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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

          Friday, January 20, 2023, Vol. 24, No. 16

                           Headlines



F R A N C E

IQERA GROUP: Moody's Rates New Backed Secured Notes Due 2027 'B2'
IQERA GROUP: S&P Assigns 'B+' Rating on New Senior Secured Bonds


I T A L Y

LIMA CORPORATE: S&P Affirms 'B-' ICR & Alters Outlook to Stable
LIMACORPORATE SPA: Moody's Rates New EUR295MM Secured Notes 'B3'


L U X E M B O U R G

EUROFINS SCIENTIFIC: Moody's Rates New Subordinate Notes 'Ba2'


S P A I N

PROMOTORA DE INFORMACIONES: S&P Affirms 'CCC+' ICR, Outlook Stable


U N I T E D   K I N G D O M

BETTER RETIREMENT: FSCS Declares Business in Default
CALVIN ESTATE: Enters Liquidation Due to Rent Issues
CF MANUFACTURING: Members, Creditors Put Firm Into Liquidation
MAKER&SON: High Court Orders Buyer to Return Certain Assets
MONEYTHING: Administration Process Extended by Another Two Years

ORCHARD HOUSE: Administrators Seek Buyers for Business, Assets


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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F R A N C E
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IQERA GROUP: Moody's Rates New Backed Secured Notes Due 2027 'B2'
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Moody's Investors Service has assigned a B2 rating to iQera Group
SAS' proposed backed senior secured notes, due in 2027, which will
replace the existing backed senior secured notes, maturing in 2024.
The proposed offering will be consummated via a voluntary note
exchange, subject to meeting a minimum size of EUR425 million for
the new issuance. iQera Group's Corporate Family Rating and stable
outlook are unaffected.

The rating on the existing notes will be withdrawn upon their
redemption.

RATINGS RATIONALE

iQera Group's B2 CFR reflects the company's long-standing
experience and solid track record, its leadership in the French
debt purchasing market and successful diversification into debt
servicing business and geographical diversification into Italy.
However, the B2 CFR also takes into account sustained pressure on
key credit metrics, particularly on profitability, debt maturity
and interest coverage. The company's subdued profitability raises
concerns as rising interest rates, an increased cost base and
constrained supply of portfolios will make it more difficult for
the company to restore its profitability during this more
challenging macroeconomic environment.

The proposed note exchange will improve iQera Group's funding
profile by extending its term debt maturity from September 2024
until February 2027; however, the anticipated higher coupon rate on
the new issuance will also increase the interest expense, weighing
on the company's profitability.

The B2 rating of iQera Group's backed senior secured notes reflects
their position within the company's funding structure, and the
amount outstanding relative to total and particularly unsecured
debt.

OUTLOOK

The stable outlook reflects Moody's expectations that iQera Group's
key credit metrics will remain within a range commensurate with
current B2 category during the outlook period and that iQera will
be able to refinance its high-yield bond maturities well ahead
during 2023 or to extend the maturities beyond 2024.

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

An upgrade of iQera Group's CFR could be warranted if the firm
realizes the expected cost and operational synergies, resulting in
an improvement in its profitability and also achieves further
reduction in its leverage over the next 12-18 months. An upgrade of
the CFR would likely lead to a corresponding change in iQera
Group's backed senior secured debt rating.

iQera Group's CFR could be downgraded if the company fails to
address effectively its cost and profitability challenges in the
near-term, if its leverage reaches and remains above the threshold
of 5x debt/EBITDA. Negative rating pressure could develop if the
company fails to extend or to refinance its backed senior secured
notes due in September 2024.

A downgrade of the CFR would likely lead to a corresponding change
in iQera Group's backed senior secured debt rating. Furthermore,
Moody's could downgrade iQera Group's backed senior secured debt
rating if the company increases drawings under its currently
undrawn revolving credit facility (RCF), which is senior to the
senior secured liabilities.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.


IQERA GROUP: S&P Assigns 'B+' Rating on New Senior Secured Bonds
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S&P Global Ratings assigned a 'B+' issue rating to the proposed
senior secured bond that iQera Group SAS plans to issue. The rating
is subject to its review of the notes' final documentation. iQera
is a France-based distressed debt purchaser.

iQera is offering existing investors the option to exchange their
total current EUR570 million holdings in the existing three senior
secured notes due 2024 for the new proposed secured floating rate
notes due 2027. S&P understands the exchange is subject to a 75%
minimum take-up.

The exchange would lead to an extension of the maturity of current
bonds that are due in September next year and consequently would
diminish iQera's refinancing risk. S&P said, "While the operation
has a negative effect on cash on hand and on future interest costs,
we consider this refinancing operation to have a limited impact on
our leverage projections and thus on our ratings on iQera
(B+/Negative/--). This is because we do not net cash in our
financial leverage analysis forecasts (and we therefore expect
financial leverage to remain below 5x) and because interest
coverage should remain above 3x."

Issue Ratings--Recovery Analysis

Key analytical factors

-- The senior secured notes have an issue rating of 'B+', with a
recovery rating of '4', based on S&P's expectation of average
recovery prospects (30%-50%; rounded estimate: 45%).

-- S&P said, "In our hypothetical default scenario, we assume a
default in 2027. In our view, a default on the group's debt
obligations would most likely occur because of adverse operational
issues, lost clients, difficult collection conditions, or greater
competitive pressures leading to mispricing of portfolio
purchases."

-- In such a scenario, S&P assumes the group's debt portfolio
would be liquidated and debt servicing activities sold, given the
group's long-term contracts and established relationship with
customers. S&P applies a 25% haircut on the book value of portfolio
investment.

Simulated default assumptions

-- Year of default: 2027
-- Jurisdiction: France

Simplified waterfall

-- Estimates as of Jan. 17, 2023:

-- Gross enterprise value at default: EUR358.6 million

-- Net enterprise after 5% administrative costs: EUR340.7 million

-- Prior ranking claims: EUR44.4 million

-- Senior secured debt claims: EUR595.7 million

-- Recovery expectation on the senior secured notes: 30%-50%
(rounded estimate: 45%)

Note: All debt amounts include six months of prepetition interest.




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I T A L Y
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LIMA CORPORATE: S&P Affirms 'B-' ICR & Alters Outlook to Stable
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S&P Global Ratings revised its outlook on Italy-based medical
equipment company Lima Corporate SpA to stable from negative and
affirmed its 'B-' long-term issuer credit rating. At the same time,
S&P assigned its 'B-' issue rating and '3' recovery rating to the
EUR295 million proposed notes and its 'B+' issue rating and '1'
recovery rating to the EUR65 million equivalent proposed super
senior revolving credit facility (RCF).

The stable outlook on Lima reflects S&P's view of adequate
liquidity and covenant headroom over the next 12 months, upon the
successful and timely execution of the proposed refinancing plan.
It also reflects its expectation that Lima's S&P Global
Ratings-adjusted funds from operations (FFO) cash interest coverage
will remain above 1.5x despite an increase in interest expenses.

Lima's proposed refinancing strengthens its liquidity profile. The
refinancing will extend the debt maturity profile and streamline
the group's capital structure with no significant increase of the
existing debt quantum. The company intends to issue EUR295 million
senior secured notes maturing 2028 and set up a EUR65
million-equivalent super senior RCF to refinance the EUR275 million
notes and the EUR54 million drawn revolving credit facility (RCF),
both maturing 2023. S&P said, "Post-refinancing, we anticipate the
company will have adequate liquidity, supported by about EUR10
million-EUR15 million of cash on balance sheet, about EUR50
million-EUR55 million available under the new super senior secured
RCF, and no significant short-term debt maturities. Under our
base-case scenario, we also expect satisfactory covenant headroom
with the new springing covenant super senior net leverage ratio set
at 1.53x."

Lima's revenue growth benefited from an accumulated backlog of
surgeries in 2022. S&P said, "We estimate sales increased roughly
15%-18% in 2022, approaching EUR250 million, well-above
pre-pandemic levels. We expect the existing backlog in core
countries--which management estimates at about EUR60 million--will
also favor sales growth in 2023-2024. In our view, Lima is
well-positioned to address this rebound in demand, given its
presence in all orthopedic segments and geographic areas globally
and the investments made in inventory buildup and instrument sets.
The latter allowed the higher volume growth compared with reference
markets in 2022 and we believe volumes will be the main driver of
growth for the following years too. We also anticipate that after
several years of price deterioration, product prices might now see
some upside renegotiation. Yet, we acknowledge this is a difficult
process--especially in the U.S. market--and that the orthopedic
industry is highly competitive with orders usually won through
tenders. Therefore, we do not include any price increase in our
base case."

High nonrecurring costs weighed on Lima's 2022 profitability, but
margins should improve over 2023-2024. S&P said, "According to our
preliminary calculations, S&P Global Ratings-adjusted EBITDA margin
declined to about 19.0% in 2022, from 21.8% in 2021--with S&P
Global Ratings-adjusted EBITDA in the range EUR45 million-EUR50
million (versus EUR48.9 million in 2021). In our calculations, we
include higher-than-expected nonrecurring costs of which about
EUR4.3 million related to HSS and TechMah start-up costs. We also
adjusted 2022 EBITDA by EUR7.3 million of capitalized research and
development (R&D) costs related to the development of TechMah
Medical's integrated end-to-end digital surgery platform, Smart
Space. We also understand the company has already implemented most
of its planned investments in TechMah and we anticipate fewer
reported nonrecurring costs for the coming years. As a result, we
forecast S&P Global Ratings-adjusted EBITDA margin will increase to
about 23.0% over 2023-2024 when we also expect Lima will further
improve its product mix toward more profitable product categories,
such as extremities, and geographies, increasing its presence in
the U.S."

S&P said, "We estimate Lima's S&P Global Ratings-adjusted debt to
EBITDA remained at 10x-11x in 2022 (7x excluding the PIK notes). In
our view, this ratio should improve to 7.5x-8.5x in 2023 (5x-6x
excluding PIK). We calculate S&P Global Ratings-adjusted debt of
EUR500 million-EUR510 million for 2022 including the EUR275 million
senior secured floating notes, EUR54 million drawn under the EUR60
million RCF, and the cash component of the TechMah acquisition
milestones of EUR10 million-EUR15 million. We factor into our
financial risk profile analysis EUR155 million-EUR165 million of
PIK notes, including accrued and unpaid interest. Our debt
calculation does not consider any cash due to Lima's ownership by a
private-equity investor. Our adjusted debt calculation will not
materially change after the refinancing, given that the impact of
the EUR20 million increase in debt is somewhat offset by the lower
amount drawn from the RCF from 2023.

"Free operating cash flow (FOCF) will range from flat to slightly
positive over 2022-2024, in our view. We expect higher interest
expenses compared with about EUR15 million pre-refinancing will
weigh on cash flows. At the same time, we also believe increasing
financial costs will be compensated by several factors. As
mentioned above, we expect extraordinary costs associated with the
ramp up of Smart Space and HSS to reduce materially together with
investments in instrument sets. In addition, as Lima built up
inventory in 2020-2021 to prepare for the rebound in demand, from
2022 we expect working capital to be neutral or even slightly
positive given that further exposure to the U.S. in the coming
years should grant shorter payment terms. Eventually growth in
more-profitable countries, and an improving product mix toward
knees and extremities will support both margins and FOCF.

"We expect the new CEO to give continuity to Lima's expansion
strategy and segment focus. Lima appointed Massimo Calafiore as new
group CEO in September 2022. He took this role over after former
CEO, Luigi Ferrari, left office and Emmanuel Bonhomme temporarily
stepped in. With the new CEO, we believe Lima's growth strategy
will continue to focus on extremities and knees over hips,
fixations, and others, as the former are expected to grow at a
faster rate and are seen as more strategic. We also expect the
company will capitalize on new products--recently launched or in
the pipeline--such as TechMah's Smart Space, a technology designed
to enhance predictability of surgical outcomes. Concerning its
geographical mix, we anticipate Lima's key focus will be on
boosting and further expanding the business in those areas where
prices and margins are significantly higher. In particular, the
company has a clear interest in increasing its presence in the U.S.
and in more attractive APAC countries such as Japan, New Zealand,
and Australia. In this respect, we believe Massimo Calafiore's
knowledge of the U.S. orthopedic implants market and commercial
experience could be a critical factor to further develop Lima's
distribution network and commercial relationships in the U.S.

"The stable outlook reflects our view that Lima will maintain
organic growth supported by a significant orthopedic surgery
backlog. It also reflects Lima's adequate liquidity and covenant
headroom over the next 12 months, upon the successful and timely
execution of the proposed refinancing plan.

"We also expect that Lima's S&P Global Ratings-adjusted FFO cash
interest coverage will remain in the range 1.5x-2.5x in 2023
despite an increase in interest rate expenses.

"We could lower the rating should the company fail to execute the
proposed refinancing plan properly and in a timely manner. This
assessment would reflect the company's liquidity risk, given that
its existing EUR60 million super senior RCF is due in July 2023 and
the EUR275 million senior secured notes are due in August 2023.

"Downside pressure on the rating could also exist after the
refinancing in case terms and conditions of the proposed debt
issuance materially diverge from our current assessment or
performance significantly deviates from our expectations. The
latter includes major setbacks in Lima's organic growth strategy,
especially in the crucial U.S. market.

"We could raise the rating should we see a successful roll-out of
the business plan and an increase in profitability to levels seen
before the pandemic. Under this scenario, we would expect to see
Lima's S&P Global Ratings-adjusted debt to EBITDA below 7x and
recurring positive FOCF."

ESG credit indicators: E-2, S-2, G-3

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Lima, as is the case
for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."


LIMACORPORATE SPA: Moody's Rates New EUR295MM Secured Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 instrument rating on
the proposed EUR295 million backed senior secured floating rate
notes (FRNs) due 2028 issued by Limacorporate S.p.A. At the same
time, Moody's has affirmed the B3 corporate family rating and B3-PD
probability of default rating of LimaCorporate. The outlook remains
negative.

Moody's would expect to revise the outlook to stable from negative,
if the refinancing transaction is completed under the terms
indicated at launch. Moody's will withdraw the instrument ratings
of the existing B3-rated EUR275 million backed senior secured FRNs
and Ba3-rated EUR60 million backed senior secured revolving credit
facility (RCF), both due in 2023, at closing of the refinancing.

In addition to the proposed backed senior secured floating rate
notes issuance, LimaCorporate is also establishing a new EUR65
million super senior RCF due 2027. Proceeds from the new backed
senior secured FRNs, along with a EUR12.5 million drawing under the
new RCF, some cash available on balance sheet and an equity
contribution from the company's shareholders, will be used to repay
existing EUR275 million backed senior secured FRNs, repay the EUR54
million drawings under the existing senior secured RCF and cover
transaction fees.

RATINGS RATIONALE

The B3 rating assigned on the new backed senior secured FRNs and
affirmation of the CFR consider the company's continued improved
operating performance, which the agency expects will continue over
the next 12-18 months, following a sharp decrease in earnings in
2020 because of the coronavirus pandemic. Moody's expects the
company's Moody's-adjusted gross leverage to decline below 5.5x
over the same period driven by a continued recovery in trading, and
market penetration of the company's latest technologies.

However, the agency continues to expect limited Moody's-adjusted
free cash flow (FCF) generation over the next 12-18 months, driven
mainly by Moody's expectations of continued high capital spending
and high interest payments which Moody's estimates will materially
increase following the refinancing. The agency forecasts that
LimaCorporate's Moody's-adjusted FCF will trend around the
break-even level over the period.

RATING OUTLOOK

The negative outlook reflects the refinancing risks associated with
LimaCorporate's short-term debt maturities with its existing backed
senior secured RCF and backed senior secured FRNs maturing in 2023,
respectively. Moody's would expect to revise the outlook to stable
from negative, if the refinancing transaction is completed under
the terms indicated at launch.

LIQUIDITY PROFILE

Pro forma the refinancing, LimaCorporate's liquidity will be
adequate and supported by cash balances of EUR13 million and access
to the new EUR65 million RCF which is expected to be EUR12.5
million drawn at closing. Moody's estimates that FCF generation
will remain limited, remaining at around break-even levels over the
next 12-18 months. With the refinancing, the maturity of
LimaCorporate's debt will have been extended with its new backed
senior secured notes maturing in 2028.

The new RCF includes a springing super senior net leverage ratio
set at 1.53x and only tested when the RCF is drawn by more than
40%. Moody's base case assumes that the company will maintain
adequate capacity under its financial covenant, if tested.
Liquidity is strained by TechMah's outstanding milestone payments
of which EUR9 million remain as of September 2022. Because these
payments depend on certain performance targets, Moody's has limited
visibility into the timing of these.

STRUCTURAL CONSIDERATIONS

The probability of default rating is B3-PD, in line with the CFR,
reflecting Moody's assumption of a 50% recovery rate, as is
customary for capital structures that include notes and bank debt.
The backed senior secured FRNs are rated B3, in line with the CFR,
because there is a limited amount of super senior RCF in the
structure.

Both the notes and the RCF benefit from a senior-ranking security
package incorporating guarantees from all material group entities
and some asset security. Shareholder funding in the restricted
group is in the form of equity. Additionally, there are EUR154
million of payment-in-kind (PIK) notes issued outside of the
restricted group, which maturity will be extended to 2029, pro
forma the refinancing, and which have not been taken into
consideration in Moody's calculation of leverage metrics.

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

Positive rating pressure could occur if the company's
Moody's-adjusted leverage declines below 6x on a sustained basis,
while maintaining a good operating performance, and LimaCorporate
Moody's-adjusted FCF/debt increases above 5% on a sustained basis.

Downward rating pressure could occur if the company is unable to
refinance its debt facilities as management currently intends; if
its Moody's-adjusted leverage increases above 7x for a prolonged
period; the company's liquidity further deteriorates, including
negative Moody's-adjusted FCF on a sustained basis; or the company
undertakes debt-financed acquisitions or shareholder
distributions.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.

COMPANY PROFILE

Headquartered in San Daniele del Friuli, Italy, LimaCorporate is a
global orthopedic medical device company with subsidiaries in 24
countries and sales across 44 countries. The company manufactures
and markets innovative joint replacement and repair solutions in
the Hips, Extremities and Knees segments. In the last twelve months
ending September 2022, the company reported revenue of EUR238
million and company-adjusted EBITDA of EUR64 million. The company
has been ultimately majority-owned by EQT Partners since 2016.




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L U X E M B O U R G
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EUROFINS SCIENTIFIC: Moody's Rates New Subordinate Notes 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 to the proposed
subordinate notes to be issued by Eurofins Scientific SE. The
outlook remains unchanged at positive.

RATINGS RATIONALE

The proposed subordinate notes are rated Ba2, two notches below the
existing long term issuer rating. The two-notch rating differential
reflects the deeply subordinated nature of the subordinate
instruments. The subordinate notes rank senior only to common
shares, but junior to titres participatifs, and prets
participatifs, and ordinary subordinated obligations. There is no
maturity date. There is an optional coupon skip with cumulative
settlement. The determination of the hybrid basket requires a
detailed calculation of the step-up using the fixed rate and margin
on floating rate which will be only available in the final hybrid
notes documentation. The proposed hybrid notes will qualify for the
"basket C" and a 50% equity treatment of the borrowing for the
calculation of the credit ratios by Moody's.

Given that in Moody's understanding at least 30% of the proceeds
from the proposed subordinate notes issuance will be used to repay
existing subordinate instruments of Eurofins outstanding as of
August 2022, the issuance will not have a material impact on the
company's Moody's adjusted leverage but interest coverage on a
pro-forma basis will be slightly weaker given the higher expected
coupon. However,  Eurofins' Baa3 senior unsecured ratings with a
positive outlook remain unchanged.

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

As the rating of the subordinate notes is positioned relative to
the issuer rating of Eurofins, their rating could be impacted
either by (i) a change in Eurofins' Baa3 long term issuer rating,
or by (ii) a re-evaluation of its relative notching.

Eurofins' rating could be upgraded if Moody's adjusted debt /
EBITDA remains sustainably below 2.5x and Moody's adjusted retained
cash flow/net debt remains sustainably above 30%.

Conversely, the rating could be downgraded if there is a material
decline in growth or profitability on the core business for a
sustained period of time, the Moody's adjusted debt/EBITDA
increases sustainably above 3.5x, the Moody's adjusted retained
cash flow/net debt declines sustainably below 20%, the company
adopts more aggressive financial policies in relation to leverage
(net debt leverage under company definition above the publicly
committed guidance of 1.5-2.5x), shareholder distributions (payout
ratio increases sustainably from historic level of around 25%)
and/or liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.




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S P A I N
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PROMOTORA DE INFORMACIONES: S&P Affirms 'CCC+' ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' long-term issuer credit
rating on Promotora de Informaciones S.A. (Prisa).

The stable outlook indicates that Prisa's revenue and earnings
growth will slow in 2023 and adjusted leverage will remain high at
10.0x-10.5x, with free operating cash flow (FOCF) still negative in
2023, before turning positive in 2024, as well as adequate
liquidity.

S&P said, "The affirmation reflects our view that Prisa's adjusted
leverage and cash flow metrics will remain broadly unchanged
following the partial refinancing of the junior debt. Following the
refinancing, we forecast Prisa's adjusted leverage will remain very
high at 10.0x-10.5x in 2023, and its FOCF negative. We treat
Prisa's proposed MCN as debt-like under our criteria, because the
instrument matures in five years (with optional conversion every
six months starting May 2023) and will have a cash interest coupon
of 1% that will be accrued and paid upon conversion. At the same
time, we expect the transaction will not materially improve Prisa's
FOCF in 2023-2024. The company could save about EUR7 million of
cash interest payments in 2023-2024 thanks to the lower 1% cash
interest coupon accruing on the MCN compared with the existing
junior term loan, which pays a coupon of Euro Interbank Offered
Rate plus 8% (3% cash and 5% payment in kind). Moreover, we expect
Prisa's total debt increased at year-end 2022 because the company
fully drew its revolving credit facility (RCF). Therefore, a
combination of higher outstanding cash-paying debt and our
expectation of rising interest rates (Prisa's debt is 100% floating
rate) in 2023, will largely offset the benefits of refinancing at a
lower cash interest cost. In turn, we expect negative reported FOCF
after leases (including interest payments) of EUR30 million-EUR35
million in 2023, before turning breakeven in 2024."

The transaction could improve Prisa's net leverage covenant
headroom to above 25% from Dec. 31, 2023. Such an improvement could
be achieved if Prisa issues the planned MCN amount of EUR130
million. This is because the MCN amount (excluding the present
value of the accrued interest until maturity) will be treated as an
equity contribution for the net leverage covenant calculation,
which will lift pressure on Prisa's liquidity position, in S&P's
view.

S&P said, "The MCN issuance and refinancing of Prisa's junior debt
is subject to execution risk. We understand that Prisa's two
largest shareholders Vivendi and Amber Capital have submitted their
formal written commitments to cover about 45% of the total
offering, with Vivendi willing to participate with an above
pro-rata share. However, the participation of the remaining
shareholders remains uncertain. Therefore, we see some execution
risk to Prisa being able to issue the full planned amount and
refinancing the existing junior debt. If the actual MCN issuance is
significantly less than the company currently anticipates, the
benefits to cash flows and liquidity could be more limited than we
expect.

"We now anticipate higher revenue and earnings for 2023-2024 but
this has no effect on the rating. Higher earnings expectations will
somewhat improve our forecast for leverage to 10.0x-10.5x in 2023,
versus about 11.0x previously (November 2022 base case), with a
further reduction in 2024. However, this will have no rating impact
because leverage also remains high. The stronger revenue and EBITDA
expectations for 2022 reflect our expectation of sound advertising
revenue performance within the media business and a
higher-than-anticipated contribution from education operations. In
addition, we have adjusted up our 2023-2024 forecast for earnings,
mainly driven by our expectation of continuing positive momentum in
Prisa's education business. At the same time, we expect media
business performance will remain broadly flat in 2023, before
recovering in 2024. Due to the high exposure to advertising revenue
(more than 75%), the company's media operations will be susceptible
to lower economic growth in 2023, since expectations for consumer
spending drive advertising budgets.

"We continue to view Prisa's capital structure as unsustainable.
The company's leverage remains very high, in our view, due to the
high financial debt of about EUR1.05 billion relative to its modest
adjusted EBITDA. This makes Prisa dependent on favorable business,
financial, and economic conditions, especially in the context of a
weakening macroeconomic environment. At the same time, we see risks
to the rating in Prisa's exposure to foreign exchange risks and
heightened market volatility in Latin America and the mismatch
between the local currencies in which it derives cash flows and its
euro-denominated debt.

"The stable outlook reflects our expectation that Prisa's revenue
and earnings growth will slow in 2023 and adjusted leverage will
remain high at 10.0x-10.5x due to weaker macroeconomic conditions,
while good momentum in education will partly offset weaker
performance in media. The outlook assumes Prisa's FOCF will remain
negative in 2023, before gradually improving in 2024, and liquidity
will remain adequate."

S&P could lower the rating if it sees an increased risk of default
over the next 12 months. This could occur if:

-- Prisa's liquidity weakens and its FOCF is persistently
negative, as a result of operating underperformance; or

-- Prisa announces a debt restructuring, exchange offer, or debt
buyback that S&P views as distressed and therefore tantamount to a
default.

S&P could raise the rating if Prisa's operating performance proves
more resilient to macroeconomic headwinds and it generates higher
revenue and EBITDA than it forecasts, translating into EBITDA
interest coverage approaching 1.5x, positive FOCF in 2023 and
beyond, and solid deleveraging. The upgrade would also hinge on
Prisa maintaining adequate liquidity.

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




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U N I T E D   K I N G D O M
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BETTER RETIREMENT: FSCS Declares Business in Default
----------------------------------------------------
Ruby Hinchliffe at FTAdviser reports that the Financial Services
Compensation Scheme has declared Better Retirement Group in
default, after the lifeboat scheme said the firm had failed less
than two years ago in error.

The advice firm entered liquidation back in September and now has
217 claims against it in total, with 199 in progress, FTAdviser
relates.

At least one claim is valid, which led to the firm being placed in
default, FTAdviser states.

So far, 18 claims have been rejected, FTAdviser notes.

The claims all relate to pension transfer advice, and some are
linked to the British Steel Pension Scheme, FTAdviser discloses.

Before falling into liquidation, Better Retirement Group had
applied to stop all regulated activities on May 30, 2021, FTAdviser
recounts.

Its liquidation triggered an investigation by the FSCS but a firm
can only reach default status when it is both insolvent and has
valid claims against it, according to FTAdviser.

Following this investigation, the FSCS has found at least one valid
claim, FTAdviser relays.


CALVIN ESTATE: Enters Liquidation Due to Rent Issues
----------------------------------------------------
Brett Lackey at Daily Mail reports that wedding venue Calvin Estate
has gone into liquidation.

Couples whose weddings were organised at the venue -- were sent a
message from the business explaining they'd been locked out of the
site by the landlord, Daily Mail relates.

"It is with the deepest regret that we inform you that Calvin
Estate weddings is unable to proceed with your wedding due to the
business being liquidated," it said.

They have now been forced to change the date of the wedding because
they've been unable to find another venue at such short notice,
Daily Mail discloses.

The message from the business said they had been unable to meet
their rental obligations and they would be seeking an alternative
vendor, potentially at another site, to take over bookings, Daily
Mail notes.

According to Daily Mail, as the business is in liquidation, it also
can't issue immediate refunds.

The landlord elaborated that the function business, Venue 1, has
had ongoing rent issues and is currently in arrears, Daily Mail
relays.

Wedding venues were one of the industries hit hardest over the
course of Covid lockdowns, Daily Mail discloses.

The landlord, as cited by Daily Mail, said it would be in contact
with clients who had painstakingly organised weddings and would be
actively looking for another operator to take over the business.


CF MANUFACTURING: Members, Creditors Put Firm Into Liquidation
--------------------------------------------------------------
Andrew Seymour at Catering Insight reports that members and
creditors of a West Midlands firm that built commercial cooking
equipment for Indian restaurants have put the business into
liquidation.

CF Manufacturing, which traded as Cater Flame, appointed insolvency
practitioner Capital Books as liquidator earlier this month,
Catering Insight relates.

A general meeting of members took place last week, which led to a
resolution for the company to be wound up, Catering Insight
discloses.

Records show the Birmingham-based business was incorporated in 2017
and last filed accounts in February 2022 showing it had assets of
nearly GBP35,000 for the year to July 31, 2001, Catering Insight
states.

Cater Flame manufactured stainless steel goods and commercial
cookers for restaurants and takeaways from its workshop in Witton.


MAKER&SON: High Court Orders Buyer to Return Certain Assets
-----------------------------------------------------------
James Hurley at The Times reports that the sale of Maker&Son, a
luxury furniture brand co-founded by Felix Conran, grandson of Sir
Terence Conran, the designer and Habitat founder, was presented as
another multimillion-pound success story for the entrepreneurial
family, as well as a coup for Inc & Co, the Manchester-based group
that acquired it.

Instead, the deal completed last August has unravelled in
spectacular fashion, The Times recounts.  A contested insolvency
and related legal battle has left customers confused as to who is
in charge, The Times notes.

Some have claimed that orders for its "handmade" sofas and beds are
unfulfilled, staff have expressed concerns about the status of
pension contributions and suppliers are fretting over debts, The
Times discloses.

Inc & Co has been ordered by the High Court to return certain
assets to insolvency practitioners, The Times relays.


MONEYTHING: Administration Process Extended by Another Two Years
----------------------------------------------------------------
Selin Bucak at Peer2Peer Finance News reports that MoneyThing's
administration has been extended by another two years.

The defunct peer-to-peer lending platform's administrator
Moorfields Advisory has pushed the end date for the wind-down to
December 20, 2024, Peer2Peer Finance News relates.  The
administration process was due to end on December 20, 2022,
Peer2Peer Finance News discloses.

This is the second time the administration has been extended,
Peer2Peer Finance News notes.

In October 2021, the process was extended until December 20, 2022,
and a spokesperson told Peer2Peer Finance News that it was to
"enable the administrators to continue the wind-down of the
MoneyThing loan book".

It is unclear why the two additional years are now needed.
Moorfields has been contacted for comment.

MoneyThing Capital, the P2P lending platform, and MoneyThing
(Security Trustee), which acted as the platform's security trustee
on behalf of the P2P investors, entered into administration in
December 2020 after the platform revealed it was unable to defend
itself against future ligation from a borrower, Peer2Peer Finance
News recounts.

The latest progress report filed by administrators Moorfields in
July showed that costs had risen to GBP872,608.50, Peer2Peer
Finance News discloses.

By June 2022, almost GBP3.2 million had been recovered from
borrowers, held in a trust for investors prior to distribution,
according to Peer2Peer Finance News.


ORCHARD HOUSE: Administrators Seek Buyers for Business, Assets
--------------------------------------------------------------
Business Sale reports that administrators from Grant Thornton are
seeking offers for the business and assets of fruit and juice maker
Orchard House Foods, following the company's collapse.

Grant Thornton's Sarah O'Toole, Jon Roden and Kevin Coates were
appointed as joint administrators to the firm on January 18, 2023,
Business Sale relates.

According to Business Sale, last week, the company announced its
intention to appoint administrators, saying in a statement to trade
publication Just Food: "We have had to take this action given the
extremely challenging economic and trading conditions that have
badly hit Orchard House Foods.  The economic conditions have meant
increased input prices and overheads, and this has significantly
increased pressure on our cash position."

The company operated from sites in Corby, Northamptonshire and
Gateshead, Tyne and Wear.  The firm's Gateshead site closed in
2022, impacting around 430 staff.  It has now been confirmed that
the company's five remaining factories in Corby, which have
operated for close to 40 years and employ more than 500 permanent
staff, have closed this week, Business Sale discloses.

"Economic conditions have proved incredibly challenging for many
businesses operating in this sector.  Despite management's best
efforts to find a long-term solution for the business, challenging
trading conditions have meant the difficult decision has been taken
to appoint administrators," Business Sale quotes joint
administrator and partner at Grant Thornton UK LLP Sarah O'Toole,
as saying.

Mr. O'Toole added: "The majority of the remaining employees have
been made redundant and the administrators will be seeking offers
for the business and assets of the company."

In Orchard House Foods' most recent accounts, for the year ending
June 30 2021, the company's fixed assets were valued at GBP17.1
million and current assets at GBP34.7 million, while net assets
amounted to close to GBP21 million, Business Sale notes.

During that year, the company's turnover was GBP113.49 million,
down from GBP120.7 million a year earlier, while its losses widened
from GBP3.69 million in 2020 to GBP4.97 million, with firm's
directors citing the negative impact of COVID-19 and its associated
lockdowns on the foodservice and food-on-the-go industries,
Business Sale relays.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *