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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, January 18, 2023, Vol. 24, No. 14

                           Headlines



C R O A T I A

ULJANIK BRODOGRADILISTE: Creditors to Sell Stake in Brodogradnja


G E R M A N Y

SPEEDSTER BIDCO: EUR225M Bank Debt Trades at 16% Discount


I T A L Y

INTER MEDIA: Fitch Affirms Sr. Secured Fixed-Rate Notes at 'B+'


L U X E M B O U R G

PALLADIUM SECURITIES 1: DBRS Confirms BB(high) Rating on 147 Notes


P O L A N D

RAFAKO: Plans to File for Bankruptcy Following Tauron Claim


S P A I N

DURO FELGUERA: EUR85M Bank Debt Trades at 31% Discount
PYMES SANTANDER 15: Moody's Hikes Rating on EUR600MM B Notes to B1


S W E D E N

SAS SAB: Agrees with Two More Aircraft Lessors to Amend Terms


U N I T E D   K I N G D O M

BRITISHVOLT LTD: Enters Administration After Rescue Talks Fail
COMET BIDCO: $420M Bank Debt Trades at 26% Discount
L1R HB: GBP450M Bank Debt Trades at 22% Discount
LIBERTY STEEL: Plans to Cut Production, 440 Jobs at Risk
MATALAN RETAIL: Lenders to Take Ownership, Inject Fresh Capital

OUTREACH CREATIVE: Enters Administration After Lightopia Event
PAPERCHASE: Confirms Sale Talks in Bid to Avert Administration
PRAESIDIAD LTD: $35.9M Bank Debt Trades at 25% Discount
VUE INTERNATIONAL: EUR634M Bank Debt Trades at 47% Discount

                           - - - - -


=============
C R O A T I A
=============

ULJANIK BRODOGRADILISTE: Creditors to Sell Stake in Brodogradnja
----------------------------------------------------------------
Annie Tsoneva at SeeNews reports that creditors of bankrupt
shipyard Uljanik Brodogradiliste decided to sell a majority stake
in its subsidiary Uljanik Brodogradnja 1856 via a public tender,
rather than accept the proposal for a direct sale to a potential
buyer, lodged last year by Czech investor CE Industries, the
minutes of a creditors' meeting showed.

The tender is to be called in the next two months, SeeNews relays,
citing the minutes from the meeting published by the commercial
court in Pazin on Monday, Jan. 16.

At the creditors' meeting held on Jan. 16, the state attorney's
office proposed to require the potential buyer to pledge to keep
the core shipbuilding business of Uljanik Brodogradnja 1856,
SeeNews relates.

"The Republic of Croatia chose transparency and to create an
opportunity to see whether there are any other potential bidders,"
Nevenka Kovcalija, deputy state attorney of Pula country, told
public broadcaster HRT on Monday following the meeting of the
creditors.

Last summer, the creditors of Uljanik Brodogradiliste agreed to
offer its 54.77% stake in Uljanik Brodogradnja 1856 for sale at a
starting price of HRK208 million (US$30 million/EUR28 million),
SeeNews recounts.  In October, a procedure for the expected sale
was published, which envisages to sell the stake in a public tender
in two rounds, SeeNews states.

In November, without a tender opened, CE Industries offered to buy
the majority stake in a direct deal with the creditors at a price
of HRK155 million plus at least HRK75 million capital injection to
cover the shipyard's losses and stabilse its operations, SeeNews
discloses.  The offer stopped the preparations for calling a
tender, according to HRT, SeeNews notes.

The shipyard is a major employer and its employees not been paid
salaries for the last couple of months, SeeNews discloses.
According to earlier reports, the parent company Uljanik
Brodogradiliste had 1,400 employees when the bankruptcy procedure
in it started in May 2019, and Uljanik Brodogradnja 1856 currently
has some 500 employees.

The bigger creditors are not supposed to take decisions damaging
the small creditors -- the employees and given that there are no
other offers, the offer of CE Industries to buy the company in a
direct agreement had to be approved because its value of HRK155
million would have covered the receivables of all small creditors,
Boris Cerovac, a creditor and trade unions representative said,
according to the minutes from the creditors' meeting, according to
SeeNews.




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

SPEEDSTER BIDCO: EUR225M Bank Debt Trades at 16% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Speedster Bidco
GmbH is a borrower were trading in the secondary market around 83.9
cents-on-the-dollar during the week ended Friday, January 13, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR225 million facility is a Term loan that is scheduled to
mature on March 31, 2028.  The amount is fully drawn and
outstanding.

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.




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

INTER MEDIA: Fitch Affirms Sr. Secured Fixed-Rate Notes at 'B+'
---------------------------------------------------------------
Fitch Ratings has affirmed Inter Media and Communication S.p.A.'s
(Inter Media) senior secured fixed-rate notes 'B+'. The Outlook is
Stable.

RATING RATIONALE

The instrument rating reflects the consolidated credit profile of
Inter Milan, predominantly constituting F.C. Internazionale Milano
S.p.A. (TeamCo) and Inter Media, and the structural protections of
Inter Media's financing structure.

Inter Milan's consolidated credit profile reflects the stability of
Serie A within the European football landscape and the franchise
strength internationally, with high current and projected
leverage.

The recent failure of the main jersey sponsor to make payments this
season has reduced Inter Milan's revenue diversity and created
greater reliance on on-pitch performance and shareholder support
during upcoming periods of negative cashflow generation. However,
the strength of the brand should help the company find a
replacement, as long as the team maintains sporting success.

The notes benefit from preferential recourse to pledged media and
commercial revenues, partially insulating investors from many of
the ongoing operational risks that are present on a consolidated
basis.

KEY RATING DRIVERS

Prestigious League with Access to UCL - Revenue Risk: League
Business Model: 'Midrange'

Serie A is the fourth-most valuable football league in Europe by
annual revenue and benefits from access to the lucrative UEFA
Champions League (UCL) competition for the top four clubs.
Broadcast rights for Serie A were renewed for 2021-2024, and the
distribution mechanics of it allow a largely stable base revenue
stream for teams regardless of league position.

Domestic and European leagues' competitiveness is supported by UEFA
Financial Sustainability regulations, which monitor clubs'
financial performance and have penalised those that fail to comply,
with Inter Milan among them. Fitch views this increasing oversight
as credit-positive for both Inter Media and the whole sector.

Iconic European Football Team - Franchise Strength: 'Stronger'

Inter Milan has a 115-year history and historically the highest
attendance in the Italian football league. It also has a record of
strong performance having won 19 leagues, three UEFA cups and three
UCL trophies. In 2020-2021 Inter Milan won the domestic league for
the first time since 2009-2010 followed by the domestic Super-Cup
in January 2022 and the Domestic Cup in May 2022. Also, it has
competed in the UCL for the past four seasons. This season has
advanced to round 16 of UCL. The club is also the only team in
Italy that has never been relegated out of Serie A.

The club has an affluent fan base, with Milan being a large
metropolitan area and the business capital of Italy, which is
largely economically supportive of its two main clubs, Inter Milan
and AC Milan. Revenue diversity has declined in recent years, in
particular due to expiration of several Asian sponsorship
contracts, and the failure of payment of the current main jersey
sponsor. This has increased reliance on on-pitch performance,
potentially leading to greater revenue volatility.

Historic but Dated Stadium - Infrastructure Development & Renewal:
'Midrange'

Inter Milan plays at San Siro, a renowned stadium in Milan of
around 76,000 seats that belongs to the city. The stadium is one of
the largest in Europe and the largest in Italy, and is also home to
AC Milan. Although the stadium is old, it is considered a UEFA
category-four stadium, the highest possible, despite lacking modern
facilities and the large number of executive suites of modern
European stadiums.

Concentrated Refinancing - Debt Structure: 'Weaker'

The new notes are senior at Inter Media, fixed-rate and only
partially amortising with 94% due at maturity in February 2027,
leading to significant refinancing risk. Fitch considers the
refinancing risk as broadly linked to the consolidated group's
performance. Fitch's analysis is therefore based on a consolidated
approach to Inter Media and TeamCo, although structural features
offer some protection to investors.

The cashflow waterfall at Inter Media gives investors a senior
claim on pledged revenues that ensures payments are made to
investors, and reserve accounts are funded, before any
distributions are made to TeamCo. Also, investors benefit from a
pledge of shares of Inter Media, and security assignments of direct
and indirect media and sponsorship contracts.

Parent & Subsidiary Linkage Assessment

Inter Milan controls Inter Media, which contributes almost 30% of
TeamCo's financial year to June 2022 revenue (unadjusted).
Ringfencing provisions at Inter Media restrict TeamCo's access to
Inter Media cashflows under certain conditions, although these
restrictions offer limited protection to bondholders, given the
bullet maturity of the debt. Under the Parent & Subsidiary Linkage
Criteria, Fitch therefore assesses the access & control of Inter
Milan to Inter Media as open, with porous legal ringfencing,
leading to the single-notch rating uplift from the consolidated
credit profile.

Financial Profile

Fitch's financial forecast highlights Inter Media's recently
deteriorated financial profile, with negative EBITDA expected in
FY23. Management's plan to normalise leverage levels carries
execution risks and is not expected before FY26. Under the Fitch
rating case (FRC), Fitch-adjusted net debt/EBITDA progressively
reduces to 8x in FY25 and 6.8x in FY26.

PEER GROUP

Inter Milan has no directly comparable public peers in EMEA.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Deterioration in Fitch-adjusted net debt/EBITDA to materially above
7.5x on a sustained basis as a result of structurally lower
revenues, increased costs or overspending in player trading.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Fitch-adjusted net debt/EBITDA sustainably below 6.5x as a result
of a sustained period of high revenue, improved diversification of
revenue streams and evidence of prudent cost management, provided
there is improved visibility over medium-term wages/revenue and
player trading.

TRANSACTION SUMMARY

Inter Media issued EUR415 million fixed-rate notes to refinance its
existing debt in February 2022. Fitch rates the notes using the
Sports Criteria and Master Criteria to determine the consolidated
credit profile before applying the Parent Subsidiary Linkage
Criteria to notch up to arrive at the instrument rating. Inter
Media contributes significantly to the Inter Milan group, although
its revenue generation is ultimately linked to the TeamCo's
football and financial performance.

CREDIT UPDATE

Inter Milan finished second in Serie A in FY22 (domestic league),
and qualified for the lucrative UEFA Champions League competition
for the current season (FY23), where it has progressed to the Round
16 stage. Currently the team is fourth in the domestic league, with
around half of the season still ahead.

Inter Milan had an increase in revenues in FY22 (excl. accounting
shifts following the pandemic in FY20 and FY21) due to progressive
normalisation of Matchday revenues. Commercial revenues decreased,
as expected, due to a fall in contracts with Asian sponsors, though
it was partially compensated with new ones. Personnel costs
decreased, as part of a greater effort at restructuring the roster,
but not as rapidly as expected. As a result, adjusted EBITDA
(without player trading) was slightly negative, though better than
Fitch expected in its previous FRC.

FINANCIAL ANALYSIS

Fitch analyses the club on a consolidated basis and focuses on
Fitch-adjusted net debt/EBITDA as the primary metric. As part of
its financial analysis Fitch has updated its assumptions to reflect
the latest financial and on-pitch performance, participation in
international competitions, expectation for stadium attendance,
player salaries and net player trading.

As part of this update, Fitch has also reflected management's
latest business plan, including the loss of the main sponsor for
this season. This leads to less diverse revenue and greater
reliance on on-pitch performance. In particular, Inter Milan now
has greater reliance on qualification to the UCL, which Fitch does
not assume in the FRC.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt             Rating        Prior
   -----------             ------        -----
Inter Media and
Communication
S.p.A.

   Inter Media
   and Communication
   S.p.A./Debt/1 LT     LT B+  Affirmed     B+




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

PALLADIUM SECURITIES 1: DBRS Confirms BB(high) Rating on 147 Notes
------------------------------------------------------------------
DBRS Ratings GmbH confirmed its BB (high) (sf) rating on the Series
147 Fixed to Floating Rate Instruments due 2024 (the Notes) issued
by Palladium Securities 1 S.A. acting in relation to Compartment
147-2014-22 (the Issuer).

The confirmation follows an annual review of the transaction.

The Issuer is a public limited liability company (société
anonyme) incorporated under the laws of the Grand Duchy of
Luxembourg. The transaction is a credit-linked note of two
corporate fixed-rate bonds (the Collateral). The Collateral
comprises EUR 28.3 million euro-denominated bonds issued by
Assicurazioni Generali S.p.A. (5.125% bonds due 16 September 2024;
ISIN: XS0452314536) and GBP 22.15 million British pound-denominated
bonds issued by ENEL Finance International NV (5.625% bonds due 14
August 2024; ISIN: XS0452188054), which together represent the full
issue amount of the Palladium Series 147 Notes, i.e., EUR 56.6
million. The noteholders and other transaction counterparties have
recourse only to the assets in Compartment 147-2014-22, in
accordance with Luxembourg law.

The transaction uses an asset swap to transform the payout profile
of the collateral security. The noteholders are effectively exposed
to the risk that either of the two bonds that constitute the
Collateral or the hedging counterparty defaults. The transaction
documents contain no downgrade provisions with respect to the
hedging counterparty. As such, DBRS Morningstar considers the Notes
to be also exposed to the risk of default of the hedging
counterparty. Deutsche Bank AG, London Branch acts as the hedging
counterparty.

Under the asset swap:

-- The hedging counterparty sold the par amount of EUR 56.6
million of the Collateral (EUR 28.3 million euro-denominated bonds
issued by Assicurazioni Generali S.p.A. and GBP 22.15 million
British pounds-denominated bonds issued by ENEL Finance
International NV) to the Issuer and received a payment on February
10, 2015 (the trade date).

-- The Issuer passes the interest payments received from the
Collateral to the hedging counterparty as and when they occur.

-- The hedging counterparty makes the interest payments as
specified in the asset swap agreement to the Issuer. The Notes pay
interest annually on 10 February, beginning in 2016 and ending in
2024.

-- The hedging counterparty pays a fixed rate of 2.3% per annum
for the first two years of the transaction.

The subsequent payments on the Notes are a fixed 0.5% of interest
plus a floating bonus interest subject to a bonus threshold. The
bonus interest is equal to the five-year EUR constant maturity swap
(CMS) less 0.5% as calculated each year, with a maximum rate of
3.75% and a minimum rate of 0.50% per annum. The bonus threshold,
in respect of each interest rate period, is determined by the
EUR-USD exchange rate being below or equal to EUR 1.40. The
fixed-rate and floating bonus interest rate in aggregate are equal
to an interest rate of five-year EUR CMS (subject to a minimum of
1.00% and a maximum of 4.25%).

-- At the scheduled maturity, the hedging counterparty will
receive the Collateral from the Issuer and will pay EUR 56.6
million.

The significant counterparties to the Issuer are listed below. DBRS
Morningstar maintains private ratings on these counterparties,
which it does not publish, except on European Depository Bank S.A.,
not rated by DBRS Morningstar.

-- Deutsche Bank AG, London Branch acts as the hedging
counterparty, initial purchaser of the Notes, calculation agent,
paying agent, selling agent, and arranger, and pays the fees and
expenses of the Issuer.

-- Deutsche Bank Luxembourg S.A., a wholly owned subsidiary of
Deutsche Bank AG, acts as the Luxembourg paying agent.

-- European Depository Bank S.A. acts as the custodian and
servicer since 30 October 2019 when it replaced Deutsche Bank
Luxembourg S.A. in such capacities.

-- Deutsche Trustee Company Limited acts as the trustee.

DBRS Morningstar maintains internal assessments on the ratings of
the corporate fixed-rate bonds that make up the Collateral to
evaluate the credit risk of the Collateral and monitor its credit
risk on an ongoing basis. As per DBRS Morningstar criteria, an
internal assessment is an opinion regarding its creditworthiness
based primarily upon public ratings. Internal assessments are not
ratings and DBRS Morningstar does not publish them.

In addition to the credit profiles of the Collateral and the
hedging counterparty, the rating on the Notes is based on DBRS
Morningstar's review of the following items:

-- The transaction structure
-- The transaction documents
-- The legal opinions addressing, but not limited to, true sale of
the Collateral, bankruptcy remoteness of the Issuer, the asset
segregation of the compartment, enforceability of the contracts and
agreements, and the fact that no tax will be withheld at the Issuer
level.

DBRS Morningstar did not address the following:

-- The pricing of the asset swap; that is, whether there will be
sufficient cash flows from the Collateral to fully compensate the
hedging counterparty for its obligations. As the hedging
counterparty is contractually obliged to make the payments as
specified under the asset swap agreement, the risk that it defaults
is addressed by the DBRS Morningstar private rating.

-- Cash flow analysis to assess the returns due to the
noteholders, as the returns are reliant on the swap counterparty.

The transaction can terminate early on the occurrence of an event
of default, mandatory cancellation, or cancellation for taxation
and other reasons.

Events of default occur under, but are not limited to, the
following scenarios:

-- Failure to pay any amount due on the Notes beyond the grace
period.

-- The Issuer fails to perform its obligations under the series
instrument.

-- Any competent court ordering the dissolution of the Issuer or
the company for whatever reason that includes, but is not limited
to, bankruptcy, fraudulent conveyance, and merger.

Mandatory cancellation includes:

-- The Collateral becomes repayable other than by the discretion
of the relevant Collateral obligor in accordance with the terms of
the Collateral.

-- The Collateral becomes, for whatever reason, capable of being
declared due and payable prior to its stated maturity.

-- The Collateral defaults.

Similarly, cancellation for taxation, etc., includes:

-- The Issuer becomes required to withhold tax on the next payment
date.

-- Termination of the hedging agreement.

Under the series instrument, the amount payable to the noteholders
is determined as the market value of the Collateral minus the early
termination unwind costs.

The early termination unwind costs are determined as the sum of:

(1) The amount of (a) all costs, taxes, fees, expenses (including
loss of funding), etc., incurred by the hedging counterparty
(positive amount) or (b) the gain realized by the hedging
counterparty (negative amount) as a result of the cancellation of
the asset swap; and

(2) Legal and other costs incurred by the Issuer, trustee,
custodian, and the hedging counterparty.

It should be noted that the DBRS Morningstar rating assigned to
this security does not address changes in law or changes in the
interpretation of existing laws. Such changes in law or their
interpretation could result in the early termination of the
transaction and the noteholders could be subjected to a loss on the
Notes.

Notes: All figures are in euros unless otherwise noted.




===========
P O L A N D
===========

RAFAKO: Plans to File for Bankruptcy Following Tauron Claim
-----------------------------------------------------------
Anna Koper at Reuters reports that Poland's Rafako said on Jan. 12
it was planning to file for bankruptcy, a day after Tauron demanded
PLN1.3 billion (US$298 million) from a Rafako consortium that built
a power plant the state-controlled utility says is faulty.

According to Reuters, the company said in a statement Rafako, which
makes a wide range of boilers, disputes Tauron's claims for damages
and fees, but is concerned they could impact its ability to conduct
business operations and find an investor it is seeking.

Representatives of the two companies were scheduled meet on Jan. 16
Tauron said later on Jan. 12, adding that it could consider
suspending any further legal action if constructive talks began
which could lead to reaching an agreement, Reuters relates.




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

DURO FELGUERA: EUR85M Bank Debt Trades at 31% Discount
------------------------------------------------------
Participations in a syndicated loan under which Duro Felguera SA is
a borrower were trading in the secondary market around 68.6
cents-on-the-dollar during the week ended Friday, January 13, 2023,
according to Bloomberg's Evaluated Pricing service data.

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

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


PYMES SANTANDER 15: Moody's Hikes Rating on EUR600MM B Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Serie B Notes
in FONDO DE TITULIZACION PYMES SANTANDER 15. The rating action
reflects the increased level of credit enhancement for the affected
note.

EUR600M Serie B Notes, Upgraded to B1 (sf); previously on Apr 12,
2022 Upgraded to Caa1 (sf)

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

EUR2400M (current outstanding balance EUR1199M) Serie A Notes,
Affirmed Aa1 (sf); previously on Apr 12, 2022 Upgraded to Aa1 (sf)

EUR150M Serie C Notes, Affirmed Ca (sf); previously on Apr 12,
2022 Affirmed Ca (sf)

FONDO DE TITULIZACION PYMES SANTANDER 15 is a cash securitisations
of standard loans and credit lines granted by Banco Santander S.A.
(Spain) ("Santander", LT Deposit Rating: A2 / ST Deposit Rating:
P-1) to small and medium-sized enterprises ("SMEs") and
self-employed individuals located in Spain.

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 an increase in credit enhancement
for the affected tranche.

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 continued to be stable since
the last rating action in April 2022. Total delinquencies have
increased in the past year, with 90 days plus arrears currently
standing at 0.61% of current pool balance. Cumulative defaults
currently stand at 0.7% of original pool balance up from 0.3% a
year earlier.

For FONDO DE TITULIZACION PYMES SANTANDER 15, the current default
probability is 9% of the current portfolio balance and the
assumption for the fixed recovery rate is 30%. Moody's has
increased the CoV to 48.2% from 46.3%, which, combined with the
revised key collateral assumptions, corresponds to a portfolio
credit enhancement of 23%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, the credit enhancement for the most senior tranche
affected by the rating action increased to 41.7% from 26.8% since
the last rating action. Serie B credit enhancement has increased to
8.3% from 5.4% in the same period.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer or account bank.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" 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.




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

SAS SAB: Agrees with Two More Aircraft Lessors to Amend Terms
-------------------------------------------------------------
Anna Ringstrom at Reuters reports that Scandinavian airline SAS
said on Jan. 13 it had agreed with another two of its aircraft
lessors to amend the terms of existing lease contracts as part of
its cost cutting efforts.

Crisis-hit SAS, which is under Chapter 11 bankruptcy protection in
the United States since last year, said in a statement it had now
amended contracts with in total 15 lessors representing 59
aircraft, Reuters relates.

"With these agreements, SAS concludes its lessor negotiations as
part of the chapter 11 process," Reuters quotes the company as
saying.  "Through the amended lease agreements, SAS expects to
achieve the targeted annual cost savings of at least 1.0 billion
Swedish crowns in reduced aircraft lease expenses and annual cash
flow items relating to aircraft financing," it said.

                   About Scandinavian Airlines

SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25% by
2025, by using more sustainable aviation fuel and its modern fleet
with fuel-efficient aircraft. In addition to flight operations, SAS
offers ground handling services, technical maintenance and air
cargo services. SAS is a founder member of the Star Alliance, and
together with its partner airlines offers a wide network worldwide.
On the Web: https://www.sasgroup.net

SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, as authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.

Judge Michael E Wiles oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; and Seabury Securities,
LLC and Skandinaviska Enskilda Banken AB as investment bankers.
Seabury is also serving as restructuring advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.




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

BRITISHVOLT LTD: Enters Administration After Rescue Talks Fail
--------------------------------------------------------------
Business Sale reports that administrators will explore sale options
for the business and assets of battery cell technology firm
Britishvolt Ltd, after talks aimed at rescuing the company failed.


According to Business Sale, accountancy firm EY will handle the
process after Britishvolt filed notice to appoint administrators on
Tuesday, Jan. 17.

Earlier this month, Britishvolt confirmed it was in talks over a
potential rescue deal which it said would "provide the company with
the long-term sustainability and funding necessary to enable it to
pursue its current plans to build a strong, and viable battery cell
R&D and manufacturing business in the UK", Business Sale relates.

A consortium of investors was in talks over a deal valued at around
GBP160 million that would have seen investors acquire 95% of the
firm for GBP30 million (despite the business having been valued at
around GBP774 million in February 2022), with GBP128 million
committed to funding the firm's future growth plans, Business Sale
discloses.

However, these talks appear to have failed, with EY saying the
company had fallen into administration "due to insufficient equity
investment for both the ongoing research it was undertaking and the
development of its sites in the Midlands and the north east of
England", Business Sale notes.

The company had been planning a GBP3.8 billion gigaplant in Blyth,
Northumberland, which, upon completion, was expected to create more
than 3,000 jobs and a further 5,000 roles within its wider supply
chain, Business Sale states.  The plant would have produced 30
gigawatt hours of batteries per year.

EY-Parthenon's Dan Hurd, Jo Robinson and Alan Hudson have been
appointed as joint administrators of Britishvolt Ltd and will
assess options for realising the value of the firm's business and
assets, which include R&D assets and intellectual property, before
winding down and closing its affairs, Business Sale states.

Britishvolt Ltd, which was incorporated in 2019, was the main UK
firm within the wider Britishvolt Group.  No other subsidiaries
within the group, including several UK-based entities, have entered
administration.


COMET BIDCO: $420M Bank Debt Trades at 26% Discount
---------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 74
cents-on-the-dollar during the week ended Friday, January 13, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $420 million facility is a Term loan that is scheduled to
mature on October 6, 2024. About $400.6 million of the loan is
withdrawn and outstanding.

CometBidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. The Company uses
range of exhibitions, conferences, tradeshows, and websites to
target new business, demonstrate their products, build relationship
with their clients, and identify new opportunities for performance
improvement.

L1R HB: GBP450M Bank Debt Trades at 22% Discount
------------------------------------------------
Participations in a syndicated loan under which L1R HB Finance Ltd
is a borrower were trading in the secondary market around 78.2
cents-on-the-dollar during the week ended Friday, January 13, 2023,
according to Bloomberg's Evaluated Pricing service data.

The GBP450 million facility is a Term loan that is scheduled to
mature on August 31, 2024.  The amount is fully drawn and
outstanding.

L1R HB Finance Limited retails food supplements.  The Company is
domiciled in Jersey.

LIBERTY STEEL: Plans to Cut Production, 440 Jobs at Risk
--------------------------------------------------------
Sylvia Pfeifer and Jim Pickard at The Financial Times report that
Sanjeev Gupta's Liberty Steel is to cut production and idle some of
its smaller plants in a restructuring that threatens 440 jobs,
deepening the crisis in Britain's steel industry.

According to the FT, under the plan, Liberty Steel, which is part
of Gupta's GFG Alliance, will focus on its high-grade steel
production sites at Rotherham, Stockbridge and Brinsworth in
Yorkshire for aerospace and energy customers.

Production at Rotherham's electric arc furnace, however, will be
reduced and replaced with imports from abroad, the FT states.  High
energy costs were making the production of cheaper grade products
uncompetitive, the company said on Jan. 12, the FT relates.

Two of Liberty's downstream production units, including its rolling
mill in Newport in south Wales, will be idled, the FT discloses.
The Newport site will be turned into a sales and distribution hub,
according to the FT.

The actions, which Liberty blamed on "severe competitiveness
issues", "may potentially impact up to 440 roles across the
business", it added, the FT relays.

Liberty, as cited by the FT, said the restructuring measures would
forge a "viable way forward" for the business and help safeguard
jobs in its wider workforce of 1,900 permanent employees, and up to
5,000 including contractors.

The company's UK plants have been operating intermittently for more
than a year following the collapse of GFG's main lender, Greensill
Capital, in March 2021, the FT recounts.  High energy costs in the
wake of the war in Ukraine, coupled with weak steel markets, have
deepened the challenge facing GFG, the FT discloses.

The UK's Serious Fraud Office and French police are investigating
GFG Alliance companies over suspected fraud and money laundering,
the FT notes.  GFG has consistently denied any wrongdoing.

Liberty Steel said it will try to safeguard some jobs through a
redeployment and furlough programme but unions warned they would
fight any compulsory redundancies, the FT relates.


MATALAN RETAIL: Lenders to Take Ownership, Inject Fresh Capital
---------------------------------------------------------------
Alistair Gray at The Financial Times reports that lenders to
Matalan Retail Ltd are preparing to take ownership of the UK value
retailer, in a deal set to end businessman John Hargreaves' control
of the chain he founded almost 40 years ago.

Invesco, Man GLG, Napier Park and Tresidor have agreed to exchange
about GBP150 million of what they are owed in return for equity in
the business, according to people with knowledge of the
arrangement, the FT relates.  They will also inject up to GBP100
million in fresh capital, the FT discloses.

Supporters of the transaction, which is due to be announced on
Monday, Jan. 16, said it should help safeguard the future of the
discount clothing and homeware retailer, which employs about 11,000
people and has about 250 stores, the FT notes.

According to the FT, one person close to Hargreaves said the
79-year-old believed it was not in the company's long-term interest
for the lenders to take control, and that the reduction in its debt
burden agreed in the restructuring was inadequate.

The deal is set to wipe out more junior debtholders as well as the
existing equity held by Mr. Hargreaves' family, the people said,
meaning the founder will not be repaid a GBP50 million loan made in
June 2020 and the value of his GBP18 million second lien debt will
also be reduced to zero, the FT notes.

The company was a stock market favourite in the early 2000s thanks
to the popularity of its membership model and its out-of-town
stores.  Mr. Hargreaves took the business private in 2006.

However, Matalan struggled to make a successful shift online and a
recapitalisation left it with a high debt load, the FT  discloses.
The company tested appetite for a debt refinancing about a year ago
but was unable to secure enough support, the FT relays.

The people said several parties, including Mr. Hargreaves, made
rescue bids in recent months but none of the offers was acceptable
to the first-lien bondholders, who rank first in a debt workout,
the FT notes.

The company carries almost GBP600 million of gross debt and had
been due to refinance GBP350 million of it this year, the FT
discloses.  The total will fall to about GBP335 million as a result
of the debt-for-equity swap, which was first reported by Sky News,
according to the FT.

The lenders are expected to appoint a new chair to replace
restructuring expert Paul Copley, who has led the board in recent
months during the recapitalisation process, the FT notes.


OUTREACH CREATIVE: Enters Administration After Lightopia Event
--------------------------------------------------------------
Immy Share at News Shopper reports that a South London park has
been left with "upturned unicorns and pixies" scattered across its
grounds, after a company organising an event in the park entered
administration.

Crystal Palace Park in Bromley has equipment and decorations from
its Lightopia event over the Christmas period strewn across its
grounds and car park.

The mess comes as Companies House shows that Outreach Creative
Limited, the company behind the event, has gone into
administration, News Shopper relates.

The installations from the event, which include light up animal
models and Christmas decorations, were set to be removed on Jan.
12, after the event closed to the public on Jan. 2, News Shopper
notes.

The event opened to the public on November 17, 2022, News Shopper
recounts.

A local of Crystal Palace told the Local Democracy Reporting
Service that boxes used to store light structures for the event had
been left in one of the park's car parks, News Shopper says.

The Crystal Palace Park Trust said in a statement on its website
that Begbies Traynor Group had been appointed as an administrator
for Outreach Creative Limited by court, News Shopper relates.

The spokesperson, as cited by News Shopper, said that the original
date for the decorations to be removed had been extended due to
recent events.

According to News Shopper, a spokesperson for the Crystal Palace
Park Trust told the Local Democracy Reporting Service: "The Trust
was dismayed to learn that Outreach Creative was going into
administration immediately prior to the fulfilment of their
responsibilities to vacate the park and complete necessary site
reinstatement.

"We are urgently seeking to mitigate any impact that this
unfortunate and unexpected set of events has on the park and its
users.

"We are working to quickly facilitate the removal of the remaining
equipment and commence site reinstatement, and the Trust is
prepared to contract directly if Outreach Creative cannot complete
these undertakings in the immediate future.

"Administration is a legal process, and there are steps that must
be observed, but we are committed to completing these tasks as
quickly as possible."


PAPERCHASE: Confirms Sale Talks in Bid to Avert Administration
--------------------------------------------------------------
The Telegraph reports that high street stationery retailer
Paperchase is in talks about a sale in a bid to avoid falling into
administration.

According to The Telegraph, Begbies Traynor, the professional
services firm, and the auditor PwC have been retained by the group
to advise the company on its options -- and handle a potential
insolvency.

Paperchase, which employs about 820 people and has more than 100
stores, confirmed it is in talks "with a number of interested
parties" that could result in a sale of the business, The Telegraph
relates.

It has enlisted the services of Begbies Traynor and PwC to advise
on the next steps, amid speculation that the company is at risk of
appointing administrators, The Telegraph discloses.

All Paperchase stores and the website will continue to trade as
normal for now, The Telegraph notes.


PRAESIDIAD LTD: $35.9M Bank Debt Trades at 25% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Praesidiad Ltd is a
borrower were trading in the secondary market around 74.8
cents-on-the-dollar during the week ended Friday, January 13, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $35.9 million facility is a Term loan that is scheduled to
mature on October 4, 2024.  The amount is fully drawn and
outstanding.

Praesidiad Limited provides security products and solutions. The
Company offers force protection solutions, perimeter security
systems, industrial mesh, and fencing products that defend and
protect military, commercial, and domestic end-users.  The
Company's country of domicile is the United Kingdom.


VUE INTERNATIONAL: EUR634M Bank Debt Trades at 47% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Vue International
Bidco PLC is a borrower were trading in the secondary market around
52.8 cents-on-the-dollar during the week ended Friday, January 13,
2023, according to Bloomberg's Evaluated Pricing service data.

The EUR634 million facility is a Term loan that is scheduled to
mature on June 21, 2026. The amount is fully drawn and
outstanding.

Vue International Bidco PLC operates movie theaters worldwide. The
Company's country of domicile is the United Kingdom.



                           *********


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,
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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.

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