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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, November 10, 2022, Vol. 23, No. 219

                           Headlines



F I N L A N D

FINNAIR OYJ: Egan-Jones Retains CCC- Sr. Unsecured Debt Ratings


F R A N C E

VALEO: Egan-Jones Retains 'BB-' Local Currency Unsec. Rating


G R E E C E

NAVIOS MARITIME: Egan-Jones Retains 'CCC-' Sr. Unsec. Debt Ratings


I R E L A N D

PERRIGO CO: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings


I T A L Y

TELECOM ITALIA: Egan-Jones Lowers Local Curr. Unsec. Rating to B


S P A I N

TELEFONICA SA: Egan-Jones Keeps 'BB-' Local Currency Unsec. Rating


S W E D E N

ARISE AB: Egan-Jones Retains 'BB+' Sr. Unsecured Debt Ratings
SAS AB: Egan-Jones Keeps 'D' Rating on Commercial Paper


U N I T E D   K I N G D O M

2NDHND LTD: Bureau Group Buys Business Out of Administration
ATLANTICA SUSTAINABLE: Egan-Jones Retains B- Sr. Unsecured Ratings
BLACKFRIARS CONTRACTS: Director Disqualified for 10 Years
FREESTYLE COLLECTIVE: Paid Over GBP141,000 for Work Carried Out
LEVOLUX: Enters Administration, Halts Operations

MADE.COM: Next Acquires Brand Following Administration
SUBSEA 7: Egan-Jones Retains 'BB+' Sr. Unsecured Debt Ratings

                           - - - - -


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F I N L A N D
=============

FINNAIR OYJ: Egan-Jones Retains CCC- Sr. Unsecured Debt Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Finnair Oyj. EJR also retained its 'C' rating on
commercial paper issued by the Company.

Headquartered in Vantaa, Finland, Finnair Oyj operates scheduled
passenger traffic, technical and ground handling operation,
catering, travel agencies, and reservation services.




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

VALEO: Egan-Jones Retains 'BB-' Local Currency Unsec. Rating
------------------------------------------------------------
Egan-Jones Ratings Company, on October 7, 2022, retained its 'BB-'
local currency senior unsecured ratings on debt issued by Valeo.  

Headquartered in Paris, France, Valeo designs and manufactures
automobile components.



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G R E E C E
===========

NAVIOS MARITIME: Egan-Jones Retains 'CCC-' Sr. Unsec. Debt Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by Navios Maritime Holdings Inc. EJR also retained
its 'C' rating on commercial paper issued by the Company.

Headquartered in Pireas, Greece, Navios Maritime Holdings Inc. is a
multinational, vertically integrated seaborne shipping and
logistics company focused on the transport and transshipment of
drybulk commodities including iron ore, coal and grain.




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

PERRIGO CO: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2022, retained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Perrigo Company PLC.

Headquartered in Dublin, Ireland, Perrigo Company PLC engages in
providing over-the-counter (OTC) self-care and wellness solutions.




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

TELECOM ITALIA: Egan-Jones Lowers Local Curr. Unsec. Rating to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 4, 2022, lowered the local
currency senior unsecured rating on debt issued by Telecom Italia
SpA/Milano to B from B+.  

EJR also lowered the local currency rating on commercial paper
issued by the Company to C from A3.

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



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

TELEFONICA SA: Egan-Jones Keeps 'BB-' Local Currency Unsec. Rating
------------------------------------------------------------------
Egan-Jones Ratings Company, on October 3, 2022, retained the 'BB-'
local currency senior unsecured rating on debt issued by Telefonica
SA.  

Headquartered in Madrid, Spain, Telefonica SA operates as a
telecommunications company.



===========
S W E D E N
===========

ARISE AB: Egan-Jones Retains 'BB+' Sr. Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Arise AB to BB+ from BB.

Headquartered in Sweden, Arise AB is an alternative energy
company.


SAS AB: Egan-Jones Keeps 'D' Rating on Commercial Paper
-------------------------------------------------------
Egan-Jones Ratings Company, on October 7, 2022, retained its 'D'
local currency rating on commercial paper issued by SAS AB.

EJR also retained its 'C' local currency senior unsecured rating on
debt issued by the Company.  

Headquartered in Stockholm, Sweden, SAS AB offers air
transportation services.



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

2NDHND LTD: Bureau Group Buys Business Out of Administration
------------------------------------------------------------
Paul Behan at Daily Record reports that an Ayrshire firm which
plunged into administration last month has been snapped up.

Ayrshire Live can reveal that five jobs have been saved at the
former office furniture supplier, 2NDHND Ltd, based in Dundonald,
Daily Record relates.

The firm, in Drybridge Road, fell into administration on Monday,
Oct. 17, Daily Record recounts.

Henderson Loggie LLP and Larking Gowen LLP, took the reigns as
joint administrators, Daily Record notes.

Now the firm has been acquired by Edinburgh-based commercial
furniture expert, Bureau Group, Daily Record discloses.

According to Daily Record, Shona Campbell, partner at administrator
Henderson Loggie LLP, said: "Bureau Group presented an ambitious,
exciting and most importantly viable plan for the future of the
business, and Henderson Loggie LLP is delighted the ongoing
employment of five people has been secured."


ATLANTICA SUSTAINABLE: Egan-Jones Retains B- Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'B-' foreign currency and local currency senior unsecured ratings
on debt issued by Atlantica Sustainable Infrastructure PLC. EJR
also retained its 'B' rating on commercial paper issued by the
Company.

Headquartered in United Kingdom, Atlantica Sustainable
Infrastructure PLC provides renewable energy solutions.


BLACKFRIARS CONTRACTS: Director Disqualified for 10 Years
---------------------------------------------------------
The Insolvency Service on Nov. 9 disclosed that Simon Paul Inglis
King, 65, from Plymouth, has been disqualified as a company
director for 10 years after an investigation found he had claimed
two Bounce Back Loans for his business totalling GBP80,000 -- an
amount of GBP30,000 more than the maximum allowed by the scheme.

His ban comes on top of an existing 5-year bankruptcy restriction,
also for Bounce Back Loan abuse.

Simon King was the director of Blackfriars Contracts Ltd, which was
incorporated in 2012 and ran as a printers in Plymouth until the
company went into liquidation in December 2020.  The business had
been part of a long-running family printing operation in Plymouth,
referred to as a "hidden treasure" in the city's business world.

At the point of liquidation, the company had debts of more than
GBP230,000. Mr. King later had a bankruptcy order made against him
personally in July 2021, owing more than GBP100,000 and leading to
bankruptcy restrictions of 5 years when it was found that he had
abused another Bounce Back Loan.

In that instance, he had exaggerated his income as a sole trader in
another business, Blackfriars Contracts Division, to claim a
GBP50,000 loan to which he hadn't been entitled.

Mr. King's repeat abuse of the scheme came to light through an
audit of Blackfriars Contracts Ltd, which uncovered records of the
separate Bounce Back Loans, and triggered an investigation into his
conduct as the firm's director.

Insolvency Service investigators discovered that King had applied
for a GBP50,000 Bounce Back Loan for Blackfriars Contracts Ltd, and
once the company had received it he applied again for another loan
for the business -- this time of GBP30,000 -- which had been paid
into a different bank account belonging to the company.

Under the rules of the Bounce Back Loan scheme, which was set up to
support companies through the pandemic, businesses could apply for
loans of up to 25% of their previous year's turnover, up to a
maximum of GBP50,000.  Businesses were not allowed to apply for an
additional loan unless they had originally borrowed less than the
maximum amount.

The GBP80,000 of BBL money was outstanding when the company closed
in December that year, as part of around GBP230,000 owed to
creditors.

The Secretary of State for Business, Energy and Industrial Strategy
accepted a disqualification undertaking from Simon King after he
didn't dispute that he'd breached the conditions of the Bounce Back
Loan Scheme by applying for two separate loans totalling GBP80,000

His disqualification is effective from November 7, 2022, and lasts
for 10 years.

The disqualification undertaking prevents King from directly, or
indirectly, becoming involved in the promotion, formation or
management of a company, without the permission of the court.

Martin Gitner, Deputy Head of Insolvent Investigations at the
Insolvency Service, said:

"Bounce back loans were introduced to help viable businesses
through an extremely difficult period, providing them with the
financial support during the pandemic to protect jobs and return to
prosperity.

"The conduct of Simon Paul Inglis King fell extremely short of the
standards required of company directors and he has been removed
from the corporate arena for a significant amount of time. His ban
should serve as a clear warning that if you abuse Government
support schemes you should expect to be caught and punished."


FREESTYLE COLLECTIVE: Paid Over GBP141,000 for Work Carried Out
---------------------------------------------------------------
Chris Carter at Bishop's Stortford Independent reports that
contractors who signed up to build a new skate park in Bishop's
Stortford were paid more than GBP141,000 for work carried out
before they went into liquidation.

Bishop's Stortford Town Council defended the money paid after Simon
Marlow posted a video of the eyesore fenced-off site in Sworder's
Field on Bishop's Stortford Civic Federation's Facebook page amid
questions about the future of the delayed facility, which is part
of a multi-million-pound scheme for Castle Park, Bishop's Stortford
Independent relates.

The council stressed it had nothing to hide and said contractors
The Freestyle Collective had been paid for work "in stages as it
progressed", Bishop's Stortford Independent notes.

According to Bishop's Stortford Independent, it stated: "This is
entirely normal for construction contracts; contractors
(particularly smaller contractors) do not have sufficient cash to
wait until a whole project is done before receiving payment, so
‘stage payments' are the norm.

"Once it became apparent that work had stopped and that they were
likely to go into administration, a payment hold was imposed. The
amount paid was GBP141,448.39."

The project has been beset with delays caused by the Covid-19
pandemic and problems with drainage and the foundations, Bishop's
Stortford Independent discloses.

The town council then issued a joint statement with East Herts
Council to say monitoring had revealed no work being carried out
and that the contractors were not communicating with them, Bishop's
Stortford Independent notes.  It was then confirmed the company had
gone into liquidation, Bishop's Stortford Independent relays.

In its statement, the town council defended the tendering process
carried out by EHC, saying "all contractors must pass a set of
financial tests which consider both the publicly available
information and information they are required to provide as part of
their tender", Bishop's Stortford Independent relates.

But the council, as cited by Bishop's Stortford Independent, said
the tests are based on "historical information", adding: "The
financial situation of a contractor sometimes changes during the
course of a contract, often for reasons which are wholly
unconnected with that contract.

"There can sadly, therefore, be no absolute guarantee that any
contractor will ‘survive' the duration of a project."


LEVOLUX: Enters Administration, Halts Operations
------------------------------------------------
Colin Marrs at Construction News reports that solar shading,
balcony and facade provider Levolux has ceased trading after going
into administration, with the majority of the firm's 40 staff made
redundant.

Richard Goodall and Anthony Collier of FRP Advisory were appointed
as administrators of the firm on Nov. 7, Construction News
relates.

A statement released to Construction News cited delays to a number
of new projects and cost inflation as the reasons Levolux had got
into difficulty.

Levolux, based in St Helens, Merseyside, has sales offices in
Harrow and Gloucester.

In August, building-products firm Alumasc, which had owned Levolux
for 15 years, sold the business for GBP1 to Talrus, a company
associated with investment firm Rcapital Partners, Construction
News recounts.

According to Construction News, a statement at the time from
Alumasc said that, in the year to June 2022, the business recorded
a loss of GBP2 million on sales of GBP7.8 million, due to a slow
recovery in demand in the wake of COVID-19.  Its latest published
accounts show that it turned over GBP12.6 million in the year to
the end of June 2021, Construction News discloses.


MADE.COM: Next Acquires Brand Following Administration
------------------------------------------------------
Joanna Partridge and Sarah Butler at The Guardian report that the
online furniture retailer Made.com has collapsed into
administration after weeks of speculation, leading to 320
redundancies and leaving customers worried about their orders.

According to The Guardian, the company's brand, domain names and
intellectual property were immediately bought by the fashion and
homeware retailer Next.

However, administrators said there were 12,000 customer orders that
had been paid for but would not be delivered as they were still in
production in Asia or not ready to be delivered, The Guardian
notes.

"We understand that this will be very disappointing and frustrating
for customers who have paid for orders in good faith," The Guardian
quotes administrators from PricewaterhouseCoopers (PwC) as saying.

A further 4,500 orders from customers in the UK and Europe, which
were already with transport firms, will still be delivered, The
Guardian states.

The collapse of Made.com completes a reversal of fortunes for the
London-based retailer, which was valued at almost GBP800 million
when it listed on the stock exchange in June 2021 and was heralded
as the future of furniture retail, The Guardian recounts.

PwC will be looking into the company's other remaining assets and
said creditors would be paid according to statutory priority, The
Guardian relays.

Next offered GBP3.4 million to buy the brand but it has not taken
on the company's workers or any of its stock of furniture, lighting
and homeware, The Guardian notes.

The administrators, as cited by The Guardian, said 320 roles had
been made redundant, while a further 79 employees who had resigned
and were working their notice have also been made to leave
immediately.  Made.com employed about 500 people when it went into
administration.

The deal with Next represented "the best option available to
generate returns for creditors as a whole, under severely limited
timescales", said the administrators.

PwC is advising customers whose orders will not be delivered to
submit a claim as part of the administration, The Guardian states.

The outlook for Made.com had been darkening for some time before
its collapse.  Like many other online retailers, its sales boomed
during the pandemic when locked-down consumers spent money doing up
their homes, The Guardian relates.

However, these fell away when Covid restrictions came to an end and
customers began to complain about long waits and delayed deliveries
of their made-to-order furniture, The Guardian discloses.

Made.com warned of job cuts in July as the economic outlook
worsened, with increasingly cash-strapped consumers reining in
their spending, particularly on "big-ticket" items, The Guardian
notes.  The retailer launched a last-minute hunt for a buyer but
was unable to find anyone willing to take on the entire company,
The Guardian recounts.

Made.com was set up in 2010 by Ning Li and Brent Hoberman, who
co-founded Lastminute.com, along with Julien Callède and Chloe
Macintosh.


SUBSEA 7: Egan-Jones Retains 'BB+' Sr. Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2022, retained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Subsea 7 S.A.

Headquartered in Sutton, United Kingdom, Subsea 7 S.A. offers
oilfield services.



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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

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