fri., November 4,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR355 million facility is a term loan.  The loan is scheduled
to mature on May 30, 2024.  The amount is fully drawn and
outstanding

Comdata S.P.A. provides business process outsourcing and document
management services. The Company offers contact centers, help desk,
back office, and credit management solutions.  The Company's
country of domicile is Italy.




===================
L U X E M B O U R G
===================

COVIS FINCO SARL: EUR400M Bank Debt Trades at 32% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 68
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR400 million facility is a term loan.  The loan is scheduled
to mature on February 14, 2027.   The amount is fully drawn and
outstanding.

The Company's country of domicile is Luxembourg. It is affiliated
with Covis Pharma, which is backed by Apollo Global Management, and
distributes pharmaceutical products for patients with
life-threatening conditions and chronic illnesses.



COVIS FINCO SARL: US$595M Bank Debt Trades at 23% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 76.563
cents-on-the-dollar during the week ended Fri., November  4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$595 million facility is a term loan.  The loan is scheduled
to mature on February 14, 2027.

The Company's country of domicile is Luxembourg. It is affiliated
with Covis Pharma, which is backed by Apollo Global Management, and
distributes pharmaceutical products for patients with
life-threatening conditions and chronic illnesses.





NORTHPOLE NEWCO: $395M Bank Debt Trades at 91% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Northpole Newco
S.a.r.l. is a borrower were trading in the secondary market around
9 cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$395 million facility is a term loan.  The loan is scheduled
to mature on March 3, 2025. About US$326 million of the loan is
drawn and outstanding.

Northpole Newco S.a.r.l. is a cybersecurity software provider.  The
Company's country of domicile is Luxembourg.


NORTHPOLE NEWCO: EUR101M Bank Debt Trades at 57% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Northpole Newco
S.a.r.l. is a borrower were trading in the secondary market around
43 cents-on-the-dollar during the week ended Fri., November 4,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR101 million facility is a term loan.  The loan is scheduled
to mature on March 3, 2025. About EUR83 million of the loan is
drawn and outstanding.

Northpole Newco S.a.r.l. is a cybersecurity software provider.

SAPHILUX SARL: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Saphilux S.a.r.l.'s (IQ-EQ) B3
corporate family rating and its B3-PD probability of default rating
and affirmed the company's B2 backed senior secured bank credit
facilities rating. Concurrently, Moody's changed Saphilux
S.a.r.l.'s (IQ-EQ) outlook to stable from positive.

In August 2022, IQ-EQ acquired JGM Fund Services (JGM, unrated), a
U.S. provider of fund administration and tax services for
alternative investors, specializing in real estate and private
equity asset classes. To fund the acquisition and related fees and
expenses, the company raised USD130 million of additional debt
through a combination of the incremental first-lien and second-lien
term loan B (TLB) in October 2022.

RATINGS RATIONALE

The rating affirmation considers that the acquisition of JGM
enhances IQ-EQ's fund administration offering in the U.S. and adds
capabilities in real estate and private equity asset classes. This
improvement in the business profile is fully in line with IQ-EQ's
broader strategy to participate in the consolidation trend of the
fast-growing alternative fund services market. The company has a
good track record of integration of acquisitions and achieving
planned synergies and Moody's expects solid execution going
forward.

The change in outlook to stable from positive reflects the delay in
deleveraging trajectory resulting from the debt-funded acquisition
and Moody's expectations that key credit metrics will remain
adequately positioned for its B3 rating in the next 12-18 months.
The acquisition will raise its leverage by approximately 0.6x,
result in Moody's-adjusted gross leverage of around 7.0x in 2022
(including around EUR20 million one-off costs which are included in
Moody's adjusted EBITDA) compared to around similar level at
year-end 2021, but significantly down from around 9.0x in 2019. The
company continues to record significant one-off expenses (incl.
restructuring, M&A costs, business projects and other), which
averaged EUR28 million over 2019-2021 period, or around 20% of
company adjusted EBITDA.

Moody's expects continued organic growth in revenues in double
digits per annum in percentage terms, given the good fundamentals
and resilience of the fund administration sector where IQ-EQ
operates. However, the agency expects IQ-EQ to remain acquisitive,
which could result in a further delay in deleveraging trajectory if
acquisitions are funded with debt, especially considering the
relatively high multiples in the industry given attractive growth
prospects. The increased cost of debt will also hurt free cash flow
(FCF) generation and interest coverage metrics.

Moody's regards the company's financial strategy and risk
management as a governance consideration under its ESG framework
and the largely debt funding mix for the acquisition, reflects the
tolerance for high leverage of its private equity owner - Astorg
Partners. On the positive side, IQ-EQ's shareholder historically
supported its growth strategy by injecting equity to fund
acquisitions and also refrained from paying dividends. In January
2022, Astorg Partners transferred IQ-EQ to a newly established
Continuation Fund, which closed at EUR1.3 billion, including a
substantial additional capital to fund acquisitions.

IQ-EQ's B3 CFR reflects the company's elevated leverage as it
undertakes an acquisitive growth strategy in the fragmented fund
administration services industry. Moody's expects the business
environment to remain volatile given the uncertainties posed by a
multitude of factors including lower economic growth, rising
inflation, and a shortage of professionals, but also expects the
company to mitigate these risks by passing through most wage price
increases to its customers and further leveraging its offshoring
services centers in Mauritius and Manila. Furthermore, the rating
considers IQ-EQ's exposure to legal and regulatory risks inherent
to the industry.

Nonetheless, the rating benefits from the company's resilient
business model, with long-standing customer relationships and high
switching costs, resulting in around 90% of recurring revenue. The
company has a significant exposure (around 60% of revenue) to the
funds segment, which has good mid-term growth prospects,
underpinned by an increasing share of outsourcing of fund
administration services. The low capital spending requirements
inherent in the business model facilitate potential for positive
FCF generation. That said, FCF generation remained low in the past
3 years, with Moody adjusted FCF/Debt of 2%, 1% and 0% in 2019,
2020 and 2021, respectively.

RATING OUTLOOK

The stable rating outlook includes Moody's expectations that the
company can successfully pass through most wage price increases to
its customers, leverage its offshoring centers, and will continue
to increase its earnings and generate positive FCF, supporting a
gradual reduction in leverage from the currently high level.
Furthermore, it incorporates Moody's expectation that the company
will remain acquisitive, which could result in a further delay in
deleveraging trajectory if acquisitions are funded with debt.

LIQUIDITY

IQ-EQ has good liquidity, supported by the expected positive FCF
generation and the absence of short-term debt maturities. Liquidity
sources include EUR55 million of unrestricted cash balance as of
the end of June 2022 and a EUR77 million of backed senior secured
Revolving Credit Facility (RCF), including an incremental RCF of
EUR20 million which was raised as part of this transaction.

There are no debt maturities until 2024, when the RCF matures.

The RCF is subject to a springing first-lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%, net
of cash balances. The covenant is set with substantial headroom,
and Moody's expect IQ-EQ to ensure consistent compliance with this
covenant at all times.

STRUCTURAL CONSIDERATIONS

The backed senior secured term loan B and backed RCF are both rated
B2 as they rank pari passu one notch above the CFR, reflecting
their priority relative to the EUR200 million equivalent second
lien term loan (unrated). This one notch differential is explained
by the loss absorption cushion provided by the second lien.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if earnings growth, combined with a
commitment to deleveraging and a prudent approach towards future
M&A activity, results in adjusted Debt/EBITDA sustainably below
6.5x and Moody's adjusted FCF/Debt around 3%, while the company
maintains good liquidity. Moreover, an upgrade would require the
absence of any adverse changes in regulation.

Moody's would consider a rating downgrade with expectations for
Moody's adjusted debt/EBITDA sustained above 8.0x, EBITA margins
sustained below 20%, or sustained negative FCF. The ratings could
also be downgraded if the company's liquidity deteriorated to weak
levels.

LIST OF AFFECTED RATINGS

Issuer: Saphilux S.a.r.l.

Affirmations:

LT Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

BACKED Senior Secured Bank Credit Facility, Affirmed B2

Assignments:

BACKED Senior Secured Bank Credit Facility, Assigned B2

Outlook Actions:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

Saphilux S.a.r.l. (IQ-EQ), is one of the largest independent fund
and corporate services providers globally. Headquartered in
Luxembourg, it has also developed a strong market presence in North
America, the Netherlands, Mauritius, France, the UK, the Crown
Dependencies, Belgium, Singapore, Hong Kong and. IQ-EQ provides a
comprehensive range of value-added services and tailored solutions
for funds, companies, and private clients with pro forma revenue of
EUR459 million in 2021 with a company-adjusted EBITDA of EUR160
million (based on IFRS). The company is majority-owned by the
private-equity firm Astorg Partners.




=================
M A C E D O N I A
=================

BETON SKOPJE: Skopje Court Opens Pre-Bankruptcy Proceedings
-----------------------------------------------------------
Monika Stojanovska at SeeNews reports that a court in Skopje is
examining the grounds for opening bankruptcy proceedings against
North Macedonia-based construction company Beton Skopje at the
request of company employees, the Federation of Trade Unions of
Macedonia said on Nov. 8.

The court has appointed an interim bankruptcy administrator and
prohibited the company from using its property without the approval
of the administrator, the Federation of Trade Unions of Macedonia
said in a statement published on its Facebook profile, SeeNews
relates.

Company employees, represented by the Federation of Trade Unions,
have proposed the launch of a bankruptcy procedure over unpaid
wages and the fact that Beton's bank accounts have been blocked for
more than 45 days, the statement reads, SeeNews notes.

The employees of Beton have not received their wages for six
months, nor holiday supplements for 2021 and 2022, SeeNews relays,
citing the statement.

Beton Skopje reported a net loss of MKD212 million (US$3.4
million/EUR3.5 million) in the first nine months of 2022, compared
to a net loss of MKD295.3 million in the same period last year,
according to the latest interim financial statement filed with the
Skopje bourse.

Beton Skopje, founded in 1947, designs and builds houses, roads,
bridges, tunnels, hydro systems and industrial plants.




=====================
N E T H E R L A N D S
=====================

COLUMBUS FINANCE: EUR350M Bank Debt Trades at 24% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Columbus Finance BV
is a borrower were trading in the secondary market around 76.313
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR350 million facility is a term loan.  The loan is scheduled
to mature on February 27, 2027.  The amount is fully drawn and
outstanding

Columbus Capital BV operates as a tour operator. The Company's
country of domicile is the Netherlands.


GROSVENOR PLACE 2015-1: Moody's Ups Rating on Cl. D-R Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Grosvenor Place CLO 2015-1 B.V.:

EUR19,950,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aa1 (sf); previously on May 5, 2022
Upgraded to Aa3 (sf)

EUR18,900,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A3 (sf); previously on May 5, 2022
Affirmed Baa1 (sf)

EUR20,300,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Ba1 (sf); previously on May 5, 2022
Affirmed Ba2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR201,500,000 (Current outstanding amount EUR 93,568,900) Class
A-1A-R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa
(sf); previously on May 5, 2022 Affirmed Aaa (sf)

EUR5,000,000 (Current outstanding amount EUR 2,321,810) Class
A-1B-R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on May 5, 2022 Affirmed Aaa (sf)

EUR28,650,000 Class A-2A-R Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on May 5, 2022 Upgraded to Aaa
(sf)

EUR20,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2029, Affirmed Aaa (sf); previously on May 5, 2022 Upgraded to Aaa
(sf)

EUR11,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B1 (sf); previously on May 5, 2022
Upgraded to B1 (sf)

Grosvenor Place CLO 2015-1 B.V., issued in April 2015, refinanced
in April 2017 and reset in April 2018, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by CQS (UK) LLP.
The transaction's reinvestment period ended in April 2020.

RATINGS RATIONALE

The rating upgrades on the Class B-R, Class C-R and Class D-R Notes
are primarily a result of the deleveraging of the senior notes
following amortization of the underlying portfolio since July
2021.

The Class A-1A-R and Class A-1B-R Notes have paid down by
approximately EUR35.36 million (27.42%) and EUR0.88 million
(27.42%) respectively since February 2022 and EUR107.93 million
(53.56%) and EUR2.68 million (53.56%) respectively since closing.
As a result of the deleveraging, over-collateralisation (OC) has
increased across the capital structure. According to the trustee
report dated September 30, 2022 [1] the Class A, Class B, Class C,
Class D and Class E OC ratios are reported at 166.15%, 146.00%,
130.95%, 117.90% and 111.60% compared to February 2022 [2] levels
of 152.89%, 137.7%, 125.85%, 115.2% and 109.93%, respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR240.1m

Defaulted Securities: EUR485,710.1

Diversity Score: 29

Weighted Average Rating Factor (WARF): 2872

Weighted Average Life (WAL): 2.78 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.42%

Weighted Average Coupon (WAC): 2.50%

Weighted Average Recovery Rate (WARR): 43.67%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


NOBEL BIDCO BV: EUR1.05B Bank Debt Trades at 31% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Nobel Bidco BV is a
borrower were trading in the secondary market around 68.7
cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR1.05 billion facility is a term loan.  The loan is scheduled
to mature on June 23, 2028. The loan is drawn and outstanding.

Nobel Bidco B.V., is the parent company and owner of Philips'
domestic appliances business following the carve-out from Royal
Philips N.V. in September 2021.  The Company's country of domicile
is the Netherlands.

NOBIAN FINANCE BV: EUR1.09B Bank Debt Trades at 16% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Nobian Finance BV
is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR1.09 billion facility is a term loan.  The loan is scheduled
to mature on July 1, 2026. The loan is fully drawn and
outstanding.

Nobian Finance B.V. manufactures base chemicals.  The Company's
country of domicile is the Netherlands.




=========
S P A I N
=========

CAIXABANK CONSUMO 2: Moody's Ups EUR130MM B Notes Rating From Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Series B
Notes in CAIXABANK CONSUMO 2, FONDO DE TITULIZACION. The rating
action reflects the increased levels of credit enhancement for the
affected note and better than expected collateral performance.
Moody's has also affirmed the rating of the Series A Notes that had
sufficient credit enhancement to maintain the current rating.

EUR1170 million (current outstanding balance EUR9.23M) Series A
Notes, Affirmed Aa1 (sf); previously on May 25, 2021 Affirmed Aa1
(sf)

EUR130 million Series B Notes, Upgraded to A3 (sf); previously on
May 25, 2021 Upgraded to Ba3 (sf)

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by increased in available credit
Enhancement and better than expected collateral performance.

Increase in Available Credit Enhancement

Sequential amortization and a non-amortizing reserve fund led to
the increase in the credit enhancement available in this
transaction. The reserve fund is at its target of EUR52 million.
The credit enhancement for Series B increased to 37.3% from 25.7%
since the last rating action in May 2021.The reserve fund is not
available to cover interest on Series B as long as the Series A is
outstanding. In its analysis Moody's has reassessed the likelihood
of an interests shortfall on Series B in light of current yield in
the transaction and of the expected amortization of the Senior
Notes. Moody's has also taken into consideration alternative
scenarios with the reserve fund target decreasing to EUR26 million
in the case that loans more than 90 days in arrears represent less
than 1.5% of the outstanding balance (currently they are 4.01%)

Moody's has also affirmed the rating of the Series A Notes that had
sufficient credit enhancement to maintain the current rating.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transaction has been better than expected,
with 90 days plus arrears currently decreased to 4.01% of current
pool balance. Cumulative defaults currently stand at 2.67% of
original pool balance with a marginal increase in the last year. As
a result, Moody's has lowered its lifetime default expectation to
3.10% of the original balance from 3.44%.

Moody's maintained the assumption for the portfolio credit
enhancement of 18% and the recovery rate assumption at 25%.

The principal methodology used in these ratings was 'Moody's
Approach to Rating Consumer Loan-Backed ABS' published in July
2022.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


DURO FELGUERA SA: EUR85M Bank Debt Trades at 34% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Duro Felguera SA is
a borrower were trading in the secondary market around 66.4
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The EUR85 million facility is a term loan.  The loan is scheduled
to mature on July 27, 2023.  The amount is fully drawn and
outstanding

Duro Felguera, S.A. manufactures industrial equipment for the
mining industry. The Company also markets and sells control systems
for producing steel for machinery and railroad components. Duro
Felguera operates through its subsidiaries. The Company's country
of domicile is Spain.




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

BRIGHTON MARATHON: Mounting Debts Prompt Administration
-------------------------------------------------------
Jo Wadsworth at Brighton & Hove News reports that the company which
runs the Brighton Marathon is set to go into administration amid
mounting debts.

Grounded Events has still not paid thousands of pounds it owes to
racewinners and suppliers from last year's event -- despite still
taking entries for next year's race, Brighton & Hove News notes.

Last month, two county court judgements were made against it,
requiring it to pay two creditors GBP500 and GBP2,471, Brighton &
Hove News recounts.

Last week, it filed a notice of intention (NOI) to appoint
administrators at the county court -- which gives the company a
ten-day moratorium on further action by creditors, Brighton & Hove
News relates.  NOIs are often filed in a bid to stop companies
going into liquidation.

It was represented by Crowell and Moring, a legal firm specialising
in a range of areas including financial services, restructuring and
insolvency, Brighton & Hove News discloses.

The notice was filed on Tuesday, Nov. 1 -- just two days before
city councillors approved giving the marathon permission to use
council land for next year's event in principle, Brighton & Hove
News notes.

According to most recent annual accounts filed with Companies
House, on April 30, 2021, it owed GBP1.23 million to creditors,
Brighton & Hove News discloses.

The year before, just after the 2020 marathon was cancelled, it
owed GBP1.66 million, Brighton & Hove News states.


CANBURY CONSTRUCTION: Goes Into Administration
----------------------------------------------
Grant Prior at Construction Enquirer reports that Sussex-based
contractor Canbury Construction has been placed into
administration.

The firm provided pre-construction, construction management, main
contractor and design and build services across all sectors
including residential, commercial, leisure and retail.

Michael Sanders and Georgina Eason of MHA MacIntyre Hudson have
been appointed Joint Administrators of the company, Construction
Enquirer relates.

According to Construction Enquirer, a statement from Canbury said:
"It is with deep regret that recent financial circumstances have
meant the directors have taken steps to place Canbury Construction
Limited into administration."

Latest accounts for the company for the year to December 31, 2020,
show a turnover of GBP29.5 million generating a pre-tax profit of
GBP198,000 with the business employing 13 staff, Construction
Enquirer discloses.

Data and credit checking specialist Red Flag Alert highlighted the
firm's fall into administration last week with its regular checks
of high court construction insolvency applications, Construction
Enquirer notes.


CIEP EPOCH: GBP200M Bank Debt Trades at 42% Discount
----------------------------------------------------
Participations in a syndicated loan under which CIEP Epoch Bidco
Ltd is a borrower were trading in the secondary market around
57.761 cents-on-the-dollar during the week ended Fri., November 4,
2022, according to Bloomberg's Evaluated Pricing service data.

The GBP200 million facility is a term loan.  The loan is scheduled
to mature on December 18,2024. The amount is fully drawn and
outstanding.

CIEP Epoch Bidco Limited operates as a mechanical system
contractor. The Company's country of domicile is the United
Kingdom.


COMET BIDCO: GBP315M Bank Debt Trades at 39% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 61.354
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The GBP315 million facility is a term loan.  The loan is scheduled
to mature on October 6, 2024. The amount is fully drawn and
outstanding   

CometBidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. The Company uses
range of exhibitions, conferences, trade shows, and websites to
target new business, demonstrate their products, build relationship
with their clients, and identify new opportunities for performance
improvement. The Company's country of domicile is the United
Kingdom.


CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 27% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 72.94cents-on-the-dollar during the week ended Fri.,
November 4, 2022, according to Bloomberg's Evaluated Pricing
service data.

The EUR400 million facility is a term loan.  The loan is scheduled
to mature on July 28, 2028.  The amount is fully drawn and
outstanding.

Constellation Automotive Group Limited offers digital used car
marketplace. The Company offers used passenger cars, utility
vehicles, and trucks, as well as provides parts and accessories,
repairs and maintenance, finance, and insurance services.


CONSTELLATION AUTOMOTIVE: GBP325M Debt Trades at 42% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 58 cents-on-the-dollar during the week ended Fri., November
4, 2022, according to Bloomberg's Evaluated Pricing service data.

The GBP325 million facility is a term loan.  The loan is scheduled
to mature on July 16, 2029.  The amount is fully drawn and
outstanding

Constellation Automotive Group Limited is the largest vertically
integrated digital used car marketplace in Europe.

CONSTELLATION AUTOMOTIVE: GBP400M Debt Trades at 26% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 74.3 cents-on-the-dollar during the week ended Fri.,
November 4, 2022, according to Bloomberg's Evaluated Pricing
service data.

The GBP400 million facility is a term loan.  The loan is scheduled
to mature on July 28, 2028.  The amount is fully drawn and
outstanding

Constellation Automotive Group Limited is the largest vertically
integrated digital used car marketplace in Europe.


EAGLE 4 LTD: $100M Bank Debt Trades at 18% Discount
---------------------------------------------------
Participations in a syndicated loan under which Eagle 4 Ltd is a
borrower were trading in the secondary market around 82.3
cents-on-the-dollar during the week ended Fri., Nov. 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$100 million facility is a term loan.  The loan is scheduled
to mature on July 12, 2029. The amount is fully drawn and
outstanding.

Eagle 4 Limited provides environmental consulting services. The
Company's country of domicile is the United Kingdom.



KAZITULA LIMITED: Director Gets 8-Year Disqualification Order
-------------------------------------------------------------
The Insolvency Service on Nov. 8 disclosed that Shafique Uddin,
also known as Sofiq Uddin, was the director of Kazitula Limited.
The company traded as Shafiques, a restaurant and takeaway on
Goring Road in Worthing, West Sussex.

The company behind the restaurant, however, went into liquidation
in April 2017 but Kazitula Limited's insolvency triggered an
investigation by the Insolvency Service.

Investigators uncovered that for nearly 7 years between April 2010
and January 2017 Shafique Uddin caused Kazitula Limited to file
inaccurate tax returns.

This meant the restaurant underdeclared and underpaid taxes in the
region of GBP320,000.

On October 14, 2022 in the High Court of Justice, Insolvency and
Companies Court Judge Mullen made an 8-year disqualification order
against Shafique Uddin.

When making the order, Judge Mullen said that "Mr Uddin caused the
company to file inaccurate tax returns over nearly 7 years. It is
impossible to avoid the conclusion that this was for personal gain.
No other reason for concealing sales is offered."

Effective from November 4, 2022, Shafique Uddin is banned for 8
years from directly, or indirectly, becoming involved in the
promotion, formation or management of a company, without the
permission of the court.

Lawrence Zussman, Deputy Head of Company Investigations at the
Insolvency Service, said:

"Considering that the suppression of the restaurant's takings took
place over 7 years, it is clear that Shafique Uddin knowingly
caused the company to renege on the taxes it owed.

"Much of the public service is funded by the correct amount of
taxes being paid and that's what makes Shafique Uddin's misconduct
all the more serious.  The court recognised the severity of his
actions and have removed Shafique Uddin from the corporate
environment for a substantial amount of time."


MADE.COM: Founder's Last-Ditch Rescue Bid Fails
-----------------------------------------------
Hannah Boland at The Telegraph reports that the founder of Made.com
has failed in a bid to take control of the online retailer as it
teeters on the brink of administration.

Ning Li told staff that he "really tried" to save their jobs, after
a last-ditch effort to return to the front line of the business was
rejected, The Telegraph relates.

According to The Telegraph, Mr. Li, who was still among Made.com's
largest shareholders, said he put in an offer to the Made.com board
and PwC last week but the approach was rejected on Nov. 7.

Writing to staff, he said: "Apparently, it would be preferable to
break the company up and sell it in pieces to generate a little
more cash, rather than saving jobs and honouring our customers. It
makes no sense to me. But I wanted you to know that I really
tried."

Mr. Li, who was chief executive of Made.com until 2017, said his
offer would have saved at least 100 jobs at the furniture chain,
The Telegraph notes.

Made.com issued an intention to appoint administrators last week,
giving management a deadline to find a buyer for all or parts of
the business, The Telegraph recounts.

The online retailer was expected to formally enter administration
on Nov. 8, The Telegraph discloses.  A pre-pack administration is
expected, where a buyer has already been chosen to take the
business back out of administration, The Telegraph notes.

The company has been pushed to the brink by spiralling costs and
falling demand for big-ticket furniture purchases as the cost of
living ramps up, The Telegraph relays.

According to The Telegraph, last month, Made.com said it needed a
cash injection of between GBP45 million and GBP70 million to keep
going, having filled up its warehouses with stock to avoid supply
chain turmoil.  By the end of June, it owed suppliers and warehouse
owners at least GBP75 million, The Telegraph discloses.

The company has issued three profit warnings over the past year and
lost both its chief executive and chief financial officer, The
Telegraph notes.


NOMAD FOODS: Moody's Rates New $825MM Sr. Secured Term Loan 'B1'
----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the new $825
million backed senior secured term loan B2 due 2029 to be issued by
Nomad Foods Lux S.a r.l. All the existing ratings of the group
(Nomad Foods BondCo Plc, Nomad Foods Europe MidCo Limited, Nomad
Foods Lux S.a r.l.), including Nomad Foods Limited's (Nomad or the
company) B1 corporate family rating and B1-PD probability of
default rating are unchanged. The outlook on all the ratings is
stable.

RATINGS RATIONALE

The new term loan will be used to refinance the outstanding $906
million ($960 million original) backed senior secured term loans
due May 2024. The transaction extends its maturity profile and
slightly reduces the company's leverage. As a result of the planned
refinancing Nomad's next maturity will be pushed to 2026 for the
undrawn EUR175 million backed senior secured revolving credit
facility (RCF) and to 2028 for the term loans and notes. However,
it will also lead to a lower Moody's adjusted EBITA interest
coverage which Moody's expects to remain solid between 4x and 4.5x
following the refinancing compared to around 5x as of Q3 2021.

Nomad's operating performance based on the preliminary Q3 results
has also improved with 26.7% revenue growth (7.2% organic revenue
growth excluding Fortenova's contribution) and EUR40 million or 35%
company adjusted EBITDA growth. Moody's estimates that as a result
of the increasing profits and the refinancing Nomad's financial
leverage, on a Moody's-adjusted gross debt/EBITDA basis has
improved to approximately 5.4x as of Q3 2022 from 5.9x as of Q2
2022, an adequate level for the company's B1 rating. Moody's
expects the leverage to decrease further to around 5x over the next
12-18 month, supported by low- to mid single digits revenue growth
and benefits from synergies and transformation programme.

Nomad's rating is supported by (1) its strong foothold in the
European frozen food market, with leading market positions in a
number of countries; (2) its good geographic diversification across
Europe; (3) its portfolio of long standing brands with strong
customer recognition; and (4) expectations of positive free cash
flow (FCF) generation.

Nomad's rating is constrained by (1) its exposure to a mature
market that demands ongoing innovation to maintain top-line and
profitability growth; (2) its customers being large retailers which
negotiation power may lead to time lag when putting through price
increases; (3) exposure to volatility in commodity prices and
currency exchange rates; and (4) some appetite for acquisitions and
shareholder friendly actions such as share buy-backs.

ESG CONSIDERATIONS

The company is NYSE listed and subject to the SEC regulations.
Nomad benefits from well-developed governance guidelines and
procedures. The company has demonstrated some appetite for
debt-funded M&A, as illustrated by acquisitions of FFBG, Aunt
Bessie and Goodfella's and Moody's expects this to continue. The
company also has a track record of shareholder-friendly actions,
including share buybacks. More positively, the company demonstrated
prudent liquidity management over the last several years and
adhered to its financial policy target of 4.5x maximum net leverage
despite the debt-funded acquisitions.

LIQUIDITY

The company's liquidity is good, supported by about EUR100-150
million free cash flow generation in each of 2022 and 2023 and by
EUR214 million cash balance pro-forma for the refinancing. Moody's
notes that Nomad's free cash flows in 2022 have been temporarily
affected by additional investment to inventory to mitigate supply
chain disruption and by one-off effect from Fortenova acquisition.
The company's EUR175 million RCF is likely to remain undrawn.
Moody's also expects that the company will maintain good
flexibility under its single financial covenant, a net debt covers
below 7.25x, only applicable to its RCF and tested when drawn above
40%.

STRUCTURAL CONSIDERATIONS

Nomad's capital structure comprises EUR800 million of backed senior
secured notes due June 2028 and EUR1.4 billion equivalent of backed
senior secured bank credit facilities, split among a EUR553 million
term loan due June 2028, the new $825 million term loan due 2029
and a EUR175 million RCF due June 2026.

Applying the Loss Given Default for Speculative-Grade Companies
methodology (assuming a standard 50% recovery rate), all these
instruments are rated at the same level as the corporate family
rating, reflecting their pari passu ranking. The instruments also
share the same guarantee and security package.

RATING OUTLOOK

The stable outlook reflects Moody's expectation of low to mid
single-digits organic growth in both sales and profitability over
the next 12-18 months leading to gradual deleveraging. While the
Moody's understands that Nomad aims to make further acquisitions to
build a global consumer food business, the stable outlook factors
in Moody's assumption that any debt-funded acquisition activity
will be small in nature.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Upward rating pressure could materialise if (1) Moody's-adjusted
gross debt/EBITDA decreases well below 5x on a sustained basis, (2)
the company maintains a Moody's-adjusted EBITA margin in the
mid-teens in percentage terms and good liquidity, and (3) Nomad
maintains solid free cash flow / debt at around 10%.

Nomad's rating could be lowered if (1) the company's earnings
deteriorate, resulting in Moody's-adjusted gross debt/EBITDA
increasing well above 5.5x on a sustained basis, or (2) the
Moody's-adjusted EBITA margin declines towards the low teens in
percentage terms or liquidity concerns emerge. Moody's could also
consider downgrading the rating if significant concerns arise on
the ability of the company to address debt maturities in 2024 or in
the event of any material debt-funded acquisitions or change in
financial policy.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Consumer Packaged
Goods published in June 2022.

COMPANY PROFILE

Headquartered in Middlesex, the UK, Nomad Foods Limited (Nomad) a
leading producer of frozen food products. The company's key markets
include the UK, Italy, Germany and Sweden, but it serves several
other European countries. The company sells a wide range of branded
frozen food items, including seafood, vegetables, poultry and ready
meals. It generated revenue of EUR2.7 billion in 2021.

Nomad is listed on the New York Stock Exchange (market
capitalisation was close to $2.5 billion as of date of this
publication) and is led by co-founders and co-chairmen Noam
Gottesman and Martin E. Franklin.


SECRET GARDEN: Goes Into Voluntary Liquidation
----------------------------------------------
James Thomas at Hereford Times reports that a pub in Hereford has
plunged into liquidation -- but its bosses are saying it's business
as usual.

Secret Garden (Hereford) Ltd has gone into voluntary liquidation,
with liquidators appointed to wind up the company, Hereford Times
relates.

According to Hereford Times, the company, behind the Secret Garden
pub in Coldwells Road, Holmer, couldn't continue because of its
liabilities -- usually meaning it cannot pay its debts.

A notice from director Dan Weager on the public record site The
Gazette said that Brett Lee Barton of BLB Advisory, Rotherwas, had
been appointed as liquidator to wind up the company, Hereford Times
notes.

In a joint statement, directors Dan Weager and Vicky Weager said
all future bookings and events are safe as a third party was now
involved in running the pub, according to Hereford Times.

The pair, as cited by Hereford Times, said the hospitality industry
took a "heavy blow" due to the Covid pandemic which has "put
companies under great strain".

They said companies now also had to contend with the price
increases from the "ever-escalating cost of living crisis", and it
resulted in Secret Garden (Hereford) Ltd "under increased
pressure".


[*] UK: Restaurants, Food Outlets Entering Liquidation Up 46%
-------------------------------------------------------------
Megan Baynes at Sky News reports that the number of restaurants and
food outlets entering liquidation has increased by almost 50%, amid
warnings the sector is in a state of impending collapse.

One night-time economy advisory has warned this could rise further
unless business support is provided in the government's autumn
budget, Sky News relates.

According to figures released by the Insolvency Service -- and
analysed by RPG Chartered accountants incorporating Crawfords --
the number of restaurant and food outlets going into liquidation
nationally increased 46% in the quarter to September 2022, from 108
in June to 158 by the end of August, Sky News notes.

Sacha Lord, who is one of three night-time advisers across the UK,
has warned the data signals an impending collapse in the sector,
Sky News discloses.

According to Sky News, he said: "The data we have received today is
just the tip of the iceberg, and shows a very worrying trend which
we believe will only get worse over the months to come.

"An increase of nearly 50% in insolvencies in three months shows
the sector in an extremely worrying state and it is now entering
winter in freefall.

"There is a severe lack of confidence among operators, particularly
those running small independent businesses, and this has been
exacerbated by the confusion over possible business support and
ongoing U-turns."

Separate research this week from UKHospitality, the British Beer
and Pub Association (BBPA), the British Institute of Innkeeping
(BII), and Hospitality Ulster found 35% of operators are working at
a loss, or expect to be unviable by the end of the year, Sky News
recounts.

"The main catalysts of these closures have been the increase in
business costs and gas prices, interest rates rises, reduced
footfall and unfortunately we are wholly expecting this trend to
rise further, over the winter months in particular," Sky News
quotes Gareth Hunt, licensed insolvency practitioner at RPG
Chartered Accountants, as saying.



                           *********


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.

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