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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

          Tuesday, January 17, 2023, Vol. 24, No. 13

                           Headlines



G E R M A N Y

ESPG AG: S&P Withdraws 'CCC' LongTerm Issuer Credit Rating
K+S AG: Egan-Jones Hikes Senior Unsecured Ratings to BB+
SPEEDSTER BIDCO: Prudential IP9 Marks EUR2.4M Loan at 19% Off
SPEEDSTER BIDCO: Prudential IPI17 Marks EUR3.9M Loan at 19% Off


I T A L Y

FEDRIGONI SPA: S&P Withdraws 'B' LongTerm Issuer Credit Rating


L U X E M B O U R G

MALLINCKRODT FINANCE: Calamos COIF Marks $1M Loan at 18% Off
MALLINCKRODT FINANCE: Calamos STRF Marks $1.1M Loan at 18% Off


R O M A N I A

ALTUR SLATINA: Board Opts to Waive Insolvency Proceedings


S W E D E N

STENA AB: S&P Upgrades LongTerm ICR to 'BB-', Outlook Stable


U N I T E D   K I N G D O M

BRITISHVOLT: Hopes for Last-Minute Bid May Avert Administration
CONSTELLATION AUTOMOTIVE: Prudential IP9 Marks Loan at 26% Off
CONSTELLATION AUTOMOTIVE: Prudential IPI17 Marks Loan at 26% Off
EG GROUP: Prudential IPI17 Marks EUR143M Loan at 14% Off
GENERAL DYNAMICS: Misses Deadline to File Accounts

MADE.COM: Placed Into Members' Voluntary Liquidation
MARSHFIELD CROSSKEYS: Decline in Orders Prompts Liquidation
MOUNTVIEW HOTELS: Enters Administration, Two Hotels Halt Trading
SWAY AND STARTING: Placed Into Voluntary Liquidation, Owes GBP2MM+

                           - - - - -


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

ESPG AG: S&P Withdraws 'CCC' LongTerm Issuer Credit Rating
----------------------------------------------------------
S&P Global Ratings withdrew its 'CCC' long-term issuer credit
rating on ESPG AG at the issuer's request. S&P also withdrew the
'CCC' rating on ESPG's senior unsecured bonds. The outlook was
negative at the time of the withdrawal.


K+S AG: Egan-Jones Hikes Senior Unsecured Ratings to BB+
--------------------------------------------------------
Egan-Jones Ratings Company on January 5, 2023, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by K+S AG to BB+ from BB.

K+S AG is a German chemical company headquartered in Kassel.


SPEEDSTER BIDCO: Prudential IP9 Marks EUR2.4M Loan at 19% Off
-------------------------------------------------------------
Prudential Investment Portfolios 9 has marked its EUR2,400,000 loan
extended to Speedster Bidco GmbH to market at EUR1,943,394,000 or
81% of the outstanding amount, as of October 31, 2022, according to
a disclosure contained in Prudential IP9's Form N-CSR for the
fiscal year ended October 31, 2022, filed with the Securities and
Exchange Commission on December 29, 2022.

Prudential IP9 is a participant in a Second Lien Term Loan that
accrues interest at a rate of 8.108% per annum (3 Month EURIBOR +
6.250%) to Speedster Bidco GmbH. The loan is scheduled to mature on
March 31, 2028.

Prudential Investment Portfolios 9 is registered under the
Investment Company Act of 1940, as amended, as an open-end
management investment company. The RIC is organized as a Delaware
Statutory Trust.

Speedster Bidco GmbH is controlled by Hellman & Friedman, which had
acquired AutoScout24 in 2020.  Parent company, Munich,
Germany-based AutoScout24 GmbH, operates a website for trading
vehicles such as motorcycles, cars, trucks, and more. It also
offers loans and vehicle licensing products. The Company's country
of domicile is Germany.


SPEEDSTER BIDCO: Prudential IPI17 Marks EUR3.9M Loan at 19% Off
---------------------------------------------------------------
Prudential Investment Portfolios, Inc. 17 has marked its
EUR3,975,000 loan extended to Speedster Bidco GmbH to market at
EUR3,218,746 or 81% of the outstanding amount, as of October 31,
2022, according to a disclosure contained in Prudential IPI17's
Form N-CSR for the fiscal year ended October 31, 2022, filed with
the Securities and Exchange Commission on December 29, 2022.

Prudential IPI17 is a participant in a Second Lien Term Loan that
accrues interest at a rate of 8.108% per annum (3 Month EURIBOR +
6.250%) to Speedster Bidco GmbH. The loan is scheduled to mature on
March 31, 2028.

Prudential Investment Portfolios, Inc. 17 is registered under the
Investment Company Act of 1940, as amended, as an open-end
management investment company. The RIC is organized as a Maryland
Corporation.

Speedster Bidco GmbH is controlled by Hellman & Friedman, which had
acquired AutoScout24 in 2020.  Parent company, Munich,
Germany-based AutoScout24 GmbH, operates a website for trading
vehicles such as motorcycles, cars, trucks, and more. It also
offers loans and vehicle licensing products. The Company's country
of domicile is Germany.




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

FEDRIGONI SPA: S&P Withdraws 'B' LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Italy-based paper and label manufacturer Fedrigoni SpA after a
change of ownership through a secondary leveraged buyout. S&P also
withdrew its 'B' issue and '4' recovery ratings on the group's
senior secured notes (EUR480 million due 2024 and EUR225 million
due 2026), which have been repaid as part of the transaction. Bain
Capital and BC Partners now share control of the group with a 45.6%
stake each; management retained an 8.8% participation. The outlook
on Fedrigoni was stable at the time of the withdrawal.

In January 2023, S&P assigned ratings to Fiber Bidco SpA (a new
intermediate holding of the group) and to the EUR1.1 billion senior
secured notes issued to finance the leveraged buyout.




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

MALLINCKRODT FINANCE: Calamos COIF Marks $1M Loan at 18% Off
------------------------------------------------------------
Calamos Convertible Opportunities and Income Fund has marked its
$1,020,522 loan extended to Mallinckrodt International Finance SA
to market at $835,394, or 82% of the outstanding amount, as of
October 31, 2022, according to a disclosure contained in Calamos
COIF's Form N-CSR for the fiscal year ended October 31, 2022, filed
with the Securities and Exchange Commission on December 29, 2022.

Calamos COIF is a participant in a Bank Loan that accrues interest
at a rate of 8.733% per annum (3 mo. LIBOR + 5.25% to Mallinckrodt
International Finance SA. The loan is scheduled to mature on
September 30, 2027.

Calamos Convertible Opportunities and Income Fund was organized as
a Delaware statutory trust on April 17, 2002 and is registered
under the Investment Company Act of 1940  as a diversified,
closed-end management investment company. The Fund commenced
operations on June 26, 2002.

Mallinckrodt International Finance SA manufactures and distributes
pharmaceutical products. The company's country of domicile is
Luxembourg.


MALLINCKRODT FINANCE: Calamos STRF Marks $1.1M Loan at 18% Off
--------------------------------------------------------------
Calamos Strategic Total Return Fund has marked its $1,139,583 loan
extended to Mallinckrodt International Finance SA to market at
$932,857,000, or 82% of the outstanding amount, as of October 31,
2022, according to a disclosure contained Calamos STRF's Form N-CSR
for the fiscal year ended October 31, 2022, filed with the
Securities and Exchange Commission on December 29, 2022.

Calamos STRF is a participant in a Bank Loan that accrues interest
at a rate of 8.733% per annum (3 mo. LIBOR + 5.25% to Mallinckrodt
International Finance SA. The loan is scheduled to mature on
September 30, 2027.

Calamos Strategic Total Return Fund was organized as a Delaware
statutory trust on December 31, 2003 and is registered under the
Investment Company Act of 1940 as a diversified, closed-end
management investment company. The Fund commenced operations on
March 26, 2004.

Mallinckrodt International Finance SA manufactures and distributes
pharmaceutical products. The company's country of domicile is
Luxembourg.




=============
R O M A N I A
=============

ALTUR SLATINA: Board Opts to Waive Insolvency Proceedings
---------------------------------------------------------
Bogdan Todasca at SeeNews reports that Romanian aluminium car parts
manufacturer Altur Slatina said that its board decided to waive
insolvency proceedings initiated earlier this month.

The company submitted the waiver to an Olt County court, which
acknowledged the filing on Thursday, Jan. 12, Altur said in a
statement filed with the Bucharest Stock Exchange on Friday,
Jan. 13, SeeNews relates.

On Jan. 4, Altur announced its submission of the application for
the launch of insolvency proceedings with the same court, SeeNews
discloses.

According to SeeNews, during the first three quarters of 2022, the
company booked a turnover of RON104 million (US$22.8 million/EUR21
million) and swung to a net profit of RON3.2 million, compared to a
net loss of RON3.4 million in the like period of the previous
year.

In 2021, Altur registered a net loss of RON7 million on a turnover
of RON93.5 million, SeeNews relays, citing the latest data
published on the finance ministry's website.




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

STENA AB: S&P Upgrades LongTerm ICR to 'BB-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings raised the long-term issuer credit rating on
Sweden-bases Stena AB to 'BB-' from 'B+', the issue rating on the
senior secured debt issuances to 'BB' from 'BB-' (recovery rating
unchanged at '2' [75%]), and the issue rating on the $600 million
senior unsecured notes to 'BB-' from 'B+' (recovery rating
unchanged at '4' [45%]).

The stable outlook reflects S&P's expectation that the company will
maintain its improved credit ratios in 2023 and 2024, with adjusted
debt to EBITDA remaining below 6x

Exceptionally strong profitability in 2022 and an improved contract
structure for its drilling fleet will propel Stena toward record
performance. S&P said, "We now expect EBITDA to reach SEK12
billion-SEK14 billion in 2022 and 2023. This is a marked
improvement from our previous July 2022 assumption of SEK11
billion-SEK12 billion. Stena's strong operating performance in the
first nine months of 2022, with reported EBITDA of about SEK10.5
billion versus about SEK7.4 for full-year 2021, underpins our
revised base case. The better-than-expected results stem from a
recovery in the ferry business and improved tanker shipping rates.
Clean medium-range product tanker average earnings were about
$29,500 per day in 2022 versus about $6,700 per day in 2021,
according to Clarkson Research. This led EBITDA from this business
unit to increase to SEK2.6 billion for the first nine months of
2022, up from SEK1.2 billion in 2021. Overall, we now expect
adjusted funds from operations (FFO) to debt of about 15% and debt
to EBITDA of less than 5x in 2022, compared with our previous base
case of about 5.5x-6.0x. We also expect that Stena will sustain the
improved credit profile in 2023 and 2024, resulting in the upgrade
to 'BB-'. Another key driver of the rating action was the company's
improved order book for its drilling fleet. In fourth-quarter 2022,
Stena secured drilling contracts for most available days in 2023
and 2024. With recent charter rates closer to $400,000 per day, we
now expect the drilling unit to contribute EBITDA of SEK2.0
billion-SEK2.5 billion in the next two years."

Stena has built financial headroom to accommodate potentially
harsher economic conditions, and its diversified earnings base has
withstood previous economic cycles.Passenger volumes in Stena
Line's network recovered in 2022, which supported the improved
earnings. We are mindful of the downside risks from mounting
macroeconomic headwinds, since both travel and freight are strongly
linked to economic growth. Although S&P continues to believe in the
structural importance of ferry operations in Northern Europe, which
was demonstrated during the COVID-19 pandemic years, an expected
weaker economic backdrop could imply a softening in travel and
freight volumes of 5%-10% over 2023. That said, Stena used the
pandemic years to improve its operating cost position by closing
less profitable lines, such as Oslo–Fredrikshamn and
Trelleborg–Sassnitz. Therefore, overheads are already lower and
costs are down about SEK1 billion compared with 2019. This has
sustainably improved margins for ferry operations and will support
performance in the coming economic downturn. Management has also
demonstrated its ability to take proactive measures and mitigating
actions to protect profitability, if needed, and S&P expects it
will continue to do so. Although economic conditions will be
harsher in 2023, we believe EBITDA could remain at SEK3.5
billion-SEK4.0 billon for the Stena Line business. S&P said, "This
is SEK500 million–SEK1 billion lower than the SEK4.5 billion we
expect for 2022, but will be more than compensated by stronger
performance in the drilling unit, for which EBITDA is set to
increase to about SEK1.0 billion-SEK1.5 billion in 2023."

S&P said, "We expect Stena's shipping operating performance will
continue to improve in 2022 and 2023, as a result of improved
operating leverage We forecast continued strong performance from
the tanker business in 2023 and EBITDA of about SEK2.0
billion-SEK2.5 billion, as oil demand rebounds and new ship
deliveries slow. This also takes into account a higher contribution
from roll-on-roll-off (RORO) vessel deliveries, for which long-term
charter rates have been secured, which should provide more earnings
stability.

"We believe Stena's increased focus on RORO and real estate should
support cash flow stability. Stena's real estate operations have
continued to deliver stable operating results, also throughout the
pandemic, with SEK1.5 billion-SEK1.6 billion in EBITDA. We
anticipate a moderate improvement in 2022 or 2023, stemming from
ongoing investments. In addition, Stena recently took delivery of
two rolling passenger ships in the RORO division, with five other
ships to be delivered until 2025. The RORO segment is more stable
than other shipping operations and Stena has signed long-term,
10-year charter contracts for the vessels. This implies a higher
contribution from the RORO segment and we anticipate EBITDA will
increase to about SEK650 million by 2023.

"Continued high investments will keep adjusted debt at SEK65
billion-SEK70 billion, meaning credit ratio improvements will come
from increased EBITDA. That said, investments are directed toward
the more stable RORO and real estate segments, which supports our
upgrade. The RORO vessel orders, maintenance capital expenditure
(capex), and real estate investment lead us to expect capex will
remain high at SEK8 billion-SEK9 billion this year and next.
Therefore, we expect no moderation in absolute debt over 2022-2024,
due to the likely massive investments. However, since EBITDA is set
to stay at about SEK13 billion-SEK14 billion, credit ratios are
likely to still improve with adjusted debt to EBITDA sustainably
below 6.0x, compared with 7.3x in 2021. In our view, it is positive
that capex has been directed to Stena's less-risky operations, real
estate, and the RORO segment, which could strengthen the business
risk profile over 2023-2025. That said, we note that the recent
performance improvement is partly from shipping and drilling--the
riskier parts of Stena's operations.

"We note that there is substantial flexibility in real estate
capex, which is planned at about SEK2 billion. We also think
investments should ultimately underpin the stability of Stena's
cash flow streams. Furthermore, we note that Stena has an option to
acquire a drilling ship, at a likely cost of SEK350 million-SEK400
million. This is not currently part of our base case but from our
discussions with management we understand it would only be declared
alongside the securing of a long-term contract with an oil company,
which would carry a substantial part of the investment. We would
likely see such a scenario as moderately positive, because cash
flow would be secured for a long time and the rig operational
within a relative short period. Should Stena activate the rig
option without the backing of a long-term contract, it could lead
us to review the rating, as well as if leverage increased above our
current expectations.

"The stable outlook reflects our expectations of stabilizing
financial performance and credit ratios. The latter reflects our
view that the drilling segment is strengthening in 2023, which
should support EBITDA and cash flow at least at stable levels
versus 2022. We factor healthy cash flow from ferry, shipping, and
property operations, which provides necessary support to maintain
the current ratings. We forecast that adjusted debt to EBITDA will
remain below 6x over the next 12 months.

"We could raise the rating if we deem the business risk profile to
have materially strengthened because of a higher EBITDA
contribution from the typically more stable real estate and RORO
vessel businesses. Adjusted debt to EBITDA improving to close to
4.0x on a sustainable basis could also result in a higher rating.

"We view a downgrade as unlikely over the next 12 months because
the group's earnings should stay resilient, with the drilling
business contributing to EBITDA.

"However, we could consider a negative rating action if pressure
returns in the drilling segment, or if the ferry business is more
affected by an economic downturn than we currently expect.
Therefore, we could lower the rating if we forecast adjusted debt
to EBITDA will increase to above 6x for an extended period.

"We could also consider a downgrade if Stena's liquidity
deteriorates. This could be the case if the company cannot secure
new financing well in advance of debt maturities, and instead uses
available liquidity to make the upcoming payments. We note,
however, liquidity headroom is currently ample."




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

BRITISHVOLT: Hopes for Last-Minute Bid May Avert Administration
---------------------------------------------------------------
BBC News reports that there are hopes that a last-minute bid for
Britishvolt, which plans a factory to make electric car batteries,
may prevent it falling into administration.

The potential new bidder was described as "a British consortium",
BBC relays, citing people familiar with the matter.

The financially troubled manufacturer has called an all-staff
meeting for later on Jan. 16, BBC discloses.

According to BBC, shareholders have been voting on who will take
over the project to build a GBP4 billion battery plant in
Northumberland.

There had been two existing bids for the project in the Port of
Blyth -- one from an investment group with links to Indonesia, with
a dormant UK subsidiary and no track record in manufacturing, and
one from a rump of small existing investors keen to avoid seeing
the value of their shares totally wiped out, BBC states.

It is thought a buyout would cost around GBP30 million, BBC notes.

If none of the bidders can secure support from 75% of shareholders,
the company would be left drained of cash and heading for an
administration it only narrowly avoided at the end of last year
after an emergency lifeline was extended by one of its investors,
the commodity trading giant Glencore, according to BBC.

Even if this new bidder is successful, there are still doubts that
prospective customers would be prepared to place orders for
prototype battery technology with a company with no track record,
BBC relays.

Last year, Britishvolt asked the government to advance GBP30
million of a promised GBP100 million in support, but was refused as
the company had not hit agreed construction milestones to access
the funds, BBC recounts.

The BBC understands that request was followed by another for
GBP11.5 million, then just GBP3 million.  Government sources say
that sowed seeds of profound doubt over the viability of the
company, according to BBC.

Some in government have expressed a preference for the company in
its current form to collapse into administration so that more
serious players can take the project on, BBC notes.

Candidates that have been mentioned include Tata, the Indian parent
of Jaguar Land Rover, Chinese firm Envision which owns the UK's
only existing battery plant in Sunderland for the exclusive use of
Nissan, and a potential Korean manufacturer, BBC discloses.


CONSTELLATION AUTOMOTIVE: Prudential IP9 Marks Loan at 26% Off
--------------------------------------------------------------
Prudential Investment Portfolios 9 has marked its GBP1,025,000 loan
extended to Constellation Automotive Group Ltd  to market at
GBP658,263 or 64% of the outstanding amount, as of October 31,
2022, according to a disclosure contained in Prudential IP9's Form
N-CSR for the fiscal year ended October 31, 2022, filed with the
Securities and Exchange Commission on December 29, 2022.

Prudential IP9 is a participant in a Facility 1 Loan that accrues
interest at a rate of 9.190% per annum (SONIA + 7.500%) to
Constellation Automotive Group Ltd. The loan is scheduled to mature
on July 27, 2029.

Prudential Investment Portfolios 9 is registered under the
Investment Company Act of 1940, as amended, as an open-end
management investment company. The RIC is organized as a Delaware
Statutory Trust.

CAG operates the UK's and Europe's largest digital used vehicle
exchanges (both business-to-business and consumer-to-business) and
is a leading provider of automotive solutions in the UK, including
vehicle movement, logistics, storage, pre-delivery inspections,
fleet management, de-fleeting services and refurbishment.


CONSTELLATION AUTOMOTIVE: Prudential IPI17 Marks Loan at 26% Off
----------------------------------------------------------------
Prudential Investment Portfolios, Inc. 17 has marked its
GBP11,975,000 loan extended to Constellation Automotive Group Ltd
to market at GBP7,690,441 or 64% of the outstanding amount, as of
October 31, 2022, according to a disclosure contained in Prudential
IPI17's Form N-CSR for the fiscal year ended October 31, 2022,
filed with the Securities and Exchange Commission on December 29,
2022.

Prudential IPI17 is a participant in a Facility 1 Loan that accrues
interest at a rate of 9.190% per annum (SONIA + 7.500%) to
Constellation Automotive Group Ltd. The loan is scheduled to mature
on July 27, 2029.

Prudential Investment Portfolios, Inc. 17 is registered under the
Investment Company Act of 1940, as amended, as an open-end
management investment company. The RIC is organized as a Maryland
Corporation.

CAG operates the UK's and Europe's largest digital used vehicle
exchanges (both business-to-business and consumer-to-business) and
is a leading provider of automotive solutions in the UK, including
vehicle movement, logistics, storage, pre-delivery inspections,
fleet management, de-fleeting services and refurbishment.


EG GROUP: Prudential IPI17 Marks EUR143M Loan at 14% Off
--------------------------------------------------------
Prudential Investment Portfolios, Inc. 17 has marked its EUR143,012
loan extended to EG Group Ltd to market at EUR122,487,866 or 86% of
the outstanding amount, as of October 31, 2022, according to a
disclosure contained in Prudential IPI17's Form N-CSR for the
fiscal year ended October 31, 2022, filed with the Securities and
Exchange Commission on December 29, 2022.

Prudential IPI17 is a participant in an Additional Second Lien Loan
Facility that accrues interest at a rate of 7% per annum (3 Month
EURIBOR + 7.000%) to EG Group Ltd. The loan is scheduled to mature
on April 30, 2027.

Prudential Investment Portfolios, Inc. 17 is registered under the
Investment Company Act of 1940, as amended, as an open-end
management investment company. The RIC is organized as a Maryland
Corporation.

UK-based EG Group Limited retails, distributes, and stores wide
range of fuels, groceries, merchandise, and other products.

GENERAL DYNAMICS: Misses Deadline to File Accounts
--------------------------------------------------
Howard Mustoe at The Telegraph reports that the contractor behind
the Army's beleaguered GBP5.5 billion Ajax armoured vehicle
programme has missed the deadline to file its accounts.

According to The Telegraph, General Dynamics UK was due to unveil
its results by Dec. 31 but is marked as "accounts overdue" on
Companies House.  A spokesman confirmed paperwork has not yet been
submitted, The Telegraph notes.

General Dynamics UK is behind a GBP5.5 billion armoured vehicle
deal that former defence minister Mark Francois last week called
the "biggest scandal" in defence procurement, The Telegraph
states.

The Ministry of Defence agreed a fixed-price contract with General
Dynamics in 2014 worth GBP5.5 billion to build 589 Ajax armoured
vehicles, but so far just 26 have been delivered and these can only
be used for training purposes, The Telegraph discloses.

Tim Bush, a corporate governance expert at pension advisers Pirc,
said late filing for large companies was "unusual" and that most
firms would avoid it because it would raise questions over their
financial health, according to The Telegraph.

Businesses can be granted a short extension to file their accounts
but only in "exceptional" circumstances, according to the
Government, The Telegraph notes.   Late filing by private companies
that do not have an extension incurs an automatic fine of GBP150
and, depending on how late the filing is, penalties can rise up to
GBP1,500.

General Dynamics UK has only once filed its accounts later than
November since at least 1987, The Telegraph says, citing Companies
House.

According to The Telegraph, a General Dynamics spokesman declined
to comment on the reasons for the delay and said: "We do expect to
file it soon."

Ajax is due to replace Scimitar, a smaller, lighter reconnaissance
vehicle which entered service in 1971. It is the third attempt to
replace Scimitar after 1992's Tracer – the Tactical
Reconnaissance Armoured Combat Equipment Requirement, which was cut
after nine years. That was followed by the Future Rapid Effects
System which was in turn cancelled in 2008.

The Public Accounts Committee of MPs said last year that the Ajax
programme should be fixed or scrapped after delays caused by "a
litany of failures", The Telegraph recounts.


MADE.COM: Placed Into Members' Voluntary Liquidation
----------------------------------------------------
Ellis Hawthorne at RetailWeek reports that Made.com will be placed
into members' voluntary liquidation to formally wind up the
company, a shareholder vote on the future of the company has
concluded.

The decision comes after the furniture and homewares retailer
entered administration last year as a result of rising costs and
reduced demand for homewares during the economic downturn,
RetailWeek notes.


MARSHFIELD CROSSKEYS: Decline in Orders Prompts Liquidation
-----------------------------------------------------------
Hattie Young at Hereford Times reports that a Herefordshire
business has plunged into liquidation after the war in Ukraine and
Brexit led to a decline in orders.

Marshfield Crosskeys, based in Mortimer Road, Hereford, has gone
into voluntary liquidation, with liquidators appointed to wind up
the company, Hereford Times relates.

According to Hereford Times, a notice on the public record site The
Gazette said that Malcolm Rhodes and Luke Venner, of Bishop Fleming
LLP, Bristol, had been appointed as liquidator to wind up the
company.

The company, as cited by Hereford Times, said it had seen a
significant decline in orders following the substantial increases
in steel prices arising from Brexit and the war in Ukraine, said a
spokesperson for Bishop Fleming LLP.

By late 2022, Marshfield Crosskeys was not producing sufficient
work to cover its overheads and the difficult decision to cease
trading and take steps to place the company into liquidation was
taken, Hereford Times notes.

They said the director had invested heavily in the company and was
owed a significant sum on closure, Hereford Times relays.

"Unfortunately, the position was unsustainable given the steadily
worsening position caused by circumstances largely outside of their
control," Hereford Times quotes the spokesperson as saying.

All assets have since been sold at auction, Hereford Times
discloses.

Marshfield Crosskeys described itself on its website as a diverse
fabrication and mechanical engineering company based in
Herefordshire.


MOUNTVIEW HOTELS: Enters Administration, Two Hotels Halt Trading
----------------------------------------------------------------
Scott Reid at The Scotsman reports that Michelle Elliot and Stuart
Robb, partners with FRP Advisory, have been appointed joint
administrators of Mountview Hotels, which owns The Crags Hotel and
Abbotsford Lodge.

The administrators said the hotels had historically traded well,
but were "severely impacted" in recent months by a significant
increase in operating costs and the impact of "historical
liabilities incurred during the pandemic, leading to unsustainable
cash flow problems", The Scotsman relates.

Both hotels ceased trading at the end of December prior to the
administrators appointment, The Scotsman discloses.

According to The Scotsman, Mr. Elliot said: "The Crags Hotel and
Abbotsford are well known venues within the popular tourist
destination of Callander and which have both been recently
refurbished to a high standard.  Unfortunately, having explored all
its options, the company was unable to survive the fall in revenue
coupled with the significant increase in fixed costs over recent
months.  We will now focus our efforts on assisting employees to
submit their claims for redundancy and other sums due to them
whilst preparing to market and sell the hotels."


SWAY AND STARTING: Placed Into Voluntary Liquidation, Owes GBP2MM+
------------------------------------------------------------------
Albertina Lloyd at Yahoo!News reports that Ant Middleton has placed
his company into voluntary liquidation with debts of over GBP2
million.

The former Royal Marine -- who was sacked by Channel 4's SAS: Who
Dares Wins in 2021 due to his "personal conduct" -- has dissolved
the company he set up in his name in 2014 while still owing GBP2
million to creditors and HMRC, Yahoo!News relates.

But before liquidising Sway and Starting Ltd, originally known as
Middleton Global, the reality TV star took out a director's loan of
GBP2.7 million, Yahoo!News discloses.

According to Yahoo!News, a spokesman for Middleton told The Sun:
"Due to the impact of lockdowns on Ant's work and the associated
adverse effects on the company, unfortunately Middleton Global
Limited has had to be placed into voluntary liquidation.

"Ant has an extremely busy year ahead and is focused on his TV
work, brand deals, books and events."

Accounts for other companies in his name -- Antcolony Ltd,
Middleton IP and Middleton Global IP -- are all late, Yahoo!News
relays, citing official records at Companies House.



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

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

Copyright 2023.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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